Other Accounting Policies Stocks / Inventories Properties held for development and resale are classified as current assets and measured at the lower of cost and net realisable value. Cost includes purchase price, development costs, and directly attributable overheads. Net realisable value is the estimated selling price less costs to complete and sell. Cash and Cash Equivalents Cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity of three months or less. Financial Instruments Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Trade and other receivables are initially measured at transaction price and subsequently at amortised cost less impairment. Trade and other payables are initially measured at transaction price and subsequently at amortised cost. * Borrowings are recognised initially at the proceeds received, net of transaction costs, and subsequently at amortised cost using the effective interest method. Leases Rental payments under operating leases are recognised on a straight-line basis over the lease term. Assets held under finance leases are recognised as tangible fixed assets at the lower of fair value and the present value of minimum lease payments, with a corresponding liability. Taxation Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is not required for small entities under FRS 102 Section 1A unless material and is therefore not recognised. Foreign Currencies Transactions in foreign currencies are translated into sterling at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the reporting date. Exchange differences are recognised in the profit and loss account. Provisions Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that a transfer of economic benefits will be required, and the amount can be estimated reliably. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Employee Benefits The company has no defined benefit pension schemes. Contributions to defined contribution schemes are recognised in the profit and loss account in the period in which they become payable.