The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover comprises management income and project income earned by the company. Management income represents the margin earned in its role as a property management company, being the difference between rent received and guaranteed rent paid, together with any related expenses recovered. Project income relates to income generated from specific projects undertaken during the year. Income is recognised over the period to which it relates, when the company’s right to consideration is established.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.