The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).

The company is a parent company subject to the small companies regime. The company and its subsidiaries comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the value of services provided to clients during the year, exclusive of value added tax.

The company earns revenue primarily through the provision of real estate investment management services, including deal origination, investment analysis, asset management, and related advisory services. Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the income can be reliably measured.

Management fees are recognised on a straight-line basis over the period to which the services relate, reflecting the delivery of ongoing investment management services. Where fees are contingent on performance or the achievement of specified milestones, revenue is not recognised until the conditions giving rise to the entitlement have been satisfied and it is probable that the fee will not be subject to reversal.

Where amounts have been invoiced or received in advance of the related service being performed, the income is deferred and recognised in the period in which the services are delivered. Where services have been performed but not yet invoiced, accrued income is recognised at the fair value of the consideration receivable.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Related party relationships and transactions are identified in accordance with FRS 102. Transactions with related parties are recognised at the transaction amount, unless otherwise required by the standard. Where material related party transactions have occurred during the year, these are disclosed in the notes to the financial statements.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.

Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
The company's liability for current tax and deferred tax are calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.