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.

Stocks and work in progress are stated at the  lower of cost and net realisable value. Cost includes all direct costs  and a proportionate share of *fixed and variable overheads attributable to bringing the stock or work in progress to its present location and condition.  Work in progress is recognised on a contract‑by‑contract basis. The residential property purchased for development and resale is included within stocks and work in progress. Cost comprises the  purchase price of the property, legal and acquisition costs, and all direct development and construction expenditure incurred to prepare the property for resale. These assets are carried at cost until completion, and subsequently measured against net realisable value based on expected selling prices and associated disposal costs.