For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

Turnover represents the fair value of consideration receivable from the sale of completed development properties in the ordinary course of the company's activities, net of value added tax and any discounts.

Revenue is recognised when control of a property has transferred to the purchaser, which is generally the date of legal completion, provided that:

- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Amounts received in advance of legal completion are recognised as liabilities until the conditions for revenue recognition have been satisfied.

Tax on profit represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference.

Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the
liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks comprise development land, work in progress and completed properties held for sale and are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes the purchase price of land and property, direct construction costs, professional fees and other costs directly attributable to bringing the development to its present condition. Borrowing costs are included in the cost of stock where they relate to the financing of development activities and meet the criteria for capitalisation.

At each reporting date, stocks are reviewed for impairment by comparing their carrying value with their estimated net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and sell the related development.

Where net realisable value is lower than cost, the stock is written down to net realisable value and the resulting impairment is recognised in the profit and loss account. Any subsequent increase in net realisable value is recognised as a reversal of the previous write-down, limited to the amount of the original impairment loss.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.