The Limited Liability Partnership has continued to be profitable during the year and has positive cash reserves. No material uncertainties exist that may cast significant doubt about the ability of the Limited Liability Partnership to continue as a going concern.

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue which arises wholy within the United Kingdom comprises fees receivable and the invoiced value of services provided during the year net of value added tax, together with provisions for unbilled sales at the year end date.

The main source of income for the business relates to land purchase, disposal transactions and letting agreements on commercial schemes. Routinely, agreements entered into are conditional upon planning consent or completion of building works, the "Trigger Event", with no right to consideration until such time as this critical event occurs. Unless or until such time as the "Trigger Event" occurs, there is no right to consideration and accordingly, income is recognised at such time as this event occurs.

Where the business completes consultancy work and property management on behalf of clients, income is recognised on a regular basis, in accordance with the terms of the contract, with sales invoices being raised for services provided. In rare circumstances, where an invoice has not been raised at the year end date, provision is made for the value of these unbilled sales.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside of control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

Individual fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual assert, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually; and whenever there is an indication that the asset may be impaired.

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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the limited liability partnership 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.

Pensions and other post retirement obligations

Financial instruments

Classification

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.