NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2015

1. SEGMENTAL REPORTING

For the purpose of IFRS 8, the chief operating decision maker (“CODM”) takes the form of the Board of Directors. The Directors opinion of the business of the group is as follows.

The principal activity of the Group was property development. All the Group’s non-current assets are located in the UK.

Based on the above considerations, there is considered to be one reportable segment. The internal and external reporting is on a consolidated basis with transactions between group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position and cashflows.

Geographical segments

The following tables present revenue regarding the group’s geographical segments for the year ended 31 March 2015.

2. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

3. LOSS FOR THE YEAR

The Group’s loss for the year is stated after charging the following:

Amounts payable to Crowe Clark Whitehill LLP and its related entities in respect of audit and non-audit services are disclosed in the table above.

4. EMPLOYEES AND DIRECTORS’ REMUNERATION

Staff costs during the year were as follows:

The average number of employees of the company during the period was:

Key management are the Group’s directors. Remuneration in respect of key management was as follows:

There are retirement benefits accruing to Mr C Johnson for whom a company contribution was paid during the period of £18,000. (2014: £18,000).

Consultancy fees of £8,748 (2014: £10,000) were paid to Mr N Lott during the year.

No deferred tax asset has been recognised in respect of historical losses due to the uncertainty in future profits against which to offset these losses. As at the 31 March 2015 the group had cumulative tax losses of £2,056,907 that are available to offset against future taxable profits.

7. (LOSS)/PROFIT PER ORDINARY SHARE

The calculation of profit/(loss) per ordinary share is based on the following profits/(losses) and number of shares:

8. PROPERTY PLANT AND EQUIPMENT

5. INTEREST PAYABLE AND SIMILAR CHARGES

During the year all interest paid on borrowings in normally capitalised with the exception of: -

6. TAXATION

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