Going ConcernAs disclosed in the notes to the financial statements, the company has identified significant losses will be incurred on its development site at Glenrothes. The full loss has been recognised in the financial statements to 30 November 2022 leading to Net Liabilities of £8.1m. The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the directors and associated companies. Given the current position, the directors continue to assess the company’s position on a regular basis and are reviewing the options available to continue to meet it’s liabilities. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.RevenueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognisedSale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied:- the Company has transferred the significant risks and rewards of ownership to the buyer;- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;- the amount of revenue can be measured reliably;- it is probable that the Company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.StocksLand held for development is stated at the lower of costs and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.Judgements in applying accounting policiesThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.Land held for developmentThe Company invests in land held for development. Judgement is required by management in determining whether costs incurred are designated as overheads or costs of land held for development. Judgement is also required in respect of the recoverability of the costs carried as land held for development.