Bellswood Properties Limited

The financial statements have been prepared under the historical cost convention

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.