NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2012

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.

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 periods ended 31 March 2012 and 30 November 2010.

2. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

3. INTEREST PAYABLE AND SIMILAR CHARGES

4. PROFIT/(LOSS) FOR THE PERIOD

The Group’s profit/(loss) for the period 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.

(i)The difference between the notional consideration transferred in the business combination of £207,575 and the fair value of net liabilities acquired of £54,000, £261,575 has been consequently charged to the group Statement of Comprehensive Income.

5. EMPLOYEES AND DIRECTORS’ REMUNERATION

Staff costs during the period 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 £25,500. (2010: £18,000).

6. TAXATION

7. PROFIT/(LOSS) PER ORDINARY SHARE

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

8. TANGIBLE FIXED ASSETS

9. TRADE AND OTHER RECEIVABLES

There are no receivables that are past due but not impaired at the period end, and receivables relate only to customers with no recent history of default.

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