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3 CONSTRUCTION CONTRACT REVENUE
Revenue related to construction contracts amounted to £23,349,000 (2006: £nil) and is included within trading and development segment revenue (refer note 2) and represented 39 per cent (2006: 0 per cent) of Group revenues.
The amount shown in the balance sheet corresponds to the aggregate amount of costs incurred plus recognised profits, less recognised losses, less progress billings.
|Construction contracts: assets||4,030||–|
|Construction contracts: liabilities||(26,027)||–|
|Construction contracts: net liabilities||(21,997)||–|
|This amount corresponds to:|
|Aggregate costs incurred||20,070||–|
|Construction contract liabilities||(21,997)||–|
The Group has undertaken construction contract activity in 2007, utilising its own cash balances or borrowings to fund construction, or has received funds in advance from third parties.