The client is a one-man company which has started a trade in property renovation / redevelopment. It bought a barn in November 2017, and the converted property is expected to be ready for sale around March 2019. The company year end is 30th April.
I used to be clear in my mind that the project should be valued as at 30th April and the appropriate proportion of profit declared for accounting and CT purposes at that point. Looking at it now, I am not so sure. Although this is a long term project, it is not contract WIP, because the company is acting as principal ie carrying on the trade of buying and selling properties.
I would appreciate comments.