NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Deskbuzz Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The nature of the company's operations and its principal activities is that of sales of office furniture.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Following the difficult years of the COVID outbreak, plans put in place at that time are now delivering in terms of sales, and profitability, UK business is recovering well, existing markets outside of the UK are growing and there has been successful expansion into new overseas markets.
The Directors have been in discussions with the Investors and Loan providers to the business in order to secure ongoing, and where required, additional support.
The Group has secured new and additional facilities that could be drawn down to assist the Group’s cash flow
as and when required. The Group has also negotiated for the suspension of its payment of interest and preference share interest with its Investor post 30 September 2022.
On the basis of the continued support from their principal funders being provided the Directors have adopted the going concern basis of accounting in preparing the financial statements. The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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