Comparatives for the previous year to 31 March 2022 have been re-stated to include corrective VAT entries following the company's registration for VAT. The directors have also made adjustments to include some purchases invoices which had previously been ommitted.
In summary the prior year adjustment corrected the following balance sheet items:
Tangible fixed assets - overstated by -£324
Stocks - understated by £32,220
VAT debtor - understated by £18,567
Trade creditors - understated by -£50,218
Capital & reserves - overstated by -£245
In summary the prior year adjustment corrected the following P&L items:
Year to 31 March 2022 Administrative expenses - overstated by £220
Year to 31 March 2021 Administrative expenses - overstated by £25
As a result overall losses were overstated by £245
No adjustment was required regarding taxation.