The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the forseeable future.
The validity of this assumption depends on the continued financial support from the director's related company, Rojo Australia Pty Ltd, where at the balance sheet date, was owed £103,104 (2022 - £134,278) by the company.
As this support is likley to be maintained the director believes it is appropriate for the financial statements to be prepared on the going concern basis.