At the time of approving the financial statements, the director has secured several large contracts, which are expected to generate significant revenue and enhance the company's cashflow. Based on this, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Furthermore, on 21 June 2024, the company entered into a Company Voluntary Arrangement (CVA), which is a formal agreement with its creditors to repay its debts over a specified period. This arrangement is expected to improve the company’s financial stability and liquidity. Additional details regarding the CVA can be found on Companies House.