The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The accounts have been drawn up on a going concern basis. At the year end the directors were owed £110,880 (2021 £142,551) by the company. They have agreed to continue to support the company for at least one year from the balance sheet date.
If the going conceern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.