The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The company suffered operating losses in the year ended 31 December 2023 and four previous financial years mostly caused by extensive amount of labour needed to install steel doors on one of its projects completed in summer 2023. As a result, the company has overdue liabilities as of 31 December 2023, including tax liabilities of £381,050. The company got involved in another building project starting from January 2024.
After having received assurances from the holding company regarding continued support, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.