These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. No critical judgements have been applied to these financial statements.
The financial statements are not prepared on the going concern basis because following the period end the directors have decided that the trading withing the company will cease and the entity will be liquidated in the near future. Accordingly the going concern basis of accounting is no longer appropriate. The financial statements are prepared on a basis other than going concern in which debtors are recorded at their recoverable value, creditors are recorded at their face value, cash in the bank is recorded at its actual value, net fixed asset value has been recognised as a current asset and provision has been made for liabilities arising from the decision.
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company's shareholders.
The company has taken advantage of the following exemptions: from preparing a statement of cash flows, required under Section 7 of FRS 102 and para 3.17(d), on the basis that it is a small company; from disclosing the company's key management personnel compensation as required by FRS 102 para 33.7; and from disclosing related party transactions that are wholly owned within the same group