The financial statements for the year ended 29 February 2024 are the first financial statements that comply with FRS 105. The date of transition is 1 March 2023.
The transition to FRS 105 has resulted in a change in the accounting policy relating to deferred tax which was accounted for under the previous accounting regime.
The impact on the opening retained earnings at 1 March 2022 is an increase of £4,602 to that previously stated to an equity balance of £83,995.
The impact on the results for the year ended 28 February 2023 is an increase in retained profit for the year of £11,121. Therefore the total equity as at 28 February 2023 is restated to £95,268.