| In preparing and approving these financial statements the Director has given due consideration to going concern risks, and in particular the impact of the Coronavirus pandemic. The pandemic led to widespread, profound economic shocks, and significantly curtailed the operational activities of the Company. In reaching a conclusion on the going concern assumption the Director considered and factored in the following matters:
i) The previous owners of the Company, The Isles of Scilly Steamship Company Limited, are providing a loan facility which will assist the Company for the short term as the order book is filled. The Company has prepared budgets and cash flows to ensure it has sufficient access to funding to support its ongoing operations.
ii) The Company continues to access the Governments Job Retention Scheme which has assisted with reducing the costs incurred by the Company during the year to 31 March 2021 and post year end.
iii) The Company continues to implement various cost saving measures to minimise the cost base.
iv) Operationally, various policies and procedures have been put in place to ensure the health and safety of the Companys employees and passengers. Clearly, in some areas this has given rise to a financial cost, but these steps are necessary and are being adopted by the vast majority of businesses across the UK.
vi) There are business continuation plans in place to ensure that there is adequate cover for senior management should they become incapacitated.
After due consideration of these factors the directors are satisfied that the Company will be able to operate within the available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial statements. |