As a result of the company’s expansion and the increasing complexity of its operations, the company has voluntarily transitioned from reporting under FRS 105 (The Financial Reporting Standard applicable to the Micro-entities Regime) to FRS 102 Section 1A (Small Entities) for the financial year ending 31 October 2023.
This change has been made to better reflect the company’s growing scale and to ensure the financial statements provide relevant and reliable information to stakeholders.
The adoption of FRS 102 Section 1A has been applied prospectively. Comparative figures for the prior year have been restated, where applicable, to align with the requirements of the new standard. The key differences resulting from the transition include:
Presentation and Disclosure: Enhanced disclosure requirements under FRS 102 Section 1A, providing greater transparency in the financial statements.
Recognition and Measurement: Changes in accounting policies, where necessary, to comply with the principles of FRS 102 Section 1A.
The directors confirm that the transition does not have a material impact on the reported financial position or performance of the company.