With respect to amounts owed by group undertakings, included in the Balance Sheet, having a carrying value of £115,134,947 which includes the reversal of an impairment amounting to £50,709,219, the audit evidence available to support the recoverability of this balance was limited to the net assets per the 31 December 2023 audited financial statements of the counterparty.
However, the audit opinion on the financial statements of the counterparty includes a qualification pointing to the fact that the auditor could not obtain sufficient appropriate audit evidence with the respect to the recoverability of amounts owed by group undertakings to the value of £115,119,758, which will have an equal impact on the amounts owed by group undertakings per these financial statements, and hence we are qualifying our audit opinion as a result.
Furthermore, we qualify our audit opinion regarding the comparatives (2022) with respect to the amounts owed by group undertakings, which amounted to £45,306,000. The same limitations of audit evidence regarding the recoverability of these balances applied to both the current and comparative periods, and our opinion for the current year is similarly qualified.