The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
At the balance sheet date, the company had outstanding loans to Unico Gelato & Caffe Ltd, a company under common control and management, amounting to £1,204,525. The directors of Unico Gelato & Caffe Ltd have provided formal confirmation that repayment of these loans will not be demanded within the next 12 months.
Additionally, the company has received written assurances from its shareholders that existing loans will not be recalled within the next financial year. The director is also actively seeking to expand the company’s operations, including new retail locations, to strengthen financial performance.