In previous years, the company prepared consolidated financial statements in accordance with FRS 102 Section 9. However, for the financial year ended 31 December 2023, the company has elected not to prepare group accounts and has instead presented these financial statements on a single-entity basis.
The decision is in compliance with FRS 102 Section 9.3, which allows an entity to prepare separate financial statements where consolidation is not required.
Impact of the Change:
The results and financial position of subsidiaries are no longer consolidated. The prior year figures have been restated/presented on a comparable basis to reflect the move to single-entity accounts where necessary.
This change does not affect the company’s financial performance or position except for the change in accounting treatment of subsidiaries.