The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
The Company incurred a loss during the year of £772,015 (2023: £735,841).The company's losses have to date been funded by the company's parent company, Devyce Inc.
Devyce Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Devyce Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.