After the balance sheet date, the Directors have assessed the Company’s ability to continue as a going concern and have concluded that the Company is no longer a going concern. This assessment was based on a history of accumulated losses and the current economic climate, which continues to adversely affect the Company’s trading prospects.
The Directors do not believe that there will be a material improvement in the Company’s financial position in the foreseeable future and have therefore determined that the Company will cease to trade on a going concern basis.
This is a non-adjusting post balance sheet event, and no changes have been made to the carrying values of assets or liabilities in these financial statements.