The financial statements have been prepared on a going concern basis. On 4 August 2023 , the company entered into a Company Voluntary Arrangement (CVA) with its creditors. The CVA allows the company to restructure its debts and continue trading while repaying creditors over an agreed period.
The director has prepared cash flow forecasts and projections for a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that the company will be able to meet its obligations as they fall due, provided that the terms of the CVA are adhered to and that trading performance remains in line with expectations.
However, the CVA represents a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The company’s ability to continue operations is dependent on:
Continued support from creditors under the CVA; Achieving forecast trading performance; Maintaining adequate cash flows and working capital. If the company is unable to meet the terms of the CVA or if trading performance deteriorates significantly, it may be unable to continue in operational existence. These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.