The directors believe that the going concern basis is not appropriate as the company has no realistic alternative but to cease trading.There are no plans to continue operations or seek alternative income sources.
As a result, the directors have concluded that the company is no longer a going concern, and the financial statements have therefore been prepared on a basis other than going concern. Assets have been stated at their expected realisable values and liabilities at the amounts expected to be settled.
The directors have taken steps to ensure all known liabilities are accounted for and that any remaining assets will be distributed in accordance with the company’s Articles of Association prior to the company being formally dissolved.
It is the directors’ intention to apply to have the company struck off the register at Companies House in accordance with section 1003 of the Companies Act 2006.