The directors believe that the going concern basis is not appropriate as the company has ceased trading as of 31 December 2024. For this reason, the accounts have been prepared on the break-up basis. In preparing the financial statements on this basis, the directors have considered the following:
The carrying amounts of the entity’s assets have been adjusted to reflect their estimated realisable values, rather than their values under the going concern basis.
Liabilities are reported based on their settlement values, which may differ from the amounts recognised under the going concern assumption. Any provision for liabilities is based on the amount expected to be settled on liquidation.
The Property, Plant and Equipment assets are carried at their estimated net realisable values rather than their carrying amounts that would apply if the entity were considered a going concern.
Any provisions or contingent liabilities are recognised at the best estimate of the amount required to settle the obligation in the event of liquidation.
The equity section reflects the amounts expected to be available to shareholders or members upon liquidation, rather than the amounts that would have been available under a going concern basis.