Effective from 1 May 2022, the company has transitioned from the Financial Reporting Standard for Micro-Entities (FRS 105) to FRS 102 Section 1A. This change reflects the company's decision to adopt a more comprehensive accounting framework in line with its evolving financial reporting needs. This transition ensures continued compliance with accounting standards and enhances the transparency and comparability of the company's financial statements.
The transition has been accounted for in accordance with Section 35 of FRS 102, which deals with first-time adoption.
An opening balance sheet as of 30 April 2022 was prepared, and necessary adjustments were recognized directly in equity. Comparative figures for the previous period have been restated accordingly, specifically, deferred taxation only.