Additional Disclosures
The deposit paid for the operating lease of £13,212 is due in more than one year.
The company has taken out a short term loan of £105,000 for 11 months with an interest rate of 9.9%.
Prior period adjustment
During the year, the company identified errors in the accounting of Capital, Reserves and Liabilities. A balance relating to an Advanced Subscription Agreement was recognised within Liabilities instead of within Capital and reserves. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the balance sheet for the year ended 29 February 2024:
Capital and reserves
As originally stated: (£480,316)
Adjustment: £425,000
As restated: (£55,316)
Creditors amounts falling due within one year
As originally stated: £610,000
Adjustment: (£425,000)
As restated: £185,000
Post Balance Sheet Events:
Subsequent to the year end, on 6 June 2025, the company entered into a financing arrangement to support future growth. As part of this arrangement, a floating charge was granted over the company’s assets in favour of the lender.
This transaction occurred after the reporting date and does not relate to conditions existing at 28 February 2025. Accordingly, no adjustments have been made to these financial statements. The directors consider this to be a non-adjusting post balance sheet event, but have included this disclosure to inform users of the accounts of a significant development affecting the company after the year end.