The comparative information has been restated to ensuire the 'true and fair reflection'.
To the best of our knowledge and belief, the financial records and accompanying statements present a true and fair view of the financial position and performance of the entity for the relevant reporting period.
During the current financial period, an adjustment was made to the deemed 'stock' balance to ensure compliance with IAS 16 'Recognition of Fixed Assets'. The balance held was inherently attributable to that of 'plant property & equipment' and therefore has been reclassified as such.
In addition the prior year accounts have been restated to include recognise the stock balance as 'plant property & equipment', a further adjustment had been made in relation to interest charges that had been omitted. The effect of this change is as follows:
A decrease in stock of £213,510 and a corresponding increase in the 'plant property & equipment' balance held as of the 30 November 2023.
A increase in the depreciation of 'plant property & equipment' of £19,804 and corresponding profit and loss entry.
A increase in the interest charges payable of £19,633 and corresponding bank loan liability entry.
The net impact on reserves brought forward at 1 December 2023 is an decrease of £39,435.