In the prior year the company prepared its financial statements under FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime. The directors have elected to adopt FRS 102 Section 1A for the current year in order to provide more relevant and reliable information to shareholders and other users of the financial statements, particularly in respect of the company's investment property and related disclosures. The transition from FRS 105 to FRS 102 Section 1A has not affected the recognition or measurement of assets, liabilities, income or expenses, but it has resulted in additional disclosures being provided. The financial statements have been prepared on a going concern basis. The company is dependent on the continued financial support of its shareholders, who have confirmed they will not seek repayment of their loans until the company has sufficient resources to do so. Investment property- In the prior year (2023) the property was carried under the micro-entity regime (FRS 105) at historical cost of £378,000. In 2024, following the adoption of FRS 102 Section 1A, the investment property is carried at fair value. During the year, a dilapidations receipt of £60,000 was received, of which £54,000 was applied to reduce the carrying value of the property. At 31 December 2024 the property was subject to a sale agreement for £100,000 and has been revalued to this amount. A fair value loss of £224,316 has been recognised in the profit and loss account. Corporation tax refund- During the year, the company received a corporation tax refund of £4,177 in respect of trading losses carried back under the temporary COVID-19 relief provisions. These losses were set against taxable profits of earlier years in line with the Finance Act 2021, which temporarily extended the carry-back period to three years. The refund has been recognised as a tax credit within the current years corporation tax charge. The financial statements are presented in pounds sterling.