The directors of the company are at an advanced stage of realising the value of the assets it holds, through a wind-down of its subsidiary. The subsidiary is in the final stage of selling the main asset it holds which is its property which exchanged contracts on 30 April 2025 with completion expected shortly.
The company’s subsidiary has provided the company’s creditors with security over the property asset the subsidiary owns. Litigation has been ongoing on the charges granted over the assets owned by the subsidiary, however, terms to settle that dispute have been agreed. Upon the subsidiary's property disposal and following the payment of the settlement sum for the legal dispute and all other legal & professional costs, the company's creditors will be paid. The secured creditors of the company are aware of the company’s position, and they are aware that the company’s assets when realised may not be sufficient to pay its secured liabilities in full.
Accordingly, the company's accounts have been prepared on a going concern basis.