The company has ceased trading and has an outstanding Bounce Back Loan of £40,577 and rent oustanding of £17,643. Repayments on the loan are currently not being made and the loan is subject to the lender’s forbearance arrangements.
The directors have prepared the accounts on a going concern basis as they do not intend to place the company into liquidation at the present time. However, the company has no current source of income and is reliant on continued support from the lender.
These conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.