During the year, management identified that certain historical accrual balances brought forward from prior accounting periods required reassessment.
The balances related to amounts previously accrued in respect of supplier fees where the final liability remained subject to dispute and the amounts were not subsequently settled. Following review, management concluded that these balances no longer represented present obligations of the Company at the balance sheet date.
As the matter related to prior accounting periods, the adjustment has been treated as a correction to opening reserves rather than as income or expenditure of the current year.
Accordingly, the relevant accrual balances have been released against opening retained