3 Basis of Preparation
The financial statements have been prepared in accordance with the Micro-entities Regime and FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime.The company ceased trading on 10 March. Accordingly, the financial statements have not been prepared on a going concern basis. Instead, they have been prepared on a non-going concern (break-up) basis.Consequently, assets have been written down to their net realisable values, long-term liabilities have been reclassified as current liabilities, and provision has been made for any contractual obligations or constructive closure costs arising directly from the cessation of trade. No changes to the historical cost convention were made other than those required to reflect the non-going concern status of the company.