The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The directors have prepared the financial statements on a going concern basis but the company's ability to continue as a going concern is dependent on the company securing additional funding from its parent company. The parent company is very advanced with a fundraising process which would provide that additional funding. The directors have a reasonable expectation that the fundraising will be successfully completed and therefore the directors believe the going concern basis remains appropriate. Nevertheless, the fundraising is not yet complete and there can be no certainty that the required funding will be secured within the expected timeframe and there exists material uncertainty that casts significant doubt on the company's ability to continue as a going concern.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.