4. Change in accounting framework
These financial statements have been prepared in accordance with FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime, for the first time. The company previously prepared its financial statements under FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The company qualifies as a micro-entity and has elected to apply the micro-entities regime. The transition from FRS 102 to FRS 105 has been accounted for in accordance with the transitional provisions of FRS 105.
The transition has not resulted in any material adjustments to the amounts previously reported under FRS 102.