The worldwide coronavirus (COVID-19) pandemic developed rapidly during 2020. Nationwide measures taken to contain the virus have affected economic activity and although some businesses have felt a positive impact, the majority have been trading under challenging conditions.
During the reporting period the company suffered a reduction in turnover as a result of the pandemic, but have made adaptions to continue to successfully trade
Coronavirus Job Retention Scheme - During April 2020, in response to a fall in demand amidst the COVID-19 outbreak, the company announced its intention to temporarily reduce its workforce by 2 positions by the end of Jan 2021, by means of the Government’s Coronavirus Job Retention Scheme.
As a precautionary measure to assist with any potential adverse cashflow issues, the company took out a Bounceback loan during the period.
Whilst the full impact of COVID-19 is not yet known, the directors have reviewed and considered relevant information in assessing the company’s ability to trade going forward, they have concluded that the financial statements should be prepared on a going concern basis.