COVID-19
Much like many business entities, management have seen a an impact to the business due to the COVID-19 pandemic. This has negatively affected the performance of the business for the 2021 year end. However, management has determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern. It expects that COVID 19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.
Director's Loan
The Director, Dr Christopher Reynolds, provided a working capital loan to the company during the year to meet company expenses. The balance outstanding to the Directors as at 31st January 2021 was £1,280 (2020 £2,925). The loan has no prescribed method of repayment and attracts no interest. This amount is included under the classification of Liabilities.