The director believes that the going concern basis is not appropriate as the company ceased to trade during the period.
As a result, the financial statements have been prepared on a basis other than that of the going concern basis.
This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.