For all periods up to and including the year ended 31 March 2016, the Company prepared its financial statements in accordance with previously extant United Kingdom generally accepted accounting practice (UK GAAP, specifically the Financial Reporting Standard for Smaller Entities (FRSSE)). These financial statements, for the year ended 31 March 2017, are the first the Company has prepared in accordance with FRS 105.
Accordingly, the Company has prepared individual financial statements which comply with FRS 105 applicable for periods beginning on or after 1 January 2016 and the significant accounting policies meeting those requirements are described in the relevant notes.
In preparing these financial statements, the Company has started from an opening balance sheet as at 1 April 2015, the Company’s date of transition to FRS 105, and made those changes in accounting policies and other restatements required for the first-time adoption of FRS 105. As such, this note explains the principal adjustments made by the Company in restating its balance sheet as at 1 April 2015 prepared under previously extant UK GAAP and its previously published UK GAAP financial statements for the year ended 31 March 2016.
On transition to FRS 105, the company has applied the requirements of s.28 FRS 105. No transition adjustments were required.