Notwithstanding the net current liabilities of £311,226 (2022: £291,323) and net liabilities of £308,165 (2022: £269,094) the directors are satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In making their assessment the directors have, in particular, considered the following matters:
• The directors have agreed that loans owing to them (£185,141 in total as at 31 May 2023) will not be called for repayment until such time that the company has sufficient available funds whilst protecting the trading status of the company.
• The uncertainty that exisits in the global economy and the UK retail market in which the company operate in as a result of inflationary pressures as well as the war in Ukraine.
• A further £20,000 of additional loan finance from private individuals was secured in February 2024.
• The financial performance of the company subsequent to the year end and its cash position as at the date of approval of these financial statements.
• The ability of the company to meet its liabilities as they fall due.
Having taken these matters into consideration, and whilst recognising that there can be no certainty, the directors are satisfied that it remains appropriate to prepare these financial statements on a going concern basis having considered a period of at least 12 months from the date of approval of these financial statements.