Going concern6 Sep 2024 13:46
Going concern
As at 31 December 2023, the Group has cash and cash equivalent balances and net liabilities and net current liabilities of £9,111, £1,268,073 and £1,282,251, respectively.
The director's cash-flow projections for the forthcoming 12 months conclude there will be the need for additional cash resources to fully implement the business plans. A director has confirmed to provide financial support to the Group and granted loan of approximately £80,000 to the Group subsequent to the reporting period for supporting the Group's operation for the forthcoming 12 months. In addition, the directors are in non-binding discussions with individuals and institutions that may lead to further equity and/or loans being raised. There may be uncertainty that any such funds will be forthcoming or the price and other terms being acceptable and as such there is a material uncertainty over going concern.