REAL Real Office

the financial statements. The Group incurred a net loss of GBP335.6k during the 
period ended 31 July 2009 and at that date, the Group was in a net current 
liability position of GBP3.76m and net liability position of GBP4.38m. Net 
current liabilities includes GBP2.0m and non current liabilities includes 
GBP1.09m of deferred consideration payable by issue of shares in the Company. 
Net current liabilities also includes GBP0.7m of non refundable deposits from 
clients. The Company was in a net current liability position of GBP4.49m, which 
includes amounts due to subsidiaries of GBP2.11m and net asset position of 
GBP18.9m.net of total amounts due to subsidiaries of GBP4.11m. 
 
 
The Directors have produced cash flow forecasts which indicate that the Group 
can continue as a going concern. In preparing those forecasts, the Directors 
have taken into account the following material uncertainties: 
 
 
  *  The achievability of the forecast sales orders, revenues and gross margin given 
  the current economic climate in the areas in which the Group operates; 
  *  The ability to take initiatives to preserve cash such as defer capital 
  expenditure, reduce salaries and slow down expansion activities; 
  *  Reduce credit terms being available from suppliers; and 
  *  Securing an overdraft facility with a lending institution. 
 
The Directors have concluded that these circumstances represent a material 
uncertainty that may cast doubt upon the Group's ability to continue as a going 
concern. Nevertheless, after making enquiries and considering the uncertainties 
described above, the Directors have a reasonable expectation that the Group will 
have adequate financial resources to continue in operational existence for the 
at least 12 months following the date of approval of these financial statements. 
For these reasons, they continue to adopt the going concern basis in preparing 
the financial statements. Failure to obtain an adequate overdraft facility or 
successfully implement one or more alternative working capital management 
strategies, could result in the Group not being able to continue its operations 
in the current form and therefore not being able to continue as a going concern. 
 
 
Having taken these uncertainties into account the Directors believe, based upon 
the cash flow forecasts, it is appropriate to prepare the financial statements 
on a going concern basis. 
These financial statements do not include any adjustments that might arise if 
the going concern basis for the preparation of the financial statements was not 
appropriate. 
In addition, the carrying value of the Company's investments ino subsidiaries 
have not been written down or impaired as the cash flow forecasts prepared by 
management support the carrying value of these investments. However, due to the 
material uncertainties that are included in these cash flow forecasts (as 
described above), there is a material uncertainty over the Company's carrying 
value in subsidiaries. 
 The preparation of financial statements in conformity with IFRS requires the 
use of certain critical accounting estimates. It also requires management to 
exercise its judgement in the process of applying the accounting policies. The 
areas involving a high degree of judgement or complexity, or areas where 
assumptions and estimates are significant to the financial statements are 
disclosed in note 3. 
 
 
Statement of compliance 
The consolidated financial statements of the Group have been prepared in 
accordance with International Financial Reporting Standards adopted for use in 
the European Union ("IFRS") and The Companies Act, 2006. Advantage has been 
taken of the exemption from presentation of a separate Income Statement for the 
Company afforded by Section 408 of the Companies Act 2006. 
 
 
Changes in accounting policies 
The accounting policies adopted are consistent with those of the previous 
financial year: 
 
Certain new standards, amendments and interpretations to existing standards 
which may be relevant to the Group have been published that are mandatory for 
later accounting periods and which have not been adopted early. These are: 
 
+----------------------+------------------------------------------------------------+--------------+ 
|                                                                                   |              | 
+-----------------------------------------------------------------------------------+--------------+ 
| New standards        |                                                            | Effective    | 
|                      |                                                            | date         | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 8               | Operating Segments                                         | 1/1/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 23               | Borrowing costs (revised)                                  | 1/1/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 1                | Presentation of financial statements (revised)             | 1/1/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 3               | Business combinations (revised)                            | 1/7/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 1               | First time adoption of IFRS (revised)                      | 1/7/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
|                      | 
+----------------------+ 
| Amendments to standards                                                           | Effective    | 
|                                                                                   | date         | 
+-----------------------------------------------------------------------------------+--------------+ 
|                      |                                                            |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 1               | Amendments to IFRS 1 - additional exemptions for first     | 1/1/10       | 
|                      | time adopters                                              |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 1 & IAS 27      | Cost of an Investment in a Subsidiary, Jointly Controlled  | 1/1/09       | 
|                      | Entity or Associate (Amendment)                            |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 2               | Amendments to IFRS 2 - vesting conditions and              | 1/1/09       | 
|                      | cancellations                                              |              | 
+----------------------+------------------------------------------------------------+--------------+ 
|                      | Amendments to IFRS 2 - group cash-settled share-based      | 1/1/10       | 
|                      | payment transactions                                       |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 27               | Consolidated and Separate Financial Statements (Amendment) | 1/7/09       | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 32 & IAS 1       | Puttable financial instruments and obligations arising on  | 1/1/09       | 
|                      | liquidation                                                |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 39               | Amendment to IAS 39 Financial Instruments; recognition and | 1/1/09       | 
|                      | measurement - eligible hedged items                        |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 39 & IFRS 7      | Amendment to IAS 39/IFRS 7 reclassification of financial   | 1/7/08       | 
|                      | instruments                                                |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IAS 39               | Amendment to IAS 39 reclassification of financial assets:  | 1/7/08       | 
|                      | effective date and transition                              |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRS 7               | Amendment to IFRS 7 - improving disclosures about          | 1/1/09       | 
|                      | financial instruments                                      |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| IFRIC 9 & IAS 39     | Amendments to IFRIC 9 and IAS 39 embedded derivatives      | 30/6/09      | 
+----------------------+------------------------------------------------------------+--------------+ 
|                      |                                                            |              | 
+----------------------+------------------------------------------------------------+--------------+ 
| New interpretations                                                               | Effective    | 
|                                                                                   | date         | 
+-----------------------------------------------------------------------------------+--------------+ 
|                      |                                                            |              | 

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