Rathlin Island Ferry Limited - Liabilities Exceed Assets
Accountant's statement 23 November 2010*:
"Emphasis of Matter Going Concern
In forming our opinion we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern The company incurred a net loss during the period ended 31 March 2010 and as of that date the company's current liabilities exceeded its total assets. These conditions along vvirh other matters as set forth in Note 11 to the financial statements indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern The financial statements do not include anv adjustments that would result from a failure to continue as a going concern. Details of the circumstances relating to this emphasis of matter are described in Note 11. Our opinion is not qualified in this respect.
The company has incurred losses in its first two periods of trading with the result that its current liabilities exceed its total assets The contract with the DRD is currently under review and the directors believe that the outcome of the review will enable the company lo continue in operational existence and to improve its profitability
Whilst there is some uncertainly regarding the outcome of the review the directors believe that it is appropriate for the financial statements to be prepared on a going concern basis"
* The RIFL Board Meeting the same day came one day after the RIFL directors were represented at an industrial tribunal.