NOTES TO THE FINAL ACCOUNTS for the year ended 31 March 2016
For the purpose of IFRS 8, the chief operating decision maker (“CODM”) takes the form of the Board of Directors. The Directors opinion of the business of the group is as follows.
The principal activity of the Group was property development. All the Group’s non-
Based on the above considerations, there is considered to be one reportable segment. The internal and external reporting is on a consolidated basis with transactions between group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position and cashflows.
Geographical segments
The following tables present revenue regarding the group’s geographical segments for the year ended 31 March 2016.
|
|
United Kingdom |
Total |
|
Year ended 31 March 2016 |
£ |
£ |
|
Property development - |
2,235,000 |
2,235,000 |
|
|
2,235,000 |
2,235,000 |
|
|
United Kingdom |
Total |
|
Year ended 31 March 2015 |
£ |
£ |
|
Property development - |
3,898,250 |
3,898,250 |
|
|
3,898,250 |
3,898,250 |
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Bank interest received |
60 |
174 |
|
Rental income & ground rent |
7460 |
1,361 |
|
|
7520 |
1,535 |
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Depreciation of tangible fixed assets |
795 |
215 |
|
|
|
|
|
Auditor’s remuneration: |
|
|
|
Audit of these financial statements |
10,000 |
10,000 |
|
Amounts receivable by the auditor in respect of the audit of the financial statements of subsidiary undertakings pursuant to legislation |
6,000 |
5,124 |
|
|
|
|
Amounts payable to Crowe Clark Whitehill LLP and its related entities in respect of audit and non-
4. EMPLOYEES AND DIRECTORS’ REMUNERATION
Staff costs during the year were as follows:
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Directors remuneration |
15,000 |
36,250 |
|
Wages and salaries |
43,500 |
66,000 |
|
Social security costs |
4,061 |
8,454 |
|
Other pension costs |
18,000 |
18,000 |
|
|
80,561 |
128,704 |
The average number of employees of the company during the period was:
|
|
2016 |
2015 |
|
|
Number |
Number |
|
Directors and management |
4 |
4 |
Key management are the Group’s directors. Remuneration in respect of key management was as follows:
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Short- |
|
|
|
- |
- |
- |
|
- |
0 |
10,000 |
|
- |
15,000 |
26,250 |
|
|
15,000 |
36,250 |
There are retirement benefits accruing to Mr C Johnson for whom a company contribution was paid during the period of £18,000. (2015: £18,000).
Consultancy fees of £4,994 (2015: £8,748) were paid to Mr N Lott during the year.
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Current tax |
- |
0 |
|
Tax charge |
- |
0 |
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Profit /(loss) on ordinary activities before tax |
204,877 |
(619,106) |
|
Based on profit /(loss) for the year: Tax at 20% (2015: 21%) |
40975 |
0 |
|
Effect of |
|
|
|
Losses utilised/group relief claimed |
(40,975) |
0 |
|
|
|
|
|
Tax charge for the year |
- |
0 |
No deferred tax asset has been recognised in respect of historical losses due to the uncertainty in future profits against which to offset these losses. As at the 31 March 2016 the group had cumulative tax losses of £1,837,724(2015: £2,056,907) that are available to offset against future taxable profits.
7. PROFIT /(LOSS) PER ORDINARY SHARE
The calculation of profit/(loss) per ordinary share is based on the following profits/(losses) and number of shares:
|
|
2016 |
2015 |
|
|
£ |
£ |
|
(Profit /(loss) for the year |
204,877 |
(619,106) |
|
|
|
– |
|
Weighted average number of shares for basic profit /(loss) per share |
238,735,200 |
236,708,533 |
|
Weighted average number of shares for diluted profit /9loss) per share |
238,735,200 |
236,708,533 |
|
(LOSS)/PROFIT PER ORDINARY SHARE: |
|
|
|
Basic |
0.09p |
(0.26p) |
|
Diluted |
0.09p |
(0.26p) |
|
Fixtures and fittings |
2016 |
2015 |
|
|
£ |
£ |
|
Cost |
|
|
|
At 1 April |
2936 |
2,936 |
|
Additions |
2531 |
0 |
|
At 31 March |
5467 |
2,936 |
|
Depreciation |
|
|
|
At 1 April |
2288 |
2,073 |
|
Charge for the year |
795 |
215 |
|
At 31 March |
3,083 |
2,288 |
|
|
|
|
|
Net book value at 31 March 2016 (2015) |
2384 |
648 |
Annual report & consolidated financial statements 2016
5. INTEREST PAYABLE AND SIMILAR CHARGES
During the year all interest paid on borrowings in normally capitalised with the exception of: -
|
|
2016 |
2015 |
|
|
£ |
£ |
|
Director’s loan interest paid |
0 |
0 |
|
|
0 |
0 |
6. TAXATION
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| Notes |
| Notes |
| Company Notes |