NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2014
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.
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 2014.
|
|
United Kingdom |
Total |
|
Year ended 31 March 2014 |
£ |
£ |
|
Property development - |
3,368,500 |
3,368,500 |
|
|
3,368,500 |
3,368,500 |
|
|
United Kingdom |
Total |
|
Year ended 31 March 2013 |
£ |
£ |
|
Property development - |
2,205,786 |
2,205,786 |
|
|
2,205,786 |
2,205,786 |
|
|
2014 |
2013 |
|
|
£ |
£ |
|
Bank interest received |
189 |
253 |
|
Rental income & ground rent |
605 |
57,991 |
|
Gain on disposal of Group Company |
- |
198,631 |
|
|
794 |
256,875 |
|
|
2014 |
2013 |
|
|
£ |
£ |
|
AIM Transaction costs |
250,653 |
- |
|
Depreciation of tangible fixed assets |
287 |
383 |
|
Loan interest to Director |
100,000 |
- |
|
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 |
4,250 |
4,000 |
|
Non- |
40,000 |
383 |
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:
|
|
2014 |
2013 |
|
|
£ |
£ |
|
Directors remuneration |
30,000 |
25,000 |
|
Wages and salaries |
71,000 |
61,000 |
|
Social security costs |
11,489 |
7,736 |
|
Other pension costs |
18,000 |
18,000 |
|
|
130,489 |
111,736 |
The average number of employees of the company during the period was:
|
|
2014 |
2013 |
|
|
Number |
Number |
|
Directors and management |
3 |
4 |
Key management are the Group’s directors. Remuneration in respect of key management was as follows:
|
|
2014 |
2013 |
|
|
£ |
£ |
|
Short- |
|
|
|
- |
- |
- |
|
- |
- |
10,000 |
|
- |
30,000 |
15,000 |
|
|
30,000 |
25,000 |
There are retirement benefits accruing to Mr C Johnson for whom a company contribution was paid during the period of £18,000. (2013: £18,000).
Consultancy fees of £10,000 (2012: £10,000) were paid to Mr N Lott during the year.
|
|
2014 |
2013 |
|
|
£ |
£ |
|
Current tax |
- |
87,418 |
|
Tax charge |
- |
87,418 |
|
|
2014 |
2013 |
|
|
£ |
£ |
|
(Loss)/profit on ordinary activities before tax |
(305,049) |
617,976 |
|
Based on (loss)/profit for the year: Tax at 23% (2013: 24%) |
(70,161) |
148,314 |
|
Effect of |
|
|
|
Losses utilised |
- |
(64,509) |
|
Disallowable items |
43,784 |
3,636 |
|
Capital allowances claimed |
- |
(23) |
|
Losses c/f |
26,377 |
- |
|
Tax charge for the year |
- |
87,418 |
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.
7. (LOSS)/PROFIT PER ORDINARY SHARE
The calculation of profit/(loss) per ordinary share is based on the following profits/(losses) and number of shares:
|
|
2014 |
2013 |
|
|
£ |
£ |
|
(Loss)/profit for the year |
(305,049) |
£530,558 |
|
|
|
– |
|
Weighted average number of shares for basic (loss)/profit per share |
224,347,803 |
214,375,200 |
|
Weighted average number of shares for diluted (loss)/profit per share |
224,347,803 |
214,375,200 |
|
(LOSS)/PROFIT PER ORDINARY SHARE: |
|
|
|
Basic |
(0.14p) |
0.25p |
|
Diluted |
(0.14p) |
0.25p |
|
|
Fixtures and fittings |
|
|
£ |
|
Cost |
|
|
At 1 April 2013 |
2,936 |
|
At 31 March 2014 |
2,936 |
|
Depreciation |
|
|
At 1 April 2013 |
1,786 |
|
Charge for the year |
287 |
|
At 31 March 2014 |
2,073 |
|
|
|
|
Net book value at 31 March 2014 |
863 |
|
Net book value at 31March 2013 |
1150 |
Annual report & consolidated financial statements 2014
5. INTEREST PAYABLE AND SIMILAR CHARGES
During the year all interest paid on borrowings in normally capitalised with the exception of: -
|
|
2014 |
2013 |
|
|
£ |
£ |
|
Director’s loan interest paid |
100,000 |
- |
|
|
100,000 |
- |
6. TAXATION
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| Company Notes |