CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2021



The reverse acquisition reserve was created in accordance with IFRS3 ‘Business Combinations’. The reserve arises due to the elimination of the Company’s investment in TNH (formerly Combe Bank Homes Limited). Since the shareholders of TNH became the majority shareholders of the enlarged group, the acquisition is accounted for as though there is a continuation of the legal subsidiary’s financial statements. In reverse acquisition accounting, the business combination’s costs are deemed to have been incurred by the legal subsidiary. Retained profit/(losses) relate to the profits/losses earned by the business that have not been distributed and have built up over the years of trading.

Further details of share issues in the year are shown in note 15 to the accounts.


The notes are an integral part of these consolidated financial statements.


Share capital

Share premium

Loan Note Equity Reserve

Reverse acquisition reserve

Retained profits/(losses)

Total equity


£

£


£

£

£

At 1 April 2019

2,570,567

2,510,462

0

(2,817,633)

(4,873,703)

(2,610,307)

Loss for the year


(1,022,898)

(1,022,898)

Total comprehensive income for the year


(1,022,898)

(1,022,898)

Issue of shares

62,500

187,500


0

0

250,000

Share issue costs

0

37100


0

0

(37,100)

At 31 March 2020

2,633,067

2,660,862


(2,817,633)

(5,896,601)

(3,420,305)

At 1 April 2020

2,633,067

2,660,862


(2,817,633)

(5,896,601)

(3,420,305)

(Loss) for year


(329,194)

(329,194)

Total comprehensive (loss) for the year


(329,194)

(329,194)

loan note equity reserve



104,132



104,132

Issue of Shares

93750

656,250


0

0

750,000

Share issue costs

0

(66,863)


0

0

(66,863)

At 31 March 2019

2,726,817

3,250,249

104,132

(2,817,633)

(6,225,795)

(2,962,230)

Annual report & consolidated financial statements 2021