7. (LOSS) PER ORDINARY SHARE

The calculation of (loss)/profit per ordinary share is based on the following profits/(losses) and number of shares used should be that retrospectively adjusted for the effect of consolidation:


2022

2021


£

£

(Loss) for the year

(486,336)

(329,194)



Weighted average number of shares for basic (loss) per share

142,519,038

95,644,038

Weighted average number of shares for diluted (loss) per share

142,519,038

95,644,038

(LOSS) PER ORDINARY SHARE:



Basic

(0.34)p

(0.34)p

Diluted

(0.34)p

(0.34)p

8. PROPERTY PLANT AND EQUIPMENT

Plant and equipment

2022

2021


£

£

Cost



At 1 April

7790

7,191

Additions

0

599

At 31 March

7790

7,790

Depreciation



At 1 April

6274

5,768

Charge for the year

379

506

At 31 March

6,653

6,274




Net book value at 31 March

1.137

1516

Annual report & consolidated financial statements 2022

Page 2

9. INVESTMENT PROPERTY


2022

2021


£

£

FAIR VALUE



At 1 April 2021

1975000

1,975,000

Transferred to current assets

(1,975,000)

0

At 31 March 2022

0

1,975,000

NET BOOK VALUE



At 31 March 2022

0

1,975,000




At 31 March 2021

1,975,000

1,975,000

11. TRADE AND OTHER RECEIVABLES


2022

2021


£

£

Other receivables

2,300

700

Other taxes

12,530

11,071

Prepayment

25,670

21,684


40,500

33,455

All investment property has been transferred at year end to current assets – see note 10. All the remaining properties are being actively marketed at the year end with one property selling in May 2022 and another property under offer and proceeding as at the date of signing these accounts. The one remaining property is to be marketed following the tenants vacating the flat.

There are no receivables that are past due but not impaired at the year-end. There are no provisions for irrecoverable debt included in the balances above.

12. CASH AND CASH EQUIVALENTS

All of the group’s cash and cash equivalents at the year end are in sterling and held at floating interest rates.


2022

2021


£

£

Cash and cash equivalents

12,753

246,193

The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value.

13. INVENTORY


2022

2021


£

£

Work in progress

25,657

78,608

See note 5 for details of interest capitalised as part of the value of inventory.

14. TRADE AND OTHER PAYABLES


2022

2021


£

£

Trade payables

23,715

23,438

Taxation & social security

5,378

22,575

Accruals

341,140

432,501


370,233

478,514

Deferred tax

No deferred tax asset has been provided in respect of property revaluations as there are historical losses upon which to offset. As at the 31 March 2022, the Group had cumulative tax losses of £5,453,582 (2021: £5,049,125) that are available to offset against future taxable profits of the same trade.  


2022

2021


£

£

Fair value movement on property revaluation

112,000

0

Tax at 19%

21,280

0

Tax losses available

(21,280)

0

Dererred tax charge for the year

0

0

10. CURRENT ASSET: PROPERTIES


2022

2021

FAIR VALUE

£

£

Additions

1,975,000

0

Disposals

(375,000)

0

Revaluation

112,000

0

31 March 2022



NET BOOK VALUE



As a 31 March 2022

1,712,000

0


0

0

Fair value at 31 March 2022 is represented by:

Revaluation in 2022 (2021: cost)


1,712,000

0

LOSS ON DISPOSAL



Fair value

375,000

0

Disposal proceeds

352,000

0

Loss on disposal

22,500


Following the sale of one of the leasehold properties in September 2021 for £ 352,500 and subsequent loss on disposal of £ 22,500 plus selling costs, the remaining two leasehold properties and one freehold property were reassessed on a fair value basis as at 31 March 2022

Fair value has been assessed by using level 3 fair value hierarchy and using the selling price achieved following the sale of one leasehold property in May 2022 post year end of £337,000. In addition an offer and sale pending as at the date of signing these accounts has been made on the freehold property at £1,050,000. The remaining property is currently being marketed following the recent vacation of the tenant. The prices attained were assessed by independent estate agents based on current prices in an active market for similar properties in similar locations and condition.

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