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-
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.