6. (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:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
(Loss) for the year |
(843,626) |
(486,336) |
|
|
|
– |
|
Weighted average number of shares for basic (loss) per share |
249,525,835 |
142,519,038 |
|
Weighted average number of shares for diluted (loss) per share |
249,525,835 |
142,519,038 |
|
(LOSS) PER ORDINARY SHARE: |
|
|
|
Basic |
(0.34)p |
(0.34)p |
|
Diluted |
(0.34)p |
(0.34)p |
7. PROPERTY PLANT AND EQUIPMENT
|
Plant and equipment |
2023 |
2022 |
|
|
£ |
£ |
|
Cost |
|
|
|
At 1 April |
7790 |
7,790 |
|
Additions |
25000 |
0 |
|
At 31 March |
32790 |
7,790 |
|
Depreciation |
|
|
|
At 1 April |
6653 |
6,274 |
|
Charge for the year |
284 |
379 |
|
At 31 March |
6,937 |
6,653 |
|
|
|
|
|
Net book value at 31 March |
25853 |
1137 |
Annual report & consolidated financial statements 2023
Page 2
8. CURRENT ASSET: PROPERTIES
|
|
2023 |
2022 |
|
|
£ |
£ |
|
FAIR VALUE |
|
|
|
As at 1 April |
1712000 |
0 |
|
Additions |
0 |
1,975,000 |
|
Disposals |
(662,000) |
(375,000) |
|
Fair Valuation Adjustment |
(122,751) |
112,000 |
|
At 31 March |
927,249 |
1,712,000 |
|
NET BOOK VALUE |
|
|
|
As a 31 March |
927,249 |
1,712,000 |
|
Fair value at 31 March is represented by: Revaluation in 2023 (2022: at revalued amount) |
927,249 |
1,712,000 |
|
LOSS ON DISPOSAL |
|
|
|
Fair value |
662,000 |
375,000 |
|
Disposal proceeds |
649,618 |
352,500 |
|
Loss on disposal |
12,382 |
22,500 |
|
|
|
|
9. TRADE AND OTHER RECEIVABLES
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Other receivables |
2,300 |
2,300 |
|
Other taxes |
9,457 |
12,530 |
|
Prepayment |
22,276 |
25,670 |
|
|
34,033 |
40,500 |
No IFRS9 provision has been recognized on the above financial instruments on the basis that this provision has been deemed to be immaterial
10. 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.
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Cash and cash equivalents |
17,148 |
12,753 |
The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value.
11. INVENTORY
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Work in progress |
317,796 |
25,657 |
Inventories recognised as an expense during the period totalled £nil (2022: £nil). Borrowing costs capitalized in the year total £6,393 (2022 – nil)
Write-
Inventories pledged as security for liabilities as at the year end totalled £275,000 (2022: £nil).
12. TRADE AND OTHER PAYABLES
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Trade payables |
122,697 |
23,715 |
|
Taxation & social security |
14,211 |
5,378 |
|
Accruals |
85,955 |
341,140 |
|
|
222,863 |
370,233 |
Deferred tax
No deferred tax assets have been provided in respect of property revaluation as there are historical losses upon which to offset. As at the 31 March 2023, the Group had cumulative tax losses of £6,296,440 (2022: £5,453,582) that are available to offset against future taxable profits of the same trade.
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Fair value movement on property revaluation |
(122,751) |
112000 |
|
Tax at 19% |
(23,323) |
21280 |
|
Tax losses available |
23,323 |
(21,280) |
|
Deferred tax charge for the year |
0 |
0 |
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 of £337,000 and another property sold in February 2023 of £325,000. The remaining property was fair valued using the selling price achieved following the sale in September 2023.