29 July 2022
ANGLO AFRICAN AGRICULTURE PLC
DIRECTORS’ REPORT AND CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 30 April
2022
Anglo African Agriculture plc (“AAA”
or the “Company”)
Half yearly report for the six months ended 30 April 2022
The Chairman’s Report
I am pleased to report our results to the end of 30 April 2022. As disclosed in the 2021 annual
report the unexpected collapse of the Comarco transaction adversely
affected shareholders and we remain exceptionally disappointed by
the behaviour of the management at Comarco. The aborted transaction
has resulted in the board reviewing the ongoing purpose and
importantly direction of the company. The Board will inform
shareholders in due course of the results of this review and path
forward.
The last six months of trading have been challenging globally.
COVID-19 continues to disrupt global economies and business
operations. The war in Ukraine
unexpectedly cast another layer of uncertainty and has weighed
adversely on global economic conditions. AAA has not been spared
from these global events, the Company and management have had to
adapt to the challenging environment. We believe the Company is
strongly positioned to navigate this uncertain period and
importantly take advantage of opportunities caused by the economic
downturn.
Our South African operations brought in a new CEO Serge Pavlovic. Under a difficult operating
environment, the team in South
Africa have done a commendable job to steer the ship in the
right direction. The Company had to provide additional funding to
stabilise Dynamic Intertrade during the period under review and
will continue to support its operations now consider what is best
for the future.
Dynamic Intertrade (“DI”)
For the period under review DI had a tough period caused by a
general economic slowdown. For the 6-month period ending
30 April 2022, the group recorded a
decrease in revenue from R16.07 million to R14.04 million
representing a 14,5% decrease. This was the result of ongoing
efforts to pass on various cost increases to the Group’s customers.
DI imports the majority of its inventory and this is reflected in
the costs of revenue increasing due to the worsening exchange
rates, going from R11.8 million for the comparative period for 2021
to R11.2 million for the current period. Operating expenses have
been contained to R4.4 million for the six months ended
April 2021 from R4.5 million in 2021,
however finance charges have increased by 92.8% as DI made
increasing use of financing facilities.
DI has maintained its FSSC22000 certification which is important
when dealing with blue chip food manufacturing companies.
Dynamic Intertrade Agri (“DIA”)
(46.8% owned by AAA)
As mentioned previously, DIA is in the process of being disposed
of and as a result no equity accounting of its results have been
reported.
Group Results for the period
The loss for the period has decreased from £318,920 for
April 2021 to £136,579 for the
current year. This is as a result of DI having experienced a
disappointing first six months emanating from decreased demand from
our customers. coupled to the holding company reaching
agreements with several of it major suppliers following the
abandonment of the Comarco transaction.
Outlook
The global financial recession will present some future
headwinds in the short to medium term. The Company and its advisors
have been working tirelessly on various initiatives aimed at
creating shareholder value. As at the 25th of July the Company had
£350,000 in cash, and the board believes that the Company is well
positioned to take advantage of any opportunities that may arise
due to the current economic turmoil.
Responsibility Statement
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in
accordance with IAS 34 ‘Interim Financial Reporting’;
- the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year; and
- the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties’
transactions and changes therein).
Andrew
Monk
Non-Executive Chairman
27 July
2022
FOR FURTHER INFORMATION PLEASE
CONTACT:
Anglo African Agriculture plc
Andrew Monk, Non-Executive
Chairman
Tel +44 (0) 20 7440 0640
Rob Scott, Executive Director
Tel +27 (0) 84 600 6001
VSA Capital Limited (Financial Adviser and
Broker)
Andrew Raca
Tel +44 (0) 20 3005 5000
Simba
Khatai
Tel +44 (0) 20 3005 5000
Forward looking
statement
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi?ed by their use of terms and phrases such as ‘‘believe’’,
‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’,
‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors’ current expectations and assumptions
regarding the Company’s future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re?ect the Directors’ current beliefs and
assumptions and are based on information currently available to the
Directors. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward-looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
For further information please visit http://www.aaaplc.com.
Interim Condensed
Consolidated Statement of Comprehensive Income
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
Notes |
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
|
|
|
|
|
Turnover |
|
681,761 |
1,404,234 |
788,096 |
Cost of
Sales |
|
(545,163) |
(1,024,430) |
(579,056) |
Gross
Profit |
|
136,598 |
379,804 |
209,040 |
|
|
|
|
|
Other
Income |
|
315,495 |
- |
- |
Administrative expenses |
4 |
(463,269) |
(895,464) |
(515,478) |
Admission
expenses |
4 |
- |
- |
(8,350) |
Impairments |
|
- |
- |
- |
Operating loss |
|
(11,176) |
(515,660) |
(314,788) |
|
|
|
|
|
Finance
costs |
|
(125,403) |
(224,631) |
(76,152) |
Finance
income |
|
- |
155,658 |
72,020 |
Loss
before taxation |
|
(136,579) |
(584,633) |
(318,920) |
Tax on
loss on ordinary activities |
|
- |
- |
- |
Loss
after taxation |
|
(136,579) |
(584,633) |
(318,920) |
|
|
|
|
|
Other
Comprehensive Income impairment of investment in associate |
|
- |
- |
- |
|
|
|
|
|
Total
comprehensive loss for the year from continuing operations |
|
(136,579) |
(584,633) |
(318,920) |
|
|
|
|
|
Loss
attributable to ordinary shareholders |
|
(136,579) |
(584,633) |
(318,920) |
|
|
|
|
|
Total
comprehensive loss for the period |
|
(136,579) |
(584,633) |
(318,920) |
|
|
|
|
|
Basic and
diluted earnings per share |
5 |
(0.62p) |
(2.66p) |
(1.45p) |
Interim Condensed
Consolidated Statement of Changes in Equity
|
Share
Capital |
Share
Premium |
Share
Based Payments Reserve |
Equity Portion of Convertible Loan Notes |
Retained Earnings |
Total
Equity |
|
£ |
£ |
£ |
|
£ |
£ |
Balance at 31 October 2020 |
439,322 |
2,571,247 |
83,377 |
- |
(3,831,894) |
(737,948) |
Share
Issue |
- |
- |
- |
- |
- |
- |
Loss for
the period |
- |
- |
- |
- |
(318,920) |
(318,920) |
Balance at 30 April 2021 |
439,322 |
2,571,247 |
83,377 |
- |
(4,150,814) |
(1,056,868) |
Equity
portion of Convertible Loan Notes issued during the year |
- |
- |
- |
74,935 |
- |
74,935 |
Share
Issue |
- |
- |
- |
- |
- |
- |
Loss for
the year |
- |
- |
- |
- |
(265,713) |
(265,713) |
Balance at 31 October 2021 |
439,322 |
2,571,247 |
83,377 |
74,935 |
(4,416,527) |
(1,247,646) |
Share
Issue |
76,247 |
76,248 |
- |
- |
- |
152,495 |
Loss for
the period |
- |
- |
- |
- |
(136,579) |
(136,579) |
Balance at 30 April 2022 |
515,569 |
2,647,495 |
83,377 |
74,935 |
(4,553,106) |
(1,231,730) |
Share capital is the amount subscribed for shares at nominal
value.
Retained losses represent the cumulative loss of the Group
attributable to equity shareholders.
Share-based payments reserve relate to the charge for
share-based payments in accordance with IFRS 2.
Interim Condensed
Consolidated Statement of the Financial Position
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
Notes |
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
Assets |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property,
Plant and Equipment |
6 |
11,266 |
13,769 |
19,041 |
Right of
Use Asset |
11 |
327,829 |
341,905 |
395,608 |
Loan
receivable |
7 |
- |
- |
1,017,964 |
Total Non-Current Assets |
|
339,095 |
355,674 |
1,432,613 |
|
|
|
|
|
Current assets |
|
|
|
|
Investment in Associate - (held for sale) |
9 |
6,154 |
6,154 |
6,154 |
Inventories |
|
34,847 |
42,683 |
74,585 |
Trade and
Other Receivables |
|
327,299 |
297,799 |
222,030 |
Cash and
Cash Equivalents |
|
503,399 |
1,109,774 |
111,332 |
Total Current Assets |
|
871,699 |
1,456,410 |
414,101 |
Total
Assets |
|
1,210,794 |
1,812,084 |
1,846,714 |
|
|
|
|
|
Equity
and Liabilities |
|
|
|
|
Share
Capital |
10 |
515,569 |
439,322 |
439,322 |
Share
Premium Account |
10 |
2,647,495 |
2,571,247 |
2,571,247 |
Share-Based Payments Reserve |
|
83,377 |
83,377 |
83,377 |
Equity
portion of convertible loan notes |
|
74,935 |
74,935 |
- |
Retained
Earnings |
|
(4,553,107) |
(4,416,527) |
(4,150,814) |
Total
Equity |
|
(1,231,731) |
(1,247,646) |
(1,056,868) |
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
Non-Current Lease Liabilities |
11 |
242,796 |
269,215 |
322,114 |
Borrowings |
|
791,472 |
466,064 |
532,980 |
Convertible Loan Notes |
|
778,065 |
778,065 |
853,000 |
Total
Non-Current Liabilities |
|
1,812,333 |
1,513,344 |
1,708,094 |
|
|
|
|
|
Current Liabilities |
|
|
|
|
Current
Lease Liabilities |
11 |
87,866 |
77,887 |
75,206 |
Trade and
Other Payables |
|
542,326 |
1,468,499 |
1,120,282 |
Total
Current Liabilities |
|
630,192 |
1,546,386 |
1,195,488 |
Total
Equity and Liabilities |
|
1,210,794 |
1,812,084 |
1,846,714 |
Interim Condensed
Consolidated Statement of Cash Flows
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
Notes |
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
Cash
flows from operating activities |
|
|
|
|
Operating
loss |
|
(11,176) |
(515,660) |
(314,788) |
Add:
Depreciation |
|
37,547 |
78,109 |
39,550 |
Add:
unrealised foreign exchange (gain) / loss |
|
(26,727) |
(65,301) |
(572,203) |
Add:
(Profit)/loss on disposal of property, plant and equipment |
|
1,256 |
139 |
- |
Finance
costs |
|
(185,777) |
(93,378) |
(76,152) |
Interest
received |
|
- |
155,658 |
72,021 |
Changes in working capital |
|
|
|
|
Decrease
in inventories |
|
(5,720) |
137,401 |
107,123 |
Decrease
/ (increase) in receivables |
|
44,257 |
(8,363) |
69,909 |
(Decrease) / increase in payables |
|
(715,968) |
262,565 |
513,052 |
Net
cash flow from operating activities |
|
(862,309) |
(48,830) |
(161,488) |
|
|
|
|
|
Investing Activities |
|
|
|
|
Acquisition of property, plant and equipment |
|
(257) |
(8,767) |
(8,657) |
Disposal
of property, plant and equipment |
|
1,303 |
- |
- |
Foreign
exchange movements |
|
(19,593) |
433 |
- |
Loan
Receivable repaid |
|
- |
944,004 |
- |
Net
cash flow from investing activities |
|
(18,547) |
935,670 |
(8,657) |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
Net
proceeds from issue of shares |
9 |
- |
- |
- |
Convertible loan notes issued |
|
- |
220,000 |
220,000 |
Increase
in borrowings |
|
348,503 |
32,973 |
104,261 |
Foreign
exchange movements |
|
(23,095) |
(8,043) |
(38,608) |
Capital
repayments of lease liability |
|
(50,863) |
(67,071) |
(50,390) |
Net
cash flow from financing activities |
|
274,545 |
177,859 |
235,263 |
|
|
|
|
|
Net
cash flow for the period |
|
(606,311) |
1,064,699 |
65,118 |
Opening
Cash and cash equivalents |
|
1,109,774 |
45,251 |
45,251 |
Foreign
exchange movements |
|
(64) |
(176) |
963 |
Closing Cash and cash equivalents |
|
503,399 |
1,109,774 |
111,332 |
Notes to the Interim Condensed
Consolidated Financial Statements
1.
General Information
Anglo African Agriculture plc is a company incorporated in the
United Kingdom. Details of the
registered office, the officers and advisers to the Company are
presented on the Directors and Advisers page at the end of this
report. The Company has a standard listing on the London Stock
Exchange main market. The information within these Interim
condensed consolidated financial statements and accompanying notes
must be read in conjunction with the Audited annual financial
statements that have been prepared for the year ended 31 October 2021.
2.
Basis of Preparation
These unaudited condensed consolidated interim financial
statements for the six months ended 30 April
2022 have been prepared in accordance with International
Accounting Standard No34, Interim Financial Reporting,
were approved by the board and authorised for issue on 25 July 2022.
The basis of preparation and accounting policies set out in the
Annual Report and Accounts for the year ended 31 October 2021 have been applied in the
preparation of these condensed consolidated interim financial
statements. These interim financial statements have been prepared
in accordance with the recognition and measurement principles of
the International Financial Reporting Standards (“IFRS”) as
endorsed by the EU that are expected to be applicable to the
consolidated financial statements for the year ending 31 October 2022 and on the basis of the
accounting policies expected to be used in those financial
statements.
The figures for the six months ended 30
April 2022 and 30 April 2021
are unaudited and do not constitute full accounts. The comparative
figures for the year ended 31 October
2021 are extracts from the 2021 audited accounts. The
independent auditor’s report on the 2021 accounts was not qualified
but included a material uncertainty in respect of going
concern.
3.
Segmental Reporting
In the opinion of the Directors, the Group has one class of
business, being the trading of agricultural materials. The Group’s
primary reporting format is determined by the geographical segment
according to the location of its establishments. There is currently
only one geographic reporting segment, which is South Africa. All revenues and costs are
derived from the single segment. Historically this segment has
experienced a high demand for its products in the months of July to
December with a lower-than-average demand in the months of January
to March.
4.
Company Result for the period
The Company has elected to take the exemption under section 408
of the Companies Act 2006 not to present the parent Company income
statement account.
The operating loss of the group for the six-month period ended
30 April 2022 was £11,176
(30 April 2021: £314,788, year ended
31 October 2021: loss of £515,660).
The operating loss incorporated the following main items:
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
|
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
|
|
|
|
|
Accounting and administration fees |
|
24,413 |
20,153 |
14,786 |
Admission
expenses |
|
- |
- |
8,350 |
Brokership fees |
|
- |
39,724 |
17,224 |
Legal and
professional fees |
|
32,164 |
36,089 |
- |
Registrar
fees |
|
1,767 |
5,138 |
2,509 |
Personnel
expenses |
|
105,709 |
278,499 |
141,045 |
5.
Earnings per Share
Earnings per share data is based on the Group result for the six
months and the weighted average number of shares in issue.
Basic loss per share is calculated by dividing the loss
attributable to equity shareholders by the weighted average number
of ordinary shares in issue during the period:
|
6
months Ended |
Year
ended |
6
months Ended |
|
30
April |
31
October |
30
April |
|
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
£ |
£ |
£ |
Loss
after tax |
(136,579) |
(584,633) |
(318,920) |
Weighted
average number of ordinary shares in issue |
21,966,077 |
21,966,087 |
21,966,077 |
Basic and
diluted loss per share (pence) |
(0.62p) |
(2.66p) |
(1.45p) |
Basic and diluted earnings per share are the same, since where a
loss is incurred the effect of outstanding share options and
warrants is considered anti-dilutive and is ignored for the purpose
of the loss per share calculation. As at 30
April 2022 there were 26,148,289 (31
October 2021 – 26,148,289 and 30
April 2021 –
13,024,622) outstanding share warrants and 897,809 (31 October 2021 – 897,809 and 30 April 2021 –
1,047,809) outstanding options, both are potentially dilutive.
6.
Property, Plant and Equipment
Depreciation on property, plant and
equipment is calculated using the straight-line method to write off
their cost over their estimated useful lives at the following
annual rates:
Furniture and fixtures |
17% |
Leasehold improvements |
33% |
Plant and equipment |
20% and 33% |
Useful lives and depreciation method are reviewed and adjusted
if appropriate, at the end of each reporting period.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected to arise
from the continued use of the asset. Any gain or loss arising on
the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales
proceeds and the carrying amount of the relevant asset and is
recognised in profit or loss in the year in which the asset is
derecognised.
Group |
Leasehold Property |
Furniture and fixtures |
Plant
and equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
As at
31 October 2020 |
19,571 |
4,317 |
268,512 |
292,400 |
Exchange
difference |
961 |
212 |
13,176 |
14,349 |
Additions |
- |
- |
8,657 |
8,657 |
Disposals |
- |
- |
- |
- |
As at
30 April 2021 |
20,532 |
4,529 |
290,345 |
315,406 |
Exchange
difference |
(
786) |
(173) |
(10
775) |
(11
734) |
Additions |
- |
- |
110 |
110 |
Disposals |
- |
- |
(
298) |
(
298) |
As at
31 October 2021 |
19,746 |
4,356 |
279,382 |
303,484 |
Exchange
difference |
979 |
216 |
13,844 |
15,039 |
Additions |
- |
- |
257 |
257 |
Disposals |
- |
- |
(5
088) |
(5
088) |
As at
30 April 2022 |
20,725 |
4,572 |
288,395 |
313,692 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
As at
31 October 2020 |
19,085 |
3,674 |
254,343 |
277,102 |
Charge
for the year |
353 |
196 |
5,092 |
5,641 |
Released
on disposal |
- |
- |
- |
- |
Exchange
difference |
943 |
183 |
12,496 |
13,622 |
As at
30 April 2021 |
20,381 |
4,053 |
271,931 |
296,365 |
Charge
for the year |
124 |
167 |
4,658 |
4,949 |
Released
on disposal |
|
|
(
159) |
(
159) |
Exchange
difference |
(
785) |
(
160) |
(10
495) |
(11
440) |
As at
31 October 2021 |
19,720 |
4,060 |
265,935 |
289,715 |
Charge
for the year |
25 |
98 |
3,196 |
3,319 |
Released
on disposal |
- |
- |
(5
088) |
(5
088) |
Exchange
difference |
977 |
205 |
13,298 |
14,480 |
As at
30 April 2022 |
20,722 |
4,363 |
277,341 |
302,426 |
|
|
|
|
|
Net
Book Value |
|
|
|
|
As at 30
April 2021 |
151 |
476 |
18,414 |
19,041 |
As at 31
October 2021 |
26 |
296 |
13,447 |
13,769 |
As at
30 April 2022 |
3 |
209 |
11,054 |
11,266 |
The holding company held no tangible fixed assets at
30 April 2022, 31 October 2021 and 30
April 2021.
7. Loan
receivable
|
6
months Ended |
Year
ended |
6
months Ended |
|
30
April |
31
October |
30
April |
|
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
£ |
£ |
£ |
Loan to Touchwood
Investments Ltd |
- |
- |
1,017,964 |
|
|
|
|
Carrying value |
- |
- |
1,017,964 |
The loan advanced to Touchwood Investments Ltd, a company that
is part of the Comarco Group, which operates a port in Mombasa was
settled during the 2021 financial year.
8.
Subsidiaries
AAA holds investments in the following subsidiary undertakings
as at 30 April 2022, which
principally affected the losses and net assets of the group.
Name of companies |
Principal activities |
Country of incorporation and place of business |
Proportion (%) of equity interest 2020 |
Proportion (%) of equity interest 2019 |
Dynamic Intertrade (Pty)
Limited |
Value Added Agricultural
Products |
South Africa |
100% |
100% |
Subsidiaries are all entities over which the group has the power
to govern the financial and operating policies generally
accompanying a shareholding of more than one half of the voting
rights. Subsidiaries are consolidated, using the acquisition
method, from the date that control is gained and are stated at cost
less, where appropriate, provisions for impairment. Entities that
do not comply with this policy, but over which the group has a
shareholding of between 20 and 50 percent of the voting rights are
equity accounted from the date of acquisition and are stated at
cost and adjusted for the results of these entities for the
accounting period.
9.
Investment in Associate
|
6
months Ended |
Year
ended |
6
months Ended |
|
30
April |
31
October |
30
April |
|
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
£ |
£ |
£ |
Investment in Dynamic
Intertrade Agri (Pty) Ltd |
6,154 |
6,154 |
6,154 |
Equity accounted
profit/ (loss) for the period |
- |
- |
- |
Impairment of
investment |
- |
- |
- |
Carrying
value |
6,154 |
6,154 |
6,154 |
10. Share Capital
Ordinary shares are classified as equity. Proceeds from issuance
of ordinary shares are classified as equity. Incremental costs
directly attributable to the issuance of new ordinary shares are
deducted against share capital.
Allotted, called up
and fully paid ordinary shares |
Number of |
|
|
of
2.0p (April 2019 - 0.1p) each |
shares |
Share Capital |
Share Premium |
|
|
£ |
£ |
Balance at 31 October 2020 |
21,966,077 |
439,322 |
2,571,247 |
Share
issue |
- |
- |
- |
Balance at 30 April 2021 |
21,966,077 |
439,322 |
2,571,247 |
Share
issue |
- |
- |
- |
Balance at 31 October 2021 |
21,966,077 |
439,322 |
2,571,247 |
Share
issue |
3,823,627 |
76,247 |
76,248 |
Balance at 30 April 2022 |
25,789,704 |
515,569 |
2,647,495 |
11 Leases
Right of Use Asset
and Liability
On adoption of IFRS 16, the Group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principles of IAS 17 Leases. These
liabilities were measured at the present value of the remaining
lease payments, discounted using the lessee's incremental borrowing
rate for comparable assets as of 1 November
2019. The weighted average lessee's incremental borrowing
rate for comparable mortgage bonds applied to the lease liabilities
on 1 November 2019 was 8.5%, being
the discount rate on the Group's borrowings. In the Directors
opinion this is the discount rate that the Group would obtain
should it be purchasing land and buildings. Without further
security available the Group would be unlikely to secure funding
from other sources and therefore the Directors believe the 8.5%
rate applied is the most appropriate basis on which to base the
IFRS 16 calculations.
For leases previously classified as finance leases the entity
recognised the carrying amount of the lease asset and lease
liability immediately before transition as the carrying amount of
the right of use asset and the lease liability at the date of
initial application. The measurement principles of IFRS 16 are only
applied after that date.
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
|
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
Lease
liability recognised in the |
|
|
|
|
statement of financial position at 31 October
2021 |
347,102 |
410,502 |
410,502 |
Foreign
exchange movements |
|
17,200 |
3,672 |
20,146 |
Discounted using the incremental |
|
|
|
|
borrowing
rate at date of initial application |
|
17,223 |
- |
17,062 |
Additions
to leases during the year |
|
- |
- |
- |
Lease
payments |
|
(50,863) |
(67,072) |
(50,390) |
Lease
liability recognised in the |
|
|
|
|
statement of financial position |
|
330,662 |
347,102 |
397,320 |
|
|
|
|
|
Of
which: |
|
|
|
|
Current
lease liabilities |
|
87,866 |
77,887 |
75,206 |
Non-current lease liabilities |
|
242,796 |
269,215 |
322,114 |
|
|
330,662 |
347,102 |
397,320 |
Right-of use assets were measured at the amount equal to the
lease liability, adjusted by the amount of any prepaid or accrued
lease payments relating to that lease recognised in the statement
of financial position as at 31 October
2021. There were no onerous lease contracts that would have
required an adjustment to the right-of-use assets at the date of
initial application. The recognised right of-use assets relate to
the following types of assets:
|
|
6
months Ended |
Year
ended |
6
months Ended |
|
|
30
April |
31
October |
30
April |
|
|
2022 |
2021 |
2021 |
|
|
£ |
£ |
£ |
Properties |
|
327,829 |
341,905 |
395,608 |
12 Events
Subsequent to 30 April 2022
There were no material events
subsequent to April 2022 other than
what has been disclosed.
Directors and Advisers
Directors: |
Robert Scott
Andrew Monk
Matthew Bonner |
Company
Number: |
07913053 |
Registered
Address: |
Park House
16–18 Finsbury Circus
London
EC2M 7EB |
Head
Office: |
Park House
16–18 Finsbury Circus
London
EC2M 7EB |
Financial Adviser
& Broker: |
VSA Capital
Limited
Park House
16–18 Finsbury Circus
London
EC2M 7EB |
Auditors: |
Jeffreys Henry
LLP
Finsgate
5-7 Cranwood Street
London
EC1V 9EE |
Solicitors to the
Company: |
Keystone Law
48 Chancery Lane
London
WC2A 1JF |
Registrars: |
Neville Registrars
Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands
B63 3DA |