CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2024
The reverse acquisition reserve was created in accordance with IFRS3 ‘Business Combinations’. The reserve relates to a reverse acquisition between the Company and Combe Bank Homes Ltd (CBH) on 11/11/2011 via a share for share exchange. This reserve arises as a result of the elimination of the Plc's investment in CBH resulting in the shareholders of PLC becoming majority shareholders in the enlarged group.
Retained profit/(losses) are the cumulative net gains and losses less distributions made and items of other comprehensive income not accumulated in another separate reserve.
Loan note equity reserve relates to the equity portion of the convertible loan notes and is the amount that has been provided for in respect of the difference between the cash value and the liability element of the loan notes. The remaining balance has been reversed following the conversion of the Loan Note during the year (2023: adjustment of £76,901)
Capital contribution reserve arises due to amounts waived in respect of previously accrued interest on shareholders or related party loan accounts. Capital contribution reserves are shown in note 17.
Further details of shares issues in the year are shown in note 14.
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) |
Capital Contribution Reserve |
Total equity |
|
|
£ |
£ |
|
£ |
£ |
£ |
£ |
|
At 1 April 2022 |
2,726,817 |
3,250,249 |
30303 |
(2,817,633) |
(6,620,120) |
157,777 |
(3,272,607) |
|
Loss for the year |
– |
– |
|
– |
(843,626) |
|
(843,626) |
|
Total comprehensive income for the year |
– |
– |
|
– |
(843,626) |
|
(843,626) |
|
Loan note equity reserve |
|
|
76,901 |
0 |
80165 |
|
157,066 |
|
Capital Contribution during the period |
|
|
|
|
|
242,370 |
242370 |
|
Shares issued during the year net of costs |
133,333 |
234,666 |
|
|
100 |
|
368,099 |
|
At 31 March 2023 |
2,860,150 |
3,484,915 |
107204 |
(2,817,633) |
(7,383,481) |
400,147 |
(3,348,698) |
|
At 1st April 2023 |
2,860,150 |
3,484,915 |
107,204 |
(2,817,633) |
(7,383,481) |
400,147 |
(3,348,698) |
|
(Loss) for year |
– |
– |
|
– |
(516,723) |
|
(516,723) |
|
Total comprehensive income for the year |
– |
– |
|
– |
(516,723) |
|
(516,723) |
|
loan note equity reserve |
|
|
(107,204) |
|
107,204 |
|
|
|
Shares issued during the year on conversion of loan notes |
226250 |
678,750 |
|
0 |
|
|
905,000 |
|
Shares issued during the year net of costs |
151000 |
(27,425) |
|
0 |
|
|
123575 |
|
At 31 March 2024 |
3,237,400 |
4,136,240 |
0 |
(2,817,633) |
(7,793,000) |
400,147 |
(2,836,846) |
Annual report & consolidated financial statements 2024