6. (LOSS) PER ORDINARY SHARE
The calculation of (loss)/profit per ordinary share is based on the following (losses) and the number of shares used should be that retrospectively adjusted for the effect of consolidation:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
(Loss) for the year |
(516,723) |
(843,626) |
|
|
|
– |
|
Weighted average number of shares for basic (loss) per share |
354,915,789 |
249,525,835 |
|
Weighted average number of shares for diluted (loss) per share |
354,915,789 |
249,525,835 |
|
(LOSS) PER ORDINARY SHARE: |
|
|
|
Basic |
(0.15)p |
(0.34)p |
|
Diluted |
(0.15)p |
(0.34)p |
7. PROPERTY PLANT AND EQUIPMENT
|
Plant and equipment |
2024 |
2023 |
|
|
£ |
£ |
|
Cost |
|
|
|
At 1 April |
32790 |
7,790 |
|
Additions |
0 |
25000 |
|
Impairment |
(25,000) |
0 |
|
At 31 March |
7790 |
32,790 |
|
Depreciation |
|
|
|
At 1 April |
6937 |
6,653 |
|
Charge for the year |
213 |
284 |
|
At 31 March |
7,150 |
6,937 |
|
|
|
|
|
Net book value at 31 March |
640 |
25853 |
Annual report & consolidated financial statements 2024
Page 2
8. CURRENT ASSET: INVESTMENT PROPERTIES
|
|
2024 |
2023 |
|
|
£ |
£ |
|
FAIR VALUE |
|
|
|
As at 1 April |
927249 |
1,712,000 |
|
Additions |
0 |
0 |
|
Disposals |
(927,249) |
(662,000) |
|
Fair Valuation Adjustment |
0 |
(122,751) |
|
At 31 March |
0 |
927,249 |
|
NET BOOK VALUE |
|
|
|
As a 31 March |
0 |
927,249 |
|
Fair value at 31 March is represented by: Revaluation in 2024 (2023: at revalued amount) |
|
927,249 |
|
LOSS ON DISPOSAL |
|
|
|
Fair value |
927,249 |
662,000 |
|
Disposal proceeds (net of costs) |
927,249 |
649,618 |
|
Loss on disposal |
0 |
12,382 |
|
|
|
|
9. TRADE AND OTHER RECEIVABLES
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Other receivables |
39,269 |
2,300 |
|
Other taxes |
13,467 |
9,457 |
|
Prepayments |
26,840 |
22,276 |
|
|
79,576 |
34,033 |
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.
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Cash and cash equivalents |
8,906 |
17,148 |
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 2024, the Group had cumulative tax losses of £6,704,650 (2022: £6,296,440) that are available to offset against future taxable profits of the same trade.
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Fair value movement on property revaluation |
0 |
(122,751) |
|
Tax at 19% |
0 |
(23,323) |
|
Tax losses available |
0 |
23323 |
|
Deferred tax charge for the year |
0 |
0 |
In 2023, fair value has been assessed by using level 3 fair value hierarchy and using the selling price achieved following the sale of the remaining asset in September 2023.
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Current tax |
- |
- |
|
Tax charge |
- |
- |
|
UK corporation tax rate has been reviewed upward to 25% effective April |
|
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Loss on ordinary activities before tax |
(516,723) |
(843,626) |
|
Based on (loss) for the year: Tax at 19% (2022: 19%) |
(98,177) |
(160,289) |
|
Unrelieved tax losses |
0 |
0 |
|
Impairment |
0 |
0 |
|
Tax losses carried forward |
98177 |
160,289 |
|
|
|
|
|
Tax charge for the year |
- |
- |
5. TAXATION
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits. UK corporation tax rate has been reviewed by the Group as a result of this changes.
The Directors consider that the carrying amount of cash and cash equivalents approximate to their fair value.