CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2022

The reverse acquisition reserve was created in accordance with IFRS3 ‘Business Combinations’. The reserve arises due to the elimination of the Company’s investment in TNH (formerly Combe Bank Homes Limited). Since the shareholders of TNH became the majority shareholders of the enlarged group, the acquisition is accounted for as though there is a continuation of the legal subsidiary’s financial statements. In reverse acquisition accounting, the business combination’s costs are deemed to have been incurred by the legal subsidiary. Retained profit/(losses) relate to the profits/losses earned by the business that have not been distributed and have built up over the years of trading.

Loan note equity reserve 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. An adjustment has been made of £18,183 as this amount relates to the period from year end to the expiry of the of the loan notes being 12 July 2022. A further adjustment has been made of 58,954 which is the amount provided for to 31 March 2022.

Further details of shares issues in the year are shown in the note 16, capital contribution reserve are shown in note 19 and the prior year adjustment are shown in note 20 to the accounts

The notes are an integral part of these consolidated financial statements.