ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Company registration number:
FOR THE YEAR ENDED 31 OCTOBER 2022
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The directors present their strategic report with the financial statements of the Company and the Group for the period ended 31 October 2022.
During the period ending 31 October 2022 the Group’s performance was still deteriorating despite the efforts of its management to stabilise the operations. As a consequence of the continual losses of the Group the main funder Mr David Lilley has made a decision not to provide any further finance assistance except where unavoidable.
The principal activity of the Group was management of farming companies overseas and alternative energy supplies in the UK.
In Africa, Africa Invest Limited, which held 7 estates at the balance sheet date totalling around 3,750 arable hectares was merely operational. Valid Nutrition Limited that specialises in agri-processing of ready-to-use food (RUFs) discontinued its operations as from 1 November 2021. In Russia, Andropovsky Agroproekt ooo that owns 12,000 hectares of land in Stavrapol region, approx. 8,000 of which is arable due to the ongoing geopolitical issues in the country struggled to operate. The parent company was not able to provide any financial assistance into the Russian business even for the capital requirements. Given the sanctions put in place the group can no longer fully control the subsidiary. As such, the directors have concluded that there are severe long-term restrictions hindering the exercise of the rights of the parent company over the assets or management of Andropovsky Agroproekt OOO. As a result of this the directors have concluded that AAP should not be included in these consolidated accounts. The UK Hydro Electric Scheme in Scotland continued to prosper and brought revenues and carried on repaying its loan to the parent company. This company has become a breadwinner for the group. Turnover across the group reduced with the exception to one UK subsidiary. The gross profits including the group’s gross profit declined. The group showed the operating profits mainly as a result of the increase in other income. The Group is consolidating its holdings with the aim of driving each of the business units to improve results.
The Group monitors its performance against strategic objectives by means of key performance indicators. The main KPIs it uses (excluding Andropovsky Agroproekt ooo) are gross profit (2022 £0.47m, 2021 £0.35m) and turnover (2022 £0.5m, 2021 £0.42m) and hectares (2022 3.7k, 2021 3.7k).
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
The key business risks and uncertainties affecting the Group are considered to relate to the yields achieved on crops and the prices at which these crops are sold. Yields are affected by a number of factors controlled by the farm management but also by the weather. Prices tend to be dictated by global commodity pricing.
The Group is also exposed to foreign currencies, principally USD, Malawi Kwacha and the Russian Ruble. Principal foreign currency exposure arises from trade in its overseas subsidiaries. Hedging its exposure is not always feasible as some of the currencies involved are not traded. However, the underlying sales are generally made in crops priced in USD. This provides the Group with a form of hedge against currency fluctuations. The Group has exposure to the following risks from its transactions in financial instruments:
∙liquidity risk
∙foreign currency risk
∙credit risk
This note represents information about the group's exposure to each of the above risks, the group's objectives, policies and processed for identification, measurement, monitoring and controlling risk and the group's management of capital. Liquidity risk The Group's policy on liquidity risk is to ensure that significant cash is available to fund ongoing operations. The Group's borrowings facilities are principally by D Lilley. These are regularly reviewed and only provided where unavoidable. Foreign currency risk The Group's principal foreign currency exposure arises from denomination of financing of group borrowings and trade in its overseas subsidiaries. Hedging its exposure is not always feasible as the currencies involved are not traded. However, the underlying sales are generally made in crops priced in USD. This provides the Group with a form of hedge against currency fluctuations, however not on significant balances owed. Credit risk The Group's maximum exposure to credit risk in relation to financial assets is represented by bank balances and cash, trade and other receivables. The Group manages exposure by close control of these resources.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The directors present their report and the financial statements for the year ended 31 October 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The directors who served during the year were:
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the business review and the principal risks and uncertainties of the Directors' Report.
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXAGRIS LIMITED
We have audited the financial statements of Exagris Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2022, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
A material subsidiary (Andropovsky Agroproekt OOO – ‘AAP’) was removed from consolidation due to the ongoing geopolitical issues in Russia and the sanctions put in place, as the directors concluded that there are severe long term restrictions hindering the exercise of the rights of the parent company over the assets or management of AAP. As a result of this the directors have concluded that AAP should be excluded from these consolidated financial statements and have ceased to account for this as a subsidiary as at 24 February 2022, with the results for the period to this date and the comparative figures for that subsidiary being disclosed separately as "discontinued" on the face of the consolidated income statement. We were unable to review the working papers or ask any questions of the auditors of AAP as they are based in Russia and the sanctions put in place by the UK government do not allow this. Our work on this component of the Group was therefore limited and we were unable to obtain sufficient and appropriate audit evidence in regard to the the loss on removal of this entity from consolidation of £1.76m, shown in the consolidated income statement nor any other entries within the column “discontinued operations” within the consolidated income statement.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXAGRIS LIMITED (CONTINUED)
We draw attention to note 2.2 in the financial statements, which indicates that the group incurred a loss from continuing operations of £3,211,927 after fair value gain of £1,192,427 and foreign exchange loss of £3,143,344 during the period ended 31 October 2022, and at that date had net liabilities of £22,915,910. Mr D Lilley, a director and controlling party, has provided written assurances that he has no intention to recall the amounts owed to him for at least one year from the date of approval of the accounts however he has not confirmed his willingness to provide any additional support which may be necessary to the company and group.
As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Except for the possible effects of the matter described in the basis for qualified opinion section of our audit report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXAGRIS LIMITED (CONTINUED)
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Arising solely from the limitation of the scope of our work relating to AAP, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙returns adequate for our audit have not been received from branches not visited by us.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006
∙Financial Reporting Standards 102
∙UK Tax legislation
∙General Data Protection Regulations
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXAGRIS LIMITED (CONTINUED)
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be through posting of unusual journals and complex transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT
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CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 37 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Exagris Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is disclosed on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The group incurred a loss from continuing operations of £3,211,927 after fair value gain of £1,192,427 and foreign exchange loss of £3,143,344 during the period ended 31 October 2022, and at that date had net liabilities of £22,915,910. The operating result for the year after excluding the fair value gain was a loss of £4,404,354.
Mr D Lilley, a director and controlling party, has provided written assurances that he has no intention to recall the amounts owed to him for at least on year from the date of approval of the accounts however he has not confirmed his willingness to provide any additional support which may be necessary to the company and group. As stated in note 25, in the post year end period the company realised £7m from the part sale of some of its investment property and are currently retaining this within the company to ensure it has sufficient cash to meet its third party creditors as they fall due. Subject to the amounts owed to the director not being recalled and sufficient cash being retained within the group to meet its third party liabilities, the directors consider the group to be a going concern. These matters represent a material uncertainty on the group and company's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the group was unable to continue as a going concern.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
Due to the ongoing geopolitical issues in Russia and sanctions put in place the group can no longer fully control Andropovsky Agroproekt OOO – ‘AAP’. As such, the directors have concluded that there are severe long-term restrictions hindering the exercise of the rights of the parent company over the assets or management of Andropovsky Agroproekt OOO. As a result of this the directors have concluded that AAP should not be included in these consolidated accounts and have ceased to account for this as a subsidiary as at 24 February 2022, with the results for the period to this date and the comparative figures for that subsidiary being disclosed separately as "discontinued" on the face of the consolidated income statement.
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the company, (b) Disclosures in respect of financial instruments of the company have not been presented, (c) No disclosure has been given for the aggregate remuneration of key personnel of the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. Provisions are not made for the share of associates losses as there is no legal or constructive obligation for the Company to provide support to the associates.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Income Statement. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Income Statement in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Significant judgements Management are of the opinion that there are no significant judgements (apart from those involving estimations) made in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Impairment of subsidiary and goodwill Determining whether an investment is impaired or amounts due from group undertakings requires an estimation of its fair value. This is based on the future operating performance of the individual company. Impairment of stock The management include impairment provisions for any potential obsolete stock which is estimated based on the age of the stock and provide fully against any known irrecoverable amounts.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
10.Taxation (continued)
The Group has carry forward losses within its UK Companies of £4,502,034 (2021 - £1,269,588) which can be utilised by profits made from other UK group companies. No amount of deferred tax is recognised on these losses due to the uncertainty over the future profits of entities within the group.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
11.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Share premium account
Foreign exchange reserve
Profit and loss account
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FOR THE YEAR ENDED 31 OCTOBER 2022
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FOR THE YEAR ENDED 31 OCTOBER 2022
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