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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2022 |
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AMUZO LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2022 |
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FOR |
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AMUZO LIMITED |
AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 April 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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AMUZO LIMITED |
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COMPANY INFORMATION |
For The Year Ended 30 April 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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BALANCE SHEET |
30 April 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium |
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Merger reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 April 2022 |
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1. | STATUTORY INFORMATION |
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Amuzo Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The coronavirus pandemic continued to affect operations during the period under review with the Directors taking appropriate action to minimise its impact. The company has taken advantage of grants and funding measures offered by the government. |
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The company is reliant on the continued financial support of the directors and their agreement of deferring the amounts due to them. On this basis it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of financial support. |
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Preparation of consolidated financial statements |
The financial statements contain information about Amuzo Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Revenue is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been fully amortised over its useful life of ten years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Computer software |
Software development costs that are directly attributable to the design and testing of the company's identifiable platforms are recognised as intangible assets when the following criteria are met: |
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- | it is technically feasible to complete the software product so that it will be available for use or sale; |
- | management intends to complete the software product and use or sell it; |
- | there is an ability to use or sell the software; |
- | it can be demonstrated how the software will generate probable future economic benefits; |
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the availability of adequate technical, financial and other resources to complete the development and use or sell the intangible
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- | the expenditure attributable to the software product during its development can be reliably measured. |
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Directly attributable costs that are capitalised as part of the software product include the software development employee costs, subcontractor and other ancillary costs. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Grants relating to revenue are recognised as income on a systemic basis over the periods in which the related costs are intended to compensate. Grants relating to assets are recognised as income on a systemic basis over the expected useful life of the asset. |
AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at fair value with changes in fair value recognised in other comprehensive income and accumulated in equity to the extent that the carrying value exceeds cost. If the fair value falls below cost the reduction in value is recognised in the profit and loss. Any subsequent reversal of the impairment shall be reconginsed in the profit and loss until the carrying value exceeds cost. |
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Stocks |
Work in Progress is measured at the lower of cost and estimated selling price less costs to complete and sell. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 April 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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AMORTISATION |
At 1 May 2021 |
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Amortisation for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST OR VALUATION |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 April 2022 |
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6. | FIXED ASSET INVESTMENTS - continued |
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Cost or valuation at 30 April 2022 is represented by: |
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Shares in |
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undertakings |
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Valuation in 2022 | 399,780 |
Cost | 222 |
400,002 |
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If fixed asset investments had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 222 | 2 |
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Fixed asset investments were valued on an open market basis on 30 April 2022 by the Directors . |
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The Directors believe that the market value of shares in related companies is not less than cost. |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Nature of business | Class of shares | % holding |
Subsidiaries |
Ozuma Limited | Dormant | Ordinary | 100.00 |
Amuzo Games Limited | Dormant | Ordinary | 100.00 |
Unicorn Simulations Limited | Training provider | Ordinary | 100.00 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors and prepayments |
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Corporation tax |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors and accruals |
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Sales invoiced in advance | - | 6,807 |
Directors' current accounts | 120,000 | 192,000 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Directors' loan accounts | 327,000 | - |
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AMUZO LIMITED (REGISTERED NUMBER: 04215813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 April 2022 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,166 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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Bank borrowings are secured against assets of the company. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
44,000 | Ordinary | £0.01 | 440 | 220 |
440 | 220 |
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22,000 Ordinary shares of £0.01 each were allotted and fully paid during the year for consideration other than cash. |
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12. | OTHER FINANCIAL COMMITMENTS |
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The company had rental commitments at the balance sheet date of £75,000 (2021: £105,000). |
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13. | RELATED PARTY DISCLOSURES |
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At 30 April 2022 the company owed £447,000 (2021: £192,000) to a member of key management personnel. The loan is interest free, unsecured and repayable on demand. |
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14. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an approved Company Share Option Plan (CSOP) on a discretionary basis. Under the plan, participants may exercise the options within the option exercise period. The option exercise period is defined as the period of 10 years commencing on date three years from the date of the share option agreement. |
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The movement in the CSOP during the period under review was as follows: |
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No. |
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Options at 1 May 2021 | 1,560 |
Granted during the period | - |
Forfeited during the period | (80 | ) |
Exercised during the period | (100 | ) |
Expired during the period | (100 | ) |
Options at 30 April 2022 | 1.280 |