TIDMAAAP 
 
For immediate release 
 
30 July 2021 
 
                         ANGLO AFRICAN AGRICULTURE PLC 
 
       DIRECTORS' REPORT AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
 
                    FOR THE SIX MONTHSED 30 APRIL 2021 
 
Anglo African Agriculture plc ("AAA" or the "Company") 
 
Half yearly report for the six months ended 30 April 2021. 
 
The Chairman's Report 
 
We are reporting our results to the end of 30 April 2021. We have had sustained 
COVID-19 regulations now for over a year which has impacted our results and 
operations. At the beginning of the worldwide COVID-19 lockdowns we had no idea 
the complexity it would add to our businesses. We now have a clearer picture. 
Our South African operations were hit with reduced demand for products and the 
inability to see new clients as clients remain in lock down and are working 
from home where possible and most factories are out of bounds to non-staff. In 
addition the product mix has changed with more lower margin products being 
sold. To add to the situation our largest customer sector, the fishing 
industry, has suffered a global reduction in supply of fish used for tinning so 
their purchases have been curtailed. 
 
The exchange rate improved during the period but following the riots that 
occurred to two of South Africa's provinces during July of this year the rate 
reversed all gains made during the first part of the year and once again will 
have a negative impact on both local margins and reported sales. Liquidity from 
our credit funders is tight. 
 
The Comarco group acquisition is still progressing, however COVID-19 has made 
it very slow as staff can't travel, and service providers have been negatively 
affected. In addition the gas project in Northern Mozambique has been delayed 
due to an insurgency in the province where the project is being developed. It 
is viewed as temporary but has had a negative effect on the acquisition time as 
well as the operations of the marine division of Comarco. 
 
Dynamic Intertrade ("DI") 
 
For the period under review DI has been negatively impacted by the economic 
slowdown caused by the ongoing COVID-19 pandemic. For the 6-month period ending 
30 April 2021, the group recorded a slight increase in revenue from R15.82 
million to R16.07 million representing a 1,5% increase. This was the result of 
ongoing efforts to pass on various cost increases to the Group's customers. DI 
imports the majority of its inventory and this reflected in the costs of 
revenue increasing due to the worsening exchange rates, going from R11.1 
million for 2020 to R11.8 million for the current period. Operating expenses 
have been contained to R4.5 million for the six months ended April 2021 from 
R5.2 million in 2020, however finance charges have increased by 59% as DI made 
increasing use of financing facilities. 
 
The directors and management have also implemented several initiatives to 
return the company to profitability and thus have a clear strategy and are 
executing it. This allows us to be positive about the future of DI. 
 
DI has maintained its FSSC22000 certification which is important when dealing 
with blue chip food manufacturing companies. 
 
Dynamic Intertrade Agri ("DIA") (46.8% owned by AAA) 
 
As mentioned previously, DIA is in the process of being disposed of and as a 
result no equity accounting of its results have been reported. 
 
Group Results for the period 
 
Although the loss for the period has increased from £210,067 to £318,920 this 
is as a result of DI having a very disappointing first six months emanating 
from decreased demand from our customers. Transaction costs have decreased. The 
loan granted to Touchwood Investments Limited generated an interest income of £ 
72,020 up from £65,499. 
 
Outlook 
 
The board announced in June 2019 the signed conditional share purchase 
agreements to acquire the entire issued share capital of a number of companies 
within the Comarco group of companies that are based in Kenya and engaged in 
the port and marine logistics business (the "Proposed Acquisition"). The 
consideration will be payable in AAA new ordinary shares. The parties have 
signed the extension of the longstop date to 30 September 2021. Given that the 
futures of both Comarco and AAA are closely related, it is the companies' 
shared belief that the current delay will not change the long-term outcome and 
that the transaction will continue should the longstop date be passed. 
 
The Company and its advisors are currently working on various initiatives (as 
announced previously) to enable the Proposed Acquisition to take place with a 
substantially smaller equity fund raise or part acquisition and will update the 
market in due course. The Board continues to believe this Proposed Acquisition 
is worth pursuing as it should create significant value for shareholders. 
 
The $1mn loan made to Comarco was due for repayment in November 2020,which has 
now been extended to 30 September 2021 and after accrued interest will be 
$1.3mn. The Board is working to have the Proposed Acquisition completed before 
the 30th of September 2021 and so it would become an intercompany loan at year 
end. However if the Proposed Acquisition is not complete and payment cannot be 
made then AAA has an option to acquire at nominal value the company that owns 
the Touchwood Property which is valued at over $12mn which gives it more than 
adequate security. 
 
Although the current business has some challenges, the Comarco Group is 
operating within budgeted expectations. I believe with the acquisition of the 
Comarco Group and the potential of Dynamic, the outlook for the Company and its 
shareholders is promising. 
 
Responsibility Statement 
 
We confirm that to the best of our knowledge: 
 
  * the condensed set of financial statements has been prepared in accordance 
    with IAS 34 'Interim Financial Reporting'; 
 
  * the interim management report includes a fair review of the information 
    required by DTR 4.2.7R (indication of important events during the first six 
    months and description of principal risks and uncertainties for the 
    remaining six months of the year; and 
 
  * the interim management report includes a fair review of the information 
    required by DTR 4.2.8R (disclosure of related parties' transactions and 
    changes therein). 
 
    Board changes 
 
    I would like to take this opportunity to announce that I will be resigning 
    from the board of directors after the release of these results. Andrew Monk 
    will be taking the position of non-executive Chairman. The company is at 
    the final stages of the acquisition of the Comarco Group and as a result 
    there will be further board changes to reflect the changing focus of the 
    company. I am very excited for the future but feel that the board skills 
    should better reflect the direction that the company is taking. 
 
    Cautionary statement 
 
    This Interim Management Report (IMR) has been prepared solely to provide 
    additional information to shareholders to assess the Company's strategies 
    and the potential for those strategies to succeed. The IMR should not be 
    relied on by any other party or for any other purpose. 
 
    David Lenigas 
 
    Non-Executive Chairman 
 
    28 July 2021 
 
    FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Anglo African Agriculture plc 
 
 
David Lenigas, Non-Executive 
Chairman                                                  Tel +44 (0) 20 7440 
0640 
 
Rob Scott, Executive Director 
                                                                   Tel +27 (0) 
84 600 6001 
 
VSA Capital Limited (Financial Adviser and Broker) 
 
 
Andrew Raca,       Maciek Szymanski 
                                           Tel +44 (0) 20 3005 5000 
 
Forward looking statement 
 
Certain statements in this announcement, are, or may be deemed to be, forward 
looking statements. Forward looking statements are identi?ed by their use of 
terms and phrases such as "believe", "could", "should" "envisage", 
"estimate", "intend", "may", "plan", "will" or the negative of those, 
variations or comparable expressions, including references to assumptions. 
These forward-looking statements are not based on historical facts but rather 
on the Directors' current expectations and assumptions regarding the Company's 
future growth, results of operations, performance, future capital and other 
expenditures (including the amount, nature and sources of funding thereof), 
competitive advantages, business prospects and opportunities. Such forward 
looking statements re?ect the Directors' current beliefs and assumptions and 
are based on information currently available to the Directors. A number of 
factors could cause actual results to differ materially from the results 
discussed in the forward-looking statements including risks associated with 
vulnerability to general economic and business conditions, competition, 
environmental and other regulatory changes, actions by governmental 
authorities, the availability of capital markets, reliance on key personnel, 
uninsured and underinsured losses and other factors, many of which are beyond 
the control of the Company. Although any forward-looking statements contained 
in this announcement are based upon what the Directors believe to be reasonable 
assumptions, the Company cannot assure investors that actual results will be 
consistent with such forward looking statements. 
 
For further information please visit http://www.aaaplc.com. 
 
Interim Condensed Consolidated Statement of Comprehensive Income 
 
                                                    6 months   Year ended   6 months 
                                                      Ended                   Ended 
 
                                                    30 April   31 October   30 April 
 
                                             Notes    2021        2020        2020 
 
                                                        £           £           £ 
 
Turnover                                               788,096   1,773,710     792,743 
 
Cost of Sales                                        (579,056) (1,350,201)   (553,925) 
 
Gross Profit                                           209,040     423,509     238,818 
 
Other Income                                                 -       3,000           - 
 
Share of profit/loss of associate                            -           -           - 
 
Administrative expenses                        4     (515,478) (1,139,219)   (396,285) 
 
Admission expenses                             4       (8,350)   (140,151)    (89,476) 
 
Impairments                                                  -   (226,644)           - 
 
Operating loss                                       (314,788) (1,079,505)   (246,943) 
 
Finance costs                                         (76,152)    (96,943)    (28,623) 
 
Finance income                                          72,020     140,963      65,499 
 
Loss before taxation                                 (318,920) (1,035,485)   (210,067) 
 
Tax on loss on ordinary activities                           -           -           - 
 
Loss after taxation                                  (318,920) (1,035,485)   (210,067) 
 
Other Comprehensive Income impairment of                     -           -           - 
investment in associate 
 
Total comprehensive loss for the year from           (318,920) (1,035,485)   (210,067) 
continuing operations 
 
Loss attributable to ordinary shareholders           (318,920) (1,035,485)   (210,067) 
 
Total comprehensive loss for the period              (318,920) (1,035,485)   (210,067) 
 
Basic and diluted earnings per share           5       (1.45p)     (5.16p)     (1.08p) 
 
Interim Condensed Consolidated Statement of Changes in Equity 
 
                                  Share       Share    Share Based  Retained      Total 
                                 Capital     Premium    Payments    Earnings     Equity 
                                                         Reserve 
 
                                    £           £           £           £           £ 
 
Balance at 31 October 2019         387,984   2,519,909      83,377 (2,796,409)     194,861 
 
Loss for the period                      -           -           -   (210,067)   (210,067) 
 
Balance at 30 April 2020           387,984   2,519,909      83,377 (3,006,476)    (15,206) 
 
Share Issue                         51,338      51,338           -           -     102,676 
 
Loss for the year                        -           -           -   (825,418)   (825,418) 
 
Balance at 31 October 2020         439,322   2,571,247      83,377 (3,831,894)   (737,948) 
 
Share Issue                              -           -           -           -           - 
 
Loss for the period                      -           -           -   (318,920)   (318,920) 
 
Balance at 30 April 2021           439,322   2,571,247      83,377 (4,150,814) (1,056,868) 
 
Share capital is the amount subscribed for shares at nominal value. 
 
Retained losses represent the cumulative loss of the Group attributable to 
equity shareholders. 
 
Share-based payments reserve relate to the charge for share-based payments in 
accordance with IFRS 2. 
 
Interim Condensed Consolidated Statement of the Financial Position 
 
                                              6 months   Year ended   6 months 
                                                Ended                   Ended 
 
                                              30 April   31 October   30 April 
 
                                      Notes     2021        2020        2020 
 
                                                  £           £           £ 
 
Assets 
 
Non-Current Assets 
 
Goodwill on Consolidation                              -           -     226,645 
 
Property, Plant and Equipment           6         19,041      15,298      18,817 
 
Right of Use Asset                      11       395,608     409,424           - 
 
Loan receivable                         7      1,017,964     994,729     962,216 
 
 Total Non-Current Assets                      1,432,613   1,419,451   1,207,678 
 
Current assets 
 
Investment in Associate - (held for     9          6,154       6,154       6,154 
sale) 
 
Inventories                                       74,585     181,708      71,904 
 
Trade and Other Receivables                      222,030     291,939     340,249 
 
Cash and Cash Equivalents                        111,332      45,251      36,228 
 
 Total Current Assets                            414,101     525,052     454,535 
 
Total Assets                                   1,846,714   1,944,503   1,662,213 
 
Equity and Liabilities 
 
Share Capital                           10       439,322     439,322     387,984 
 
Share Premium Account                   10     2,571,247   2,571,247   2,519,909 
 
Share-Based Payments Reserve                      83,377      83,377      83,377 
 
Retained Earnings                            (4,150,814) (3,831,894) (3,006,476) 
 
Total Equity                                 (1,056,868)   (737,948)    (15,206) 
 
Non-Current Liabilities 
 
Non-Current Lease Liabilities           11       322,114     344,025           - 
 
Borrowings                                       532,980     428,719     328,355 
 
Convertible Loan Notes                           853,000     250,000     250,000 
 
Total Non-Current Liabilities                  1,708,094   1,022,744     578,355 
 
Current Liabilities 
 
Current Lease Liabilities               11        75,206      66,477           - 
 
Trade and Other Payables                       1,120,282   1,593,230   1,099,064 
 
Total Current Liabilities                      1,195,488   1,659,707   1,099,064 
 
Total Equity and Liabilities                   1,846,714   1,944,503   1,662,213 
 
Interim Condensed Consolidated Statement of Cash Flows 
 
                                               6 months   Year ended   6 months 
                                                 Ended                   Ended 
 
                                               30 April   31 October   30 April 
 
                                       Notes     2021        2020        2020 
 
                                                   £           £           £ 
 
Cash flows from operating activities 
 
Operating loss                                  (314,788) (1,079,505)   (246,943) 
 
Add: Depreciation                                  39,550      38,322       9,832 
 
Add: unrealised foreign exchange                (572,203)      74,572    (22,154) 
(gain) / loss 
 
Add: Impairment of investment                           -     226,644           - 
 
Finance costs                                    (76,152)    (69,853)    (28,623) 
 
Interest received                                  72,021         492      65,499 
 
Changes in working capital 
 
Decrease in inventories                           107,123   (119,133)     (4,545) 
 
Decrease / (increase) in receivables               69,909     102,640      82,526 
 
(Decrease) / increase in payables                 513,052     719,314     276,449 
 
Net cash flow from operating                    (161,488)   (106,507)     132,041 
activities 
 
Investing Activities 
 
Acquisition of property, plant and                (8,657)     (3,423)       (797) 
equipment 
 
Foreign exchange movements                              -       2,190           - 
 
Loan Receivable advanced                                -           -    (65,499) 
 
Net cash flow from investing                      (8,657)     (1,233)    (66,296) 
activities 
 
Cash flows from financing activities: 
 
Net proceeds from issue of shares        9              -     102,676           - 
 
Convertible loan notes issued                     220,000           -           - 
 
(Decrease) / Increase in borrowings               104,261      38,687    (34,736) 
 
Foreign exchange movements                       (38,608)      26,941           - 
 
Capital repayments of lease liability            (50,390)    (20,471)           - 
 
Net cash flow from financing                      235,263     147,833    (34,736) 
activities 
 
Net cash flow for the period                       65,118      40,093      31,009 
 
Opening Cash and cash equivalents                  45,251       5,218       5,219 
 
Foreign exchange movements                            963        (60)           - 
 
Closing Cash and cash equivalents                 111,332      45,251      36,228 
 
Notes to the Interim Condensed Consolidated Financial Statements 
 
1.           General Information 
 
Anglo African Agriculture plc is a company incorporated in the United Kingdom. 
Details of the registered office, the officers and advisers to the Company are 
presented on the Directors and Advisers page at the end of this report. The 
Company has a standard listing on the London Stock Exchange main market. The 
information within these Interim condensed consolidated financial statements 
and accompanying notes must be read in conjunction with the Audited annual 
financial statements that have been prepared for the year ended 31 October 
2020. 
 
2.           Basis of Preparation 
 
These unaudited condensed consolidated interim financial statements for the six 
months ended 30 April 2021 have been prepared in accordance with International 
Accounting Standard No34, Interim Financial Reporting, were approved by the 
board and authorised for issue on 27 July 2021. 
 
The basis of preparation and accounting policies set out in the Annual Report 
and Accounts for the year ended 31 October 2020 have been applied in the 
preparation of these condensed consolidated interim financial statements. These 
interim financial statements have been prepared in accordance with the 
recognition and measurement principles of the International Financial Reporting 
Standards ("IFRS") as endorsed by the EU that are expected to be applicable to 
the consolidated financial statements for the year ending 31 October 2021 and 
on the basis of the accounting policies expected to be used in those financial 
statements. 
 
The figures for the six months ended 30 April 2021 and 30 April 2020 are 
unaudited and do not constitute full accounts. The comparative figures for the 
year ended 31 October 2020 are extracts from the 2020 audited accounts. The 
independent auditor's report on the 2020 accounts was not qualified but 
included a material uncertainty in respect of going concern. 
 
3.           Segmental Reporting 
 
In the opinion of the Directors, the Group has one class of business, being the 
trading of agricultural materials. The Group's primary reporting format is 
determined by the geographical segment according to the location of its 
establishments. There is currently only one geographic reporting segment, which 
is South Africa. All revenues and costs are derived from the single segment. 
Historically this segment has experienced a high demand for its products in the 
months of July to December with a lower-than-average demand in the months of 
January to March. 
 
4.           Company Result for the period 
 
The Company has elected to take the exemption under section 408 of the 
Companies Act 2006 not to present the parent Company income statement account. 
 
The operating loss of the group for the six-month period ended 30 April 2021 
was £314,788 (30 April 2020: £246,943, year ended 31 October 2020: loss of £ 
1,079,505). The operating loss incorporated the following main items: 
 
                                                    6 months   Year ended   6 months 
                                                      Ended                   Ended 
 
                                                    30 April   31 October   30 April 
 
                                                      2021        2020        2020 
 
                                                        £           £ 
 
Accounting and administration fees                      14,786      14,373      10,160 
 
Admission expenses                                       8,350     140,151      89,476 
 
Brokership fees                                         17,224           -      18,021 
 
Legal and professional fees                                  -           -       1,533 
 
Registrar fees                                           2,509           -         525 
 
Personnel expenses                                     141,045     332,596     153,862 
 
5.           Earnings per Share 
 
Earnings per share data is based on the Group result for the six months and the 
weighted average number of shares in issue. 
 
Basic loss per share is calculated by dividing the loss attributable to equity 
shareholders by the weighted average number of ordinary shares in issue during 
the period: 
 
                                                6 months    Year ended    6 months 
                                                 Ended                     Ended 
 
                                                30 April    31 October    30 April 
 
                                                  2021         2020         2020 
 
                                              (Unaudited)   (Audited)   (Unaudited) 
 
                                                   £            £            £ 
 
Loss after tax                                   (318,920)  (1,035,485)    (210,067) 
 
Weighted average number of ordinary shares in   21,966,077   20,074,325   19,399,198 
issue 
 
Basic and diluted loss per share (pence)           (1.45p)      (5.16p)      (1.08p) 
 
Basic and diluted earnings per share are the same, since where a loss is 
incurred the effect of outstanding share options and warrants is considered 
anti-dilutive and is ignored for the purpose of the loss per share calculation. 
As at 30 April 2021 there were 13,024,622 (31 October 2020 - 12,421,622 and 30 
April 2020 - 
8,188,066) outstanding share warrants and 897,809 (31 October 2020 - 897,809 
and 30 April 2020 - 
1,047,809) outstanding options, both are potentially dilutive. 
 
6.           Property, Plant and Equipment 
 
Depreciation on property, plant and equipment is calculated using the 
straight-line method to write off their cost over their estimated useful lives 
at the following annual rates: 
 
Furniture, fixtures and       17% 
equipment 
 
Leasehold improvements        33% 
 
Plant and equipment           20% and 33% 
 
Useful lives and depreciation method are reviewed and adjusted if appropriate, 
at the end of each reporting period. 
 
An item of property, plant and equipment is derecognised upon disposal or when 
no future economic benefits are expected to arise from the continued use of the 
asset. Any gain or loss arising on the disposal or retirement of an item of 
property, plant and equipment is determined as the difference between the sales 
proceeds and the carrying amount of the relevant asset and is recognised in 
profit or loss in the year in which the asset is derecognised. 
 
Group                               Leasehold   Furniture   Plant and     Total 
                                    Property       and      equipment 
                                                fixtures 
 
                                        £           £           £           £ 
 
Cost 
 
As at 31 October 2019                   21,067       4,647     285,347      311,061 
 
Exchange difference                    (2 804)       (867)    (37 728)     (41 399) 
 
Additions                                    -         108         689          797 
 
Disposals                                    -           -           -            - 
 
As at 30 April 2020                     18,263       3,888     248,308      270,459 
 
Exchange difference                      1,308         429      17,470       19,207 
 
Additions                                    -           -       2,734        2,734 
 
Disposals                                    -           -           -            - 
 
As at 31 October 2020                   19,571       4,317     268,512      292,400 
 
Exchange difference                        961         212      13,176       14,349 
 
Additions                                    -           -       8,657        8,657 
 
Disposals                                    -           -           -            - 
 
As at 30 April 2021                     20,532       4,529     290,345      315,406 
 
Accumulated depreciation 
 
As at 31 October 2019                   19,243       3,519     257,461      280,223 
 
Charge for the year                        776         300       8,757        9,833 
 
Released on disposal                         -           -           -            - 
 
Exchange difference                    (2 649)      ( 644)    (35 121)     (38 414) 
 
As at 30 April 2020                     17,370       3,175     231,097      251,642 
 
Charge for the year                        441         108       6,511        7,060 
 
Released on disposal                         -           -           -            - 
 
Exchange difference                      1,274         391      16,735       18,400 
 
As at 31 October 2020                   19,085       3,674     254,343      277,102 
 
Charge for the year                        353         196       5,092        5,641 
 
Released on disposal                         -           -           -            - 
 
Exchange difference                        943         183      12,496       13,622 
 
As at 30 April 2021                     20,381       4,053     271,931      296,365 
 
Net Book Value 
 
As at 31 October 2019                      486         643      14,169       15,298 
 
As at 30 April 2020                        151         476      18,414       19,041 
 
As at 31 October 2020                      486         643      14,169       15,298 
 
As at 30 April 2021                        151         476      18,414       19,041 
 
The holding company held no tangible fixed assets at 30 April 2021, 31 October 
2020 and 30 April 2020. 
 
7.           Loan receivable 
 
                                                6 months    Year ended    6 months 
                                                 Ended                     Ended 
 
                                                30 April    31 October    30 April 
 
                                                  2021         2020         2020 
 
                                              (Unaudited)   (Audited)   (Unaudited) 
 
                                                   £            £            £ 
 
Loan to Touchwood Investments Ltd 
                                                 1,017,964      994,729      962,216 
 
Carrying value 
                                                 1,017,964      994,729      962,216 
 
The loan was advanced to Touchwood Investments Ltd, a company that is part of 
the Comarco Group, which operates a port in Mombasa. This loan bears interest 
at 12% for the first 9 months, where after the rate increased to 15%. The loan 
was initially for a period 24 months and was initially repayable in full on 12 
November 2020, however due to the COVID-19 pandemic the repayment of the loan 
has been extended to 30 April 2021. The Company has security to cover the loan, 
being an option to acquire, for a nominal consideration, the shares of 
Touchwood Investments Ltd. Touchwood's major asset is the land at the Comarco 
port which was valued at $12,000,000. The valuation was done in June 2018 and 
despite the possible effect of COVID-19 the directors are of the opinion that 
there is sufficient equity to cover the loan. 
 
8.           Subsidiaries 
 
AAA holds investments in the following subsidiary undertakings as at 30 April 
2021, which principally affected the losses and net assets of the group. 
 
 
                                            Country of 
                                           incorporation Proportion  Proportion 
                                           and place of    (%) of      (%) of 
Name of companies   Principal activities     business      equity      equity 
                                                          interest    interest 
                                                            2020        2019 
 
Dynamic           Value Added Agricultural South Africa  100%        100% 
Intertrade (Pty)  Products 
Limited 
 
Subsidiaries are all entities over which the group has the power to govern the 
financial and operating policies generally accompanying a shareholding of more 
than one half of the voting rights. Subsidiaries are consolidated, using the 
acquisition method, from the date that control is gained and are stated at cost 
less, where appropriate, provisions for impairment. Entities that do not comply 
with this policy, but over which the group has a shareholding of between 20 and 
50 percent of the voting rights are equity accounted from the date of 
acquisition and are stated at cost and adjusted for the results of these 
entities for the accounting period. 
 
9.           Investment in Associate 
 
                                              6 months Ended   Year ended   6 months Ended 
 
                                                 30 April      31 October      30 April 
 
                                                   2021           2020           2020 
 
                                               (Unaudited)     (Audited)     (Unaudited) 
 
                                                    £              £              £ 
 
Investment in Dynamic Intertrade Agri (Pty) 
Ltd                                                    6,154          6,154          6,154 
 
Equity accounted profit/ (loss) for the                    -              -              - 
period 
 
Impairment of investment                                   -              -              - 
 
Carrying value 
                                                       6,154          6,154          6,154 
 
10.         Share Capital 
 
Ordinary shares are classified as equity. Proceeds from issuance of ordinary 
shares are classified as equity. Incremental costs directly attributable to the 
issuance of new ordinary shares are deducted against share capital. 
 
Allotted, called up and fully paid             Number of 
ordinary shares 
 
of 2.0p (April 2019 - 0.1p) each                 shares             Share Capital          Share Premium 
 
                                                                          £                      £ 
 
Balance at 31 October 2019                          19,399,188                387,984              2,519,909 
 
Share issue 
                                                           -                      -                      - 
 
Balance at 30 April 2020                            19,399,188                387,984              2,519,909 
 
Share issue - 27 July 2020                           2,566,889                 51,338                 51,338 
 
Balance at 31 October 2020                          21,966,077                439,322              2,571,247 
 
Share issue 
                                                           -                      -                      - 
 
Balance at 30 April 2021                            21,966,077                439,322              2,571,247 
 
11          Leases 
 
Right of Use Asset and Liability 
 
On adoption of IFRS 16, the Group recognised lease liabilities in relation to 
leases which had previously been classified as 'operating leases' under the 
principles of IAS 17 Leases. These liabilities were measured at the present 
value of the remaining lease payments, discounted using the lessee's 
incremental borrowing rate for comparable assets as of 1 November 2019. The 
weighted average lessee's incremental borrowing rate for comparable mortgage 
bonds applied to the lease liabilities on 1 November 2019 was 8.5%, being the 
discount rate on the Group's borrowings. In the Directors opinion this is the 
discount rate that the Group would obtain should it be purchasing land and 
buildings. Without further security available the Group would be unlikely to 
secure funding from other sources and therefore the Directors believe the 8.5% 
rate applied is the most appropriate basis on which to base the IFRS 16 
calculations. 
 
For leases previously classified as finance leases the entity recognised the 
carrying amount of the lease asset and lease liability immediately before 
transition as the carrying amount of the right of use asset and the lease 
liability at the date of initial application. The measurement principles of 
IFRS 16 are only applied after that date. 
 
                                           6 months    Year ended    6 months 
                                            Ended                     Ended 
 
                                           30 April    31 October    30 April 
 
                                             2021         2020         2020 
 
                                              £            £            £ 
 
Lease liability recognised in the 
 
statement of financial position at 31         410,502            -            - 
October 2020 
 
Foreign exchange movements                     20,147            -            - 
 
Operating lease commitments 
 
disclosed as at 31 October 2019                     -            -       34,366 
 
Discounted using the incremental 
 
borrowing rate at date of initial              17,062            -            - 
application 
 
Additions to leases during the                      -      430,973            - 
year 
 
Lease payments                               (50,390)     (20,471)            - 
 
Lease liability recognised in the 
 
statement of financial position               397,321      410,502            - 
 
Of which: 
 
Current lease liabilities                      75,206       66,477            - 
 
Non-current lease liabilities                 322,114      344,025            - 
 
                                              397,320      410,502            - 
 
Right-of use assets were measured at the amount equal to the lease liability, 
adjusted by the amount of any prepaid or accrued lease payments relating to 
that lease recognised in the statement of financial position as at 31 October 
2020. There were no onerous lease contracts that would have required an 
adjustment to the right-of-use assets at the date of initial application. The 
recognised right of-use assets relate to the following types of assets: 
 
                                            6 months    Year ended    6 months 
                                             Ended                     Ended 
 
                                            30 April    31 October    30 April 
 
                                              2021         2020         2020 
 
                                               £            £            £ 
 
Properties 
 
Value of Right of Use Asset at 1 November      409,424            - 
2020 / 2019 
 
Right of Use Asset capitalised                       -      430,973 
 
Depreciation charged for the period           (33,909)     (21,549) 
 
Foreign exchange movements                      20,093            - 
 
                                               395,608      409,424            - 
 
12          Events Subsequent to 30 April 2020 
 
There were no material events subsequent to April 2021. 
 
Directors and Advisers 
 
Directors:                             David Lenigas 
                                       Robert Scott 
                                       Andrew Monk 
                                       Matthew Bonner 
 
Company Number:                        07913053 
 
Registered Address:                    New Liverpool House 
                                       15-17 Eldon Street 
                                       London 
                                       EC2M 7LD 
 
Head Office:                           New Liverpool House 
                                       15-17 Eldon House 
                                       London 
                                       EC2M 7LD 
 
Financial Adviser & Broker:            VSA Capital Limited 
                                       New Liverpool House 
                                       15-17 Eldon Street 
                                       London 
                                       EC2M 7LD 
 
Auditors:                              Jeffreys Henry LLP 
                                       Finsgate 
                                       5-7 Cranwood Street 
                                       London 
                                       EC1V 9EE 
 
Solicitors to the Company:             Keystone Law 
                                       48 Chancery Lane 
                                       London 
                                       WC2A 1JF 
 
Registrars:                            Neville Registrars Limited 
                                       Neville House 
                                       18 Laurel Lane 
                                       Halesowen 
                                       West Midlands 
                                       B63 3DA 
 
 
 
END 
 
 

(END) Dow Jones Newswires

July 30, 2021 02:01 ET (06:01 GMT)

Anglo African Agriculture (LSE:AAAP)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Anglo African Agriculture Charts.
Anglo African Agriculture (LSE:AAAP)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Anglo African Agriculture Charts.