TIDMGFHG
RNS Number : 6158R
Grand Fortune High Grade Limited
30 October 2023
GRAND FORTUNE HIGH GRADE LIMITED
CONSOLIDATED REPORTS AND FINANCIAL STATEMENTS
FOR THE YEARED 30 APRIL 2023
GRAND FORTUNE HIGH GRADE LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEARED 30 APRIL 2023
I am pleased to present the consolidated reports and financial
statements for the year from 1 May 2022 to 30 April 2023. During
the year, the Group reported a loss of GBP360,212 (loss of
GBP281,868 for the period from 1 May 2021 to 30 April 2022) which
arose from professional fees, salaries, wages, rent and office and
general expenses in connection with the ongoing operations of the
Group. As at the date of signing this report the Group has
approximately GBP1.4 Million of cash balances.
Following its listing on the London Stock Exchange on 22 May
2017, the Group has been focused on the development of its
financial training business in order to satisfy the significant
demand for financial sector specialists in China. To assist in that
development, the Group established a 100% owned subsidiary in Hong
Kong - Grand Fortune High Grade (HK) Limited which in turn has a
100% owned subsidiary in mainland China - Shen Zhen Shi Ji Fu
Education Information Consulting Co. Ltd. (and the consolidated
financial statements presented herein comprise of the financial
statements of Grand Fortune High Grade Limited, Grand Fortune High
Grade (HK) Limited and Shen Zhen Shi Ji Fu Education Information
Consulting Co. Ltd.).
Grand Fortune High Grade Limited held its shareholder meeting on
3 November 2022. All items proposed were approved by 100% of the
votes cast at the meeting. Following the meeting, the Board of
Directors comprised Wong Lee Chun (re-elected), Angus Irvine
(re-elected) and Ko Kwan (re-elected).
The past three years have been challenging. The challenges of
the COVID-19 pandemic have had a devastating effect on the global
economy and on the ability of the Group to offer financial training
courses in person. Despite the Group's best efforts, there has only
been a small amount of revenue generated from its financial
training business and the Group has not yet been successful in
developing an online training platform. The implementation and
success of the online training platform remains one of the biggest
tests for the Group.
As the business activities develop, the Group will keep
shareholders advised of its activities. We appreciate the
assistance of our officers, directors and advisors as we work
towards the development of our business.
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
27 October 2023
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
Directors' consolidated report
The directors present their consolidated report together with
the audited consolidated financial statements for the year ended 30
April 2023. The consolidated report fairly presents and discloses
the financial position and the results at the dates and for the
periods to which they apply.
Principal activity and future developments
Grand Fortune High Grade Limited (individually, or collectively
with its subsidiary, Grand Fortune High Grade (HK) Limited ("GFHG
HK") and GFHG HK's wholly owned subsidiary Shen Zhen Shi Ji Fu
Education Information Consulting Co. Ltd. ("Ji Fu Education"), as
applicable, the "Group") is focused on the development of its
financial training business in order to satisfy the significant
demand for financial sector specialists in China.
Business review and management report
The loss on ordinary activities for the year ended 30 April 2023
was GBP360,212 (loss of GBP281,868 for the year ended 30 April
2022) .
The Group had cash at bank and in hand of GBP1,426,474 as at 30
April 2023 . The principal risks and uncertainties that the Group
faces are in developing its financial training business in China,
which is a new market. The Group is aiming to tailor and deliver
courses that are appropriate for the market but there is no
guarantee there will be a sufficient demand for the courses
offered.
The Group has not carried out any activities in the field of
research and development.
There have been no subsequent events that have occurred since
the end of the financial year.
Dividends
The directors do not recommend the payment of a final dividend
for the year.
Directors
The following directors served during the year to 30 April
2023:
WONG LEE CHUN - CHAIRMAN AND CHIEF EXECUTIVE OFFICER
ANGUS SIGURD IRVINE - NON-EXECUTIVE DIRECTOR
KO KWAN - NON-EXECUTIVE DIRECTOR
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
(CONTINUED)
Substantial shareholdings
Except for the interests of those persons set out below, the
Directors are not aware of any interest which, at the date of this
document would amount to 3% or more of Grand Fortune High Grade
Limited 's issued share capital:
Name Number of Ordinary Approximate % Holding
Shares
Kit Ling Law 32,339,084 20.21%
Hundred River Ltd. (Wong
Lee Chun) 31,996,100 19.99%
Greenhouse gas emissions, energy consumption and energy
efficiency
As the Group has made limited trade and activity during the
period, the Directors do not consider any disclosure under the Task
Force on Climate-related Financial Disclosures is required at this
juncture, however the Group will continue to review this position
as it executes its business plan and trading activity grows.
Diversity Policy
Directors will apply a diversity policy when recruiting
including compensation of age, gender, race, education and
professional backgrounds. Two of the three directors are female
(66.6%) and 33% of employees are female.
Directors' Remuneration
Directors' emoluments are detailed in Notes 8 and 11 to the
accounts.
Auditors
A resolution re-appointing Crowe U.K. LLP as auditors of the
Group was approved by shareholders at the annual general meeting
held on 3 November 2022. During the year, the Group received the
resignation of Crowe U.K. LLP as auditors. Following such
resignation, the Group appointed MHA as the auditors of the Group
and will seek the approval of the shareholders for such appointment
at the next annual general meeting of shareholders.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
(CONTINUED)
Going concern
The Group is focused on the development of a financial training
business in China, and, apart from a small amount of interest
receivable, it currently has no significant income stream. Until
the training business has been adequately developed and is
generating significant revenue, it is therefore dependent on its
cash reserves to fund ongoing costs. At 30 April 20223 the Group's
cash position was GBP1,426,474.
After reviewing the Group's budget for the period ending 31
October 2024 and its medium-term plans, the directors have a
reasonable expectation that the Group will have adequate resources
to continue in operational existence for the foreseeable
future.
For this reason, they continue to adopt the going concern basis
in preparing the accounts.
Financial risk management
The Group's financial risk management objective is to minimise,
as far as possible, the Group's exposure to such risk as detailed
in note 13 to the accounts.
Principal Risks and Uncertainties Facing the Group
The principal risks and uncertainties facing the Group are: (1)
The Group's success is dependent on the successful development of a
financial training business in China, and for the year ended 30
April 2023, apart from a small amount of interest receivable, the
Group only generated a small amount of revenue and there are no
guarantees that the Group will develop a training business that
will generate sufficient revenue to cover the expenses of the
Group; and (2) Until the training business has been adequately
developed and generating significant revenue, the Group is
dependent on its cash reserves to fund ongoing costs - there are no
guarantees that the Group will be successful in replenishing those
cash reserves once depleted.
COVID-19 Risks
The emergency measures taken within mainland China and Hong Kong
to combat the COVID-19 pandemic may continue, could be expanded,
and could also be reintroduced in the future following relaxation.
As these governments implement monetary and fiscal policy changes
aimed to help stabilize economies and capital markets, we cannot
predict legal and regulatory responses to concerns about the
COVID-19 pandemic and related public health issues and how these
responses may impact our business. The COVID-19 pandemic, actions
taken within mainland China and in Hong Kong in response to it, and
the ensuing economic downturn has caused significant disruption to
business activities and economies. The depth, breadth and duration
of these disruptions remain highly uncertain at this time.
Furthermore, these governments are developing frameworks for the
staged resumption of business activities. As a result, it is
difficult to predict how significant the impact of the COVID-19
pandemic, including any responses to it, will be on the global
economy and our business.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
(CONTINUED)
The impact of COVID-19 has significantly reduced the ability of
the Group to currently provide its training programs in a
face-to-face setting and the ability to provide face-to-face
training programs in the future is uncertain. As a result, the
Group is developing an online training platform for its offered
programs. The implementation and success of this online training
platform is uncertain.
Corporate governance
Due to the size and nature of the Group, it has not adopted the
UK Corporate Governance Code. However, it has adopted corporate
governance procedures as are appropriate for the size and nature of
the Group and the size and composition of the Board. These
corporate governance procedures have been selected with due regard
to for the provisions of the UK Corporate Governance Code insofar
as is appropriate. A description of these procedures is set out
below:
-- Due to the nature and size of the Group, it does not have
separate audit, remuneration and nomination committees. The Board
as a whole will instead review risk, compliance, and nominations
matters, as well as the Board's size, structure, and composition,
considering the interests of the Shareholders and the performance
of the Group. Once the Group has achieved sufficient growth, the
Board intends to put in place audit, remuneration and nomination
committees;
-- the Board is not subject to the provisions of a formal
governance code and given its present size do not intend to
formally adopt any specific code nor any diversity policy, but will
apply the principles of governance, set out in the UK Corporate
Governance Code, once the Group has achieved sufficient growth;
-- the Corporate Governance Code recommends the submission of
all directors for re-election at annual intervals. One-third of
Directors (or, where their number is not divisible by three, the
nearest number not exceeding one-third) will be required to retire
and seek re-elections on an annual basis; and
-- the Company may seek to transfer from a Standard Listing to
either a Premium Listing or other appropriate listing venue, based
on sufficient growth, subject to fulfilling the relevant
eligibility criteria at the time. If the Group is successful in
obtaining a Premium Listing, further rules will apply to the
Company under the Listing Rules and Disclosure and Transparency
Rules and the Company will be obliged to comply with the Model Code
and to comply or explain any derogation from the UK Corporate
Governance Code.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
(CONTINUED)
Auditors and disclosure of information
The directors confirm that:
-- there is no relevant audit information of which the auditor is unaware; and
-- each Director has taken all the necessary steps he ought to
have taken as a Director in order to make himself aware of any
relevant audit information and to establish that the auditor is
aware of that information.
Directors' responsibility statement
The Directors are responsible for preparing the management
report, annual report and the non-statutory consolidated financial
statements in accordance with the Disclosure and Transparency Rules
of the United Kingdom's Financial Conduct Authority ("DTR") and
with International Financial Reporting Standards ("IFRS") as
adopted by the European Union.
International Accounting Standard 1 requires that consolidated
financial statements present fairly for each financial year the
Group's consolidated financial position, consolidated financial
performance and consolidated cash flows. This requires the faithful
representation of transactions, other events and conditions in
accordance with the definitions and recognition criteria for the
assets, liabilities, income and expenses set out in the
International Accounting Standards Board's "Framework for the
Preparation and Presentation of Financial Statements".
In virtually all circumstances, a fair representation will be
achieved by compliance with all IFRS. Directors are also required
to:
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will continue
in business;
- select suitable accounting policies and then apply them consistently;
- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable, and
understandable information; and
- provide additional disclosures when compliance with the
specific requirements in IFRS is insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the Group's consolidated financial position and
financial performance.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group. They are also responsible for
safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEARED 30 APRIL 2023
(CONTINUED)
The maintenance and integrity of the Grand Fortune High Grade
Limited website is the responsibility of the Directors.
Legislation in the Cayman Islands governing the preparation and
dissemination of the accounts and the other information included in
annual reports may differ from legislation in other
jurisdictions.
The directors confirm, to the best of their knowledge that:
-- the consolidated financial statements, prepared in accordance
with the relevant financial reporting framework, give a true and
fair view of the consolidated assets, liabilities, financial
position and profit or loss of the Group;
-- the consolidated financial statements include a fair review
of the development and performance of the business and the
consolidated financial position of the Group, together with a
description of the principal risks and uncertainties that it faces;
and
-- the annual report and consolidated financial statements,
taken as a whole, are fair, balanced, and understandable and
provide the information necessary for shareholders to assess the
Group's performance, business model and strategy.
By order of the board
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
27 October 2023
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED
For the purpose of this report, the terms "we" and "our" denote
MHA in relation to UK legal, professional and regulatory
responsibilities and reporting obligations to the members of Grand
Fortune High Grade Limited. For the purposes of the table on page
12 that sets out the key audit matters and how our audit addressed
the key audit matters, the terms "we" and "our" refer to MHA. The
Group financial statements, as defined below, consolidate the
accounts of Grand Fortune High Grade Limited and its subsidiaries
(the "Group"). The "Parent Company" is defined as Grand Fortune
High Grade Limited, as an individual entity.
Opinion
We have audited the financial statements of Grand Fortune High
Grade Limited for the year ended 30 April 2023.
The financial statements that we have audited comprise:
-- the Consolidated Statement of Comprehensive Income
-- the Consolidated Statement of Financial Position
-- the Consolidated Statement of Changes in Equity
-- the Consolidated Statement of Cash Flows
-- Notes 1 to 16 to the consolidated financial statements,
including significant accounting policies
The financial reporting framework that has been applied in the
preparation of the Group's financial statements is applicable law
and international Financial Reporting standards (IFRSs) as adopted
by the European Union.
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's and of
the Parent Company's affairs as at 31 December 2022 and of the
Group's loss for the year then ended;
-- have been properly prepared in accordance with international accounting standards; and
Our opinion is consistent with our reporting to those charged
with governance
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing 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 UK, including the FRC's Ethical
Standard as applied to listed public interest entities, and we have
fulfilled our ethical responsibilities in accordance with those
requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinion.
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
Directors' use of the going basis of accounting in the preparation
of the financial statements is appropriate.
Our evaluation of the Directors' assessment of the Group's and
the Parent Company's ability to continue to adopt the going concern
basis of accounting included:
-- The consideration of inherent risks to the Group's and the
Parent Company's operations and specifically their business
model.
-- The evaluation of how those risks might impact on the available financial resources.
-- Evaluation of the Directors' assessment of the Group's
ability to continue to adopt going concern basis of accounting
standards including a review of budgets and cash flow forecasts to
October 2024.
-- Liquidity considerations including examination of cash flow
projections at Group and Parent Company level to October 2024.
-- The evaluation of the base case scenarios and stress
scenarios, in respect of the Group and the Parent Company, and the
respective sensitivities and rationale.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Group's and Parent Company's ability to continue as a going concern
for a period of at least twelve months from when the financial
statements are authorised for issue. Our responsibilities and the
responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
Overview of our audit approach
Scope Our audit was scoped by obtaining an understanding
of the Group, including the Parent Company, and
its environment, including the Group's system
of internal control, and assessing the risks of
material misstatement in the financial statements.
We also addressed the risk of management override
of internal controls, including assessing whether
there was evidence of bias by the directors that
may have represented a risk of material misstatement.
------------- ------------------------------------------------------------
Materiality 2023 2022
-------------- --------- --------- -------------------------------------
Group GBP69k GBP42k 5% (2022: 2% of total assets)
of net assets
Key audit matters
---------------------------------------------------------------------------
Recurring
* Management override
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Key Audit Matters
Key Audit Matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those matters
which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of
the engagement team. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on
these matters.
Management Override
-------------------------------------------------------------------------------
Key audit Management is in a unique position to perpetrate
matter description fraud because of management's ability to manipulate
accounting records and prepare fraudulent
financial statements by overriding controls
that otherwise appear to be operating effectively.
Due to the unpredictable way in which such
override could occur, this is deemed a key
audit matter for this engagement.
----------------------- ------------------------------------------------------
How the scope of Our audit procedures included:
our audit responded
to the key audit Controls testing - Given the current nature
matter of the business at the reporting date and
the associated accounting records, there are
very few transactions and/or journals. As
such, we evaluated the design and implementation
of key controls around bank payments and receipts,
as well as considerations relating to financial
reporting.
We performed detailed reviews and testing
of journal entries made, particularly those
considered to rely on greater levels of judgement,
such as year-end estimations.
We tested the basis of accounting estimates
of a subjective nature, such as year-end accruals,
to understand the judgments made, assessment
of potential management and bias and assessed
the adequacy of disclosures for compliance
with the accounting standards and regulatory
considerations.
----------------------- ------------------------------------------------------
Key observations The results of our testing were satisfactory,
communicated to and we considered that entries made into the
the Group's Directors' accounting system and subsequent disclosure
made into the financial statements were deemed
to have an appropriate supporting basis and
there was no indication of any management
bias.
----------------------- ------------------------------------------------------
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Our application of materiality
Our definition of materiality considers the value of error or
omission on the financial statements that, individually or in
aggregate, would change or influence the economic decision of a
reasonably knowledgeable user of those financial statements.
Misstatements below these levels will not necessarily be evaluated
as immaterial as we also take account of the nature of identified
misstatements, and the particular circumstances of their
occurrence, when evaluating their effect on the financial
statements as a whole. Materiality is used in planning the scope of
our work, executing that work and evaluating the results.
Materiality in respect of the Group was set at GBP69,000 (2022:
GBP42,000) which was determined on the basis of 5% (2021: 2% of
total assets) of the Group's net assets.. Net assets was deemed to
be the appropriate benchmark for the calculation of materiality as
this is a key area of the financial statements because this is the
metric by which the performance and risk exposure of the Group and
Parent Company is principally assessed. In our opinion this is
therefore the benchmark with which the users of the financial
statements are principally concerned.
Performance materiality is the application of materiality at the
individual account or balance level, set at an amount to reduce, to
an appropriately low level, the probability that the aggregate of
uncorrected and undetected misstatements exceeds materiality for
the financial statements as a whole.
Performance materiality for the Group was set at GBP48,300
(2022: GBP30,000) which represents 70% (2022: 65%) of the above
materiality levels.
The determination of performance materiality reflects our
assessment of the risk of undetected errors existing, the nature of
the systems and controls and the level of misstatements arising in
previous audits.
We agreed to report any corrected or uncorrected adjustments
exceeding GBP3,450 in respect of the Group to the Board of
Directors as well as differences below this threshold that in our
view warranted reporting on qualitative grounds.
Overview of the scope of the Group and Parent Company audits
Our assessment of audit risk, evaluation of materiality and our
determination of performance materiality sets our audit scope for
each company within the Group. Taken together, this enables us to
form an opinion on the consolidated financial statements. This
assessment takes into account the size, risk profile, organisation
/ distribution and effectiveness of group-wide controls, changes in
the business environment and other factors such as recent internal
audit results when assessing the level of work to be performed at
each component.
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
In assessing the risk of material misstatement to the
consolidated financial statements, and to ensure we had adequate
quantitative and qualitative coverage of significant accounts in
the consolidated financial statements, of the 3 reporting
components of the group, we identified 3 components in the Cayman
Islands, Hong Kong and People's Republic of China which represent
the principal business units within the Group.
Full scope audits - All 3 components were subject to full scope
audits.
The control environment
We evaluated the design and implementation of those internal
controls of the Group, including the Parent Company, which are
relevant to our audit, such as those relating to the financial
reporting cycle. [
Reporting on other information
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.
Responsibilities of directors
As explained more fully in the directors' responsibilities
statement, the directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true
and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group's and the Parent Company's
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the
Group or Parent Company or to cease operations, or have no
realistic alternative but to do so.
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Auditor responsibilities for the audit of the financial
statements
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 aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the
basis of these financial statements.
A further description of our responsibilities for the financial
statements is located on the FRC's website at:
www.frc.org.uk/auditorsresponsibilities . This description forms
part of our auditor's report.
Extent to which the audit was considered capable of detecting
irregularities, including fraud
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.
These audit procedures were designed to provide reasonable
assurance that the financial statements were free from fraud or
error. The risk of not detecting a material misstatement due to
fraud is higher than the risk of not detecting one resulting from
error and detecting irregularities that result from fraud is
inherently more difficult than detecting those that result from
error, as fraud may involve collusion, deliberate concealment,
forgery or intentional misrepresentations. Also, the further
removed non-compliance with laws and regulations is from events and
transactions reflected in the financial statements, the less likely
we would become aware of it.
Identifying and assessing potential risks arising from
irregularities, including fraud
The extent of the procedures undertaken to identify and assess
the risks of material misstatement in respect of irregularities,
including fraud, included the following:
-- We considered the nature of the industry and sector, the
control environment and business performance . Through discussion
with the directors, we obtained an understanding of the legal and
regulatory frameworks applicable to the Group focusing on laws and
regulations that could reasonably be expected to have a direct
material effect on the financial statements, and legislation or
those that had a fundamental effect on the operations of the Group
including the regulatory and supervisory requirements of the
Financial Conduct Authority (FCA).
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
-- We enquired of the directors and management concerning the
Group's and the Parent Company's policies and procedures relating
to:
- identifying, evaluating and complying with the laws and
regulations and whether they were aware of any instances of
non-compliance;
- detecting and responding to the risks of fraud and whether
they had any knowledge of actual or suspected fraud; and
- the internal controls established to mitigate risks related to
fraud or non-compliance with laws and regulations.
-- We assessed the susceptibility of the financial statements to
material misstatement, including how fraud might occur by
evaluating management's incentives and opportunities for
manipulation of the financial statements. This included utilising
the spectrum of inherent risk and an evaluation of the risk of
management override of controls. We determined that the principal
risks were related to posting inappropriate journal entries to
increase revenue or reduce costs, creating fictitious transactions
to hide losses or to improve financial performance.
Audit response to risks identified
In respect of the above procedures:
-- we corroborated the results of our enquiries through our
review of the minutes of the Group's and the Parent Company's board
meetings, inspection of legal and regulatory correspondence and
correspondences from the regulators the FCA;
-- audit procedures performed by the engagement team in
connection with the risks identified included:
- reviewing financial statement disclosures and testing to
supporting documentation to assess compliance with applicable laws
and regulations expected to have a direct impact on the financial
statements.
- testing journal entries, including those processed late for
financial statements preparation, those posted by infrequent or
unexpected users, those posted to unusual account combinations;
- evaluating the business rationale of significant transactions
outside the normal course of business, and reviewing accounting
estimates for bias;
- enquiry of management around actual and potential litigation and claims, and
- obtaining confirmations from third parties to confirm existence of a sample of balances.
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
-- we communicated relevant laws and regulations and potential
fraud risks to all engagement team members, including experts and
remained alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.
Other requirements
We were appointed by the Directors on 19 July 2023. The period
of total uninterrupted engagement including previous renewals and
reappointments of the firm is 1 year.
We did not provide any non-audit services which are prohibited
by the FRC's Ethical Standard to the Group or the Parent Company,
and we remain independent of the Group and the Parent Company in
conducting our audit.
Use of our report
This report is made solely to the Parent 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 Parent 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 Parent Company and the
Parent Company's members as a body, for our audit work, for this
report, or for the opinions we have formed.
As required by the Financial Conduct Authority (FCA) Disclosure
Guidance and Transparency Rule (DTR) 4.1.14R, these financial
statements form part of the European Single Electronic Format
(ESEF) prepared Annual Financial Report filed on the National
Storage Mechanism of the UK FCA in accordance with the ESEF
Regulatory Technical Standard (('ESEF RTS'). This auditor's report
provides no assurance over whether the annual financial report has
been prepared using the single electronic format specified in the
ESEF RTS.
"Jason Mitchell"
Jason Mitchell MBA BSc FCA
(Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
Maidenhead, United Kingdom
27 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited
liability partnership in England and Wales (registered number
OC312313)
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEARED 30 APRIL 2023
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year Ended Year Ended
Note 30 April 2023 30 April 2022
GBP GBP
Revenue 18,395 -
Administrative expenses 4 (386,975) (281,960)
Operating Loss (368,580) (281,960)
Finance income 8,368 92
Loss before tax (360,212) (281,868)
Taxation 5 - -
Loss after tax and total comprehensive
loss for the period attributable
to the equity holders of the
Group (360,212) (281,868)
Loss per Ordinary Share:
Basic and diluted (pence) 6 (0.23) (0.18)
The notes to the consolidated financial statements form an integral
part of these consolidated financial statements.
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEARED 30 APRIL 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note As at As at
30 April 2023 30 April 2022
GBP GBP
Assets
Current assets
Cash and cash equivalents 1,426,474 1,766,865
Total assets 1,426,474 1,766,865
Equity and liabilities
Capital and reserves
Share Capital 9 4,311,700 4,311,700
Accumulated losses (2,932,619) (2,572,407)
Total equity attributable
to equity holders of the Group 1,379,081 1,739,293
Current liabilities
Amounts owing to Directors 11 6,893 7,532
Other payables 7 40,500 20,040
Total liabilities 47,393 27,572
Total equity and liabilities 1,426,474 1,766,865
The notes to the consolidated financial statements form an
integral part of these consolidated financial statements.
This report was approved by the board and authorised for issue
on 27 October 2023 and signed on its behalf by
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEARED 30 APRIL 2022
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Based
Note Share Payment Accumulated
Capital Reserve Losses Total
GBP GBP GBP GBP
Balance on 30 April 2020 4,311,700 646,637 (2,538,093) 2,420,244
Loss for the year after taxation - - (399,083) (399,083)
Share Based Payments 10 (646,637) 646,637 -
Balance as at 30 April 2021 4,311,700 - (2,290,539) 2,021,161
Loss for the year after taxation - - (281,868) (281,868)
Balance as at 30 April 2022 4,311,700 - (2,572,407) 1,739,293
Loss for the year after taxation - - (360,212) (360,212)
Balance as at 30 April 2023 4,311,700 - (2,932,619) 1,379,081
The share capital comprises the Ordinary Shares of Grand Fortune
High Grade Limited .
Accumulated losses represent the aggregate retained loss of
Grand Fortune High Grade Limited since incorporation.
The notes to the consolidated financial statements form an
integral part of these consolidated financial statements.
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEARED 30 APRIL 2023
CONSOLIDATED CASH FLOW STATEMENT
Year Ended Year Ended
30 April 2023 30 April 2022
GBP GBP
Cash flows from operating activities
Loss for the period before taxation (360,212) (281,868)
Adjustments:
Bank interest income (8,368) (92)
Foreign currency (gain)/loss (8,171) 47,736
Operating loss before working capital
adjustments (376,751) (329,696)
Working capital adjustments:
(Decrease)/Increase in other payables 20,460 5,040
(Decrease)/increase in Amounts due
to Directors (639) (10,968)
Net cash used in operating activities (356,930) (335,624)
Cash flows from investing activities
Interest received 8,368 92
Net cash flow from investing activities 8,368 92
(Decrease) in cash (348,562) (335,532)
Cash and cash equivalents, beginning
of the period 1,766,865 2,054,661
Effects of currency translation
on cash and cash equivalents (8,171) (47,736)
Cash and cash equivalents, end
of the period 1,426,474 1,766,865
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General Information
Grand Fortune High Grade Limited is incorporated under the laws
of the Cayman Islands under the Companies Law. Grand Fortune High
Grade Limited was incorporated on 10 November 2015 as an exempted
company. Grand Fortune High Grade Limited 's registered number is
305700 and its registered office is at Willow House, Cricket
Square, PO Box 709, Grand Cayman KY1-1107, Cayman Islands. The
principal place of business is Flat/Rm 1, 8/F, Metex House, No. 28
Fui Yiu Kok Street, Tsuen Wan, New Territories, Hong Kong.
The Group's objective is to take advantage of opportunities to
establish a financial training business.
This financial information has been prepared in accordance with
IFRS as adopted by the European Union ("EU"). The standards have
been applied consistently during both years presented.
2. Accounting Policies
Basis of preparation
The principal accounting policies adopted by the Group in the
preparation of the financial information are set out below.
The financial information has been presented in pound sterling,
being the presentational currency of the Grand Fortune High Grade
Limited.
From 1 May 2022, the functional currency of Grand Fortune High
Grade Limited changed from pound sterling to Chinese Yen as this
reflects the primary economic environment in which the Group
operates.
The financial statements are presented on a consolidated basis
and include the accounts of Grand Fortune High Grade Limited, Grand
Fortune High Grade (HK) Limited and Shen Zhen Shi Ji Fu Education
Information Consulting Co. Ltd.
The financial information has been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ("IFRS"), including interpretations made by the
International Financial Reporting Interpretations Committee (IFRIC)
issued by the International Accounting Standards Board (IASB). The
standards have been applied consistently.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Standards and interpretations issued but not yet applied
A number of new standards and amendments to standards and
interpretations have been issued but are not yet effective and, in
some cases, have not yet been adopted by the European Union. The
directors do not expect that the adoption of these standards will
have a material impact on the consolidated financial statements of
the Group in future periods.
Going concern
The Group is focused on the development of a financial training
business in China, and apart from a small amount of interest
receivable, it currently has no significant income stream. Until
the training business has been adequately developed and is
generating significant revenue, it is therefore dependent on its
cash reserves to fund ongoing costs.
Management have prepared the Group's budget for the period
ending 31 October 2024 and are expecting significant growth in
revenue and operating costs, based on the assumption of increased
activity driven from sales and marketing campaigns. After reviewing
the Group's budget and its medium-term plans, the directors have a
reasonable expectation that the Group will have adequate resources
to continue in operational existence for the foreseeable future,
with the Group's cash position of GBP1,426,474 as at 30 April
2023.
In making this assessment, the directors have considered current
and developing impact on the business as a result of the COVID-19
virus. Whilst this has had an immediate impact on the Group's
operations and the Group's ability to offer financial training
courses in person, the Group is developing an online training
platform for its offered programs. The directors are aware that the
implementation and success of the online training platform remains
one of the biggest tests for the Group, in particular if the
current situation with COVID-19 becomes prolonged and in person
training is not possible or limited.
The financial information does not include any adjustments that
would result if the Group were unable to continue as a going
concern.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Taxation
The tax currently payable is based on the taxable profit for the
year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other periods and it further
excludes items that are never taxable or deductible. The Group's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet
date.
Deferred taxation
Deferred tax assets and liabilities are recognized where the
carrying amount of an asset or liability in the balance sheet
differs from its tax base.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which difference can be utilized.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the deferred tax
liabilities/ (assets) are settled/ (recovered).
Financial instruments
Financial assets and financial liabilities are recognised on the
consolidated statement of financial position when the Group becomes
a party to the contractual provisions of the instrument.
Financial assets
Under IFRS 9, financial assets are measured at amortised cost or
fair value through other comprehensive income ("FVOCI") depending
on the business model and contractual cash flow characteristics.
The classification depends on the basis on which assets are
measured and if either criteria is not met, then the financial
assets are held at fair value through profit or loss ("FVPL").
The Group holds cash and cash equivalents at amortised cost.
As at the consolidated balance sheet date, the Group did not
have any financial assets measured at FVPL or FVOCI.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Group
are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual
interest in the assets of the Group after deducting all of its
liabilities. Equity instruments are recorded at the proceeds
received, net of direct issue costs.
Financial liabilities
All financial liabilities are measured at fair value and are
subsequently measured at amortised cost, where applicable, using
the effective interest method, with interest expense recognised on
an effective yield basis.
Revenue Recognition
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the
consideration to which the Group expected to be entitled in
exchange for transferring goods or services to a customer.
Rendering of services
Revenue is recognised on the provision of the financial training
course in China.
Interest
Interest revenue is recognised using the effective interest
method.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only
when, the Group's obligations are discharged, cancelled or they
expire.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Foreign currencies
Profit and loss account transactions denominated in foreign
currencies are translated into sterling and recorded at the rate of
exchange ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are retranslated at
the rate of exchange ruling at the balance sheet date.
All differences are taken to the profit and loss account.
Cash and cash equivalents
The Group considers any cash on short-term deposits and other
short-term investments to be cash equivalents.
Leases/Rentals
The only leases the Group has entered into are short-term
leases. As permitted by IFRS 16 the Group has taken advantage of
the exemption not to apply the requirements of IFRS 16 to
short-term leases and is recognising the expense in profit and loss
evenly over the lease contract. The total expense incurred on short
term leases is disclosed as rental expenses in note 4 to these
financial statements.
Segment Information
In the Directors' opinion, the Group has only one operating
segment - the development and operation of financial training
courses in China. The internal and external reporting is on a
consolidated basis with transactions between Group companies
eliminated on consolidation. Therefore, the financial information
of the single segment is the same as set out in the consolidated
statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of financial
position and cash flows.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
3. Critical accounting estimates and judgement
The preparation of the financial information in conformity with
IFRS requires the Directors to make estimates and assumptions that
affect the reported amounts of income, expenditure, assets, and
liabilities. Estimates and judgements are continually evaluated,
including expectations of future events to ensure these estimates
remain reasonable.
The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. There were no
critical estimates during the year ended 30 April 2022.
4. Administrative expenses
Year Ended Year Ended
30 April 30 April 2022
2023 GBP
GBP
Directors' remuneration 90,361 103,886
Key Management personnel 6,808 6,615
Rental Expenses 10,159 2,406
Salaries/Wages 111,153 93,663
Office/General Expenses 11,745 3,599
Legal and professional fees 161,689 116,472
Bank charges 3,231 3,055
Foreign currency gain (8,171) (47,736)
386,975 281,960
The remuneration of the auditors for the audit of the financial
statements was GBP60,000 (2022: GBP17,500).
5. Taxation
Grand Fortune High Grade Limited is incorporated in the Cayman
Islands. The operations of Grand Fortune High Grade Limited are,
with the exception of regulatory filings, outside of the Cayman
Islands. Accordingly, the costs and revenues of Grand Fortune High
Grade Limited are subject to Cayman Islands taxation legislation
where the prevailing taxation rate is 0%.
As GFHG HK is incorporated in Hong Kong it is subject to Hong
Kong taxation legislation and as Ji Fu Education is incorporated in
China it is subject to China taxation legislation . Any revenue
earned by GFHG HK would be subject to Hong Kong taxation and any
revenue earned by Ji Fu Education would be subject to China
taxation. As the Group's expenses exceeded its revenue for the year
ended 30 April 2023, it has not accrued any tax amount payable.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
6. Loss per Ordinary Share
The calculation for earnings per Ordinary Share (basic and
diluted) for the relevant year is based on the profit after income
tax attributable to equity holder is as follows:
Year Ended Year Ended
30 April 2023 30 April 2022
GBP GBP
Loss attributable to equity
holders (GBP) (360,212) (281,868)
Weighted average number of
Ordinary Shares 160,000,000 160,000,000
Earnings per share (pence) (0.23) (0.18)
7. Other payables
As at As at
30 April 2023 30 April 2022
GBP GBP
Payables 500 -
Accruals 40,000 20,040
40,500 20,040
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
8. Key management personnel
Zhao Zhijun, the managing director of GFHG HK, is considered a
key management personnel and below is the remuneration that relates
to the periods below.
Year Ended Year Ended
30 April 30 April 2022
2023 GBP
GBP
Zhao Zhijun 6,808 6,614
The Directors are also considered the key management personnel
and the following directors' remuneration that relates to the
periods below.
Year Ended Year Ended
30 April 30 April 2022
2023 GBP
GBP
Wong Lee Chun 36,000 36,000
Angus Irvine 42,000 42,000
Ko Kwan 12,361 6,886
Kit Ling Law - 1,500
Anthony Wonnacott - 17,500
90,361 103,886
All directors' remuneration was categorised as short-term
employee benefits and no amounts in the categories of
post-employment benefits, other long-term benefits, termination
benefits or share-based payment benefits. Kit Ling Law resigned on
1 June 2021 and Anthony Wonnacott resigned on 1 October 2021.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
9. Share capital
As at
30 April As at
2023 30 April 2022
GBP GBP
160,000,000 Ordinary Shares 4,311,700 4,311,700
4,311,700 4,311,700
Grand Fortune High Grade Limited is authorized to issue up to
100,000,000,000 ordinary shares with a par value of GBP0.0001 per
ordinary share. Each ordinary share ranks pari passu for voting
rights, dividends and return of capital on winding up with holders
of ordinary shares being entitled to dividends as declared from
time to time and are entitled to one vote per ordinary share at
general meetings of shareholders.
10. Share based payments
The Group has recognised NIL in respect of share-based payment
amounts in each of the years ended 30 April 2023 and 30 April
2022.
On 17 May 2017 Grand Fortune High Grade Limited entered into
warrant agreements with each of Alice Lau, Vincent Poon, Wai Man
Hui and Cornhill Capital Limited conferring the right to subscribe
for 4,800,000 Ordinary Shares each (a total of 19,200,000 Ordinary
Shares) as remuneration for assistance with the admission on the
London Stock Exchange. Each Warrant Agreement is in an identical
form and confers the right to subscribe for Ordinary Shares at
GBP0.10. The Warrants were conditional on admission on the London
Stock Exchange (which was completed on 22 May 2017) and were
exercisable at any time until 22 May 2020.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
11. Amounts owing to Directors
As at As at
30 April 2023 30 April 2022
GBP GBP
Directors Fees 6,893 7,532
6,893 7,532
As of 30 April 2023, the only amounts owing to Directors are the
amounts for fees accrued in April 2023 as all other outstanding
amounts were paid during the year ended 30 April 2023.
12. Financial instruments
As at As at
Financial assets at amortised 30 April 2023 30 April 2022
cost GBP GBP
Other receivables - -
Cash and cash equivalents 1,426,474 1,766,865
Total financial assets 1,426,474 1,766,865
Financial liabilities at amortised
cost
Amounts owing to Directors 6,893 7,532
Other payables 40,500 20,040
Total financial liabilities 47,393 27,572
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
13. Financial risk management
The Group uses a limited number of financial instruments,
comprising cash and amounts owing to Directors, which arise
directly from operations. The Group does not trade in financial
instruments.
General objectives, policies and processes
The Directors have overall responsibility for the determination
of the Group's risk management objectives and policies. Further
details regarding these policies are set out below:
Currency risk
As the Group operates internationally, its exposure to foreign
exchange risk relates to transactions and balances that are
denominated in currencies other than GBP. The Directors manage the
Group's exposure to currency risk by operating foreign currency
bank accounts, being GBP, HKD, RMB and USD. It is the Directors'
view that the size and complexity of the Group's trade does not
warrant financial hedging arrangements currently, although this
view will be regularly reviewed as the Group develops.
The table below illustrates the hypothetical sensitivity of the
Group's consolidated statement of financial position to a 10%
increase and decrease in the GBP/HKD, GBP/USD and GBP/RMB exchange
rates at the year-end date. The sensitivity rate of 10% represents
the directors' assessment of a reasonably possible change, based on
historic volatility.
Year Ended Year Ended
30 April 30 April
2023 2022
GBP GBP
------------------------------------------------- ------------------ ------------------
GBP Increases by 10%
HKD portion of Cash and cash equivalents (16,811) (37,240)
USD portion of Cash and cash equivalents (216) (6,421)
RMB portion of Cash and cash equivalents (3,331) (35)
------------------------------------------------- ------------------ ------------------
GBP Decreases by 10%
HKD portion of Cash and cash equivalents 20,547 45,516
USD portion of Cash and cash equivalents 264 7,848
RMB portion of Cash and cash equivalents 4,071 43
Period end exchange rates applied in the above analysis are HKD
9.863 (2022 - HKD 9.84311), USD 1.25654 (2022 - USD 1.25411) and
RMB 8.6842 (2022 - 8.28885).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
13. Financial risk management (continued)
Credit risk
Credit risk is the risk that a counter party will not meet its
obligations under a contract, leading to a financial loss. The
Group had cash and cash equivalents of GBP1,426,474 as at 30 April
2023. The credit risk from its liquid funds is limited as the
counter parties are banks with high credit ratings.
Liquidity risk
Liquidity risk arises from the Directors' management of working
capital. It is the risk that the Group will encounter difficulty in
meeting its financial obligations as they fall due.
The Directors' policy is to ensure that the Group will always
have sufficient cash to allow it to meet its liabilities when they
become due. To achieve this aim, the Directors seek to maintain a
cash balance sufficient to meet expected requirements (all amounts
due within 30 days).
The Directors have prepared cash flow projections on a monthly
basis through to 31 October 2024. At the end of the year under
review, these projections indicated that the Group expected to have
sufficient liquid resources to meet its obligations under all
reasonably expected circumstances.
14. Capital risk management
The Directors' objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns for Shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. During the year, the Group had been financed
by equity. In the future, it is expected that the capital structure
of the Group will continue to be financed in this manner with
equity attributable to equity holders of the Group, comprising
issued share capital and reserves.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
15. Related party transactions
During the year ended 30 April 2020, Grand Fortune High Grade
Limited entered into an employment agreement with Derek Law. Derek
Law is a related party by virtue of being the brother of Kit Ling
Law (a significant shareholder and former member of the Board of
Directors of Grand Fortune High Grade Limited). Under the terms of
the employment agreement, Derek Law was employed on a continuous
basis as an Executive Deputy Director of Grand Fortune High Grade
Limited effective 1 December 2019 and entitled to a monthly salary
of HKD 20,000 and a monthly housing allowance of HKD 5,000.
Additionally, at the same time as the resignation of Anthony
Wonnacott (1 October 2021) from the board of directors of the
Company, Grand Fortune High Grade Limited entered into a consulting
agreement with Wonnacott Consulting Professional Corporation (an
entity controlled by Anthony Wonnacott) pursuant to which Mr.
Wonnacott was engaged as a corporate advisor to the Company with
remuneration of GBP2,500 per month (total charged by Mr. Wonnacott
of GBP30,000 during the year ended 30 April 2023). Mr. Wonnacott is
a related party by virtue of being a former director of the
Company.
All other amounts owing to directors relate to directors'
remuneration accrued as at the year ended 30 April 2023, see note 8
and 11 for a summary.
16. Ultimate controlling party
As at 30 April 2023, Grand Fortune High Grade Limited has no
controlling party.
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