TIDMGST
RNS Number : 8281E
GSTechnologies Ltd
12 July 2021
12 July 2021
GSTechnologies Limited
("GST", the "Group" or the "Company")
Results for the year ended 31 March 2021
GSTechnologies Limited (LSE: GST), the integrated information
and communication technology infrastructure solutions provider, is
pleased to announce the Company's results for the year ended 31
March 2021.
Period Highlights
-- Period heavily impacted by the consequences of the Covid-19
pandemic, although a recovery seen in the second half, particularly
in the fourth quarter.
-- Total income for the year of US$3.41 million, a reduction of
25.1% from the prior year (2020: US$4.55 million). However,
total comprehensive loss for the year reduced to US$0.33 million
(2020: loss of US$0.46 million).
-- Appointment of two new executive directors in January 2021,
Jack Bai and Shayne Tan, together with an investor group led
by Jack Bai taking a 20% stake in the Company through a placing
of new shares, who will led the Group's blockchain technology
related activities.
-- Establishment of wholly owned subsidiary in UK, GS Fintech Ltd
and in Singapore, GS Fintech Pte Ltd in February 2021 to facilitate
the planned expansion into blockchain related technologies and
services.
Post Period Highlights
-- Signed a collaboration agreement with Wise Mpay, the Singaporean
blockchain payment solution provider, on 28 May 2021, with a
view to Wise MPay providing the Company with software and services
to facilitate the Company's plans to develop new higher-growth
synergistic business areas focussed on blockchain technology,
particularly those applicable in the banking and wider financial
services sector.
Chairman's Statement
The events that happened during the 2020/2021 financial year
were unprecedented and whilst improvements have been seen, the
Covid-19 pandemic is not yet over. This health crisis has had an
enormous impact on every aspect of our lives, but I am pleased to
report that in such a difficult environment GST's employees stepped
up to the challenge.
With the onset of the pandemic our top priority became the
health and safety of our employees and customers. We also
immediately implemented strict cost controls and cash preservation
measures in order to run the business, as far as possible, at a
'cash flow break even' position whilst the full impact of the
pandemic was assessed. Our main trading subsidiary, EMS Wiring
Systems Pte Ltd ("EMS"), also utilised appropriate Singapore
Government Covid-19 related economic assistance and relief
programmes where appropriate.
As reported in our interim results, released in January 2021,
the first half of the year saw a 70% decrease in revenue compared
to the same period in the previous year, primarily due to the delay
or cancellation of projects in light of the impact of Covid-19.
However, I am pleased to report that the second half performance,
and in particular that in the final quarter of the financial year
was a significant turnaround. Overall revenue for the year of $2.83
million was decline of 37% compared to the prior financial year.
Through careful management of our costs and other income in the
form of grants of US$0.58 million, we are pleased that the total
loss for the year was contained to $0.33 million, compared to a
loss of $0.46 million in the prior year.
Despite the challenges brought by the pandemic, GST has always
sought to innovate and explore new areas of business employing
disruptive technologies that can create shareholder value.
In our EMS business one example was the award of a grant valued
at approximately US$200,000 from Enterprise Singapore, to develop a
prototype liquid film cooling system for use in data centres. By
using EMS' liquid cooling method we believe we can help businesses
manage the total cost of data centre and computing asset ownership
by reducing the cost to provide and maintain a high degree of
cooling efficiency. Once commercialised we believe this solution
will be attractive to both new and existing data centre operators
and EMS is well placed to provide both the solution, together with
ongoing service, maintenance and training support.
Whilst the Company remains focussed on developing the existing
business of EMS, the Company's goal is to also focus on new higher
growth synergistic business areas. After careful consideration we
concluded that the Company's strategy should include seeking to
enable and enhance the current Internet of Things ("IoT") and ICT
offerings through the application of new highly scalable disruptive
technologies, in particular enterprise blockchain solutions and
services.
As part of this strategic move, Jack Bai and Shayne Tan were
appointed as Executive Directors of the Company in January 2021,
together with an investor group led by Jack Bai taking a 20% stake
in the Company through a placing of new shares. Subsequent to the
appointment of Jack and Shayne we also incorporated new 'GS
Fintech' subsidiaries in the UK and Singapore to help facilitate
the Company's planned expansion into blockchain related
technologies and services, particularly in the financial
sector.
Post period end we advanced these activities further with the
signing of a collaboration agreement with Wise MPay, the
Singaporean blockchain payment solution provider, with a view to
Wise MPay providing the Company with software and services. Through
the collaboration between GST and Wise MPay the Company plans to
launch a borderless neobanking platform providing next-generation
digital money solutions that we outlined in our announcement on 28
May 2021. We are very pleased to be working with Wise MPay and I
look forward to reporting on our continued progress in due
course.
I believe our ability to add a pipeline of meaningful
innovations will fuel our future growth and we are very excited by
the potential for blockchain enabled financial services, coupled
with the continuing innovation of the EMS team.
Summary
I believe GST has weathered the pandemic well and has proved its
flexibility and resilience in dealing with an unprecedented and
unforeseeable situation, together with continuing to innovate and
seek appropriate new opportunities.
In particular, the appointment of Jack Bai and Shayne Tan to the
Company's board has allowed us focus on new higher growth
synergistic business areas focussed on blockchain technology,
particularly those applicable in the banking and wider financial
services sector. We believe that pioneering next-generation digital
money solutions based on blockchain technology will provide GST
with the opportunity to enhance its current offering and enable it
to offer differentiated cutting edge technology solutions to a
bigger client base.
I believe that we have the right strategy in place to drive
forward both our EMS and GS Fintech businesses and that GST is
extremely well positioned for the future.
In closing I would like to take the opportunity to thank all our
staff for their outstanding commitment and hard work during the
year, helping us to overcome the challenges of the pandemic.
Tone Kay Kim GOH
Chairman
FINANCIAL REVIEW
Income Analysis
For the 12-month period ended 31 March 2021 the Company had
operating revenue of US$2.83 million (2020: US$4.53 million). The
Group's operating loss before tax for the financial year is US$0.50
million, compared to the operating loss incurred in previous
financial year of US$0.26 million.
In addition, the Group received grants and other income during
the year of US$0.58 million (2020: US$0.03 million), leading to
total income recognised in the year of US$3.41 million (2020:
US$4.55 million).
The key contributor to the reduction in operating revenue was
the delay and cancellation of confirmed and pending projects
arising from the severe impact of the Covid-19 pandemic.
Additionally, as the Covid-19 situation gradually improved in the
middle of 2020, the Company was not able to execute certain of the
few projects that were slowly resumed by customers due to
immigration and foreign worker dormitory lockdowns and safe
distancing measures that prevented the Company from carrying out
essential works such as site inspection, installation, equipment
commissioning and customer training, amongst others. This
contributed to the Group focusing on new areas to generate future
revenues.
Balance Sheet Analysis
Net assets as at 31 March 2021 amounted to US$1.8 million (2020:
US$1.9 million). In monitoring the health of its balance sheet, the
Company focuses on two primary liquidity ratios:
-- Quick ratio (current assets - inventories / current
liabilities): which remained similar to the prior financial year at
3.54 (2020: 3.62); and
-- Cash ratio (cash & equivalents / current liabilities):
1.53 for the financial period (2020: 0.83), an improvement
primarily due to the loan taken out in the year.
As at 31 March 2021, the Group had an available cash resources
of US$1.7 million, an increase of US$1.1 million from the preceding
financial year (2020: US$0.6 million) due to new share issuance
proceeds and the loan taken during the year. The leverage ratio
(total liabilities / shareholders equity) was 1.53 at 31 March 2021
(31 March 2020: 0.39).
The Group also monitors balance sheet efficiency ratios,
primarily:
-- Accounts receivable to turnover ratio (sales / accounts
receivable): 2.19 for the financial period (2020: 5.16); and
-- Asset turnover ratio (sales / total Assets): 0.61 for the financial period (2020: 1.73).
The Directors believe that the Group is in a stable financial
position and has the financial resources to enable it to expand and
grow its current operations and meet all its current liabilities,
together with the ability to access further capital should an
appropriate need arise.
Enquiries
The Company
Tone Goh, Executive Chairman Singapore +65 6444 2988
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Florence Chandler London +44 20 3934 6630
About GST
GST provides optimal wireless, electronic cabling, security, and
other solutions to clients operating in the infrastructure
development space. GST builds on the profitable ICT business of its
Singaporean subsidiary EMS Wiring Systems, which has been supplying
governments and large private organisations with intelligent
building solutions for the last 30 years. GST's strategy is to
develop solutions to meet the needs of the ICT industry, acting on
the surging opportunities in the technology and innovation sectors
- data centres, intelligent buildings, smart cities and the
Internet of Things - particularly targeting emerging markets where
the demand for ICT infrastructure is increasing rapidly.
For more information please see:
https://gstechnologies.co.uk/
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE
INCOME
For the financial year ended 31 March 2021
Notes 2021 2020
US$'000 US$'000
Net operating income
Sales 2,830 4,527
Other income 578 25
------------------------------ -------------------------------
3,408 4,552
Net operating expense
Continuing Operations 6 (3,903) (4,803)
Foreign exchange loss (0) (4)
------------------------------ -------------------------------
Operating loss (495) (255)
Income tax expense 5 (20)
Net loss for the year (490) (275)
------------------------------ -------------------------------
Other comprehensive loss
Movement in foreign exchange
reserve 156 (188)
------------------------------ -------------------------------
Total comprehensive loss
for the year (334) (463)
Net Loss for the year attributable
to:
Equity holders for the parent (490) (275)
Non-controlling interest - -
------------------------------ -------------------------------
Total comprehensive loss
for the year attributable
to:
Equity holders for the parent (334) (463)
Non-controlling interest 20 - -
------------------------------ -------------------------------
(Loss)/Earnings per share
attributable to members
of the Parent
Basic (loss) per share 10 (0.00041) (0.00028)
Diluted (loss) per share 10 (0.00041) (0.00028)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2021
Notes 2021 2020
US$'000 US$'000
ASSETS
Current assets
Cash and cash equivalents 11 1,742 561
Trade and other receivables 12 2,081 1,201
Other Assets 299 299
Work in progress 15 193 247
Inventories 13 18 13
Total current assets 4,333 2,320
--------------------------- ---------------------------
Non-current assets
Property, plant and equipment 14 275 295
Intangible Assets 16 6 6
Total non-current assets 281 301
--------------------------- ---------------------------
TOTAL ASSETS 4,614 2,621
--------------------------- ---------------------------
EQUITY
Share Capital 19 2,077 1,804
Reserves (710) (866)
Retained Earnings 457 947
Total Equity 1,824 1,885
--------------------------- ---------------------------
Equity attributable to owners
of the parent 1,824 1,885
Non-controlling equity interest 20 - -
1,824 1,885
--------------------------- ---------------------------
LIABILITIES
Current liabilities
21 &
Trade and other payables 14 1,135 674
Loans payable - current 22 445
Total current liabilities 1,580 674
--------------------------- ---------------------------
Non-current liabilities
Lease Liabilities 14 - 62
Loans payable 22 1,210 -
Total current liabilities 1,210 62
--------------------------- ---------------------------
Total Liabilities 2,790 736
--------------------------- ---------------------------
TOTAL EQUITY & LIABILITIES 4,614 2,621
--------------------------- ---------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 March 2021
Notes 2021 2020
US$'000 US$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation from operations (495) (255)
Adjustments:
Depreciation of property, plant
and equipment 180 104
Exchange loss (0) 4
Gain on disposal - (4)
--------------------------- ---------------------------
Operating loss before working
capital changes (315) (151)
Decrease/(Increase) in inventories (5) 3
Decrease/(Increase) in trade and
other receivables (880) 941
(Decrease)/Increase in trade
and other payables 285 (1,039)
--------------------------- ---------------------------
Net cash flow used in operating
activities (915) (246)
CASH FLOWS FROM INVESTING ACTIVITIES
Addition property, plant and
equipment (160) (232)
Decrease in capital work in
progress 54 301
Proceeds from disposal of property,
plant and equipment - 4
--------------------------- ---------------------------
Net cash flow from investing
activities (106) 73
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of new shares 273 -
Principal elements of lease
payments 118 52
Increase in loans payable 1,655 -
Forex reserves 156 (188)
--------------------------- ---------------------------
Net cash flow from financing
activities 2,202 (136)
Net increase/(decrease) in cash and
cash equivalents 1,181 (310)
--------------------------- ---------------------------
Cash and cash equivalents at beginning
of the year 561 871
--------------------------- ---------------------------
Cash and cash equivalents at
end of the year 11 1,742 561
--------------------------- ---------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the financial year ended 31 March 2021
Shareholder FX Reserve Retained Total
Capital Earnings
2021 CONSOLIDATED US$'000 US$'000 US$'000 US$'000
-------------------------- ---------------- ------------ ------------ ------------
Balance at 1 April 2020 1,804 (866) 947 1,885
Comprehensive Income
Loss for the year - - (490) (490)
Other comprehensive loss
for the year - 156 - 156
---------------- ------------ ------------ ------------
Total comprehensive loss
for the year - 156 (490) (334)
Transactions with owners
in their
capacity as owners:
Shares issued during the
year 273 - - 273
---------------- ------------ ------------ ------------
273 - - 273
Balance at 31 March 2021 2,077 (710) 457 1,824
---------------- ------------ ------------ ------------
Shareholder FX Reserve Retained Total
Capital Earnings
2020 CONSOLIDATED US$'000 US$'000 US$'000 US$'000
-------------------------- ---------------- ------------ ------------ ------------
Balance at 1 April 2019 1,804 (678) 1,222 2,348
Comprehensive Income
Loss for the year - - (275) (275)
Other comprehensive loss
for the year - (188) - (188)
---------------- ------------ ------------ ------------
Total comprehensive loss
for the year - (188) (275) (463)
Transactions with owners
in their
capacity as owners:
Shares issued during the - - - -
year
---------------- ------------ ------------ ------------
- - - -
Balance at 31 March 2020 1,804 (866) 947 1,885
---------------- ------------ ------------ ------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the financial year ended 31 March 2021
1. General Information
1.1 Corporate information
The consolidated financial statements of GSTechnologies Ltd (the
"Company") and its subsidiaries (collectively referred to as the
"Group") for the financial year ended 31 March 2021 were authorised
for issue in accordance with a resolution of the Directors on 9
July 2021. The shares of the Company are publicly traded on London
Stock Exchange.
The registered office of GSTechnologies Ltd, the ultimate parent
of the Group, is Intertrust Corporate Services (BVI) Limited,
Ritter House, Wickhams Cay II, Tortola , BVI VG1110.
The principal activity of the Group is data infrastructure,
storage and technology services.
2. Basis of preparation
The consolidated financial statements of the Group have been
prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board (IASB) as adopted by the European Union (EU) as
they apply to the financial statements of the Group for the year
ended 31 March 2021.
The consolidated financial statements have been prepared on a
historical cost convention basis, except for certain financial
instruments that have been measured at fair value. The consolidated
financial statements are presented in US dollars and all values are
rounded to the nearest thousand except when otherwise
indicated.
2.1 Consolidation
The consolidated financial statements comprise the financial
statements of the Group as at 31 March 2021, and for the year then
ended.
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date when such control
ceases.
The financial statements of the subsidiaries are prepared for
the same reporting period as the GSTechnologies Ltd. (parent
company), using consistent accounting.
All intra-group balances, transactions, unrealised gains and
losses resulting from intra-group transactions and dividends are
eliminated in full.
Total comprehensive income within a subsidiary is attributed to
the non-controlling interest even if it results in a deficit
balance. A change ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction.
Business Combinations
Business combinations occur where an acquirer obtains control
over one or more businesses. A business combination is accounted
for by applying the acquisition method, unless it is a combination
involving entities or businesses under common control. The business
combination will be accounted for from the date that control is
attained, whereby the fair value of the identifiable assets
acquired and liabilities (including contingent liabilities) assumed
is recognised (subject to certain limited exceptions).
When measuring the consideration transferred in the business
combination, any asset or liability resulting from a contingent
consideration arrangement is also included. Subsequent to initial
recognition, contingent consideration classified as equity is not
re-measured and its subsequent settlement is accounted for within
equity. Contingent consideration classified as an asset or
liability is re-measured in each reporting period to fair value,
recognising any change to fair value in profit or loss, unless the
change in value can be identified as existing at acquisition
date.
All transaction costs incurred in relation to business
combinations are expensed to the statement of comprehensive income.
The acquisition of a business may result in the recognition of
goodwill or a gain from a bargain purchase.
3. Significant accounting judgements, estimates and assumptions
The preparation of the Group's consolidated financial statements
requires management to make judgements, estimates and assumptions
that affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities at the date of the
consolidated financial statements, and the reported amounts of
revenues and expenses during the reporting period. Estimates and
assumptions are continuously evaluated and are based on
management's experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. However, actual outcomes would differ from these
estimates if different assumptions were used and different
conditions existed.
In particular, the Group has identified the following areas
where significant judgements, estimates and assumptions are
required, and where actual results were to differ, may materially
affect the financial position or financial results reported in
future periods. Further information on these and how they impact
the various accounting policies is located in the relevant notes to
the consolidated financial statements.
Going concern
This report has been prepared on the going concern basis, which
contemplates the continuation of normal business activity and the
realisation of assets and the settlement of liabilities in the
normal course of business.
At 31 March 2021, the Group held cash reserves of $1,742,000
(2020: $561,000).
The Directors are confident that the Group will generate revenue
from data and technology services which will contribute to cash
flow in the next 6-month period.
On this basis, the Directors believe that there are sufficient
funds to meet the Group's working capital requirements.
The Group recorded a loss of $490,000 for the year ended 31
March 2021 and had net assets of $1,824,000 as at 31 March 2021
(2020: loss of $275,000 and net assets of $1,885,000).
Accruals
Management have used judgement and prudence when estimating
certain accruals for contractor claims. The accruals recognised are
based on work performed but are before settlement.
Contingencies
By their nature, contingencies will only be resolved when one or
more uncertain future events occur or fail to occur. The assessment
of the existence, and potential quantum, of contingencies
inherently involves the exercise of significant judgement and the
use of estimates regarding the outcome of future events. Please
refer to Note 23 for further details.
The preparation of the Company's financial statements requires
management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and
liabilities, and the disclosure of contingent liabilities at the
end of each reporting period. Uncertainty about these
assumptions
and estimates could result in outcomes that require a material
adjustment to the carrying amount of the asset or liability
affected in the future periods.
Judgements made in applying accounting policies
Management is of the opinion that there are no significant
judgements made in applying accounting estimates and policies that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources
of estimation uncertainty at the end of the reporting period are
discussed below. The Company based its assumptions and estimates on
parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising
beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.
Provision for expected credit losses (ECL) on trade receivables
and contract assets
ECLs are unbiased probability-weighted estimates of credit
losses which are determined by evaluating a range of possible
outcomes and taking into account past events, current conditions
and assessment of future economic conditions.
The Company uses a provision matrix to calculate ECLs for trade
receivables and contract assets. The provision rates are based on
days past due for groupings of various customer segments that have
similar loss patterns. The provision matrix is initially based on
the Company's historical observed default rates. The Company will
calibrate the matrix to adjust historical credit loss experience
with forward-looking information. At every reporting date,
historical default rates are updated and changes in the forward-
looking estimates are analysed.
The assessment of the correlation between historical observed
default rates, forecast economic conditions and ECLs is a
significant estimate. The amount of ECLs is sensitive to changes in
circumstances and of forecast economic conditions. The Company's
historical credit loss experience and forecast of economic
conditions may also not be representative of customer's actual
default in the future.
The carrying amount of the Company's trade receivables at the
end of the reporting period is disclosed in Note 12 to the
financial statements.
Revenue recognition
The Company uses the percentage-of-completion method to account
for its contract revenue. The stage of completion is measured in
accordance with the accounting policy stated in Note 5. Significant
assumptions are required in determining the stage of completion,
the extent of the contract cost incurred, the estimated total
contract cost and the recoverability of the contracts. In making
these assumptions, management has relied on past experience and the
work of specialists.
Significant judgement is also required to assess allowance made
for foreseeable losses, if any, where the contract cost incurred
for any job exceeds its contract sum. The carrying amounts of
contract balances at the reporting date are disclosed in Note 15 to
the financial statements.
Allowance for inventory obsolescence
The Company reviews the ageing analysis of inventories at each
reporting date and makes provision for obsolete and slow-moving
inventory items identified that are no longer suitable for sale.
The net realisable value for such inventories are estimated based
on the most reliable evidence available at the reporting date.
These estimates take into consideration market demand, competition,
selling price and cost directly relating to events occurring after
the end of the financial year to the extent that such events
confirm conditions existing at the end of the financial year.
Possible changes in these estimates could result in revisions to
the valuation of inventories. The carrying amounts of the Company's
inventories at the reporting date are disclosed in Note 13 to the
financial statements.
4. Adoption of new and amended standards and interpretations
The Group adopted all of the new and revised Standards and
Interpretations issued by the IASB that are relevant to its
operations and effective for annual reporting periods beginning on
or after 1 April 2020. It has been determined by the Group, there
is no impact, material or otherwise, of the new and revised
standards and interpretations on its business and therefore no
change is necessary to Group accounting policies.
Any new or amended Accounting Standards or Interpretations that
are not yet mandatory have not been early adopted.
5. Summary of significant accounting policies
Plant and equipment
Plant and equipment are shown at cost less accumulated
depreciation and impairment losses. The initial cost of an asset
comprises its purchase price or construction cost, any costs
directly attributable to bringing the asset into operation, any
incidental cost of purchase, and associated borrowing costs. The
purchase price or construction cost is the aggregate amount paid
and the fair value of any other consideration given to acquire the
asset. Directly attributable costs include employee benefits,
professional fees and costs of testing whether the asset is
functioning properly. Capitalised borrowing costs include those
that are directly attributable to the construction of assets.
Property, plant and equipment relate to plant, machinery,
fixtures and fittings and are shown at historical cost less
accumulated depreciation and impairment losses. Depreciation of
property, plant and equipment are computed on a straight line basis
over the estimated useful life of the assets.
The depreciation rates applied to each type of asset are as
follows:
Plant and machinery 2 to 10 years
Motor Vehicles 2 to 10 years
Fixtures and fittings 3 years
Lease Improvements 5 years
Subsequent expenditure is capitalised when it is probable that
future economic benefits from the use of the asset will be
increased. All other subsequent expenditure is recognised as an
expense in the period in which it is incurred. Assets that are
replaced and have no future economic benefit are derecognised and
expensed through profit or loss. Repairs and maintenance which
neither materially add to the value of assets nor
appreciably prolong their useful lives are charged against
income. Gains/ losses on the disposal of fixed assets are
credited/charged to income. The gain or loss is the difference
between the net disposal proceeds and the carrying amount of the
asset.
The asset's residual values, useful lives and methods of
depreciation are reviewed at each reporting period and adjusted
prospectively if appropriate.
Inventories
Inventories are valued at the lower of cost and net realisable
value.
Financial instruments
(a) Financial assets
(i) Classification, initial recognition and measurement
The Company classifies its financial assets into the following
measurement categories:
amortised cost; fair value through other comprehensive income
(FVOCI); and fair value through profit or loss (FVPL).
Financial assets are recognised when, and only when the entity
becomes party to the contractual provisions of the instruments.
At initial recognition, the Company measures a financial asset
at its fair value plus, in the case of a financial asset not at
FVPL, transaction costs that are directly attributable to the
acquisition of the financial assets. Transaction costs of financial
assets carried at FVPL are expensed in profit or loss.
Trade receivables are measured at the amount of consideration to
which the Company expects to be entitled in exchange for
transferring promised goods or services to a customer, excluding
amounts collected on behalf of third party, if the trade
receivables do not contain a significant financing component at
initial recognition.
(ii) Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the
Company's business model for managing the asset and the contractual
cash flow characteristics of the asset. The Company only has debt
instruments at amortised cost.
Financial assets that are held for the collection of contractual
cash flows where those cash flows represent solely payments of
principal and interest are measured at amortised cost. Financial
assets are measured at amortised cost using the effective interest
method, less impairment. Gains and losses are recognised in profit
or loss when the assets are derecognised or impaired, and through
the amortisation process.
Debt instruments of the Company comprise cash and cash
equivalents and trade and other receivables.
Equity instruments
On initial recognition of an investment in equity instrument
that is not held for trading, the Company may irrevocably elect to
present subsequent changes in fair value in other comprehensive
income which will not be reclassified subsequently to profit or
loss. Dividends from such investments are to be recognised in
profit or loss when the Company's right to receive payments is
established. For investments in equity instruments which the
Company has not elected to present subsequent changes in fair value
in other comprehensive income, changes in fair value are recognised
in profit or loss.
(iii)Derecognition
A financial asset is derecognised where the contractual right to
receive cash flows from the asset has expired. On derecognition of
a financial asset in its entirety, the difference between the
carrying amount and the sum of the consideration received and any
cumulative gain or loss that had been recognised in other
comprehensive income for debt instruments is recognised in profit
or loss.
(b) Financial liabilities
(i) Initial recognition and measurement
Financial liabilities are recognised when, and only when, the
Company becomes a party to the contractual provisions of the
financial instrument. The Company determines the classification of
its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value
plus in the case of financial liabilities not at FVPL, directly
attributable transaction costs.
(ii) Subsequent measurement
After initial recognition, financial liabilities that are not
carried at FVPL are subsequently measured at amortised cost using
the effective interest method. Gains and losses are recognised in
profit or loss when the liabilities are derecognised, and through
the amortisation process.
Financial liabilities measured at amortised cost comprise trade
and other payables.
(iii) Derecognition
A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. On
derecognition, the difference between the carrying amounts and the
consideration paid is recognised in profit or loss.
Offsetting
Financial assets and liabilities are offset and the net amount
presented in the statement of financial position when, and only
when, the Company has a legal right to offset the amounts and
intends either to settle on a net basis or to realise the asset and
settle the liability simultaneously.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short-term
deposits that are readily convertible to known amount of cash and
that are subject to an insignificant risk of changes in their fair
value, and are used by the Company in the management of its
short-term commitments. For the purpose of the statement of cash
flows, pledged deposits are excluded whilst bank overdrafts that
are repayable on demand and that form an integral part of the
Company's cash management are included in cash and cash
equivalents.
Impairment
Financial Assets
The Company recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at FVPL and contract
assets. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash
flows that the Company expects to receive, discounted at an
approximation of the original effective interest rate. The expected
cash flows will include cash flows from the sale of collateral held
or other credit enhancements that are integral to the contractual
terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that
result from default events that are possible within the next
12-months (a 12-month ECL). For those credit exposures for which
there has been a significant increase in credit risk since initial
recognition, a loss allowance is recognised for credit losses
expected over the remaining life of the exposure, irrespective of
timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Company applies a
simplified approach in calculating ECLs. Therefore, the Company
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date. The
Company has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking
factors specific to the debtors and the economic environment which
could affect debtors' ability to pay.
The Company considers a financial asset in default when
contractual payments are past due for more than 90 days. However,
in certain cases, the Company may also consider a financial asset
to be in default when internal or external information indicates
that the Company is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements
held by the Company. A financial asset is written off when there is
no reasonable expectation of recovering the contractual cash
flows.
Non-financial assets
The carrying amounts of the Company's non-financial assets,
other than inventories, are reviewed at each reporting date to
determine whether there is any indication of impairment. If any
such indication exists, then the asset's recoverable amount is
estimated. An impairment loss is recognised if the carrying amount
of an asset or its related cash-generating unit (CGU) exceeds its
estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its
value in use and its fair value less costs to sell. For the purpose
of impairment testing, the recoverable amount is determined on an
individual asset basis unless the asset does not generate cash
inflows that are largely independent of those from other assets. If
this is the case, the recoverable amount is determined for the CGU
to which the asset belongs. If the recoverable amount of the asset
(or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable
amount.
The difference between the carrying amount and recoverable
amount is recognised as an impairment loss in profit or loss.
An impairment loss for an asset other than goodwill is reversed
only if, there has been a change in the estimates used to determine
the asset's recoverable amount since the last impairment loss was
recognised. The carrying amount of this asset is increased to its
revised recoverable amount, provided that this amount does not
exceed the carrying amount that would have been determined (net of
any accumulated amortisation or depreciation) had no impairment
loss been recognised for the asset in prior years.
A reversal of impairment loss for an asset other than goodwill
is recognised in profit or loss.
Trade and other payables
Trade and other payables are non-derivative financial
liabilities that are not quoted in an active market. It represents
liabilities for goods and services provided to the Group prior to
the year end and which are unpaid. These amounts are unsecured and
have 7-30 day payment terms. Trade and other payables are presented
as current liabilities unless payment is not during within 12
months from the reporting date. They are recognised initially at
their fair value and subsequently measured at amortised cost using
the effective interest method.
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings are recognised initially
at fair value, net of transaction costs incurred. Borrowings are
subsequently carried at amortised cost using the effective interest
(EIR) method. The fair value implies the rate of return on the debt
component of the facility. This rate of return reflects the
significant risks attaching to the facility from the lenders'
perspective.
Determination of Fair Values
A number of the Company's accounting policies and disclosures
require the determination of fair value, for both financial and
non-financial assets and liabilities. Fair values have been
determined for measurement and/or disclosure purposes based on the
following methods. When applicable, further information about the
assumptions made in determining fair values is disclosed in the
notes specific to that asset or liability.
Trade and other receivables
The fair values of trade and other receivables are estimated as
the present value of future cash flows, discounted at the market
rate of interest at the measurement date. Current receivables with
no stated interest rate are measured at the original invoice amount
if the effect of discounting is immaterial. Fair value is
determined at initial recognition and, for disclosure purposes, at
each annual reporting date.
Non-derivative financial liabilities
Non-derivative financial liabilities are measured at fair value
at initial recognition and for disclosure purposes, at each annual
reporting date. Fair value is calculated based on the present value
of future principal and interest cash flows, discounted at the
market rate of interest at the measurement date.
Other financial assets and liabilities
The carrying amount of financial assets and liabilities with a
maturity of less than one year is assumed to approximate their fair
values.
Provisions
Provisions are measured at the present value of management's
best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax amount that
reflects current market assessments of the time value of money, and
the risks specific to the liability. The increase in the provision
due to the passage of time is recognised as interest expense.
Finance income
Interest income is made up of interest received on cash and cash
equivalents.
Income tax
Tax expense comprises current and deferred tax. Current tax and
deferred tax is recognised in profit or loss except to the extent
that it relates to a business combination, or items recognised
directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the
taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to
tax payable in respect of previous years.
Deferred income tax is provided using the balance sheet method
on temporary differences at the reporting date between the tax
bases of assets and liabilities and their carrying amounts for
financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable
temporary differences. Deferred income tax assets are recognised
for all deductible temporary differences, carry forward of unused
tax credits and unused tax losses, to the extent that it is
probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused
tax credits and unused tax losses, can be utilised, except:
-- In respect of deductible temporary differences associated
with investments in subsidiaries, deferred income tax assets are
recognised only to the extent that it is probable that the
temporary differences will reverse in the foreseeable future and
taxable profit will be available against which the temporary
differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at
the end of each reporting period and reduced to the extent that it
is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred income tax asset to
be utilised. Unrecognised deferred income tax assets are reassessed
at the end of each reporting period and are recognised to the
extent that it has become probable that future taxable profit will
be available to allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the
tax rates that are expected to apply to the year when the asset is
realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of
the reporting period.
Deferred income tax assets and deferred income tax liabilities
are offset if a legally enforceable right exists to set off current
tax assets against current income tax liabilities and the deferred
income taxes relate to the same taxable entity and the same
taxation authority.
Foreign currencies
i) Functional and presentation currency
The consolidated financial statements are presented in US
dollars, which is the Group's presentation currency.
ii) Transaction and Balances
Transactions in foreign currencies are initially recorded in the
functional currency at the respective functional currency rates
prevailing at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are retranslated at
the spot rate of exchange ruling at the reporting date. All
differences are taken to the profit or loss, should specific
criteria be met.
Non-monetary items that are measured in terms of historical cost
in a foreign currency are translated using the exchange rate as at
the date of the initial transaction. Non-monetary items measured at
fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined.
iii) Group Companies
The results and financial position of foreign operations (none
of which has the currency of a hyperinflationary economy) that have
a functional currency different from the presentation currency are
translated into the presentation currency as follows:
-- Assets and liabilities for each statement of financial
position presented as translated at the closing rate at the date of
the statement of financial position.
-- Income and expenses for each income statement and statement
of profit or loss and other comprehensive income are translated at
average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on
the transactions dates, in which case income and expenses are
translated at the dates of the transactions), and
-- All resulting exchange differences are recognised in other
comprehensive income
Revenue Recognition
Revenue is measured based on the consideration to which the
Company expects to be entitled in exchange for transferring
promised goods or services to a customer, excluding amounts
collected on behalf of third parties.
Revenue is recognised when the Company satisfies a performance
obligation by transferring a promised good or service to the
customer, which is when the customer obtains control of the good or
service. A performance obligation may be satisfied at a point in
time or over time. The amount of revenue recognised is the amount
allocated to the satisfied performance obligation.
Rendering of services
Revenue from rendering of services is recognised as performance
obligations are satisfied. Payments are due from customers based on
the agreed billing milestone stipulated in the contracts or based
on the amounts certified by the customers.
Where performance obligations are satisfied over time as work
progresses, revenue is recognised progressively based on the
percentage of completion method. The stage of completion is
assessed by reference to the cost incurred relative to total
estimated costs (input method). The related costs are recognised in
profit or loss when they are incurred, unless they relate to future
performance obligations.
If the value of services rendered for the contract exceeds
payments received from the customer, a contract asset is recognised
and presented separately on the balance sheet. The contract assets
are transferred to receivables when the entitlement to payment
becomes unconditional. If the amounts invoiced to the customer
exceeds the value of services rendered, a contract liability is
recognised and separately presented in the statement of financial
position.
Interest Income
Interest income is recognised using the effective interest
method. When a receivable is impaired, the Group reduces the
carrying amount to its recoverable amount, being the estimated
future cash flow discounted at the original effective interest rate
of the instrument, and continues unwinding the discount as interest
income.
Contract assets and liabilities
Contract assets primarily relate to the Company's rights to
consideration for work completed but not billed at the reporting
date on project work. Contract assets are transferred to trade
receivables when the rights become unconditional. This usually
occurs when the Company invoices the customer.
Contract liabilities primarily relate to advance consideration
received from customers and progress billings issued in excess of
the Company's rights to the consideration.
6. Net Operating Expenses
2021 2020
US$'000 US$'000
Continuing Operations
Costs of goods sold 1,118 1,420
Employee Cost 1,951 2,645
Travel Expenses 1 40
Admin Expense 455 354
Lease Expenses - 5 71
Distribution, Advertising
and promotion 18 93
General Expenses 33 44
Depreciation of property plant
and equipment 170 104
Interest on lease expenses 9 10
Occupancy costs 19 22
Finance cost 134 -
------------------------------ -----------------------------
3,903 4,803
------------------------------ -----------------------------
7. Key management personnel
2021 2020
US$'000 US$'000
Directors' emoluments 229 327
-------- --------
8. Employee Cost
2021 2020
US$'000 US$'000
Wages and salaries 479 625
Wages and salaries - Cost of sales 1,226 1,827
Staff welfare and other employee costs 246 193
-------- --------
Total 1,951 2,645
-------- --------
9. Earnings per share
2021 2020
US$'000 US$'000
Loss for the period attributable to
members (490) (275)
Basic earnings per share is calculated by
dividing the profit attributable to owners
of the Parent by the weighted average number
of ordinary share in issue during the year.
Basic weighted average number of ordinary
shares in issue 1,028,482,002 995,482,002
Basic earnings per share-cents (0.00041) (0.00028)
Diluted earnings per share-cents (0.00041) (0.00028)
10. Segment Reporting
The consolidated entity's operating segments have been
determined with reference to the monthly management accounts used
by the chief operating decision maker to make decisions regarding
the consolidated entity's operations and allocation of working
capital.
Due to the size and nature of the consolidated entity, the Board
as a whole has been determined as the chief operating decision
maker.
The consolidated entity operates in one business segment, being
information data technology and infrastructure.
The revenues and results are those of the consolidated entity as
a whole and are set out in the statement of profit and loss and
other comprehensive income. The segment assets and liabilities of
this segment are those of the consolidated entity and are set out
in the Statement of Financial Position.
11. Cash and cash equivalents
2021 2020
US$'000 US$'000
Cash at bank 1,742 561
======== ========
Cash at bank balance includes US$52,849.49 pledged to the bank
as security for banker guarantee given to customer.
12. Trade and Other Receivables
2021 2020
US$'000 US$'000
Trade receivables 1,291 878
Other Receivables 790 323
-------- --------
2,081 1,201
-------- --------
13. Inventories
2021 2020
US$'000 US$'000
Inventories 334 303
Less: Allowance for inventory obsolescence (316) (290)
--------- --------
18 13
========= ========
The movement in the allowance for inventory obsolescence is as
follows:
2021 2020
US$'000 US$'000
Balance at beginning of year 290 290
Additional allowance for inventory obsolescence 26 -
-------- --------
Balance at end of year 316 290
======== ========
14. Property, plant and equipment
Right-of-Use Building Furniture Vehicle Total
Assets and improvts & Office
Equipment
US$'000 US$'000 US$'000 US$'000 US$'000
Cost
As at 31 March
2019 - 38 447 191 676
Impact of IFRS
16 (Note 4) 169 - - - 169
Additions /
Transfer
in - 8 55 - 63
Disposal /
Write-off 0 0 0 (43) (43)
Adjustments/Forex - - - - -
translation
----------------- ----------------- ---------------- ---------------- ----------------
As at 31 March
2020 169 46 502 148 865
Impact of IFRS
16 (Note 4) 124 - - - 124
Additions /
Transfer
in - - 7 - 7
Disposal / - - - - -
Write-off
Adjustments/Forex
translation 10 7 20 (8) 29
----------------- ----------------- ---------------- ---------------- ----------------
As at 31 March
2021 303 53 529 140 1025
Accumulated
depreciation
As at 31 March
2019 - 25 380 94 499
Charge for the
year 55 14 21 14 104
Disposal/Write-off - - - (33) (33)
Adjustments/Forex - - - - -
translation
----------------- ----------------- ---------------- ---------------- ----------------
As at 31 March
2020 55 39 401 75 570
Charge for the
year 120 3 34 13 170
Disposal/Write-off - - - - -
Adjustments/Forex
translation 3 8 13 (14) 10
----------------- ----------------- ---------------- ---------------- ----------------
As at 31 March
2021 178 50 448 74 750
Net book value
As at 31 March
2020 114 7 101 73 295
================= ================= ================ ================ ================
As at 31 March
2021 125 3 81 66 275
================= ================= ================ ================ ================
Lease liabilities recognized in the balance sheet
The balance sheet shows the following amounts relating to lease
liabilities
2021 2020
US$'000 US$'000
Current 129 55
Non-current - 62
-------- --------
129 117
-------- --------
Amounts recognized in the statement of profit or loss
The statement of profit or loss shows the following amounts
relating to leases:
2021 2020
US$'000 US$'000
Depreciation 120 55
Interest expense 9 10
-------- --------
129 65
-------- --------
15. Work in progress
2021 2020
US$'000 US$'000
Contract assets 193 247
The contract assets primarily relate to the Company's rights to
consideration for work completed but not billed at the reporting
date. If the value of services rendered exceeds payments received
from the customer, a contract asset is recognised and presented
separately. The contract asset is transferred to receivables when
the entitlement to payment becomes unconditional.
The contract liabilities primarily relate to advance
consideration received from customers for contract revenue. If the
amounts invoiced to the customer exceeds the value of services
rendered, a contract liability is recognised and presented
separately.
The changes in contract balances are due to the differences
between the agreed payment schedule and progress of project
work.
16. Intangible Assets
2021 2020
US$'000 US$'000
Cost as at 1 April and 31 March 6 6
======== ========
Fair value :
As at 1 April 6 6
As at 31 March 6 6
======== ========
There was no impairment during the period.
17. Subsidiaries
Details of the Company's subsidiaries on 31 March 2021 are as
follows:
Name of Subsidiary Place of Incorporation Proportion Proportion
of of Voting
Ownership Power
Interest
Golden Saint Technologies
(Australia) Pty Ltd Australia 100 100
EMS Wiring Systems Pte.
Ltd Singapore 100 100
GS Fintech Ltd UK 100 100
GS Fintech Pte Ltd Singapore 100 100
18. Taxation
Unrecognised tax losses
Where the realisation of deferred tax assets is dependent on
future taxable profits, losses carried forward are recognised only
to the extent that business forecasts predict that such profits
will be available to the companies in which losses arose.
The parent, GSTechnologies Ltd, is not liable to corporation tax
in BVI, so it has no provision for deferred tax. However,
GSTechnologies (Australia) Pty Ltd is liable to tax in Australia
and EMS is liable for tax in Singapore.
2021 2020
US$'000 US$'000
Current income tax - 11
Adjustments for prior year - -
-------- --------
- 11
Deferred tax expenses (5) 9
-------- --------
(5) 20
======== ========
The tax expense on the results of the financial year for the
Company varies from the amount of income tax determined by applying
the Singapore statutory rate of income tax on Company's profit.
19. Share capital and reserves
The share capital of the Company is denominated in UK Pounds
Sterling. Each allotment during the period was then translated into
the Group's functional currency, US Dollars at the spot rate on the
date of issue.
Number of US$'000
Shares
Authorised
Ordinary Shares
As at 31 Mar 2020 995,482,002 1,804
Issues during the period 198,000,000 273
1 April 2020 to 31 March 2021
--------------------- --------------------------
As at 31 March 2021 1,193,482,002 2,077
--------------------- --------------------------
20. Non-controlling equity interest
All entities within the group are currently 100% owned and
accordingly a non-controlling interest does not arise.
21. Trade and other payables
2021 2020
US$'000 US$'000
Trade payables 471 389
Accruals 502 211
Other payables 33 19
Lease liabilities 129 55
-------- --------------
1,135 674
-------- --------------
Trade payables are non-interest bearing and are normally settled
on 60-days terms.
22. Loans Payable
Term Amount Interest Current Non-current
rate
Loan 1 5 yrs 1,413 2.5% pa 273 985
Loan 2 3 yrs 521 4.5% pa 172 226
------------------ --------------- ----------------------
1,934 445 1,210
================== =============== ======================
23. Commitments and Contingencies
The Group is subject to no material commitments or contingent
liabilities.
24. Related party transactions
During the period 1 April 2020 to 31 March 2021, there were no
related party transactions other than loans between wholly owned
subsidiaries.
25. Financial risk management objectives and policies
The Group's activities expose it to a variety of financial
risks. The Group's Board provides certain specific guidance in
managing such risks, particularly as relates to credit and
liquidity risk. Any form of borrowings requires approval from the
Board and the Group does not currently use any derivative financial
instruments to manage its financial risks. The key financial risks
and the Group's major exposures are as follows:
Credit risk
The maximum exposure to credit risk is represented by the
carrying amount of the financial assets. In relation to cash and
cash equivalents, the Group limits its credit risk with regards to
bank deposits by only dealing with reputable banks. In relation to
sales receivables, the Group's credit risk is managed by credit
checks for credit customers and approval of letters of credit by
the Group's advising bank.
Foreign Currency Risk
Currency risk is the risk that the value of a financial
instrument will fluctuate due to changes in foreign exchange rates.
The company is exposed to currency risk on sales and purchases,
that are denominated in foreign currencies.
26. Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they fall due. Numbers in the
table below represent the gross, contractual, undiscounted amount
payable in relation to the financial liabilities.
The Group monitors its risk to a shortage of funds using a
combination of cash flow forecasts, budgeting and monitoring of
operational performance.
Less than Three
three to twelve One to
On Demand months months five years Total
US$'000 US$'000 US$'000 US$'000 US$'000
As at 31 March
2021:
Trade and other
payables 976 159 - 1,135
27. Operating lease commitments
Capital includes equity attributable to the equity holders of
the parent. Refer to the statement of changes in equity for
quantitative information regarding equity.
The Group's primary objectives when managing capital are to
safeguard its ability to continue as a going concern in order to
provide returns for shareholders. For details of the capital
managed by the Group as at 31 March 2021, please see Note 14.
The Group is not subject to any externally imposed capital
requirements.
28. Capital management
The Company manages its capital to ensure that it will be able
to continue as a going concern while maximising the returns to
shareholders through the optimisation of the debt and equity
balance.
Capital consists of total equity.
The directors review the capital structure on an ongoing basis.
As a part of the review, the directors consider the cost of capital
and the risks associated with each class of capital. Based on the
recommendation of the directors, the Company will balance its
overall capital structure through the payment of dividends, new
share issues as well as the issue of new debts or the redemption of
existing debt.
There were no changes in the Company's approach to capital
management during the year.
The Company is registered with the Building and Construction
Authority in Singapore and is required to maintain certain minimum
capital and net worth. The Company has complied with the applicable
capital requirements for the financial years ended 31 March 2021
and 31 March 2020.
29. Interest rate risk
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of
changes in market interest rates. A sensitivity analysis is not
presented, as all borrowing costs have been capitalised as at 31
March 2021; therefore, profit or loss and equity would have not
been affected by changes in the interest rate.
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