1
Annual Report
GSTECHNOLOGIES LTD
Annual Report 2024
BVI Company Number: 1765556
For the financial
year ended
31 March 2024
Annual
Report
gstechnologies.co.uk
2
Annual Report
3
Annual Report
Board of Directors
04
Director Report
06
Director’s Responsibility Statement
07-08
Chairman’s Statement
09-13
Financial Review
13
Strategic Report
14-15
Environmental, Social and Governance Report
16-21
Independent Auditors Report
22-29
Consolidated Statement of Profit or loss and
Comprehensive Income
30
Consolidated Statement of Changes in
Financial Position
31
Consolidated Statement of Cash Flows
32
Consolidated Statement of Equity
33
Notes to the Consolidated Financial Statements
36
Directors’ Remuneration Report
61
Parent Company Statement of Financial Position
63
Parent Company Statement of Profit and Loss
64
Parent Company Statement of Changes in Equity
65
Contents
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Annual Report
Board of Directors
holds a Bachelor of Science degree and an
MBA in International Business from the University
of San Francisco. He has more than 25 years’
experience in corporate real estate advisory,
asset management, finance and development
and has held executive positions on the boards
of a number of international companies
specialising in mergers and acquisitions and the
private equity industry.
Tone Goh
Executive Chairman
has over 30 years’ experience in software
development for the financial and
telecommunication industries. He is a successful
technology entrepreneur, who has successfully
built and exited multiple companies, including
in fintech and payment solutions. He is a co-
founder of, and leads the development of, the
Coalculus blockchain technology, which enables
enterprise-ready blockchain-as-a-service to
financial institutions and enterprises. He until
recently held the role of Non-executive Director at
iSentric Ltd (now IOUpay), an ASX-listed company.
Jack Bai
Executive Director
holds a Bachelor of Business Management
Degree from Singapore Management University
and has more than five years of sales, operations
and management experience, primarily involving
distributed ledger technology in growth stage
companies. He is Chief Marketing Officer for, and a
co-founder of, the Coalculus blockchain platform.
Shayne Tan
Executive Director
Directors’ Statement
For the financial year ended 31 March 2024
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Annual Report
Galvin has deep knowledge and vast experience
of the workflow and processes of the payment
and remittance business in Singapore and be-
yond. Some of Galvin’s valuable work experiences
were gained as Director of Business Development
at Caliber Technology Private Limited. His thor-
ough and exhaustive proficiency in Southeast
Asia’s remittance protocols and methodologies,
as well as work-related contacts, will promote
and facilitate coordination of plans to expand into
Southeast Asia and beyond.
Galvin Bai
Executive Director
is a Chartered Accountant and has a wide range
of experience in corporate life, with roles as Chair-
man, Non- Executive Director, Chair of Audit, CEO,
COO and CFO for several companies. He is an
adviser on compliance and governance, strategy,
and operational improvement, and managing the
risks of rapid change.
Malcolm Groat
Non-executive Director
Wellesley is an experienced banking and capital markets executive with over 30 years’ experience in senior
roles based in the UK, Hong Kong and the USA. Having started his career in the UK with County Natwest Secu-
rities in 1985, Lord Wellesley moved to Hong Kong in 1988 as a senior market maker. He joined Merrill Lynch in
Hong Kong in 1992, where he ran the bank’s Asian market making desk covering London listed Asian equities,
before moving to the US with Merrill Lynch in 2000. Returning to the UK in 2003 he held a number of senior eq-
uity trading roles, including with Tristone Capital, which was acquired by Macquarie, where between 2005 and
2012 he established and ran their UK trading operations. Over the past five years Lord Wellesley has focussed
on a number of advisory and interim managerial roles and he is currently a director of a number of private
businesses and not-for-profit organisations.
Christopher Wellesley
Non-executive Director
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Annual Report
Results for the year
ended 31 March 2024
GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce the Company’s audited results for the
year ended 31 March 2024 (“FY24”).
The Company’s Annual Report for the financial year ending 31 March 2024 will shortly be available on the Company’s
website at https://www.gstechnologies.co.uk/annual-reports.
GSTechnologies Limited
(“GST” or the “Company” or the “Group”)
Directors’ Report
For the financial year ended 31 March 2024
First full year reporting period as a pure play fintech group following the completion of the disposal of EMS Wiring
Systems Pte Ltd in September 2022
Completion of the acquisition of PAYPT Finance Ltd (“PAYPT”), a Canadian company holding a Canadian Money
Services Business (“MSB”) licence, in August 2023
Formation of Angra Global following the acquisition of PAYPT, with significant growth in H2 FY24 and in the current
financial year as the business rolled out its multi-currency e-wallet service
Soft rollout of the GS20 Exchange completed and the development of the GS20 Exchange has progressed in
accordance with the Board’s expectations
Completion of the acquisition of Semnet Pte Ltd (“Semnet”), a cybersecurity company based in Singapore, in 29
February 2024. Prior to the acquisition’s completion, a US$36 million contract was secured for the sale of high-
performance application servers and solutions specifically designed for artificial intelligence (AI). These solutions
feature the cutting-edge NVIDIA HGX H800 8-GPUs
Option purchase agreement to acquire 60% of EasySend Ltd (“EasySend”), a Northern Ireland company operating a
cross-border payments business. Completion expected later in 2024
Revenue for the year of US$1.55 million (FY23 reported: US$2.32 million, including discontinued operations), with a fivefold
increase in revenue in H2 FY24 (US$1.29 million) versus H1 FY24 (US$0.26 million)
Net loss for the year of US$1.22 million (FY23: US$1.63 million loss) as the Company continued to invest in developing its
GS Money solutions, with a significantly decreased net loss in H2 FY24 (US$0.31 million) versus H1 FY24 (US$0.78 million)
As of 31 March 2024, the Company had US$2.61 million in cash and cash equivalents (31 March 2023: US$4.25 million)
Significant further growth seen with both Angra Global and the GS20 Exchange post year end
Placing raising gross proceeds of £1.25 million completed in April 2024
Proposed acquisition of Bonfirepay in Spain, aimed at enhancing Angra Global’s B2B- focused cross-border payments
and currency exchange services throughout the European Economic Area (EEA), as announced on 9 July 2024
Highlights
Post Period Highlights
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Annual Report
Enquiries
The Company
Tone Goh, Executive Chairman
+61 8 6189 8531
Financial Adviser
VSA Capital Limited
+44 (0)20 3005 5000
Simon Barton / Thomas Jackson
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor Relations
IFC Advisory Limited
+44 20 (0) 3934 6630
Tim Metcalfe / Graham Herring / Florence Chandler
For more information please see: https://gstechnologies.co.uk/
In the case of each person who was a Director at the time this report was approved:
So far as the Director was aware there was no relevant audit information of which the Company’s auditor was
unaware; and
The Director has taken all steps that he ought to have taken as a Director to make himself aware of any relevant audit
information and to establish that the Company’s auditor was aware of that information.
A resolution to reappoint the auditor, Shipleys LLP, will be proposed at the forthcoming Annual General Meeting.
Approved by the Board of Directors and signed on behalf of the Board.
Disclosure of information to the auditor
Auditors
Tone Goh
Director
On behalf of the Board 23 July 2024
Director’s Responsibilities Statement
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Annual Report
•
Select suitable accounting policies and then apply them consistently;
•
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 Strategic Report and Directors’ Report which comply with the requirement of the Companies Act 2006;
and
•
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group
and the parent company will continue in business
The Directors are responsible for preparing the Strategic Report, Directors’ Report, any other surround information and
the group and parent company financial statements in accordance with applicable law and regulations. Company
law requires the Directors to prepare group and parent company financial statements for each financial year. Under
that law, they are required to prepare the group financial statements in accordance with International Financial
Reporting Standards in conformity with the requirements of the Companies Act 2006 (IFRSs) and have elected to
prepare the parent company financial statements in accordance with UK Accounting Standards and applicable law
(UK Generally Accepted Accounting Practice).
Under Company law, the Directors must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the group and parent company and of their profit or loss for that
year. In preparing each of the group and parent company financial statements, the Directors are required to:
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
group and the parent company’s transactions and disclose with reasonable accuracy at any time the financial
position of the group and the parent company and enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the parent company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for ensuring that the Strategic Report, Directors’ report and other information
included the Annual Report and financial statements is prepared in accordance with applicable law in the United
Kingdom. The maintenance and integrity of the Company’s website is the responsibility of the Directors.
Legislation in the United Kingdom governing the preparation and dissemination of the accounts and other information
included in the annual report may differ from legislation in other jurisdictions.
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Annual Report
Angra Global was established during the year, in August 2023, following the completion of the acquisition of the entire
issued share capital of PAYPT, in Canada, and its combination with Angra Limited in the UK. Angra Limited, which
operates under the AngraFX brand name, is an established Financial Conduct Authority (“FCA”) approved Authorised
Payment Institution (“API”), conducting fast, secure, and low-cost foreign exchange business and payment services
internationally, the first pillar of GS Money. The addition of PAYPT provided a Canadian MSB licence encompassing a
range of financial activities, including: foreign exchange dealing; cryptoasset dealing; money transfer services; and
authorisations for the issuance of debit cards and IBANs. The two businesses are now fully integrated, with the Angra
Global team being led by GST directors Christopher Wellesley and Galvin Bai.
Following the establishment of Angra Global the focus has been on building an integrated offering, utilising new
technologies that provide attractive solutions for customers and moving away from some of the lower margin
traditional foreign exchange activities previous undertaken by Angra Limited and PAYPT.
Angra Global
Angra Global’s multi-currency e-wallet service, initially covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan
Renminbi and US Dollar Tether Token transactions was launched on 1 September 2023 and continues to grow, with
significant growth seen post the year end. This service enables Angra Global customers to securely store their funds
within Angra Global business accounts and facilitates seamless foreign exchange conversions and fund transfers
through Angra Global’s established and reliable banking partnerships, akin to a conventional business bank account.
Additionally, Angra Global is able to issue Sterling local accounts and Euro SEPA IBAN accounts to its clients, thereby
providing a comprehensive one-stop business banking solution.
Angra Global is continuing to develop these services and the Group is focused on accelerating Angra Global’s revenue,
while simultaneously bolstering the Angra team to expand its B2B Neobank operations beyond the UK, serving companies
of all sizes worldwide. As part of this expansion strategy, on 29 November 2023, the Company entered into an option to
purchase agreement to acquire 60% of the share capital of EasySend Ltd (“EasySend”), a Northern Ireland based FCA
approved API, conducting cross-border payment services. We believe the acquisition of a majority stake in EasySend will
assist with growing the customer base for the Company’s existing GS Money activities, in particular Angra Global, and
provide access to additional technology, including EasySend’s mobile terminal technology. It is intended that EasySend’s
founder and management team will remain with the business and that the 40% minority holding will be retained by
EasySend’s founder. As announced on 9 July 2024, the parties have mutually agreed to extend the period for entering into
a definitive sale and purchase agreement until 30 November 2024. This extension will allow both parties time to refine the
post- acquisition acquisition integration plan to ensure the acquisition aligns with GST’s strategic objectives.
Post the year end, on 9 July 2024, we announced that GST has entered into a conditional agreement to acquire the
entire issued share capital of Bonfirepay SL (“Bonfirepay”), a company incorporated and operating under the laws of
Spain. This acquisition is expected to be a significant step in the Company’s planned strategic expansion across Europe.
The acquisition of Bonfirepay is aimed at enhancing Angra Global’s B2B-focused cross-border payments and currency
exchange services throughout the European Economic Area (EEA). Having a presence in Spain, through Bonfirepay, will
enable Angra Global to collaborate with a broader network of European banks, non-banking financial institutions, and
foreign currency providers, thereby reducing remittance costs and accelerating revenue growth. The completion of the
acquisition is conditional on the finalisation of Bonfirepay’s registration as a Small Payment Institution (SPI) with the central
bank of Spain.
Further complementary acquisitions are being investigated to accelerate Angra Global’s growth and provide the licences
and infrastructure needed to operate internationally.
During the year GST continued its strategic focus, started in early 2021, on developing a borderless neobanking platform
providing next-generation digital money solutions, both organically and through complementary acquisitions. This is
being undertaken under the Company’s GS Money banner primarily through the Group’s GS20 Exchange and Angra
Global businesses, based on three initial use-cases: international money transfers, borderless accounts, and private
stablecoin. In particular, the disposal of EMS, completed in September 2022, removed a loss-making business from the
Group and FY24 was the first full year for GST as a ‘pure play’ fintech group.
During the year we completed two further significant acquisitions, PAYPT Finance Ltd (“PAYPT”), a Canadian company
holding a Canadian Money Services Business (“MSB”) licence, in August 2023, and Semnet Pte Ltd (“Semnet”), a
cybersecurity company based in Singapore, in February 2024. Both these acquisitions have added important additional
capabilities and sources of revenue for the Group, which, given the timing of the acquisitions, are not fully reflected in the
FY24 financial statements.
I am very pleased with the progress we have made during the year, which has continued post period end. Group
revenues increased fivefold from the first half of the year to the second half as we established various offerings and rolled
these out commercially. Further significant growth is expected to be seen in the current financial year and the various
businesses progress and are fully consolidated into the Group.
Chairman’s Statement
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Annual Report
The Group acquired 66.67% of the share capital of Semnet Pte Ltd (“Semnet”), a cybersecurity company based in
Singapore, on 29 February 2024. Semnet is a profitable cybersecurity business that is providing the Company with
expertise and licences that are a critical component to the advancement of the Company’s GS Money and B2B
Neobanking operations. Cybersecurity is of particular importance to both the Company’s developing global neobank
ecosystem under Angra Global and the GS20 Exchange.
Semnet has now been successfully integrated into the Group’s operations and the Semnet team’s experience
and capabilities are already adding significant value to the Group’s operations, particularly through enhanced
cybersecurity support.
In addition to providing support to the Group’s operations, Semnet has been successful in winning additional third-
party business, including a US$36 million revenue contract with Ypsilon Technology Pte. Ltd that was recognised prior to
the consolidation of Semnet in the Group.
Zheng Kang Wen Mervyn, an existing Director of Semnet, has been appointed as Sales and Marketing Director of
Semnet and is supporting the Group in expanding Semnet’s cybersecurity business. He is being assisted by a senior
leadership team including GST director Galvin Bai and Lam Pek San, a 10% shareholder in Semnet.
Semnet was only consolidated into the Group on 1 March 2024, a month before the year end, but is trading ahead of
the GST Board’s expectations at the time of the acquisition and the business is achieving significant profitable growth.
GS20 Exchange
Semnet
Following the acquisition of Glindala (now GS Fintech UAB), a holder of a Crypto Currency Exchange Licence registered
in Lithuania, in August 2022, GST soft launched the Company’s GS20 cryptoasset exchange in November 2022. The
GS20 Exchange is offering spot trading and over-the-counter trading desk services for popular cryptoassets, although
it is not a pure cryptocurrency exchange. The soft launch was successfully completed during the year and the
development of the GS20 Exchange has progressed in accordance with the Board’s expectations, with a wider roll-out
continuing. There has been a progressive build-up of registered users, and the Company are greatly encouraged by
the market traction the GS20 Exchange is enjoying. The GS20 Exchange is generating revenue for the Company via
trading commissions at varying levels depending on the type and size of transaction undertaken.
The GS20 Exchange entered into an agreement with Liminal, a leading blockchain wallet infrastructure company,
just post the year end, to enhance the exchange’s digital assets custody capabilities and to enable the exchange
to securely scale its digital asset operations through HSM (hardware security module) and MPC (multi-party
computation) backed architecture. This has enabled the successful launch of the GS20 Exchange vaults, facilitating
self-custody for various blockchains including Bitcoin, Ethereum, Tron, and others. Ensuring digital asset security is
a priority and the GS20 Exchange vaults are CCSS Level 3 certified, the highest standard in Cryptocurrency Security
Standards (CCSS).
The Group complies with the recent implementation of EU-wide cryptocurrency regulations and is keenly observing
developments in this space. Our commitment to compliance and innovation remains steadfast as we navigate these
changes and continue to explore opportunities within the evolving regulatory landscape.
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Annual Report
As a further key pillar of the stablecoin activities that the Group intends to carry out in strategic jurisdictions, including
the UK, the Company applied to the FCA for the Company’s stablecoins to be admitted to the FCA Regulatory Sandbox.
In June 2023, the Company was informed by the FCA that they had concluded that the Company’s stablecoin
application did not currently meet the FCA’s strict criteria for admission to the FCA Regulatory Sandbox. As an
alternative the FCA offered the Company a place on their Innovations Pathway programme, an initiative designed to
support financial services firms in launching innovative products and services, which the Company was pleased to
accept. Under the FCA Innovation Pathway programme, the Company was provided with a dedicated FCA case officer
and a comprehensive range of support services, designed to assist GST to further develop the appropriate path for the
progression of its stablecoin plans. This process has been extremely helpful in shaping the Company’s future roadmap
for its stablecoin activities which may involve a future Regulatory Sandbox application or preparation for regulatory
authorisation without the need for supervised testing. Discussions with the FCA continue, but regulatory authorisation in
the UK for the Company’s stablecoins is not seen as an immediate strategic priority or necessity as the Group’s other
operations develop.
In order to accelerate the implementation of the
Group’s GS Money strategy, including via acquisition,
the Company has undertaken fundraising activities
as the Board has deemed appropriate to facilitate the
maximisation of overall shareholder value.
During the year the Company entered into an unsecured
convertible loan facility to receive funding of up to US$1.6
million (the “Loan Facility”) with an institutional investor.
US$800,000 of the Loan Facility was drawn down. The
Loan Facility was cancelled on 29 March 2023, with the
second instalment of US$800,000 undrawn. On 4 April
2023 the remaining US$285,000 principal amount of the
Loan Facility and the associated interest of US$28,500
(10%), was converted into new ordinary shares of no-par
value in the capital of the Company (“Ordinary Shares”).
Following this conversion no principal amount
or associated interest remains outstanding under the
Loan Facility.
On 17 May 2023 the Company has raised gross proceeds
of £750,000 through a placing of 75,000,000 Ordinary
Shares at a price of 1.0 pence per share.
On 14 November 2023, the Company raised gross
proceeds of £847,000 through a placing of 77,000,000
Ordinary Shares at a price of 1.10 pence per share.
Post period end, on 23 April 2024, the Company raised
gross proceeds of £1,250,000 through a placing of
119,047,619 Ordinary Shares at a price of 1.05 pence per
share.
The Board is mindful of dilution for existing shareholders,
and the Company will only undertake further fundraising
activities if the Board believes additional capital is
required to achieve the Company’s strategic goals.
Other Operations
Fund Raising
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Annual Report
Board and People
Current trading
Summary
I would like to take this opportunity to thank all of the GST Board and team for their hard work and dedication
throughout the year.
In June 2023, Chong Loong Fatt Garies (“Garies Chong”), a Non-executive Director of the Company, resigned from the
Board in order to focus on his other business interests. I would like to thank Garies for his contribution to GST and we
wish him well for the future.
In January 2024 we welcomed Lord Christopher Wellesley to the Board as a Non-Executive Director. Christopher is an
experienced banking and capital markets executive with over 30 years’ experience in senior roles based in the UK, Hong
Kong and the USA. He began working with the Group in the UK in September 2023 and has been appointed as Chief
Executive Officer of Angra Limited. His significant international capital markets and trading experience has already
proved to be very valuable to the Group.
During April to June 2024, GST has experienced a notable increase in revenues, reflecting the effectiveness of the
company’s strategic initiatives and the strong performance of our subsidiaries. Each operating subsidiaries contributed
significantly to this growth, with standout performances in key markets driven by increased adoption of our digital
payment solutions and expanded partnerships with financial institutions. Our efforts to penetrate new markets and
strengthen our presence in existing ones have yielded positive results, with new client acquisitions and expanded
service agreements.
GST is now a focused, ‘pure play’, fintech group with two solid operational platforms, Angra Global and the GS20
Exchange, coupled with a profitable cybersecurity business, on which to build and continue to roll out our GS Money
solutions.
Angra Global provides the first pillar of GS Money and is enjoying substantial growth with its multi- currency e-wallet
service, particularly post year end. With additional services being added and further geographic expansion planned
this growth is expected to accelerate.
Unlocking the demand for a large user base also requires a platform that can meet the clearing and settlement needs
of both retail and institutional customers, with high compliance and security standards. The GS20 Exchange provides
such a platform and following its soft launch is rapidly building its customer based as the second pillar of GS Money.
Whilst growing the Group organically and completing the acquisitions of EasySend and Bonfirepay, we will also
continue to explore further value enhancing acquisition opportunities that are presented.
I would like to take this opportunity to thank all stakeholders, including the Group’s staff, customers and GST
shareholders for their continuing support.
GST has come a long way over the last three and a half years and I look forward to reporting on our further progress in
the coming months.
Tone Kay Kim GOH
Executive Chairman
On behalf of the Board
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Annual Report
The Group’s financial statements include a full 12-month contribution from Angra Limited and GS Fintech UAB, with
PAYPT (now Angra Global) being consolidated from 15 August 2023 and Semnet from 1 March 2024.
Following the disposal of EMS, the Group’s income during the year was solely derived from the Group’s ‘fintech’
and cybersecurity businesses, which led to a decrease in revenue for the 12-months ended 31 March 2024 to
US$1.55 million (2023: US$2.27 million) as these businesses remain in the developmental phase. However, the
revenue from continuing operations has seen significant growth. The revenue for the year of US$1.55 million was
a 90% increase on the revenue derived from continuing operations in FY 23, with a further significant increase
seen during the year; H2 FY24 revenue of US$1.29 million was a fivefold increase over H1 FY24 (US$0.26 million).
The Group’s operating loss before tax for the financial year was US$1.22 million, compared to the operating loss incurred
in previous financial year of US$1.63 million as the Company continued to invest in developing its GS Money solutions,
with a significantly decreased net loss in H2 FY24 (US$0.31 million) versus H1 FY24 (US$0.78 million).
Net assets as at 31 March 2024 amounted to US$6.24 million (31 March 2023: US$3.87 million). As at 31 March 2024,
the Group had available cash of US$2.61 million (31 March 2022: US$4.25 million), with gross proceeds of £1.25 million
(approximately US$1.60 million) being raised post period end in April 2024.
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.
Income Analysis
Balance Sheet Analysis
Financial Review
2.27
-1.63
3.87
4.25
1.55
-1.22
6.24
2.61
-3.00
-2.00
-1.00
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Revenue
Operating Profit/Loss
Net Asset
Cash Balance
$ Millions
Company Highlights
2023
2024
0.26
-0.78
1.29
-0.31
-1
-0.5
0
0.5
1
1.5
Revenue
Net Loss
$ Millions
Continuing Operations
2024 H1
2024 H2
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Annual Report
Strategic Report
The fintech industry is characterized by rapid technological advancements, regulatory changes, and evolving
customer preferences. Market volatility and intense competition from both established financial institutions and new
entrants can impact the company’s market share and profitability. The company operates in the competitive sectors
of international money transfers, borderless accounts, and private stablecoin through its GS Money banner. The
rapid pace of innovation in these areas requires the company to continuously evolve its offerings. The entry of new
competitors or significant innovations by existing competitors could erode the company’s market position.
The company stays ahead by investing in innovative technologies and enhancing its product portfolio. Strategic
acquisitions, such as PAYPT and Semnet, provide additional capabilities and a larger total addressable market.
The reliance on digital platforms and cloud infrastructure for financial transactions exposes the company to cyber
threats such as data breaches, unauthorized access and other forms of cyber-attacks. Cyber risks can lead to
financial losses, reputational damage, and regulatory penalties. The company’s operations, including the Angra
Global’s multi-currency e-wallet service and GS20 Exchange platform, handle sensitive financial and personal data,
making them prime targets for cyber-attacks.
To mitigate these risks, the company has implemented several strategies. The acquisition of Semnet has significantly
bolstered the company’s cybersecurity capabilities. Semnet provides advanced cybersecurity solutions and expertise,
ensuring robust protection against cyber threats. Additionally, the company has invested in regular security audits,
employee training, and the implementation of cutting- edge encryption technologies to further safeguard the
company’s digital infrastructure. These comprehensive measures ensure that the company remains resilient against
evolving cyber threats, maintaining the security and integrity of its financial operations.
Foreign exchange rate fluctuations can affect the valuation of assets and liabilities in the company’s FX business,
impacting profitability and financial stability. Angra Global, part of the company, deals with international money
transfers and multi-currency transactions. Volatile FX rates can lead to unpredictable revenue and cost fluctuations,
affecting overall financial performance.
The company has sought to limit this risk by employing hedging strategies to manage FX risk exposure. Additionally,
the integration with Clearbank allows the company to offer a wider range of FX services, thereby mitigating currency
volatility. Strong banking partnerships and a diversified currency portfolio further reduce FX risk. These measures ensure
that the company can maintain financial stability and consistent performance despite the inherent uncertainties of
the FX market.
A review of the period of these accounts is given in the Chairman’s Statement
on pages 9 to 13.
1. Market Conditions and Competition
2. Cyber Risks
3. Foreign Exchange Rate Fluctuations
Risks and Uncertainties
The Group’s risk management policy is regularly reviewed and updated in line with the changing needs of the business.
Risk is inherent in all business. Set out below are certain risk factors which could have an impact on the Group’s long-
term performance and mitigating factors adopted to alleviate these risks. This does not purport to be an exhaustive list
of the risks affecting the Group. The primary risks identified by the Board are:
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Annual Report
The company’s growth strategy requires substantial capital investment. Failure to secure necessary funding could
hinder the execution of strategic initiatives and affect the company’s growth trajectory. The company has undertaken
multiple capital-raising activities to fund acquisitions and expansion projects. The need for continuous investment in
technology and market expansion poses ongoing capital requirements. During the year the company has successfully
raised capital through share placements and convertible loan facilities. The Board intends to manage fundraising
activities in a way that minimizes shareholder dilution while aligning with our strategic goals.
Dependence on third-party suppliers and rapid technological changes can disrupt the company’s operations and
affect service delivery. The Angra Global platform and GS20 Exchange rely on advanced technologies and third-party
suppliers for key components. Disruptions in the supply chain or technological obsolescence could impact service
quality and operational efficiency.
The company invests in technology development and reduces dependence on third-party suppliers by developing
its own platform software in-house. Additionally, the company maintains strong relationships with reliable suppliers
to ensure continuity and quality. Continuous monitoring and adaptation to technological trends ensure the company
remains at the forefront of innovation. By diversifying its technology sources and fostering internal capabilities, the
company enhances its resilience against supply chain disruptions and technological changes.
Executing a complex growth strategy involving multiple acquisitions and geographic expansion presents integration
challenges and operational risks. The company’s acquisitions of PAYPT and Semnet require effective integration to
realize synergies and achieve strategic objectives. Additionally, the expansion into new markets, such as the EEA,
introduces regulatory and operational complexities.
While the company is dependent on the ability of the directors to manage acquisitions and expansions and to
implement the group’s strategic roadmap, there is no assurance that the Group’s growth strategy will continue to be
successful.
Regulatory changes can impact the company’s operations, particularly in the fintech and cryptocurrency sectors. As
the company operates in multiple jurisdictions each with its own regulatory landscape, compliance with diverse and
evolving regulations across different jurisdictions is critical. The EU-wide cryptocurrency regulations and the UK’s FCA
requirements have the potential to impact the company’s GS20 Exchange and stablecoin initiatives.
As a key strategy, the company actively engages with regulatory bodies and adapts its operations to meet
compliance standards. Continuous monitoring of regulatory changes and proactive adjustments are required to
ensure ongoing compliance. Additionally, the acquisition or application for new licenses may become necessary to
maintain and expand our services in response to regulatory developments.
Climate change can impact the company’s operations and supply chains, posing financial and operational risks. As
a global fintech company, the company’s hosted servers, offices, and supply chains could be affected by climate-
related events. Additionally, customers and partners may increasingly demand sustainable practices. The company is
committed to sustainability and integrates environmental considerations into its business practices. Efforts to reduce
the company’s carbon footprint include optimizing energy usage in data centers and promoting sustainable financial
solutions. Regular assessments of climate-related risks inform strategic planning and risk management.
4. Capital Raising
5. Technology and Supply Risks
6. Risks Relating to Group Business Strategy
7. Regulatory Risk
8. Climate-Related Risks
16
Annual Report
GSTechnologies Limited maintains its commitment to adherence to rigorous and transparent accounting standards
as a cornerstone of its operational integrity. By consistently applying internationally recognized accounting principles
and frameworks, the company ensures accuracy, reliability, and transparency in financial reporting. This commitment
not only strengthens trust among stakeholders but also underscores GSTechnologies’ dedication to upholding high
standards of corporate governance and financial stewardship.
Upholding high standards of business ethics is foundational to GST’s operations and practices. We are committed to
conducting business with integrity, transparency, and accountability in every aspect of our operations. This commit-
ment extends across our interactions with stakeholders, adherence to regulatory requirements, and the cultivation of a
culture that values ethical behaviour. By prioritizing ethical standards, we ensure trust and respect in our relationships,
foster a positive impact on society, and sustain long-term value creation for our shareholders and stakeholders alike.
The Board of Directors meets regularly to consider strategic matters and the overall direction of the Group’s business
activities. The Chairman and Non-Executive Directors sit on sub-committees that address specific aspect of gov-
ernance, including an Audit Committee, a Remuneration Committee and a Nominations Committee. The Directors
also interact as required between formal meetings and are clear in their role of setting standards and procedures
for the whole Group to maintain effective and appropriate standards of conduct.
The Board leads on setting and evolving Group strategy and on framing the Group’s approach to identifying and
evaluating risks and opportunities. The Group maintains a Risk Register.
The Company has established robust governance frameworks and policies to guide its operations. These include
comprehensive codes of conduct, company policies, and rigorous internal controls. GST conducts regular audits and
assessments to ensure compliance with these policies and to identify any potential risks. The Company also maintains
open lines of communication with its stakeholders, providing regular updates on its governance practices and
performance.
Ethical conduct and integrity are at the core of GST’s corporate values. The Company has zero tolerance for unethical
behaviour and has put in place stringent measures to prevent, detect, and address any instances of misconduct.
Accounting Practices
Business Ethics
Board Practices
Governance Criteria
The Group is steadfast in its commitment to mitigating its environmental impact, enhancing social benefits, and
upholding strong governance across all operations. Through ongoing initiatives and continuous improvement, we are
dedicated to implementing sustainable and responsible practices that align with our overarching ESG objectives. As a
fintech firm listed on the London Stock Exchange, GST maintains transparency by reporting its environmental impacts,
offering stakeholders detailed and precise information through annual sustainability reports.
Environmental, Social and
Governance Report
17
Annual Report
CO2 Emissions: 64.8 tonnes
Travel Details:
Route: Singapore (SIN) to London (LHR)
Roundtrip Distance: Approximately 21,800 km
Class: 2 Premium Economy and 4 Economy
Number of Overseas Travels: 2 trips per year
Number of Travellers: 6
GST has demonstrated a strong commitment to environmental sustainability through a range of initiatives aimed at
reducing its carbon footprint and promoting energy efficiency. The Board has put in place a process for executive
management to assess likely future climate-related impacts throughout the Group and to bring to the Board key
findings and issues for attention. This includes a review of impacts on the Group’s own products and services, its
supply chain, and its general operating environment.
Overseas travel contributes significantly to GST’s carbon footprint. Travel data, including flight distances and pas-
senger numbers, were obtained from our travel expense reports. The following metrics detail our efforts to monitor
and reduce emissions associated with air travel:
Similarly, employees utilizing taxis and metro trains incurred an average cost of US$ 5.50 per trip. This figure reflects
both direct costs borne by employees and indirect implications for company expenditure related to commuting
solutions. We analysed transportation data for employees commuting via taxis and metro trains during a typical
workweek comprising five days. The average cost per trip was calculated based on average expenditures recorded
over the specified period.
Carbon Footprint
Environmental Criteria
18
Annual Report
Virtual Meetings: Increased use of virtual meeting platforms to reduce the need for international travel. Almost all of
the meetings of the Board and its Committees are held virtually.
Travel Policies: Encouraged employees to choose direct flights where possible and to combine multiple meetings into
single trips to minimize travel frequency.
Hybrid work set up: Sustainable urban mobility solutions, contributing to reduced carbon emissions and congestion in
metropolitan areas.
Gender Distribution
Female: 14 | Male: 22
Race Ethnicity
Chinese: 25
Indian: 1
Other Asian: 2
European: 6
Brazilian: 1
Columbian: 1
Initiatives to Reduce
Environmental Impact
Utilization of digital and soft copies to minimize paper usage. Transitioning to electronic formats to reduces the
demand for printed copies.
Adopting electronic signature solutions enables the signing of documents digitally, eliminating the necessity for
printing contracts, agreements, and forms.
Leveraging cloud storage platforms (e.g., Google Drive, Microsoft OneDrive, Dropbox) and collaboration tools (e.g.,
Microsoft Teams, Zoom) facilitates real-time document editing and sharing, reducing reliance on printed materials.
Electricity: 6,106 kWh
Water: 18.1 cubic meters
Office Floor Area: 548 square meters combined for Singapore and UK subsidiaries
Climate Policies
Through the implementation of energy-efficient office equipment and facilities, we aim to minimize our environmental
footprint while maximizing operational efficiency. Our adoption of a hybrid work setup not only enhances employee
flexibility and productivity but also optimizes office energy consumption by reducing overall facility usage.
GST prioritizes the well-being and development of its employees, fostering an inclusive and supportive workplace
culture. The company has implemented comprehensive equality and inclusion policies, resulting in a workforce that is
40% female and 60% male. GST has implemented policies to ensure equal opportunities for all employees, regardless
of gender, race, religion or background.
Throughout the year, GST utilized 6,106 kWh of electricity and 18.1 cubic meters of water, managing consumption effi-
ciently across our facilities spanning a total of 548 square meters office floor area. This figure represents our consci-
entious efforts to optimize energy and water usage across our operations, employing energy-efficient technologies
and practices wherever feasible.
Natural Resource Conservation
Social Criteria
Water and Electricity Consumption
19
Annual Report
Leaves: Annual leave, medical leave, hospitalization leave, maternity leave, paternity leave, compassionate leave,
birthday leave, marriage leave
Work Environment: Flexible working arrangements
Working Hours: 8 hours per day, 5 days a week
GST is committed to ethical business practices and human rights. The Company adheres to strict labor standards,
ensuring fair wages and safe working conditions for all employees. GST has also established a comprehensive supply
chain management system to monitor and address any potential human rights violations. By upholding these stan-
dards, the Company not only ensures compliance with international regulations but also reinforces its commitment
to social justice and ethical conduct.
At GST, we recognize the importance of adhering to all government statutory contributions for our employees across
all subsidiaries, in accordance with the applicable labour laws in each jurisdiction where we operate. Ensuring com-
pliance with these regulations is integral to our commitment to responsible corporate citizenship and sustainable
business practices.
We ensure that all required contributions, including but not limited to pensions, healthcare, and social security, are
diligently managed and disbursed for our employees in compliance with local laws.
The Company is committed to ensuring the health and safety of its employees. Education and training are central
to GST’s social responsibility agenda. The Company has launched a range of skill development programs aimed
at enhancing the capabilities of its workforce and supporting local talent. Through partnerships with educational
institutions, GST provides internships, and mentorship opportunities, helping to bridge the skills gap and prepare the
next generation of industry professionals.
Employer volunteerism is encouraged in the past year. These efforts reflect GST’s commitment to making a positive
impact on the communities in which it operates.
Across our subsidiaries, located in various jurisdictions, the Group upholds uniform standards of compliance with
regard to statutory employee benefits.
Employee Benefits
Statutory Contributions
Social Vulnerability
Corporate Social Responsibility
Subsidiary Operations
Defined contribution scheme for pension
National Insurance Contributions
Central Provident Fund (CPF) Contributions
Skills Development Levy (SDL)
Foreign Worker Levy
Work Injury Compensation Insurance
Donations: Contributions to Singapore Cancer Society and Salvation Army Singapore
20
Annual Report
Governance
Strategy
Risk Management
Metrics and Targets
Task Force on Climate-related Financial Disclosures
(“TCFD”) disclosure statement
Electricity: 6,106 kWh | Water: 18.1 cubic meters
CO2 Emissions: 64.8 tonnes
Our Board has oversight of ESG opportunities and strategy, receiving an annual update on these topics. GST
management will establish an internal cross-team advisory committee focused on ESG opportunities and risks,
overseen by a dedicated, full-time ESG Consultant.
Our priority for the upcoming financial year is to ensure rigorous compliance in our ESG reporting. We are dedicated
to meeting government standards and regulations regarding the business impact on climate change, enhancing our
corporate social responsibility efforts, developing a diverse leadership pipeline, and broadening our hiring strategies to
improve the representation of women in our workforce. Potential impacts of climate-related risks and opportunities on
the organization’s businesses and strategy is discussed on pages 17 to 20.
GST implement mitigation measures to reduce our carbon footprint and enhance the resilience of our operations.
These measures include energy efficiency initiatives, renewable energy adoption, and sustainable supply chain
practices. GST continuously monitor climate-related regulations and standards. This ensures that our operations
remain compliant and positions us favorably in the market.
GST provides data information on its environmental impacts that adhere to the GHG Protocol guidelines to ensure
transparency. Key metrics related to the Company’s environmental performance, social benefits, and governance practices
can be found in the GST ESG section, pages 17 to 20.
Scope 2 emissions were derived from subsidiary consumption trend of water and electricity across the span of office area
Scope 3 emissions were concluded on available overseas business travel claims and constitute a significant portion of
GST’s carbon footprint.
GSTechnologies Limited is in the process of aligning with the Task Force on Climate-related Financial Disclosures (TCFD)
Recommendations and Disclosures. While we do not yet fully meet all TCFD requirements, we aim to provide enhanced
TCFD-related disclosures in next year’s annual report.
In line with our obligations under the UK Financial Conduct Authority’s Listing Rules, we are enhancing our processes
for identifying, managing, and reporting on climate-related risks and opportunities. This effort aligns with the TCFD
Recommendations to ensure robust and transparent climate-related disclosures.
21
Annual Report
Board of Directors Diversity
GST is committed to fostering diversity within its board composition to enhance varied perspectives and expertise.
Recognizing the invaluable contributions of diverse backgrounds, experiences, and skills, the Company actively
promotes inclusivity across its leadership. By cultivating a board that reflects a wide range of perspectives, the Group
ensures robust decision- making processes that are sensitive to global markets and societal dynamics, ultimately
driving sustainable growth and innovation in the fintech sector. The table below the mix of people by ethnicity and
gender across leadership positions in the Group.
GST has not met the targets on Board diversity set out in LR 14.3.33 as at 31 March 2024. In particular, of the six members
of the Board, the Company is mindful that none are women compared with the target of 40 per cent.
GST is a company registered in the British Virgin Islands, listed on the London Stock Exchange with its head office in
Singapore. Of the Board, four members are Chinese and two are European.
The company has comprehensive equality and inclusion policies, resulting in a workforce that is 40% female and 6000
male. While the Company believes strongly that there are no barriers to the appointment of women in senior roles, the
composition of the Board has come about as a result of GST’s corporate history, specifically the original acquisition
of EMS in 2018 and the partnership with and through the Company always filling vacancies on the basis of the best
available talent and experience.
%
Number of
Executive
Managers
Number of Senior
positions Chair, SID, CEO,
CFO
%
Number of
Board
Members
100%
-
6
100%
6
Men
-
-
-
-
-
Women
-
-
-
-
-
Other
67%
-
4
67%
4
Chinese
-
Mixed ethnicity
33%
-
2
33%
2
White/European
-
-
-
-
-
Black/African
-
-
-
-
-
Other
22
Annual Report
Independent
Auditor’s Report
23
Annual Report
Basis for opinion
Independence
We have audited the financial statements of GS Technologies Limited (the “Company”) and its subsidiary undertakings
(together referred to as the “Group”) for the year ended 31 March 2024, which comprise:
The financial reporting framework that has been applied in the preparation of the Group financial statements is
applicable law and International Accounting Standards.
In our opinion:
Our audit opinion is consistent with our reporting to the audit committee.
Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report.
We remained 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 applicable to listed public interest entities,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard
were not provided.
We have provided no non-audit services to the Company or its controlled undertakings in the period under audit.
The consolidated statement of comprehensive income for the year ended 31 March 2024.
The consolidated and the Company statement of financial position as at 31 March 2024;
The consolidated statement of cash flows for the year ended 31 March 2024;
The consolidated and the Company statement of changes in equity for the year ended 31 March 2024; and
Notes to the financial statements, which include a summary of significant accounting policies and other explan-
atory information.
The financial statements give a true and fair view of the state of the Group’s and the Company’s affairs as at 31
March 2024 and of the Group’s loss for the year then ended; and
The Group financial statements have been properly prepared in accordance with UK adopted International Ac-
counting Standards;
24
Annual Report
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of ac-
counting in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group’s ability to continue to adopt the going concern basis of
accounting included carrying out a risk assessment which covered the nature of the group, its business model and
related risks including where relevant the impact of Coronavirus, the requirements of the applicable financial re-
porting framework and the system of internal control. We evaluated the directors’ assessment of the group’s ability
to continue as a going concern, including challenging the underlying data and key assumptions used to make the
assessment, and evaluated the directors’ plans for future actions in relation to their going concern assessment.
Additionally, we reviewed and challenged the results of management’s stress testing, to assess the reasonableness
of economic assumptions on the Group’s solvency and liquidity position.
Based on the work we have performed, we have not identified any material uncertainties relating to events or condi-
tions that, individually or collectively, may cast significant doubt on the Company’s or Group’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 rele-
vant sections of this report.
In planning and performing our audit we applied the concept of materiality. An item is considered material if it could
reasonably be expected to change the economic decisions of a user of the financial statements. We used the con-
cept of materiality to both focus our testing and to evaluate the impact of misstatements identified.
Based on our professional judgement, we determined overall materiality for the financial statements to be $110,956,
based on 2% of gross assets for the year.
We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit
of the financial statements. Performance materiality is set based on the audit materiality as adjusted for the judge-
ments made as to the entity risk and our evaluation of the specific risk of each audit area having regard to the internal
control environment. We determined performance materiality to be $83,217.
Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party
transactions and directors’ remuneration.
We agreed with the Audit Committee to report to it all identified errors in excess of $5,548. Errors below that threshold
would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative grounds.
Conclusions relating to going concern
Materiality
Overview of our Audit Approach
25
Annual Report
In establishing our overall approach to the Group audit, we determined the type of work that needed to be under-
taken at the significant component by us, as the primary audit engagement team. For the full scope component in
the United Kingdom and in overseas, we determined the appropriate level of involvement to enable us to determine
that sufficient audit evidence had been obtained as a basis for our opinion on the Group as a whole.
We engaged with the component auditors at all stages during the audit process and directed the audit work on the
UK and non-UK subsidiary undertakings. We directed the component auditor regarding the audit approach at the
planning stage, issued instructions that detailed the significant risks to be addressed through the audit procedures
and indicated the information we required to be reported on.
This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion
on the Group financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance on 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, including those 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.
Overview of the scope of our audit
Key audit matters
Key audit matter
How our audit addressed the key audit matter
Revenue Recognition
There is a presumed risk of fraud or error in
respect of revenue recognition
We carried out procedures to test revenue and to consider whether
the application of the revenue recognition policy was appropriate.
There was no revenue generated within the company financial
statements. Audit work on revenue in relation to the rest of the group
entities was carried out by the component auditors, whose work we
have reviewed as a part of our audit procedures.
Management override
of controls
There is a presumed risk that management
is able to override controls.
We have reviewed journal adjustments and the rationale behind
them and have considered whether these have been subject to
potential management bias. From our procedures carried out no
adverse issues were identified with regards to management over-
ride of controls.
Going concern assumption
The Group is dependent upon its ability
to generate sufficient cash flows to meet
continued operational costs and hence
continue trading.
Going concern was addressed as a key audit matter and has been
addressed within the ‘conclusions’ relating to going concern’ section
of the audit report.
Impairment of investment in
subsidiaries
The group holds investments in subsidiaries
at cost. There was a risk that investments
in group companies are impaired and so
investment values may be misstated in the
parent company.
We have reviewed the consolidated financials of the subsidiary
undertaking and reviewed the performance to date. We reviewed
the latest management accounts post year end for the subsidiary;
We have reviewed the long term cashflow forecasts prepared and
understood and assessed the methodology used by the directors
in this analysis and determined it to be reasonable; We tested the
assumptions made by management through performing sensitivity
analysis through changing the assumptions used and re- running
the cash flow forecast.
26
Annual Report
Intangible Assets valuation
During the year the group developed
crypto trading platform and capitalised
the costs of development as at
balance sheet date.
To obtain assurance that intangibles existed, and these were ac-
curately stated in financial statements, we have performed test of
details. No issue noted regarding intangible existence and accuracy
In addition, to above audit work we have obtained management’s
impairment workings and reviewed these workings to check whether
there were any indicators of impairment as at year. Based work per-
formed and assurance obtained there were factors existed at bal-
ance sheet date which would indicate that intangibles assets were
impaired and an impairment loss of $89k has been recognised in
financial statement as at 31st March 2024.
Recoverability of Intercompany/
Related parties
There was material related party receivable
in parent company’s balance sheet date.
There is a risk that this balance may not be
recoverable.
To obtain assurance that related party receivable was recoverable
and existed, we obtained related party balance confirmations and
vouched post year receipts from related parties. We have reviewed
post year end receipts from the related part and obtained balance
confirmation letters from related parties. Based work performed it
appears that related parties receivable balance was fairly stated in
financial statements.
Other assets valuation
As at balance sheet date the group had
Diamonds stock on its balance sheet. There
was a risk that the value of demands mis-
statement in financial statements.
We have reviewed the supporting valuation and post yearend sales
documentations. Based on work performed we didn’t find any ma-
terial issue regarding the existence and valuation of other assets.
Risk of non-compliance with
FCA Regulation
One of the group subsidiaries
(Angra Limited) is trading in foreign
exchange in the UK. There is risk that group
may not be following FCA regulations for
client money.
We have reviewed legal and professional fees ledger and correspon-
dence with FCA in the year and in post year end period. Based on work
performed no issue noted regarding compliance of FCA regulations.
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 oth-
erwise 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 ma-
terially 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.
In this context, matters that we are specifically required to report to you as uncorrected material misstatements
of the other information include where we conclude that:
Other Information
Overview of our Audit Approach
27
Annual Report
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 Company and Group’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 to cease operations, or have
no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We have nothing to report in respect of these matters.
Responsibilities of the directors for the financial statements
Auditor’s Responsibilities for the audit of the financial statements
Fair, balanced and understandable – the statement given by the directors that they consider the annual report
and financial statements taken as a whole is fair, balanced and understandable and provides the information
necessary for shareholders to assess the groups’ position and performance, business model and strategy, is
materially inconsistent with our knowledge obtained in the audit; or
Audit committee reporting - the section describing the work of the audit committee does not appropriately
address matters communicated by us to the audit committee;
28
Annual Report
We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing
on those laws and regulations that have a direct effect on the determination of material amounts and disclosures
in the financial statements. The laws and regulations we considered in this context were relevant company law
and taxation legislation in the UK and jurisdictions in which the Group operates.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud,
to be the override of controls by management. Our audit procedures to respond to these risks included enquiries
of management about their own identification and assessment of the risks of irregularities, sample testing on the
posting of journals, and reviewing accounting estimates for biases.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We were appointed by the board on 16 December 2022 to audit the financial statements. Our total uninterrupted
period of engagement is 2 years.
This report is made solely to the Company’s members in accordance with the engagement our letter. Our audit work
has been undertaken so that we might state to the Company’s members those matters we are required to state
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
For and on behalf of SHIPLEYS LLP
Chartered Accountants and Statutory Auditor
10 Orange Street, Haymarket, London, WC2H 7DQ
23 July 2024
Benjamin Bidnell
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances
on non-compliance with laws and regulations that are not closely related to events and transactions reflected in
the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk
of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or
intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances. However, it typi-
cally involves selecting a limited number of items for testing, rather than testing complete populations. We will often
seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit
sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud
Appointment
Use of our report
29
Annual Report
30
Annual Report
Total comprehensive income/(loss) for the year attributable to:
For the financial year ended 31 March 2024
2023
US$'000
2024
US$'000
Notes
Net operating income
442
1,466
6
Sales
1
88
Other income
443
1,554
Net operating expense
(1,627)
(2,535)
7
Continuing Operations
(25)
(242)
Foreign exchange loss
(1,209)
(1,223)
Operating loss
(21)
-
18
Income tax expense
(1,230)
(1,223)
Net loss for the year
Discontinued operations
Loss for the year from discontinued
(398)
-
operations
(1,628)
(1,223)
Total comprehensive loss for the year
Other comprehensive (gain)/loss
(187)
1,370
Movement in foreign exchange reserve
(1,815)
147
Total comprehensive income/(loss) for
the year
Net Loss for the year attributable to:
(1,628)
(1,223)
Equity holders for the parent
-
13
20
Non-controlling interest
(1,628)
(1,210)
-
13
20
Non-controlling interest
(1,815)
147
(Loss)/Earnings per share attributable to
members
of the Parent
(0.00104)
(0.00064)
10
Basic (loss) per share
(0.00104)
(0.00064)
10
Diluted (loss) per share
Equity holders for the parent
134
(1,815)
Consolidated Statement of Profit or
Loss and Comprehensive Income
31
Annual Report
Consolidated Statement of
Financial Position
For the financial year ended 31 March 2024
2023
Us$'000
2024
Us$'000
Notes
Assets
Current assets
4,252
2,611
12
Cash and cash equivalents
78
607
13
Trade and other receivables
276
276
Other Assets
-
10
14
Inventories
4,606
3,504
Total current assets
Non-current assets
95
280
15
Property, plant and equipment
1,996
3,713
16
Intangible Assets
2,090
3,993
Total non-current assets
6,697
7,497
TOTAL ASSETS
EQUITY
8,281
10,563
19
Share Capital
(808)
(808)
Treasury Shares
(1,002)
368
Reserves
(2,601)
(3,824)
Retained Earnings
-
(52)
Non-controlling equity interest
3,870
6,247
Total Equity
3,870
6,195
Equity attributable to owners of the parent
-
52
20
Non-controlling equity interest
3,870
6,247
LIABILITIES
Current liabilities
2,446
1,034
21
Trade and other payables
43
69
15
Lease Liabilities
297
-
22
Loans payable
2,786
1,103
Total current liabilities
Non-current liabilities
-
102
15
Lease Liabilities
41
41
22
Loans payable
-
4
Other payable
41
147
Total current liabilities
2,827
1,250
Total Liabilities
6,697
7,497
TOTAL EQUITY & LIABILITIES
32
Annual Report
Consolidated Statement
of Cash Flows
For the financial year ended 31 March 2024
2023
US$'000
2024
US$'000
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
(1,944)
(1,223)
Loss before taxation from operations
Adjustments:
116
69
Depreciation of property, plant and equipment
-
106
Impairment
-
3
Interest expense on lease
-
-
Income tax
(52)
Exchange loss
(1,828)
(1,097)
Operating loss before working capital
changes
39
(10)
Decrease/(Increase) in inventories
2,367
(529)
Decrease/(Increase) in trade and other receivables
1,531
(1,412)
(Decrease)/Increase in trade and other payables
2,109
(3,048)
Net cash flow used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
59
(254)
Disposal (Addition) of property, plant and equipment
32
-
Decrease in capital work in progress
337
-
Gain on disposal of subsidiary
(1,952)
(1,823)
Intangible Assets
(1,524)
(2,077)
Net cash flow from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
486
2,282
Issuance of new shares
(808)
-
Treasury Shares
(65)
129
Principal elements of lease payments
(863)
(297)
Decrease in loans payable
(187)
1,370
Forex reserves
(1,437)
3,484
Net cash flow from financing activities
(852)
(1,641)
Net increase/(decrease) in cash and cash equivalents
5,104
4,252
Cash and cash equivalents at beginning of the year
4,252
2,611
Cash and cash equivalents at end of the year
12
33
Annual Report
Consolidated Statement
of Equity
For the financial year ended 31 March 2024
Total
Treasury
Shares
Retained
Earnings
FX
Reserve
Shareholder
Capital
US$'000
US$'000
US$'000
US$'000
2023 Consolidated
US$'000
6,007
-
(973)
(815)
7,795
Balance at 1 April
2022
Comprehensive
Income
(1,628)
-
(1,628)
-
-
Loss for the year
(187)
-
-
(187)
-
Other comprehensive
loss for the year
(1,815)
-
(1,628)
(187)
-
Total comprehensive
loss for the year
Transactions with
owners in their
capacity as owners:
(322)
(808)
-
-
486
Shares issued during the
year
(322)
(808)
-
-
486
3,870
(808)
(2,601)
(1,002)
8,281
Balance at 31 March
2023
Total
Treasury
Shares
Retained
Earnings
FX
Reserve
Shareholder
Capital
US$'000
US$'000
US$'000
US$'000
2023 Consolidated
US$'000
3,870
(808)
(2,601)
(1,002)
8,281
Balance at 1 April
2023
Comprehensive
Income
(1,223)
-
(1,223)
-
-
Loss for the year
(52)
-
(52)
-
-
Non-controlling interest
1,370
-
-
1,370
-
Other comprehensive
gain for the year
147
-
(1,275)
1,370
-
Total comprehensive
gain for the year
Transactions with
owners in their
capacity as owners:
2,282
-
-
-
2,282
Shares issued during the
year
2,282
-
-
-
2,282
6,247
(808)
(3,876)
(368)
10,563
Balance at 31 March
2024
34
Annual Report
General
Information
01
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 2024 were authorised for issue in accordance
with a resolution of the Directors on 23 July 2024. 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 Ritter House, Wickhams Cay II,
Tortola VG1110, British Virgin Islands.
The principal activity of the Group is data infrastructure,
storage and technology services.
1.1 Corporate information
35
Annual Report
Basis of preparation
02
The consolidated financial statements of the Group have been prepared in accordance with International Finan-
cial Reporting Standards (IFRS) as adopted by United Kingdon Accounting Standards, including Financial Reporting
Standard 102, The Financial Reporting Standard applicable in the United Kingdon and the Companies Act 2006 as
they apply to the financial statements of the Group for the year ended 31 March 2024.
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
Business Combinations
The consolidated financial statements comprise the financial statements of the Group as at 31 March 2024, 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 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.
36
Annual Report
Significant accounting judgements,
estimates and assumptions
03
The preparation of the Group’s consolidated financial statements requires management to make judgements, esti-
mates 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 lo-
cated in the relevant notes to the consolidated financial statements.
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 2024, the Group held cash reserves of U$2,611,000 (2023: U$4,252,000).
The Directors believe that there are sufficient funds to meet the Group’s working capital requirements.
The Group recorded a loss of US$1.22 million for the year ended 31 March 2024 and had net assets of US$6.24 million
as at 31 March 2024 (2023: loss of $1.63 million and net assets of US$3.87 million).
With the disposal of the unprofitable subsidiary EMS, the continuing subsidiaries will be Angra Ltd, GS Fintech subsid-
iaries and acquisition of Semnet Pte Ltd, which are expected to contribute profit to the Group.
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.
Going concern
Accruals
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 24 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.
37
Annual Report
Judgements made in applying accounting policies
Key sources of estimation uncertainty
Allowance for inventory obsolescence
Provision for expected credit losses (ECL) on trade receivables and contract assets
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.
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.
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 14 to the financial statements.
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 13
to the financial statements.
38
Annual Report
Adoption of new
and amended
standards and
interpretations
Summary of significant
accounting policies
04
05
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 2021. 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 Interpre-
tations that are not yet mandatory have not been early
adopted.
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.
Plant and equipment
39
Annual Report
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.
The depreciation rates applied to each
type of asset are as follows:
Computers and Software 3 years
Fixtures and office equipment 3 years
Lease Improvements
5 years
40
Annual Report
Inventories are valued at the lower of cost and net realisable value.
Inventories
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.
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 am-
ortised 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.
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.
(ii) Subsequent measurement
Debt instruments
Equity instruments
(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.
41
Annual Report
(b) Financial liabilities
(i) Initial recognition and measurement
(ii) Subsequent measurement
(iii) Derecognition
Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual pro-
visions 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.
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.
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.
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.
Offsetting
42
Annual Report
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.
Cash
and cash
equivalents
Impairment
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).
Financial Assets
43
Annual Report
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.
The carrying amounts of the Company’s non-financial assets, other than inventories, are reviewed at each report-
ing 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 relat-
ed 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 re-
duced 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.
Non-financial assets
44
Annual Report
Trade and
other payables
Interest-
bearing loans
and borrowings
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 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.
45
Annual Report
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.
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 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.
The carrying amount of financial assets and liabilities
with a maturity of less than one year is assumed to
approximate their fair values.
Trade and other receivables
Non-derivative financial liabilities
Other financial assets and liabilities
46
Annual Report
Provisions
Finance income
Income tax
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.
Interest income is made up of interest received on cash
and cash equivalents.
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.
47
Annual Report
Foreign currencies
i) Functional and presentation currency
(ii) Transaction and Balances
iii) Group Companies
The consolidated financial statements are presented in US dollars, which is the Group’s presentation currency.
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.
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 pre-
sentation 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 in-
come 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
The Group’s revenue is primarily derived from consideration
paid by customers to transfer money internationally. The
Group recognises revenue when performance obligations
are satisfied, meaning when the funds are received by
the recipients.
A customer enters into the contract with the Group at
the time of initiating a transfer by formally accepting
the contractual terms and conditions with the details
of the performance obligations and service fees on the
Group’s website.
The transaction price is comprised of the money transfer
service fee and a foreign exchange margin. The foreign
exchange margin results from the difference between
the exchange rate set by the entity to the customer and
the rate sourced in the market. Both the transaction fee
and foreign exchange rate are agreed by the customer
in the Group’s terms and conditions. The transaction
price is readily determinable at the time the transaction
is settled. Due to the short-term nature of the Group’s
services, there were no contract assets and immaterial
contract liabilities relating to customers
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 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.
Revenue Recognition
Interest Income
Contract assets and liabilities
48
Annual Report
49
Annual Report
Revenue
Net Operating Expenses
06
07
2024
US$'000
2023
US$'000
Sales
613
-
Transfer Fees and Charges
853
442
1,466
442
Sales recorded up to 31 March 2024 are intercompany revenue for GS Fintech Pte. Ltd. and third party sales from
newly acquired subsidiary, Semnet Pte. Ltd.
Transaction fees and charges are from Angra Ltd and GS Fintech UAB.
Key management personnel
08
Key management personnel
2024
US$’000
2023
US$’000
Directors’ emoluments
462
442
2023
US$’00
2024
US$'000
Net operating expenses
Continuing Operations
23
378
Costs of goods sold
552
817
Employee Cost
18
88
Travel Expenses
763
883
Admin Expense
11
68
Lease Expenses
10
12
Distribution, advertising and promotion
87
42
Office Expenses
87
69
Depreciation of property plant and equipment
(306)
-
Doubtful accounts
7
3
Interest on lease expenses
84
59
Occupancy costs
230
106
Impairment of Digital asset
61
10
Finance costs
1,627
2,535
50
Annual Report
Employee cost
Earnings per share
Segment Reporting
09
10
11
2024
US$'000
2023
US$'000
Loss for the period attributable to members
1,223
1,628
Basic earnings per share is calculated by dividing the profit attributable to
owners of the Parent by the weighted average number of ordinary share in
issue during the year.
Basic weighted average number of ordinary shares in issue
1,851,424,219
1,563,152,455
Basic loss per share-cents
(0.00064)
(0.00104)
Diluted loss per share-cents
(0.00064)
(0.00104)
The average number of employees of the Group are 36 and 48 for 2024 and 2023 respectively
Key management personnel
2024
US$’000
2023
US$’000
Directors’ emoluments
288
829
Wages and salaries – Cost of sales
-
836
Staff welfare and other employee costs
67
163
Total
355
2,538
The consolidated entity’s operating segments have been determined with reference to the monthly management
accounts used by the chief operating decision maker to make decisions regarding the consolidated entity’s operations
and allocation of working capital.
Due to the size and nature of the consolidated entity, the Board as a whole has been determined as the chief
operating decision maker.
The consolidated entity operates in one business segment, being information data technology and infrastructure.
The revenues and results are those of the consolidated entity as a whole and are set out in the statement of profit
and loss and other comprehensive income. The segment assets and liabilities of this segment are those of the
consolidated entity and are set out in the Statement of Financial Position.
51
Annual Report
Cash and cash equivalents
Trade and other receivables
Inventories
12
13
14
2024
US$'000
2023
US$'000
Cash at bank
2,611
4,252
2024
US$'000
2023
US$'000
Trade receivables
216
19
Less: Allowance for expected credit loss
-
-
216
19
2024
US$'000
2023
US$'000
Inventories
10
-
Less: Allowance for inventory obsolescence
-
-
10
-
Advances to supplier
-
-
Due from related party
186
-
Other receivables
205
59
607
78
Inventories are valued at the lower of cost and net realisable value.
Semnet Pte Ltd. inventory as at 31 March 2024.
52
Annual Report
Property, plant and equipment
15
2024
US$'000
2023
US$'000
Current
69
43
Non-current
102
-
171
43
2024
US$'000
2023
US$'000
Current
69
82
Non-current
3
5
72
87
Lease liabilities recognized in the balance sheet
The balance sheet shows the following amounts relating to lease liabilities
Amounts recognized in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
Right-of-Use
Assets
US$’000
Building &
improvts
US$’000
Furniture
& Office
Equipment
US$’000
Software
US$’000
Vehicle
US$’000
Total
US$’000
Cost
1,175
139
-
581
52
403
As at 31 March 2022
118
-
-
12
106
-
Additions / Transfer in
(1,017)
(131)
-
(474)
(148)
(264)
Disposal / Write-off
(57)
(8)
-
(33)
(3)
(13)
Forex translation
219
-
-
86
7
126
As at 31 March 2023
416
-
115
85
14
202
Additions / Transfer in
(133)
-
-
-
(7)
(126)
Disposal / Write-off
-
-
-
-
-
-
Forex translation
502
-
115
171
14
202
As at 31 March 2024
Accumulated
depreciation
905
83
-
474
52
296
As at 31 March 2022
116
5
-
18
11
82
Additions / Transfer in
(846)
(84)
-
(430)
(53)
(279)
Disposal / Write-off
(51)
(4)
-
(28)
(3)
(16)
Forex translation
124
-
-
34
7
83
As at 31 March 2023
69
-
-
53
2
14
Additions / Transfer in
(75)
-
-
-
(7)
(68)
Disposal / Write-off
104
-
27
77
-
-
Forex translation
222
-
27
164
2
29
As at 31 March 2024
Net book value
95
-
-
52
-
43
As at 31 March 2023
280
-
88
7
12
173
As at 31 March 2024
53
Annual Report
Intangible Assets
Impairment is recognized this year for the 100,000,000 COAL tokens on hand.
16
44
-
-
38
6
As at 31 March
2022
2,182
1,605
577
-
-
Additions
(230)
-
(230)
-
-
Impairment
1,996
1,605
347
38
6
As at 31 March
2023
Trademark
US$’000
Intangible
Assets
Goodwill
US$’000
Digital Asset
US$’000
Software &
Licenses
US$’000
Total
US$’000
1,823
-
100
1,723
-
Additions
(336)
(17)
(319)
-
-
Impairment
3,713
1,588
358
1,761
6
As at 31 March
2024
54
Annual Report
Subsidiaries
Details of the Company’s subsidiaries on 31 March 2024 are as follows:
17
Discontinued operations
Acquisition of subsidiary
18
19
In the financial year ending 31 March 2023, the Group disposed of its 100% interest its subsidiaries, EMS Wiring Systems
Pte Ltd, which management deemed as its non-core business. This strategic decision was made to place greater focus
on the Group’s key competencies in developing the “GS Fintech” subsidiaries in the UK and Singapore. The financial
year ending 31 March 2024 represents the first full-year reporting period as a pure play fintech group following the
completion of the disposal of EMS Wiring Systems Pte Ltd in September 2022.
On 01 March 2024 the Company acquired 66.66% of the issued share capital of Semnet Pte. Ltd. for US$1.8 million in
cash and new shares of no par value in the Company (“Ordinary Shares”). US$800,000 of the total consideration is
payable in cash (“Cash Consideration”) and the remaining US$1.0 million through the issue of new Ordinary Shares
(“Consideration Shares”). US$580,000 of the Cash Consideration has, or will shortly, be paid and the remaining
US$220,000 is payable four months from Completion.
Semnet had a turnover of US$5.55 million and reported profit before tax of approximately US$0.23 million for financial
year end 30 September 2023. The subsidiary’s assets and liabilities as at 31 March 2024 were US$1,069,981 and US$914,611
respectively.
Fair value of net identifiable assets at the date of acquisition amounted to US$115,105 resulting in goodwill on acquisition
of US$1,723,270.
The goodwill is attributable to high profitability of the acquired business and the significant synergies expected to
arise after the acquisition.
Proportion
of Voting
Power
Proportion of
Ownership
Interest
Place of
Incorporation
Name of Subsidiary
100
100
Australia
Golden Saint Technologies
(Australia) Pty Ltd
100
100
UK
GS Fintech Ltd
100
100
Singapore
GS Fintech Pte Ltd
100
100
UK
Angra Limited
100
100
Lithuania
GS Fintech UAB
100
100
Canada
Angra Global Limited
66.66
66.66
Singapore
Semnet Pte Ltd
55
Annual Report
Taxation
Share capital and reserves
20
21
Where the realisation of deferred tax assets is dependent on future taxable profits, losses carried forward are
recognised only to the extent that business forecasts predict that such profits will be available to the companies in
which losses arose.
The parent, GSTechnologies Ltd, is not liable to corporation tax in BVI, so it has no provision for deferred tax. However,
the subsidiaries are liable to tax to the respective countries they are tax resident.
The share capital of the Company is denominated in UK Pounds Sterling. Each allotment during the period was then
translated into the Group’s functional currency, US Dollars at the spot rate on the date of issue.
All entities within the group are currently 100% owned, except for Semnet Pte Ltd, with the remaining 33.34% owned
by non-controlling interests.
Unrecognised tax losses
2024
US$'000
2023
US$'000
Current income tax
-
21
Adjustments for prior year
-
-
-
21
Deferred tax expenses
-
-
-
-
US$’000
Number of Shares
Authorised
Ordinary Shares
8,281
1,682,032,370
As at 31 March 2023
Issues during the period
2,282
233,189,907
1 April 2023 to 31 March 2024
10,563
1,915,222,777
Total shares issued as at 31 Mar 2023
Treasury Shares during the period
(808)
(60,000,000)
1 April 2023 to 31 March 2024
9,755
1,855,222,277
Total outstanding shares as at 31 Mar 2024
56
Annual Report
Non-controlling equity interest
Trade and other payables
Auditor’s remuneration
22
23
24
All entities within the group are currently 100% owned, except for Semnet Pte Ltd, with the remaining 33.34% owned
by non-controlling interests.
Fees payable to the company auditors for the services during the financial year include:
Trade payables are non-interest bearing and are normally settled on 60-days terms.
2024
US$'000
2023
US$'000
Trade payables
838
2,298
Accruals
139
129
Unearned revenue
-
-
Other payables
57
19
2024
US$'000
2023
US$'000
Audit of the Company’s annual financial statements:
(i)
Shipleys LLP
42
42
(ii)
RDH Accountants
28
-
(iii)
Robert Yam Co & PAC
7
-
67
42
57
Annual Report
Loans Payable
Commitments and contingencies
Ultimate controlling parties
25
26
27
2024 US$’000
Non-current
Current
Interest rate
Amount
Type
-
-
10% pa
-
loan
Convertible
41
-
2.5% pa
41
5 yrs
Bank loan
41
-
41
2023 US$’000
Non-current
Current
Interest rate
Amount
Type
-
285
10% pa
285
Convertible loan
41
12
2.5% pa
53
Bank loan
5 yrs
41
297
338
Convertible loan was subsequently exercised on 11 Apr 2023.
The Group is subject to no material commitments or contingent liabilities.
The significant shareholders during the financial year are the following:
Percentage of
Ordinary Shares
Quantity of
Ordinary Shares
Persons
20.68%
408,358,428
Hargreaves Lansdown (Nominees) Limited
10.93%
215,840,560
Securities Services Nominees Limited
8.82%
174,194,947
HSDL Nominees Limited
8.41%
165,958,382
Interactive Investor Services Nominees Limited
7.06%
139,358,082
James Brearley Crest Nominees Limited
6.29%
124,200,000
Bai Guojin
6.21%
122,612,081
Chong Loong Fatt Garies
5.07%
100,000,000
Wise MPay Pte Ltd
58
Annual Report
Related party transactions
28
The following is the significant related party transactions entered into by the Company with related parties on terms
agreed between the parties:
2024
US$'000
2023
US$'000
Intercompany revenue
186
-
As at 31 March 2024:
Trade and other payables
1,034
1,034
Financial risk management objec-
tives and policies
Liquidity risk
29
30
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:
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.
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.
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.
Credit risk
Foreign Currency Risk
Less than
three
months
US$’000
On Demand
US$’000
Three to
twelve
months
US$’000
One to five
years
US$’000
Total
US$’000
59
Annual Report
Operating lease commitments
Capital management
Interest rate risk
Subsequent Event
31
32
33
34
Capital includes equity attributable to the equity holders of the parent. Refer to the statement of changes in equity
for quantitative information regarding equity.
The Group’s primary objectives when managing capital are to safeguard its ability to continue as a going concern
in order to provide returns for shareholders. For details of the capital managed by the Group as at 31 March 2024,
please see Note 15.
The Group is not subject to any externally imposed capital requirements.
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the
returns to shareholders through the optimisation of the debt and equity balance.
Capital consists of total equity.
The directors review the capital structure on an ongoing basis. As a part of the review, the directors consider the
cost of capital and the risks associated with each class of capital. Based on the recommendation of the directors,
the Company will balance its overall capital structure through the payment of dividends, new share issues as well
as the issue of new debts or the redemption of existing debt.
There were no changes in the Company’s approach to capital management during the year.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. A sensitivity analysis is not presented, as all borrowing costs have been capitalised
as at 31 March 2024; therefore, profit or loss and equity would have not been affected by changes in the interest rate.
On 23 April 2024 the Company raised gross proceeds of US$ 1,578,963 (£1,250,000) through a placing of 119,047,619
Ordinary Shares at a price of 1.05 pence per share.
60
Annual Report
61
Annual Report
Directors’
Remuneration
The Group operates on a strictly “capital efficient’ approach and therefore director’s renumeration has been based on
conservative market matching rates in order to act in the best interest of the Company during its growth phase. At this
time, outside of the existing shareholdings, there are no performance components included in directors’ renumeration.
A renumeration committee has been formed to oversee this aspect of the Group’s operations.
Remuneration Committee is chaired by Mr. Malcolm Groat and the rest of the board as participating members and are
responsible for determining and reviewing compensation arrangements for all Executive Directors.
The remuneration Committee is undertaking a strategic review of the structure of the director renumeration to ensure
that the correct mix of fixed renumeration and performance-related incentives are provided to maintain the Compa-
ny’s competitiveness in the corporate marketplace.
Directors’ renumeration in its various forms was historically agreed by the Executive Chairman but is now overseen
exclusively by the renumeration committee.
All contracts are continuous until terminated by either party. Amounts of emoluments & compensation
Policy and practice
Contracts
Tone Kay Kim GOH
Executive Chairman
On behalf of the Board
Total US$
CPF US$
Salary US$
Director's Name
105,698
1,283
104,415
Tone Goh
132,745
4,840
127,905
Jack Bai
91,771
9,526
82,245
Galvin Bai
91,771
9,526
82,245
Shayne Tan
5,148
-
5,148
Malcolm Groat
60,629
-
60,629
Christopher Wellesley
487,762
25,175
462,587
Total
62
Annual Report
63
Annual Report
In accordance with section 408 of the UK Companies Act 2006, the Company is availing itself of the exemption from
presenting its individual statement of profit or loss and other comprehensive income. The Company’s gain for the
financial year as determined in accordance with IFRS is US$. The Company had no operating cash flows in the period,
and therefore no cash flow statement has been prepared.
Parent Company Statement Of
Financial Position
As at 31 March 2024
Assets
2024
US$'000
2023
US$’000
Current Assets
Cash and cash equivalents
1,407
2,027
Trade and other receivables
107
1
Inventories
277
277
Total current assets
1,791
2,305
Non-current assets
Intangible Assets
974
1,063
Intercompany receivables
3,428
2,056
Total non-current assets
4,402
3,119
Total Assets
6,193
5,424
Equity
Share Capital
10,563
8,281
Treasury Shares
(808)
(808)
Retained Earnings
(3,658)
(2,446)
Total Equity
6,097
5,027
Liabilities
Current Liabilities
Trade and other payables
96
397
Intercompany loan
-
-
Total Liabilities
96
397
Total Equity & Liabilities
6,193
5,424
64
Annual Report
Net operating income
2024
US$'000
2023
US$’000
Sales
-
-
Other income
-
-
-
-
Other comprehensive loss
Movement in foreign exchange reserve
-
-
Total comprehensive loss for the year
(875)
115
Net Loss for the year atttributable to:
Equity holders for the parent
(875)
115
Total comprehensive loss for the year atttributable to:
Equity holders for the parent
(875)
115
Net operating expense
Continuing Operations
(826)
(696)
Foreign exchange loss
40
(26)
Impairment of Digital Asset
(89)
(230)
Operating loss
(875)
(952)
Gain on disposal of Subsidiary
-
1,067
Income tax expense
-
-
Net loss for the year
(875)
115
Parent company statement of Profit
or Loss and Comprehensive Income
For the financial year ended 31 March 2024
65
Annual Report
Parent Company Statement Of
Changes In Equity
For the financial year ended 31 March 2024
Total
Retained
Earnings
Treasury
Shares
Shareholde
r Capital
US$'000
US$'000
US$'000
2024 PARENT
US$'000
5,027
(2,446)
(808)
Balance at1April 2023
8,281
Comprehensive Loss
(1,212)
(1,212)
-
Loss for the year
-
-
-
-
Other comprehensive loss for the year
-
(1,212)
(1,212)
-
Total comprehensive loss forthe year
-
Transactions withownersin their
capacity as owners:
2,282
-
Shares issued during the year
2,282
2,282
-
-
2,282
6,097
(3,658)
(808)
Balance at31March 2024
10,563
Total
Retained
Treasury
Shares
Shareholder
Earnings
Capital
US$'000
US$'000
US$'000
2023 PARENT
US$'000
5,363
(2,432)
-
Balance at1April 2022
7,795
Comprehensive Loss
(14)
(14)
-
Loss for the year
-
-
-
-
Other comprehensive loss for the year
-
(14)
(14)
-
Total comprehensive loss forthe year
-
Transactions withownersin their
capacity as owners:
(322)
-
(808)
Shares issued during the year
486
(322)
-
(808)
486
5,027
(2,446)
(808)
Balance at31March 2023
8,281
66
Annual Report
GSTECHNOLOGIES LTD
Annual Report 2024
BVI Company Number: 1765556
gstechnologies.co.uk