REG - Grand FortHigh Grade - Annual Financial Report
30/10/2023 07:15
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RNS Number : 6158R Grand Fortune High Grade Limited 30 October 2023
GRAND FORTUNE HIGH GRADE LIMITED
CONSOLIDATED REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
GRAND FORTUNE HIGH GRADE LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
I am pleased to present the consolidated reports and financial statements for
the year from 1 May 2022 to 30 April 2023. During the year, the Group reported
a loss of £360,212 (loss of £281,868 for the period from 1 May 2021 to 30
April 2022) which arose from professional fees, salaries, wages, rent and
office and general expenses in connection with the ongoing operations of the
Group. As at the date of signing this report the Group has approximately
£1.4 Million of cash balances.
Following its listing on the London Stock Exchange on 22 May 2017, the Group
has been focused on the development of its financial training business in
order to satisfy the significant demand for financial sector specialists in
China. To assist in that development, the Group established a 100% owned
subsidiary in Hong Kong - Grand Fortune High Grade (HK) Limited which in turn
has a 100% owned subsidiary in mainland China - Shen Zhen Shi Ji Fu Education
Information Consulting Co. Ltd. (and the consolidated financial statements
presented herein comprise of the financial statements of Grand Fortune High
Grade Limited, Grand Fortune High Grade (HK) Limited and Shen Zhen Shi Ji Fu
Education Information Consulting Co. Ltd.).
Grand Fortune High Grade Limited held its shareholder meeting on 3 November
2022. All items proposed were approved by 100% of the votes cast at the
meeting. Following the meeting, the Board of Directors comprised Wong Lee
Chun (re-elected), Angus Irvine (re-elected) and Ko Kwan (re-elected).
The past three years have been challenging. The challenges of the COVID-19
pandemic have had a devastating effect on the global economy and on the
ability of the Group to offer financial training courses in person. Despite
the Group's best efforts, there has only been a small amount of revenue
generated from its financial training business and the Group has not yet been
successful in developing an online training platform. The implementation and
success of the online training platform remains one of the biggest tests for
the Group.
As the business activities develop, the Group will keep shareholders advised
of its activities. We appreciate the assistance of our officers, directors
and advisors as we work towards the development of our business.
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
27 October 2023
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
Directors' consolidated report
The directors present their consolidated report together with the audited
consolidated financial statements for the year ended 30 April 2023. The
consolidated report fairly presents and discloses the financial position and
the results at the dates and for the periods to which they apply.
Principal activity and future developments
Grand Fortune High Grade Limited (individually, or collectively with its
subsidiary, Grand Fortune High Grade (HK) Limited ("GFHG HK") and GFHG HK's
wholly owned subsidiary Shen Zhen Shi Ji Fu Education Information Consulting
Co. Ltd. ("Ji Fu Education"), as applicable, the "Group") is focused on the
development of its financial training business in order to satisfy the
significant demand for financial sector specialists in China.
Business review and management report
The loss on ordinary activities for the year ended 30 April 2023 was £360,212
(loss of £281,868 for the year ended 30 April 2022).
The Group had cash at bank and in hand of £1,426,474 as at 30 April 2023. The
principal risks and uncertainties that the Group faces are in developing its
financial training business in China, which is a new market. The Group is
aiming to tailor and deliver courses that are appropriate for the market but
there is no guarantee there will be a sufficient demand for the courses
offered.
The Group has not carried out any activities in the field of research and
development.
There have been no subsequent events that have occurred since the end of the
financial year.
Dividends
The directors do not recommend the payment of a final dividend for the year.
Directors
The following directors served during the year to 30 April 2023:
WONG LEE CHUN -
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
ANGUS SIGURD IRVINE -
NON-EXECUTIVE DIRECTOR
KO
KWAN
- NON-EXECUTIVE DIRECTOR
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
(CONTINUED)
Substantial shareholdings
Except for the interests of those persons set out below, the Directors are not
aware of any interest which, at the date of this document would amount to 3%
or more of Grand Fortune High Grade Limited's issued share capital:
Name Number of Ordinary Shares Approximate % Holding
Kit Ling Law 32,339,084 20.21%
Hundred River Ltd. (Wong Lee Chun) 31,996,100 19.99%
Greenhouse gas emissions, energy consumption and energy efficiency
As the Group has made limited trade and activity during the period, the
Directors do not consider any disclosure under the Task Force on
Climate-related Financial Disclosures is required at this juncture, however
the Group will continue to review this position as it executes its business
plan and trading activity grows.
Diversity Policy
Directors will apply a diversity policy when recruiting including compensation
of age, gender, race, education and professional backgrounds. Two of the three
directors are female (66.6%) and 33% of employees are female.
Directors' Remuneration
Directors' emoluments are detailed in Notes 8 and 11 to the accounts.
Auditors
A resolution re-appointing Crowe U.K. LLP as auditors of the Group was
approved by shareholders at the annual general meeting held on 3 November
2022. During the year, the Group received the resignation of Crowe U.K. LLP
as auditors. Following such resignation, the Group appointed MHA as the
auditors of the Group and will seek the approval of the shareholders for such
appointment at the next annual general meeting of shareholders.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
(CONTINUED)
Going concern
The Group is focused on the development of a financial training business in
China, and, apart from a small amount of interest receivable, it currently has
no significant income stream. Until the training business has been adequately
developed and is generating significant revenue, it is therefore dependent on
its cash reserves to fund ongoing costs. At 30 April 20223 the Group's cash
position was £1,426,474.
After reviewing the Group's budget for the period ending 31 October 2024 and
its medium-term plans, the directors have a reasonable expectation that the
Group will have adequate resources to continue in operational existence for
the foreseeable future.
For this reason, they continue to adopt the going concern basis in preparing
the accounts.
Financial risk management
The Group's financial risk management objective is to minimise, as far as
possible, the Group's exposure to such risk as detailed in note 13 to the
accounts.
Principal Risks and Uncertainties Facing the Group
The principal risks and uncertainties facing the Group are: (1) The Group's
success is dependent on the successful development of a financial training
business in China, and for the year ended 30 April 2023, apart from a small
amount of interest receivable, the Group only generated a small amount of
revenue and there are no guarantees that the Group will develop a training
business that will generate sufficient revenue to cover the expenses of the
Group; and (2) Until the training business has been adequately developed and
generating significant revenue, the Group is dependent on its cash reserves to
fund ongoing costs - there are no guarantees that the Group will be successful
in replenishing those cash reserves once depleted.
COVID-19 Risks
The emergency measures taken within mainland China and Hong Kong to combat the
COVID-19 pandemic may continue, could be expanded, and could also be
reintroduced in the future following relaxation. As these governments
implement monetary and fiscal policy changes aimed to help stabilize economies
and capital markets, we cannot predict legal and regulatory responses to
concerns about the COVID-19 pandemic and related public health issues and how
these responses may impact our business. The COVID-19 pandemic, actions taken
within mainland China and in Hong Kong in response to it, and the ensuing
economic downturn has caused significant disruption to business activities and
economies. The depth, breadth and duration of these disruptions remain highly
uncertain at this time. Furthermore, these governments are developing
frameworks for the staged resumption of business activities. As a result, it
is difficult to predict how significant the impact of the COVID-19 pandemic,
including any responses to it, will be on the global economy and our business.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
(CONTINUED)
The impact of COVID-19 has significantly reduced the ability of the Group to
currently provide its training programs in a face-to-face setting and the
ability to provide face-to-face training programs in the future is
uncertain. As a result, the Group is developing an online training platform
for its offered programs. The implementation and success of this online
training platform is uncertain.
Corporate governance
Due to the size and nature of the Group, it has not adopted the UK Corporate
Governance Code. However, it has adopted corporate governance procedures as
are appropriate for the size and nature of the Group and the size and
composition of the Board. These corporate governance procedures have been
selected with due regard to for the provisions of the UK Corporate Governance
Code insofar as is appropriate. A description of these procedures is set out
below:
· Due to the nature and size of the Group, it does not have separate
audit, remuneration and nomination committees. The Board as a whole will
instead review risk, compliance, and nominations matters, as well as the
Board's size, structure, and composition, considering the interests of the
Shareholders and the performance of the Group. Once the Group has achieved
sufficient growth, the Board intends to put in place audit, remuneration and
nomination committees;
· the Board is not subject to the provisions of a formal governance
code and given its present size do not intend to formally adopt any specific
code nor any diversity policy, but will apply the principles of governance,
set out in the UK Corporate Governance Code, once the Group has achieved
sufficient growth;
· the Corporate Governance Code recommends the submission of all
directors for re-election at annual intervals. One-third of Directors (or,
where their number is not divisible by three, the nearest number not exceeding
one-third) will be required to retire and seek re-elections on an annual
basis; and
· the Company may seek to transfer from a Standard Listing to either a
Premium Listing or other appropriate listing venue, based on sufficient
growth, subject to fulfilling the relevant eligibility criteria at the time.
If the Group is successful in obtaining a Premium Listing, further rules will
apply to the Company under the Listing Rules and Disclosure and Transparency
Rules and the Company will be obliged to comply with the Model Code and to
comply or explain any derogation from the UK Corporate Governance Code.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
(CONTINUED)
Auditors and disclosure of information
The directors confirm that:
· there is no relevant audit information of which the auditor is
unaware; and
· each Director has taken all the necessary steps he ought to have
taken as a Director in order to make himself aware of any relevant audit
information and to establish that the auditor is aware of that information.
Directors' responsibility statement
The Directors are responsible for preparing the management report, annual
report and the non-statutory consolidated financial statements in accordance
with the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority ("DTR") and with International Financial Reporting Standards
("IFRS") as adopted by the European Union.
International Accounting Standard 1 requires that consolidated financial
statements present fairly for each financial year the Group's consolidated
financial position, consolidated financial performance and consolidated cash
flows. This requires the faithful representation of transactions, other events
and conditions in accordance with the definitions and recognition criteria for
the assets, liabilities, income and expenses set out in the International
Accounting Standards Board's "Framework for the Preparation and Presentation
of Financial Statements".
In virtually all circumstances, a fair representation will be achieved by
compliance with all IFRS. Directors are also required to:
- make judgments and accounting estimates that are reasonable and
prudent;
- state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the financial
statements;
- prepare the financial statements on the going concern basis unless
it is inappropriate to presume that the Group will continue in business;
- select suitable accounting policies and then apply them
consistently;
- present information, including accounting policies, in a manner that
provides relevant, reliable, comparable, and understandable information; and
- provide additional disclosures when compliance with the specific
requirements in IFRS is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the Group's
consolidated financial position and financial performance.
The directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's transactions and disclose with
reasonable accuracy at any time the financial position of the Group. They
are also responsible for safeguarding the assets of the Group and hence for
taking reasonable steps for the prevention and detection of fraud and other
irregularities.
GRAND FORTUNE HIGH GRADE LIMITED
DIRECTORS' CONSOLIDATED REPORT
FOR THE YEAR ENDED 30 APRIL 2023
(CONTINUED)
The maintenance and integrity of the Grand Fortune High Grade Limited website
is the responsibility of the Directors.
Legislation in the Cayman Islands governing the preparation and dissemination
of the accounts and the other information included in annual reports may
differ from legislation in other jurisdictions.
The directors confirm, to the best of their knowledge that:
· the consolidated financial statements, prepared in accordance with
the relevant financial reporting framework, give a true and fair view of the
consolidated assets, liabilities, financial position and profit or loss of the
Group;
· the consolidated financial statements include a fair review of the
development and performance of the business and the consolidated financial
position of the Group, together with a description of the principal risks and
uncertainties that it faces; and
· the annual report and consolidated financial statements, taken as a
whole, are fair, balanced, and understandable and provide the information
necessary for shareholders to assess the Group's performance, business model
and strategy.
By order of the board
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
27 October 2023
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED
For the purpose of this report, the terms "we" and "our" denote MHA in
relation to UK legal, professional and regulatory responsibilities and
reporting obligations to the members of Grand Fortune High Grade Limited. For
the purposes of the table on page 12 that sets out the key audit matters and
how our audit addressed the key audit matters, the terms "we" and "our" refer
to MHA. The Group financial statements, as defined below, consolidate the
accounts of Grand Fortune High Grade Limited and its subsidiaries (the
"Group"). The "Parent Company" is defined as Grand Fortune High Grade Limited,
as an individual entity.
Opinion
We have audited the financial statements of Grand Fortune High Grade Limited
for the year ended 30 April 2023.
The financial statements that we have audited comprise:
· the Consolidated Statement of Comprehensive Income
· the Consolidated Statement of Financial Position
· the Consolidated Statement of Changes in Equity
· the Consolidated Statement of Cash Flows
· Notes 1 to 16 to the consolidated financial statements, including
significant accounting policies
The financial reporting framework that has been applied in the preparation of
the Group's financial statements is applicable law and international Financial
Reporting standards (IFRSs) as adopted by the European Union.
In our opinion the financial statements:
· give a true and fair view of the state of the Group's and of the
Parent Company's affairs as at 31 December 2022 and of the Group's loss for
the year then ended;
· have been properly prepared in accordance with international
accounting standards; and
Our opinion is consistent with our reporting to those charged with governance
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
and applicable law. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Group in
accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC's Ethical Standard as
applied to listed public interest entities, and we have fulfilled our ethical
responsibilities in accordance with those requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors'
use of the going basis of accounting in the preparation of the financial
statements is appropriate.
Our evaluation of the Directors' assessment of the Group's and the Parent
Company's ability to continue to adopt the going concern basis of accounting
included:
· The consideration of inherent risks to the Group's and the Parent
Company's operations and specifically their business model.
· The evaluation of how those risks might impact on the available
financial resources.
· Evaluation of the Directors' assessment of the Group's ability to
continue to adopt going concern basis of accounting standards including a
review of budgets and cash flow forecasts to October 2024.
· Liquidity considerations including examination of cash flow
projections at Group and Parent Company level to October 2024.
· The evaluation of the base case scenarios and stress scenarios, in
respect of the Group and the Parent Company, and the respective sensitivities
and rationale.
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the Group's and Parent Company's
ability to continue as a going concern for a period of at least twelve months
from when the financial statements are authorised for issue. Our
responsibilities and the responsibilities of the directors with respect to
going concern are described in the relevant sections of this report.
Overview of our audit approach
Scope Our audit was scoped by obtaining an understanding of the Group, including the
Parent Company, and its environment, including the Group's system of internal
control, and assessing the risks of material misstatement in the financial
statements. We also addressed the risk of management override of internal
controls, including assessing whether there was evidence of bias by the
directors that may have represented a risk of material misstatement.
Materiality 2023 2022
Group £69k £42k 5% (2022: 2% of total assets) of net assets
Key audit matters
Recurring · Management override
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were
of most significance in our audit of the financial statements of the current
period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified. These matters
included those matters which had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and directing the efforts
of the engagement team. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Management Override
Key audit Management is in a unique position to perpetrate fraud because of management's
ability to manipulate accounting records and prepare fraudulent financial
matter description statements by overriding controls that otherwise appear to be operating
effectively. Due to the unpredictable way in which such override could occur,
this is deemed a key audit matter for this engagement.
How the scope of our audit responded to the key audit matter Our audit procedures included:
Controls testing - Given the current nature of the business at the reporting
date and the associated accounting records, there are very few transactions
and/or journals. As such, we evaluated the design and implementation of key
controls around bank payments and receipts, as well as considerations relating
to financial reporting.
We performed detailed reviews and testing of journal entries made,
particularly those considered to rely on greater levels of judgement, such as
year-end estimations.
We tested the basis of accounting estimates of a subjective nature, such as
year-end accruals, to understand the judgments made, assessment of potential
management and bias and assessed the adequacy of disclosures for compliance
with the accounting standards and regulatory considerations.
Key observations communicated to the Group's Directors' The results of our testing were satisfactory, and we considered that entries
made into the accounting system and subsequent disclosure made into the
financial statements were deemed to have an appropriate supporting basis and
there was no indication of any management bias.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Our application of materiality
Our definition of materiality considers the value of error or omission on the
financial statements that, individually or in aggregate, would change or
influence the economic decision of a reasonably knowledgeable user of those
financial statements. Misstatements below these levels will not necessarily
be evaluated as immaterial as we also take account of the nature of identified
misstatements, and the particular circumstances of their occurrence, when
evaluating their effect on the financial statements as a whole. Materiality is
used in planning the scope of our work, executing that work and evaluating the
results.
Materiality in respect of the Group was set at £69,000 (2022: £42,000) which
was determined on the basis of 5% (2021: 2% of total assets) of the Group's
net assets.. Net assets was deemed to be the appropriate benchmark for the
calculation of materiality as this is a key area of the financial statements
because this is the metric by which the performance and risk exposure of the
Group and Parent Company is principally assessed. In our opinion this is
therefore the benchmark with which the users of the financial statements are
principally concerned.
Performance materiality is the application of materiality at the individual
account or balance level, set at an amount to reduce, to an appropriately low
level, the probability that the aggregate of uncorrected and undetected
misstatements exceeds materiality for the financial statements as a whole.
Performance materiality for the Group was set at £48,300 (2022: £30,000)
which represents 70% (2022: 65%) of the above materiality levels.
The determination of performance materiality reflects our assessment of the
risk of undetected errors existing, the nature of the systems and controls and
the level of misstatements arising in previous audits.
We agreed to report any corrected or uncorrected adjustments exceeding £3,450
in respect of the Group to the Board of Directors as well as differences below
this threshold that in our view warranted reporting on qualitative grounds.
Overview of the scope of the Group and Parent Company audits
Our assessment of audit risk, evaluation of materiality and our determination
of performance materiality sets our audit scope for each company within the
Group. Taken together, this enables us to form an opinion on the consolidated
financial statements. This assessment takes into account the size, risk
profile, organisation / distribution and effectiveness of group-wide controls,
changes in the business environment and other factors such as recent internal
audit results when assessing the level of work to be performed at each
component.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
In assessing the risk of material misstatement to the consolidated financial
statements, and to ensure we had adequate quantitative and qualitative
coverage of significant accounts in the consolidated financial statements, of
the 3 reporting components of the group, we identified 3 components in the
Cayman Islands, Hong Kong and People's Republic of China which represent the
principal business units within the Group.
Full scope audits - All 3 components were subject to full scope audits.
The control environment
We evaluated the design and implementation of those internal controls of the
Group, including the Parent Company, which are relevant to our audit, such as
those relating to the financial reporting cycle. [
Reporting on other information
The other information comprises the information included in the annual report
other than the financial statements and our auditor's report thereon. The
directors are responsible for the other information contained within the
annual report. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the
directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are responsible for
assessing the Group's and the Parent Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the Group or Parent Company or to cease operations, or have no
realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the financial statements is
located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities
(http://www.frc.org.uk/auditorsresponsibilities) . This description forms part
of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and
regulations. We design procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect of irregularities,
including fraud.
These audit procedures were designed to provide reasonable assurance that the
financial statements were free from fraud or error. The risk of not detecting
a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error and detecting irregularities that result from fraud
is inherently more difficult than detecting those that result from error, as
fraud may involve collusion, deliberate concealment, forgery or intentional
misrepresentations. Also, the further removed non-compliance with laws and
regulations is from events and transactions reflected in the financial
statements, the less likely we would become aware of it.
Identifying and assessing potential risks arising from irregularities,
including fraud
The extent of the procedures undertaken to identify and assess the risks of
material misstatement in respect of irregularities, including fraud, included
the following:
· We considered the nature of the industry and sector, the control
environment and business performance . Through discussion with the directors,
we obtained an understanding of the legal and regulatory frameworks applicable
to the Group focusing on laws and regulations that could reasonably be
expected to have a direct material effect on the financial statements, and
legislation or those that had a fundamental effect on the operations of the
Group including the regulatory and supervisory requirements of the Financial
Conduct Authority (FCA).
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
· We enquired of the directors and management concerning the Group's
and the Parent Company's policies and procedures relating to:
- identifying, evaluating and complying with the laws and regulations
and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they had
any knowledge of actual or suspected fraud; and
- the internal controls established to mitigate risks related to fraud
or non-compliance with laws and regulations.
· We assessed the susceptibility of the financial statements to
material misstatement, including how fraud might occur by evaluating
management's incentives and opportunities for manipulation of the financial
statements. This included utilising the spectrum of inherent risk and an
evaluation of the risk of management override of controls. We determined that
the principal risks were related to posting inappropriate journal entries to
increase revenue or reduce costs, creating fictitious transactions to hide
losses or to improve financial performance.
Audit response to risks identified
In respect of the above procedures:
· we corroborated the results of our enquiries through our review of
the minutes of the Group's and the Parent Company's board meetings, inspection
of legal and regulatory correspondence and correspondences from the regulators
the FCA;
· audit procedures performed by the engagement team in connection with
the risks identified included:
- reviewing financial statement disclosures and testing to supporting
documentation to assess compliance with applicable laws and regulations
expected to have a direct impact on the financial statements.
- testing journal entries, including those processed late for
financial statements preparation, those posted by infrequent or unexpected
users, those posted to unusual account combinations;
- evaluating the business rationale of significant transactions
outside the normal course of business, and reviewing accounting estimates for
bias;
- enquiry of management around actual and potential litigation and
claims, and
- obtaining confirmations from third parties to confirm existence of a
sample of balances.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
GRAND FORTUNE HIGH GRADE LIMITED (CONTINUED)
· we communicated relevant laws and regulations and potential fraud
risks to all engagement team members, including experts and remained alert to
any indications of fraud or non-compliance with laws and regulations
throughout the audit.
Other requirements
We were appointed by the Directors on 19 July 2023. The period of total
uninterrupted engagement including previous renewals and reappointments of the
firm is 1 year.
We did not provide any non-audit services which are prohibited by the FRC's
Ethical Standard to the Group or the Parent Company, and we remain independent
of the Group and the Parent Company in conducting our audit.
Use of our report
This report is made solely to the Parent Company's members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work
has been undertaken so that we might state to the Parent Company's members
those matters we are required to state to them in an auditor's report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Parent Company and the Parent
Company's members as a body, for our audit work, for this report, or for the
opinions we have formed.
As required by the Financial Conduct Authority (FCA) Disclosure Guidance and
Transparency Rule (DTR) 4.1.14R, these financial statements form part of the
European Single Electronic Format (ESEF) prepared Annual Financial Report
filed on the National Storage Mechanism of the UK FCA in accordance with the
ESEF Regulatory Technical Standard (('ESEF RTS'). This auditor's report
provides no assurance over whether the annual financial report has been
prepared using the single electronic format specified in the ESEF RTS.
"Jason Mitchell"
Jason Mitchell MBA BSc FCA
(Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
Maidenhead, United Kingdom
27 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability
partnership in England and Wales (registered number OC312313)
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEAR ENDED 30 APRIL 2023
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year Ended Year Ended
Note 30 April 2023 30 April 2022
£ £
Revenue 18,395 -
Administrative expenses 4 (386,975) (281,960)
Operating Loss (368,580) (281,960)
Finance income 8,368 92
Loss before tax (360,212) (281,868)
Taxation 5 - -
Loss after tax and total comprehensive loss for the period attributable to the (360,212) (281,868)
equity holders of the Group
Loss per Ordinary Share:
Basic and diluted (pence) 6 (0.23) (0.18)
The notes to the consolidated financial statements form an integral part of
these consolidated financial statements.
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEAR ENDED 30 APRIL 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note As at As at
30 April 2023 30 April 2022
£ £
Assets
Current assets
Cash and cash equivalents 1,426,474 1,766,865
Total assets 1,426,474 1,766,865
Equity and liabilities
Capital and reserves
Share Capital 9 4,311,700 4,311,700
Accumulated losses (2,932,619) (2,572,407)
Total equity attributable to equity holders of the Group 1,379,081 1,739,293
Current liabilities
Amounts owing to Directors 11 6,893 7,532
Other payables 7 40,500 20,040
Total liabilities 47,393 27,572
Total equity and liabilities 1,426,474 1,766,865
The notes to the consolidated financial statements form an integral part of
these consolidated financial statements.
This report was approved by the board and authorised for issue on 27 October
2023 and signed on its behalf by
"Wong Lee Chun"
CHIEF EXECUTIVE OFFICER
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEAR ENDED 30 APRIL 2022
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Based
Note Share Payment Accumulated
Capital Reserve Losses Total
£ £ £ £
Balance on 30 April 2020 4,311,700 646,637 (2,538,093) 2,420,244
Loss for the year after taxation - - (399,083) (399,083)
Share Based Payments 10 (646,637) 646,637 -
Balance as at 30 April 2021 4,311,700 - (2,290,539) 2,021,161
Loss for the year after taxation - - (281,868) (281,868)
Balance as at 30 April 2022 4,311,700 - (2,572,407) 1,739,293
Loss for the year after taxation - - (360,212) (360,212)
Balance as at 30 April 2023 4,311,700 - (2,932,619) 1,379,081
The share capital comprises the Ordinary Shares of Grand Fortune High Grade
Limited.
Accumulated losses represent the aggregate retained loss of Grand Fortune High
Grade Limited since incorporation.
The notes to the consolidated financial statements form an integral part of
these consolidated financial statements.
GRAND FORTUNE HIGH GRADE LIMITED
FOR THE YEAR ENDED 30 APRIL 2023
CONSOLIDATED CASH FLOW STATEMENT
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
Cash flows from operating activities
Loss for the period before taxation (360,212) (281,868)
Adjustments:
Bank interest income (8,368) (92)
Foreign currency (gain)/loss (8,171) 47,736
Operating loss before working capital adjustments (376,751) (329,696)
Working capital adjustments:
(Decrease)/Increase in other payables 20,460 5,040
(Decrease)/increase in Amounts due to Directors (639) (10,968)
Net cash used in operating activities (356,930) (335,624)
Cash flows from investing activities
Interest received 8,368 92
Net cash flow from investing activities 8,368 92
(Decrease) in cash (348,562) (335,532)
Cash and cash equivalents, beginning of the period 1,766,865 2,054,661
Effects of currency translation on cash and cash equivalents (8,171) (47,736)
Cash and cash equivalents, end of the period 1,426,474 1,766,865
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General Information
Grand Fortune High Grade Limited is incorporated under the laws of the Cayman
Islands under the Companies Law. Grand Fortune High Grade Limited was
incorporated on 10 November 2015 as an exempted company. Grand Fortune High
Grade Limited's registered number is 305700 and its registered office is at
Willow House, Cricket Square, PO Box 709, Grand Cayman KY1-1107, Cayman
Islands. The principal place of business is Flat/Rm 1, 8/F, Metex House, No.
28 Fui Yiu Kok Street, Tsuen Wan, New Territories, Hong Kong.
The Group's objective is to take advantage of opportunities to establish a
financial training business.
This financial information has been prepared in accordance with IFRS as
adopted by the European Union ("EU"). The standards have been applied
consistently during both years presented.
2. Accounting Policies
Basis of preparation
The principal accounting policies adopted by the Group in the preparation of
the financial information are set out below.
The financial information has been presented in pound sterling, being the
presentational currency of the Grand Fortune High Grade Limited.
From 1 May 2022, the functional currency of Grand Fortune High Grade Limited
changed from pound sterling to Chinese Yen as this reflects the primary
economic environment in which the Group operates.
The financial statements are presented on a consolidated basis and include the
accounts of Grand Fortune High Grade Limited, Grand Fortune High Grade (HK)
Limited and Shen Zhen Shi Ji Fu Education Information Consulting Co. Ltd.
The financial information has been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union ("IFRS"),
including interpretations made by the International Financial Reporting
Interpretations Committee (IFRIC) issued by the International Accounting
Standards Board (IASB). The standards have been applied consistently.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Standards and interpretations issued but not yet applied
A number of new standards and amendments to standards and interpretations have
been issued but are not yet effective and, in some cases, have not yet been
adopted by the European Union. The directors do not expect that the adoption
of these standards will have a material impact on the consolidated financial
statements of the Group in future periods.
Going concern
The Group is focused on the development of a financial training business in
China, and apart from a small amount of interest receivable, it currently has
no significant income stream. Until the training business has been adequately
developed and is generating significant revenue, it is therefore dependent on
its cash reserves to fund ongoing costs.
Management have prepared the Group's budget for the period ending 31 October
2024 and are expecting significant growth in revenue and operating costs,
based on the assumption of increased activity driven from sales and marketing
campaigns. After reviewing the Group's budget and its medium-term plans, the
directors have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future,
with the Group's cash position of £1,426,474 as at 30 April 2023.
In making this assessment, the directors have considered current and
developing impact on the business as a result of the COVID-19 virus. Whilst
this has had an immediate impact on the Group's operations and the Group's
ability to offer financial training courses in person, the Group is developing
an online training platform for its offered programs. The directors are
aware that the implementation and success of the online training platform
remains one of the biggest tests for the Group, in particular if the current
situation with COVID-19 becomes prolonged and in person training is not
possible or limited.
The financial information does not include any adjustments that would result
if the Group were unable to continue as a going concern.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Taxation
The tax currently payable is based on the taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
periods and it further excludes items that are never taxable or deductible.
The Group's liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax assets and liabilities are recognized where the carrying amount
of an asset or liability in the balance sheet differs from its tax base.
Recognition of deferred tax assets is restricted to those instances where it
is probable that taxable profit will be available against which difference can
be utilized.
The amount of the asset or liability is determined using tax rates that have
been enacted or substantively enacted by the balance sheet date and are
expected to apply when the deferred tax liabilities/ (assets) are settled/
(recovered).
Financial instruments
Financial assets and financial liabilities are recognised on the consolidated
statement of financial position when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets
Under IFRS 9, financial assets are measured at amortised cost or fair value
through other comprehensive income ("FVOCI") depending on the business model
and contractual cash flow characteristics. The classification depends on the
basis on which assets are measured and if either criteria is not met, then the
financial assets are held at fair value through profit or loss ("FVPL").
The Group holds cash and cash equivalents at amortised cost.
As at the consolidated balance sheet date, the Group did not have any
financial assets measured at FVPL or FVOCI.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Group are
classified according to the substance of the contractual arrangements entered
into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the
assets of the Group after deducting all of its liabilities. Equity instruments
are recorded at the proceeds received, net of direct issue costs.
Financial liabilities
All financial liabilities are measured at fair value and are subsequently
measured at amortised cost, where applicable, using the effective interest
method, with interest expense recognised on an effective yield basis.
Revenue Recognition
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which
the Group expected to be entitled in exchange for transferring goods or
services to a customer.
Rendering of services
Revenue is recognised on the provision of the financial training course in
China.
Interest
Interest revenue is recognised using the effective interest method.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group's
obligations are discharged, cancelled or they expire.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Accounting Policies (continued)
Foreign currencies
Profit and loss account transactions denominated in foreign currencies are
translated into sterling and recorded at the rate of exchange ruling at the
date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of exchange ruling at the
balance sheet date.
All differences are taken to the profit and loss account.
Cash and cash equivalents
The Group considers any cash on short-term deposits and other short-term
investments to be cash equivalents.
Leases/Rentals
The only leases the Group has entered into are short-term leases. As permitted
by IFRS 16 the Group has taken advantage of the exemption not to apply the
requirements of IFRS 16 to short-term leases and is recognising the expense in
profit and loss evenly over the lease contract. The total expense incurred on
short term leases is disclosed as rental expenses in note 4 to these financial
statements.
Segment Information
In the Directors' opinion, the Group has only one operating segment - the
development and operation of financial training courses in China. The
internal and external reporting is on a consolidated basis with transactions
between Group companies eliminated on consolidation. Therefore, the
financial information of the single segment is the same as set out in the
consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of financial position and
cash flows.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
3. Critical accounting estimates and judgement
The preparation of the financial information in conformity with IFRS requires
the Directors to make estimates and assumptions that affect the reported
amounts of income, expenditure, assets, and liabilities. Estimates and
judgements are continually evaluated, including expectations of future events
to ensure these estimates remain reasonable.
The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates. There
were no critical estimates during the year ended 30 April 2022.
4. Administrative expenses
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
Directors' remuneration 90,361 103,886
Key Management personnel 6,808 6,615
Rental Expenses 10,159 2,406
Salaries/Wages 111,153 93,663
Office/General Expenses 11,745 3,599
Legal and professional fees 161,689 116,472
Bank charges 3,231 3,055
Foreign currency gain (8,171) (47,736)
386,975 281,960
The remuneration of the auditors for the audit of the financial statements was
£60,000 (2022: £17,500).
5. Taxation
Grand Fortune High Grade Limited is incorporated in the Cayman Islands. The
operations of Grand Fortune High Grade Limited are, with the exception of
regulatory filings, outside of the Cayman Islands. Accordingly, the costs
and revenues of Grand Fortune High Grade Limited are subject to Cayman Islands
taxation legislation where the prevailing taxation rate is 0%.
As GFHG HK is incorporated in Hong Kong it is subject to Hong Kong taxation
legislation and as Ji Fu Education is incorporated in China it is subject to
China taxation legislation. Any revenue earned by GFHG HK would be subject
to Hong Kong taxation and any revenue earned by Ji Fu Education would be
subject to China taxation. As the Group's expenses exceeded its revenue for
the year ended 30 April 2023, it has not accrued any tax amount payable.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
6. Loss per Ordinary Share
The calculation for earnings per Ordinary Share (basic and diluted) for the
relevant year is based on the profit after income tax attributable to equity
holder is as follows:
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
Loss attributable to equity holders (£) (360,212) (281,868)
Weighted average number of Ordinary Shares 160,000,000 160,000,000
Earnings per share (pence) (0.23) (0.18)
7. Other payables
As at As at
30 April 2023 30 April 2022
£ £
Payables 500 -
Accruals 40,000 20,040
40,500 20,040
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
8. Key management personnel
Zhao Zhijun, the managing director of GFHG HK, is considered a key management
personnel and below is the remuneration that relates to the periods below.
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
Zhao Zhijun 6,808 6,614
The Directors are also considered the key management personnel and the
following directors' remuneration that relates to the periods below.
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
Wong Lee Chun 36,000 36,000
Angus Irvine 42,000 42,000
Ko Kwan 12,361 6,886
Kit Ling Law - 1,500
Anthony Wonnacott - 17,500
90,361 103,886
All directors' remuneration was categorised as short-term employee benefits
and no amounts in the categories of post-employment benefits, other long-term
benefits, termination benefits or share-based payment benefits. Kit Ling Law
resigned on 1 June 2021 and Anthony Wonnacott resigned on 1 October 2021.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
9. Share capital
As at As at
30 April 2023 30 April 2022
£ £
160,000,000 Ordinary Shares 4,311,700 4,311,700
4,311,700 4,311,700
Grand Fortune High Grade Limited is authorized to issue up to 100,000,000,000
ordinary shares with a par value of £0.0001 per ordinary share. Each
ordinary share ranks pari passu for voting rights, dividends and return of
capital on winding up with holders of ordinary shares being entitled to
dividends as declared from time to time and are entitled to one vote per
ordinary share at general meetings of shareholders.
10. Share based payments
The Group has recognised NIL in respect of share-based payment amounts in each
of the years ended 30 April 2023 and 30 April 2022.
On 17 May 2017 Grand Fortune High Grade Limited entered into warrant
agreements with each of Alice Lau, Vincent Poon, Wai Man Hui and Cornhill
Capital Limited conferring the right to subscribe for 4,800,000 Ordinary
Shares each (a total of 19,200,000 Ordinary Shares) as remuneration for
assistance with the admission on the London Stock Exchange. Each Warrant
Agreement is in an identical form and confers the right to subscribe for
Ordinary Shares at £0.10. The Warrants were conditional on admission on the
London Stock Exchange (which was completed on 22 May 2017) and were
exercisable at any time until 22 May 2020.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
11. Amounts owing to Directors
As at As at
30 April 2023 30 April 2022
£ £
Directors Fees 6,893 7,532
6,893 7,532
As of 30 April 2023, the only amounts owing to Directors are the amounts for
fees accrued in April 2023 as all other outstanding amounts were paid during
the year ended 30 April 2023.
12. Financial instruments
Financial assets at amortised cost As at As at
30 April 2023 30 April 2022
£ £
Other receivables - -
Cash and cash equivalents 1,426,474 1,766,865
Total financial assets 1,426,474 1,766,865
Financial liabilities at amortised cost
Amounts owing to Directors 6,893 7,532
Other payables 40,500 20,040
Total financial liabilities 47,393 27,572
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
13. Financial risk management
The Group uses a limited number of financial instruments, comprising cash and
amounts owing to Directors, which arise directly from operations. The Group
does not trade in financial instruments.
General objectives, policies and processes
The Directors have overall responsibility for the determination of the Group's
risk management objectives and policies. Further details regarding these
policies are set out below:
Currency risk
As the Group operates internationally, its exposure to foreign exchange risk
relates to transactions and balances that are denominated in currencies other
than £. The Directors manage the Group's exposure to currency risk by
operating foreign currency bank accounts, being GBP, HKD, RMB and USD. It is
the Directors' view that the size and complexity of the Group's trade does not
warrant financial hedging arrangements currently, although this view will be
regularly reviewed as the Group develops.
The table below illustrates the hypothetical sensitivity of the Group's
consolidated statement of financial position to a 10% increase and decrease in
the GBP/HKD, GBP/USD and GBP/RMB exchange rates at the year-end date. The
sensitivity rate of 10% represents the directors' assessment of a reasonably
possible change, based on historic volatility.
Year Ended Year Ended
30 April 2023 30 April 2022
£ £
GBP Increases by 10%
HKD portion of Cash and cash equivalents (16,811) (37,240)
USD portion of Cash and cash equivalents (216) (6,421)
RMB portion of Cash and cash equivalents (3,331) (35)
GBP Decreases by 10%
HKD portion of Cash and cash equivalents 20,547 45,516
USD portion of Cash and cash equivalents 264 7,848
RMB portion of Cash and cash equivalents 4,071 43
Period end exchange rates applied in the above analysis are HKD 9.863 (2022 -
HKD 9.84311), USD 1.25654 (2022 - USD 1.25411) and RMB 8.6842 (2022 -
8.28885).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
13. Financial risk management (continued)
Credit risk
Credit risk is the risk that a counter party will not meet its obligations
under a contract, leading to a financial loss. The Group had cash and cash
equivalents of £1,426,474 as at 30 April 2023. The credit risk from its
liquid funds is limited as the counter parties are banks with high credit
ratings.
Liquidity risk
Liquidity risk arises from the Directors' management of working capital. It is
the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due.
The Directors' policy is to ensure that the Group will always have sufficient
cash to allow it to meet its liabilities when they become due. To achieve this
aim, the Directors seek to maintain a cash balance sufficient to meet expected
requirements (all amounts due within 30 days).
The Directors have prepared cash flow projections on a monthly basis through
to 31 October 2024. At the end of the year under review, these projections
indicated that the Group expected to have sufficient liquid resources to meet
its obligations under all reasonably expected circumstances.
14. Capital risk management
The Directors' objectives when managing capital are to safeguard the Group's
ability to continue as a going concern in order to provide returns for
Shareholders and benefits for other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital. During the year, the Group
had been financed by equity. In the future, it is expected that the capital
structure of the Group will continue to be financed in this manner with equity
attributable to equity holders of the Group, comprising issued share capital
and reserves.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
15. Related party transactions
During the year ended 30 April 2020, Grand Fortune High Grade Limited entered
into an employment agreement with Derek Law. Derek Law is a related party by
virtue of being the brother of Kit Ling Law (a significant shareholder and
former member of the Board of Directors of Grand Fortune High Grade
Limited). Under the terms of the employment agreement, Derek Law was
employed on a continuous basis as an Executive Deputy Director of Grand
Fortune High Grade Limited effective 1 December 2019 and entitled to a monthly
salary of HKD 20,000 and a monthly housing allowance of HKD 5,000.
Additionally, at the same time as the resignation of Anthony Wonnacott (1
October 2021) from the board of directors of the Company, Grand Fortune High
Grade Limited entered into a consulting agreement with Wonnacott Consulting
Professional Corporation (an entity controlled by Anthony Wonnacott) pursuant
to which Mr. Wonnacott was engaged as a corporate advisor to the Company with
remuneration of £2,500 per month (total charged by Mr. Wonnacott of £30,000
during the year ended 30 April 2023). Mr. Wonnacott is a related party by
virtue of being a former director of the Company.
All other amounts owing to directors relate to directors' remuneration accrued
as at the year ended 30 April 2023, see note 8 and 11 for a summary.
16. Ultimate controlling party
As at 30 April 2023, Grand Fortune High Grade Limited has no controlling
party.
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