Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • Investegate.co.uk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com
  • FETransmission.com
  • Trustnet.hk
  • FEAnalytics.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Meikles Ld (MIK)

  Print      Mail a friend

Monday 25 July, 2011

Meikles Ld

Annual Financial Report


MEIKLES LIMITED

(REGISTRATION NO. 1/37)

25 July 2011

ANNUAL FINANCIAL REPORT & NOTICE OF MEETING 2011

Following release on 21 June 2011 of its preliminary results for the period
ended 31 March 2011, Meikles Limited announces that the 2011 Annual Report and
Notice of Meeting have been posted to shareholders on 25 July 2011 and are
available on the company's website www.meiklesinvestor.com

Copies of these documents have been submitted to the National Storage Mechanism
and will shortly be available for inspection at: www.Hemscott.com/nsm.do

In accordance with the FSA's Disclosure and Transparency Rules, additional
information as required, is set out in this announcement.

DIRECTORS' RESPONSIBILITY AND CONCLUSION

The Directors of the Company are responsible for the maintenance of adequate
accounting records, and the preparation of financial statements for each
financial period, that give a true and fair view of the state of affairs of the
Company and the Group at the end of the financial period, and of the results
and cash flows for that period. They are also required to select appropriate
accounting policies, to safeguard the assets of the Company and the Group and
to make reasonable and prudent judgements and estimates. Accounting policies,
which follow International Financial Reporting Standards (IFRS), have been
consistently applied, where practicable. Critical judgmental areas are
disclosed in note 4 to the financial statements.

The Directors are also responsible for the systems of internal control. These
are designed to provide reasonable but not absolute assurances as to the
reliability of the financial statements, and to safeguard, verify and maintain
accountability of assets, and to prevent and detect material misstatements and
losses. The systems are implemented and monitored by the Directors to indicate
that any material breakdown in the functioning of these controls, procedures
and systems has occurred during the period under review.

The financial statements have been prepared in accordance with the accounting
policies set out in the accounting policy notes.

The Directors have reviewed the Group's budgets and cash flow forecasts for the
year to 31 March 2012 and, in light of this review and the current financial
position, they are satisfied that the Group has or has access to adequate
resources to continue in operational existence for the foreseeable future.
However, the Directors believe that under the current economic environment a
continuous assessment of the ability of the Company to continue to operate as a
going concern will need to be performed.

J.R.T. Moxon

Executive Chairman

Harare, 7 July 2011

B.J. Beaumont

Group Chief Executive Officer

Harare, 7 July 2011

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2011

                                                                      Unaudited
                                                                               
                                         31 March    31 December      1 January
                                                                               
                                             2011           2009           2009
                                                                               
                         Notes                US$            US$            US$
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and      17               201,197              -              -
equipment                                                                      
                                                                               
Investments in           21            74,129,078     82,125,148    123,974,684
subsidiaries                                                                   
                                                                               
Other financial assets   21               373,181        180,391        140,728
                                                                               
Balances with Reserve    22            36,824,671              -              -
Bank of Zimbabwe                                                               
                                                                               
Total non-current assets              111,528,127     82,305,539    124,115,412
                                                                               
Current assets                                                                 
                                                                               
Inventories              24                 8,653              -              -
                                                                               
Other receivables        25            30,431,635      8,185,398      6,365,757
                                                                               
Cash and bank balances   22               381,817              -              -
                                                                               
                                       30,822,105      8,185,398      6,365,757
                                                                               
Assets held for sale or  15                11,814     34,660,464              -
distribution                                                                   
                                                                               
Total current assets                   30,833,919     42,845,862      6,365,757
                                                                               
Total assets                          142,362,046    125,151,401    130,481,169
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Capital and reserves                                                           
                                                                               
Share capital            26             2,453,747              1              1
                                                                               
Non-distributable                      30,303,613    103,757,359    103,757,359
reserves                                                                       
                                                                               
Retained earnings/                     98,631,052    (6,007,023)              -
(accumulated losses)                                                           
                                                                               
Total equity                          131,388,412     97,750,337    103,757,360
                                                                               
Non-current liabilities                                                        
                                                                               
Deferred tax             13             2,796,179      4,106,257      4,106,257
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables 28             1,626,777     23,294,807     22,617,552
                                                                               
Short term borrowings    27             6,550,678              -              -
                                                                               
Total liabilities                       8,177,455     23,294,807     22,617,552
                                                                               
Total equity and                      142,362,046    125,151,401    130,481,169
liabilities                                                                    

J.R.T. Moxon

7 July 2011

B.J. Beaumont

7 July 2011

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2011

                                                          Company              
                                                                               
                                               Non   (Accumulated              
                                     distributable       losses)/              
                                                                               
                       Share              reserves       retained         Total
                       capital                           earnings              
                                                                               
                       US$                     US$            US$           US$
                                                                               
2011                                                                           
                                                                               
Balance at the         1               103,757,359    (6,007,023)    97,750,337
beginning of the                                                               
period                                                                         
                                                                               
Profit for the period  -                         -     48,162,106    48,162,106
                                                                               
Transfer from          -              (71,000,000)     71,000,000             -
non-distributable                                                              
reserves                                                                       
                                                                               
Share capital          2,453,746       (2,453,746)              -             -
redenomination                                                                 
                                                                               
Dividend in specie     -                         -   (14,524,030)  (14,524,030)
(note 31)                                                                      
                                                                               
Balance at the end of  2,453,747        30,303,613     98,631,053   131,388,413
the period                                                                     
                                                                               
2009                                                                           
                                                                               
Balance at the         1               103,757,359              -   103,757,359
beginning of the year                                                          
                                                                               
Loss for the year      -                         -    (6,007,023)   (6,007,023)
                                                                               
Balance at the end of  1               103,757,359    (6,007,023)    97,750,337
the year                                                                       

NOTES

3.13. Property, plant and equipment

Property, plant and equipment are stated at cost or deemed cost less
accumulated depreciation and accumulated impairment losses. Where the carrying
amount of an asset is greater than its estimated recoverable amount, it is
written down to its recoverable amount. Interest costs on borrowings to finance
property expenditure during the course of construction are capitalised.
Improvements to buildings are recognised whilst repairs and renewals are
charged to the profit and loss when the expenditure is incurred. Gains and
losses on the diposal of assets are determined by reference to their carrying
amount and are taken into account in determining operating profit.

Leased assets under a finance lease are initially measured at an amount equal
to the lower of its fair value and the present value of the minimum lease
payments. Subsequent to initial recognition, the asset is accounted for in
accordance with the accounting policy applicable to the asset.

Purchased software that is integral to the funcationality of the related
equipment is capitalised as part of that equipment. Where parts of an item of
property or equipment have different useful lives, they are accounted for as
separate items (major components) of property and equipment.

3.13.1. Depreciation

Freehold land is not depreciated. Depreciation on property, plant and equipment
other than land and capital work in progress is calcuated on a straight line
basis so as to write off the assets over their estimated useful lives to their
anticipated residual values. The estimated useful lives, residual values and
depreciation method are reviewed at each year end, with the effect of any
changes in estimate accounted for on a prospective basis. Assets held under
finance leases are depreciated over their expected useful lives on the same
basis as owned assets or, where shorter, the term of the relevant lease.

The gain or loss arising on the diposal or retirement of an item of property,
plant and equipment is determined as the difference between the sales proceeds
and the carrying amount of the asset and is recognised in profit or loss.

4. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.

The following are the critical judgements, apart from those involving
estimations, that the Directors have made in the process of applying the
entity's accounting policies and that have the most signicant effect on the
amounts recognised in the financial statements.

4.1. Classification of the Cape Grace Hotel as held for sale

The Cape Grace Hotel operations in South Africa have been maintained as a
non-current asset held for sale. Further details are disclosed in note 14.

4.2. Going concern

The Directors assess the ability of the Group to continue in operational
existence in the foreseeable future at each reporting date. As at 31 March
2011, the Directors have assessed the Group's ability to continue operating as
a going concern and believe that the preparation of these financial statements
on a going concern basis is still appropriate.

4.3. Useful lives and residual values of property, plant and equipment

As described in note 3.13 above, the Group reviews the estimated useful lives
and residual values of property, plant and equipment at the end of the
reporting period.

During the period, the Directors engaged independent professional valuers to
reassess the carrying amounts of certain property, plant and equipment for the
stores and agriculture segments. The property, plant and equipment carrying
amounts were out of line with similar items in the other group entities. The
financial effect of this reassessment, assuming the assets are held until the
end of their estimated useful lives, is to increase the consolidated plant and
equipment carrying amounts and the consolidated depreciation expense in the
current financial year and for the next 3 years, by the following amounts:

                                Depreciation expense            Carrying amount
                                                                               
                                                 US$                        US$
                                                                               
2009                                         862,866                  3,857,888
                                                                               
2011                                         862,866                  2,995,022
                                                                               
2012                                         862,866                  2,132,156
                                                                               
2013                                         696,530                  1,435,626

The remaining useful lives and residual values were reassessed based on
business trends, technological developments, assets conditions and mangement's
future plans. The useful lives and residual values so determined involved the
exercise of significant levels of judgement based on data that was not readily
observable.

4.4. Biological assets valuation

Tea, macadamia and timber plantations are stated at their fair value less point
of sale costs. The present value of expected net cash flows from plantations,
discounted at a current market determined pre-tax rate of 12%, ws used to
determine fair value. The pre tax rate is the average cost of borrowing for the
loans with the longest tenure of 5 years for the agriculture segment.

4.5. Funds earmarked for investment

Certain provisions wre made in the financial statements for the year ended 31
December 2008, at the instigation of the previous Board of Directors. The
resolution of the boardroom and shareholder disputes has allowed the Group a
recoverable sum of US$11,737,013 denominated in South African rand to be
reinstated in the current financials. The timing of future cash flows or gains
arising from this investment is yet to be determined. Refer to note 21.

4.6 Balances with the Reserve Bank of Zimbabwe

The deposit with the Reserve Bank of Zimbabwe (RBZ) arose from proceeds arising
from the Initial Public Offer undertaken by the Copany. These funds were raised
in international markets. The Company has not had access to these funds in cash
and the timing of future cash flows is uncertain. These amounts are required to
assist with the recapitalisation of the Group. The Directors are engaging the
RBZ with a view to the establishment of an agreed drawdown on these funds.
Refer to note 22.

13. Income Tax

13.1 Income tax recognised in profit/(loss) for the period

                                                        Group                  
                                                                               
                                                                       Restated
                                                                               
                                            31 March 2011      31 December 2009
                                                                               
                                                      US$                   US$
                                                                               
Tax credit comprises the following:                                            
                                                                               
Current tax (expense)/credit in respect         (184,325)                53,325
of the current period                                                          
                                                                               
Deferred tax credit relating to the             1,739,305             5,236,247
origination and reversal of temporary                                          
differences                                                                    
                                                                               
Withholding tax on investment revenue            (36,574)                 (903)
                                                                               
                                                1,518,406             5,228,669
                                                                               
Capital gains tax arising on demerger           (725,024)                      
of KFHL                                                                        
                                                                               
Total tax credit relating to continuing           793,382             5,288,669
operations                                                                     
                                                                               
The credit for the period can be                                               
reconciled to the account profit/(loss)                                        
as follows:                                                                    
                                                                               
Profit/(loss) before tax from                   2,857,477           (7,943,262)
continuing operations                                                          
                                                                               
Income tax calculated at 25.75% (2009:          (735,800)             2,454,468
30.9%)                                                                         
                                                                               
Effect of revenue that is exempt from           3,371,157               801,451
income tax                                                                     
                                                                               
Effect of expenses that are not                 (360,693)             1,985,755
deductible in determining taxable                                              
profit                                                                         
                                                                               
Effect of change in tax rate*                 (1,147,201)                     -
                                                                               
Effect of previously unrecognised and             417,693                     -
unused tax losses                                                              
                                                                               
Effect of revenue taxed at other rates           (26,750)                46,995
                                                                               
                                                1,518,406             5,288,699
                                                                               
Capital gains tax arising on demerger           (725,024)                     -
of KFHL                                                                        
                                                                               
Income tax credit recognised in profit/           793,382             5,288,669
(loss) for the period                                                          

The income tax rate used for the 2011 reconciliation above is the corporate
rate of 25.75% (31 December 2009: 30.9%) payable by corporate entities in
Zimbabwe. The deferred tax rate used for 2011 is the corporate tax rate of
25.75%. The principal rate for the taxable foreign operation is 29% (31
December 2009: 29%).

*Tanganda Tea Company Limited was taxed at 20% for the year ended 31 December
2009 due to some export incentives. The incentives were repealed in the current
period resulting in the tax rate of 25.75%.

13.2 Income tax recognised in other comprehensive income

                                                        Group                  
                                                                               
                                                                       Restated
                                                                               
                                            31 March 2011      31 December 2009
                                                                               
                                                      US$                   US$
                                                                               
Deferred tax                                                                   
                                                                               
Arising on income and expenses                                                 
recognised in other comprehensive                                              
income:                                                                        
                                                                               
Translation of foreign operations                 188,631               193,659
                                                                               
Revaluation of available for sale                       0             (272,390)
financial assets                                                               
                                                                               
Provisions                                              -              (12,378)
                                                                               
Property revaluations                                   -             1,123,875
                                                                               
Other movements                                         -             1,239,135
                                                                               
Total income tax recognised in other              188,631             2,271,901
comprehensive income                                                           

13.3 Current tax liabilities

                                                         Group                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Current tax liabilities                                                        
                                                                               
Value added tax                       487,727          403,096           11,041
                                                                               
Income tax payable                          -           11,056          106,849
                                                                               
                                      487,727          414,152          117,890

13.4 Deferred tax balances

                                                                          Group
                                                                               
                                    Beginning      Recoginsed          Disposed
                                                                               
                                       of the       in profit              with
                                                                               
                                       period         or loss      subsidiaries
                                                                               
                                          US$             US$               US$
                                                                               
The deferred tax balance is                                                    
attributable to the following                                                  
items:                                                                         
                                                                               
Current period:                                                                
                                                                               
Assessed losses                   (4,363,523)     (3,140,578)         1,512,202
                                                                               
Property, plant and equipment      16,233,891       (146,196)       (2,367,306)
                                                                               
Biological assets                     749,825       1,664,410                 -
                                                                               
Exchange differences                  559,740             666         (325,267)
                                                                               
Provisions                            331,165         304,487                 -
                                                                               
Receivables and prepayments            49,412         121,893                 -
                                                                               
Other                                 157,211          74,392                 -
                                                                               
Deferred capital gains tax on         157,211          74,392                 -
land                                                                           
                                                                               
                                   13,931,241     (1,555,956)         (958,861)
                                                                               
Prior year:                                                                    
                                                                               
Assessed losses                             -     (4,363,523)                 -
                                                                               
Property, plant and equipment      20,483,718     (2,741,622)                 -
                                                                               
Property, plant and equipment -             -       (384,330)                 -
prior year adjustment                                                          
                                                                               
Biological assets                     917,357       (712,646)                 -
                                                                               
Biological assets - prior year              -         545,114                 -
adjustment                                                                     
                                                                               
Available for sale financial        (272,390)               -                 -
assets                                                                         
                                                                               
Exchange differences                  754,080           (681)                 -
                                                                               
Provisions                            199,777         119,010                 -
                                                                               
Receivables and prepayments             4,080          45,332                 -
                                                                               
Other                                       -       1,452,655                 -
                                                                               
Deferred capital gains tax on         245,249        (88,048)                 -
land                                                                           
                                                                               
                                   22,331,881     (6,128,739)                 -

                                                   Recognised                  
                                                                               
                                                           in               End
                                                                               
                                                        other            period
                                                                               
                                                comprehensive                  
                                                                               
                                                       income                  
                                                                               
                                                          US$               US$
                                                                               
The deferred tax balance is attributable                                       
to the following items:                                                        
                                                                               
Current period:                                                                
                                                                               
Assessed losses                                             -       (5,991,899)
                                                                               
Property, plant and equipment                               -        13,720,389
                                                                               
Biological assets                                           -         2,414,235
                                                                               
Exchange differences                                    3,233           238,372
                                                                               
Provisions                                                  -           635,652
                                                                               
Receivables and prepayments                                 -           171,305
                                                                               
Other                                                       -                 -
                                                                               
Deferred capital gains tax on land                          -           231,603
                                                                               
                                                        3,233        11,491,657
                                                                               
Prior year:                                                                    
                                                                               
Assessed losses                                             -       (4,363,523)
                                                                               
Property, plant and equipment                     (1,123,875)        16,618,221
                                                                               
Property, plant and equipment - prior                       -         (384,330)
year adjustment                                                                
                                                                               
Biological assets                                           -           204,711
                                                                               
Biological assets - prior year adjustment                   -           545,114
                                                                               
Available for sale financial assets                   272,390                 -
                                                                               
Exchange differences                                (193,659)                 -
                                                                               
Provisions                                             12,378           331,165
                                                                               
Receivables and prepayments                                 -            49,412
                                                                               
Other                                             (1,239,135)           213,520
                                                                               
Deferred capital gains tax on land                          -           157,211
                                                                               
                                                  (2,271,901)        13,931,241

                                                         Group                 
                                                                               
                                                      Restated        Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Comprising:                                                                    
                                                                               
Deferred tax asset -              (2,355,680)                -                -
continuing operations                                                          
                                                                               
Deferred tax liability -           15,996,723       15,346,508       23,318,471
continuing operations                                                          
                                                                               
Deferred tax asset - disposal     (2,221,386)      (2,370,901)      (1,986,500)
group (note 15)                                                                
                                                                               
Deferred tax liability -                    -          955,634                -
disposal group (note 15)                                                       
                                                                               
                                   11,419,657       13,931,241       23,331,881
                                                                               
The deferred tax credit is                                                     
recognised in the profit/                                                      
(loss) for the period as                                                       
follows:                                                                       
                                                                               
Deferred tax credit as above      (1,555,956)      (6,128,739)                 
                                                                               
Directly associated with            (183,349)          892,492                 
assets held for sale disposal                                                  
group                                                                          
                                                                               
                                  (1,739,305)      (5,236,247)                 

                                                       Company                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Assessed loss                       (322,230)                -                -
                                                                               
Plant and equipment                    35,493                -                -
                                                                               
Prepayments                            24,504                -                -
                                                                               
Unrealised exchange gains             182,935                -                -
                                                                               
                                     (79,298)                -                -
                                                                               
Deferred capital gains tax on       2,875,477        4,106,257        4,106,257
unlisted investments                                                           
                                                                               
                                    2,796,179        4,106,257        4,106,257

14. Discontinued operations

Demerger of Kingdom Financial Holdings Limited (KFHL) from the Group. Following
the 13 October 2010 EGM of the Company and subsequent court and regulatory
approvals, KFHL was demerged from the Group effective 31 October 2010. Details
of the assets and liabilities disposed of, and the calculation of the loss on
disposal are disclosed in note 31.

Voluntary liquidation of Cotton Printers (Private) Limited

Cotton Printers was liquidated during 2010. The company had encountered
significant viability problems pre and post dollarisation resulting in it
applying for voluntary liquidation in October 2009. The order for final
liquidation was granted on 10 May 2010. Cotton Printers did not trade during
the period ended 31 March 2011.

Details of the assets and liabilities disposed of, and the calcuation of the
loss on disposal are disclosed in note 31.

Cape Grace Hotel operations in South Africa

In March 2008, a binding put and call option agreement for the sale of the Cape
Grace Hotel to Mentor was entered into between Meikles, Cape Grace Hotel
Limited (BVI) and its subisidiaries which own the Cape Grace Hotel on the one
hand, and Mentor on the other. In November 2008, a notice to exercise the
option for the purchase of Meikles Group's interests in the Cape Grace Group
was sent from Mentor to Meikles, and receipt thereof was acknowledged by
Meikles. This resulted in a legally binding agreement for the purchase by
Mentor of the Cape Grace Hotel. The consummation and implementation of this
transaction was delayed as a consequence of the litigation initiated by Meikles
against Mentor, which litigation has now been settled and withdrawn. Mentor
stands ready to comply with its obligation to purchase the Cape Grace Hotel as
a result of the binding agreement referred to aforesaid, and is ready to
consummate such transaction and deliver the proceeds of the sale against the
delivery of the Cape Grace Hotel in compliance with the agreement.

                                           31 March 2011       31 December 2009
                                                                               
                                                     US$                    US$
                                                                               
Revenue                                       21,137,436             13,856,206
                                                                               
Net interest                                   6,518,823              6,287,976
                                                                               
Fees and commissions                          18,271,363              5,281,660
                                                                               
Other gains                                    4,711,984              6,225,105
                                                                               
Total income                                  50,639,606             31,650,947
                                                                               
Expenses*                                   (43,016,973)           (33,219,392)
                                                                               
Profit/(loss) before tax                       7,622,633            (1,568,445)
                                                                               
Income tax                                   (1,306,421)                660,405
                                                                               
Profit/(loss) for the year                     6,316,212              (908,040)
from discontinued operations                                                   
                                                                               
Loss on disposal of                          (3,842,146)                      -
subsidiaries                                                                   
                                                                               
Profit/(loss) for the year                     2,474,066              (908,040)
from discontinued operations                                                   
(attributable to owners of the                                                 
parent)                                                                        
                                                                               
Other comprehensive income                                                     
                                                                               
Exchange differences on                        1,033,239              1,696,818
translating foreign entities                                                   
                                                                               
Losses on property                                     -            (1,641,125)
revaluations                                                                   
                                                                               
Movement in other reserves                             -                  2,000
                                                                               
Other comprehensive income for                 1,033,239                 57,693
the period, net of tax                                                         
                                                                               
Total comprehensive profit/                    3,507,305              (850,347)
(loss) for the period                                                          
                                                                               
*The expenses exclude                                                          
depreciation expense of                                                        
US$3,220,794 (2009:                                                            
US$2,091,470) which has been                                                   
written back in line with the                                                  
requirements of IFRS 5.                                                        
                                                                               
Cash flows from discontinued                                                   
operations                                                                     
                                                                               
Net cash flows from operating                (3,501,547)              6,301,615
activities                                                                     
                                                                               
Net cas flows from investing                     304,735                619,241
activities                                                                     
                                                                               
Net cash flows from financing                  (613,708)                132,296
activities                                                                     
                                                                               
Net cash (outflows)/inflows                  (3,810,520)              7,053,152

15. Assets held for sale or distribution

                                                         Group                 
                                                                               
                                                      Restated        Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Assets                                                                         
                                                                               
Property, plant and equipment      27,793,954       37,988,372       21,389,918
                                                                               
Investment property                         -          186,900          950,000
                                                                               
Other, financial assets and         4,293,626        8,427,883          729,381
investments                                                                    
                                                                               
Investments in associates                   -        2,498,655        1,025,929
                                                                               
Balances at the RBZ                         -       24,163,308                -
                                                                               
Deferred taxation                   2,221,386        2,370,901        1,986,500
                                                                               
Goodwill                            4,092,008        4,092,008        4,092,008
                                                                               
Inventories                           535,333          624,312          322,414
                                                                               
Trade and other receivables         1,005,047       42,113,836        1,011,510
                                                                               
Other cash and bank balances        1,498,927       22,972,784           67,158
                                                                               
Balances owed by other Group        1,900,705        3,796,101        1,440,165
entities                                                                       
                                                                               
Total assets held for sale or      43,340,986      149,235,600       33,015,073
distribution before Group                                                      
elimination                                                                    
                                                                               
Group balances elimination        (1,900,705)      (3,796,101)      (1,440,165)
                                                                               
Total assets held for sale or      41,440,281      145,438,959       31,574,908
distribution                                                                   
                                                                               
Liabilities                                                                    
                                                                               
Borrowings                          2,572,656        3,875,878        3,028,334
                                                                               
Trade and other payables            1,976,816       39,994,943        2,866,130
                                                                               
Deferred and tax liabilities                -          955,634                -
                                                                               
Other financial liabilities        10,528,861        8,982,286        6,595,941
                                                                               
Customer deposits                           -       34,819,728                -
                                                                               
Balances owed to Group              8,716,527        8,933,154        6,365,750
entities                                                                       
                                                                               
Liabilities relating to            23,794,860       97,561,623       18,856,155
assets held for sale before                                                    
Group elimination                                                              
                                                                               
Group balances elimination        (8,716,527)      (8,933,154)      (6,365,750)
                                                                               
Total liabilities relating to      15,078,333       88,628,469       12,490,405
assets held for sale or                                                        
distribution                                                                   
                                                                               
Net assets for sale or             26,361,948       56,810,490       19,084,503
distribution                                                                   
                                                                               
Capital and reserves relating      18,083,332      140,316,463       10,621,312
to assets held for sale or                                                     
distribution                                                                   
                                                                               
Comprising:                                                                    
                                                                               
Assets held for sale:                                                          
                                                                               
Cape Grace Hotel group of          39,977,389       36,847,922       28,037,302
companies                                                                      
                                                                               
Cotton Printers (Private)                   -        4,497,374        2,587,606
Limited                                                                        
                                                                               
Motor Vehicles1                     1,462,892                -                -
                                                                               
Assets held for distribution                                                   
to members:                                                                    
                                                                               
Kingdom Financial Holdings                  -      104,093,663          950,000
Limited                                                                        
                                                                               
Total assets held for sale or      41,440,281      145,438,959       31,574,908
distribution                                                                   
                                                                               
Liabilities relating to                                                        
assets held for sale:                                                          
                                                                               
Cape Grace Hotel group of          15,078,333       16,363,112       12,490,405
companies                                                                      
                                                                               
Cotton Printers (Private)                   -        1,641,364                -
Limited                                                                        
                                                                               
Liabilities relating to                                                        
assets held for distribution                                                   
to members:                                                                    
                                                                               
Kingdom Financial Holdings                  -       70,623,993                -
Limited                                                                        
                                                                               
Total liabilities relating to      15,078,333       88,628,469       12,490,405
assets held for sale or                                                        
distribution                                                                   
                                                                               
Net assets held for sale or        26,361,948       58,810,490       19,084,503
for distribution                                                               
                                                                               
Equity relating to assets                                                      
held for sale:                                                                 
                                                                               
Cape Grace Hotel group of          18,083,232       14,231,541       10,621,312
companies                                                                      
                                                                               
Cotton Printers (Private)                   -        2,766,220                -
Limited                                                                        
                                                                               
Equity relating to assets                                                      
held for distribution to                                                       
members:                                                                       
                                                                               
Kingdom Financial Holdings                  -       34,660,364                -
Limited                                                                        
                                                                               
Total equity relating to           18,083,232       51,658,125       10,621,312
assets held for sale or                                                        
distribution                                                                   

                                                      Company                  
                                                                               
                                           31 March 2011       31 December 2009
                                                                               
                                                     US$                    US$
                                                                               
Assets held for distribution                           -             34,660,364
to members - Kingdom Financial                                                 
Holdings Limited2                                                              
                                                                               
Assets held for sale - Cotton                          -                    100
Printers (Private) Limited2                                                    
                                                                               
Motor vehicles1                                   11,814                      -
                                                                               
                                                  11,814             34,660,464

1The Group intends to dispose of certain motor vehicles to staff and
anticipates that the disposal will be completed by 31 July 2011.

2Refer to note 14 for details

17. Property, plant and equipment

                                                                          Group
                                                                               
                                     Land and        Leasehold    Furniture and
                                                                               
                                    buildings     improvements        equipment
                                                                               
                                          US$              US$              US$
                                                                               
At 31 March 2011                                                               
                                                                               
Opening carrying value             63,715,669          477,524       12,888,741
                                                                               
Transfer from investment               27,046                -                -
property                                                                       
                                                                               
Additons - replacement              2,137,450          781,578        6,791,532
                                                                               
Service assets adjustment                   -                -           65,325
                                                                               
Disposals - cost                        (932)                -        (260,359)
                                                                               
Disposals - accumulated                    23                -           69,472
depreciation                                                                   
                                                                               
Depreciation expense                (893,568)         (69,186)      (2,401,486)
                                                                               
Transfer to assets held for                 -                -                -
sale (see note 15)                                                             
                                                                               
Closing carrying value             64,985,688        1,189,916       17,153,225
                                                                               
At cost or deemed cost             68,009,708        1,377,983       21,351,011
                                                                               
Accumulated depreciation          (1,613,565)        (188,067)      (4,197,786)
                                                                               
Accumulated impairment            (1,410,455)                -                -
                                                                               
Carrying value at 31 March         64,985,688        1,189,916       17,153,225
2011                                                                           

                                    Motor         Work in                      
                                                                               
                                 vehicles        progress                 Total
                                                                               
                                      US$             US$                   US$
                                                                               
At 31 March 2011                                                               
                                                                               
Opening carrying value          3,345,157         103,604            80,530,695
                                                                               
Transfer from investment                -               -                27,046
property                                                                       
                                                                               
Additons - replacement            415,257       (103,604)            10,022,213
                                                                               
Service assets adjustment               -               -                65,325
                                                                               
Disposals - cost                (239,455)               -             (500,746)
                                                                               
Disposals - accumulated           122,544               -               192,039
depreciation                                                                   
                                                                               
Depreciation expense          (1,231,432)               -           (4,595,672)
                                                                               
Transfer to assets held       (1,462,892)               -           (1,462,892)
for sale (see note 15)                                                         
                                                                               
Closing carrying value            949,179               -            84,278,008
                                                                               
At cost or deemed cost          1,863,573               -            92,602,275
                                                                               
Accumulated depreciation        (914,394)               -           (6,913,812)
                                                                               
Accumulated impairment                  -               -           (1,410,455)
                                                                               
Carrying value at 31 March        949,179               -  84,278,00884,278,008
2011                                                                           

                                                                          Group
                                                                               
                                     Land and        Leasehold    Furniture and
                                                                               
                                    buildings     improvements        equipment
                                                                               
                                          US$              US$              US$
                                                                               
At 31 December 2009                                                            
                                                                               
Opening carrying value             74,855,102          513,742         8,57,828
(unaudited)                                                                    
                                                                               
Prior period adjustment (note         204,465                -        3,234,497
32)                                                                            
                                                                               
Opening carrying value -           75,059,567          513,742       11,792,325
restated                                                                       
                                                                               
Transferred to assets held        (9,910,000)                -        (619,397)
for sale                                                                       
                                                                               
Impairment                        (1,410,455)                -                -
                                                                               
Additions - expansion                 518,746           20,702        2,530,216
                                                                               
Additions - replacement                     -                -          527,477
                                                                               
Service assets adjustment                   -                -          154,504
                                                                               
Disposals - cost                            -                -         (63,337)
                                                                               
Disposals - accumulated                     -                -           11,015
depreciation                                                                   
                                                                               
Closing carrying value             63,715,669          477,524       12,888,741
                                                                               
At cost or deemed cost             65,846,144          596,405       14,754,513
                                                                               
Accumulated depreciation            (720,020)        (118,881)      (1,865,772)
                                                                               
Accumulated impairment            (1,410,455)                -                -
                                                                               
Carrying value at 31 December      63,715,669          477,524       12,888,741
2009                                                                           

                                        Motor          Work in                 
                                                                               
                                     vehicles         progress            Total
                                                                               
                                          US$              US$              US$
                                                                               
At 31 December 2009                                                            
                                                                               
Opening carrying value              5,585,658          138,212       89,650,542
(unaudited)                                                                    
                                                                               
Prior period adjustment (note       1,281,792                -        4,720,754
32)                                                                            
                                                                               
Opening carrying value -            6,867,450          138,212       94,371,296
restated                                                                       
                                                                               
Transferred to assets held        (3,382,864)                -     (13,912,261)
for sale                                                                       
                                                                               
Impairment                                  -                -      (1,410,455)
                                                                               
Additions - expansion                 673,932            9,246        3,752,842
                                                                               
Additions - replacement               303,910           59,018          890,405
                                                                               
Service assets adjustment                   -        (102,872)           51,632
                                                                               
Disposals - cost                    (201,249)                -        (264,586)
                                                                               
Disposals - accumulated                70,993                -           82,008
depreciation                                                                   
                                                                               
Closing carrying value              3,345,157          103,604       80,530,695
                                                                               
At cost or deemed cost              4,376,565          206,476       85,780,103
                                                                               
Accumulated depreciation          (1,031,408)        (102,872)      (3,838,953)
                                                                               
Accumulated impairment                      -                -      (1,410,455)
                                                                               
Carrying value at 31 December       3,345,157          103,604       80,530,695
2009                                                                           

A valuation of the Group's land and buildings, other than those on the estates,
was performed by independent valuers not connected to the Group to determine
the market value of the land and buildings at 31 December 2008 and at 31
December 2009. The valuation, which conforms to International Valuation
Standards, was determined by reference to market evidence on the transaction
prices for similar properties. The value of Tanganda Tea Company buildings
which are on the estates was estimated by the Directors due to their
specialised nature. The valuation at 31 December 2008 was utilised to determine
the deemed cost at 1 January 2009 while the valuation performed at 31 December
2009 was used for impairment assessment, with carrying values impaired were
appropriate.

Assets pledged as security

Freehold land and buildings with carrying amounts of US$1.9 million and US$1.25
million (2009: US$2.2 million and US$600,000) have been pledged to secure a
loan of the Group (see note 27) and a trade credit facility (see note 28)
respectively. Freehold land and buildings have been pledged as security under a
mortgage. The Group is not allowed to pledge these assets as security for other
borrowings or sell them to another entity.

                                                       Company                 
                                                                               
                                Furniture and            Motor            Total
                                                                               
                                    equipment         vehicles                 
                                                                               
                                          US$              US$              US$
                                                                               
At 31 March 2011                                                               
                                                                               
Acquisitions through internal         177,205           84,328          261,553
reorganisation (refer to note                                                  
21.2)                                                                          
                                                                               
Additions - replacements                6,650                -            6,650
                                                                               
Disposals                             (7,549)         (13,549)         (21,098)
                                                                               
Disposals accumulated                   4,623            9,325           13,948
depreciation                                                                   
                                                                               
Depreciation expense                 (24,742)         (23,280)         (48,022)
                                                                               
Transferred to assets held                  -         (11,814)         (11,814)
for sale (see note 15)                                                         
                                                                               
Closing carrying value                156,187           45,010          201,197
                                                                               
At cost or deemed cost                250,299          104,500          354,799
                                                                               
Accumulated depreciation             (94,112)         (59,490)        (153,602)
                                                                               
Carrying value at 31 March            156,187           45,010          201,197
2011                                                                           

21. Other financial assets and investments

                                                         Group                 
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Opening carrying value (short       4,554,984        5,237,499        5,237,499
term and long term portions)                                                   
                                                                               
Balances transferred to                     -        (781,199)                -
assets held for sale                                                           
                                                                               
                                    4,554,984        4,456,300        5,237,499
                                                                               
Exchange differences                 (22,246)         (44,243)                -
                                                                               
Interest accrual                      143,956          111,793                -
                                                                               
Additions                             151,620           17,792                -
                                                                               
Fair value adjustments                 34,774           37,540                -
                                                                               
Reinstatement of funds             11,737,013                -                -
emarked for investment                                                         
                                                                               
                                   16,660,101        4,579,182        5,237,499
                                                                               
Less: short term portion in                 -         (24,198)        (787,605)
current assets                                                                 
                                                                               
Non-current closing carrying       16,600,101        4,554,984        4,449,894
value                                                                          
                                                                               
Comprising:                                                                    
                                                                               
Funds earmarked for                11,737,013                -                -
investment by shareholder                                                      
entities1                                                                      
                                                                               
Funds earmarked for                 4,702,518        4,545,293        4,404,492
investments - Mentor Africa                                                    
Limited                                                                        
                                                                               
Other                                 160,570            9,691           45,402
                                                                               
Closing carrying value             16,600,101        4,554,984        4,449,894
                                                                               
*Unaudited                                                                     

1Refer to note 4.5 for details

21.1 Investments in subsidiaries and other financial assets

Investments in subsidiaries

                                                      Company                  
                                                                               
                                             31 March 2011     31 December 2009
                                                                               
Investments in subisidiaries                           US$                  US$
                                                                               
Opening net carrying value                      82,125,148          123,974,684
                                                                               
Balances transferred to assets held                      -         (39,501,137)
for sale                                                                       
                                                                               
                                                82,125,148           84,473,547
                                                                               
Impairment losses on investments in           (24,615,605)          (2,348,399)
subsidiaries                                                                   
                                                                               
Additions through internal                      16,619,535                    -
reorganisation (refer to note 21.2)                                            
                                                                               
Closing net carrying value                      74,129,078           82,125,148
                                                                               
Comprising:                                                                    
                                                                               
Investment in Thomas Meikle Centre              32,760,711           57,376,316
(Private) Limited                                                              
                                                                               
Investment in Greatermans (1979)                16,619,535                    -
(Private) Limited                                                              
                                                                               
Investment in TM Supermarkets                    3,977,344            3,977,344
(Private) Limited                                                              
                                                                               
Investment in Tanganda Tea Company              20,771,488           20,711,488
Limited                                                                        
                                                                               
                                                74,129,078           82,125,148
                                                                               
Other financial assets                                                         
                                                                               
Opening carrying amount                            180,391              140,728
                                                                               
Interest accrued on funds earmarked                 19,184               10,682
for investment                                                                 
                                                                               
Additions                                          160,685                    -
                                                                               
Exchange difference on funds earmarked              13,521               29,981
for investment                                                                 
                                                                               
Closing net carrying value                         373,181              180,391
                                                                               
Comprising:                                                                    
                                                                               
Funds earmarked for investment with                213,024              180,391
Mentor Africa Limited (see above)                                              
                                                                               
Investment in unlisted shares                      151,620                    -
                                                                               
Other investments                                    8,537                    -
                                                                               
                                                   373,181              180,391
                                                                               
*Unaudited                                                                     

Entity                              Holding   Business         Country of      
                                                               Incorporation   
                                                                               
Continuing operations:                                                         
                                                                               
Thomas Meikle Centre (Private)      100%      Hotels           Zimbabwe        
Limited                                                                        
                                                                               
Taganda Tea Company Limited         100%      Agriculture      Zimbabwe        
                                                                               
Thomas Meikle Properties (Private)  100%      Property owning  Zimbabwe        
Limited                                                                        
                                                                               
Ninety Speke Avenue (Private)       100%      Property owning  Zimbabwe        
Limited                                                                        
                                                                               
TM Supermarkets (Private) Limited   75%       Supermarkets     Zimbabwe        
                                                                               
Greatermans (1979) (Private)        100%      Retail           Zimbabwe        
Limited                                                                        
                                                                               
Cape Grace Hotel Limited            100%      Investments      British Virgin  
                                              holding          Islands         
                                                                               
Cape Grace Investments Limited      100%      Investments      British Virgin  
                                              holding          Islands         
                                                                               
Chapin Hotel and Resorts Limited    100%      Hotel            Channel Islands 
                                              Investments                      
                                                                               
Assets held for sale:                                                          
                                                                               
Cape Grace Hotel (Proprietary)      100%      Hotel            South Africa    
Limited                                                                        
                                                                               
Cape Grace Investments              100%      Property owning  South Africa    
(Proprietary) Limited                                                          
                                                                               
Plumway Investments (Proprietary)   100%      Property owning  South Africa    
Limited                                                                        

Thomas Meikle Centre (Private) Limited (TMC) was unbundled during the year
resulting in the retail operations being moved to Greatermans (1979) (Private)
Limited and TMC head office operations being moved to Meikles Limited. Only the
hotel operations remain in TMC.

21.3 Interest in joint venture

The Group has a 50% interest in a joint venture which operates The Victoria
Falls Hotel in Zimbabwe. There has been no change in the Group's ownership or
voting interests in this joint venture since inception.

The following amounts are included in the Group financial statements as a
result of the proportionate consolidation of The Victoria Falls Hotel:

                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Non-current assets                  1,523,122        1,573,217        1,419,799
                                                                               
Current assets                      3,059,424        2,995,290        2,815,734
                                                                               
                                    4,582,546        4,568,507        4,235,533
                                                                               
Non-current liabilities             (362,773)                -                -
                                                                               
Current liabilities                 (814,454)        (991,923)        (419,972)
                                                                               
                                  (1,177,227)        (991,923)        (419,972)
                                                                               
Net assets                          3,405,319        3,576,584        3,815,561
                                                                               
Revenue                             4,297,071        2,004,978                 
                                                                               
Operating loss                      (261,866)        (351,598)                 
                                                                               
Profit/(loss) for the period          171,265        (238,976)                 

There are no contingent liabilities relating to the Group's interest in the
joint venture. The Victoria Falls Hotel partnership leases the property on an
operating lease which is valid until 2021. The partnership has the first right
to renew the lease at the end of this period for a further ten years. Lease
payments are computed as 10% of the Hotel's revenue as defined in the lease
agreement.

22. Cash and bank balances

                                                         Group                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Banking:                                                                       
                                                                               
Balances with the Reserve Bank                                                 
of Zimbabwe                                                                    
                                                                               
- Statutory deposit                         -                -       23,042,839
                                                                               
- Nostro accounts                           -                -       10,555,333
                                                                               
Non-banking:                                                                   
                                                                               
Balances with the Reserve Bank     36,824,671       12,541,825       11,960,252
of Zimbabwe*                                                                   
                                                                               
Cash and other bank balances        3,285,599        2,536,106        5,933,515
                                                                               
                                    40,11,270       15,077,931       51,491,939
                                                                               
Less: Non-current balances with  (36,824,671)     (12,541,825)     (35,003,091)
Reserve Bank of Zimbabwe                                                       
                                                                               
Cash and bank balances              3,285,599        2,536,106       16,488,848
disclosed in the consolidated                                                  
statement of fiancial position                                                 
                                                                               
Add: Cash and bank balances         1,498,927       22,972,784           67,158
relating to disposal group                                                     
(note 15)                                                                      
                                                                               
Cash and cash equivalents           4,784,526       25,508,890       16,556,006
disclosed in the consolidated                                                  
statement of cash flows                                                        
                                                                               
*Refer to note 4.6 for details                                                 

                                                       Company                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Balances with the Reserve Bank     36,824,671                -                -
of Zimbabwe*                                                                   
                                                                               
Cash and other bank balances          381,817                -                -
                                                                               
                                   37,206,488                -                -
                                                                               
Less: Non-current balances with  (36,824,671)                -                -
the Reserve Bank of Zimbabwe                                                   
                                                                               
Cash and bank balances                381,817                -                -
disclosed in the company                                                       
statement of financial position                                                
                                                                               
*Refer to note 4.6 for details                                                 

24. Inventories

                                                         Group                 
                                                                               
                                                      Restated        Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Inventories comprise:                                                          
                                                                               
Raw materials and consumables       5,655,819        6,711,341        3,613,497
                                                                               
Merchandise and manufactured       33,439,547        9,958,912        1,093,837
goods                                                                          
                                                                               
Work in progress                    1,617,265          445,017          356,236
                                                                               
                                   40,712,631       17,115,270        5,063,570

See note 32 for details of the restatement of prior year figures.

The cost of inventories recognised as an expense includes US$3.5 million (2009:
US$3.3 million) in respect of write-offs of inventory due to shrinkage.
Inventories worth US$4.3 million (2009: US$3.5 million) were pledged to secure
borrowings of the Group (see note 27).

                                                       Company                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Consumables                             8,653                -                -

25. Trade and other receivables

                                                         Group                 
                                                                               
                                                      Restated        Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Trade receivables                  10,317,279        3,389,814        6,350,264
                                                                               
Allowance for doubtful              (428,319)         (13,838)                -
receivables                                                                    
                                                                               
                                    9,888,960        3,375,976        6,350,264
                                                                               
Advance crop expenditure              735,122          824,644            5,676
                                                                               
Other receivables and               5,528,847        3,133,269        3,772,492
prepayments                                                                    
                                                                               
                                   16,152,929        7,333,889       10,128,432

See note 32 for details of the restatement of prior year figures.

  * The average credit period on sale of goods and services is 193 days for
    department stores, 35 days for hotels and 60 to 90 days for agriculture.
    Interest is charged on the department stores debtors after 30 days. The
    allowance for doubtful receivables is in respect of specific customers.
   
  * Overdue but not impaired amounts were US$215,690 (2009: US$177,881) in the
    30 to 60 days category, US$50,625 (2009: US$73,008) in the 60 to 90 days
    category and US$1,395,203 (2009: US$263,092) over 90 days.
   
  * Receivables amounting to US$6.6 million (2009: US$1.5 million) were pledged
    to secure borrowings of the Group (see note 27).
   
  * The Directors consider that the carrying amount of trade and other
    receivables approximates their fair value.
   
                                                       Company                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Inter-company balances             30,264,330        8,018,658        6,365,757
                                                                               
Other receivables                     167,303          166,740                -
                                                                               
                                   30,431,633        8,185,398        6,365,757

The inter-company balances have no fixed repayment terms.

The Directors consider that the carrying amount of the other receivables
approximates their fair value.

26. Share capital and Directors' beneficial interests

26.1 Share capital

Ordinary shares of US1 cent each

                                               Group and Company               
                                                                               
                                       Number           Number            Numer
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
Opening shares in issue           245,374,791      245,374,791      242,301,554
                                                                               
Scrip dividend                              -                -        1,419,425
                                                                               
Issued to share purchase                    -                -        1,191,901
scheme of companies                                                            
                                                                               
Issued to IMARA - discharge of              -                -          461,911
share based payment reserve                                                    
                                                                               
Closing shares in issue           245,374,791      245,374,791      245,374,791
                                                                               
Unissued                          154,625,209      154,625,209      154,625,209
                                                                               
Authorised                        400,000,000      400,000,000      400,000,000

At the Annual General Meeting held on 23 July 2010, the shareholders authorised
a redenomination of the authorised share capital of the Company from 10
Zimbabwean cents per share (that is Z$ prior to any restatement to address
inflation) to US1 cent per share. Shareholders further authorised that a
transfer be made from non-distributable reserves to share capital of an amount
sufficient to fudn the redenomination.

In 2009, the share capital ws presented at US$1 pending the aforesaid
redenomination.

26.2 Directors' beneifical interests

As at 31 March 2011 the direct and indirect beneficial interests of the
Directors in the ordinary shares of the Company are shown below:

                                                  Fully paid ordinary shares   
                                                                               
                                                 31 March           31 December
                                                                               
                                                     2011                  2009
                                                                               
F. Rwodzi (resigned 15 June 2011)                       -                     -
                                                                               
J.R.T. Moxon (appointed 16 June 2011)          21,337,915            21,337,915
                                                                               
B.J. Beaumont                                     214,284                     -
                                                                               
T.B. Cameron                                      468,614               468,614
                                                                               
R. Chidembo                                         3,874             4,613,046
                                                                               
B. Chimhini                                        10,703                10,703
                                                                               
O. Makamba                                        492,285               278,353
                                                                               
R.H. Meiring (resigned 8 April 2011)              600,601               600,601
                                                                               
A.C. Mills (resigned 15 June 2011)                129,149               129,149
                                                                               
K. Ncube                                                -                     -
                                                                               
M.L. Wood                                       1,054,714               840,782

Mr. J.R.T Moxon is also a director of shareholder entities namely JRTM
Investments (Private) Limited, ASH Investments (Private) Limited, FPS
Investments (Private) Limited, ACM Investments (Private) Limited and APWM
Investments (Private) Limited.

27. Borrowings

                                                         Group                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Secured:                                                                       
                                                                               
Acceptance credits, loans and      37,868,270        6,539,768                -
overdrafts                                                                     
                                                                               
Unsecured:                                                                     
                                                                               
Acceptance credits, loans and      14,912,408        1,290,618          981,514
overdrafts                                                                     
                                                                               
                                   52,780,678        7,830,386          981,514
                                                                               
Less portion repayable in 12     (49,031,109)      (6,985,213)        (769,330)
months                                                                         
                                                                               
                                    3,749,569          845,173          212,184
                                                                               
Due for repayment:                                                             
                                                                               
On demand and within one year      49,031,109        6,985,213          769,330
                                                                               
In second year                      3,111,167                -                -
                                                                               
In forth year                         638,402          845,173          212,814
                                                                               
                                   52,780,678        7,830,386          981,514
                                                                               
Secured:                                                                       
                                                                               
Acceptance credits, loans and       5,276,386                -                -
overdrafts                                                                     
                                                                               
Unsecured:                                                                     
                                                                               
Acceptance credits, loans and       1,274,292                -                -
overdrafts                                                                     
                                                                               
                                    6,550,678                -                -
                                                                               
Due for repayment:                                                             
                                                                               
On demand and within one year       6,550,678                                  

  * US$4.3 million (2009: US$3.5 million) worth of the acceptance credits,
    loans and overdrafts are secured by inventories.
   
  * US$6.6 million (2009: US$1.15 million) worth of loans are secured by
    receivables.
   
  * US$9 million (2009: nil) worth of loans are secured by a negative pledge
    over assets.
   
  * US$1.9 million (2009: US$2.2 million) in freehold land and buildings has
    been pledged as security for a loan of US$2.4 million (2009: US$1.5
    million) which bears interest at 8% (2009: 8.9%) per annum and matures on
    14 May 2012.
   
  * The Group has issued cross guarantees for subisidary facilities worth
    US$24.8 million (2009: US$15 million).
   
28. Trade and other payables

                                                         Group                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Trade payables                     23,588,524       16,310,121        1,924,837
                                                                               
Accruals and deferred income        4,691,517        4,405,152          774,441
                                                                               
Other payables                      1,723,881        2,172,862        2,544,738
                                                                               
                                   30,003,922       22,888,135        5,244,016

  * The credit period on purchases ranges from 30 to 60 days (2009: 30 days).
    However, payments are made within 30 to 120 days. Foreign suppliers are
    predominantly on prepayment and cash bases. Interest is charged by certain
    but not all suppliers on overdue payables.
   
  * US$1.25 million (2009: US$600,000) in freehold land and buildings has been
    pledged as security for a credit facility offered by a supplier.
   
  * Trade payables comprise amounts outstanding for trade purchases. The
    Directors consider that the carrying amount of trade payables approximates
    their fair values.
   
                                                       Company                 
                                                                               
                                                                      Unaudited
                                                                               
                                     31 March      31 December        1 January
                                                                               
                                         2011             2009             2009
                                                                               
                                          US$              US$              US$
                                                                               
Group balances                        495,999       23,036,151       22,459,571
                                                                               
Provisions and other payables       1,130,778          258,656          157,981
                                                                               
                                    1,626,777       23,294,807       22,617,552
31. Disposal of subsidiaries

31.1 Kingdom Financial Holdings Limited (KFHL)

The Group disposed of the financial services group, KFHL, effective 31 October
2010 by way of a dividend in specie to Meikles Limited shareholders.
Shareholders received two (2) shares in KFHL for every share held in Meikles
Limited.

Analysis of assets and liabilities over which control was lost

                                                                 Balances as at
                                                                               
                                                                     31 October
                                                                               
                                                                           2010
                                                                               
                                                                            US$
                                                                               
Current assets                                                                 
                                                                               
Cash and cash equivalents                                            18,626,867
                                                                               
Trade and other receivables                                         101,829,018
                                                                               
Other financial assets                                                4,207,858
                                                                               
                                                                    124,663,743
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                         8,254,525
                                                                               
Investment property                                                     176,000
                                                                               
Investment in associates                                              2,769,094
                                                                               
                                                                     11,199,619
                                                                               
Current liabilities                                                            
                                                                               
Customer deposits                                                  (43,918,271)
                                                                               
Trade and other payables                                           (27,250,151)
                                                                               
Other financial liabilities                                        (48,177,196)
                                                                               
                                                                  (119,345)618)
                                                                               
Non-current liabilities                                                        
                                                                               
Deferred tax liabilities                                              (917,788)
                                                                               
Net assets disposed of                                               15,599,956
                                                                               
Loss on disposal of subsidiary                                                 
                                                                               
Non cash consideration received                                      14,524,030
                                                                               
Net assets disposed of                                             (15,599,956)
                                                                               
Loss on disposal                                                    (1,075,926)

31.2 Cotton Printers (Private) Limited

Following viability problems, Cotton Printers (Private) Limited was voluntary
liquidated during 2010.

Analysis of assets and liabilities over which control was lost

                                                                 Balances as at
                                                                               
                                                                      1 January
                                                                               
                                                                           2010
                                                                               
                                                                            US$
                                                                               
Current assets                                                                 
                                                                               
Cash and cash equivalents                                                31,602
                                                                               
Trade and other receivables                                                 120
                                                                               
Inventory                                                               133,564
                                                                               
                                                                        165,286
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                         4,345,796
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                            (1,513,994)
                                                                               
Short term borrowings                                                 (223,358)
                                                                               
                                                                    (1,737,352)
                                                                               
Non-current liabilities                                                        
                                                                               
Deferred tax liabilities                                                (7,510)
                                                                               
Net assets disposed of                                                2,766,220
                                                                               
Loss on disposal of subsidiary                                                 
                                                                               
Consideration received                                                        -
                                                                               
Net assets disposed of                                              (2,766,220)
                                                                               
Loss on disposal                                                    (2,766,220)

32. Prior year adjustments

32.1 Opening balances of property, plant and equipment

During the period errors were identified on the 1 January 2009 carrying amounts
of certain property, plant and equipment for the stores and agricultural
operations. The assets wre omitted from the valuation exercise carried out at 1
January 2009 when the functional currency was changed from ZW$ to US$. This has
been corrected by the restatement of the 2009 comparatives included in these
financial statements.

32.2 Opening balances of biological assets, other receivables and nursery
stocks

During the period, it was discovered that the carrying amount of certain
biological assets of the agricultural segment were understated while certain
receivables and nursery stocks were incorrectly valued at 1 January 2009,
resulting in a misstatement of the opening carrying amounts. The error has been
corrected in the comparative statements of financial position.

Presented below are only those statement of comprehensive income and statement
of financial position items which have been impacted by the prior year
adjustments.

Statement of comprehensive income

                                         31 December 2009        Adjustments to
                                                                               
                                        previously stated       property, plant
                                                                               
                                                                  and equipment
                                                                               
                                                      US$                   US$
                                                                               
Other operating costs                        (16,067,056)             (862,866)
                                                                               
Fair value adjustments                           (35,712)                     -
                                                                               
Income tax                                      5,449,453               384,330
                                                                               
Loss for the year from continuing             (3,747,889)             (478,536)
operations                                                                     
                                                                               
Total comprehensive loss for the year         (3,824,645)             (478,536)

                                           Adjustments to      31 December 2009
                                                                               
                                               biological              restated
                                                                               
                                                   assets                      
                                                                               
                                                      US$                   US$
                                                                               
Other operating costs                                   -          (16,929,922)
                                                                               
Fair value adjustments                          2,116,946             2,081,234
                                                                               
Income tax                                      (545,114)             5,288,669
                                                                               
Loss for the year from continuing               1,571,832           (2,654,593)
operations                                                                     
                                                                               
Total comprehensive loss for the year           1,571,832           (2,731,349)

Statements of financial position

                             1 January 2009     Adjustments to   Adjustments to
                                                                               
                              as previously    property, plant      inventories
                                                                               
                                     stated      and equipment                 
                                                                               
                                        US$                US$              US$
                                                                               
Property, plant and              89,650,542          4,720,754                -
equipment                                                                      
                                                                               
Inventories                       5,565,764                  -        (502,194)
                                                                               
Trade and other                  10,280,439                  -                -
receivables                                                                    
                                                                               
Total assets                    200,489,141          4,720,754        (502,194)
                                                                               
Non-distributable reserves    (148,118,994)        (3,476,943)          502,194
                                                                               
Deferred tax liability         (23,074,660)        (1,243,811)                -
                                                                               
total equity and              (200,489,141)        (4,720,754)          502,194
liabilities                                                                    

                                            Adjustments to       1 January 2009
                                                                               
                                           trade and other             restated
                                                                               
                                               receivables                     
                                                                               
                                                       US$                  US$
                                                                               
Property, plant and equipment                            -           94,371,296
                                                                               
Inventories                                              -            5,063,570
                                                                               
Trade and other receivables                      (152,007)           10,128,432
                                                                               
Total assets                                     (152,007)          204,555,694
                                                                               
Non-distributable reserves                         152,007        (150,941,736)
                                                                               
Deferred tax liability                                   -         (24,318,471)
                                                                               
total equity and liabilities                       152,007        (204,555,694)

                          31 December 2009     1 January 2009    Adjustments to
                                                                               
                             as previously    net adjustments   property, plant
                                                                               
                                    stated           as above     and equipment
                                                                               
                                       US$                US$               US$
                                                                               
Property, plant and             76,672,807          4,720,754         (862,866)
equipment                                                                      
                                                                               
Biological assets                4,193,614                  -                 -
                                                                               
Inventory                       17,617,464          (502,194)                 -
                                                                               
Trade and other                  7,485,896          (152,007)                 -
receivables                                                                    
                                                                               
Total assets                   271,429,262          4,066,553         (862,866)
                                                                               
Non-distributable            (107,160,978)        (2,822,742)                 -
reserves                                                                       
                                                                               
Accumulated loss                22,418,679                  -           478,536
                                                                               
Deferred tax                  (13,941,913)        (1,243,811)           384,330
                                                                               
Total equity and             (271,429,262)        (4,066,553)           862,866
liabilities                                                                    

                                            Adjustments to     31 December 2009
                                                                               
                                                biological             restated
                                                                               
                                                    assets                     
                                                                               
                                                       US$                  US$
                                                                               
Property, plant and equipment                            -           80,530,695
                                                                               
Biological assets                                2,116,946            6,310,560
                                                                               
Inventory                                                -           17,115,270
                                                                               
Trade and other receivables                              -            7,333,889
                                                                               
Total assets                                     2,116,946          276,749,895
                                                                               
Non-distributable reserves                               -        (109,983,720)
                                                                               
Accumulated loss                               (1,571,832)           21,325,383
                                                                               
Deferred tax                                     (545,114)         (15,346,508)
                                                                               
Total equity and liabilities                   (2,116,946)        (276,749,895)

32.3 Prior year cost reclassification

Certain prior year costs have been reclassified to conform to current year
presentation.