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v3.22.2.2

Leases | 12 Months Ended
--- | ---
Mar. 31, 2022
Leases |
Leases | 19. Leases The Group is a lessee and does not have any leases as a lessor. All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
● | Leases of low value assets; and
● | Leases with a duration of 12 months or less.
The Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group does not have leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment. For leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. During the year to March 31, 2022, the Group entered into new lease agreement on its existing office. The new leases has a term shorter than 12 months, so the Group has applied the exemption allowed by paragraph 5a in IFRS 16 in respect of short term leases. During the year to March 31, 2021, the group terminated from its lease early resulting in the right of use asset of $27,069 and lease liability of $27,887 being written off to the profit and loss. A new lease was subsequently entered into in January 2021. The initial recognition resulted in a right of use asset and a lease liability of $104,377 respectively. SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITY
Right-of-use assets |  | Property $ |
At 1 April 2021 |  |  | 98,579 |
Derecognition of right of use asset |  |  | (97,553 | )
Impact of Foreign exchange |  |  | (1,026 | )
At 31 March 2022 |  |  | - |
|  | $ |
At 1 April 2020 |  |  | 30,099 |
Depreciation of early terminated lease |  |  | (4,060 | )
Early Termination write off |  |  | (27,069 | )
Impact of Foreign exchange |  |  | 1,030 |
Additions |  |  | 104,377 |
Depreciation of new lease |  |  | (5,799 | )
At 31 March 2021 |  |  | 98,579 |
Lease Liabilities |  | 31 March 2022 |  |  | 31 March 2021 |
|  |  | $ |  |  |  | $ |
At 1 April |  |  | 98,760 |  |  |  | 31,689 |
Lease Liabilities, balance as at the beginning of the year |  |  | 98,760 |  |  |  | 31,689 |
Interest expense |  |  |  |  |  |  | 740 |
Lease payments |  |  | - |  |  |  | (4,542 | )
Impact of foreign exchange |  |  | (1,207 | ) |  |  | - |
Derecognition of lease liability |  |  | (97,553 | ) |  |  | - |
Early Termination write off |  |  | - |  |  |  | (27,887 | )
Additions |  |  | - |  |  |  | 104,378 |
Interest expense |  |  | - |  |  |  | 382 |
Lease payments |  |  | - |  |  |  | (6,000 | )
At 30 April |  |  | - |  |  |  | 98,760 |
Lease Liabilities, balance as at the beginning of the year |  |  | - |  |  |  | 98,760 |
Lease liabilities are presented in the statement of financial position as follows: SCHEDULE OF LEASE LIABILITIES BY CLASSIFICATION
|  | 31 March 2022 |  |  | 31 March 2021 |
|  |  | $ |  |  |  | $ |
Current |  |  | - |  |  |  | 34,148 |
Non-current |  |  | - |  |  |  | 64,612 |
Total |  |  | - |  |  |  | 98,760 |
Operating leases At March 31, 2022 and March 31, 2021, the company had annual commitments under non-cancellable operating leases: SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES
Operating leases which expire: |  | 31 March 2022 |  |  | 31 March 2021 |
|  |  | $ |  |  |  | $ |
Within one year |  |  | 18,713 |  |  |  | - |
Total |  |  | 18,713 |  |  |  | - |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2021-01-01 -Section Presentation -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2021-03-24 + Details
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