Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 5. Expenses Consolidated 2011 2010 $ $ Loss before income tax includes the following specific expenses: Depreciation Plant and equipment Amortisation Software Total depreciation and amortisation Employee benefits expense Post employment benefits - Defined contribution plans Share based payments Equity settled share based payments Charges to provisions Employee entitlements Operating lease payments Office lease 5,537 1,642 - 3,421 - - 5,537 5,063 32,320 38,687 29,648 15,200 8,482 8,325 5,789 10,296 Note 6. Income tax expense Consolidated 2011 2010 $ $ Numerical reconciliation of income tax expense to prima facie tax payable Loss before income tax expense Tax at the Australian tax rate of 30% Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses Share based payments Exploration costs written off (accounting) Unused tax losses not recognised as deferred tax Net interest Capital raising costs Other deductible expenses Deductible exploration expenditure Income tax expense (985,744) (1,352,909) (295,723) (405,873) 37,836 37,155 8,894 4,560 32,775 168,454 303,624 358,922 (935) (1,284) (44,197) (39,108) (11,558) (4,860) (30,716) (117,966) - - - - 30
Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 6. Income tax expense (continued) Consolidated 2011 2010 $ $ Deferred tax assets not recognised Deferred tax assets not recognised comprises temporary differences attributable to: Temporary differences Tax losses (revenue of operating losses after Total deferred tax assets not recognised 96,277 112,488 921,554 324,995 - - 1,017,831 437,483 The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in the statement of financial position as the recovery of this benefit is uncertain. The taxation benefits of tax losses and temporary difference not brought to account will only be obtained if: (i) the consolidated entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised; (ii) the consolidated entity continues to comply with the conditions for deductibility imposed by law; and (iii) no change in tax legislation adversely affects the consolidated entity in realising the benefits from deducting the losses. Note 7. Current assets - cash and cash equivalents Consolidated 2011 2010 $ $ Cash on hand Cash at bank Cash on deposit - 10,578 685,664 247,523 393,673 1,522,041 - - 1,079,337 1,780,142 Note 8. Current assets - trade and other receivables Consolidated 2011 2010 $ $ Loan to Aramis Resources Ltd Interest receivable GST receivable 100,000 - 3,115 8,820 25,334 15,345 - - 128,449 24,165 31
Page 1 and 2: Syrah Resources Limited Annual Repo
Page 3 and 4: Letter from the Chairman Dear Share
Page 5 and 6: Saudi Arabia Syrah holds 26 Explora
Page 7 and 8: Syrah Resources Limited Directors'
Page 19 and 20: Syrah Resources Limited Financial r
Page 21 and 22: Syrah Resources Limited Statement o
Page 23 and 24: Syrah Resources Limited Statement o
Page 25 and 26: Syrah Resources Limited Notes to th
Page 31: Syrah Resources Limited Notes to th
Page 49 and 50: Grant Thornton Audit Pty Ltd ACN 13
Page 51 and 52: 3 Report on the remuneration report
Page 53 and 54: Syrah Resources Limited Corporate G
Page 59 and 60: Syrah Resources Limited Shareholder

Annual Report 2011 - Syrah Resources Ltd

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