BISICHI MINING PLC ANNUAL REPORT 2017

Financial statements Notes to the financial statements
13. JOINT VENTURES
Dragon Retail Properties Limited
The company owns 50% of the issued share
capital of Dragon Retail Properties Limited, an
unlisted property investment company. At year
end, the carrying value of the investment held
by the group was £874,000 (2016: £866,000).
The remaining 50% is held by London &
Associated Properties PLC. Dragon Retail
Properties Limited is incorporated in England
and Wales and its registered address is 24
Bruton Place, London, W1J 6NE. It has issued
share capital of 500,000 (2016: 500,000)
ordinary shares of £1 each. No dividends were
received during the period.
Ezimbokodweni Mining (Pty) Ltd
The company owned 49% of the issued share
capital of Ezimbokodweni Mining (Pty) Limited
(“Ezimbokodweni”), an unlisted coal exploration
and development company incorporated in
South Africa. During the year the group wrote
off its net investment in Ezimbokodweni at a
carrying value of £1,827,000. The write-off
included a loan at an amount of a £1,380,000
as well as an equity investment of £447,000. At
year end, the carrying value of the net
investment, as disclosed in joint venture assets
in note 12, is a loan to Ezimbokodweni of £nil
(2016: £1,350,000) and an equity investment of
£nil (2016: £455,000). Refer to page 62 for
details regarding the write-off of the asset.
Dragon
50%
£’000
Ezimbokodweni
49%
£’000
Turnover 83 - 83 86
Profit and loss
Profit/(loss) before depreciation, interest and taxation 26 - 26 12
Depreciation and amortisation (6) - (6) (13)
Loss before interest and taxation 20 - 20 (1)
Interest Income 68 - 68 69
Interest expense (83) - (83) (85)
Loss before taxation 5 - 5 (17)
Taxation 3 - 3 10
Loss after taxation 8 - 8 (7)
Balance sheet
Non-current assets 1,317 - 1,317 2,672
Cash and cash equivalents 46 - 46 61
Other current assets 1,218 - 1,218 1,165
Current borrowings - - - -
Other current liabilities (1,062) - (1,062) (2,388)
Net current assets 202 - 202 (1,162)
Non-current borrowings (609) - (609) (603)
Other non-current liabilities (36) - (36) (41)
Share of net assets at 31 December 874 - 874 866
Reconciliation of net assets to carrying value of joint venture assets:
Share of net assets at 31 December 874 - 874 866
Pre-acquisition costs capitalised - - - 455
Carrying value of joint venture assets at 31 December 874 - 874 1,321
2017
£’000
2016
£’000
Bisichi Mining PLC
75