BISICHI MINING PLC ANNUAL REPORT 2017

Financial statements
Company accounting policies
for the year ended 31 December 2017
The following are the main accounting policies
of the company:
Basis of preperation
The financial statements have been prepared in
accordance with Financial Reporting Standard 100
Application of Financial Reporting Requirements
and Financial Reporting Standard 101 Reduced
Disclosure Framework. The principal accounting
policies adopted in the preparation of the
financial statements are set out below.
The financial statements have been prepared on
a historical cost basis, except for the revaluation
of investment property and certain
financial instruments.
Disclosure exemptions adopted
In preparing these financial statements the company
has taken advantage of all disclosure exemptions
conferred by FRS 101 as well as disclosure
exemptions conferred by IFRS 2, 7 and 13.
• Therefore these financial statements do not
include:
• certain comparative information as otherwise
required by EU endorsed IFRS;
• certain disclosures regarding the company’s
capital;
• a statement of cash flows;
• the effect of future accounting standards not
yet adopted;
• the disclosure of the remuneration of key
management personnel; and
• disclosure of related party transactions with
the company’s wholly owned subsidiaries.
90 Bisichi Mining PLC
In addition, and in accordance with FRS 101,
further disclosure exemptions have been adopted
because equivalent disclosures are included in
the company’s Consolidated Financial Statements.
Dividends received
Dividends are credited to the profit and loss
account when received.
Depreciation
Provision for depreciation on tangible fixed assets
is made in equal annual instalments to write each
item off over its useful life. The rates generally
used are:
Motor vehicles 25 – 33 per cent
Office equipment 10 – 33 per cent
Joint ventures
Investments in joint ventures, being those entities
over whose activities the group has joint control
as established by contractual agreement, are
included at cost, less impairment.
Other Investments
Investments of the company in subsidiaries are
stated in the balance sheet as fixed assets at
cost less provisions for impairment.
Other investments comprising of shares in listed
companies are classified as non-current available
for sale investments and are carried at fair value. Any
changes in fair value above cost are recognised in
other comprehensive income and accumulated in
the available-for-sale reserve. For any changes in
fair value below cost a provision for impairment
is recognised in the profit or loss account.
Foreign currencies
Monetary assets and liabilities expressed in
foreign currencies have been translated at the
rates of exchange ruling at the balance sheet
date. All exchange differences are taken to the
profit and loss account.
Financial instruments
Details on the group’s accounting policy for
financial instruments can be found on page 64.
Deferred taxation
Details on the group’s accounting policy for
deferred taxation can be found on page 65.
Leased assets and obligations
All leases are “Operating Leases” and the annual
rentals are charged to the profit and loss account
on a straight line basis over the lease term.
Rent free periods or other incentives received
for entering into a lease are accounted for over
the period of the lease so as to spread the
benefit received over the lease term.
Pensions
Details on the group’s accounting policy for
pensions can be found on page 64.
Share based remuneration
Details on the group’s accounting policy for share
based remuneration can be found on page 64.
Details of the share options in issue are disclosed
in the directors’ remuneration report on page
37 under the heading share option schemes
which is within the audited part of this report.