BISICHI MINING PLC ANNUAL REPORT 2017

More documents

Recommendations

Info

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.
Financial statements Company accounting policies 32. PROFIT & LOSS ACCOUNT A separate profit and loss account for Bisichi Mining PLC has not been presented as permitted by Section 408(2) of the Companies Act 2006. The loss for the financial year, before dividends, was £173,000 (2016: loss of £224,000) Details of share capital are set out in note 23 of the group financial statements and details of the share options are shown in the Directors’ Remuneration Report on page 37 under the heading Share option schemes which is within the audited part of this report and note 25 of the group financial statements. 33. DIVIDENDS Details on dividends can be found in note 8 in the group financial statements. 34. TANGIBLE FIXED ASSETS Leasehold Property £’000 Motor vehicles £’000 Office equipment £’000 Cost at 1 January 2017 45 37 67 149 Revaluation - (37) - (37) Cost at 31 December 2017 45 - 67 112 Accumulated depreciation at 1 January 2017 - 37 61 98 Charge for the year - - 3 3 Accumulated depreciation at 31 December 2017 - 37 64 101 Net book value at 31 December 2017 45 - 3 48 Net book value at 31 December 2016 45 - 6 51 Leasehold property consists of a single unit with a long leasehold tenant. The term remaining on the lease is 42 years. Total £’000 Bisichi Mining PLC 91
Page 1 and 2:
BISICHI MINING PLC ANNUAL REPORT 20
Page 3 and 4:
Strategic report The directors
Page 5 and 6:
We are committed to providing oppor
Page 7 and 8:
STRATEGIC REPORT Principal activity
Page 9 and 10:
STRATEGIC REPORT MINING REVIEW I
Page 11 and 12:
STRATEGIC REPORT SUSTAINABLE DEV
Page 13 and 14:
The infrastructure improvements com
Page 15 and 16:
Black Wattle Colliery has exceeded
Page 17 and 18:
STRATEGIC REPORT PRINCIPAL RISKS
Page 19 and 20:
STRATEGIC REPORT PRINCIPAL RISKS
Page 21 and 22:
STRATEGIC REPORT FINANCIAL & PER
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Governance 27 Directors and advisor
Page 29 and 30:
Governance Directors and advisors *
Page 31 and 32:
Governance Directors’ report The
Page 33 and 34:
Governance Directors’ report cont
Page 35 and 36:
Governance Directors’ report Plea
Page 37 and 38:
Governance Statement of the Chairma
Page 39 and 40:
Governance Annual remuneration repo
Page 41 and 42: Governance Annual remuneration repo
Page 43 and 44: Governance Annual remuneration repo
Page 45 and 46: Governance Audit committee report T
Page 47 and 48: Governance Valuers’ certificates
Page 49 and 50: Governance Independent auditor’s
Page 55 and 56: Financial statements 54 Consolidate
Page 57 and 58: Financial statements Consolidated s
Page 59 and 60: Financial statements Consolidated b
Page 61 and 62: Financial statements Consolidated c
Page 63 and 64: Financial statements Group accounti
Page 69 and 70: Financial statements Notes to the f
Page 91: Financial statements Company statem
Page 95 and 96: Financial statements Company accoun
Page 97 and 98: design sg-design.co.uk Printed by P
show all

BISICHI MINING PLC ANNUAL REPORT 2017

Create successful ePaper yourself

Delete template?

Save as template?