BISICHI MINING PLC ANNUAL REPORT 2017

Financial statements Company accounting policies
38. PROVISIONS FOR LIABILITIES
Deferred taxation:
Balance at 1 January 18 182
Provision - (164)
Transfer - -
18 18
39. RELATED PARTY TRANSACTIONS
At 31 December
At 31
December
Amounts owed
by related party
£’000
2017
£’000
Costs
recharged /
accrued (to)/
by related
party
£’000
During the year
2016
£’000
Cash paid
(to)/ by
related party
£’000
Related party:
Black Wattle Colliery (Pty) Ltd (note (a)) (165) (999) 2,768
Ninghi Marketing Limited (note (b)) (102) - -
As at 31 December 2017 (267) (999) 2,768
Black Wattle Colliery (Pty) Ltd (note (a)) (1,934) (1,421) 644
Ninghi Marketing Limited (note (b)) (102) - -
As at 31 December 2016 (2,036) (1,421) 644
(a) Black Wattle Colliery (Pty) Ltd – Black Wattle Colliery (Pty) Ltd is a coal mining company based in South Africa.
(b) Ninghi Marketing Limited – Ninghi Marketing Limited is a dormant coal marketing company incorporated in England & Wales.
Black Wattle Colliery (PTY) Ltd and NInghi Marketing Limited are subsidiaries of the company.
In addition to the above, the company has issued a company guarantee of R17,000,000 (2016: R17,000,000) (South African Rand) to the bankers of
Black Wattle Colliery (Pty) Ltd in order to cover bank guarantees issued to third parties in respect of the rehabilitation of mining land.
A provision of £102,000 has been raised against the amount owing by Ninghi Marketing Limited in prior years as the company is dormant.
In 2012 a loan was made to one of the directors, Mr A R Heller, for £116,000. Further details on the loan can be found in Note 27 of the group
financial statements.
Under FRS 101, the company has taken advantage of the exemption from disclosing transactions with other wholly owned group companies. Details
of other related party transactions are given in note 27 of the group financial statements.
Bisichi Mining PLC
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