REG-Anglesey Mining PLC: Final Results and annual report <Origin Href="QuoteRef">AYM.L</Origin> - Part 2
31/07/2015 15:50
- Part 2: For the preceding part double click ID:nPRrV746Ca
Loss for the period (1,736,610) (7,173,703)
Loss per share
Basic - pence per share 9 (1.1)p (4.5)p
Diluted - pence per share 9 (1.1)p (4.5)p
Group consolidated statement of comprehensive income
Loss for the period (1,736,610) (7,173,703)
Other comprehensive income:
Exchange difference on (31,163) -
translation of foreign
holding
Total comprehensive loss (1,767,773) (7,173,703)
for the year
Statement of financial position of the group
31 March 2015 31 March 2014
Notes
£ £
Assets
Non-current assets
Mineral property exploration and 10 14,877,193 14,802,048
evaluation
Property, plant and equipment 11 204,687 204,687
Investments 14 86,660 1,257,985
Deposit 15 122,806 122,596
15,291,346 16,387,316
Current assets
Other receivables 16 30,977 17,017
Cash and cash equivalents 17 96,873 289,097
127,850 306,114
Total assets 15,419,196 16,693,430
Liabilities
Current liabilities
Trade and other payables 18 (121,557) (99,647)
17
(121,557) (99,647)
Net current assets 6,293 206,467
Non-current liabilities
Loans 19 (2,882,502) (2,418,873)
Long term provision 20 (50,000) (42,000)
(2,932,502) (2,460,873)
Total liabilities (3,054,059) (2,560,520)
Net assets 12,365,137 14,132,910
Equity
Share capital 21 7,116,914 7,116,914
Share premium 9,848,949 9,848,949
Currency translation reserve (31,163) -
Retained losses (4,569,563) (2,832,953)
Total shareholders' equity 12,365,137 14,132,910
The financial statements of Anglesey Mining plc were approved by the board of
directors, authorised
for issue on 31 July 2015 and signed on its behalf by:
John F. Kearney, Chairman
Danesh Varma, Finance Director
Statement of financial position of the company
31 March 31 March
2015 2014
Notes £ £
Assets
Non-current assets
Investments 13 14,117,026 13,977,564
14,117,026 13,977,564
Current assets
Other receivables 16 13,945 13,793
Cash and cash equivalents 17 72,088 267,045
86,033 280,838
Total Assets 14,203,059 14,258,402
Liabilities
Current liabilities
Trade and other payables 18 (102,660) (86,007)
(102,660) (86,007)
Net current (liabilities)/assets (16,627) 194,831
Non-current liabilities
Loan 19 (2,659,916) (2,418,873)
(2,659,916) (2,418,873)
Total liabilities (2,762,576) (2,504,880)
Net assets 11,440,483 11,753,522
Equity
Share capital 21 7,116,914 7,116,914
Share premium 9,848,949 9,848,949
Retained losses (5,525,380) (5,212,341)
Shareholders' equity 11,440,483 11,753,522
The financial statements of Anglesey Mining plc registered number 1849957 were
approved by the
board of directors and authorised for issue on 31 July 2015, and signed on its
behalf by:
John F. Kearney, Chairman
Danesh Varma, Finance Director
Statements of changes in equity
All attributable to equity holders of the company.
Group Share Share Currency Retained Total
capital premium translation (losses)/
reserve earnings
£ £ £ £ £
Equity at 1 April 2013 7,116,914 9,848,949 - 4,340,750 21,306,613
Total comprehensive loss for
the year:
Loss for the year - - -
(7,173,703) (7,173,703)
Total comprehensive loss for - - -
the year (7,173,703) (7,173,703)
Equity at 31 March 2014 7,116,914 9,848,949 - 14,132,910
(2,832,953)
Total comprehensive loss for
the year:
Loss for the year - - -
(1,736,610) (1,736,610)
Exchange difference on - - (31,163) - (31,163)
translation of foreign
holding
Total comprehensive loss for - - (31,163)
the year (1,736,610) (1,767,773)
Equity at 31 March 2015 7,116,914 9,848,949 (31,163) 12,365,137
(4,569,563)
Company Share Share Retained Total
capital £ premium £ losses £ £
Equity at 1 April 2013 7,116,914 9,848,949 12,229,198
(4,736,665)
Total comprehensive loss for
the year:
Loss for the year - - (475,676) (475,676)
Total comprehensive loss for - - (475,676) (475,676)
the year
Equity at 31 March 2014 7,116,914 9,848,949 11,753,522
(5,212,341)
Total comprehensive loss for
the year:
Loss for the year - - (313,039) (313,039)
Total comprehensive loss for - - (313,039) (313,039)
the year
Equity at 31 March 2015 7,116,914 9,848,949 11,440,483
(5,525,380)
Statement of cash flows of the group
Notes Year ended 31 Year ended 31
March 2015 March 2014
£ £
Operating activities
Loss for the period (1,736,610) (7,173,703)
Adjustments for:
Investment income 6 (882) (2,630)
Finance costs 7 119,863 112,590
Impairment of investment 14 1,231,218 5,451,267
Exchange difference on 14 26,766 1,255,280
investment impairment
Foreign exchange movement 4,574 3,741
(355,071) (353,455)
Movements in working capital
(Increase)/decrease in (15,867) 23,222
receivables
Increase in payables 4,934 15,491
Net cash used in operating (366,004) (314,742)
activities
Investing activities
Investment income 672 2,238
Mineral property exploration and (69,888) (65,003)
evaluation
Investment (74,940) -
Net cash used in investing activities (144,156) (62,765)
Financing activities
Loans 322,510 -
Loan received -
Net cash generated from financing 322,510 -
activities
Net decrease in cash (187,650) (377,507)
and cash equivalents
Cash and cash equivalents at start 289,097 670,345
of year
Foreign exchange movement (4,574) (3,741)
Cash and cash equivalents at end 17 96,873 289,097
of year
Statement of cash flows of the company
Notes Year ended Year ended
31 March 31 March
2015 2014
£ £
Operating activities
Loss for the period 23 (313,039) (475,676)
Adjustments for:
Investment income (477) (2,013)
Finance costs 116,043 112,590
(197,473) (365,099)
Movements in working capital
(Increase)/decrease in (152) 12,309
receivables
Increase in payables 16,653 15,491
Net cash used in operating (180,972) (337,299)
activities
Investing activities
Interest income 477 2,013
Investments and long term loans (139,462) (20,884)
Net cash used in investing (138,985) (18,871)
activities
Financing activities
Loan from Juno Limited 125,000 -
Net cash generated from financing 125,000 -
activities
Net decrease in cash and cash (194,957) (356,170)
equivalents
Cash and cash equivalents at start 267,045 623,215
of period
Cash and cash equivalents at end 17 72,088 267,045
of period
Notes to the accounts
1 General information
Anglesey Mining plc is domiciled and incorporated in England and Wales under
the Companies Act. The nature of the group's operations and its principal
activities are set out in note 3 and in the strategic report. The registered
office address is as shown on the rear cover.
These financial statements are presented in pounds sterling because that is the
currency of the primary economic environment in which the group has been
operating. Foreign operations are included in accordance with the policies set
out in note 2.
2 Significant accounting policies
Basis of Accounting
The group and company financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union and therefore the group financial statements comply with Article
4 of the EU IAS Regulation.
The financial statements have been prepared on the historical cost basis except
for the fair valuation of certain financial assets. The principal accounting
policies adopted are set out below.
Going concern
The financial statements are prepared on a going concern basis. The validity of
the going concern basis is dependent on finance being available for the
continuing working capital requirements of the group for the foreseeable
future, being a period of at least twelve months from the date of approval of
the accounts. The ongoing operations of the group are dependent on its ability
to raise adequate financing. The group relies on equity financing and support
from its shareholders to fund its working capital requirements. The group will
need to generate additional financial resources in order to meet its planned
business objectives and continue as a going concern. Additional financing will
be required in the short term to continue the development of the group's
properties and in the longer term to put the Parys Mountain Mine into
production.
The directors recognise the continuing operations of the group are dependent
upon its ability to raise adequate financing. The directors have a reasonable
expectation that the required financing will be raised and are actively
pursuing various financing options with certain shareholders and financial
institutions regarding proposals for financing. The directors have reasonable
expectations that these financing discussions will be successful and therefore
the financial statements have been prepared on the going concern basis.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and entities controlled by the company (its subsidiaries) made up
to 31 March each year. Control is achieved where the company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill. Any deficiency of the cost of
acquisition below the fair values of the identifiable net assets acquired (i.e.
discount on acquisition) is credited to the income statement in the period of
acquisition. The results of subsidiaries acquired or disposed of during the
year are included in the group income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the group. All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Revenue recognition
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates
of exchange prevailing on the dates of the transactions. At the end of each
reporting period, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the period end
date. Non-monetary assets and liabilities carried at fair value that are
denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Gains and losses arising on
retranslation are included in net profit or loss for the period.
On consolidation, the assets and liabilities of the group's overseas operations
are translated at exchange rates prevailing on the period end date. Exchange
differences arising, if any, are classified as items of other comprehensive
income and transferred to the group's translation reserve within equity.
Such translation differences are reclassified to profit or loss, and recognised
as income or as expense, in the period in which there is a disposition of the
operation.
Segmental analysis
Operating segments are identified on the basis of internal reports about
components of the group that are regularly reviewed by the chief operating
decision-maker.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due. There are no defined benefit retirement schemes.
Equity-settled employee benefits
The group provides equity-settled benefits to certain employees. Equity-settled
employee benefits are measured at fair value at the date of grant. The fair
value determined at the grant date is expensed on a straight-line basis over
the vesting period, based on the group's estimate of shares that will
eventually vest and adjusted for the effect of non-market based vesting
conditions.
Fair value is measured by use of a Black-Scholes model. The expected life used
in the model has been adjusted from the longer historical average life, based
on directors' estimates of the effects of non-transferability, exercise
restrictions, market conditions, age of recipients and behavioural
considerations.
Taxation
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the period end liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in a
transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries and associates, and interests in joint
ventures, except where the group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of any deferred tax assets is reviewed at each period end
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
Property, plant and equipment
The group's freehold land is stated in the statement of financial position at
cost. The directors consider that the residual value of buildings, based on
prices prevailing at the date of acquisition and at each subsequent reporting
date as if the asset were already of the age and in the condition expected at
the end of its useful life, is such that any depreciation would not be
material. The carrying value is reviewed annually to consider whether it
exceeds the recoverable value in which case any impairment in value would be
charged immediately to the income statement.
Plant and office equipment are stated in the statement of financial position at
cost, less depreciation. Depreciation is charged on a straight line basis at
the annual rate of 25%. Residual values and the useful lives of these assets
are also reviewed annually.
Intangible assets - mineral property exploration and evaluation costs
Intangible assets are stated in the statement of financial position at cost,
less accumulated amortisation and provisions for impairment.
Costs incurred prior to obtaining the legal rights to explore a mineral
property are expensed immediately to the income statement. Mineral property
exploration and evaluation costs are capitalised until the results of the
projects, which are usually based on geographical areas, are known; these
include an allocation of administrative and management costs as determined
appropriate to the project by management.
Where a project is successful, the related exploration costs are amortised over
the life of the estimated mineral reserve on a unit of production basis. Where
a project is terminated, the related exploration costs are expensed
immediately. Where no internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the period in which it
is incurred.
Impairment of tangible and intangible assets
The values of mineral properties are reviewed annually for indications of
impairment and when these are present a review to determine whether there has
been any impairment is carried out. They are written down when any impairment
in their value has occurred and are written off when abandoned. Where a
provision is made or reversed it is dealt with in the income statement in the
period in which it arises.
Investments
Investments in subsidiaries are shown at cost less provisions for impairment in
value. Income from investments in subsidiaries together with any related
withholding tax is recognised in the income statement in the period to which it
relates.
Investments which are not subsidiaries are shown at cost unless there is a
practical method of determining a reliable fair value, in which case that fair
value is used.
Provisions
Provisions are recognised when the group has a present obligation as a result
of a past event and it is probable that the group will be required to settle
that obligation. Provisions are measured at the directors' best estimate of the
expenditure required to settle that obligation at the end of the reporting
period and are discounted to present value where the effect is material.
Financial instruments
Financial assets and liabilities are initially recognised and subsequently
measured based on their classification as "loans and receivables", "available
for sale financial assets" or "other financial liabilities".
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They are
included in current assets, except where they mature more than 12 months after
the period end date: these are classified as non-current assets.
(a) Trade and other receivables. Trade and other receivables are measured at
initial recognition at fair value and are subsequently measured at amortised
cost using the effective interest rate method. Appropriate allowances for
estimated irrecoverable amounts are recognised in the income statement when
there is objective evidence that the asset is impaired.
(b) Cash and cash equivalents. The group considers all highly liquid
investments which are readily convertible into known amounts of cash and have a
maturity of three months or less when acquired to be cash equivalents. The
management believes that the carrying amount of cash equivalents approximates
fair value because of the short maturity of these financial instruments.
(c) Available for sale financial assets. Listed shares held by the group that
are traded in an active market are classified as being AFS and are stated at
fair value. Gains and losses arising from changes in fair value are recognised
in other comprehensive income and accumulated in the investments revaluation
reserve with the exception of impairment losses and foreign exchange gains and
losses on monetary assets, which are recognised directly in profit or loss.
Where the investment is disposed of or is determined to be impaired, the
cumulative gain or loss previously recognised in the investments revaluation
reserve is reclassified to profit or loss.
Unlisted shares held by the group that are classified as being AFS are stated
at cost on the basis that the shares are not quoted and a reliable fair value
is not able to be estimated.
Dividends on AFS equity instruments are recognised in profit or loss when the
group's right to receive the dividends is established.
The fair value of AFS monetary assets denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the
balance sheet date. The foreign exchange gains and losses that are recognised
in profit or loss are determined based on amortised cost of the monetary asset.
Other foreign exchange gains and losses are recognised in other comprehensive
income.
(d) Trade and other payables. Trade payables are not interest bearing and are
initially recognised at fair value and subsequently measured at amortised cost
using the effective interest rate method.
(e) Deposits. Deposits are recognised at fair value on initial recognition and
are subsequently measured at amortised cost using the effective interest rate
method.
(f) Loans. Loans are recognised at fair value on initial recognition and are
subsequently measured at amortised cost using the effective interest rate
method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received,
net of direct issue costs.
Leases
Leases are classified as finance leases whenever the terms of the lease
transfer substantially all the risks and rewards of ownership to the lessee.
All other leases are classified as operating leases.
Mining lease payments are recognised as an operating expense in the income
statement on a straight line basis over the lease term unless they relate to
mineral property exploration and evaluation in which case they are
capitalised. There are no finance leases or other operating leases.
New accounting standards
The group and company have adopted the following new accounting standards and
interpretations:
IFRS 10 Consolidated Financial Statements: Issued October 2012; Effective -
Annual periods beginning on or after 1 January 2014
IFRS 11 Joint Arrangements: Original issue; Issued - May 2011; Effective -
Annual periods beginning on or after 1 January 2014
IFRS 12 Disclosure of Interests in Other Entities: Original issue; Issued -
May 2011; Effective - Annual periods beginning on or after 1 January 2014
IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Original issue; Issued - May 2011; Effective - Annual periods
beginning on or after 1 January 2014
There has been no impact of adopting the standards.
The group and company have adopted the amendments to the following
interpretation:
IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in
Other Entities and IAS 27 Separate Financial Statements: Amendment relates to
investment entities; Effective - Annual periods beginning on or after 1 January
2014
IAS 32 Financial Instruments: Amendment relates to the offsetting of
financial assets and liabilities; Effective - Annual periods beginning on or
after 1 January 2014
IAS 36 Impairment of Assets: Amendment relates to the recoverable amount
disclosures for non-financial assets; Effective - Annual periods beginning on
or after 1 January 2014
IAS 39 Financial Instruments: Recognition and Measurement: Amendment relates
to the novation of derivatives and continuing of hedge accounting; Effective -
Annual periods beginning on or after 1 January 2014
There has been no impact of adopting the amendments.
The group and the company have not applied the following IFRS, IAS and IFRICs
that are applicable and have been issued but are not yet effective:
IFRIC 21 Levies; Effective - Annual periods beginning on or after 17 June 2014
IFRS 14 Regularity Deferral Accounts: Original issue; Issued - January 2014;
Effective - Annual periods beginning on or after 1 January 2016
IFRS 15 Revenue from contracts with customers: Original issue; Issued - May
2014; Effective - Annual periods beginning on or after 1 January 2017
IFRS 9 Financial Instruments; Original issue; Issued - November 2009;
Effective - Annual periods beginning on or after 1 January 2018
IAS 1 Presentation of Financial Information: Amendment relates to the
disclosure initiative; Effective - Annual periods beginning on or after 1
January 2016
IAS16 Property, plant and equipment and IAS 38 Intangible Assets: Amendments
regarding the clarification of acceptable methods of depreciation and
amortisation; Amended May 2014; Effective for Annual periods beginning on or
after 1 January 2016
IAS 19 Employee Benefits: Amendment relating to the accounting for
contributions from employees or third parties to defined benefit plans;
Effective - Annual periods beginning on or after 1 February 2015
IAS 27 Separate Financial Statements (as amended in 2011): Original issue;
Issued - May 2011; Effective - Annual periods beginning on or after 1 January
2016
IFRS 10 Consolidated Financial Statements and IAS 28 Investment in Associates
and Joint Ventures: Amendment relating to the sale or contribution of assets
between an investor and its associate or joint venture; Effective - Annual
periods beginning on or after 1 January 2016
IFRS 10 Consolidation Financial Statements, IFRS 12 Disclosure of Interests in
Other Entities and IAS 28 Investment in Associates and Joint Ventures:
Amendments relate to investment entities, applying the consolidation exemption;
Effective - Annual periods beginning on or after 1 January 2016
IFRS 11 Joint Arrangements: Amendment relating to the accounting for
acquisition of interests in joint operations; Effective - Annual periods
beginning on or after 1 January 2016
The directors expect that the adoption of the above pronouncements will have no
material impact to the financial statements in the period of initial
application other than disclosure.
The directors do not consider the adoption of the amendments resulting from the
Annual Improvements 2010 - 2012 cycle will result in a material impact on the
financial information of the group and company. These amendments to IFRS2,
IFRS3, IFRS8 IAS 16, IAS24 and IAS38 are effective for accounting periods
beginning on or after 1 February 2015.
The directors do not consider the adoption of the amendments resulting from the
Annual Improvements 2011 - 2013 cycle will result in a material impact on the
financial information of the group and company. These amendments to IFRS3,
IFRS13 and IAS40 are effective for accounting periods beginning on or after 1
July 2014.
The directors do not consider the adoption of the amendments resulting from the
Annual Improvements 2012 - 2014 cycle will result in a material impact on the
financial information of the group and company. These amendments to IFRS 5,
IFRS 7, IAS 19 and IAS 34 are effective for accounting periods beginning on or
after 1 January 2016.
There have been no other new or revised International Financial Reporting
Standards, International Accounting Standards or Interpretations that are in
effect since that last annual report that have a material impact on the
financial statements.
Judgements made in applying accounting policies and key sources of estimation
uncertainty
The following critical judgements have been made in the process of applying the
group's accounting policies:
(a) In determining the treatment of exploration, evaluation and development
expenditures the directors are required to make estimates and assumptions as to
future events and circumstances. There are uncertainties inherent in making
such assumptions, especially with regard to: ore resources and the life of a
mine; recovery rates; production costs; commodity prices and exchange rates.
Assumptions that are valid at the time of estimation may change significantly
as new information becomes available and changes in these assumptions may alter
the economic status of a mining unit and result in resources or reserves being
restated. Operation of a mine and the receipt of cashflows from it are
dependent on finance being available to fund the development of the property.
(b) In connection with possible impairment of assets the directors assess each
potentially cash generating unit annually to determine whether any indication
of impairment exists. The judgements made when doing so are similar to those
set out above and are subject to the same uncertainties.
(c) The accounting treatment adopted for the group's investment in GIAB and the
reasons for doing so are set out in note 14.
Nature and purpose of equity reserves
The share premium reserve represents the consideration that has been received
in excess of the nominal value of shares on issue of new ordinary share
capital, less any direct costs of issue. The currency translation reserve
represents the variations on revaluation of overseas foreign subsidiaries and
associates. The retained earnings reserve represents profits and losses
retained in previous and the current period.
3 Segmental information
The group is engaged in the business of exploring and evaluating the
wholly-owned Parys Mountain project in North Wales, managing its interest in
the Grangesberg properties and has an investment in the Labrador iron project
in eastern Canada. In the opinion of the directors, the group's activities
comprise one class of business which is mine exploration, evaluation and
development. The group reports geographical segments; these are the basis on
which information is reported to the board. As yet there have been no site
expenses incurred in respect of the group's interest in Grangesberg.
Income statement
analysis
2015 2014
UK Sweden Canada UK Sweden Canada Total
Total
£ £ £ £
£ £ £ £
Expenses - (355,071) - - (353,455)
(187,815) (167,256) (353,455)
Impairment of - - - -
(1,231,218) (1,231,218) (5,451,267) (5,451,267)
investment
Exchange - - (26,766) (26,766) - -
difference (1,255,280) (1,255,280)
on above
Investment 882 - - 882 2,630 - - 2,630
income
Finance costs - - (119,863) - - (112,590)
(119,863) (112,590)
Exchange rate (4,574) - - (4,574) (3,741) - - (3,741)
(loss)
Loss for the -
year (311,370) (167,256) (1,257,984) (1,736,610) (467,156) (6,706,547) (7,173,703)
Assets and
liabilities
31 March 2015 31 March 2014
UK Sweden Canada UK Sweden Canada Total
Total
£ £ £ £
£ £ £ £
Non-current 15,204,686 86,659 1 15,291,346 15,129,331 - 1,257,985 16,387,316
assets
Current assets 123,364 4,486 - 127,850 306,114 - - 306,114
Liabilities - - -
(2,831,473) (222,586) (3,054,059) (2,560,520) (2,560,520)
Net assets/ 12,496,577 1 12,365,137 12,874,925 - 1,257,985 14,132,910
liabilities (131,441)
4 Operating result
The loss for the year has been arrived at
after charging:
2015 2014
£ £
Fees payable to the group's
auditor:
for the audit of the annual 22,000 22,000
accounts
for the audit of 3,000 3,000
subsidiaries' accounts
for other services - taxation 2,500 3,150
compliance
for other services 800 1,303
Directors' remuneration 24,750 112,333
Director's pension contributions - 6,667
Foreign exchange loss 4,574 3,741
5 Staff costs
The average monthly number of persons employed (including
executive directors) was:
2015 2014
Administrative 3 4
3 4
Their aggregate remuneration was: £ £
Wages and salaries 33,985 104,998
Social security costs 2,118 11,691
Other pension costs - 6,667
36,103 123,356
Details of directors' remuneration and share options are given in the
directors' remuneration report.
6 Investment income
2015 2014
£ £
Loans and receivables
Interest on bank deposits 672 2,238
Interest on site 15 210 392
re-instatement deposit
882 2,630
7 Finance costs
2015 2014
Loans and payables
£ £
Loan interest to Juno Limited 19 116,043 112,590
Loan interest to Eurmag AB 19 3,820 -
119,863 112,590
For both loans the interest shown is accrued and not required to be paid in
cash.
8 Taxation
Activity during the year has generated trading
- More to follow, for following part double click ID:nPRrV746CcRecent news on Anglesey Mining
See all newsREG-Anglesey Mining Plc: Issuance of Share Options to Directors and Employees
AnnouncementREG-Anglesey Mining Plc: Anglesey Mining Announces Publication of a Conceptual Study of a High-Density Fluid Hydro-Power Energy Storage Project
AnnouncementREG-Anglesey Mining Plc: Anglesey Mining plc and RheEnergise Partner to Explore Underground Energy Storage at Parys Mountain Mine, through the Rehabilitation of the Existing 300m Deep Morris Shaft.
AnnouncementREG-Anglesey Mining Plc: Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report Approved
AnnouncementREG-Anglesey Mining Plc: Half-year Report
Announcement