REG-Bisichi Mining PLC: Final Results <Origin Href="QuoteRef">BISI.L</Origin> - Part 6
22/04/2016 15:35
- Part 6: For the preceding part double click ID:nPRrM040Be
surveyors. Surpluses and deficits arising on
valuations are taken direct to the revaluation reserve. No depreciation or
amortisation is provided in respect of freehold and leasehold investment
properties. Depreciation or amortisation is only one of many factors reflected
in the valuation and the amount which might otherwise have been shown cannot be
separately identified or quantified.
On the 23rd of December 2014, the investment property portfolio was transferred
within the group to Bisichi (Properties) Limited, a 100% owned and controlled
subsidiary of the company.
Investments
Investments of the company are stated in the balance sheet as fixed assets at
cost less provisions for impairment.
Financial instruments
Bank loans and overdrafts
Bank loans and overdrafts are included in creditors on the company balance
sheet net of the unamortised cost of financing.
Interest payable on those facilities is expensed as a finance cost in the
period to which it relates.
Debtors
Amounts due from subsidiary undertakings are held at present value where the
interest that would be recognised from discounting future cash payments is
considered to be material. Other debtors do not carry interest and are stated
at their nominal value as reduced by appropriate allowances for estimated
recoverable amounts.
Creditors
Creditors are not interest bearing and are stated at their nominal value.
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.
Deferred taxation
A full provision is made for deferred tax where the carrying amount of an asset
or liability in the balance sheet differs from its tax base, except for those
differences in respect of which the standard specifies that deferred tax should
not be recognised. Deferred tax assets and liabilities are calculated at the
tax rates expected to be effective at the time the timing differences are
expected to reverse.
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
The company makes contributions to a money purchase scheme and the costs are
charged to the profit and loss account in the period to which they relate.
Share based remuneration
The company operates a share option scheme. The fair value of the share option
scheme is determined at the date of grant. This fair value is then expensed on
a straight-line basis over the vesting period, based on an estimate of the
number of shares that will eventually vest. The fair value of options granted
is calculated using a binomial model or Black-Scholes-Merton model. Details of
the share options in issue are disclosed in the Directors' Remuneration Report
on pages 28 and 29 under the heading Share option schemes which is within the
audited part of this report.
33. 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 profit
for the financial year, before dividends, was £36,000 (2014: £1,625,000)
Details of share capital are set out in note 24 and details of the share
options are shown in the Directors' Remuneration Report on page 29 under the
heading Share option schemes which is within the audited part of this report
and note 26.
34. Dividends
2015 2015 2014 2014
Per share £'000 Per share £'000
Dividends paid during the year relating to 4.00p 427 4.00p 427
the prior period
Dividends to be paid:
Interim dividend for 2015 paid on 5 February 1.00p 107 1.00p 107
2016
Proposed final dividend for 2015 3.00p 320 3.00p 320
4.00p 427 4.00p 427
The aggregate amount of dividends to be paid and not recognised as liabilities
as at year end is £427,000 (2014: £427,000). The dividends to be paid are not
accounted for until they have been approved at the Annual General Meeting. The
amount will be accounted for as an appropriation of retained earnings in the
year ending 31 December 2016.
35. Tangible fixed assets
Motor Office Total
vehicles equipment £'000
£'000 £'000
Cost at 1 January 2015 37 66 103
Additions - 1 1
Cost at 31 December 2015 37 67 104
Accumulated depreciation at 1 January 2015 14 55 69
Charge for the year 13 2 15
Accumulated depreciation at 31 December 2015 27 57 84
Net book value at 31 December 2015 10 10 20
Net book value at 31 December 2014 23 11 34
36. Investments
Joint Shares in Loans Other Total
ventures subsidiaries £'000 investments £'000
shares £'000 £'000
£'000
Cost at 1 1,810 6,356 1,331 26 7,713
January 2015
Invested - - 3 - 3
during year
Loss on - (126) - (126)
transfer
Cost at 31 1,810 6,356 1,208 26 7,590
December
2015
Provision
for
impairment
As at 1 - - - (1) (1)
January
Impaired - - - (12) (12)
during the
year
As at 31 - - - (13) (13)
December
2015
Net book 1,810 6,356 1,208 13 7,577
value at 31
December
2015
Net book 1,810 6,356 1,331 25 7,712
value at 31
December
2014
Other investments comprise £13,000 (2014: £25,000) shares.
Investments in subsidiaries are detailed in note 15. In the opinion of the
directors the aggregate value of the investment in subsidiaries is not less
than the amount shown in these financial statements.
On the 11 March 2016, the company disposed of its joint venture investment in
Langney Shopping Centre Unit Trust. The net book value of the investment
included in these financial statements at 31 December 2015 was £963,000. The
net proceeds from the sale were £1,138,000 (excluding dividend). Further
information relating to the disposal of Langney Shopping Centre Unit Trust can
be found in Note 14.
37. Debtors
2015 2014
£'000 £'000
Amounts due within one year:
Amounts due from subsidiary undertakings 1,003 360
Trade receivables 16 109
Other debtors 81 118
Joint venture 2,140 2,168
Prepayments and accrued income 56 226
3,296 2,981
Amounts due in more than one year:
Amounts due from subsidiary undertakings 659 1,123
Deferred taxation - 4
659 1,127
38. Creditors
2015 2014
£'000 £'000
Amounts falling due within one year:
Bank overdraft (secured) - -
Bank loan (secured) 8 7
Amounts due to subsidiary undertakings 365 -
Joint venture 223 305
Current taxation - 23
Other taxation and social security 3 89
Other creditors 574 444
Accruals and deferred income 128 350
1,301 1,218
Amounts falling due in more than one year:
Bank loan (secured) 9 64
2015 2014
£'000 £'000
Bank and other loan instalments by reference to the balance
sheet date:
Within one year 8 7
From one to two years 7 7
From two to five years 2 57
17 71
39. Provisions for liabilities
2015 2014
£'000 £'000
Deferred taxation
Balance at 1 January - 695
Provision 182 (695)
Transfer - -
182 -
40. Related party transactions
At 31 December During the year
Amounts owed Costs Cash paid
by related recharged / (to)/ by
party accrued related
£'000 (to) / by party
related party £'000
£'000
Related party:
Black Wattle Colliery (Pty) Ltd (note (a)) (1,157) (653) 1,812
Ninghi Marketing Limited (note (b)) (102) - -
As at 31 December 2015 (1,259) (653) 1,812
Black Wattle Colliery (Pty) Ltd (note (a)) (2,316) (1,009) 1,207
Ninghi Marketing Limited (note (b)) (102) - -
As at 31 December 2014 (2,418) (1,009) 1,207
(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 (2013: 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 as the company is dormant.
In 2012 a loan was made to one of the directors, Mr A R Heller, for £116,000.
There is no fixed repayment date. The loan amount outstanding at year end was £
86,000 (2014: £101,000) and a repayment of £15,000 (2014: £15,000) was made
during the year.
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 28 of the group
financial statements.
41. FIRST TIME ADOPTION OF FRS 101 REDUCED DISCLOSURE FRAMEWORK
This is the first time that the company has adopted FRS 101 having previously
applied applicable UK accounting standards. The date of transition to FRS 101
was 1 January 2014.
In applying FRS 101 for the first time the company has made the election to
retain the cost of investment in subsidiary undertakings at their carrying
amounts under applicable UK accounting standards.
The following table summarise the effects on the company's equity and total
comprehensive income of applying FRS 101 for the first time.
Equity Equity Comprehensive
at at income at
1 January 2014 31 December 31 December
£'000 2014 2014
£'000 £'000
As previously reported in accordance with 12,808 13,370 912
applicable UK accounting standards
Transition adjustments:
Deferred taxation on revaluation of (713) - 713
investment property
Accounted in accordance with FRS 101 12,095 13,370 1,625
In addition to above, in the 2014 year end there is a reclassification of
debtor amounts that are due in more than one year of £1,127,000 from
non-current assets to current assets in the balance sheet.
END
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