REG - Westmount Energy Ld - Final Results <Origin Href="QuoteRef">WNRG.L</Origin> - Part 7
20/11/2015 07:01
- Part 7: For the preceding part double click ID:nRST3729Gf
for the
investment
and include
situations
where there
is little,
if any,
market
activity for
the
investment.
The inputs
into the
determinatio
n of fair
value
require
significant
management
judgment or
estimation.
The
investments
held by the
Company fall
within Level
1 as they
are valued
by
unadjusted
quoted
prices.
12.
DIRECTORS'
REMUNERATION
AND SHARE
OPTIONS
2015 2015
2014 2014
Directors'
fees Options
outstanding
Directors'
fees Options
outstanding
£ £ £ £ P J
Richardson
4,000 50,000
11,375
50,000 D R
King 14,750
- 15,000 - M
Bradlow
8,000
550,000
20,750
550,000 G
Walsh -
500,000 -
500,000 T
O'Gorman -
500,000 -
500,000
26,750
1,600,000
47,125
1,600,000
At the year
end the
Company owed
£1,000
(2014: £nil)
in
outstanding
directors'
fees. Nil
share
options were
issued
during the
year ended
30 June 2015
(2014: nil)
and nil
(2014:
100,000)
options were
exercised
during the
year. All
outstanding
options are
due to
expire 31
December
2016. The
Company does
not employ
any staff
except for
its Board of
Directors.
The Company
does not
contribute
to the
pensions or
any other
long-term
incentive
schemes on
behalf of
its
Directors.
13.
RELATED
PARTIES
The
preparation
of the
financial
statements
of the
Company, and
Company
Secretary
services are
undertaken
by
Crestbridge
Corporate
Services
Limited.
During the
year fees
totalling
£46,471
(2014:
£42,331)
were paid to
Crestbridge
Corporate
Services
Limited of
which
£12,360
(2014:
£4,750) was
outstanding
at the year
end. D R
King
resigned as
a Director
of
Crestbridge
Corporate
Services
Limited on
31 May 2015
and is a an
employee of
Stonehage
Fleming
Corporate
Services
Limited who
were
appointed as
Company
Secretary on
17th
September
2015.
Fees paid to
the
Directors
are
disclosed in
note 12.
14.
CONTROLLING
PARTY
In the
opinion of
the
Directors
the Company
does not
have a
controlling
party.
15.
SUBSEQUENT
EVENTS
On 27 July
2015 the
Company sold
200,000
shares in
Falkland Oil
& Gas
Limited for
a net
consideratio
n of
£47,633. On
19 August
2015 the
Company sold
50,000
shares in
Falkland Oil
& Gas
Limited for
a net
consideratio
n of
£11,978. On
19 November
2015 the
market value
of the
investments
that were
held at 30
June 2015
not taking
into account
the above
disposals
was £254,936
which
represents a
material
decline in
the value of
the
investments
from the end
of the
reporting
period. The
decline
reflects the
current
market
conditions
on
investments.
2014£
Investments at Fair Value Through Profit or Loss
536,821
682,888
Other receivables
9,721
7,607
Cash and cash equivalents
7,291
76,866
553,833
767,361
The Company considers that all the above financial assets are not impaired or
past due for each of the reporting dates under review and are of good credit
quality.
c) Liquidity Risk
Liquidity risk is the risk that the Company cannot meet its liabilities as
they fall due. The Company's primary source of liquidity consists of cash and
cash equivalents and investments held at fair value through profit or loss.
The Company's investments at fair value through profit or loss are publicly
traded and are deemed highly liquid.
The following table details the contractual, undiscounted cash flows of the
Company's financial liabilities:
As at 30 June 2015
Up to 3 months
Up to1 year
Over 1 year
Total £
Financial liabilities
Accrued expenses
31,760
-
-
31,760
31,760
-
-
31,760
As at 30 June 2014
Up to 3 Months
Up to 1 year
Over 1 year
Total £
Financial liabilities
Accrued expenses
23,049
-
-
23,049
Payable to shareholders
-
34,782
-
34,782
23,049
34,782
-
57,831
Capital Management
The Company's objective when managing capital is to safeguard the Company's
ability to continue as a going concern in order to provide optimum returns for
shareholders and benefits for other stakeholders and to maintain an optimal
capital structure to reduce cost of capital.
In order to maintain or adjust the capital structure, the Company may issue
new shares, return capital to shareholders or sell assets. The Company does
not have any debt nor is the Company subject to any external capital
requirements.
Fair Value Estimation
The Company has classified its financial assets as fair value through profit
or loss and fair value is determined via one of the following categories:
Level I - An unadjusted quoted price in an active market provides the most
reliable evidence of fair value and is used to measure fair value whenever
available. As required by IFRS 7, the Company will not adjust the quoted price
for these investments, (even in situations where it holds a large position and
a sale could reasonably impact the quoted price).
Level II - Inputs are other than unadjusted quoted prices in active markets,
which are either directly or indirectly observable as of the reporting date,
and fair value is determined through the use of models or other valuation
methodologies.
Level III - Inputs are unobservable for the investment and include situations
where there is little, if any, market activity for the investment. The inputs
into the determination of fair value require significant management judgment
or estimation.
The investments held by the Company fall within Level 1 as they are valued by
unadjusted quoted prices.
12. DIRECTORS' REMUNERATION AND SHARE OPTIONS
2015 2015 2014 2014
Directors' fees Options outstanding Directors' fees Options outstanding
£ £ £ £
P J Richardson 4,000 50,000 11,375 50,000
D R King 14,750 - 15,000 -
M Bradlow 8,000 550,000 20,750 550,000
G Walsh - 500,000 - 500,000
T O'Gorman - 500,000 - 500,000
26,750 1,600,000 47,125 1,600,000
At the year end the Company owed £1,000 (2014: £nil) in outstanding directors'
fees. Nil share options were issued during the year ended 30 June 2015
(2014: nil) and nil (2014: 100,000) options were exercised during the year.
All outstanding options are due to expire 31 December 2016.
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