REG - Westmount Energy Ld - Final Results <Origin Href="QuoteRef">WNRG.L</Origin> - Part 9
14/11/2014 17:40
- Part 9: For the preceding part double click ID:nRSN1233Xh
its
Directors.
13.
RELATED
PARTIES
The
preparatio
n of the
financial
statements
of the
Company,
and
Company
Secretary
services
are
undertaken
by
Crestbridg
e
Corporate
Services
Limited of
which D R
King is a
Director.
During the
year fees
totalling
£42,331
(2013:
£47,830),
including
D R King's
Director
fee, were
paid to
Crestbridg
e
Corporate
Services
Limited of
which
£4,750
(2013:£5,5
00) was
outstandin
g at the
year end.
Fees paid
to the
Directors
are
disclosed
in note
12.
14.
CONTROLLIN
G PARTY
In the
opinion of
the
Directors
the
Company
does not
have a
controllin
g party.
15.
SUBSEQUENT
EVENTS
On 25
September
2014 the
Company
sold
200,000
shares in
Sterling
Energy Plc
for a net
considerat
ion of
£50,581.75
.
76,866
226,565
767,361
980,382
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.
NOTES TO THE FINANCIAL STATEMENTS (Continued)FOR THE YEAR ENDED 30 JUNE 2014
11. FINANCIAL RISK (Continued) The following table details the
contractual, undiscounted cash flows of the Company's financial liabilities:
As at 30 June 2014
Up to 3 months
Up to1 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
As at 30 June 2013
Up to 3 Months
Up to 1 year
Over 1 year
Total £
Financial liabilities
Accrued expenses
24,602
-
-
24,602
Payable to shareholders
-
65,319
-
65,319
24,602
65,319
-
89,921
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.
NOTES TO THE FINANCIAL STATEMENTS (Continued)FOR THE YEAR ENDED 30 JUNE 2014
12. DIRECTORS' REMUNERATION
2014
Directors' fees
£
P J Richardson 11,375
D R King 15,000
M Bradlow 20,750
47,125
2013
Directors' fees
£
P J Richardson 18,750
D R King 15,220
G Walsh (Chairman) 12,500
T P O'Gorman 12,500
M Bradlow 37,500
96,470
During the year Mr Peter Richardson, a director of the Company, has sold
200,000 ordinary shares which were subsequently purchased by Godrevy Holdings
Limited, Mr Richardson's personal investment company. Each of these
transactions completed on 10 April 2014 at a price of 17.5 pence per share.
Following these transactions, there is no change of beneficial ownership and
Mr Richardson continues to hold the balance of 50,000 ordinary shares in the
Company and his beneficial ownership remains unchanged, totalling 400,000
ordinary shares.
At the year end the Company owed £nil (2013:£nil) to the Directors in respect
of commissions on the sale of shares in Sterling and a further £nil
(2013:£nil) in outstanding directors' fees. No shares options were issued
during the year ended 30 June 2014 (2013: none). 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 of
which D R King is a Director. During the year fees totalling £42,331 (2013:
£47,830), including D R King's Director fee, were paid to Crestbridge
Corporate Services Limited of which £4,750 (2013:£5,500) was outstanding at
the year end.
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 25 September 2014 the Company sold 200,000 shares in Sterling Energy Plc
for a net consideration of £50,581.75.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Westmount Energy
See all newsREG - Westmount Energy Ld - Holding(s) in Company
AnnouncementREG - Westmount Energy Ld - Interim Results
AnnouncementREG - Westmount Energy Ld - CEC - Complete Redemption of Loan Notes
AnnouncementREG - Westmount Energy Ld - Block 3B/4B Orange Basin – Investees’ Farm-down
AnnouncementREG - Westmount Energy Ld - Africa Oil Corp. update
Announcement