REG - Westmount Energy Ld - Final Results <Origin Href="QuoteRef">WNRG.L</Origin> - Part 9
25/11/2016 15:15
- Part 9: For the preceding part double click ID:nRSY2182Qh
the
Directors
the
Company
does not
have a
controllin
g party.
15.
SUBSEQUENT
EVENTS
On 15
November
2016, the
market
value of
the
investment
s that
were held
at 30 June
2016 was
£182,954,
which
represents
a material
decline in
the value
of the
investment
s from the
end of the
reporting
period.
The
decline
reflects
the
current
market
conditions
on
investment
s.
216,299
536,821
Other receivables
10,023
9,721
Cash and cash equivalents
402,716
7,291
629,038
553,833
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 financial assets held at fair value through profit or
loss. The Company's financial assets 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 2016
Up to 3 months
Up to1 year
Over 1 year
Total £
Financial liabilities
Accrued expenses
31,387
-
-
31,387
31,387
-
-
31,387
As at 30 June 2015
Up to 3 Months
Up to 1 year
Over 1 year
Total £
Financial liabilities
Accrued expenses
31,760
-
-
31,760
31,760
-
-
31,760
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
2016 2015 2016
Directors' fees Directors' fees Options outstanding
£ £ £
D R King 12,000 14,750 -
M Bradlow 8,000 8,000 550,000
G Walsh - - 500,000
T O'Gorman - - 500,000
P J Richardson (resigned 9th January 2015) - 4,000 50,000
20,000 26,750 1,600,000
At the year end the Company owed £3,000 (2015: £1,000) in outstanding
directors' fees. No share options were issued during the year ended 30 June
2016 (2015: nil) and nil (2015: nil) 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 Stonehage Fleming Corporate Services
Limited. During the year fees totalling £46,792 (2015: £nil) were paid to
Stonehage Fleming Corporate Services Limited of which £22,287 (2015: £nil) was
outstanding at the year end. Stonehage Fleming Corporate Services Limited was
appointed as Company Secretary on 17th September 2015. The previous Company
Secretary was Crestbridge Corporate Services Limited. During the year fees
totalling £nil (2015: £46,471 were paid to Crestbridge Corporate Services
Limited of which £nil (2015: £12,360) 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 15 November 2016, the market value of the investments that were held at 30
June 2016 was £182,954, 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.
This information is provided by RNS
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