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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2017 |
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LOCHINVAR COAL LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR |
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LOCHINVAR COAL LTD |
LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LOCHINVAR COAL LTD |
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COMPANY INFORMATION |
for the Year Ended 30 June 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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BALANCE SHEET |
30 June 2017 |
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30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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BALANCE SHEET - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Lochinvar Coal Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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After making enquiries, the directors have a reasonable expectation that the company has adequate resources to |
continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period |
of at least twelve months from the date these financial statements were approved. Accordingly they continue to |
adopt the going concern basis in preparing the financial statements. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
The company adopted FRS 102 for the accounting period ended 30 June 2017. There were no adjustments |
arising at the transition date or at the end of the comparative period, therefore there is no difference between |
equity under the previous financial reporting framework and equity under FRS 102. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Intangible assets |
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. |
These costs are carried forward as an asset only if they relate to an area of interest for which rights of tenure are |
current and in respect of which such costs are expected to be recovered through successful development and |
exploitation, or from sale of the area; or exploration and evaluation activities in the the area of interest have not, |
at reporting date, resulted in booking economically recoverable reserves, and active operations in, or relating to, |
this area of interest are continuing. |
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Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, |
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation |
and amortisation of assets used in exploration and evaluation activities. General and administrative costs are only |
included in the measurement of exploration and evaluation costs where they relate directly to operational |
activities in a particular area of interest. Exploration and evaluation assets are assessed for impairment when |
facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its |
recoverable amount. The recoverable amount of the exploration and evaluation asset (for the cash generating |
unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated to determine |
the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount |
of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased |
carrying amount does not exceed the carrying amount that would have been determined had no impairment loss |
been recognised for the asset in previous years. |
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Where a decision has been made to proceed with development in respect of a particular area of interest, the |
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to |
development. Development expenditure is recognised at cost less accumulated amortisation and any impairment |
losses. Exploration and evaluation expenditure is reclassified to development expenditure once the technical |
feasibility and commercial viability of extracting the related mineral resource is demonstrable. Where |
commercial production in an area of interest has commenced, the associated costs together with any forecast |
future capital expenditure necessary to develop proved and probable reserves are amortised over the estimated |
economic life according to rate of depletion of the economically recoverable reserves. Changes in factors such as |
estimates of proved and probable reserves that affect the calculations are dealt with on a prospective basis. |
Accumulated costs in respect of areas of interest which are abandoned are written off in full against profit or loss |
in the year in which the decision to abandon the area is made. A regular review is undertaken of each area of |
interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company |
does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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AMORTISATION |
At 1 July 2016 |
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Impairments | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 July 2016 |
and 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
and 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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LOCHINVAR COAL LTD (REGISTERED NUMBER: 08094066) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors & accruals |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Amounts owed to group undertakings |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.17 | 30.6.16 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is New Age Exploration Limited, incorporated in Australia. The directors believe |
that there is no controlling party. |