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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wolf Minerals | LSE:WLFE | London | Ordinary Share | AU000000WLF3 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
At the date of approval of these condensed consolidated financial statements, and based upon the budgeted levels of expenditure and Board approved cash flow forecasts, the Directors are satisfied that the Company has sufficient cash and loan facilities to finance the Company's operating expenditure and the development of the Project.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of the signing these condensed consolidated financial statements and therefore they continue to adopt the going concern basis of accounting in preparing the condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 2: BASIS OF PREPARATION (CONTINUED)
Critical accounting estimates and judgements
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Actual results may differ from these estimates.
Significant items subject to such estimates are set out in the Accounting Policies to the Company's 2014 annual report. The nature and amounts of such estimates have not changed significantly during the interim period, other than those required in determining the fair values of derivative financial instruments.
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared under the historical cost convention.
The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated financial statements as were applied in the preparation of the Company's 2014 annual report for the financial year ended 30 June 2014, except for the new accounting policies and impact of the adoption of the Standards and interpretations described below.
New accounting policies
Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
Derivatives are classified as current or non-current depending on the expected period of realisation.
Cash flow hedges
Cash flow hedges are used to cover the Consolidated Entity's exposure to variability in cash flows that is attributable to particular risk associated with a recognised asset or liability or a firm commitment which could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognised directly in equity, whilst the ineffective portion is recognised in profit or loss. Amounts taken to equity are transferred out of equity and included in the measurement of the hedged transaction when the forecast transaction occurs.
Cash flow hedges are tested for effectiveness on a regular basis both retrospectively and prospectively to ensure that each hedge is highly effective and continues to be designated as a cash flow hedge. If the forecast transaction is no longer expected to occur, amounts recognised in equity are transferred to profit or loss.
If the hedging instrument is sold, terminated, expires, exercised without replacement or rollover, or if the hedge becomes ineffective and is no longer a designated hedge, amounts previously recognised in equity remain in equity until the forecast transaction occurs.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
New and amended standards and interpretations issued but not yet effective for the financial year beginning 1 July 2014 and not early adopted
The following Australian Accounting Standards have been issued or amended and are applicable to the annual financial statements of the Consolidated Entity (or the Company) but are not yet effective. This assumes the following have not been adopted in preparation of the financial statements at the reporting date.
AASB No. Title Application Issue date date of standard --------------- ----------------------------------------------------- -------------------- ---------------- AASB 9 Financial Instruments 1 January December 2010 2018 --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2013-9 Amendments to Australian Accounting Standards Part C - 1 December 2013 - Conceptual Framework, Materiality and January 2015 Financial Instruments Part C - Financial Instruments --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-1 Amendments to Australian Accounting Standards Part D - 1 June 2014 Part D - Consequential Amendments arising January 2016 from AASB 14 Regulatory Deferral Accounts Part E - 1 Part E - Financial Instruments January 2018 --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-3 Amendments to Australian Accounting Standard 1 January August 2014 - Accounting for Acquisition of Interest 2016 in Joint Operations --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-4 Amendments to Australian Accounting Standard 1 January August 2014 - Clarification of Acceptable Methods 2016 of Depreciation and Amortisation (Amendments to AASB 116 and AASB 138) --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-5 Amendments to Australian Accounting Standard 1 January December 2014 Arising From AASB 15 2017 --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-7 Amendments to Australian Accounting Standard 1 January December 2014 AASB 2014-8 Arising From AASB 9 2018 --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-9 Amendments to Australian Accounting Standard 1 January January 2015 - Equity Method in Separate Financial 2016 Statements --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2014-10 Amendments to Australian Accounting Standard 1 January January 2015 - Sale of Contribution of Assets Between 2016 Investors and its Associates or Joint Venture --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2015-4 Amendments to Australian Accounting Standards 1 January January 2015 - Financial Reporting Requirements for 2015 Australian Groups with a Foreign Parent --------------- ----------------------------------------------------- -------------------- ---------------- AASB 2015-5 Amendments to Australian Accounting Standards 1 January January 2015 - Investment Entities: Applying the Consolidation 2016 Exception --------------- ----------------------------------------------------- -------------------- ---------------- AASB 14 Regulatory Deferral Account 1 January June 2014 2016 --------------- ----------------------------------------------------- -------------------- ---------------- AASB 15 Revenues from Contracts with Customers 1 January December 2014 2017 --------------- ----------------------------------------------------- -------------------- ----------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 4: SEGMENT INFORMATION NOTES
The Consolidated Entity has identified its operating segments based on the internal reports that are reviewed and used by the Managing Director to make decisions about resources to be allocated to the segments and assess their performance.
The Consolidated Entity has one reportable segment being its mine development activities in the United Kingdom.
The financial information presented in the consolidated statement of profit or loss and other comprehensive income and statement of financial position is the same as that presented to the Managing Director.
NOTE 5: CONTINGENT LIABILITIES
As at 31 December 2014 the Consolidated Entity did not have any contingent liabilities.
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