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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Westmount Energy Limited | LSE:WTE | London | Ordinary Share | GB00B0S5KR31 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.45 | 1.40 | 1.50 | 1.45 | 1.45 | 1.45 | 300 | 07:47:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | -2.7M | -2.97M | -0.0206 | -0.70 | 2.09M |
From Apr 2019 to Apr 2024
TIDMWTE
RNS Number : 3729G
Westmount Energy Limited
20 November 2015
20 November 2015
Westmount Energy Limited
("Westmount" or the "Company")
Final Results
The Company is pleased to announce it's Final Results for the year ended 30 June 2015. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders today.
Notice is hereby given that the Annual General Meeting of Westmount will be held at No 2 The Forum Grenville Street, St Helier, Jersey, JE1 4HH, Channel Islands on 11 December 2015 at 11:00 am.
CHAIRMAN'S REVIEW
The past year has been very challenging for investors in Oil & Gas assets. During the year under review your Company had a loss of GBP222,239, with administrative expenses reduced to GBP126,754. As reported at the interim stage the Board has financed the ongoing corporate overheads of the company by disposing of shares in the portfolio; 200,000 shares in Sterling Energy Plc were sold during the year and since the year end the board has had to dispose of 250,000 shares in Falklands Oil & Gas Limited ("FOGL") to finance ongoing administration costs.
Proposed Placing and Open Offer
Despite the challenging industry conditions, the Directors still believe that there will be opportunities for investment in the sector and want the Company to be able to take advantage of attractive opportunities should they arise. In an effort to put the Company on a sounder financial footing and provide funds for working capital and investment, the Board has agreed to a conditional placing and Open Offer to existing qualifying shareholders (on a 1 for 1 basis) to issue up to a total of 15,830,300 new ordinary shares at a price of 4p per share to raise up to a total of GBP633,212 before costs The directors will subscribe for their pro rata entitlements in the Open Offer and a total of 6,000,000 new ordinary shares ("the Subscription") has been conditionally placed with two new investors, Mr John Craven and Mr Dermot Corcoran, who are investing in a private capacity. The Board believes that the placing and Open Offer provides new capital for the Company which together with the new shareholders will further enhance the Company's growth prospects. Further details of the Subscription and Open Offer are set out in a circular sent to shareholders today.
The proposed Subscription and Open Offer, while raising a modest amount, in fact more than doubles the size of the share capital of the Company, which the Board believes is appropriate as the Company needs to increase its market capitalisation and resources if it is to be taken seriously going forward.
The Board requires shareholder approval to amend the nominal value of the Company's ordinary shares in order to complete the Subscription and Open Offer ("the Resolutions"). The Resolutions will be put to shareholders at a General Meeting of the Company convened for 11 December 2015.
The Board unanimously recommends that the all shareholders vote in favour of the Resolutions.
Portfolio
Westmount's portfolio of energy shares is mainly focused on the Falkland Islands where our largest holding, Falklands Oil & Gas Limited, is currently drilling.
In conjunction with its partners, FOGL has this year drilled two oil discoveries in the North Falkland basin. The Zebedee well was an oil and gas discovery announced on 5 April 2015 and extended the Sea Lion field. The second, Isobel Deep oil discovery announced on 28 May 2015 has opened up a new play with exploration upside and could be revisited for a further well later this year.
A consortium involving FOGL recently completed drilling the Humpback prospect in the South Falklands basin. The Humpback well was drilled to a total depth of 5,136 meters (measured depth). The well encountered non-commercial quantities of oil and gas within a number of sandstone intervals. The rig will shortly return to the North Falklands Basin to drill a second well on the Elaine/Isobel fan complex. The Elaine/Isobel fan complex, based on the operator's estimates, has multiple reservoir targets and gross mean un-risked resources of 400 million barrels of oil.
In addition, your company has a holding in Argos Resources Ltd ("Argos") which has recently completed a transaction with Noble and Edison. The transaction provides Argos with exposure to a well on the Rhea prospect on licence PL001 in the North Falklands basin which should be drilled in the fourth quarter, without any financial exposure to Argos.
I remain hopeful that with further exploration and appraisal wells to follow that the FOGL and Argos share price have potential for improvement.
New Ventures
Over the past year, the fall in the oil price together with the risk off investment environment has resulted in a difficult environment to evaluate, execute and finance merger and acquisition activity in the energy sector. As we have seen, share prices across the sector have been adversely affected, in particular companies exposed to high cost production and debt have been the hardest hit.
Given the new oil price environment, efforts are continuing to find a suitable transaction for investment and we continue to engage in discussion with a number of entities as well as brokers and our advisors. I have found that, particularly where exploration teams are concerned, that we are competing with private equity groups, which given the Company's current size and financing ability makes it challenging.
However, I remain hopeful of finding a suitable transaction and efforts will continue. The modest fundraising from the Subscription and Open Offer, the welcome addition of two experienced oil & gas executives and investors joining the share register together with the proposed amendments to the share capital should leave your Company in a stronger position and assist with the search and evaluation process.
Finally, I take the opportunity to thank all our shareholders for your patience and support.
GERARD WALSH
Chairman
Enquiries:-
David King
Westmount Energy Limited Tel: 01534 823028
Nicholas Wells/Elizabeth Bowman
Nomad and Broker
Cenkos Securities plc Tel: 020 7397 8900
www.cenkos.co
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2015
Hot Features
Premium
Year ended Year
30 June 2015 ended
30 June
2014
Note GBP GBP
Net loss on financial assets
held at fair value through
profit or loss (95,485) (63,287)
Administrative expenses (126,754) (142,319)
Operating loss (222,239) (205,606)
Loss before tax (222,239) (205,606)
Comprehensive loss for the
year (222,239) (205,606)
============== ==========
Basic loss per share (pence) 4 (2.26) (2.10)
-------------- ----------
Diluted loss per share (pence) 4 (2.26) (2.10)
-------------- ----------
All results are derived from
continuing operations.
The Company has no items of other comprehensive
income.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
As at As at
30 June 2015 30 June 2014
(Restated)
Notes GBP GBP
ASSETS
Non-Current Assets
Financial assets at fair
value through profit or
loss 5 536,821 682,888
------------- -------------
Current Assets
Other receivables 6 9,721 7,607
Cash and cash equivalents 7 7,291 76,866
------------- -------------
17,012 84,473
------------- -------------
Total assets 553,833 767,361
============= =============
LIABILITIES AND EQUITY
Current Liabilities
Trade and other payables 8 31,760 57,831
------------- -------------
EQUITY
Share capital 9 1,966,060 1,966,060
Share premium account 10 551,560 516,778
Share option account 10 349,906 349,906
Retained earnings (2,345,453) (2,123,214)
------------- -------------
Total equity 522,073 709,530
------------- -------------
Total liabilities and equity 553,833 767,361
============= =============
STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 30 JUNE 2015
Share Share Share
capital Premium Option Retained Total
Account Account Account Earnings Equity
GBP GBP GBP GBP GBP
As at 1 July 2013
as previously stated 1,966,060 492,103 293,427 (1,861,129) 890,461
Prior Year adjustment
(Note 10) - - 56,479 (56,479) -
As at 1 July 2013
restated 1,966,060 492,103 349,906 (1,917,608) 890,461
Comprehensive Income
Loss for the year
ended 30 June 2014 - - - (205,606) (205,606)
Transaction with owners
Expired redemption
of B shares not taken
up - 24,675 - - 24,675
At 30 June 2014 1,966,060 516,778 349,906 (2,123,214) 709,530
---------- --------- -------- ------------ ----------
Comprehensive Income
Loss for the year
ended 30 June 2015 - - - (222,239) (222,239)
Transaction with owners
Expired redemption
of B shares not taken
up - 34,782 - - 34,782
At 30 June 2015 1,966,060 551,560 349,906 (2,345,453) 522,073
---------- --------- -------- ------------ ----------
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2015
Year ended Year ended
30 June 30 June 2014
2015
Note GBP GBP
Cash flows from operating
activities
Total comprehensive loss
for the year (222,239) (205,606)
Adjustment for net loss
on investments at fair value
through profit or loss 95,485 63,287
Increase in prepayments
and accrued income (2,114) 35
Decrease in creditors and
accrued expenses (26,071) (32,090)
Sale of investments 50,582 -
----------- --------------
Net cash outflows from operating
activities (104,357) (174,374)
----------- --------------
Cash flows from financing
activities
Expired redemption of B
shares not taken up 10 34,782 24,675
----------- --------------
Net cash generated in financing
activities 34,782 24,675
Net decrease in cash and
cash equivalents (69,575) (149,699)
----------- --------------
Cash and cash equivalents
at beginning of year 76,866 226,565
Cash and cash equivalents
at end of year 7 7,291 76,866
----------- --------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
1. GENERAL INFORMATION AND STATEMENTS OF COMPLIANCE
WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
AS ADOPTED BY THE EUROPEAN UNION
Westmount Energy Limited (the "Company") operates
solely as an energy investment company. The investment
strategy of the Company is to provide seed capital
to small companies that are identified as having
significant growth possibilities.
The Company was incorporated in Jersey on 1 October
1992 under the Companies (Jersey) Law 1991, as amended,
and is a public company with registered number 53623.
The Company is listed on the London Stock Exchange
Alternative Investment Market ("AIM").
Basis of Preparation
The financial statements have been prepared under
the historical cost convention with the exception
of investments measured at fair value and are in
accordance with International Financial Reporting
Standards ("IFRSs") as adopted by the European Union,
including standards and interpretations issued by
the International Accounting Standards Board ("IASB").
2. ACCOUNTING POLICIES
The significant accounting policies that have been
applied in the preparation of these financial statements
are summarised below. These accounting policies
have been used throughout all periods presented
in the financial statements.
Standards, amendments and interpretations to existing
standards that are not yet effective and have not
been early adopted by the Company
At the reporting date of these financial statements,
the following new standard, amendments and interpretations
to existing standards have been published but is
not yet effective and have not been adopted early
by the Company. The standard below is not expected
to affect the financial position of the Company
however it will require additional disclosure in
future financial statements. IFRS 9 has not yet
been EU Endorsed.
* IFRS 9 Financial Instruments - Classification and
Measurement, effective for annual periods beginning
on or after 1 January 2018
The Directors believe that the standard listed above,
that has been issued but is not yet effective, will
not have a material impact on the Company.
Use of estimates and judgements
The preparation of the financial statements in conformity
with IFRS requires the Directors to use judgement
and make estimates and assumptions that affect the
application of policies and the financial statements.
The actual outcome may differ significantly from
the estimates.
(a) Impairment
The Company assessed at the reporting date whether
there was any objective evidence that any financial
asset was impaired. A financial asset or portfolio
of financial assets is impaired and an impairment
loss incurred if there is objective evidence that
an event or events since initial recognition of
the asset have adversely affected the amount or
timing of future cash flows from the asset.
(b) Estimates
The preparation of financial statements in conformity
with IFRS requires the use of accounting estimates
and exercise of judgement by the management while
applying the Company's accounting policies in relation
to the value of options issued, as set out in note
10. These estimates are based on the management's
best knowledge of the events which existed at the
date of issue of the financial statements and at
the statement of financial position date however,
the actual results may differ from these estimates.
Foreign currency
(a) Functional and presentational currency
The functional currency of the Company is United
Kingdom Sterling ("Sterling"), the currency of the
primary economic environment in which the Company
operates. The presentation currency of the Company
for accounting purposes is also Sterling.
(b) Transactions and balances
Foreign currency monetary assets and liabilities
balances are translated into Sterling at the rate
of exchange ruling on the last day of the Company's
financial year. Foreign currency transactions are
translated at the exchange rate ruling on the date
of the transaction. Gains and losses arising on
the currency translation are included in administrative
expenses in the statement of comprehensive income
in the year in which they arise.
Financial assets
The Company classifies its financial assets in the
following categories:
* at fair value through profit or loss
The classification depends on the purpose for which
the financial assets were acquired. Management determines
the classification of its financial assets at initial
recognition.
Financial assets at fair value through profit or
loss
The Company designates its financial assets as at
fair value through profit or loss (FVTPL) as the
financial assets are managed and their performance
is evaluated on a fair value basis. Financial assets
carried at fair value through profit or loss are
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initially recognised at fair value and any transactions
costs are recognised in the statement of comprehensive
income. Regular purchases and sales of financial
assets are recognised on the trade date, the date
on which the Company commits to purchase or sell
the investment.
Financial assets are derecognised when the rights
to receive cash flows from the investments have
expired or the Company has transferred substantially
all the risks and rewards of ownership. Financial
assets at fair value through profit or loss are
subsequently carried at fair value. Any gains or
losses on derecognition of investments is calculated
after setting the proceeds against the fair value
and, in respect of a part disposal, against the
fair value at the date of sale. The surplus or loss
on realisation is transferred to the statement of
comprehensive income.
Gains or losses arising from changes in the fair
value of the 'financial assets at fair value through
profit or loss are presented in the statement of
comprehensive income in the period in which they
arise.
Financial liabilities
Financial liabilities are trade and other payables
and are financial liabilities with fixed or determinable
payments that are not quoted in an active market.
They arise when the Company either receives services
from another entity or purchases any security the
settlement of which remains outstanding as at the
reporting date. Payables are recognised initially
at fair value less transaction costs, if any. These
are subsequently measured at amortised cost using
the effective interest method. Given the short term
nature of payables, (period between their origination
and settlement), their amortised cost is considered
a reasonable estimate of their fair value.
Share capital
Shares are classified as equity when there is no
obligation to transfer cash or other assets.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and
deposits held at call with banks. For the purpose
of the Statement of Cash Flows, cash and cash equivalents
are considered to be all highly liquid investments
with maturity of three months or less at inception.
Equity, reserves and dividend payments
Ordinary shares are classified as equity. Share
premium includes any premiums received on issue
of share capital. Transaction costs associated with
the issuing of shares are deducted from share premium.
Retained earnings include all current and prior
period retained profits.
Revenue Recognition
Revenue comprises interest income from short term
deposits and is recognised on an accruals basis.
Expenditure
The expenses of the Company are recognised on an
accruals basis in the Statement of Comprehensive
Income.
Share options
Equity-settled share based payment transactions
are measured at the fair value of the goods and
services received unless that cannot be reliably
estimated, in which case they are measured at the
fair value of the equity instruments granted. Fair
value is measured at the grant date and is estimated
using valuation techniques as set out in note 10.
The fair value is recognised in the statement of
comprehensive income, with a corresponding increase
in equity via the share option account. When options
are exercised, the relevant amount in the share
option account is transferred to the share premium
account.
3. TAXATION
The Company is subject to income tax at a rate of 0%. The Company is registered
as an International
Services Entity under the Goods and Services Tax (Jersey) Law 2007 and a fee
of GBP200 has been paid, which has been included in administrative expenses.
4. EARNINGS PER SHARE
The calculation of basic earnings per ordinary
share is based on the comprehensive loss for the
year of (GBP222,239) (2014: (GBP205,606)). The weighted
average number of shares in issue during the year
was 9,830,300 (2014: 9,830,300). As explained in
note 10 there are share options in issue over the
Company's ordinary shares. The options would decrease
the basic loss per share and as a result there is
no dilution effect on the earnings per share, therefore
the diluted loss per share is the same as the basic
loss per share.
5. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT
OR LOSS
2015 2014
GBP GBP
Sterling Energy plc ("Sterling") 52,500 148,150
Argos Resources Ltd ("Argos") 81,300 135,000
Falkland Oil & Gas Ltd
("Falkland") 394,198 361,650
Pancontinental Oil & Gas NL
("Pancontinental") 8,823 38,088
------------------------------ ----------------------
Total investments 536,821 682,888
------------------------------ ----------------------
On 30 June 2015 the market value of the Company's
holding of 1,446,600 (2014: 1,446,600) ordinary
fully paid shares in Falkland representing 0.27%
(2014:0.27%) of the issued share capital was GBP394,198
(2014: GBP361,650) (27.25p per share, (2014: 25.00p)).
On 30 June 2015 the market value of the Company's
holding of 300,000 (2014: 500,000) ordinary fully
paid shares in Sterling representing 0.14% (2014:0.23%)
of the issued share capital of the Company was GBP52,500
(2014: 148,150) (17.50p per share, (2014: 29.63p
per share)). 200,000 (2014: nil) shares were disposed
in the current year.
On 30 June 2015 the market value of the Company's
holding of 1,000,000 (2014: 1,000,000) ordinary
fully paid shares in Argos, representing 0.46% (2014:
0.46%) of the issued share capital of the company
was GBP81,300 (2014: GBP135,000) (13.50p per share,
(2014: 18.88p per share)). No shares were disposed
in the current or prior year.
On 30 June 2015 the market value of the Company's
holding of 3,000,000 (2014: 3,000,000) ordinary
fully paid shares in Pancontinental, representing
0.26% (2014: 0.26%) of the issued share capital
of the company was GBP8,823 (2014: GBP38,088) (0.29p
per share, (2014: 1.27p per share)). No shares were
disposed in the current or prior year.
6. OTHER RECEIVABLES
2015 2014
GBP GBP
Prepayments 9,721 7,607
------------------------------ ----------------------
7. CASH AND CASH EQUIVALENTS
2015 2014
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GBP GBP
Cash at bank 7,291 76,866
------------------------------ ----------------------
Cash and cash equivalents are considered to be highly
liquid, so that book cost is considered equivalent
to fair value.
8. TRADE AND OTHER PAYABLES
2015 2014
GBP GBP
Amounts due to shareholders from
returns of capital - 34,782
Accrued expenses 31,760 23,049
------------------------------ ----------------------
31,760 57,831
------------------------------ ----------------------
9. SHARE CAPITAL
2015 2014
GBP GBP
Authorised:
200,000,000 (2014: 200,000,000)
ordinary shares of 20p each 40,000,000 40,000,000
----------- -----------
200,000,000 (2014:
200,000,000)
redeemable "B" shares of 1p
each 2,000,000 2,000,000
----------- -----------
Allotted, called 2015 2014 2015 2014
up and fully No. No. GBP GBP
paid:
'000 '000
In
issue:
Ordinary shares 9,830.3 9,830.3 1,966,060 1,966,060
--------- --------- ----------- -------------
Ordinary Ordinary
shares shares
Movement No. GBP
Balance at 30 June 2014 / 30 June
2015 9,830,300 9,830,300
There were no redemptions or share issues during
the year ended 30 June 2015.
10. SHARE PREMIUM AND SHARE OPTIONS
Share Share
Premium option
Account Account
GBP GBP
1 July 2013 492,103 349,906
---------------------- ----------------------
Expired redemption of B 24,675 -
shares not taken up
---------------------- ----------------------
At 30 June 2014 516,778 349,906
---------------------- ----------------------
Expired redemption of B shares 34,782 -
not taken up
At 30 June
2015 551,560 349,906
On 22 September 2009 the Company granted 250,000
share options at a weighted average exercise price
of 62p per share.
In 2011 the terms of the options were changed, to
give a weighted average exercise price of 17p per
share. In 2012 this was changed to 20p per share.
On 5 December 2011 the Company granted 1,500,000
share options at a weighted average exercise price
of 20p per share. The fair value of those options
granted, after adjusting for the changes in the
exercise price, was GBP184,590 using the Black Scholes
valuation model. The adjustment to the option price
was omitted, and has been corrected for in the comparative
period by a reserve transfer as a prior year adjustment
of GBP56,479.
As at 30 June 2015, options were outstanding over
1,650,000 (2014: 1,650,000) ordinary 20p shares,
with a weighted average exercise price of 20p (2014:
20p). The options vested in the year ended 31 December
2012 and are exercisable at the option of the option
holder, expiring 31 December 2016. During the year
nil (2014: 100,000) options were exercised and GBPnil
(2014: GBP11,808) of the option reserve was released
to share premium.
In April 2014, funds held in Escrow in the amount
of GBP24,675 were transferred back to the Company
following the expired redemption of B shares which
were not taken up. A further amount of GBP34,782
was transferred back to the company in April 2015
Prior year adjustment: The financial statements
have been restated to incorporate the impact of
a misclassification pertaining to the share option
account prior to 1 July 2013. The change has resulted
in retained earnings at 30 June 2015 decreasing
by GBP56,479 with a corresponding increase to the
share option account.
11. FINANCIAL RISK
The Company's investment activities expose it to
a variety of financial risks: market risk (including
currency risk, price risk and interest rate risk),
credit risk and liquidity risk. The Company's overall
risk management programme focuses on the unpredictability
of financial markets and seeks to minimise potential
adverse effects on the Company's financial performance.
a) Market Risk
i) Foreign exchange risk
The Company is not exposed to significant currency
risk as it invests in companies listed on the London
Stock Exchange, predominately denominated in Sterling
and has cash balances denominated in Sterling.
ii) Price Risk
Price risk is the risk that the fair value of the
future cash flows of a financial instrument will
fluctuate due to changes in market prices. The Company
is exposed to price risk on the investments held
by the Company and classified by the Company on
the Statement of Financial Position as fair value
through profit or loss. To manage its price risk
management closely monitor the activities of the
underlying investments.
The Company's exposure to price risk is as follows:
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Fair Value
Fair Value Through Profit or
Loss, as at 30 June 2015 536,821
Fair Value Through Profit or
Loss, as at 30 June 2014 682,888
The Company's investments are all publicly traded
and listed on either the Alternative Investment
Market ("AIM") or on the Australian Stock Exchange.
The Company's sensitivity to a 15% increase/(decrease)
in market price would be GBP80,523/(GBP80,523) (2014:
GBP102,433/(GBP102,433)). A positive number indicates
an increase in the net assets attributable to ordinary
shareholders and a negative number indicates a decrease.
The 15% increase/(decrease) on the net assets attributable
to ordinary shareholders would have the same impact
on the post-tax profit for the year. 15% represents
management's assessment of a reasonably possible
change in the market prices.
iii) Interest rate risk
Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will
fluctuate because of changes in market interest
rates. The Company is not significantly exposed
to interest rate risk as it does not have any borrowings,
however, the Company does have short term (<3 months)
cash deposits, which exposes the Company to effects
of fluctuations in the prevailing levels of market
interest rates on its cash flow.
An increase in the interest rates of 1% would cause
the Company's net financial assets to increase by
GBP73 (2014: GBP769). An equal change in the opposite
direction would have decreased the net assets attributable
to shareholders by an equal but opposite amount.
1% represents the management's assessment of a reasonably
possible change in interest rates.
The following table summarises the Company's exposure
to interest rate risks:
Interest rate risk profile
As at 30 June 2015
Up Over 1 Non-interest Total
to year bearing GBP
1
year
Assets
Other
receivables - - 9,721 9,721
Cash and
cash
equivalents 7,291 - - 7,291
---------------- ------------- ------------------ -----------------
7,291 - 9,721 17,012
---------------- ------------- ------------------ -----------------
Liabilities
Trade and
other
payables - - 31,760 31,760
---------------- ------------- ------------------ -----------------
As at 30 June 2014
Up Over 1 Non-interest Total
to year Bearing GBP
1
year
Assets
Trade and
other
receivables - - 7,607 7,607
Cash and
cash
equivalents 76,866 - - 76,866
---------------- ------------- ------------------ -----------------
76,866 - 7,607 84,473
---------------- ------------- ------------------ -----------------
Liabilities
Trade and
other
payables - - 57,831 57,831
---------------- ------------- ------------------ -----------------
b) Credit Risk
Credit risk is the risk that an issuer or counterparty
will be unable or unwilling to meet commitments
it has entered into with the Company. The carrying
amounts of the financial assets best represent the
maximum credit exposure at the end of the reporting
period. This also relates to the financial assets
carried at cost, as they have a short term to maturity.
The Directors do not believe the Company is subject
to any significant credit risk exposure regarding
trade receivables. At the period end date the Company
was exposed to credit risk on the investments of
which the shareholders are aware. The Directors
regularly review the investments held by the Company.
At the end of the reporting period, the Company's
financial assets exposed to credit risk amounted
to the following:
2015 2014
GBP GBP
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 Up to Over Total
months 1 year 1 GBP
year
Financial liabilities
Accrued expenses 31,760 - - 31,760
31,760 - - 31,760
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