Goldplat Share Discussion Threads

[camerongd53] 13/11/2017 11:40

1Rodson

If the SA tax laws are similar to the UK, tax is generally computed on earnings or profits and not receipts. GDP will pay tax when they declared the profit on the contract with RR. If the court case is lost the profits will be reduced by a bad debt charge and related costs. The tax payable for that accounting period will be reduced compared with what it would have been by the effect of the bad debt and costs. A reasonable understanding of accounts and tax would prevent you from making the comment that the company was paying for something twice!!

It is unfortunate that the tax on the RR profit was payable when the company was in the middle of a major capital investment programme. That is life. I think that overall the investment programme has been excellent and hopefully will lead to good profits in the year and in the future.

[russman] 13/11/2017 10:35

Maybe GDP should have replaced the Auditors as well as the FD.
The Auditors appear to be quite soft on write-offs & provisions.

[sea7] 11/11/2017 18:01

you will be waiting for an eternity for an inspirational suggestion from rodson/miller.

He hasn't got a clue.

[camerongd53] 11/11/2017 14:54

1rodson
I don't fully understand your understanding of 3589. I suspect that the position regarding taxing of income and profit is that it is taxed when it is earned which is likely most often to be at the invoicing stage (but not always). I expect that GDP have paid tax on the monies due from RR because GDP claim the money is due.
If and when it is agreed it is not due, which I as a shareholder is not the case, a charge for bad debt or other appropriate description will be made in the P&L account which will reduce the amount of tax due on that year's profit.
Claiming now that the amount due from RR is not income for tax purposes would fundamentally weaken the court case with RR and should be avoided.

As regards VAT - the Kili has probably submitted a VAT return to the Kenyan authorities claiming a repayment. If the Kenyan authorities refuse to pay it, what do you do? Appoint a new FD? and what do you do if he can't get the VAT refund? Unless Kili can persuade Kenya to cough up, it could be a long time before Kili end up owing Kenya money from which we can deduct the VAT refund due to Kili.

I am sure GDP directors would love to hear of any good means of sorting this out which they have not already considered. I await hearing your inspirational suggestions.

[camerongd53] 11/11/2017 14:32

The directors would probably apologise, say it is something that is only done twice a year and they were following templates which had been Ok'd by our auditors in previous years.

The point I make is not to criticise management. Ask the auditors - this is something that they are paid to check, get right and something they do on every plc audit - it would be interesting to hear their excuses. Don't forget it is the shareholders who appoint and reappoint them, not the directors.

If you are going to stand up and ask the question, it would be more fun to see/hear the auditors bluffing and kicking for touch. If you ask the directors, they would just pass the hot potato over to the auditors. If you want to ask the question, frame the question properly and fire it at the auditors.

FYI I am the person who originally identified that eps was incorrectly calculated

[russman] 11/11/2017 13:51

What would happen if I stood up & asked why GDP cannot calculate their eps.

[1rodson] 10/11/2017 20:00

YES JUST TESTING YOUR KNOWLEDGE. So further you seem to grasp that Accounts receivable are current assets for GDP and as accounts receivable, these are expected to be paid within a short amount of time. Normally generating an invoice for the customer, stating that the bill must be paid within an established timeframe. This thing with Rand has been going on for some time and meanwhile, the debt is recorded as a taxable asset.

The Goldplat accounts receivable department should book this in their sales ledger because a sales ledger normally records the sales a business has made. So we have a situation whereby Goldplat records a sale which supposedly has generated a taxable income which Goldplat claims it has not had yet it is booked as being received and taxed as such.

is it any wonder that Goldplat has VAT problems as well. NO WONDER THeY LATERALLY INTEGRATED THEIR FORMER AND USLESS FD.

[1rodson] 10/11/2017 15:39

NOTE THE EVVIL EVANGELISTS HAVE STILL NOT ANSWERED MY QUESTION

[russman] 10/11/2017 10:17

Most listed companies have "financial" subs in tax havens.
The opportunity for transfer pricing across different countries is immense.
Charge high management fees / costs in one country.
Transfer the "profit" to a low tax country.

[michaelfenton] 10/11/2017 07:10

Yes indeed Kimboy interesting times. I think it is time to add a few more - the upside is looking rosy and the downside is minimal? Shouts out undervalued which most of us longtermers are only too aware.

[kimboy2] 10/11/2017 06:49

This project has been described as 'major' and 'extensive sampling taking place'.

We will have to see what happens but clearly anything along the lines sggested would be transformational for GDP, and put us in a different league.

[sea7] 09/11/2017 20:14

yep it is and they stated in that report that whilst concentrators are available, most ASM use sluice boxes that are cheap and easy to construct.

Once goldplat get going with this, they will find, I am sure, that there is plenty of gold to be had, as the ASM leave a lot behind.

[kimboy2] 09/11/2017 20:01

IIRC the pilot plant was a concentrator.

[sea7] 09/11/2017 19:51

mercury - Ghana and overview of the way mining is done in the ASM.



Small-scale miners extract only gravity recoverable gold and overall recoveries are estimated to be between 30% and 40%. The finer gold particles in the tailings that require dissolution for recovery may be processed profitably by larger companies.

[1rodson] 09/11/2017 18:15

Bumboy 7 claims Dan was posting dross from 2011.

I followed Dan's posts and made more money than I would have follow Bumboy7

[1rodson] 09/11/2017 18:12

The question is where did that balance come from?

All answers will be carefully studied thanks Rod oops no Dan.

No sorry O was Dan yesterday

[sea7] 09/11/2017 17:05

That clown miller hasn't even bothered following the chain of events to understand where the ZAR13.5M figure claimed came from.

He posts up some half baked statement in the hope that someone else will provide him with the correct answers because he is either too stupid, too lazy or both to carry out the research work himself.

This is why I put him on filter, as I am fed up with having to read posts that look like they were made by a child.

[kimboy2] 09/11/2017 17:01

It all in the AR if you bother to look Dan. You clearly haven't the slightest clue however if you look on page 52;

Trade and other receivables for the Group include a balance of £792,000 (FY 2016: £679,000) which a customer is disputing. The process of investigation agreed with Rand Refinery was completed during the period, but no agreement could be reached between the two parties. GPL initiated legal proceedings against Rand Refinery on 11 September 2017 for balance due plus interest. Management are confident that the balance will be collected.

No idea what this recorded source nonsense is about.

[1rodson] 09/11/2017 16:33

Yes, Dan come Rod is so thick that he has managed to call the share price down again and wound you all up into talking about accounts and the offshore hidi-hole GDP has.

As for the amount kimbot2 say is receivables still no answer if it's in the books as stock or cash and if either is it from a recorded source.?

SH7 DONT BE GOBSMACKED BY WHAT s7 POSTS It's ALL TO BE FOUND ON THE COMPANY WEB PAGE OR RNS notices......JUST READ IT YOURSELF

[sea7] 09/11/2017 15:10

no problem S7.

[shareholder7] 09/11/2017 15:07

Amazing Sea you know all this, thanks

[sea7] 09/11/2017 14:37

if your interested the figure of investment in Gold Mineral Resources is derived from the 79m shares issued at 7.5p, which is £5,925,000 plus the £500k that Goldplat Plc agreed to at listing, when it purchased 500k shares of £1 each in GMR. This gives the balance of £6.425m, then add the capitalised loan from Goldplat Plc and we have the current balance of investment of £9.425m, as shown in the 2017 accounts.

The £500k paid in cash to purchase the £1 shares at par in GMR by Goldplat Plc was used to pay the £500k acquisition cost for Goldplat Recovery South Africa by GMR.

[sea7] 09/11/2017 14:23

well the dividend is paid to the owners of shares in goldplat plc.

The AR shows that goldplat plc has advanced funds of a running total of £4.5m to Gold Mineral Resources at a rate of 2% above Libor, which has been waived again. This is down from last years balance of £4.61m. In 2012 it was about £7.2m that was owed to Goldplat by GMR.

Goldplat Plc, have so far, invested £9.42m in Gold Mineral Resources to date. The balance was £6.4m, however, in June 2015, they capitalised £3m of the loan to GMR from Goldplat plc to an investment, taking the figure up to £9.42m.

..................

There are countless companies that have channel islands holding companies that have actual standalone operations in the UK. Goldplat does not operate in the uk as such.