We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0060N Mincorp Plc 30 November 2006 MINCORP PLC Results for the year ended 31 May 2006 The audited financial statements for the year ended 31 May 2006 are set out below. Copies are being posted to shareholders today and will also be available from Nabarro Wells & Co. Limited, Saddlers House, Gutter Lane, London EC2V 6HS. 30 November 2006. Enquiries Mincorp plc Reginald Hare, Chief Executive Officer 00632 682 1063 Nabarro Wells & Co. Limited Hugh Oram, Director 020 7710 7400 MINCORP Plc Report & Financial Statements For the year ended 31st May 2006 Contents Page Company information 3 Chairman's statement 4 Chief Executive Officer's report 5 Directors' report 7 Statement of Directors' responsibilities 9 Report of the independent auditors 10 Group Profit & loss account 12 Group statement of recognised gains and losses 13 Balance sheets 14 Group Cash flow statement 15 Statement of accounting policies 16 Notes to financial statements 18 Company information Directors Reginald Hare (Chairman and Chief Executive Officer) Jocelyn Arreza (Non-executive Director) Secretary and registered office Balfour Secretaries Limited 2 Chapel Court London SE1 1HH Auditors Chapman Davis LLP 2 Chapel Court London SE1 1HH Nominated advisor Nabarro Wells & Co. Limited Saddlers House Gutter Lane London EC2V 6HS Broker Keith, Bayley, Rogers & Co. Limited Sophia House 76-80 City Road London EC1Y 2EQ Bankers Barclays Bank plc 29 Borough High Street London SE1 1LY Registrars Share Registrars Limited Craven House West Street Farnham Surrey GU9 7EN Registered number 05140143 Chairman's statement Dear shareholders, BOARD CHANGES During the year, Mr Jo Malins, our first Chairman, resigned from the Board. Ms Jocelyn Arreza was elected as a non-executive Director to fill the vacancy. We hope to elect another London based Director before the next Annual General Meeting of Shareholders. INVESTMENTS The financial period to 31st May 2006 covers the first full year of offshore company activity. In order to operate within the Philippines, last financial year we incorporated Mincorp Asia, Inc, in which Mincorp Plc holds a 40% equity. We have the option to acquire the remaining 60% at cost in the event the Philippine Government enacts legislation to allow 100% foreign ownership of corporations engaged in mining. Mincorp Asia, Inc. has acquired all the shares in Bonaventure Mining Corporation, another Philippines corporation. A wholly owned subsidiary, Procnima Exploration Pty Ltd was incorporated in Western Australia last year to hold our interest in the New Waverley gold mine at Norseman. EXPLORATION PROJECTS Exploration was commenced at both the Mt Cadig nickel project in the Philippines and the New Waverley gold mine in Western Australia. Some uncertainty has arisen concerning the issue of an Exploration Permit for the Mt Cadig nickel deposit during the year under review. This problem is discussed in the Chief Executive Officer's Report, as well as the search for new prospects worthy of testing FUTURE FUNDING The legal problems at Mt Cadig may delay the testing of this deposit. It was anticipated that results from this work would lead to an appreciation in the share price and a further issue of shares. However, the company intends to broaden its activities in the near future and we are confident that this will provide the justification for the issue of shares at a premium to raise additional funds for the company to operate normally for the next year. CONCLUSION During the financial year Mincorp has been able, through it's associated companies, to commence exploration in both Western Australia and the Philippines. This work is in the early stage and consequently no conclusive results are available at the date of this report. This work is reported in more detail in the Chief Executive Officer's Report. I thank, on your behalf, our nominated adviser, solicitors, accountants, and other advisers for their hard work and support during the period under review. Finally, on behalf of the Board, I thank shareholders for the trust and confidence they have placed in us. Reginald Hare. Chairman 30 November 2006 CHIEF EXECUTIVE OFFICER'S REPORT for the year ended 31st May, 2006 I am pleased to present to shareholders a summary of the activities of Mincorp Plc and associated and subsidiary companies for the financial year ended 31st May 2006. This report also covers activities of the company subsequent to the end of the financial year and up to 31st October 2006. MT CADIG NICKEL DEPOSIT, PHILIPPINES. Mt Cadig is a major lateritic nickel deposit located approximately 250 km east of Manila on the Philippine island of Luzon. It was tested in 1970 with 103 shallow test pits. The then Government Department of Mines was instructed to carry out a survey and report on the results of the pitting. Department of Mines engineers compiled a report in which they concluded the deposit contained 83 million tons of laterite with a nickel grade ranging from 0.8 to 2.0% nickel. As this pitting programme covered approximately 65% of the area of laterite, the total size of the deposit is calculated to be in the order of 120 million tons. Bonaventure Mining Corporation (BMC), now a wholly owned subsidiary of Mincorp Asia, Inc. is the applicant for an Exploration Permit Application over an area of approximately 9,400 hectares covering the deposit. Over the last 12 months BMC has complied with all the requirements prior to the granting of the Exploration Permit. In the Philippines this is a long and tedious process involving public meetings with the people who could be affected by the exploration programme. Several months ago, all requirements were completed. However, title to the area is subject to an ongoing dispute with another Philippine corporation. The Mines Adjudication Board dismissed the claim by this rival corporation and also its Motion for Consideration. Following this the dispute was elevated to the Court of Appeals. In an unexpected decision, the Court of Appeals found in favour of the adverse party. BMC has notified its intention to dispute the decision in the Philippine Supreme Court. Mincorp Asia's lawyers are of the opinion that the Court of Appeals' decision can be overturned in the Supreme Court as it is serious conflict with applicable administrative laws and the normal procedure adopted by the Philippine Department of Environment and Natural Resources. Due to the delay involved, BMC will try for a quick amicable settlement with the adverse party. In the meanwhile, BOC is still the official applicant for the Exploration Permit. As the applicant for the Exploration Permit, BMC is entitled to apply for small-scale permits to prospect and if justified convert these to small-scale mining permits, which are issued by the Provincial Governor. During the waiting period, BMC applied for and was granted a permit to explore over 20 hectares in the northern portion of the Exploration Permit Application. A line of approximately 20 auger holes and 45 shallow shafts were sunk over a distance of 1,300 metres. In this location the test showed an average depth of 7 metres of laterite. The first 2 metres was classed as overburden overlying an average of 5 metres of nickel bearing iron rich laterite assaying up to 1.4% nickel. The testing was confined to a single row of holes and the work was too restricted to allow any resource estimates. During the past few months the price of nickel has soared to an all time high. There is now a market in China for low-grade nickel ore as feed for smelters producing ferro-nickel. This is the raw material for stainless steel. One requirement is nickel ore containing approximately 40% iron or higher. Mt Cadig is located within trucking distance of a barge loading point. This is approximately 2,000 metres from protected deep water that would accommodate ore carriers. The emphasis is on bulk shipments of high iron nickel ore to China. NEW WAVERLEY GOLD MINE, WESTERN AUSTRALIA This property is held by Procnima Exploration Pty Ltd, a wholly owned subsidiary of Mincorp Plc. The New Waverley tenements were purchased for #86,000 last financial year. Norseman is approximately 200 kilometres south of Kalgoorlie in the Western Australian goldfields. The Norseman field has produced over 6 million ounces of fine gold. The New Waverley mine is several kilometres to the north-ease of the Princess Royal. This mine has produced over 1,800,000 ounces of gold from quartz reef grading approximately 17 grams/tonne. It is located on under-wall of a parent structure with a large horizontal displacement. New Waverley is located on a similar structure, also with a large horizontal displacement. Both mines lie within what is termed the "favourable bed", a layer of volcanic flows regarded as favourable to gold reef development. The New Waverley mine has in the past produced a limited tonnage of high grade quartz from the hanging wall of the structure. However, the under-wall of the structure, a comparable location to the Princess Royal reefs, has never been tested. Earlier this year, Procnima Exploration Pty Ltd. drilled a diamond core hole with the aim of testing the under-wall of the structure. This hole was inclined 60(o) to the west to intersect and drill through the Waverley fault in search for an under-wall reef. Although the hole was drilled to 500 metres, it failed to penetrate the Waverley fault. It is now believed the fault is dipping near vertically rather than at a flatter angle to the east. As a result the prospect remains untested. It is planned to drill a hole further to the west when funds are available from Procnima Exploration or with a joint venture participant. New Waverley remains an attractive prospect for a Princess Royal type orebody. PROJECT DEVELOPMENT During the year a number of mineral prospects have been examined in the Philippines and New Guinea. None of these prospects were considered to be of economic interest. A study of the viability of establishing an ethanol refinery in the Philippines using sugarcane and sweet sorghum is ongoing. The government has recently passed legislation mandating that all gasoline sold in the Philippines must contain 5% ethanol. Mincorp Asia, Inc in partnership with a local group has been studying the project for several months. REGINALD HARE Chief Executive Officer 30 November 2006 Directors' report The Directors present their second annual report on the affairs of the Group, together with the financial statements for the year ended 31st May 2006. Principal activities and business review The developments during the year are given in the Chairman's statement and Chief Executive Officer's report. Results and dividends The Group's results are described in the profit and loss account on page 11. The audited accounts for the year ended 31st May 2006 are set out on pages 11 to 24. The Directors do not recommend the payment of a dividend. Directors and their interests The Directors who served during the year, together with all their beneficial interests in the shares of the Company at 31st May 2006 are as follows: 31st May 2006 31st May 2005 Ordinary Share Ordinary Share shares of options shares of options #0.001 each (Note 1) #0.001 each (Note 1) Charles de Chezelles (resigned 27 - - - - September 2005) Jo Malins (resigned 13 January 2006) 6,750,000 7,500,000 7,500,000 7,500,000 Reginald Hare (Chief Executive Officer) 10,000,000 15,000,000 10,000,000 15,000,000 Jocelyn Arreza (Non-executiveDirector) - - - - The options over Ordinary shares may be exercised at any time to 13th December 2009 at a price of 1p per share. Apart from the interests disclosed above, no director held any other interest in the share capital of the Company during the year. No changes in the interests disclosed above have taken place since the year end. Substantial shareholdings On 16 October 2006, the following were registered as being interested in 3% or more of the Company's ordinary share capital: 16 October 2006 Ordinary Percentage shares of of issued #0.001 each share capital Jo Malins 6,750,000 5.2 Reginald Hare 10,000,000 7.7 WB Nominees Limited (as nominee for Newland Resources Ltd) 20,000,000 15.4 R. Bruce Rowan 50,000,000 38.5 HSBC Global Custody Nominee (UK) Limited (as nominee for Spread 15,001,000 11.5 Trustee Company Limited) Directors' report, continued Share capital Information relating to shares issued during the year is given in Note 11 to the accounts. Charitable and political donations During the year there were no charitable or political contributions. Payment of suppliers The Company's policy is to settle terms of payment with suppliers when agreeing terms of business, to ensure that suppliers are aware of the terms of payment and to abide by them. It is usual for suppliers to be paid within 30 days of receipt of invoice. At 31st May 2006, the Company's creditors were equivalent to 46 days' purchases. Post balance sheet events There are no material post balance sheet events as disclosed in Note 21 to the financial statements. Transition to International Financial Reporting Standards (IFRS) In the light of changes to the way in which AIM is regulated, the directors are currently considering the correct timing for publishing first accounts under IFRS, but are likely to take advantage of the concession available to AIM companies to defer the transition until the year to 31st May 2008. The Directors have identified the main areas of the financial statements that will be affected by the transition, namely the valuation of investments, share based payments and deferred tax. Currently, steps are being taken to ensure all IFRS information is captured in our financial reporting systems. Auditors The Directors will place a resolution before the annual general meeting to reappoint Chapman Davis LLP as auditors for the coming year. Remuneration The remuneration of the Directors has been fixed by the Board as a whole. This has been achieved acknowledging the need to maximise the effectiveness of the Company's limited resources during the year. Details of Directors' fees payable are set out in Note 5 to the accounts, directors' emoluments. Management incentives Other than the share options noted above, the Group has no bonus, share purchase, share option or other management incentive scheme. Corporate governance It is the opinion of the Board that compliance with the recommendations of the Combined Code on corporate governance at this stage in its development would be unduly onerous bearing in mind the size of the business and limited cash resources. Control procedures The Board has approved financial budgets and cash forecasts; in addition, it has implemented procedures to ensure compliance with accounting standards and effective reporting. By order of the Board Balfour Secretaries Limited Secretary 30 November 2006 Statement of Directors' responsibilities Directors' responsibilities for the financial statements Company law in the United Kingdom requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss for that period. In preparing those financial statements, the directors are required to: * select suitable accounting policies and then apply them consistently; * make judgements and estimates that are reasonable and prudent; * state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. * So far as each director is aware, there is no relevant audit information of which the Company's auditors are unaware, and the directors have taken all the steps that they ought to have taken as directors' in order to make themselves aware of any relevant audit Information and to establish that the Company's auditors are aware of that information. The Directors are responsible for keeping proper accounting records, for safeguarding the assets of the group and for taking reasonable steps for the prevention and detection of fraud and other irregularities. They are also responsible for ensuring that the annual report includes information required by the Alternative Investment Market. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. Independent Auditors Report to the Shareholders of Mincorp Plc We have audited the group and parent company financial statements of Mincorp Plc for the year ended 31 May 2006, which comprise the Group Profit and Loss account, the Group and Parent Balance Sheets, Group Cash Flow Statement and the related notes. These financial statements have been prepared under the accounting policies set out therein. Respective Responsibilities of Directors and Auditors The Directors' responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements. In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration and other transactions is not disclosed. We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information comprises only the Directors' Report, Chairman's Statement, the CEO Report, and the Corporate Governance Statement. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information. Basis of Audit Opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group's and company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the directors' remuneration report to be audited. Opinion In our opinion: * the group financial statements give a true and fair view , in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the group's affairs as at 31 May 2006 and of its loss for the year then ended; * the parent company financial statements give a true and fair view , in accordance with United Kingdom Generally Accepted Accounting Practice as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company's affairs as at 31 May 2006; * the financial statements have been properly prepared in accordance with the Companies Act 1985 and * the information given in the Directors' Report is consistent with the financial statements. Independent Auditors Report to the Shareholders of Mincorp Plc, continued Emphasis of matter - Going concern In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the company's ability to continue as a going concern. The group incurred a net cash decrease of #331,024 during the year ended 31 May 2006. These conditions, along with the other matters explained in note 1 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. Chapman Davis LLP Registered Auditors London 30 November 2006 Group Profit and loss account for the year ended 31st May 2006 Notes Group Company Year ended 31st Period 27th May May 2006 2004 to 31st May 2005 # # Turnover 1 - - Administrative expenses (95,860) (37,534) _______ _______ Operating loss 2 (95,860) (37,534) Bank Deposit interest received 14,735 4,642 Share of associate's loss (10,000) - _______ _______ Loss on ordinary activities before taxation (91,125) (32,892) Taxation 3 - - Retained loss for the period (91,125) (32,892) ===== ===== Loss per share - basic 6 (0.08)pence (0.07)pence All the operations are considered to be continuing. The accompanying accounting policies and notes form an integral part of these financial statements. Group Statement of Recognised Gains and Losses for the year ended 31 May 2006 Group Company Year ended 31st Period 27th May May 2006 2004 to 31st May 2005 # # Loss for the year (91,125) (32,892) Unrealised (loss) on foreign exchange (7,240) - Total recognised gains and losses related to the year (98,365) (32,892) Balance sheets As at 31st May 2006 Group Company Company Notes 31st May 2006 31st May 2006 31st May # # 2005 # Fixed assets Intangible fixed assets 7 163,117 46,397 46,397 Investments 8 - 1 10,000 _______ _______ _______ 163,117 46,398 56,397 Current assets Debtors 9 255,453 385,199 75,648 Cash at bank 133,428 128,131 464,452 _______ _______ _______ 388,881 513,330 540,100 Creditors - amounts due within one year 10 (92,975) (92,365) (39,109) _______ _______ _______ Net current assets 295,906 420,965 500,991 _______ _______ _______ Net assets 459,023 467,363 557,388 ===== ===== ===== Share capital and reserves Called-up share capital 11 120,001 120,001 120,001 Share premium account 12 470,279 470,279 470,279 Foreign Exchange reserve 13 (7,240) - - Profit and loss account 14 (124,017) (122,917) (32,892) _______ _______ _______ Equity shareholders' funds 15 459,023 467,363 557,388 ===== ===== ===== The financial statements were approved by the Board of Directors on 30 November 2006 and signed on its behalf by: Jocelyn Arreza Reginald Hare Director Chairman The accompanying accounting policies and notes form an integral part of these financial statements. Group Cash flow statement for the year ended 31st May 2006 Notes Group Company Year ended 31st Period ended May 2006 31st May # 2005 # Net cash outflow from operating activities 16 (229,038) (74,073) Returns on Investments Interest received 14,735 4,642 Capital expenditure and investment 17 (116,721) (56,397) _______ _______ Cash outflow before financing (331,024) (125,828) Financing 17 - 590,280 _______ _______ (Decrease)/increase in cash in the period 18 (331,024) #464,452 ===== ===== The accompanying notes and accounting policies form an integral part of these financial statements. Statement of accounting policies for the year ended 31st May 2006 The principal accounting policies are summarised below. They have all been applied consistently throughout the year and the previous year. Basis of accounting The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. Basis of consolidation The consolidated accounts combine the accounts of the Company and its sole subsidiary, Procnima Exploration Pty Ltd, using the purchase method of accounting. Associate companies are accounted for using the equity method of accounting. Goodwill Goodwill on acquisition is capitalised and shown within non-current assets. Positive goodwill is subject to annual impairment review with movements charged in the profit and loss account. Negative goodwill is reassessed by the Directors and attributed to the relevant assets to which it relates. Turnover The Group had no turnover during the year. Project development costs Project development costs include expenditure on prospects at an exploratory stage. These costs include the cost of acquisition, exploration, determination of recoverable reserves, economic feasibility studies and all technical and administrative overheads directly associated with those projects. These costs are carried forward in the balance sheet as intangible fixed assets. Recoupment of capitalised exploration and development costs is dependent upon successful development and commercial exploitation of each area of interest and are amortised over the expected commercial life of each area once production commences. The Company adopts the 'area of interest' method of accounting whereby all exploration and development costs relating to an area of interest are capitalised and carried forward until abandoned. In the event that an area of interest is abandoned, or if the Directors consider the expenditure to be of no value, accumulated exploration costs are written off in the financial year in which the decision is made. All expenditure incurred prior to approval of an application is expensed with the exception of refundable rent which is raised as a debtor. Investments Fixed asset investments are stated at cost less any provision for impairment. Taxation Corporation tax payable is provided on taxable profits at the current rate. Deferred tax Deferred tax is provided on a full provision basis on all timing differences which have arisen but not reversed at the balance sheet date. Options No charge to profit is made in respect of the options over the Company's shares held by Directors and others. Statement of accounting policies for the year ended 31st May 2006, continued Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. On consolidation of a foreign operation, assets and liabilities are translated at the balance sheet rates, income and expenses are translated at rates ruling at the transaction date. Exchange differences on consolidation are taken to the foreign exchange reserve account. Going concern The financial statements have been prepared on the going concern basis, with no adjustments in respect of the following concerns of the group's ability to continue to trade under that assumption. The group's cash flow forecast for the 12 months to 30 November 2007, highlights the company is expected to be in negative cash flow by the end of that period. The board of directors, are evaluating all the options available to the injection of funds into the group during the next 12 months and are confident that the necessary funds to remain cash positive for the whole period will be raised in order for the group to continue its exploration activities. The directors will update the company's shareholders through AIM, as soon as the relevant funds have been raised. Notes to financial statements for the year ended 31st May 2006 1 Turnover and Segmental analysis The Group had no turnover during the year. Loss before taxation Group Company 31st May 31st May 2005 2006 # # By geographical area; UK 90,025 32,892 Australia 1,100 - 2 Operating loss Operating loss is stated after charging: Auditors' remuneration - audit 10,000 8,000 Directors' emoluments 24,500 13,333 ===== ===== # # 3 Taxation Current year taxation UK corporation tax at 30% on results for the year - - _______ _______ Factors affecting the tax charge for the period Loss on ordinary activities before taxation (91,125) (32,892) _______ _______ Loss on ordinary activities at the UK standard rate of 30% (27,338) (9,868) Effects of tax benefit of losses carried forward 27,338 9,868 _______ _______ Current period taxation - - _______ _______ 4 Staff costs The Company had no employees during the year other than the executive Director. Notes to financial statements for the year ended 31st May 2006, continued Directors' emoluments: Group Company 5 31st May 31st May 2006 2005 # # Executive Director Remuneration Reginald Hare 20,000 13,333 Jocelyn Arreza 4,500 - _______ _______ No pension benefits are provided for any director. Directors' share options Aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the company granted to or held by the directors. During the year no options were granted to Directors. 6 Loss per share The basic loss per share is derived by dividing the loss for the year attributable to ordinary shareholders by the weighted average number of shares in issue. Loss for the year (91,125) (32,892) Weighted average number of Ordinary shares of #0.001 in issue 120,001,000 47,676,676 Loss per share - basic (0.08) pence (0.07) pence The 126,200,010 outstanding options are non-dilutive as the exercise price of 1p per share is not less than the average share price for the year. 7 Intangible fixed assets - Group Project Development expenditure # Cost At 1 June 2005 46,397 Additions during the year 116,720 _______ At 31 May 2006 163,117 _______ Impairment Brought forward, charge for the period, carried forward at 31st May 2006 - _______ Net book amount at 31st May 2006 #163,117 ===== Net book amount at 31st May 2005 #46,397 ===== Notes to financial statements for the year ended 31st May 2006, continued 7a Intangible fixed assets - Company Project Development expenditure # Cost At 1 June 2005, and carried forward at 31st May 2006 46,397 _______ Impairment At 1 June 2005, and, carried forward at 31st May 2005 - _______ Net book amount at 31st May 2006 and at 31st May 2005 #46,397 ===== 8 Fixed asset investments - Company # Cost At 1 June 2005 10,000 Additions during the year 1 _______ At 31 May 2006 10,001 _______ Amounts written off At 1 June 2005 - Provided for during the year 10,000 _______ At 31 May 2006 10,000 _______ Net book value at 31st May 2006 #1 _______ Net book value at 31st May 2005 #10,000 _______ The Company holds 20% or more of the share capital of the following company: Company Country of registration Shares held Class or incorporation % Procnima Exploration Pty Ltd Australia Ordinary 100 Mincorp Asia, Inc Philippines Ordinary 40 Notes; * Procnima Exploration Pty Ltd, was incorporated during the year by Mincorp Plc, and acquired the entire issued share capital on incorporation. * The Company has the option to acquire the remaining 60% of Mincorp Asia, Inc, exercisable at any time up to February 2010, at its original par value (#15,000). * The Company has provided against the investment in Mincorp Asia Inc, as a result of Mincorp Asia Inc's loss for the year to 31 May 2006 of #118,997, of which Mincorp Plc's share being #47,599. Notes to financial statements for the year ended 31st May 2006, continued Group Company Company 31st May 31st May 2006 31st May 2005 2006 # # # 9 Debtors Prepayments 3,060 - 4,300 VAT 3,991 3,991 1,348 Amounts owed by subsidiary - 132,807 - Amounts owed by Mincorp Asia, Inc 233,402 233,402 55,000 Other debtors 15,000 15,000 15,000 _______ _______ _______ Total 255,453 385,199 75,648 _______ _______ _______ Group Company Company 31st May 31st May 2006 31st May 2005 2006 10 Creditors # # # Amounts falling due within one year: Trade creditors 610 - 10,661 Accruals 92,365 92,365 28,448 _______ _______ _______ Total 92,975 92,365 39,109 _______ _______ _______ 11 Issued share capital - Company 31st May 31st May 2006 2005 # # Authorised 100,000,000 ordinary shares of #0.001 each 1,000,000 1,000,000 _______ _______ Called up, allotted, issued and fully paid 120,001,000 (2005: 120,001,000) ordinary shares of #0.001 each 120,001 120,001 _______ _______ No shares were issued during the year to 31 May 2006. Notes to financial statements for the year ended 31st May 2006, continued 11. The Company has established a share option scheme: Cont. 126,200,010 options have been granted to subscribe for ordinary shares, exercisable at any time, as follows: Date granted Number of Exercise price Expiry date options 13/12/04 60,000,000 1p 13/12/09 28/1/05 66,200,010 1p 28/1/10 Group Company Company 31st May 31st May 2006 31st May 2005 2006 # # # 12 Share premium At 1 June 470,279 470,279 - Shares issued - - 540,000 Share issue expenses - - (69,721) _______ _______ _______ At 31 May 470,279 470,279 470,279 _______ _______ _______ Group Company Company 31st May 31st May 2006 31st May 2005 2006 # # # 13 Foreign exchange reserve At 1 June - - - Arising on consolidation (7,240) - - _______ _______ _______ At 31 May (7,240) - - _______ _______ _______ Group Company Company 31st May 31st May 2006 31st May 2005 2006 # # # 14 Profit and loss account At 1 June (32,892) (32,892) - Loss for the year (91,125) (90,025) (32,892) _______ _______ _______ At 31 May (124,017) (122,917) (32,892) _______ _______ _______ Notes to financial statements for the year ended 31st May 2006, continued 15 Reconciliation of movement in shareholders' funds - Group Share Share Profit and Other Total capital premium loss account reserves account # # # # # As at 1 June 2005 120,001 470,279 (32,892) - 557,388 Issue of shares - Foreign Exchange loss - - - (7,240) (7,240) Loss for the year - - (91,125) - (91,125) _______ _______ _______ _______ _______ As at 31st May 2006 120,001 470,279 (124,017) (7,240) 459,023 _______ _______ _______ _______ _______ 15a Reconciliation of movement in shareholders' funds - Company Share Share Profit and Other Total capital premium loss account reserves account # # # # # As at 1 June 2005 120,001 470,279 (32,892) - 557,388 Issue of shares - Foreign Exchange loss - - - - - Loss for the year - - (90,025) - (90,025) _______ _______ _______ _______ _______ As at 31st May 2006 120,001 470,279 (122,917) - 467,363 _______ _______ _______ _______ _______ 16 Reconciliation of operating loss to operating cash flows 31st May 2006 31st May 2005 # # Operating loss (95,860) (37,534) Increase in debtors (179,804) (75,648) Increase in creditors 53,866 39,109 Foreign Exchange Loss (7,240) - _______ _______ Net cash outflow from operating activities (229,038) (74,073) _______ _______ Notes to financial statements for the year ended 31st May 2006, continued 31st May 2006 31st May 2005 # # 17 Analysis of cash flows Financing Issue of ordinary share capital - 660,001 Share issue expenses - (69,721) _______ _______ Net cash inflow - 590,280 _______ _______ Capital expenditure and investment Incorporation of Subsidiary 1 - Acquisition of Associate - 10,000 Purchase of intangible fixed assets 116,720 46,397 _______ _______ Net cash outflow 116,721 56,397 _______ _______ 18 Analysis and reconciliation of net funds At 1 June 2005 Cash outflow 31st May 2006 # # # Cash in hand and at bank 464,452 (331,024) 133,428 _______ _______ _______ 19 Commitments As at 31st May 2006, the Company had no material commitments. 20 Related party transactions During the year the Company advanced #178,402 to its 40% owned associated undertaking, Mincorp Asia, Inc. This advance is interest free and #233,402 remained outstanding at the Balance Sheet date. 21 Post balance sheet events The following material events occurred after the balance sheet date; * On 21 August 2006, the company issued 10million ordinary shares in a private placing at a price of 1pence, raising gross proceeds of #100,000. * On 9 November 2006, the company announced that Mincorp Asia Inc, and its subsidiary Bonaventure Mining Corporation has entered into litigation relating to its Exploration Permit covering the Mt. Cadig nickel deposit in the Philippines. The dispute relates to the title to the area and action is ongoing. Notes to financial statements for the year ended 31st May 2006, continued 22 Financial instruments - Group The Group uses financial instruments comprising cash, liquid resources and debtors/creditors that arise from its operations. The Group's exposure to currency and liquidity risk is not considered significant. The Group's cash balances are held in Pound Sterling and in Australian dollars, the latter being the currency in which the significant operating expenses are incurred. To date the Group has relied upon equity funding to finance operations. The Directors are confident that adequate cash resources exist to finance operations to commercial exploitation but controls over expenditure are carefully managed. The net fair value of financial assets and liabilities approximates the carrying values disclosed in the financial statements. The currency and interest rate profile of the financial assets is as follows: Cash and short term deposits 30 June 2006 # Sterling 128,131 Australian dollars 5,297 At 31 May2006 133,428 The financial assets comprise interest earning bank deposits. 23 Control There is considered to be no controlling related party. 24 Profit and loss account of the parent Company As permitted by section 230 of the Companies Act 1985, the profit and loss account of the parent Company has not been separately presented in these accounts. The parent Company loss for the year was #90,025 (2005: loss #32,892). This information is provided by RNS The company news service from the London Stock Exchange END FR ILFSFLLLIVIR
1 Year Mincorp Chart |
1 Month Mincorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions