As a result of exploration activities the Group is required to
make provision for rehabilitation. Signi cant uncertainty exists as
to the amount of rehabilitation obligations which may be incurred
due to the impact of possible changes in environmental legislation.
Due to the early stage of exploration activity no signi cant damage
has been caused and, therefore, no provision has been recognised at
30 June 2014 (2013: GBPnil) in the Group and the Company balance
sheets.
iv) Share based compensation
In order to calculate the charge for share-based compensation as
required by IFRS 2, the Group makes estimates principally relating
to the assumptions used in its option-pricing model as set out in
note 19.
5. SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments and making strategic decision, has been identified as the
Board of Directors. The Board of Directors considers there to be
only one operating segment, the exploitation and development of
mineral resources and only two geographical segments being Zambia
and the UK.
The geographical split of loss and assets and liabilities are as
follows:
UK Zambia Total
GBP GBP GBP
2014
Loss before tax (5,112,241) (4,156,454) (9,268,695)
Non-current assets
Intangible exploration and evaluation
assets - 9,829,462 9,829,462
Property, plant and equipment 71,348 63,895 135,243
71,348 9,893,357 9,964,705
Current assets
Trade and other receivables 100,107 18,014 118,121
Cash and cash equivalents 685,795 64,900 750,695
785,902 82,914 868,816
Total assets 857,250 9,976,271 10,833,521
Current liabilities 877,398 13,738 891,136
Non-current liabilities - 1,855,145 1,855,145
Net assets (20,148) 8,107,388 8,087,240
2013 (restated)
Loss before tax (2,161,123) (462,487) (2,623,610)
Non-current assets
Intangible exploration and evaluation
assets - 14,631,896 14,631,896
Property, plant and equipment 43,268 143,402 186,670
43,268 14,775,298 14,818,566
Current assets
Trade and other receivables 186,461 228,171 414,632
Cash and cash equivalents 259,808 37,485 297,293
446,269 265,656 711,925
Total assets 489,537 15,040,954 15,530,491
Current liabilities 222,735 12,955 235,690
Non-current liabilities - 1,855,145 1,855,145
Net assets 266,802 13,172,854 13,439,656
6. LOSS FOR THE YEAR
The loss for the year has been arrived at after charging /
(crediting)
2014 2013
GBP GBP
Depreciation of property, plant and equipment
(note12) 307,987 47,327
Amortisation of intangibles 370,045 277,552
Impairment write down and provision ** 4,570,064 984,307
Operating lease costs (Office rental
costs) 130,613 83,788
Staff costs (note 8) 284,142 289,367
Share based payment charge 1,650,828 -
Net foreign exchange loss/(gain) 828,036 (38,257)
Finance income (583) (6,161)
----------- ----------
**Impairment write and provision arising
from:-
* Intangibles exploration and evaluation assets
impairment write down (note 12a) 3,586,478 -
* Prepayment for non-current assets impairment write
down (note 12b) 36,970 1,181,467
* Property, plant and machinery impairment write down
(note 13) 59,006 -
* Other receivables write off 619,119 -
* Other payable provision /(write back) 268,491 (197,160)
----------- ----------
4,570,064 984,307
----------- ----------
7. AUDITORS' REMUNERATION
Amounts payable in respect of audit of the Company's annual
accounts were GBP30,000 (2013: GBP14,000).
8. STAFF COSTS
2014 2013
Number Number
Directors 3 3
Consultant 1 1
Support staff (including Zambia employees) 30 18
-------- --------
The average monthly number of employees 34 22
-------- --------
GBP GBP
---------------------------------------- -------- --------
Their aggregate remuneration comprised
Wages and salaries 290,045 256,889
Pension 12,000 12,000
---------------------------------------- -------- --------
Social security costs 17,903 20,478
---------------------------------------- -------- --------
284,142 289,367
-------- --------
Included within staff costs GBP162,511 (2013: GBP137,148)
relates to amounts in respect of Directors.
9(a). PRIOR PERIOD ADJUSTMENT (GROUP) 2013
Previously 2013 Restated
Stated Adjustment 2013
GBP GBP GBP
Loss for the year
Administrative expenses (1,254,194) (1,261,859) (2,516,053)
Loss for the year after taxation (1,248,033) (1,261,859) (2,509,892)
Other comprehensive loss
Exchange translation differences
on foreign operations (524,682) 281,532 (243,150)
Total comprehensive loss for
the year (1,772,715) (980,327) (2,753,042)
Net Assets
Non-current assets
Intangible exploration and evaluation
assets 15,252,295 (620,399) 14,631,896
Property, plant and equipment 170,267 16,403 186,670
Prepayment for non-current assets 4,226,467 (4,226,467) -
19,649,029 (4,830,463) 14,818,566
Current assets
Trade and other receivables 414,632 - 414,632
Cash and cash equivalents 297,293 - 297,293
711,925 - 711,925
Total assets 20,360,954 (4,830,463) 15,530,491
Current liabilities
Trade and other payables 432,850 (197,160) 235,690
Total current liabilities 432,850 (197,160) 235,690
Non-current liabilities
Deferred tax 1,973,482 (118,337) 1,855,145
Total non-current liabilities 1,973,482 (118,337) 1,855,145
Total liabilities 2,406,332 (315,497) 2,090,835
Net assets 17,954,622 (4,514,966) 13,439,656
Translation reserve (272,357) (60,342) (332,699)
Retained earnings (21,335,668) (3,815,523) (25,151,191)
Total equity 17,954,622 (4,514,966) 13,439,656
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