Equity at 1 April 2012 7,096,914 9,634,231 3,241,170 35,792,148 55,764,463
Total comprehensive loss for the year:
Loss for the year - - - (31,451,398) (31,451,398)
Exchange difference on - - 975,771 - 975,771
translation of foreign holding
Eliminate foreign holding - - (4,216,941) - (4,216,941)
exchange difference
Total comprehensive loss for the year - - (3,241,170) (31,451,398) (34,692,568)
Shares issued 20,000 220,000 - - 240,000
Share issue costs - (5,282) - - (5,282)
Equity at 31 March 2013 7,116,914 9,848,949 - 4,340,750 21,306,613
Total comprehensive loss for the year:
Loss for the year - - - (7,173,703) (7,173,703)
Total comprehensive loss for the year - - - (7,173,703) (7,173,703)
Equity at 31 March 2014 7,116,914 9,848,949 - (2,832,953) 14,132,910
Company Share Share Retained Total
capital GBP premium GBP losses GBP GBP
Equity at 31 March 2012 7,096,914 9,634,231 (4,243,847) 12,487,298
Total comprehensive loss for the year:
Loss for the year - - (492,818) (492,818)
Total comprehensive loss for the year - - (492,818) (492,818)
Shares issued 20,000 220,000 - 240,000
Share issue costs - (5,282) - (5,282)
Equity at 31 March 2013 7,116,914 9,848,949 (4,736,665) 12,229,198
Total comprehensive loss for the year:
Loss for the year - - (475,676) (475,676)
Total comprehensive loss for the year - - (475,676) (475,676)
Equity at 31 March 2014 7,116,914 9,848,949 (5,212,341) 11,753,522
Statement of cash flows of the group
Year ended 31 Year ended 31
Notes March 2014 March 2013
GBP GBP
Operating activities
Loss for the period (7,173,703) (31,451,398)
Adjustments for:
Investment income 6 (2,630) (36,941)
Finance costs 7 112,590 115,023
Share of loss of associate - 4,572,320
Losses on deemed
disposals in associate - 6,793,789
Loss on reclassification of associate as an
investment - 16,149,722
Impairment of investment 14 5,451,267 3,791,439
Exchange difference on investment impairment 14 1,255,280 (321,186)
Foreign exchange movement 3,741 (11,196)
(353,455) (398,428)
Movements in working capital
Decrease in receivables 23,222 24,753
Decrease/(increase) in payables 15,491 (36,902)
Net cash used in operating activities (314,742) (410,577)
Investing activities
Investment income 2,238 36,422
Mineral property exploration and evaluation (65,003) (1,166,413)
Addition to AFS investment in LIM - (950,927)
Net cash used in investing activities (62,765) (2,080,918)
Loan received -
Net decrease in cash (377,507) (2,491,495)
and cash equivalents
Cash and cash equivalents at start of year 670,345 3,150,644
Foreign exchange movement (3,741) 11,196
Cash and cash equivalents at end of year 17 289,097 670,345
Statement of cash flows of the company
Notes Year ended 31 Year ended 31
March 2014 March 2013
GBP GBP
Operating activities
Loss for the period 23 (475,676) (492,818)
Adjustments for:
Investment income (2,013) (27,361)
Finance costs 112,590 115,023
(365,099) (405,156)
Movements in working capital
Decrease/(increase) in receivables 12,309 (2,031)
Increase/(decrease) in payables 15,491 (36,902)
Net cash used in operating activities (337,299) (444,089)
Investing activities
Interest income 2,013 27,361
Investments and long term loans (20,884) (1,122,585)
Net cash used in investing activities (18,871) (1,095,224)
Financing activities
Inter-company loan received - 1,099,198
Net cash generated from financing activities - 1,099,198
Net decrease in cash and cash equivalents (356,170) (440,115)
Cash and cash equivalents at start of period 623,215 1,063,330
Cash and cash equivalents at end of period 267,045 623,215
Notes to the Accounts
1 General information
Anglesey Mining plc is domiciled and incorporated in England and Wales under
the Companies Act. The nature of the group's operations and its principal
activities are set out in note 3 and in the strategic report. The registered
office address is as shown on the rear cover.
These financial statements are presented in pounds sterling because that is
the currency of the primary economic environment in which the group has been
operating. Foreign operations are included in accordance with the policies set
out in note 2.
2 Significant accounting policies
Basis of Accounting
The group and company financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union and therefore the group financial statements comply with
Article 4 of the EU IAS Regulation.
The financial statements have been prepared on the historical cost basis
except for the fair valuation of certain financial assets. The principal
accounting policies adopted are set out below.
Going concern
The financial statements are prepared on a going concern basis. The validity
of the going concern basis is dependent on finance being available for the
continuing working capital requirements of the group for the foreseeable
future, being a period of at least twelve months from the date of approval of
the accounts. For the reasons set out in the directors' report, the directors
believe that the going concern basis is appropriate for these accounts.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and entities controlled by the company (its subsidiaries) made up
to 31 March each year. Control is achieved where the company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill. Any deficiency of the cost of
acquisition below the fair values of the identifiable net assets acquired
(i.e. discount on acquisition) is credited to the income statement in the
period of acquisition. The results of subsidiaries acquired or disposed of
during the year are included in the group income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used
by the group. All intra-group transactions, balances, income and expenses are
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