Anglesey Mining PLC Annual Financial Report -11-
30 Juillet 2014 - 4:28PM
UK Regulatory
2014 204,687 - - 204,687
Company Freehold Plant & Office Total
land and equipment equipment
property
Cost GBP GBP GBP GBP
At 1 April 2012 - 17,434 5,487 22,921
At 31 March 2013 and
2014 - 17,434 5,487 22,921
Depreciation
At 1 April 2012 - 17,434 5,487 22,921
At 31 March 2013 and
2014 - 17,434 5,487 22,921
Carrying amount
At 31 March 2013 and
2014 - - - -
12 Subsidiaries - company
The subsidiaries of the company at 31 March 2014 and 2013 were as follows:
Name of company Country of Percentage Principal activity
incorporation owned
Labrador Iron plc Isle of Man 100% Holder of the
company's
investment in
Labrador Iron Mines
Holdings Limited
Anglo Canadian Exploration England & 100% Dormant
(Ace) Limited Wales
Parys Mountain Mines Limited England & 100% Development of the
Wales Parys Mountain
mining property
Parys Mountain Land Limited England & 100% Holder of part of
Wales the Parys Mountain
property
Parys Mountain Heritage England & 100% Holder of part of
Limited Wales the Parys Mountain
property
13 Investments - company
Shares at cost Loans Total
GBP GBP GBP
At 1 April 2012 100,103 13,598,472 13,698,575
Advanced - 1,357,303 1,357,303
Repaid - (1,099,198) (1,099,198)
At 31 March 2013 100,103 13,856,577 13,956,680
Advanced - 20,884 20,884
Repaid - - -
At 31 March 2014 100,103 13,877,461 13,977,564
The realisation of investments is dependent on finance being available for
development and on a number of other factors.
No interest was charged in the year on inter-company loans.
14 Investments - group
31 March 2014 31 March 2013
GBP GBP
Value brought forward 7,964,532 -
Value of investment upon
recognition as a financial
investment - 10,483,858
Addition to investment - 950,927
Impairment resulting from adjustment
to fair
value (5,451,267) (3,791,439)
Exchange difference arising on
adjustment above (1,255,280) 321,186
Amount carried in the group accounts 1,257,985 7,964,532
The published fair value of the group's investment in LIM at 31 March 2014 is
GBP1.3 million (2013 - GBP8.0 million). At 14 July 2014 the published fair value
of the group's investment was GBP630,000.
The shares included above represent an investment in listed equity securities
that present the group with opportunity for return through dividend income and
trading gains. The group holds a strategic non-controlling interest, following
the dilution of its interest in Labrador Iron Holdings Limited to 15.3% in
November 2012. These shares are not held for trading and accordingly are
classified as `available for sale' which is deemed to be the most appropriate
classification under IFRS. The fair values of all equity securities are based
on quoted market prices.
The above investment is measured subsequent to initial recognition at fair
value as `Level 1' AFS based on the degree to which the fair value is
observable. Level 1 fair value measurements are those derived from quoted
priced (unadjusted) in active markets.
The value of the investment is deemed to be impaired given the recent period
of decline in the share price.
15 Deposit
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Site re-instatement deposit 122,596 122,204 - -
This deposit was required and made under the terms of a Section 106 Agreement
with the Isle of Anglesey County Council which has granted planning
permissions for mining at Parys Mountain. The deposit is refundable upon
restoration of the permitted area to the satisfaction of the Planning
Authority. The carrying value of the deposit approximates to its fair value.
16 Other receivables
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Other 17,017 40,239 13,793 26,102
The carrying value of the receivables approximates to their fair value.
17 Cash
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Held in sterling 269,044 646,760 267,045 623,215
Held in Canadian dollars 20,053 23,585 - -
289,097 670,345 267,045 623,215
The carrying value of the cash approximates to its fair value.
18 Trade and other payables
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Trade creditors (34,863) (33,860) (28,224) (10,700)
Taxes (11,029) (13,064) (11,029) (13,064)
Other accruals (53,755) (53,753) (46,754) (46,752)
(99,647) (100,677) (86,007) (70,516)
The carrying value of the trade and other payables approximates to their fair
value.
19 Loan
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Loan from Juno Limited (2,418,873) (2,306,283) (2,418,873) (2,306,283)
The loan from Juno Limited is provided under a working capital agreement,
denominated in sterling, unsecured and carries interest at 10% per annum on
the principal only. It is repayable from any future financing undertaken by
the company, or on demand following a notice period of 367 days. The terms of
the facility were approved by an independent committee of the board. The
carrying value of the loan approximates to its fair value.
20 Provision
Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Provision for site reinstatement (42,000) (42,000) - -
The provision for site reinstatement covers the estimated costs of
reinstatement at the Parys Mountain site of the work done and changes made by
the group up to the date of the accounts. These costs would be payable on
completion of mining activities (which is estimated to be in more than 20
years' time) or on earlier abandonment of the site. There are significant
uncertainties inherent in the assumptions made in estimating the amount of
this provision, which include judgements of changes to the legal and
regulatory framework, magnitude of possible contamination and the timing,
extent and costs of required restoration and rehabilitation activity. There
has been no movement during the year.
21 Share capital
Ordinary shares of Deferred shares of Total
1p 4p
Issued and Nominal Number Nominal Number Nominal
fully paid value GBP value GBP value GBP
At 31 March 2012 1,586,081 158,608,051 5,510,833 137,770,835 7,096,914
Issued 11 July 2012 20,000 2,000,000 - - 20,000
-
At 31 March 2013 and 31 March
2014 1,606,081 160,608,051 5,510,833 137,770,835 7,116,914
The deferred shares are non-voting, have no entitlement to dividends and have
negligible rights to return of capital on a winding up.
22 Equity-settled employee benefits
2004 Unapproved share option plan
The group plan provides for a grant price equal to or above the average quoted
market price of the ordinary shares for the three trading days prior to the
date of grant. All options granted to date have carried a performance
criterion, namely that the company's share price performance from the date of
grant must exceed that of the companies in the top quartile of the FTSE 100
index. The vesting period for any options granted since 2004 has been one
year. If the options remain unexercised after a period of 10 years from the
date of grant, they expire. Options are forfeited if the employee leaves
employment with the group before the options vest.
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