29th Mar 2007 07:00
North River Resources Plc29 March 2007 North River Resources plc Interim results for the 6 months ended 31 December 2006 Interim Financial Information of North River Resources plc The following interim financial information of North River Resources plc is forthe period from 1 July 2006 to 31 December 2006. The financial information wasapproved by the directors on 28 March 2007. NORTH RIVER RESOURCES PLCCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE PERIOD ENDED 31 DECEMBER 2006 Consolidated Company (Unaudited) (Unaudited) period ended period ended 31 December 2006 31 December 2006 £ £ Administrative expenses (27,102) (27,102) Loss on ordinary activities before interest andexchange rate variation gains (27,102) (27,102) Interest receivable 758 758Gain due to exchange rate variations 2,094 2,094 2,852 2,852 Loss on ordinary activities before taxation (24,250) (24,250) Taxation - - Loss on ordinary activities after taxation (24,250) (24,250) NORTH RIVER RESOURCES PLCCONSOLIDATED BALANCE SHEETAS AT 31 DECEMBER 2006 Consolidated Company (Unaudited) (Unaudited) 31 December 2006 31 December 2006 Note £ £ Fixed assets - - Current assets Capitalised costs - farm-in costs Coronet Hill 2 100,000 -Debtors - Loan to subsidiary 3 - 100,000Cash at bank and in hand 738,378 738,378 838,378 838,378 Creditors: accrued expenditure 4 (311,499) (311,499) Net current assets 526,879 526,879 Total assets less current liabilities 526,879 526,879 Net assets 526,879 526,879 Capital and reserves Called up share capital 5 (b) 68,000 68,000Share premium account 5 (c) 483,129 483,129Profit and loss account (24,250) (24,250) Shareholders' funds 526,879 526,879 NORTH RIVER RESOURCES PLCCONSOLIDATED CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 DECEMBER 2006 Consolidated Company (Unaudited) (Unaudited) period ended period ended 31 December 2006 31 December 2006 £ £ Net cash outflow from operating activities (1,018) (1,018) Returns on investments and servicing of finance Interest income 758 758 Gain on foreign exchange conversions 2,094 2,094 Net cash inflow before financing 1,834 1,834 FinancingProceeds from issue of shares 754,000 754,000Costs of the issue of shares (17,456) (17,456) Net cash inflow from financing 736,544 736,544 Increase in cash 738,378 738,378 NORTH RIVER RESOURCES PLCNOTES TO THE FINANCIAL INFORMATION 1. Accounting policies Accounting convention The financial information has been prepared under the historical costconvention. Compliance with accounting standards The financial information has been prepared in accordance with the applicableUnited Kingdom Accounting Standards (United Kingdom Generally AcceptedAccounting Practice), which have been applied consistently. Mineral rights and reserves The company follows the "full cost" method of accounting for the costsassociated with exploration, appraisal, development and production of mineralreserves. Evaluated mineral assets are held in separately designatedgeographical cost pools. The costs of acquisition of property (including rightsand concessions), geological and geophysical costs, costs of field productionfacilities, and plant and equipment are classified as tangible assets if theyrelate to proved and probable mineral properties. All costs associated with property acquisition, exploration and development arecapitalised regardless of whether they result in commercial discoveries or not.Producing mineral assets are depleted by pool on a unit of production method inthe proportion of actual production for the period to the total remainingcommercial reserves. Reserves are those estimated at the end of the period plusproduction during the period. For depletion purposes only, the cost baseincludes costs of capital assets and anticipated future development expenditure. Pre-license acquisition, exploration and appraisal costs of individual licenseinterests are held outside cost pools until the existence or otherwise ofcommercial reserves are established. These costs remain un-depreciated asintangible exploration and development costs until this determination is made.When a positive determination is made the cost is transferred to a cost pool anddepreciated. If a license interest is determined to be non-commercial the costis written off. Foreign currencies Transactions in foreign currencies are recorded using the rate of exchangeruling at the date of the transaction. Monetary assets and liabilitiesdenominated in foreign currencies are translated using the rate of exchangeruling at the balance sheet date and the gains or losses on translation areincluded in the profit and loss account. Principles of consolidation The consolidated financial statements are prepared by combining the financialstatements of all the entities that comprise the consolidated entity, being thecompany (the parent entity) and its subsidiaries. A list of subsidiaries appearsin Note 7. Consistent accounting policies are employed in the preparation andpresentation of the consolidated financial statements. On acquisition, the assets, liabilities and contingent liabilities of asubsidiary are measured at their fair values at the date of acquisition. Anyexcess of the cost of acquisition over the fair values of the identifiable netassets acquired is recognised as goodwill. If, after reassessment, the fairvalues of the identifiable net assets acquired exceeds the cost of acquisition,the deficiency is credited to profit and loss in the period of acquisition. The interest of minority shareholders is stated at the minority's proportion ofthe fair values of the assets and liabilities recognised. The consolidated financial statements include the information and results ofeach subsidiary from the date on which the company obtains control and untilsuch time as the company ceases to control such entity. In preparing the consolidated financial statements, all intercompany balancesand transactions, and unrealised profits arising within the consolidated entityare eliminated in full. NORTH RIVER RESOURCES PLCNOTES TO THE FINANCIAL INFORMATION Consolidated Company (Unaudited) (Unaudited) 31 December 2006 31 December 2006 £ £2. Intangible assets Coronet Hill Project - farm-in costs 100,000 - 3. Debtors Loan to subsidiary - North River Resources Pty Ltd - 100,000 4. Creditors Trade payables - accrued expenditure 311,499 311,499 Consolidated Company (Unaudited) (Unaudited) 31 December 2006 31 December 2006 £ £ 5. Share capital a) Authorised 10,000,000,000 Ordinary shares of 0.1p each 10,000,000,000 10,000,000 b) Issued and fully paid Ordinary shares of 0.1p each 68,000,000 68,000 c) Share Premium Reserve Ordinary shares of 4.9p each 13,999,998 686,000Cost of capital - (202,871) 13,999,998 483,129 NORTH RIVER RESOURCES PLCNOTES TO THE FINANCIAL INFORMATION 5. Share capital (continued) Issued and fully Share premium paid capital reserved) Movement in issued and fully paid capitaland share premium reserve Number £ £ Issued on incorporation 2 - - Issued on 30 November 2006 54,000,000 54,000 54,000,002 54,000 Issued on 8 December 2006 13,999,998 14,000 686,000 68,000,000 68,000 686,000 Costs of the issue capital - - (202,871) 68,000,000 68,000 483,129 e) Options Option Agreements dated 18 December 2006 between the Company and each ofWestwind Capital, Corporate Synergy and Ascent Capital pursuant to which theCompany has granted Westwind Capital, Corporate Synergy and Ascent CapitalOptions to subscribe for 2,000,000 Ordinary Shares, exercisable at any time fromAdmission and from time to time until the fifth anniversary of Admission. Theexercise price is 5 pence per ordinary share. 6. Employees Number of employeesThere were no employees during the period apart from the directors. 7. Subsidiary undertakings Name of company Country Holding Proportion Nature of business held North River Resources Pty Ltd Australia Ordinary 100% Mineral exploration Shares On 28 August 2006, North River acquired the entire issued capital of North RiverResources Pty Ltd. NORTH RIVER RESOURCES PLCNOTES TO THE FINANCIAL INFORMATION 8. Subsequent events There has been no matter or circumstance, other than those mentioned above, thathas arisen, since the end of the half-year and up to the date of this report,that has significantly affected, or may significantly affect: 1. the Company's operations in future financial years, or2. the results of those operations in future financial years,or3. the Company's state of affairs in future financial years. 9. Nature of the financial information The financial information presented above does not constitute statutory accountsfor the period under review. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NRRP.L