TIDMXPL
RNS Number : 9265N
Xplorer PLC
31 July 2014
31 July 2014
Xplorer plc
("Xplorer" or the "Company")
Final Results for the year ended 31 March 2014
Xplorer plc (LSE: XPL), a business formed for the purpose of
acquiring an undervalued company, business or asset that has
operations in the oil and gas sector, reports its Final Results for
the year ended 31 March 2014.
All financial amounts are stated in GBP British pounds unless
otherwise indicated.
Chairman's Statement
I am pleased to present the annual accounts for the year ended
31(st) March 2014; a period of continuing strong progress.
Xplorer Plc was incorporated on 12th March 2012 and was
successfully admitted as a Standard Listing on the Main Market of
the London Stock Exchange on the 11 July 2013, raising GBP1 million
through the placing of 6,250,000 ordinary shares at 16 pence per
share from institutional and other professional investors. By March
2014 we had driven our opportunity substantially forward and this
enabled us to raise an additional GBP500,000 at 46 pence per
share.
Xplorer plc was formed for the purpose of acquiring undervalued
companies or assets in the oil and gas sector guided by an
extensive list of 90 or so candidates which we had previously
compiled with Sprint Capital. The money we raised has enabled us to
conduct extensive research and due-diligence into these potential
candidates and having set ourselves ambitious targets, a shortlist
was compiled last year. Our Board is supported by Sprint Capital, a
Hong Kong based private equity fund and its founders, Chris
McAuliffe and Jacqueline Lim, who were invited to join Xplorer as
non-executive directors at the time of our formation. Their skills,
knowledge and ability have been pivotal in taking us to the
position we are now in.
I joined the Board in May 2014 in order to assist in the launch
and creation of a cohesive sector focused operating business.
Xplorer and Sprint have diligently pursued investment opportunities
for a period of time and are currently in exclusive negotiations
with three entities. In all cases these discussions are approaching
completion. The opportunity set comprises existing production with
significant development upside, offshore exploration in a province
with high levels of industry activity and finally, a large acreage
position in a prospective but under-explored onshore basin. Xplorer
and Sprint continue to review other opportunities that could be
added to our portfolio.
The legal, financial and technical due diligence reports
prepared by our various expert and professional advisers are now in
the main, complete and we are in the closing stages of bringing the
three candidates together under the Xplorer umbrella with plans to
launch a further equity fund raising to be invested almost entirely
in oil and gas productivity.
We thank our shareholders for their support during the past year
and we look forward to announcing further news shortly.
Roger Tucker
Chairman
For further information, please contact:
Xplorer plc www.xplorerplc.co.uk
John Roddison, Director +44 (0)20 7495 7429
Allenby Capital Limited
Financial Adviser
Nick Harriss, Director, Corporate Finance +44 (0)20 3328 5656
Statement of Comprehensive Income
for the year from 1 April 2013 to 31 March 2014
Year ended Period ended
31 March 2014 31 March 2013
Note GBP GBP
Continuing operations
Revenue - -
Administrative expenses (1,025,454) (90,483)
--------------- ---------------
Operating loss (1,025,454) (90,483)
Interest payable and similar (556) -
charges
--------------- ---------------
Loss before taxation 3 (1,026,010) (90,483)
Taxation 4 - -
Loss for the year (1,026,010) (90,483)
Other comprehensive loss - -
for the year
--------------- ---------------
Total comprehensive loss
for the year attributable
to the equity owners (1,026,010) (90,483)
=============== ===============
Earnings/(loss) per share
Basic and diluted (GBP per
share) 5 (0.11) (0.07)
=============== ===============
The notes to the financial statements form an integral part of
these financial statements
Statement of Financial Position
as at 31 March 2014
As at As at
31 March 2014 31 March 2013
Note GBP GBP
Assets
Non-current assets
--------------- ---------------
Property, plant and equipment 6 517 -
--------------- ---------------
Current assets
Trade and other receivables 7 546,773 210,030
Cash and cash equivalents 8 221,768 100
Total current assets 768,541 210,130
--------------- ---------------
Total assets 769,058 210,130
--------------- ---------------
Equity and liabilities
Capital and reserves
Called up share capital 9 83,627 75,002
Share Premium 10 1,358,692 -
Retained earnings (1,116,493) (90,483)
Total equity 325,826 (15,481)
--------------- ---------------
Liabilities
Current liabilities
Trade and other payables 11 443,232 52,598
Convertible loan notes 19 - 100,000
Cash and cash equivalents 8 - 73,013
Total liabilities 443,232 225,611
--------------- ---------------
Total equity and liabilities 769,058 210,130
--------------- ---------------
The notes to the financial statements form an integral part of
these financial statements
This report was approved by the board and authorised for issue
on 31 July 2014 and signed on its behalf by;
...........................
John Roddison FCA
Non-Executive Director
Company Registration Number: 07987393
Statement of Changes In Equity
for the year from 1 April 2013 to 31 March 2014
Called up share Share Premium Retained earnings Total
capital
CURRENT YEAR GBP GBP GBP GBP
Brought forward at 1 April 2013 75,002 - (90,483) (15,481)
Loss in year - - (1,026,010) (1,026,010)
Total comprehensive income for the year (1,026,010) (1,026,010)
Issue of share capital net of share issue
costs 8,625 1,358,692 - 1,367,317
As at 31 March 2014 83,627 1,358,692 (1,116,493) 325,826
================= =============== =================== =============
PRIOR PERIOD Called up share Share Premium Retained earnings Total
capital
GBP GBP GBP GBP
On Incorporation 2 - - 2
Loss in year - - (90,483) (90,483)
Total comprehensive income for the year (90,483) (90,483)
Issue of share capital net of share issue costs 75,000 - - 75,000
As at 31 March 2013 75,002 - (90,483) (15,481)
================= =============== =================== ==========
Share capital comprises the ordinary and deferred issued share
capital of the Company.
Retained earnings represent the aggregate retained earnings of
the Company.
The notes to the financial statements form an integral part of
these financial statements
Statement of Cash Flows
for the year from 1 April 2013 to 31 March 2014
Year ended Period ended
31 March 31 March
2014 2013
Note GBP GBP
Cash flow from operating activities
Operating loss (1,025,454) (88,437)
Finance costs paid - (945)
Depreciation charges 173 -
Changes in working capital
Increase/(decrease) in trade and other
receivables 180,757 (210,030)
Increase in trade and other payables 425,732 52,598
Net cash used in operating activities (418,792) (246,814)
------------ -------------
Cash flows from financing activities
Proceeds from issuance of shares net
of issue costs 749,817 75,002
Convertible loan notes - 100,000
Amount repaid to directors (35,098) -
Net cash generated from financing activities 714,719 175,002
------------ -------------
Cash flows from investing activities
Purchase of property plant and equipment (690)
Interest paid (556) (1,101)
------------ -------------
Net cash used in investing activities (1,246) (1,101)
------------ -------------
Increase/(decrease) in cash and cash
equivalents 294,681 (72,913)
Cash and cash equivalents at beginning (72,913) -
of year
Cash and cash equivalents at end of
year 8 221,768 (72,913)
------------ -------------
The notes to the financial statements form an integral part of
these financial statements
Notes to the Financial Statements
1. General Information
The Company was incorporated in England and Wales on 12 March
2012 as a public limited company. The Company did not trade during
the financial year ended 31 March 2014, however certain fees in
relation to its listing on the Main Market of the London Stock
Exchange were incurred, along with consultancy and legal fees as
well as general administration expenses.
The Company's registered office is located at 24 Hanover Square,
London, W1S 1JD.
2. Summary of Significant Accounting Policies
The Board has reviewed the accounting policies set out below and
considers them to be the most appropriate to the Company's business
activities.
a) Basis of Preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted for
use by the European Union, and effective, or issued and early
adopted, as at the date of these statements. The financial
statements have been prepared under the historical cost convention
as modified for financial assets carried at fair value.
As at the date of approval of these financial statements, the
following standards and interpretations, were in issue but not yet
effective:
-- Novation of Derivatives and Continuation of Hedge Accounting
(Amendments to IAS 39 - June 2013)
-- Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27 - October 2012)
-- IAS 36 Amendments Recoverable Amount Disclosures for non-financial assets - (May 2013)
-- IFRIC 21 Levies (May 2013)
IFRS Standard and Interpretations issued by IASB but not yet EU
approved are;
-- IFRS 9 Financial Instruments - (November 2009)
-- IAS 19 Amendment - Defined Benefit Plans: Employee Contributions (November 2013)
-- IFRS 14 Regulatory Deferral Accounts (January 2014)
-- IAS 16 and IAS 38 Amendments: Clarification of Acceptable
Methods of Depreciation and Amortisation (May 2014)
-- IFRS 11 Amendments to Accounting for Acquisitions of
Interests in Joint Operations (May 2014)
-- IFRS 15 Revenue from Contracts with Customers (May 2014)
Numerous other minor amendments to standards have been made as a
result of the IASB's annual improvement project.
The Directors do not anticipate that the adoption of these
standards and interpretations will have a material impact on the
Financial Statements.
b) Significant accounting judgements, estimates and assumptions
The preparation of the financial Statements in conformity with
International Financial Reporting Standards requires management to
make estimates and assumptions that affect reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the year end date and the reported amounts of
revenues and expenses during the reported period. Actual results
could differ from those estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in
the period of the revision and future periods if the revision
affects both current and future periods.
The principal areas in which judgement is applied are as
follows:
Going Concern
The preparation of financial statements requires an assessment
on the validity of the going concern assumption.
The Directors have reviewed projections for a period of at least
12 months from the date of approval of the financial statements as
well as potential acquisition opportunities. Any potential short
falls in funding have been identified and the steps to which
Directors are able to mitigate such scenarios and/or defer or
curtail discretionary expenditures should these be required have
been considered.
In approving the financial statements, the Board have recognised
that these circumstances create a level of uncertainty. However,
having made enquiries and considered the uncertainties outlined
above, the directors have a reasonable expectation that the Company
has sufficient resources to continue in operational existence for
the foreseeable future. Accordingly, the Board believes it is
appropriate to adopt the going concern basis in the preparation of
the financial statements.
c) Financial Instruments
Financial assets and liabilities are recognised in the Company's
statement of financial position when the Company becomes a party to
the contractual provisions of the instrument. The Company currently
does not use derivative financial instruments to manage or hedge
financial exposures or liabilities.
d) Trade and Other Receivables and Payables
Trade and other receivables and trade and other payables are
initially recognised at fair value. Fair value is considered to be
the original invoice amount, discounted where material, for
short-term receivables and payables. Long term receivables and
payables are measured at amortised cost using the effective
interest rate method. Where receivables are denominated in a
foreign currency, retranslation is made in accordance with the
foreign currency accounting policy previously stated.
e) De-recognition and Impairment of Financial Assets and Liabilities
i. Financial Assets
A financial asset is derecognised where:
-- the right to receive cash flows from the asset has expired;
-- the Company retains the right to receive cash flows from the
asset, but has assumed an obligation to pay them in full without
material delay to a third party under a pass-through arrangement;
or
-- the Company has transferred the rights to receive cash flows
from the asset, and either has transferred substantially all the
risks and rewards of the asset or has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
ii. Financial Liabilities
A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. Where an
existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original
liability and the recognition of a new liability, and the
difference in the respective carrying amounts is recognised in the
statement of comprehensive income.
f) Reserves
Retained earnings represent the cumulative retained losses of
the company at the reporting date.
g) Taxation
Current Tax
Current tax assets and liabilities for the current and prior
periods are measured at the amount expected to be recovered from or
paid to the tax authorities. The tax rates and the tax laws used to
compute the amount are those that are enacted or substantively
enacted by the statement of financial position date.
Deferred Tax
Deferred income tax is recognised on all temporary differences
arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following
exceptions:
-- where the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of
the transaction, affects neither accounting nor taxable profit or
loss;
-- in respect of taxable temporary differences associated with
investment in subsidiaries, associates and joint ventures, where
the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will
not reverse in the foreseeable future; and
-- deferred income tax assets are recognised only to the extent
that it is probable that taxable profit will be available against
which the deductible temporary differences, carried forward tax
credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an
undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax
rates and laws enacted or substantively enacted at the statement of
financial position date.
The carrying amount of deferred income tax assets is reviewed at
each statement of financial position date. Deferred income tax
assets and liabilities are offset, only if a legally enforcement
right exists to set off current tax assets against current tax
liabilities, the deferred income taxes related to the same taxation
authority and that authority permits the Company to make a single
net payment.
Income tax is charged or credited directly to equity if it
relates to items that are credited or charged to equity. Otherwise
income tax is recognised in the statement of comprehensive
income.
h) Segmental Reporting
For the purpose of IFRS 8 the chief operating decision maker
("CODM") takes the form of the Directors. The Directors are of the
opinion that the business comprises of a single economic activity,
being the acquisition of businesses or assets in the Natural
Resource sector and the currently this activity is undertaken
solely in the United Kingdom. All of the income and non-current
assets are derived from the United Kingdom. No single customer
accounts for more than 10% of income. At meetings of the Directors,
income, expenditure, cash flows, assets and liabilities are
reviewed on a whole Company basis. Based on the above
considerations there is considered to be one reportable segment
only namely the acquisition of businesses or asset in the Natural
Resources Sector.
Therefore the financial information of the single segment to the
same as that set out in the company statement of comprehensive
income, company statement of financial position, the company
statement of changes to equity and the company statement of
cashflows.
i) Financial Risk Management Objectives and Policies
The Company does not enter into any forward exchange rate
contracts.
The main financial risks arising from the Company's activities
are cash flow interest rate risk, liquidity risk, price risk (fair
value) and credit risk. The Board reviews and agrees policies for
managing each of these risks and they are summarised as:
Cash Flow Interest Rate Risk - the Company's exposure to the
risk of changes in market interest rates relates primarily to the
Company's overdraft accounts with major banking institutions.
The Company's policy is to manage its interest income, when
received, using a mixture of fixed and floating rate deposit
accounts.
Liquidity Risk - the Company raises funds as required on the
basis of budgeted expenditure and inflows. When funds are sought,
the Company balances the costs and benefits of equity and debt
financing. When funds are received they are deposited with banks of
high standing in order to obtain market interest rates.
Price Risk - the carrying amount of the following financial
assets and liabilities approximate to their fair value due to their
short term nature: cash accounts, accounts receivable and accounts
payable.
Credit Risk - with respect to credit risk arising from other
financial assets of the Company, which comprise cash and time
deposits and accounts receivable, the Company's exposure to credit
risk arises from default of the counterparty, with a minimum
exposure equal to the carrying amount of these instruments. The
credit risk on cash is limited as cash is placed with substantial
financial institutions.
j) Borrowings
Borrowings are recorded in accordance with IAS 32, which
requires the separate recognition of the equity and debt portions
of any convertible loans.
k) Events After the End of the Reporting Year
Post year-end events that provide additional information about
the Company's position at the statement of financial position date
and are adjusting events are reflected in the financial statements.
Post year-end events that are not adjusting events are disclosed in
the notes when material.
l) Equity
Equity instruments issued by the Company are recorded net at
proceeds after direct issue costs.
m) Going Concern
The Company's business activities and financial position,
together with the factors likely to affect its future development,
performance and position are set out in the front end of the
financial statements.
The Directors have carried out a detailed assessment of going
concern as part of the financial reporting process, taking into
consideration a number of matters including the listing and share
placings which occurred during the year, forecast cash flows,
medium and long term business plans and expectations and the
deferral or curtailment of discretionary expenditures should these
be required.
On the basis of this assessment, the Directors have concluded
that it is appropriate to prepare the financial statements on a
going concern basis.
3. Loss before income tax
The loss before income tax is stated after charging:
Year ended Period ended
31 March 31 March
2014 2013
GBP GBP
Depreciation - owned assets 173 -
Fees payable to the company's
auditor for the audit of the
company's annual accounts 14,500 17,500
Bank charges - 945
4. Income tax
Analysis of charge in the year
Year ended Period ended
31 March 31 March
2014 2013
GBP GBP
Current tax:
UK corporation tax on loss for - -
the year
Deferred tax - -
Tax on loss on ordinary activities - -
Loss on ordinary activities
before tax (1,026,010) (90,483)
Analysis of charge in the year
Loss on ordinary activities
multiplied by small companies
rate of corporation tax in
the UK of 20% (205,202) (18,097)
Tax losses carried forward 205,202 18,097
------------- ----------
Current tax charge - -
------------- ----------
Effects of:
Loss brought forward (90,483) -
Loss in year (1,026,010) (90,483)
------------- ----------
Loss carried forward (1,116,493) (90,483)
------------- ----------
Current tax charge for the - -
year as above
The Company has accumulated tax losses arising in the UK of
approximately (GBP984,087) that are available, under current
legislation, to be carried forward against future profits.
5. Loss per share
The calculation of loss per share is based on the following loss
and number of shares:
Year ended Period ended
31 March 31 March
2014 2013
GBP GBP
Loss for the year from continuing
operations (1,026,010) (90,483)
------------ -------------
Weighted average shares in issue:
Basic 9,187,225 1,253,857
Diluted 9,187,225 1,253,857
Loss per share
Basic (0.11) (0.07)
------------ -------------
Diluted (0.11) (0.07)
------------ -------------
Basic loss per share is calculated by dividing the loss for the
year from continuing operations of the company by the weighted
average number of ordinary shares in issue during the year.
There are no potential dilutive shares in issue.
6. Fixed Assets
Year ended Period ended
31 March 31 March
2014 2013
GBP GBP
Fixtures and Fittings
Cost brought forward - -
Additions 690 -
----------- -------------
Cost carried forward 690 -
----------- -------------
Depreciation brought forward - -
Charge in year 173 -
----------- -------------
Depreciation carried forward 173 -
----------- -------------
Net Book Value at 31 March 2014 517 -
----------- -------------
Net Book Value at 31 March 2013 - -
----------- -------------
Depreciation Policy - assets are depreciated at 25% on a
reducing balance basis over their expected useful lives.
7. Trade and other receivables
As at As at 31 March
31 March 2013
2014
GBP GBP
VAT receivable 12,200 10,600
Other receivables 2,025 -
Share & premium proceeds owing 517,500 56,000
Prepayments 15,048 143,430
---------- ---------------
546,773 210,030
---------- ---------------
There are no material differences between the fair value of
trade and other receivables and their carrying value at the year
end.
The final share allotment which took place during the year
occurred just before the year end on 28 March 2014 and therefore
the proceeds from this were still outstanding at the year end
(GBP517,500). All of these proceeds were received on 7 April
2014.
No receivables were past due or impaired at the year end.
8. Cash and cash equivalents
As at As at 31 March
31 March 2014 2013
GBP GBP
Bank accounts 221,768 100
Bank overdraft - (73,013)
--------------- ---------------
221,768 (72,913)
--------------- ---------------
9. Called up share capital
On 11 July 2013 following the company's listing on the London
Stock Exchange, 6,250,000 new Ordinary Shares of GBP0.001 nominal
value were issued, fully paid at a premium of GBP0.16 per
share.
Also on 11 July 2013 following the company's listing on the
London Stock Exchange, the convertible loan notes of GBP100,000
were fully converted into 1,250,000 new Ordinary Shares of GBP0.001
nominal value, fully paid at a premium of GBP0.08 per share.
On 28 March 2014 a further issue took place of 1,125,000 new
Ordinary Shares of GBP0.001 nominal value, fully paid at a premium
of GBP0.46 per share.
The ordinary shares have attached to them full voting, dividend
and capital distribution rights (including on a winding up). The
ordinary shares do not confer any rights of redemption.
The deferred shares have attached to them no rights to dividends
until the holders of the ordinary shares have received
GBP100,000,000 for each ordinary share held by them. The right to
partake in a capital distribution (including on a winding up) once
the holders of the ordinary shares have received the sum of
GBP1,000,000 per ordinary share. No right to attend or vote at a
general meeting of the company.
Summary of Share Capital and Movements during the year
Number of Number of Share Capital
Shares Shares Deferred GBP
Ordinary Shares
Shares
Brought forward at 1 April 2013 3,750,100 75,002 3,750
New issue 11 July 2013 6,250,000 - 6,250
Conversion of convertible loan
notes into new shares on 11
July 2013 1,250,000 - 1,250
New issue 28 March 2014 1,125,000 - 1,125
Totals at 31 March 2014
Ordinary Shares of GBP0.001 12,375,100 - 12,375
Deferred Shares of GBP0.950 - 75,002 71,252
At 1 April 2013 there was GBP56,000 of unpaid share capital owed
to the Company. John Roddison owed GBP28,000 and Christopher
McAuliffe and Jacqueline Lim owed GBP28,000.
They are all Directors of the Company and these amounts have
been collected during the year.
The final share issue during the year took place just before the
year end on 28(th) March 2014 and therefore the proceeds from this
issue of GBP517,500 were outstanding at the year end.
10. Share Premium
Summary of Share Premium
Share Premium Less share Net Share
Paid (net issue costs Premium
of cost of GBP GBP
shares)
GBP
Brought forward at 1 April - - -
2013
New issue 11 July 2013 993,750 (213,208) 780,542
Conversion of convertible loan
notes into new shares on 11
July 2013 98,750 - 98,750
New issue 28 March 2014 516,375 (36,975) 479,400
Totals at 31 March 2014 1,608,875 (250,183) 1,358,692
11. Trade and other payables
As at As at 31
31 March March 2013
2014
Current: GBP GBP
Amounts owed to Related Parties 243,609 35,098
Other Creditors 114,749 -
Convertible Loan Notes - 100,000
Accruals 84,874 17,500
---------- ------------
443,232 152,598
---------- ------------
12. Related party disclosures
Non-executive Director John Roddison is also a director of Brown
McLeod Limited which has provided consulting services to the
Company. The total fees charged for the year amounted to GBP24,000
(2013 - GBP16,000), all of which was for non-executive Director
fees. Brown McLeod also provided accountancy services to Xplorer
PLC, for which a total of GBP18,000 has been paid during the
year.
Non-executive Director Christopher McAuliffe is also a director
of Sprint Capital Management Limited which has provided consulting
services to the Company. The total fees charged for the year
amounted to GBP134,000 (2013 - GBP16,000), all of which was for
non-executive Director fees.
Non-executive Director Jacqueline Lim is also a director of
Sprint Capital Management Limited which has provided consulting
services to the Company. The total fees charged for the year
amounted to GBP134,000 (2013 - GBP16,000), all of which was for
non-executive Director fees.
Non-executive Director John Davies is also a director of
Davenport Capital Limited which has provided consulting services to
the Company. The total fees charged for the year amounted to
GBP27,000 (2013 - GBP0), all of which was for non-executive
Director fees.
At the year end the following amounts were outstanding from
related parties:
GBP4,800 included within other creditors was due to Brown McLeod
Ltd in relation to accounting fees and directors fees. Xplorer Plc
director John Roddison is also a director of Brown McLeod Limited.
(2013 - GBP12,599 re fees outstanding)
GBP1,493 included within other creditors was due to John
Roddison for credit card expenses. (2013 - GBP0)
GBP237,316 included within other creditors was due to Sprint
Capital Management Limited for unpaid director's fees and travel
and accommodation expenses. Xplorer Plc directors Jacqueline Lim
and Christopher McAuliffe are also directors of Sprint Capital
Management Limited. (2013 - GBP22,499 re unpaid director's fees and
unpaid share capital outstanding)
13. Directors' emoluments
Details concerning Directors' remuneration can be found below.
The Directors are considered to be the key management.
Other
Short long
term employee Post employment term Termination
Name of Director benefits benefits benefits benefits Other Total
----------------------- --------------- ---------------- ---------- ------------ -------- --------
John Roddison 24,000 - - - - 24,000
Christopher McAuliffe 134,000 - - - - 134,000
Jacqueline Lim 134,000 - - - - 134,000
John Davies 27,000 - - - - 27,000
Total 319,000 - - - - 319,000
Further information concerning Directors' remuneration can be
found in the unaudited Directors' Remuneration report.
14. Financial instruments
As at 31 March 2014, the Company's financial assets comprised
GBP768,541 of cash and trade and other receivables.
The Company's principal financial instruments comprise cash
balances, accounts payable and accounts receivable arising in the
normal course of its operations.
The financial instruments of the Company at year-end are:
31 March 31 March
2014 2013
GBP GBP
Loans and receivables - Cash and cash
equivalents 221,768 100
Loans and receivables - Trade and other
receivables 546,773 210,030
Financial liabilities - 100,000
Other financial liabilities - Cash and
cash equivalents - 73,013
Other financial liabilities - Trade and
other payables 443,233 52,598
a) Interest rate risk
The Company has floating rate financial assets in the form of
deposit accounts with major banking institutions; however, it is
not currently subjected to any other interest rate risk.
Based on cash balances at the statement of financial position
date, a rise in interest rates of 1% would not have a material
impact on the profit and loss of the company.
b) Liquidity risk
The Company regularly reviews its major funding positions to
ensure that it has adequate financial resources in meeting its
financial obligations. The Company takes liquidity risk into
consideration when deciding its sources of funds.
c) Credit risk
The Company had receivables of GBP546,773 at 31 March 2014,
including GBP517,500 owing from new issue of Ordinary shares which
took place just before the year end (28 March 2014). Company
receivables of GBP546,773 at the year end were not past due, and
the Directors consider there to be no credit risk arising from
these receivables.
d) Capital risk management
The Company defines capital as the total equity of the Company.
The Company's objectives when managing capital are to safeguard the
Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to
reduce debt.
e) Fair value of financial assets and liabilities
There are no material differences between the fair value of the
Company's financial assets and liabilities and their carrying
values in the financial Statements.
15. Borrowings Facilities
The Company had a bank overdraft brought forward of GBP73,013.
The overdraft is secured by the personal guarantee of John
Roddison. The overdraft has been completely repaid during the year,
with no outstanding overdraft at 31 March 2014.
The Company had brought forward convertible loans of GBP100,000.
The convertible loan notes were all converted into share capital on
11 July 2013.
16. Capital Management Policy
The Company's objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. The capital structure of the Company consists
of borrowings and equity attributable to equity holders of the
Company, comprising issued share capital and reserves.
17. Pension Commitments
The Company has no pension commitments at the year end.
18. Dividends
No dividends have been proposed. There were nil dividends in the
prior period (end 31 March 2013).
19. Convertible Loan Notes
The convertible loan brought forward of GBP100,000 was fully
converted and issued into new Ordinary shares on 11 July 2013.
20. Staff Costs
During the year to 31 March 2014 there were no staff costs as no
staff were employed by the company, other than the Directors' fees
as disclosed in note 13.
21. Ultimate Controlling Party
The Directors have determined that there is no controlling party
as no individual shareholder holds a controlling interest in the
Company.
22. Copies of the Annual Report
Copies of the annual report will be available on the Company's
website at www.xplorerplc.co.uk and from the Company's registered
office, 24 Hanover Square, London, W1S 1JD
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFFSDFILVIS
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