Wolf Minerals Limited Interim Financial Report -4-
27 February 2015 - 6:03PM
UK Regulatory
At the date of approval of these condensed consolidated
financial statements, and based upon the budgeted levels of
expenditure and Board approved cash flow forecasts, the Directors
are satisfied that the Company has sufficient cash and loan
facilities to finance the Company's operating expenditure and the
development of the Project.
The Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for at
least 12 months from the date of the signing these condensed
consolidated financial statements and therefore they continue to
adopt the going concern basis of accounting in preparing the
condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 2: BASIS OF PREPARATION (CONTINUED)
Critical accounting estimates and judgements
The preparation of the condensed consolidated financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period. Actual results may differ from these
estimates.
Significant items subject to such estimates are set out in the
Accounting Policies to the Company's 2014 annual report. The nature
and amounts of such estimates have not changed significantly during
the interim period, other than those required in determining the
fair values of derivative financial instruments.
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements have been
prepared under the historical cost convention.
The same accounting policies, presentation and methods of
computation have been followed in these condensed consolidated
financial statements as were applied in the preparation of the
Company's 2014 annual report for the financial year ended 30 June
2014, except for the new accounting policies and impact of the
adoption of the Standards and interpretations described below.
New accounting policies
Derivative financial instruments
Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently remeasured
to their fair value at each reporting date. The accounting for
subsequent changes in fair value depends on whether the derivative
is designated as a hedging instrument, and if so, the nature of the
item being hedged.
Derivatives are classified as current or non-current depending
on the expected period of realisation.
Cash flow hedges
Cash flow hedges are used to cover the Consolidated Entity's
exposure to variability in cash flows that is attributable to
particular risk associated with a recognised asset or liability or
a firm commitment which could affect profit or loss. The effective
portion of the gain or loss on the hedging instrument is recognised
directly in equity, whilst the ineffective portion is recognised in
profit or loss. Amounts taken to equity are transferred out of
equity and included in the measurement of the hedged transaction
when the forecast transaction occurs.
Cash flow hedges are tested for effectiveness on a regular basis
both retrospectively and prospectively to ensure that each hedge is
highly effective and continues to be designated as a cash flow
hedge. If the forecast transaction is no longer expected to occur,
amounts recognised in equity are transferred to profit or loss.
If the hedging instrument is sold, terminated, expires,
exercised without replacement or rollover, or if the hedge becomes
ineffective and is no longer a designated hedge, amounts previously
recognised in equity remain in equity until the forecast
transaction occurs.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
New and amended standards and interpretations issued but not yet
effective for the financial year beginning 1 July 2014 and not
early adopted
The following Australian Accounting Standards have been issued
or amended and are applicable to the annual financial statements of
the Consolidated Entity (or the Company) but are not yet effective.
This assumes the following have not been adopted in preparation of
the financial statements at the reporting date.
AASB No. Title Application Issue date
date of standard
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 9 Financial Instruments 1 January December 2010
2018
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2013-9 Amendments to Australian Accounting Standards Part C - 1 December 2013
- Conceptual Framework, Materiality and January 2015
Financial Instruments
Part C - Financial Instruments
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-1 Amendments to Australian Accounting Standards Part D - 1 June 2014
Part D - Consequential Amendments arising January 2016
from AASB 14 Regulatory Deferral Accounts Part E - 1
Part E - Financial Instruments January 2018
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-3 Amendments to Australian Accounting Standard 1 January August 2014
- Accounting for Acquisition of Interest 2016
in Joint Operations
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-4 Amendments to Australian Accounting Standard 1 January August 2014
- Clarification of Acceptable Methods 2016
of Depreciation and Amortisation (Amendments
to AASB 116 and AASB 138)
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-5 Amendments to Australian Accounting Standard 1 January December 2014
Arising From AASB 15 2017
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-7 Amendments to Australian Accounting Standard 1 January December 2014
AASB 2014-8 Arising From AASB 9 2018
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-9 Amendments to Australian Accounting Standard 1 January January 2015
- Equity Method in Separate Financial 2016
Statements
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2014-10 Amendments to Australian Accounting Standard 1 January January 2015
- Sale of Contribution of Assets Between 2016
Investors and its Associates or Joint
Venture
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2015-4 Amendments to Australian Accounting Standards 1 January January 2015
- Financial Reporting Requirements for 2015
Australian Groups with a Foreign Parent
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 2015-5 Amendments to Australian Accounting Standards 1 January January 2015
- Investment Entities: Applying the Consolidation 2016
Exception
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 14 Regulatory Deferral Account 1 January June 2014
2016
--------------- ----------------------------------------------------- -------------------- ----------------
AASB 15 Revenues from Contracts with Customers 1 January December 2014
2017
--------------- ----------------------------------------------------- -------------------- ----------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 4: SEGMENT INFORMATION NOTES
The Consolidated Entity has identified its operating segments
based on the internal reports that are reviewed and used by the
Managing Director to make decisions about resources to be allocated
to the segments and assess their performance.
The Consolidated Entity has one reportable segment being its
mine development activities in the United Kingdom.
The financial information presented in the consolidated
statement of profit or loss and other comprehensive income and
statement of financial position is the same as that presented to
the Managing Director.
NOTE 5: CONTINGENT LIABILITIES
As at 31 December 2014 the Consolidated Entity did not have any
contingent liabilities.
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