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Melbourne Vic 3000
530 Little Collins StreetMelbourne, VIC 3000
Directors
Company secretary
(Non-Executive Director)
South Melbourne, VIC 3205100 Albert Road
Grant Thornton Australia LimitedAuditorThe Rialto, 525 Collins Street
Suite 905Principal place of business
Registered office
Tarcoola Gold Limited
30 June 2012
Corporate directory
Melanie J Leydin
Level 4
Mark A Muzzin(Executive Director)Glenister Lamont(Non-Executive Director)Peter Armitage
2
●
Likely developments and expected results of operations
No matter or circumstance has arisen since 30 June 2012 that has significantly affected, or may significantly affect theconsolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in futurefinancial years.
During the financial period the principal continuing activities of the consolidated entity consisted of:the maintenance and administration of the Uley Graphite Project, South Australia.
Dividends
During the period, Strategic Energy Resouces Limited (the previous 100% owner of the Group) entered into ademerger scheme of arrangement ("Scheme"). Under the Scheme, 80% of Tarcoola's shares have been distributedto eligible SER shareholders.
Environmental regulation
There were no dividends paid or declared during the current or previous financial period.
Under the scheme, any obligation to repay loan balances has been waived and a revenue item, Loan Forgiveness,has been recognised in the current period.
Review of operations
The profit for the consolidated entity after providing for income tax amounted to $6,066,676 (30 June 2011: loss of$646,600).
Significant changes in the state of affairs
Tarcoola Gold Limited
Principal activities
Peter Armitage (Non-Executive Director)
The following persons were directors of Tarcoola Gold Limited during the whole of the financial period and up to thedate of this report, unless otherwise stated:
Directors' report
30 June 2012
Information on likely developments in the operations of the consolidated entity and the expected results of operationshave not been included in this report because the directors believe it would be likely to result in unreasonableprejudice to the consolidated entity.
Mark A Muzzin (Executive Director)
The directors present their report, together with the financial statements, on the consolidated entity (referred tohereafter as the 'consolidated entity') consisting of Tarcoola Gold Limited (referred to hereafter as the 'company' or'parent entity') and the entities it controlled for the period ended 30 June 2012.
Directors
Glenister Lamont (Non-Executive Director)
There were no other significant changes in the state of affairs of the consolidated entity during the financial period.
Matters subsequent to the end of the financial period
The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth orState law.
3
Tarcoola Gold Limited
Directors' report
30 June 2012
None
Title:
Qualifications:
Other current directorships:Former directorships (in the last 3 years):
Non-Executive Director
Special responsibilities:
Executive DirectorTitle:B.A.
Strategic Energy Resources Limited, U Energy Limited & Ishine InternationalResources Ltd
Experience and expertise:
Other current directorships:
Information on directors
Name:
Mr Lamont is a professional non-executive Director. Recent roles include ManagingDirector and consultant for a range of resource companies. Previously, as a GM withAshton Mining, he led strategy and commercial implementation of businessdevelopment initiatives and managed all aspects of investor and corporate affairs.Prior to that, as an Executive Director at the leading European investment bank UBSWarburg, he conducted financial, technical and strategic evaluation of miningcompanies and participated in a wide range of corporate transactions. He hasinternational mining experience in base metals, gold, coal and other commoditiesthat has included experience as a mining engineer with Preussag in Germany as wellas a rock mechanics engineer and mining engineer in South Africa for Goldfields ofSouth Africa.Strategic Energy Resources Limited & Golden Rim Resources Limited
Special responsibilities:
Name:
Qualifications:
Experience and expertise:
Mark A Muzzin
None
BEng Mining (Hons), MBA (IMD Switzerland) FAICD, FFin MAusIMM
Glenister Lamont
Mr Muzzin has had over 20 years of commercial experience and holds a B.A. degreefrom Latrobe University, Melbourne. His career commenced in the mid-eighties for aLondon stock broking firm and he has consulted for two of the major banks inAustralia in the share custodian area. He has been involved in capital raisingactivities for resource companies in Australia and has consulted to various oil/gasand minerals companies. Mr Muzzin is a Director of Fleurieu Mines NL (and itssubsidiary U Energy Pty Ltd) which is seeking access from the Commonwealth intothe Cultana Training Area in South Australia to undertake minerals exploration. MrMuzzin is a Member of the Petroleum Exploration Society of Australia.
NoneNone
Former directorships (in the last 3 years):
4
Tarcoola Gold Limited
Directors' report
30 June 2012
Attended Held4 4 4 4 4 4
Shares under option
Meetings of directors
Company secretary
'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities onlyand excludes directorships in all other types of entities, unless otherwise stated.
The number of meetings of the company's Board of Directors held during the period ended 30 June 2012, and thenumber of meetings attended by each director were:
Ms Melanie Leydin is a Chartered Accountant and is a Registered Company Auditor.
She graduated from Swinburne University in 1997, became a Chartered Accountant in 1999 and since February 2000has been the principal of chartered accounting firm, Leydin Freyer.
In the course of her practice she audits listed and unlisted public companies involved in the resources industry. Herpractice also involves outsourced company secretarial and accounting services to public companies in the resourcessector. This involves preparation of statutory financial statements, annual reports, half year reports, stock exchangeannouncements and quarterly ASX reporting and other statutory requirements.
Ms Melanie Leydin has 20 years experience in the accounting profession and is a director and company secretary fora number of oil and gas, junior mining and exploration entities listed on the Australian Securities Exchange.
Mr Peter Armitage
Other current directorships:Former directorships (in the last 3 years):
FCA FAICDPeter Armitage began his professional career over 40 years ago with an internationalaccounting firm, specialising in start-ups and work-outs. After qualification he wasinvited into partnership of a national firm that he maintained until he set up his ownpractice in 1978, of which he remains principal.
Since the early 1980's he has been a Director of a number of listed explorationcompanies in both Australia and New Zealand concentrating on fiscal aspects ofproject modelling and procurement of capital. Recently he has been responsible for anumber of successful IPOs supervising Due Diligence and Corporate Governancematters as well as attending to all compliance matters.
Mr Armitage has also been involved in various consulting assignments in PeoplesRepublic of China, Canada, USA, Hong Kong, and UK for Fortune 500 companies.
Experience and expertise:
Special responsibilities: None
Non-Executive Director Qualifications:
Strategic Energy Resources Limited
Oroya Mining Limited (resigned 5 July 2012)
Held: represents the number of meetings held during the time the director held office.
Title:
M MuzzinG Lamont
Full Board
Name:
P Armitage
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorshipsin all other types of entities, unless otherwise stated.
There were no unissued ordinary shares of Tarcoola Gold Limited under option outstanding as at 30 June 2012.
5
Page
9101112132324
Registered office
Level 4100 Albert RoadSouth Melbourne, VIC 3205
General information
The financial report covers Tarcoola Gold Limited as a consolidated entity consisting of Tarcoola Gold Limited and theentities it controlled. The financial report is presented in Australian dollars, which is Tarcoola Gold Limited's functionaland presentation currency.
Melbourne, VIC 3000
Contents
Financial report
Notes to the financial statementsDirectors' declaration
Independent auditor's report to the members of Tarcoola Gold Limited
The financial report consists of the financial statements, notes to the financial statements and the directors'declaration.
Statement of comprehensive incomeStatement of financial positionStatement of changes in equityStatement of cash flows
Tarcoola Gold Limited
30 June 2012
Financial report
A description of the nature of the consolidated entity's operations and its principal activities are included in thedirectors' report, which is not part of the financial report.
Suite 905530 Little Collins Street
The financial report was authorised for issue, in accordance with a resolution of directors, on 23 October 2012. Thedirectors have the power to amend and reissue the financial report.
Tarcoola Gold Limited is an unlisted public company limited by shares, incorporated and domiciled in Australia. Itsregistered office and principal place of business are:
Principal place of business
8
Note 2012 2011
$ $
3 6,251,992 -
(181,013) (641,278)(4,303) (5,322)
6,066,676 (646,600)
4 - -
6,066,676 (646,600)
- -
6,066,676 (646,600)
Profit/(loss) after income tax expense for the period attributable to the
owners of Tarcoola Gold Limited
Income tax expense
Other income
Depreciation and amortisation expense
Consolidated
Expenses
Tarcoola Gold Limited
For the period ended 30 June 2012
Statement of comprehensive income
Exploration costs written off
Profit/(loss) before income tax expense
Other comprehensive income for the period, net of tax
Total comprehensive income for the period attributable to the owners of
Tarcoola Gold Limited
The above statement of comprehensive income should be read in conjunction with the accompanying notes
9
Note 2012 2011
$ $
5 5,293 7,008 6 977 1,154
6,270 8,162
7 7,510 11,813 7,510 11,813
13,780 19,975
8 - 6,072,871 - 6,072,871
- 6,072,871
13,780 (6,052,896)
9 3,228,050 3,228,050 (3,214,270) (9,280,946)
13,780 (6,052,896)
Property, plant and equipment
Total liabilities
Liabilities
Total non-current assets
Current assets
Assets
Cash and cash equivalents
Accumulated losses
Trade and other receivables
Non-current assets
Total current assets
Total equity/(deficiency)
Total non-current liabilities
Net assets/(liabilities)
Borrowings
Tarcoola Gold Limited
Statement of financial position
As at 30 June 2012
Consolidated
Total assets
Issued capitalEquity
Non-current liabilities
The above statement of financial position should be read in conjunction with the accompanying notes
10
Total
equity
$ $ $ $ $ $
3,228,050 (8,634,346) (5,406,296)
- (646,600) (646,600)
- - - - - -
- - - - (646,600) (646,600)
- - - 3,228,050 (9,280,946) (6,052,896)
Total
equity
$ $ $ $ $ $
3,228,050 (9,280,946) (6,052,896)
- 6,066,676 6,066,676
- - - - - -
- - - - 6,066,676 6,066,676
- - - 3,228,050 (3,214,270) 13,780 Balance at 30 June 2012
Other comprehensive income for the period, net of tax
Profit after income tax expense for the period
Total comprehensive income for the period
Balance at 1 July 2011
Tarcoola Gold Limited
For the period ended 30 June 2012
Statement of changes in equity
Other comprehensive income for the period, net of tax
Total comprehensive income for the period
Balance at 30 June 2011
Consolidated
Consolidated
Balance at 1 July 2010
Loss after income tax expense for the period
Contributed
equity profits
Retained
Contributed
equity
Retained
profits
The above statement of changes in equity should be read in conjunction with the accompanying notes
11
Note 2012 2011
$ $
(180,836) (641,116)
14 (180,836) (641,116)
- -
179,121 637,757
179,121 637,757
(1,715) (3,359)7,008 10,367
5 5,293 7,008
Consolidated
Cash flows from operating activities
Payments to suppliers (inclusive of GST)
Net cash used in operating activities
Tarcoola Gold Limited
For the period ended 30 June 2012
Statement of cash flows
Cash and cash equivalents at the beginning of the financial period
Cash and cash equivalents at the end of the financial period
Cash flows from investing activities
Net cash from financing activities
Loans from ultimate holding company
Net decrease in cash and cash equivalents
Cash flows from financing activities
Net cash from investing activities
The above statement of cash flows should be read in conjunction with the accompanying notes
12
Parent entity information
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the consolidated entity's accounting policies. Theareas involving a higher degree of judgement or complexity, or areas where assumptions and estimates aresignificant to the financial statements, are disclosed in note 2.
Going concern
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below. Thesepolicies have been consistently applied to all the periods presented, unless otherwise stated.
Note 1. Significant accounting policies
The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretationsissued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
New, revised or amending Accounting Standards and Interpretations adopted
The directors are satisfied that the entity has sufficient funds available to enable the company to meet its obligationsas they fall due. The consoldiated entity currrenty has no liabilites and no commitments. On the basis the financialreport has been prepared on a consolidated basis.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, therevaluation of available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss,investment properties, certain classes of property, plant and equipment and derivative financial instruments.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standardsand Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, asappropriate for-profit oriented entities. These financial statements also comply with International Financial ReportingStandards as issued by the International Accounting Standards Board ('IASB').
Critical accounting estimates
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidatedentity only. Supplementary information about the parent entity is disclosed in note 11.
13
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
- a deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available to realisethe asset;
Loan forgiveness
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Tarcoola Gold Limited('company' or 'parent entity') as at 30 June 2012 and the results of all subsidiaries for the period then ended. TarcoolaGold Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Note 1. Significant accounting policies (continued)
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entityare eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment ofthe asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistencywith the policies adopted by the consolidated entity.
Cash and cash equivalents
- the tax consequences of recovering and settling all assets and liabilities are reflected in the financial statements;
Income taxes are accounted for using the comprehensive balance sheet method whereby:Income tax
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. Refer to the 'businesscombinations' accounting policy for further details. A change in ownership interest, without the loss of control, isaccounted for as an equity transaction, where the difference between the consideration transferred and the bookvalue of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Principles of consolidation
Subsidiaries are all those entities over which the consolidated entity has the power to govern the financial andoperating policies, generally accompanying a shareholding of more than one-half of the voting rights. The effects ofpotential exercisable voting rights are considered when assessing whether control exists. Subsidiaries are fullyconsolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated fromthe date that control ceases.
- a deferred tax asset is recognised to record the tax effected value of any unused tax losses.
- deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when theasset is realised or the liability settled;
Trade and other receivables
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term,highly liquid investments with original maturities of three months or less that are readily convertible to known amountsof cash and which are subject to an insignificant risk of changes in value.
Loan forgiveness revenue is recognised when the liability to repay is forgiven.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilitiesand non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The consolidated entity recognises the fair value of the consideration received and the fair value of any investmentretained together with any gain or loss in profit or loss.
Other receivables are recognised at amortised cost, less any provision for impairment.
- current and deferred tax is recognised as income or expense except to the extent that the tax relates to equity itemsor to a business combination;
Revenue recognition
14
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
Exploration and evaluation expenditures in relation to each separate area of interest are accumulated and expensedat the end of each reporting period. Exploration and evaluation expenditures are initially measured at cost and include acquisition of rights to explore,studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation andamortisation of assets used in exploration and evaluation activities. General and administrative costs are onlyincluded in the measurement of exploration and evaluation costs where they are related directly to operationalactivities in a particular area of interest.
Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date,the loans or borrowings are classified as non-current.
Borrowings
Leasehold improvements and plant and equipment under lease are depreciated over the unexpired period of thelease or the estimated useful life of the assets, whichever is shorter.
Plant and equipment
Property, plant and equipment
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant andequipment (excluding land) over their expected useful lives as follows:
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at eachreporting date.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical costincludes expenditure that is directly attributable to the acquisition of the items.
Note 1. Significant accounting policies (continued)
3-7 years
Exploration and evaluation
Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by externalindependent valuers, less subsequent depreciation and impairment for buildings. The valuations are undertaken morefrequently if there is a material change in the fair value relative to the carrying amount. Any accumulated depreciationat the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restatedto the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildingsare credited to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken to therevaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter thedecrements are taken to profit or loss.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefitto the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken toprofit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs.They are subsequently measured at amortised cost using the effective interest method.
Issued capital
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net oftax, from the proceeds.
Ordinary shares are classified as equity.
15
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
New Accounting Standards and Interpretations not yet mandatory or early adopted
Note 1. Significant accounting policies (continued)
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yetmandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June2012. The consolidated entity's assessment of the impact of these new or amended Accounting Standards andInterpretations, most relevant to the consolidated entity, are set out below.
(iii) AASB 11 Joint ArrangementsIn August 2011 the Australian Accounting Standards Board issued AASB 11 to replace AASB131: Interests in JointVentures (July 2004 as amended). AASB 11 requires joint arrangements to be classified as either “joint operations”(whereby the parties that have joint control of the arrangement have rights to the assets and obligations for theliabilities) or “joint ventures” (where the parties that have joint control of the arrangement have rights to the net assetsof the arrangement). Joint ventures are required to adopt the equity method of accounting (proportionateconsolidation is no longer allowed). This standard will have no impact on the Company’s financial statements as atthe 30th of June 2012 as at that time the Company is not a party to any joint arrangement.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GSTrecoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement offinancial position.
Goods and Services Tax ('GST') and other similar taxes
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxauthority.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financingactivities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is notrecoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or aspart of the expense.
(i) AASB 9 Financial Instruments Amendments to Australian Accounting Standards (effective from 1 January 2015)In December 2009 the AASB issued a revised AASB 9 Financial Instruments. It is effective for accounting periods onor after 1 January 2015. This amends the requirements for classification and measurement of financial assets. Oninitial analysis this standard will have no impact on the Company’s financial statements.
(ii) AASB 10: Consolidated Financial StatementsIn August 2011 the Australian Accounting Standards Board issued AASB 10 to replace parts of AASB127:Consolidated and Separate Financial Statements (March 2008 as amended) and Interpretation 112: Consolidation –Special Purpose Entities. AASB 10 provides a revised definition of control and additional application guidance so thata single control model will apply to all investees. This standard will have no impact on the Groups financial statementsbecause the Group retains one hundred per cent ownership of all current investees.
16
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
2012 2011
$ $
6,251,992 -
Consolidated
During the period Strategic Energy Resouces Ltd (the previous 100% owner of the Group) entered into a demergerscheme. Under the scheme 80% of Tarcoola's shares have been distributed to SER shareholders.
Note 1. Significant accounting policies (continued)
Note 2. Critical accounting judgements, estimates and assumptions
Loan Forgiveness
Note 3. Other income
Under the scheme any obligation to repay loan balances has been waived and an income has been recognised in thecurrent period.
(iv) AASB 12 Disclosure of Interests in Other EntitiesIn August 2011 the Australian Accounting Standards Board issued AASB 12. AASB 12 contains the disclosurerequirements applicable to entities that hold an interest in a subsidiary, joint venture, joint operation or associate.AASB 12 also introduces the concept of a “structured entity”, replacing the “special purpose entity” concept currentlyused in Interpretation 112, and requires specific disclosures in respect of any investments in unconsolidatedstructured entities. This standard will only affect disclosures and will have no other impact on the Company’s financialstatements.
(v) AASB 13 Fair Value Measurement and Amendments to AASB 2011-8 Amendments to Australian AccountingStandards arising from AASB 13 (effective 1 January 2013) In September 2011 the Australian Accounting Standards Board issued AASB 13, it defines fair value, sets out in asingle Standard a framework for measuring fair value and requires disclosures about fair value measurements. Oninitial analysis this standard will have no impact on the Company’s financial statements.
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges forits property, plant and equipment and finite life intangible assets. The useful lives could change significantly as aresult of technical innovations or some other event. The depreciation and amortisation charge will increase where theuseful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have beenabandoned or sold will be written off or written down.
Estimation of useful lives of assets
The preparation of the financial statements requires management to make judgements, estimates and assumptionsthat affect the reported amounts in the financial statements. Management continually evaluates its judgements andestimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases itsjudgements, estimates and assumptions on historical experience and on other various factors, including expectationsof future events, management believes to be reasonable under the circumstances. The resulting accountingjudgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptionsthat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within thenext financial year are discussed below.
17
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
2012 2011
$ $
6,066,676 (646,600)
1,820,003 (193,980)
(1,875,598) -
- - (55,595) (193,980)55,595 193,980
- - - -
12,008,184 11,822,868
- - 3,602,455 3,546,860
2012 2011
$ $
203 298 5,090 6,710
- - 5,293 7,008
2012 2011
$ $
977 1,154
Note 4. Income tax expense
Numerical reconciliation of income tax expense and tax at
the statutory rate
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Profit/(loss) before income tax expense
Note 6. Current assets - trade and other receivables
Note 5. Current assets - cash and cash equivalents
Cash at bank
Consolidated
Consolidated
Consolidated
Tax at the statutory tax rate of 30%
GST receivable
Cash on hand
Deferred taxes not recognised
Potential tax benefit @ 30%
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Income not assessable
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. Thesetax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the samebusiness test is passed.
Income tax expense
18
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
2012 2011
$ $
72,802 81,802 (65,292) (70,224)
- - 7,510 11,578
9,219 9,219 (9,219) (8,984)
- - - 235
3,697 17,339 (3,697) (17,339)
- - - -
4,936,930 4,936,930 (4,936,930) (4,936,930)
- - - -
- - 7,510 11,813
Total$ $ $ $ $ $
- - - 15,893 1,243 17,136 - - - (4,315) (1,008) (5,323)
- - - 11,578 235 11,813 - - - (4,068) (235) (4,303)
- - - 7,510 - 7,510
2012 2011
$ $
- 6,072,871
Less: Accumulated depreciation
Plant and
Balance at 1 July 2010
Depreciation expense
Mine properties - at cost
Less: Accumulated depreciation
Motor
Note 7. Non-current assets - property, plant and equipment
Reconciliations
Less: Accumulated depreciation
Consolidated
equipment
Depreciation expense
Balance at 30 June 2011
Plant and equipment - at cost
Less: Accumulated depreciation
vehicles
Balance at 30 June 2012
Motor vehicles - at cost
Office equipment - at cost
Loan - Ultimate holding company
Consolidated
Reconciliations of the written down values at the beginning and end of the current and previous financial period areset out below:
Consolidated
Note 8. Non-current liabilities - borrowings
The loan with the previous parent company has been forgiven under the demerger scheme of arrangement.
19
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
2012 2011 2012 2011
Shares Shares $ $
435,778,124 57,894,602 3,228,050 3,228,050
No of shares Issue price $
57,894,602 3,228,050
57,894,602 3,228,050 29,261,023 $0.00 -
348,622,499 $0.00 -
435,778,124 3,228,050
2012 2011
$ $
3,319,450 -
3,319,450 -
Details
Note 9. Equity - issued capital
Balance 30 June 2011
27 April 2012
Consolidated
27 April 2012
Ordinary shares - fully paid
Consolidated
Balance
Demerger shares issued Share split
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a polleach share shall have one vote.
Ordinary shares
Capital risk management
Parent
Statement of comprehensive income
Total comprehensive income
Set out below is the supplementary information about the parent entity.
Movements in ordinary share capital
Date
Balance
1 July 2010
30 June 2012
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company inproportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value.
The capital risk management policy remains unchanged.
There were no dividends paid or declared during the current or previous financial period.
Note 10. Equity - dividends
Profit after income tax
Note 11. Parent entity information
20
Tarcoola Gold Limited
Notes to the financial statements
30 June 2012
Note 11. Parent entity information (continued)
Statement of financial position
Parent
2012
2011
$
$
Total current assets
-
-
Total assets
-
-
Total current liabilities
-
-
Total liabilities
-
3,319,450
Equity
Issued capital
3,228,050
3,228,050
Accumulated losses
(3,228,050)
(6,547,500)
Total deficiency in equity
- (3,319,450)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2012 and 30 June 2011 Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2012 and 30 June 2011. Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment at as 30 June 2012 and 30 June 2011.
Significant accounting policies The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except for the following: ● Investments in subsidiaries are accounted for at cost, less any impairment.
Note 12. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in accordance with the accounting policy described in note 1:
Equity holding
Country of
2012
2011
Name of entity incorporation %
%
Strategic Energy Graphite Pty Ltd Australia
100.00
100.00
Note 13. Events after the reporting period
No matter or circumstance has arisen since 30 June 2012 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
21
Tarcoola Gold Limited
30 June 2012
Notes to the financial statements
2012 2011
$ $
- - 6,066,676 (646,600)
4,303 5,322 (6,251,992) -
177 162
- - (180,836) (641,116)
Depreciation and amortisation
Decrease in trade and other receivables
Net cash used in operating activities
Note 14. Reconciliation of profit/(loss) after income tax to net cash used in operating activities
Consolidated
Profit/(loss) after income tax expense for the period
Adjustments for:
Loan forgiveness
Change in operating assets and liabilities:
22