Arakan Resources Limited
Audited Financial Results 2013.
PR Newswire
London, June 25
Arakan Resources Limited (ARK) released audited financial results for
financial year 2013.
Arakan Resources Limited (ARK) released today its audited financial
report for the 2013 financial year ending December 31.
The report includes consolidated financial statements of Arakan Resources
Limited, which are comprised of the consolidated statement of financial
position as at December 31, 2013 and the related consolidated statements of
profit or loss and other comprehensive income, changes in shareholders'
equity, and cash flows statement.
The complete audited financial report was posted on the GXG site for further
review.
The audited financial report presents the following results
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
July 18, 2013 (date
of incorporation)
through December 31,
2013
Revenue -
Costs and expenses
Finance costs 91
Consultancy fee 64,997
Subscription fee 9,858
Incorporation fee 2,755
Share register maintenance costs 5,828
Impairment loss on goodwill 247,824
Foreign exchange loss 2,782
Other operating expenses 29,904
(364,039)
Loss before taxation (364,039)
Taxation -
Net loss for the period and total comprehensive loss for (364,039)
the period
Attributable to:
Owners of the parents (364,038)
Non-controlling interest (1)
(364,039)
Total comprehensive loss attributable to:-
Owners of the parents (364,038)
Non-controlling interest (1)
(364,039)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, 2013
ASSETS
Non-current asset
Investment in subsidiaries -
Goodwill -
Total non-current asset -
Current assets
Deposits 5,237
Prepayment 5,419
Amount due from a shareholder 2
Cash and cash equivalents 27,906
Total current assets 38,564
Total assets 38,564
EQUITY AND LIABILITIES
Equity attributable owners
Share capital 1,500
Accumulated losses (361,038)
Non-controlling interest 1
Total equity (362,537)
Current liabilities
Bank overdraft 10
Accruals 12,702
Other payables 224,264
Amount due to a related party 13,383
Amount due to directors 150,742
Total liabilities 401,101
Total equity and liabilities 38,564
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Accumulated Interest Total
Capital Losses
US$ US$ US$ US$
Balance as at 18.07.2013 2 - - 2
(date of incorporation)
Issuance of shares 1,498 - - 1,498
Contribution by non-controlling - - 2 2
interest
Total comprehensive loss for the - (364,038) (1) (364,039)
period
Balance as at 31.12.2013 1,500 (364,038) 1 (362,537)
CONSOLIDATED STATEMENT OF CASH FLOWS
July 18, 2013 (date
of incorporation)
through December 31,
2013
Cash flows from operating activities
Loss before taxation (364,039)
Adjustment for:- 247,824
Impairment loss on goodwill
Changes in working capital:-
Decrease in deposits and prepayment 6,005
Increase in other payables and accruals 76,048
Net cash used in operating activities (34,162)
Cash flows from investing activities
Net cash inflow on acquisition of subsidiaries 24,999
Net cash generated from investing activities 24,999
Cash flows from financing activities
Advance from directors 35,559
Issuance of shares 1,500
Net cash generated from financing activities 37,059
Net increase in cash and cash equivalents 27,896
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 27,896
As at December 31, 2013, the Company had net capital deficit and net current
liabilities of $362,537. The financial statements have been prepared on a going
concern basis as two of the shareholders and a third party have agreed to
provide financial support to the company to enable the company to pay its debt
as and when they fall due and not to recall the amount advance to the company
until all other payables have been met.
The Directors take responsibility for this announcement.
For further information:
Arakan Resources Limited
Christian West, Director
Tel: +44 (0) 207 290 8542