Interim Results
September 30 2003 - 3:01AM
UK Regulatory
RNS Number:3188Q
Bullion Resources PLC
30 September 2003
BULLION RESOURCES PLC
INTERIM REPORT
2003
BULLION RESOURCES PLC
CHAIRMAN'S REPORT ON THE
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2003
SUMMARY OF THE UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
The company's loss for the period ended 30 June 2003 was #897,427 (2002:
#1,663,189) after charging administrative expenses of #920,221 (2002:
#1,715,433). Administrative expenses included a write off of pre-production
costs amounting to #777,595 (2002:#1,524,133).
OPERATIONS
In winding down operations the key objectives were the reduction of expenses and
the conservation of liquid resources. Presently, staffing has been reduced to
one person who has been retained to manage the care and maintenance of tangible
mining assets. Security, administration, finance and the commercial aspects of
the business have been outsourced.
Various hearings with Dr Vermaakt who compiled the competent person's report
have been held by the South African Council of Natural Scientific Professions
(SACN), Dr Vermaakt's governing body. The next hearing is scheduled for
mid-October 2003 and once we receive a report from SACN, a decision will be
taken as to your company's further course of action regarding the mineral asset
base.
BOARD OF DIRECTORS
Two of the company's directors, Dr David Davis and Dawie Roodt did not offer
themselves for re-election at the AGM held on 19 September 2003 and I wish to
thank them for their past contributions to the company.
The Board is pleased to announce the appointment of Malcolm Burne as a
non-executive director with effect from 22 September 2003. Malcolm is chairman
of Golden Prospect plc and his experience and enthusiasm for restoring
shareholder wealth should bring much value to your company.
STRATEGIC ACTIVITIES
Potential projects and joint ventures have been sourced and are currently being
evaluated. Several parties are examining the acquisition of the current mineral
property assets held by Bullion.
Various new opportunities are now being pursued and shareholders will be advised
of the outcome.
Johan Meiring
Chairman
30 September 2003
BULLION RESOURCES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2003
Eleven months
Half year to to 31 December
30 June 2003 2002
(Unaudited) (Audited)
---------- ----------
# #
Turnover - -
Cost of sales - -
---------- ----------
Gross profit - -
Administrative expenses (920,221) (1,715,433)
---------- ----------
Operating loss (920,221) (1,715,433)
Interest receivable and similar
income 22,820 52,334
Interest payable and similar
charges (26) (90)
---------- ----------
Loss on ordinary activities
before taxation (897,427) (1,663,189)
Tax on loss on ordinary activities - -
---------- ----------
Loss on ordinary activities after
taxation (897,427) (1,663,189)
========== ==========
Earnings per share
Basic loss per ordinary share (1.94)p (6.16)p
========== ==========
BULLION RESOURCES PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2003
As at As at
30 June 2003 31 December 2002
(Unaudited) (Audited)
--------------- ---------------
# # # #
Fixed assets
Deferred exploration 831,908 559,750
costs - tangible
assets
Current assets
Debtors 357,354 114,855
Cash at bank and in 1,251,710 2,671,763
hand ------- -------
1,609,064 2,786,618
Creditors:
amount falling
due within one
year (69,740) (191,302)
------- -------
Net current
assets 1,539,324 2,595,316
-------- --------
Total assets
less current
liabilities 2,371,232 3,155,066
======== ========
Capital and
reserves
Called up share 462,500 462,500
capital
Share premium 4,143,756 4,143,756
account
Other reserves 325,592 211,999
Profit and Loss (2,560,616) (1,663,189)
account -------- --------
Equity
shareholders'
funds 2,371,232 3,155,066
======== ========
BULLION RESOURCES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2003
1. Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical costs
convention and in accordance with appropriate applicable Accounting
Standards and the Statement of Recommended Practice 'Accounting for Oil
and Gas Exploration, Development, Production and Decommissioning
Activities (the SORP)'.
1.2 Mining rights and development costs
In accordance with the full cost method as set out in the SORP,
expenditure including related overheads on acquisition, exploration and
evaluation of interest in licences not yet transferred to a cost pool is
capitalised under intangible assets. Cost pools are established on the
basis of geographic area. When it is determined that such costs will be
recouped through successful development and exploration or alternatively
by sale of the interest, expenditure will be transferred to tangible
assets and depreciated over the expected productive life of the assets.
Whenever a project is considered no longer viable the associated deferred
exploration and development costs are written off to the profit and loss
account.
1.3 Tangible fixed assets
Tangible fixed assets other freehold land are stated at cost less
accumulated depreciation and impairments. Depreciation is provided at
rates calculated to write off the cost less estimated residual value of
each asset over its expected useful life as follows:
Land and buildings Freehold Land is not depreciated. Buildings are
depreciated using the lesser of their
useful life or unit-of-production method
based on proved and probable mineral
reserves.
Mining plant and machinery Depreciated using the lesser of their
useful life or units-of-production method
based on proved and probable mineral
reserves.
Computer equipment 3 to 5 years
Fixtures, fittings & 3 to 5 years
equipment
Motor vehicles 4 years
BULLION RESOURCES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2003
1.4 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are
translated into sterling at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are recorded at the rate
ruling at the date of the transaction. All differences are taken to profit
and loss account.
Financial statements of overseas subsidiaries are translated at the rate
ruling at the balance sheet date. Exchange differences arising are dealt
with through reserves.
2. The financial information set out above does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985.
3. The calculation of basic loss per ordinary share is based on a loss after
tax #897,427 (2002: #1,663,189) and on 46,250,000 (2002: 26,979,208)
ordinary shares, being the weighted average number of shares in issue
during the periods ended 30 June 2003 and 31 December 2002 respectively.
There is no dilutive effect of share options on the basic loss per
share.
4. The directors are not declaring a dividend for the period.
5. Copies of this report are being sent to all shareholders and can be viewed
on the company's web-site
Business Address Registered Office
Bullion Resources PLC 1 The Green
15 The Green Richmond
Richmond Surrey
Surrey TW9 1PL
TW9 1PX United Kingdom
United Kingdom
Telephone +44 (0) 208 939 0111
Facsimile +44 (0) 208 334 0870
This information is provided by RNS
The company news service from the London Stock Exchange
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