Additions - - - 408,824 408,824
Foreign exchange difference (746,604) (94,196) (340,703) (73,232) (1,254,735)
At 30 June 2014 3,007,123 570,163 1,696,484 8,937,532 14,211,302
Accumulated depreciation
At 30 June 2012 (restated) - (110,490) (37,275) - (147,765)
Charge for the year - (60,619) (216,933) - (277,552)
At 30 June 2013 (restated) - (171,109) (254,208) - (425,317)
Charge for the year (125,787) (53,348) (190,910) - (370,045)
Impairment (1,811,112) - (1,251,366) (524,000) (3,586,478)
Foreign exchange difference - - - - -
At 30 June 2014 (1,936,899) (224,457) (1,696,484) (524,000) (4,381,840)
Carrying amount
At 30 June 2014 1,070,224 345,706 - 8,413,532 9,829,462
At 30 June 2013 (restated) 3,753,727 493,250 1,782,979 8,601,940 14,631,896
At 30 June 2012 (restated) 656,479 525,310 2,014,006 8,296,469 11,492,264
Exploration and evaluation assets were re-classified as land use
rights, small scale licence, large scale licence. Deprecation was
applied by reference to the period of the licences granted. As a
result of the depreciation and reassignment of assets to Land and
buildings a prior period adjustment was necessary and this is
outlined in note 9.
Incorporated in the Exploration and Evaluation assets is a fair
value adjustment of GBP6,885,175 as a result of the acquisition of
Enviro Mining Limited on 20 June 2011 and its two subsidiary
companies, Enviro Processing Limited and Enviro Props Limited
(together "Enviro Group). An impairment of GBP250,000 has been made
in relation to the NLL facilitation fee paid as part of the cash
consideration at the time. The Enviro Group owns the leasehold
rights and title to Stand 5187 containing the stockpiles at Kabwe
and the contents of the washplant and leachplant tailings. No
further impairment has been made on the fair value on the basis
that third party reports and internal evaluation of future income
streams allied with the associated production costs generate net
present values, using conservative discount rates, which are well
in excess of the costs capitalised as intangible assets in the
balance sheet.
Net Book Fair Value Fair Value
Value of Adjustment GBP
Assets Acquired GBP
GBP
Exploration and evaluation assets 1,332,019 7,135,175 8,467,194
Other net assets acquired 843 - 843
----------------- ------------ -----------
1,332,862 7,135,175 8,468,037
Impairment - (250,000) (250,000)
----------------- ------------ -----------
1,332,862 6,885,175 8,218,037
Deferred tax - (1,855,145) (1,855,145)
1,332,862 5,030,030 6,362,892
12(b). PREPAYMENT FOR NON-CURRENT ASSETS
Group Company
GBP GBP
At 30 June 2012 5,182,373 3,117,094
Prior year adjustment (3,045,000) (3,045,000)
Transfer to Intangible Exploration
and Evaluation Assets (2,137,373) -
At 30 June 2012 (restated) - 72,094
Transfer to investment in subsidiary - (72,094)
Additions 1,181,467 1,181,467
Prior year adjustment (1,181,467) (1,181,467)
At 30 June 2013 (restated) - -
Additions 36,970 36,970
Provision (36,970) (36,970)
At 30 June 2014 - -
The costs of GBP4,226,467 incurred prior to 1 July 2013 in
relation to the copper project have been written off in prior years
as the directors have concluded that no value can be attributed to
the copper assets at the present time and that a significant
proportion of the funds expensed on this project were considered to
have been misappropriated. Consequently a prior period adjustment
has been made as outlined in note 9.
13. PROPERTY PLANT AND EQUIPMENT
Land and Motor Vehicles Other
Buildings GBP GBP Total
GBP GBP
GROUP
Cost
At 30 June 2012 (restated) - 35,757 25,752 61,509
Additions 18,325 44,910 135,632 198,867
Foreign exchange difference (1,923) (787) (153) (2,863)
At 30 June 2013 (restated) 16,402 79,880 161,231 257,513
Additions 14,474 46,652 41,071 102,197
Disposals - - (1,516) (1,516)
Foreign exchange difference (4,775) (16,107) (21,033) (41,915)
At 30 June 2014 26,101 110,425 179,753 316,279
Accumulated depreciation
At 30 June 2012 (restated) - (8,945) (15,235) (24,180)
Charge for the year - (20,186) (27,140) (47,326)
Impairment - - - -
Foreign exchange difference - 418 244 662
At 30 June 2013 (restated) - (28,713) (42,131) (70,844)
Charge for the year - (24,633) (44,247) (68,880)
Impairment - - (59,006) (59,006)
Disposals - - 758 758
Foreign exchange difference - 7,677 9,259 16,936
At 30 June 2014 - (45,669) (135,367) (181,036)
Carrying amount
At 30 June 2014 26,101 64,756 44,386 135,243
At 30 June 2013 (restated) 16,403 51,167 119,100 186,670
At 30 June 2012 (restated) - 26,812 10,517 37,329
During the year to 30 June 2013 an amount of GBP16,402 was
reclassified as land and buildings from exploration and evaluation
assets and this element is included in the prior period adjustment
summarised in note 9.
The carrying amount of motor vehicles held under finance lease
amounted to GBP46,654 (2013: GBPnil).
Motor Vehicles Other Total
GBP GBP GBP
COMPANY
Cost
At 30 June 2012 (restated) - 15,990 15,990
Additions - 40,929 40,929
At 30 June 2013 (restated) - 56,919 56,919
Additions 46,654 - 46,654
Disposals - (1,516) (1,516)
At 30 June 2014 46,654 55,403 102,057
Accumulated depreciation
At 30 June 2012 (restated) - (12,871) (12,871)
Charge for the year - (780) (780)
At 30 June 2013 (restated) - (13,651) (13,651)
Charge for the year (6,804) (11,012) (17,816)
Disposals - 758 758
At 30 June 2014 (6,804) (23,905) (30,709)
Carrying amount
At 30 June 2014 39,850 31,498 71,348
At 30 June 2013 (restated) - 43,268 43,268
At 30 June 2012 (restated) - 3,119 3,119
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