NAE Resources (UK) Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 08078812 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

FOR

NAE RESOURCES (UK) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A J Broome

G C Fietz

REGISTERED OFFICE:

The Old Sunday School

Little Lane

Kingsand

Torpoint

Cornwall

PL10 1NQ

REGISTERED NUMBER:

08078812 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

2

73,944

60,812

CURRENT ASSETS

Debtors

99

717

Cash at bank

2,951

14,611

3,050

15,328

CREDITORS

Amounts falling due within one year

1,350

990

NET CURRENT ASSETS

1,700

14,338

TOTAL ASSETS LESS CURRENT LIABILITIES

75,644

75,150

CREDITORS

Amounts falling due after more than one year

144,900

139,900

NET LIABILITIES

(69,256

)

(64,750

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(69,356

)

(64,850

)

SHAREHOLDERS' FUNDS

(69,256

)

(64,750

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 March 2016 and were signed on its behalf by:

G C Fietz - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to

continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at

least twelve months from the date these financial statements were approved. Accordingly they continue to adopt the

going concern basis in preparing the financial statements.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Intangible assets

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These

costs are carried forward as an asset only if they relate to an area of interest for which rights of tenure are current and

in respect of which such costs are expected to be recovered through successful development and exploitation, or from

sale of the area; or exploration and evaluation activities in the the area of interest have not, at reporting date, resulted

in booking economically recoverable reserves, and active operations in, or relating to, this area of interest are

continuing.

Exploration and evaluation assets 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 and

amortisation of assets used in exploration and evaluation activities. General and administrative costs are only

included in the measurement of exploration and evaluation costs where they relate directly to operational activities in

a particular area of interest. Exploration and evaluation assets are assessed for impairment when facts and

circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable

amount. The recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it

has been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the

impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is

increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount

does not exceed the carrying amount that would have been determined had no impairment loss been recognised for

the asset in previous years.

Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant

exploration and evaluation asset is tested for impairment and the balance is then reclassified to development.

Development expenditure is recognised at cost less accumulated amortisation and any impairment losses. Exploration

and evaluation expenditure is reclassified to development expenditure once the technical feasibility and commercial

viability of extracting the related mineral resource is demonstrable. Where commercial production in an area of

interest has commenced, the associated costs together with any forecast future capital expenditure necessary to

develop proved and probable reserves are amortised over the estimated economic life according to rate of depletion

of the economically recoverable reserves. Changes in factors such as estimates of proved and probable reserves that

affect the calculations are dealt with on a prospective basis. Accumulated costs in respect of areas of interest which

are abandoned are written off in full against profit or loss in the year in which the decision to abandon the area is

made. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry

forward costs in relation to that area of interest.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

60,812

Additions

13,132

At 30 June 2015

73,944

NET BOOK VALUE

At 30 June 2015

73,944

At 30 June 2014

60,812

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.15

30.6.14

value:

£

£

100

Ordinary

£1

100

100

4.	ULTIMATE PARENT COMPANY

New Age Exploration Limited (incorporated in Australia ) is regarded by the directors as being the company's

ultimate parent company.