Cornwall Resources Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08078812

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

CORNWALL RESOURCES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G C Fietz

P V Wale

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

08078812

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

796,374

263,592

Tangible assets

5

4,459

-

800,833

263,592

CURRENT ASSETS

Debtors

6

104,804

1,091

Cash at bank

342,300

8,404

447,104

9,495

CREDITORS

Amounts falling due within one year

7

134,642

48,386

NET CURRENT ASSETS/(LIABILITIES)

312,462

(38,891

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,113,295

224,701

CAPITAL AND RESERVES

Called up share capital

9

619,674

331,961

Share premium

740,510

52,876

Retained earnings

(246,889

)

(160,136

)

SHAREHOLDERS' FUNDS

1,113,295

224,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 March 2018 and were signed on its behalf by:

G C Fietz - Director

1.	STATUTORY INFORMATION

Cornwall Resources Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

The company adopted FRS 102 for the accounting year ended 30 June 2017. There were no adjustments arising

at the transition date or at the end of the comparative period, therefore there is no difference between equity

under the previous financial reporting framework and equity under FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Computer equipment- 3 years straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

263,592

Additions

532,782

At 30 June 2017

796,374

NET BOOK VALUE

At 30 June 2017

796,374

At 30 June 2016

263,592

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

4,864

At 30 June 2017

4,864

DEPRECIATION

Charge for year

405

At 30 June 2017

405

NET BOOK VALUE

At 30 June 2017

4,459

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Amounts owed by group undertakings

3,916

-

Other debtors

100,888

1,091

104,804

1,091

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade creditors

104,410

6,906

Amounts owed to group undertakings

2,949

41,480

Other creditors & accruals

27,283

-

134,642

48,386

8.	FINANCIAL INSTRUMENTS

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company

does not have any Other Financial Instruments as covered by Section 12 of FRS102.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.17

30.6.16

value:

£

£

619,674

Ordinary

£1

619,674

331,961

287,713 Ordinary shares of £1 each were allotted as fully paid at a premium of 2.39 per share during the year.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

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

ultimate parent company during the year ended 30 June 2017.

In February 2017, Strategic Minerals PLC increased its interest in Cornwall Resources Limited to 50%. Cornwall

Resources Limited is now an equal partnership Joint Venture between New Age Exploration Limited and

Strategic Minerals PLC.