Nova Resources Limited Final Results for the Year -5-
03 Julio 2014 - 11:17AM
UK Regulatory
Cash flows from financing activities
Issue of ordinary shares - 975,000
New loan 400,000 60,000
---------------- ----------------
Net cash from financing activities 400,000 1,035,000
---------------- ----------------
(Decrease) in cash and cash equivalents (100,258) (351,623)
Cash and cash equivalents at beginning
of year 119,016 470,639
---------------- ----------------
Cash and cash equivalents at end
of year 18,758 119,016
NOVA RESOURCES LIMITED
Company Statement of Cash flows
For The Year Ended 31 December 2013
Year Year
ended ended
2013 2012
Note GBP GBP
Cash flows from operating activities
Cash generated from (consumed
in)/operations 23 (418,811) (1,465,695)
---------------- ----------------
Net cash from operating activities (418,811) (1,465,695)
---------------- ----------------
Cash flows from investing activities
Interest received - 43,266
Acquisition of subsidiaries - (64,100)
Acquisition of fixed asset investments - -
Disposal of fixed assets investments - -
---------------- ----------------
Net cash from investing activities - (20,834)
---------------- ----------------
Cash flows from financing activities
Issue of ordinary shares - 975,000
New loan 400,000 60,000
---------------- ----------------
Net cash from financing activities 400,000 1,035,000
---------------- ----------------
Increase/(decrease) in cash
and cash equivalents (18,811) (451,529)
Cash and cash equivalents at
beginning of year 19,103 470,632
---------------- ----------------
Cash and cash equivalents at
end of year 292 19,103
NOVA RESOURCES LIMITED
Notes to the Financial Statements
For The Year Ended 31 December 2013
1. GENERAL INFORMATION
Nova Resources Limited (formerly Tembusu Investments Limited) is
a company incorporated in Bermuda under the Bermuda Companies Act
1981. The Company's shares are traded on the AIM market of the
London Stock Exchange. The address of the registered office is
disclosed on page 1 of the financial statements. The principal
activities of the Company are described in the directors'
report.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), issued by the
International Accounting Standards Board (IASB) as adopted by the
European Union and with those parts of the Companies Act 1981
applicable to companies reporting under IFRS. The financial
statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
These policies have been consistently applied.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. Those areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial
statements, are disclosed in Note 4.
GOING CONCERN
The Group reports a loss of GBP1,190,373 for the year. After
making enquiries the directors consider that the Group has adequate
resources and loans, including convertible and commercial, from
long term investors to continue in operational existence for the
foreseeable future.
The Company entered into two investment agreements with Upside
Management (Offshore) SAL and Consiliou Growth Fund. Each Investor
will provide the company with a facility of up to GBP500,000 until
31 December 2018. The facility is provided by way of a subscription
for new company shares at a price of 1p each. With the above
facility in place, the directors are confident of the Group as a
going concern.
(a) New and amended standards adopted by the Company
The following new and revised IFRSs have been applied in the
current year and retrospectively to all periods unless otherwise
stated. Their adoption has not had any significant impact on the
accounts reported in these financial statements.
Standard Date Implemented
* IFRS 10 Consolidated Financial Statements 1 January 2013
* IFRS 11 Joint Arrangements 1 January 2013
* IFRS 12 Disclosure of Interests in Other Entities 1 January 2013
* Amendments to IFRS 10, IFRS 11 and IFRS 12
Consolidate Financial Statements, Joint Arrangements
and Disclosure of Interests in Other Entities:
Transition Guidance 1 January 2013
* IAS 27 Separate Financial Statements (as revised in
2011) 1 January 2013
* IAS 28 Investments in Associates and Joint Ventures
(as revised in 2011) 1 January 2013
* IFRS 13 Fair Value Measurement 1 January 2013
* IAS 19 Employee Benefits (as revised in 2011) 1 January 2013
* Amendments to IFRS 1 Government Loans 1 January 2013
NOVA RESOURCES LIMITED
Notes to the Financial Statements
For The Year Ended 31 December 2013
(a) New and amended standards adopted by the Company (Continued...)
Standard Date Implemented
* Amendments to IFRS 7 Disclosures - Offsetting
Financial Assets and Financial Liabilities 1 January 2013
* Annual Improvements to IFRSs 2009-2011 Cycle 1 January 2013
* IFRIC 20 Stripping Costs in the Production Phase of a
Surface Mine 1 January 2013
(b) New and revised IFRSs in issue but not yet effective
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial year beginning 1 January 2013 and have not been early
adopted:
Effective
date for
annual periods
beginning
on or after
1 January
* IFRS 9 Financial Instruments (as revised in 2010) 2015
* Amendments to IFRS 9 and IFRS 7 Mandatory Effective 1 January
Date of IFRS 9 and Transition Disclosures 2015
* Amendments to IAS 32 Offsetting Financial Assets and 1 January
Financial Liabilities 2014
* Amendments to IFRS 10, IFRS 12 and IAS 27 - 1 January
Investment entities 2014
* Amendments to IAS 36, Impairment of assets -
Recoverable amount disclosures for non-financial 1 January
assets 2014
* Amendments to IAS 39, Financial Instruments:
Recognition and Measurement - novation of derivatives 1 January
and continuation of hedge accounting 2014
* Amendments to IAS 36, Impairment of assets -
Recoverable amount disclosures for non-financial 1 January
assets 2014
1 January
* IFRIC 21, Levies 2014
Nova Res. (LSE:NOVA)
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