Model Financial Accounts
Transcript of Model Financial Accounts
LIMITED
HALF-YEAR REPORT
31 DECEMBER 2011
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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1. CORPORATE DIRECTORY ....................................................................................................................... 3
2. DIRECTORS' REPORT ....................................................................................................................... 4-10
3. AUDITOR’S INDEPENDENCE DECLARATION ....................................................................................... 11
4. STATEMENT OF COMPREHENSIVE INCOME ...................................................................................... 12
5. STATEMENT OF FINANCIAL POSITION ................................................................................................ 13
6. STATEMENT OF CHANGES IN EQUITY ................................................................................................. 14
7. STATEMENT OF CASH FLOWS ............................................................................................................. 15
8. NOTES TO THE FINANCIAL REPORT .............................................................................................. 16-17
9. DIRECTORS' DECLARATION ................................................................................................................. 18
10. INDEPENDENT AUDITOR’S REVIEW REPORT ............................................................................... 19-20
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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CORPORATE DIRECTORY
This half-year report covers Sunseeker Minerals Limited (“the Company”) during the half-year ended 31
December 2011. The Company’s functional and presentation currency is AUD ($).
OFFICERS Paul Lloyd (Executive Chairman)
Lyle Thorne (Non-Executive Director)
Nicholas Revell (Non-Executive Director)
Christine Chainey (Company Secretary)
REGISTERED OFFICE C/ Regency Corporate Pty Ltd
Suite 1 GF, 437 Roberts Road
SUBIACO WA 6008
SOLICITORS Steinepreis Paganin
Lawyers and Consultants
Level 4, Next Building
16 Milligan Street
PERTH WA 6000
AUDITORS Bentleys
Level 1, 12 Kings Park Road
WEST PERTH WA 6005
SHARE REGISTRY Advanced Share Registry Ltd
Unit 2, 150 Stirling Highway
NEDLANDS WA 6009
Telephone: (08) 9389 8033
Facsimile: (08) 9389 7871
PRINCIPAL PLACE OF BUSINESS Suite 1 GF, 437 Roberts Road
SUBIACO WA 6008
Telephone: (08) 9476 9200
Facsimile (08) 9381 1122
WEBSITE www.sunseekerminerals.com.au
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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DIRECTORS’ REPORT
Your Directors submit the financial report of the entity for the half-year ended 31 December 2011.
Directors and Officers
The names of Directors who held office during or since the end of the half-year:
Paul Lloyd
Lyle Thorne
Nicholas Revell
Company Secretary
Christine Chainey held the position of Company Secretary during the financial period.
Corporate Activity
The Company was incorporated on 15 November 2010.
The company (“Sunseeker” ASX : SKM) successfully listed on the ASX in July 2011 after completing a capital
raising under a prospectus by issuing 15,000,000 shares at $0.20 to raise $3,000,000. Sunseeker is a
Perth based gold and base metals exploration company.
The company has a tight capital structure with a total of 33,000,000 shares on issue. Of this only
16,500,000 are tradeable with 16,500,000 shares held in escrow.
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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ABOUT LUCKY DOWNS PROJECT
The project is located 220 kilometres west of Townsville, Queensland. The target commodities on the project
are gold and other base metals over an area of 203 square kilometres. The project consists of exploration
mineral permits EPM 14346, EPM 18368 (in application) and mineral development licence MDL 107.
The Lucky Downs project has undergone limited exploration work (6,500 metres of drilling) but has a number
of identifiable targets in an area known to host economic mineralisation. The Company’s aim is to identify
and explore new mineral discoveries that will significantly upgrade the value of the project, with the ultimate
goal being the mining of identifiable resources. The target commodities are gold and other base metals.
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Review of operation
Sunseeker commenced the process of exploration at the Lucky Dam Project by engaging an external
geological review of all previous work. The process was completed on a target by target basis within the
overall geological and structural framework to assess their present value and determine their exploration
potential.
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The targets have then been ranked and exploration programmes proposed, with emphasis placed on fully
defining the Gold (Au) Zinc (Zn) mineralisation at Galah Dam and felsic volcanic (now kyanite schist)
geological environment identified by previous explorers.
Galah Dam – Location and Regional Structure (GDA 94)
A dipole-dipole array induced polarization survey (IP) was completed across the Galah Dam mineralised zone
in the late 1990’s by previous explorers, and later re-processed by Glengarry Resources Ltd in 2004.
Sunseeker interpreted this data as part of the external review.
Seven (7) 100m spaced lines were completed on NW-SE grid perpendicular to the geological strike (5900N
to 6500N inclusive). A 100m dipole length was used.
The survey was designed to identify chargeable Au/Zn mineralisation and the associated sulphides in what is
described as a plunging “shear zone”. The results were plotted on pseudosections and described on a line
by line basis identifying a chargeability anomaly stretching from section line 5900N to 6500N. In the south
the anomaly was described as dipping at 40o to the SE. This dip increased to vertical on line 6200N and
then reversed dip to the NW in lines 6400N and 6500N.
Glengarry Resources Ltd completed Inversion Modeling on the IP data. This is a mathematical process
generating models based on some degree of understanding of what is being investigated, in this case the
sulphide mineralisation, using the existing drilling data and prior geological knowledge. The model
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demonstrates how the physical property is distributed in the ground. The modeling generated values at 43m,
63m, 85m, 135m, 232m (400rl) and 282m (350rl) below surface. The values are presented as colour
images with scaling from blue to red, the latter representing highest chargeability.
Galah Dam – IP survey data collected in late 1990’s and later re-processed by previous explorers (see text) – Image is
Chargeability -85m depth (497rl)
The chargeability anomaly is open to the north. In section 6500N hole 05GDRC001 was drilled (by
Glengarry) to test the chargeability anomaly. However, the drill hole deviated significantly and only partially
tested the eastern edge of the anomaly.
The zones of higher chargeability correspond to the presence of sulphides in the drilling with the mineralised
trend centered in the areas of highest chargeabilty. This relationship is present on all sections.
The external consultant concluded that work to date at Galah Dam has demonstrated some interesting base
metal values in what is interpreted to be a NE trending shear/fault zone. IP has proved useful in tracing the
mineralisation. It is recommended to complete IP to the north of the present survey to trace potential
OPEN
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extensions. An IP traverse to the south of the present IP survey would also be useful as the pseudosection of
the raw data on 5900N demonstrates the presence of a chargeability anomaly.
As a result of these recommendations, the Company is currently assessing contractor availability and
obtaining cost estimates for a ground based geophysical survey to better define the Galah Dam area.
The company is working on gaining access with the land owners. Cultural Heritage clearance was obtained
during the September 2011 quarter for proposed drilling at Steam Engine (Au) and the main Galah Dam
mineralised zone (Au-Zn).
The Directors believe that the Company has acquired a project with exceptional potential; however, other
projects both in Australia and overseas will be considered for either acquisition or joint venture should they
have the potential to add value to the Company.
The information in this report that relates to exploration results, mineral resources or ore reserves is based
on information compiled by Mr Greg Smith, a consultant to the company and who is a member of the
Australasian Institute of Mining and Metallurgy. Mr Smith has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith consents to the inclusion in the report
of the matters based on his information in the form and context in which it appears.
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Auditor’s Declaration
The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on
page 11 for the half-year ended 31 December 2011.
This report is signed in accordance with a resolution of the Board of Directors.
Director
Paul Lloyd
Dated this 20 day of February 2012
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To the Board of Directors
This declaration is made in connection with our review of the financial report of Sunseeker
Minerals Limited for the half-year ended 31 December 2011 and in accordance with the
provisions of the Corporations Act 2001.
We declare that, to the best of our knowledge and belief, there have been:
no contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to the review;
no contraventions of the Code of Professional Conduct of the Institute of Chartered
Accountants in Australia in relation to the review.
Yours faithfully
BENTLEYS CHRIS WATTS CA
Chartered Accountants Director
DATED at PERTH this 20th
day of February 2012
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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The accompanying notes form part of this financial report.
STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2011
31 December 2011 15 November 2010
to 31 December 2010
$ $
Revenue 66,412 -
Administration Expense (50,170) -
Employee Benefit Expense (100,800) -
Financial Administration and Compliance Expenses (38,246) -
Legal Expenses (6,084) -
Travel and Accommodation Expense (300) -
Other expenses (3,554) -
Loss before income tax (132,742) -
Income tax expense - -
Loss from continuing operations (132,742) -
Loss for the period (132,742) -
Other comprehensive income/loss - -
Total comprehensive loss for the period (132,742) -
Basic loss per share (cents per share) (0.40) - For
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011
31 December 2011 30 June 2011
$ $
CURRENT ASSETS
Cash and cash equivalents 2,700,439 2,942,443
Trade and Other receivables 19,499 11,648
Other assets 26,213 2,500
TOTAL CURRENT ASSETS 2,746,151 2,956,591
NON-CURRENT ASSETS
Exploration and evaluation expenditure 498,819 470,143
TOTAL NON-CURRENT ASSSETS 498,819 470,143
TOTAL ASSETS 3,244,970 3,426,734
CURRENT LIABILITIES
Trade and other payables 21,449 63,072
TOTAL CURRENT LIABILITIES 21,449 63,072
TOTAL LIABILITIES 21,449 63,072
NET ASSETS 3,223,521 3,363,662
EQUITY
Issued capital 3,393,529 3,400,928
Accumulated losses (170,008) (37,266)
TOTAL EQUITY 3,223,521 3,363,662
The accompanying notes form part of this financial report. For
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STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2011
Issued Capital
Accumulated
Losses
Total
$ $ $
Balance at 15 November 2010 - - -
Loss for the period - - -
Other comprehensive income - - -
Total comprehensive income for period - - -
Transaction with owners recorded directly in
equity
Shares issued 102,000 - 102,000
Balance at 31 December 2010 102,000 - 102,000
Issued Capital
Accumulated
Losses
Total
$ $ $
Balance at 1 July 2011 3,400,928 (37,266) 3,363,662
Loss for the period - (132,742) (132,742)
Other comprehensive income - - -
Total comprehensive income for period - (132,742) (132,742)
Transaction with owners recorded directly in
equity
Capital Raising Costs (7,399) - (7,399)
Balance at 31 December 2011 3,393,529 (170,008) 3,223,521
The accompanying notes form part of this financial report.
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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STATEMENT OF CASH FLOWS FOR HALF YEAR ENDED 31 DECEMBER 2011
31 December 2011 15 November 2010 to
31 December 2010
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (244,904) --
Interest received 66,830 --
Payment for exploration expenditure (38,139) --
Net cash used in operating activities (216,213) -
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for project - -
Net cash used in investing activities - -
CASH FLOWS FROM FINANCING ACTIVITIES
Proceed from share issue - 102,000
Payment relating to share issue (25,791) -
Net cash provided (used) by financing activities (25,791) 102,000
Net increase in cash held (242,004) 102,000
Cash at beginning of period 2,942,443 -
Cash at end of period 2,700,439 102,000
The accompanying notes form part of this financial report.
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
NOTES TO THE FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011
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NOTE 1: BASIS OF PREPARATION
These general purpose financial statements for the interim half-year reporting period ended
31 December 2011 have been prepared in accordance with requirements of the Corporations Act 2001
and Australian Accounting Standards including AASB 134: Interim Financial Reporting. Compliance with
Australian Accounting Standards ensures that the financial report and notes also comply with International
Financial Reporting Standards.
This interim financial report is intended to provide users with an update on the latest Annual Report of
Sunseeker Minerals Limited. As such, it does not contain information that represents relatively insignificant
changes occurring during the half-year within the Company. It is therefore recommended that this financial
report be read in conjunction with the Annual Report of the Company for the year ended 30 June 2011,
together with any public announcements made during the half-year.
The interim financial statements have been prepared in accordance with the accounting policies adopted in
the Company's last annual financial statements for the year ended 30 June 2011, except for the adoption
of Improvements to AASBs 2010 (2010 Improvements) as of 1 January 2011. The 2010 Improvements
made several minor amendments to AASBs. The relevant amendments and their effects on the current
period or prior periods are described below.
The accounting policies have been applied consistently throughout the Company for the purposes of
preparation of these interim financial statements.
Amendment to AASB 101 Presentation of Financial Statements
The amendment provides a choice of presenting the reconciliations for each component of other
comprehensive income either in the statement of changes in equity or in the notes to the financial
statements. The Company has elected to retain reconciliations within the Statement of Changes in Equity as
previously disclosed.
Amendments to AASB 134 Interim Financial Reporting
The amendments clarified certain disclosures relating to events and transactions that are significant to an
understanding of changes in the Company's circumstances since the last annual financial statements. The
Company's interim financial statements as of 31 December 2011 reflect these amended disclosure
requirements, where applicable.
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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
NOTES TO THE FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011
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NOTE 2: ISSUED CAPITAL
There were no movements in the ordinary share capital or issued share capital of the Company in the
current half-year reporting period.
NOTE 3: OPERATING SEGMENTS
Identification of reportable segments
The Company is not of a size and level of activity that requires operating segments based internal reports.
The Company is currently operating in one geographic region being Australia.
NOTE 4: CONTINGENT LIABILITIES
There has been no change in contingent liabilities since the last annual reporting date.
NOTE 5: EVENTS SUBSEQUENT TO REPORTING DATE
There were no significant substantial events subsequent to reporting date.
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DIRECTORS’ DECLARATION
The Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 12 to 17:
a. Comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations; and
b. Are in accordance with International Financial Reporting Standards issued by the International
Accounting Standards Board, and
c. Give a true and fair view of the Company’s financial position as at 31 December 2011 and of its
performance for the half-year ended on that date.
2. In the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its
debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Paul Lloyd
Dated this 20 day of February 2012
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We have reviewed the accompanying half-year financial report of Sunseeker Minerals
Limited (“the Company”) which comprises the statement of financial position as at
31 December 2011, and the statement of comprehensive income, statement of changes
in equity and statement of cash flows for the half-year ended on that date, a statement of
accounting policies, other selected explanatory notes and the directors’ declaration.
The directors of the Company are responsible for the preparation of the half-year
financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and for such control as the directors determine
is necessary to enable the preparation of the half-year financial report that is free from
material misstatement, whether due to fraud or error. Attached
Our responsibility is to express a conclusion on the half-year financial report based on
our review. We conducted our review in accordance with Auditing Standard on Review
Engagements ASRE 2410 Review of a Financial Report Performed by the Independent
Auditor of the Entity, in order to state whether, on the basis of the procedures described,
we have become aware of any matter that makes us believe that the financial report is
not in accordance with the Corporations Act 2001 including: giving a true and fair view of
the Company’s financial position as at 31 December 2011 and its performance for the
half-year ended on that date; and complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001. As the auditor of Sunseeker
Minerals Limited, ASRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in
accordance with Australian Auditing Standards and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion. For
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In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe
that the half-year financial report of Sunseeker Minerals Limited is not in accordance with the Corporations Act
2001 including:
a. Giving a true and fair view of the Company’s financial position as at 31 December 2011 and of its
performance for the half-year ended on that date; and
b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations
Regulations 2001.
BENTLEYS CHRIS WATTS CA
Chartered Accountants Director
DATED at PERTH this 20th
day of February 2012
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