Back to all announcements

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019

 
TIDMFIRE 
 
29 November 2019 
 
                                  IamFire plc 
                          (formerly Karoo Energy plc) 
                         (the "Company" or "IamFire") 
 
         AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 
 
Chief Executive Officer's statement and Group Strategic Report 
 
for the year ended 30 April 2019 
 
PRINCIPAL ACTIVITY 
 
The principal activity of the Company during the year was that of investment in 
coal bed methane and shale gas exploration. Following the disposal of the 
subsidiaries post year end the principal activity of the Company going forward 
is that of an investment vehicle. 
 
REVIEW OF BUSINESS 
 
I was appointed to the Board of Directors upon leading a restructure and 
recapitalisation that was subject to General Meeting approval on the 11th 
October 2019 where all resolutions were duly passed. Through engaging in 
discussions with the Board of Directors over a period of time, it was clear 
that it was important the Company retain its listed status and work effectively 
with new Directors & shareholders (both existing and new) to not only recover 
and create value but to treat this restructure as an opportunity to create a 
company with a reinvigorated purpose. I saw this as an opportunity to get 
involved with the Company, providing exposure to an international network that 
extends access to global capital, assets and skilled operators. 
 
Karoo (now named, IamFire plc) were unfortunate in not being able to proceed 
with a listing on AIM earlier this year and in the process, assumed substantive 
costs associated with the admission process. Given the substantial trade 
creditors associated with the Company, it was encouraging and refreshing to see 
the responsibility Noel Lyons demonstrated in personally satisfying and 
restructuring the trade creditors through entering a voluntary, informal 
insolvency process [the bulk of the creditors being parties that undertook 
services for Karoo with respect the attempted admission to AIM], representing 
the commitment to turning the situation around. It is also commendable that the 
participating creditors agreed to the terms of satisfaction with Noel Lyons. 
 
In Botswana, the exploration licenses were not extended due to the inability to 
capitalise the expenditure requirements that would ensure retention. To this 
end the Company incurred losses in writing off the capital expended on the 
exploration licenses. 
 
With Karoo (now named, IamFire plc) restructured, recapitalised with a modest 
capital finance GBP143,000 and its balance sheet restored the Board and I will be 
focused on creating a lean, low-cost investment vehicle seeking to transact, 
efficiently. The Board and I have already instilled disciplined, internal 
capital-management procedures that ensure we focus on capitalising our core 
costs of operation, assuming no Director's salaries and for compensation to be 
awarded in parallel with performance and to be equity-driven. 
 
Importantly as a company we will work to transact in association with capital 
markets. Assets of interest to the Company must be stress-tested in assuring 
that our shareholders will be confident that any acquisition that is made by 
the Company can be both capitalised and developed, meaningfully. 
 
The Board and I will be working with our international network to review a 
number of different opportunities, with our review protocol governed 
principally by; distressed assets with underlying value that can be capitalised 
and enhanced through the Boards respective skillsets. 
 
As I conclude my first review of the business as a Director of the Company, I 
would like to extend my sincerest thanks to the existing shareholders for their 
support in this restructure, the incumbent board for their assistance and I 
look forward to updating our shareholders and the market as developments occur 
and working to augment value for all associated. 
 
FINANCIALS 
 
The financial results for the year-ended 30 April 2019 show a loss after 
taxation of GBP204,834 (2018: loss of GBP877,835) and year end cash of GBP2,130 
(2018: GBP41,419). There have been no funds raised in the current year, with the 
Group raising GBP502,449 net of expenses during the prior year. 
 
OUTLOOK 
 
The focus for the Board and I for the coming year will be to operate a low-cost 
investment vehicle that will focus on identifying a transaction that will 
attract both broad market interest and present an enhanced platform for which 
we can access the required capital to invest and develop an interest. 
 
It is a natural function and reality of growth market issuers to rely on 
capital markets and to this end, the Board and I will be specific in the 
purpose and channels for which we look to capitalise the Company moving 
forward, ensuring that capital investment via an equity finance is aligned with 
the remit and rationale of the business as we progress. 
 
The Board and I are considering a number of different corporate avenues for the 
business to explore and further pursue and will ensure that effective 
communication is in place throughout the process when of material significance 
to our shareholders and the wider market. 
 
ON BEHALF OF THE BOARD: 
 
B S Tennent-Bhohi - Director 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
 
IamFire plc 
Burns Singh Tennent-Bhohi (Director) 
Telephone:020 3778 0755 
 
Corporate Adviser 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9795 
 
Consolidated Statement of Profit and Loss and Other Comprehensive 
 
Income for the year ended 30 April 2019 
 
 
2019                                    2018 
 
 
Notes                                     GBP 
                                           GBP 
 
CONTINUING OPERATIONS 
 
Other operating income 
4 
30,311                                           - 
 
Administrative expenses 
5                                   (228,155) 
(870,941) 
 
 
 
OPERATING 
LOSS 
(197,844)                             (870,941) 
 
Finance costs 
7                                      (7,000) 
(7,000) 
 
Finance income 
7 
10                                      106 
 
LOSS BEFORE INCOME TAX         8 (204,834)                  (877,835) 
 
 
Income tax 
9 
-                                           - 
 
LOSS FOR THE YEAR                              (204,834)     (877,835) 
 
 
Loss attributable to: 
 
Owners of the 
parent 
(197,844)                             (831,175) 
 
Non-controlling 
interests 
(7,200)                               (46,660) 
 
 
 
 
(204,834)                             (877,835) 
 
 
 
Earnings per share attributable to the 
 
owners of the parent expressed 
 
in pence per share:                                   10 
 
Basic 
(0.10)                                   (0.41) 
 
Diluted 
(0.10)                                   (0.41) 
 
 
 
Consolidated Statement of Profit and Loss and Other Comprehensive Income 
 
for the year ended 30 April 2019 
 
 
2019                                    2018 
 
 
GBP                                          GBP 
 
LOSS FOR THE 
YEAR                                                                (204,834) 
                             (877,835) 
 
OTHER COMPREHENSIVE INCOME 
-                                           - 
 
TOTAL COMPREHENSIVE INCOME FOR 
THE YEAR                       (204,834)                   (877,835) 
 
 
Total comprehensive income attributable to: 
 
Owners of the 
parent 
(197,844)                             (831,175) 
 
Non-controlling 
interests 
(7,200)                               (46,660) 
 
 
 
 
(204,834)                             (877,835) 
 
 
 
Consolidated Statement of Financial Position 
 
30 April 2019 
 
 
2019                                    2018 
 
 
Notes                                     GBP 
                                           GBP 
 
ASSETS 
 
NON-CURRENT ASSETS 
 
Intangible assets 
11 
-                               135,439 
 
 
 
 
-                               135,439 
 
 
 
CURRENT ASSETS 
 
Trade and other receivables 
13                                      35,220 
41,072 
 
Cash and cash equivalents 
14                                        2,130 
41,419 
 
 
 
 
37,350                                 82,491 
 
 
 
TOTAL 
ASSETS 
37,350                               217,930 
 
 
 
EQUITY 
 
SHAREHOLDERS' EQUITY 
 
Called up share capital 
16                                    511,837 
511,837 
 
Share premium 
17                                 2,231,786 
2,231,786 
 
Retained earnings 
17                               (3,040,821) 
(2,843,187) 
 
 
 
 
(297,198)                               (99,564) 
 
Non-controlling interests 
15                                    (61,766) 
(54,566) 
 
 
 
TOTAL 
EQUITY 
(358,964)                             (154,130) 
 
 
 
LIABILITIES 
 
CURRENT LIABILITIES 
 
Trade and other payables 
18                                    396,314 
372,060 
 
 
 
TOTAL 
LIABILITIES 
37,350                               372,060 
 
 
 
TOTAL EQUITY AND LIABILITIES 
37,350                               217,930 
 
 
 
The financial statements were approved by the Board of Directors on 28 November 
2019 and were signed on its behalf by: 
 
B S Tennent-Bhohi - Director 
 
Company Statement of Financial Position 
 
30 April 2019 
 
 
2019                                    2018 
 
 
Notes                                     GBP 
                                           GBP 
 
ASSETS 
 
NON-CURRENT ASSETS 
 
Intangible assets 
11 
-                                           - 
 
Investments 
12 
-                               312,674 
 
 
 
 
-                               312,674 
 
 
 
CURRENT ASSETS 
 
Trade and other receivables 
13                                      36,240 
189,841 
 
Cash and cash equivalents 
14                                        1,234 
41,419 
 
 
 
 
37,474                               231,260 
 
 
 
TOTAL 
ASSETS 
37,474                               543,934 
 
 
 
EQUITY 
 
SHAREHOLDERS' EQUITY 
 
Called up share capital 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -2-

16                                    511,837 
511,837 
 
Share premium 
17                                 2,231,786 
2,231,786 
 
Retained earnings 
17                               (3,087,450) 
(2,529,646) 
 
 
 
TOTAL 
EQUITY 
(343,827)                              213,977 
 
 
 
LIABILITIES 
 
CURRENT LIABILITIES 
 
Trade and other payables 
18                                    381,301 
329,957 
 
 
 
TOTAL 
LIABILITIES 
381,301                               329,957 
 
 
 
TOTAL EQUITY AND LIABILITIES 
37,474                               543,934 
 
 
 
As permitted by Section 408 of the Companies Act 2006, the income statement of 
the parent company is not presented as part of these financial statements. The 
parent company's loss for the financial year was GBP557,804 (2018: loss of GBP 
1,276,364). 
 
The financial statements were approved by the Board of Directors on 28 November 
2019 and were signed on its behalf by: 
 
B S Tennent-Bhohi - Director 
 
Consolidated Statement of Changes in Equity 
 
for the year ended 30 April 2019 
 
 
Called up 
 
 
share            Share         Retained 
 
 
capital         premium      earnings 
 
 
GBP                    GBP                    GBP 
 
Balance at 
1 May 2017 
469,590       1,771,584     (2,078,646) 
 
Changes in equity 
 
Loss for the year                                       -            -    (831,175) 
 
Total comprehensive loss for the 
year                                                      - 
-        (831,175) 
 
Issue of share 
capital 
42,247          494,375                     - 
 
Cost of share 
issue 
-          (34,173)                    - 
 
Share based 
payments 
-                     -           66,634 
 
 
 
Balance at 
30 April 2018 
511,834     2,2231,786     (2,843,187) 
 
 
 
Changes in equity 
 
Loss for the year                                       -            -    (197,634) 
 
Total comprehensive loss for the 
year                                                      - 
-        (197,634) 
 
Issue of share 
capital 
-                     -                     - 
 
Cost of share 
issue 
-                     -                     - 
 
Share based 
payments 
-                     -                     - 
 
 
 
Balance at 
30 April 2019 
511,837       2,231,786     (3,040,821) 
 
 
 
 
Non-controlling 
Total 
 
 
Sub-Total      interests         equity 
 
 
GBP                    GBP                    GBP 
 
Balance at 
1 May 2017 
162,528            (7,906)        154,622 
 
Changes in equity 
 
Loss for the year                                             (46,660)    (877,835) 
                                                (831,175) 
 
Total comprehensive loss for the year 
(831,175)         (46,660)       (877,835) 
 
Issue of share 
capital 
536,622                     -         536,622 
 
Cost of share 
issue 
(34,173)                    -          (34,173) 
 
Share based 
payments 
66,634                     -           66,634 
 
 
 
Balance at 
30 April 2018 
(99,564)         (54,566)       (154,130) 
 
 
 
Changes in equity 
 
Loss for the year                               (197,634)      (7,200)    (204,834) 
 
Total comprehensive loss for the year 
(197,634)          (7,200)       (204,834) 
 
Issue of share 
capital 
-                     -                     - 
 
Cost of share 
issue 
-                     -                     - 
 
Share based 
payments 
-                     -                     - 
 
 
 
Balance at 
30 April 2019                                                         (297,198) 
         (61,766)       (358,964) 
 
 
 
Company Statement of Changes in Equity 
 
for the year ended 30 April 2019 
 
 
Called up 
 
 
share            Share          Retained          Total 
 
 
capital         premium       earnings         equity 
 
 
GBP                    GBP                    GBP                    GBP 
 
Balance at 1 May 2017                                        469,590 
1,771,584     (1,319,916)        921,258 
 
Changes in equity 
 
Issue of share capital 
42,247          494,375                     -         536,622 
 
Cost of share issue 
-          (34,173)                    -          (34,173) 
 
Share based payments 
-                     -            66,634           66,634 
 
Total comprehensive income 
-                     -     (1,276,364)    (1,276,364) 
 
 
 
Balance at 30 April 2018                                     511,837 
2,231,786     (2,529,646)        213,977 
 
 
 
Changes in equity 
 
Issue of share capital 
-                     -                     -                     - 
 
Cost of share issue 
-                     -                     - 
 
Share based payments 
-                     -                     -                     - 
 
Total comprehensive income 
-                     -        (557,804)       (557,804) 
 
 
 
Balance at 30 April 2019                                     511,837 
2,231,786     (3,087,450)       (343,827) 
 
 
 
Consolidated Statement of Cash Flows 
 
for the year ended 30 April 2019 
 
 
2019                                    2018 
 
 
GBP                                          GBP 
 
Cash flows from operating activities 
 
Cash used in operations 
1                                    (32,299) 
(389,613) 
 
Interest 
paid 
(7,000)                                 (7,000) 
 
 
 
Net cash used in operating 
activities                                              (39,299) 
                             (396,613) 
 
 
 
Cash flows from investing activities 
 
Purchase of intangible fixed 
assets 
-                                (64,523) 
 
Interest 
received 
10                                      106 
 
 
 
Net cash used in investing 
activities 
10                                (64,417) 
 
 
 
Cash flows from financing activities 
 
Share 
issue 
-                               502,449 
 
Costs of Share 
Issue 
-                                           - 
 
 
 
Net cash from financing 
activities 
-                               502,449 
 
 
 
 
 
Increase/(decrease) in cash and cash equivalents  (39,289)      41,419 
 
Cash and cash equivalents at 
beginning of year                2 41,419                       - 
 
 
 
 
Cash and cash equivalents at 
end of year                    2 2,130                      41,419 
 
 
There is no net debt in either year. 
 
Notes to the Consolidated Statement of Cash Flows 
 
for the year ended 30 April 2019 
 
1.    RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Loss before income 
tax 
(204,834)       (877,835) 
 
          Impairment of intangible 
assets 
101,548         251,238 
 
          Disposal of intangible 
assets 
33,891                     - 
 
          Share based 
payments 
-           66,634 
 
          Finance 
costs 
7,000             7,000 
 
          Finance 
income 
(10)              (106) 
 
 
 
 
(62,405)       (553,069) 
 
          Decrease/in trade and other 
receivables 
5,852           54,188 
 
          Increase/in trade and other 
payables 
24,254         109,268 
 
      Cash used in operations                            (32,299)      (389,613) 
 
 
2.       CASH AND CASH EQUIVALENTS 
 
The amounts disclosed on the Statement of Cash Flows in respect of cash and 
cash equivalents are in respect of these Statement of Financial Position 
amounts: 
 
          Year ended 30 April 2019 
 
 
30/4/19       30/04/18 
 
 
GBP                    GBP 
 
          Cash and cash 
equivalents 
2,130           41,419 
 
 
 
Company Statement of Cash Flows 
 
for the year ended 30 April 2019 
 
 
2019                                    2018 
 
 
GBP                                          GBP 
 
Cash flows from operating activities 
 
Cash used in operations 
A                                    (33,195) 
(454,136) 
 
Interest 
paid 
(7,000)                                 (7,000) 
 
 
 
Net cash used in operating 
activities                                              (40,195) 
                             (461,136) 
 
 
 
Cash flows from investing activities 
 
Interest 
received 
10                                      106 
 
 
 
Net cash from in investing 
activities 
10                                      106 
 
 
 
Cash flows from financing activities 
 
Share 
issue 
-                               502,449 
 
Costs of Share 
Issue 
-                                           - 
 
 
 
Net cash from financing 
activities 
-                               502,449 
 
 
 
 
 
Increase/(decrease) in cash and cash equivalents  (40,185)      41,419 
 
Cash and cash equivalents at 
beginning of year                B 41,419                       - 
 
 
 
 
Cash and cash equivalents at 
end of year                    B 1,234                      41,419 
 
 
There is no net debt in either year. 
 
Notes to the Company Statement of Cash Flows 
 
for the year ended 30 April 2019 
 
A.    RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Loss before income 
tax 
(557,804)    (1,276,364) 
 
          Impairment of investments 
assets 
312,674                     - 
 
          Write off inter-company 
loan 
155,996                     - 
 
          Share based 
payments 
-           66,634 
 
          Finance 
costs 
7,000             7,000 
 
          Finance 
income 
(10)              (106) 
 
 
 
 
(82,144)    (1,202,836) 
 
          Decrease/in trade and other 
receivables                                                      (2,395) 
588,529 
 
          Increase/in trade and other 
payables 
51,344         160,171 
 
      Cash used in operations                            (33,195)      (454,136) 
 
 
B.       CASH AND CASH EQUIVALENTS 
 
The amounts disclosed on the Statement of Cash Flows in respect of cash and 
cash equivalents are in respect of these Statement of Financial Position 
amounts: 
 
          Year ended 30 April 2019 
 
 
30/4/19       30/04/18 
 
 
GBP                    GBP 
 
          Cash and cash 
equivalents 
1,234           41,419 
 
 
 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -3-

Notes to the Financial Statements 
 
for the year ended 30 April 2019 
 
1.       STATUTORY INFORMATION 
 
IamFire plc is a public limited company, registered in England and Wales. The 
company's registered number and registered office address can be found on the 
Company Information page. The principal activity is disclosed in the Strategic 
Report. 
 
2.       ACCOUNTING POLICIES 
 
          Basis of preparation 
 
The company financial statements of IamFire plc and its subsidiaries (together, 
"the Group") have been prepared in accordance with International Financial 
Reporting Standards ("IFRS"), as adopted by the European Union, IFRIC 
interpretations, and with those parts of the Companies Act 2006 applicable to 
companies reporting under IFRS. 
 
IFRS is subject to amendment and interpretation by the IASB and the IFRS 
Interpretations Committee, and there is an on-going process of review and 
endorsement by the European Commission. These accounting policies comply with 
each IFRS that is mandatory for accounting periods ending on 30 April 2019. 
 
The financial statements are presented in GBP (GBP) and rounded to the nearest GBP. 
GBP is also the functional currency of the Group. The financial statements ae 
prepared under the historical cost convention. 
 
The principal accounting policies set out below have been consistently applied 
to all periods presented. 
 
New and amended standards mandatory for the first time for the financial 
periods beginning on or after 1 January 2018: 
 
As of 1 January 2018, the Group has adopted IFRS 9 and IFRS 15. 
 
The Group adopted IFRS 9, Financial Instruments ('IFRS 9'), which replaced IAS 
39, Financial Instruments: Recognition and Measurement. IFRS 9 addresses the 
classification, measurement and recognition of financial assets and 
liabilities. 
 
The Group reviewed the financial assets and liabilities reported on its 
Statement of Financial Position and completed an assessment between IAS 39 and 
IFRS 9 to identify any accounting changes. The financial assets subject to this 
review were trade and other receivables. The financial liabilities subject to 
this review were the trade and other payables. Based on this assessment of the 
classification and measurement model, there were no changes to classification 
and measurement other than changes in terminology. 
 
IFRS 15 requires an expected quantitative impact of the application of IFRS 15 
to be included within the financial statements. Recharged rental income 
recognition is not considered to change as a result of the transition to IFRS 
15. The Group has no other revenue sources. 
 
Of the other IFRSs and IFRICs adopted, none have had a material effect on 
future Groups Financial Statements. 
 
International Financial Reporting Standards in issue but not yet effective and 
not yet adopted: 
 
At the date of authorisation of these financial statements, the IASB and IFRS 
Interpretations Committee have issued standards, interpretations and 
amendments. 
 
Whilst these standards and interpretations are not effective for, and have not 
been applied in the preparation of, these financial statements, the following 
may have an impact going forward: 
 
New/Revised International       Effective Date: Annual periods 
Financial Reporting Standards   beginning on or after:             EU adopted 
 
IFRS 16 Leases                  1 January 2019                     Yes 
 
IFRS 16 introduces a single lease accounting model. This standard requires 
lessees to account for all leases under a single on-balance sheet model. Under 
the new standard, a lessee is required to recognise all lease assets and 
liabilities on the balance sheet; recognize amortisation of leased assets and 
interest on lease liabilities over the lease term; and separately present the 
principal amount of cash paid and interest in the cash flow statement. Due to 
the renegotiation of the leases management do not consider that adoption of 
this standard will have a material impact on the financial statements. 
 
          Basis of consolidation 
 
The consolidated financial statements incorporate the results of IamFire plc 
("the Company") and entities controlled by the Company (its subsidiaries). 
Control is achieved where the Company is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the ability to affect 
those returns through its power over the entity. 
 
Income and expenses of subsidiaries acquired or disposed of during the year are 
included in the Consolidated Statement of Comprehensive Income from the 
effective date of acquisition and up to the effective date of disposal, as 
appropriate. When necessary, adjustments are made to the financial statements 
of subsidiaries to bring their accounting policies into line with those used by 
the Group. 
 
The Group applies the acquisition method of accounting to account for business 
combinations. The consideration transferred for the acquisition of a subsidiary 
is the fair values of the assets transferred, the liabilities incurred, and the 
equity interests issued by the Group. Identifiable assets acquired and 
liabilities and contingent liabilities assumed in a business combination are 
measured initially at their fair values at the acquisition date. 
 
Acquisition-related costs of business combinations that have occurred after the 
date of transition are expensed as incurred. 
 
All intra-Group transactions, balances, income and expenses are eliminated in 
full on consolidation. Accounting policies of subsidiaries have been changed 
where necessary to ensure consistency with the policies adopted by the Group. 
 
          Going concern 
 
The financial statements have been prepared on a going concern basis, which 
assumes that the Group and Company will continue in operational existence for 
the foreseeable future. 
 
During the year ended 30 April 2019 the Group made a loss of GBP239,884 (2018: a 
loss of GBP877,835) and as at 30 April 2019 it had net current liabilities of GBP 
394,014 (2018: net current liabilities of GBP289,569). 
 
The Group and Company have no revenue but has cash resources to finance 
activities whilst it identifies and completes suitable transaction 
opportunities. When a suitable transaction is identified, the Directors will 
consider the need for further funding to complete the transaction. 
 
Following a restructuring in October 2019 and the sale of both subsidiaries, 
the company is now unencumbered by significant trade creditors and has raised GBP 
143,000. 
 
The Directors consider that the continued adoption of the going concern basis 
is appropriate having reviewed the cash flow forecasts for the coming 18 months 
and the Financial Statements do not reflect any adjustments that would be 
required if they were to be prepared on any other basis. 
 
          Intangible assets 
 
The Group accounts for oil and gas expenditure under the full cost method of 
accounting. 
 
Costs (other than payments to acquire the legal right to explore) incurred 
prior to acquiring the rights to explore are charged directly to the income 
statement. All costs incurred after the rights to explore an area have been 
obtained, such as geological, geophysical, data costs and other direct costs of 
exploration and appraisal are accumulated and capitalised as intangible 
exploration and evaluation ("E&E") assets. 
 
E&E costs are not amortised prior to the conclusion of appraisal activities. At 
the completion of appraisal activities if technical feasibility is demonstrated 
and commercial reserves are discovered, then following development sanction, 
the carrying value of the relevant E&E asset will be reclassified as a 
development and production asset within tangible fixed assets. 
 
If after completion of appraisal activities in an area, it is not possible to 
determine technical feasibility or commercial viability, then the costs of such 
unsuccessful exploration and evaluation are written off to the income 
statement. The costs associated with any wells which are abandoned are fully 
amortised when the abandonment decision is taken. 
 
Development and production assets, are accumulated generally on a field 
by-field basis and represent the costs of developing the commercial reserves 
discovered and bringing them into production, together with the E&E 
expenditures incurred in finding commercial reserves which have been 
transferred from intangible E&E assets. 
 
          Financial instruments 
 
Financial assets and financial liabilities are recognised when the Group and 
Company becomes a party to the contractual provisions of the financial 
instrument. Please refer to note 20 in the Financial Statements for further 
disclosure. 
 
Financial assets and financial liabilities are measured initially at fair value 
plus transactions costs. Financial assets and financial liabilities are 
measured subsequently as described below. 
 
Financial assets 
 
The Group and Company classify their financial assets into one of the following 
categories, depending on the purpose for which the asset was acquired. The 
classification depends on the purpose for which the financial assets were 
acquired. Financial assets are either held at amortised cost, fair value 
through profit or loss; or fair value through other comprehensive income. 
Management determines the classification of its financial assets at initial 
recognition. 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market. They incorporate 
various types of contractual monetary assets, such as advances made to 
affiliated entities which give rise to other receivables and cash and cash 
equivalents includes cash in hand and deposits held at call with banks. Other 
receivables are carried at amortised cost less any provision for impairment, as 
the contracted cashflows solely relate to the payment of principal and 
interest. Impairment provisions are recognised when there is objective evidence 
(such as significant financial difficulties on the part of the counterparty) 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -4-

that the Group and Company will be unable to collect all of the amounts due 
under the terms of the receivable, the amount of such a provision being the 
difference between the net carrying amount and the present value of the future 
expected cash flows associated with the impaired receivable. 
 
A provision for impairment of trade receivables is established when there is 
objective evidence that the Group will not be able to collect all amounts due 
according to the original terms of the receivables. Significant financial 
difficulty, high probability of bankruptcy or a financial reorganisation and 
default are considered indicators that the trade receivable is impaired. The 
amount of the provision is the difference between the asset's carrying amount 
and the present value of the estimated future cash flows discounted at original 
effective interest rate. The loss is recognised in the Income Statement. When a 
trade receivable is uncollectible, it is written off against the allowance 
account for trade receivables. Subsequent recoveries of amounts previously 
written off are credited in the Income Statement. 
 
Financial assets are derecognised when the contractual rights to the cash flows 
from the financial asset expire, or when the financial asset and all 
substantial risks and rewards are transferred. 
 
Financial liabilities 
 
The Group's financial liabilities include trade and other payables. 
 
Trade payables are recognised initially at fair value and subsequently measured 
at amortised cost using the effective interest method. 
 
A financial liability is derecognised when it is extinguished, discharged, 
cancelled or expires. 
 
          Taxation 
 
Current taxes are based on the results shown in the financial statements and 
are calculated according to local tax rules, using tax rates enacted or 
substantially enacted by the statement of financial position date. 
 
Deferred taxation is calculated using the liability method, on temporary 
differences arising between the tax bases of assets and liabilities and their 
carrying amounts in the consolidated financial statements. However, if the 
deferred tax arises from the initial recognition of an asset or liability in a 
transaction other than a business combination that at the time of the 
transaction affects neither accounting nor taxable profit or loss, it is not 
accounted for. Deferred tax is determined using tax rates and laws that have 
been enacted or substantively enacted by the balance sheet date and are 
expected to apply when the related deferred tax asset is realised or the 
deferred tax liability is settled. 
 
Deferred tax liabilities are provided in full. 
 
Deferred tax assets are recognised to the extent that it is probable that 
future taxable profits will be available against which the temporary 
differences can be utilised. 
 
Changes in deferred tax assets or liabilities are recognised as a component of 
tax expense in the Income Statement, except where they relate to items that are 
charged or credited directly to equity in which case the related deferred tax 
is also charged or credited directly to equity. 
 
Deferred income tax assets and liabilities are offset when there is a legally 
enforceable right to offset current tax assets against current tax liabilities 
and when the deferred income tax assets and liabilities relate to income taxes 
levied by the same taxation authority on either the same taxable entity or 
different taxable entities where there is an intention to settle the balances 
on a net basis. 
 
          Foreign currencies 
 
Assets and liabilities in foreign currencies are translated into sterling at 
the rates of exchange ruling at the statement of financial position 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. 
 
Assets and liabilities of subsidiaries that have a functional currency 
different from the presentation currency (pound sterling), if any, are 
translated at the closing rate at the date of each balance sheet presented. 
Income and expenses are translated at average exchange rates. All resulting 
exchange differences are recognised in other comprehensive income (loss), if 
any. 
 
          Operating lease commitments 
 
Rentals paid under operating leases are charged to the income statement on a 
straight line basis over the period of the lease. 
 
2.       ACCOUNTING POLICIES - continued 
 
          Finance income and costs 
 
Interest is recognised using the effective interest method which calculates the 
amortised cost of a financial asset or liability and allocates the interest 
income or expense over the relevant period. The effective interest rate is the 
rate that exactly discounts estimated future cash receipts or payments through 
the expected life of the financial asset or liability to the net carrying 
amount of the financial asset or liability. 
 
          Share based payments 
 
Where share options have been granted to directors, IFRS 2 has been applied 
whereby the fair value of the options is measured at the grant date and spread 
over the period during which the employees become entitled to the options. An 
options valuation model is used to assess the fair value, taking into account 
the terms and conditions attached to the options. The fair value at grant date 
is determined including the effect of market based vesting conditions, to the 
extent such vesting conditions have a material impact. 
 
The cost of equity-settled transactions is recognised, together with a 
corresponding increase in equity, over the period in which the performance and/ 
or service conditions are fulfilled, ending on the date on which the relevant 
employees become fully entitled to the award (the vesting date). 
 
The cumulative expense recognised for equity-settled transactions at each 
reporting date until the vesting date reflects the extent to which the vesting 
period has expired and the Group's best estimate of the number of equity 
instruments that will ultimately vest. 
 
The charge or credit for a period to the Income Statement represents the 
movement in cumulative expense recognised as at the beginning and end of that 
period. 
 
No expense is recognised for awards that do not ultimately vest, except for 
awards where vesting is conditional upon a market condition, which are treated 
as vesting irrespective of whether or not the market condition is satisfied, 
provided that all other performance and/or service conditions are satisfied. 
Where the terms of an equity-settled award are modified, the minimum expense 
recognised is the expense as if the terms had not been modified. An additional 
expense is recognised for any modification, which increases the total fair 
value of the share-based payment arrangement, or is otherwise beneficial to the 
employee as measured at the date of modification. 
 
Where an equity-settled award is cancelled, it is treated as if it had vested 
on the date of cancellation, and any expense not yet recognised for the award 
is recognised immediately. However, if a new award is substituted for the 
cancelled award, and designated as a replacement award on the date that it is 
granted, the cancelled and new awards are treated as if they were a 
modification of the original award, as described in the previous paragraph. 
 
Where an equity-settled award is forfeited, the cumulative charge expensed up 
to the date of forfeiture is credited to the Income Statement. 
 
3.       CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION 
UNCERTAINTY 
 
The preparation of consolidated financial statements in conformity with 
International Financial Reporting Standards as adopted by the EU requires 
management to make estimates and judgements that affect the reported amounts of 
assets and liabilities as well as the disclosure of contingent assets and 
liabilities at the balance sheet date and the reported amounts of revenues and 
expenses during the reporting period. 
 
Estimates and judgements are continually evaluated and are based on historical 
experience and other factors, including expectations of future events that are 
believed to be reasonable under the circumstances. 
 
The following are the significant judgements used in applying the accounting 
policies of the Group that have the most significant effect on the consolidated 
financial statements: 
 
Impairment of capitalised exploration and evaluation expenditure: 
 
The future recoverability of capitalised exploration and evaluation expenditure 
is dependent on a number of factors, including whether it successfully recovers 
the related exploration and evaluation asset through sale. Factors which could 
impact the future recoverability include the level of proved, probable and 
inferred resources, future technological changes which could impact the cost of 
drilling and extraction, future legal changes (including changes to 
environmental restoration obligations), changes to commodity prices and licence 
renewal dates and commitments. 
 
To the extent that capitalised exploration and evaluation expenditure is 
determined to be irrecoverable in the future, this will reduce profits and net 
assets in the period in which this determination is made. In addition, 
exploration and evaluation expenditure is capitalised if activities in the area 
of interest have not yet reached a stage which permits reasonable assessment of 
the existence or otherwise of economically recoverable reserves. To the extent 
that it is determined in the future that this capitalised expenditure should be 
written off, this will reduce profits and net assets in the period in which 
this determination is made. Refer to note 11 in respect of intangible assets. 
 
4.       OTHER OPERATING INCOME 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Recharged rental 
income 
30,311                     - 
 
 
 
Other operating income relates entirely to rent for the sub-let of the property 
held under operating lease. 
 
5.       SEGMENTAL REPORTING 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -5-

 
Operating segments are reported in a manner consistent with the internal 
reporting provided to the chief operating decision maker. The chief operating 
decision maker, who is responsible for allocating resources, assessing the 
performance of the operating segment and making strategic decision, has been 
identified as the Board of Directors. The Board of Directors consider that the 
Group has only one operating segment which was that of investment in coal bed 
methane and shale gas exploration. Going forward this will be as an investment 
vehicle. 
 
6.       EMPLOYEES AND DIRECTORS 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Wages and salaries (short term employee benefits) 
                                      6,350           67,900 
 
 
 
The average number of employees during the year was as follows: 
 
 
2019              2018 
 
          Directors (no employees) 
 
3                    3 
 
 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Directors' 
remuneration 
6,350           67,900 
 
 
 
During the year the directors were paid the following amounts: - 
 
                                                                          GBP 
 
N Lyons                                                               3,000 
 
J Negaard                                                            11,400 
 
A Smith (paid through Nuthatch Advisors)                              7,200 
 
 
The difference between the charge in the financial statements and the amounts 
paid is represented by the reversal of a prior year accrual. 
 
7.       NET FINANCE COSTS 
 
 
2018              2017 
 
 
GBP                    GBP 
 
          Finance income: 
 
          Bank interest 
received 
10                106 
 
 
 
          Finance costs: 
 
          Interest payable on loan from 
Director 
7,000             7,000 
 
 
 
          Net finance 
costs 
6,990             6,894 
 
 
 
8.       LOSS BEFORE INCOME TAX 
 
          The loss before income tax is stated after charging: 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Operating 
leases 
26,400           27,601 
 
          Fees paid to the company's auditor: 
 
          Audit 
fees 
9,000             9,840 
 
          Taxation compliance 
services 
-             1,800 
 
          Reporting accountant 
services 
-           28,000 
 
          Impairment of intangible 
assets 
101,548         251,238 
 
 
 
        All 2018 audit and non-audit fees were paid to the Company's previous 
auditor. 
 
9.       INCOME TAX 
 
          Analysis of tax expense 
 
No liability to UK corporation tax arose for the year ended 30 April 2019 nor 
for the year ended 30 April 2018. 
 
          Factors affecting the tax expense 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Loss before income 
tax 
(204,834)       (877,835) 
 
      Loss multiplied by the standard rate of 
      corporation tax in the UK of 19% (2018 - 19%)    (38,918)       (166,789) 
 
 
          Effects of: 
 
      Deferred tax not provided                        38,918         166,789 
 
 
          Tax 
expense 
-                     - 
 
 
 
Tax losses have been carried forward from prior years totalling GBP1,329,627 with 
further losses incurred in the current year. Due to the change to an investment 
vehicle, the losses, although carried forward, are unlikely to be utilised in 
future periods. As a result, no deferred taxation has been provided for. 
 
10.     EARNINGS PER SHARE 
 
Basic earnings per share is calculated by dividing the earnings attributable to 
ordinary shareholders by the weighted average number of ordinary shares 
outstanding during the period. 
 
The Group does have potentially dilutive shares. However, as the Group made a 
loss in both the current and prior years, the basic and diluted earnings per 
share are the same. 
 
Reconciliations are set out below. 
 
 
2019 
 
 
Weighted 
 
 
average 
 
 
number      Per-share 
 
 
Earnings             of               amount 
 
 
GBP               shares            pence 
 
          Basic and diluted EPS 
 
      Earnings attributable to ordinary         (197,844)    204,734,976   (0.10) 
      shareholders 
 
          Effect of dilutive 
securities 
-                     -                     - 
 
 
 
 
2018 
 
 
Weighted 
 
 
average 
 
 
number         Per-share 
 
 
Earnings              of                amount 
 
 
GBP                shares             pence 
 
          Basic and diluted EPS 
 
      Earnings attributable to ordinary         (831,175)    204,734,976     (0.41) 
      shareholders 
 
          Effect of dilutive 
securities 
-                     -                     - 
 
 
 
11.     INTANGIBLE ASSETS 
 
          Group 
 
 
Exploration 
 
 
and evaluation 
 
assets 
 
 
GBP 
 
          COST 
 
          At 
1 May 2018 
135,439 
 
 
Impairments 
(135,439) 
 
 
 
          At 
30 April 2019 
- 
 
 
 
          NET BOOK VALUE 
 
          At 
30 April 2019 
- 
 
 
 
          At 
30 April 2018 
135,439 
 
 
 
11.     INTANGIBLE ASSETS - continued 
 
          Group 
 
As at 30 April 2019 the Directors have reviewed the intangible exploration 
asset for indicators of impairment in accordance with IFRS 6 Exploration for 
and Evaluation of Mineral Resources and, as a result of indicative 
factors, have undertaken a full impairment review of the licenses and as a 
result all exploration assets were fully impaired. 
 
12.     INVESTMENTS 
 
          Company 
 
 
Shares in 
 
 
group 
 
 
undertakings 
 
 
GBP 
 
          COST 
 
          At 
1 May 2018 
     312,674 
 
 
Impairment 
(312,674) 
 
 
 
          NET BOOK VALUE 
 
          At 
30 April 2019 
- 
 
 
 
          At 
30 April 2018 
312,674 
 
 
 
The group or the company's investments at the Statement of Financial Position 
date in the share capital of companies include the following: 
 
          Subsidiaries 
 
Equatorial Oil and Gas PLC 
 
Registered office: 2nd Floor, 1 Bentick Street, London, W1G 2EA 
 
Nature of business: Oil and gas exploration 
 
 
% 
 
          Class of shares: 
                                                          holding 
 
 
Ordinary 
94.00 
 
Tamboran Botswana (Pty) Ltd 
 
Registered office: Botswana 
 
Nature of business: Oil and gas exploration 
 
 
% 
 
          Class of shares: 
                                                          holding 
 
 
Ordinary 
94.00 
 
100% of the interest in Tamboran Botswana (Pty) Ltd is held indirectly by 
Equatorial Oil and Gas PLC. 
 
13.     TRADE AND OTHER RECEIVABLES 
 
 
Group                               Company 
 
 
2019               2018              2019              2018 
 
 
GBP                    GBP                    GBP                    GBP 
 
Current: 
 
          Trade receivables                                             4,795 
                     -             4,795                     -          Other 
receivables                                           10,250 
10,250            10,250           10,250 
 
          Director current account 
15,375            16,595            16,595           16,595 
 
          Inter-co - Equatorial 
-                     -                     -         155,996 
 
 
VAT 
200             7,227                     -                     - 
 
          Prepayments and accrued income                     4,600 
7,000             4,600             7,000 
 
 
 
 
35,220            41,072            36,240         189,841 
 
 
 
As at 30 April 2019, the Group conducted an impairment review in accordance 
with the provisions of IFRS 9. As a result of the change in business focus 
following the aborted AIM listing all intercompany receivables were written 
off. 
 
14.     CASH AND CASH EQUIVALENTS 
 
 
Group                               Company 
 
 
2019               2018              2019              2018 
 
 
GBP                    GBP                    GBP                    GBP 
 
          Bank accounts 
2,130            41,419             1,234           41,419 
 
 
 
At 30 April 2019 and 2018 all significant cash and cash equivalents were 
deposited with major clearing banks in the UK with at least an 'A' rating. 
 
15.     NON-CONTROLLING INTERESTS 
 
Non-Controlling interest for the year was GBP7,200 (2018: GBP46,660). 
 
16.     CALLED UP SHARE CAPITAL 
 
          Allotted, issued and fully paid: 
 
          Number:        Class: 
                                                       Nominal 
2019              2018 
 
 
value:                  GBP                     GBP 
 
          204,734,976  Ordinary 
0.0025                  511,837         511,837 
 
 
 
16.     CALLED UP SHARE CAPITAL - continued 
 
204,734,976 Ordinary shares of 0.0025 each were allotted as fully paid at a 
premium of GBP0.0275 per share during the year. 
 
Allotted, issued, and fully paid: 
 
                                                       2019                   2018 
 
                                                No        GBP          No          GBP 
 
Ordinary shares of GBP0.0025 each 
 
Opening balance at 1 May               204,734,976  511,837 187,836,308    469,590 
 
Allotments: 
 
22 May 2017 - shares issued at                   -        -  15,500,000     38,750 
3.0p each resulting premium of GBP 
426,240 
 
22 May 2017 - shares issued at                   -        -     398,668        997 
3.0p each resulting premium of GBP 
10,963 
 
22 May 2017 - shares issued at                   -        -   1,000,000      2,500 
3.0p each resulting premium of GBP 
27,500 
 
At 30 April                            204,734,976  511,837 204,734,976    511,837 
 
 
17.     RESERVES 
 
          Group 
 
 
Retained          Share 
 
 
earnings       premium         Totals 
 
 
GBP                    GBP                    GBP 
 
          At 
1 May 2018 
(2,843,187)    2,231,786      (611,401) 
 
          Loss for the 
year                                                             ( 197,634) 
                   -      (197,634) 
 
 
 
          At 
30 April 2019 
(3,040,821)    2,231,786      (809,035) 
 
 
 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -6-

          Company 
 
 
Retained          Share 
 
 
earnings       premium         Totals 
 
 
GBP                    GBP                    GBP 
 
          At 
1 May 2018                                                              ( 
2,529,646)    2,231,786      (297,860) 
 
          Loss for the 
year                                                             (557,804) 
                          (557,804) 
 
 
 
          At 
30 April 2019 
(3,087,450)    2,231,786      (855,664) 
 
 
 
17.     RESERVES - continued 
 
Equity comprises the following: 
 
-Share capital: represents amounts subscribed for shares at nominal value. 
 
-Share premium: represents amounts subscribed for share capital, net of issue 
costs, in excess of nominal value. 
 
-Retained earnings: represents the accumulated profits and losses attributable 
to equity shareholders. 
 
18.     TRADE AND OTHER PAYABLES 
 
 
Group                               Company 
 
 
2019               2018              2019              2018 
 
 
GBP                    GBP                    GBP                    GBP 
 
Current: 
 
          Trade payables 
262,054          216,561          252,041         211,349 
 
          Other payables 
13,200                     -            13,200                     - 
 
          Loan from Related Party 
94,260            87,260            94,260           87,260 
 
          Accruals and deferred income 
26,800            68,239            21,800           31,348 
 
 
 
 
396,314          372,060          381,301         329,957 
 
 
 
Prudent liquidity risk management includes maintaining sufficient cash balances 
to ensure the Group and Company can meet liabilities as they fall due. 
 
In managing liquidity risk, the main objective of the Group is to ensure that 
it has the ability to pay all of its liabilities as they fall due. The Group 
monitors the level of working capital it requires. The undiscounted cash flows 
on the Group's financial liabilities as at 30 April 2019 and 2018 are presented 
in the table below. 
 
                          Total     On Demand      Within      6 - 12 
                                                     2 -6      months 
                                                   months 
 
                              GBP             GBP           GBP           GBP 
 
At 30 April 2019 
 
Trade payables          262,054       262,054           -           - 
 
Other payables           13,200        13,200           -           - 
 
Loan from Related        94,260        94,260           -           - 
Party 
 
Accruals and deferred    26,800        21,800           -           - 
income 
 
 
 
                        396,314       396,314           -           - 
 
 
 
                          Total     On Demand      Within      6 - 12 
                                                     2 -6      months 
                                                   months 
 
                              GBP             GBP           GBP           GBP 
 
At 30 April 2018 
 
Trade payables          216,561       216,561           -           - 
 
Loan from Related        87,260        87,260           -           - 
Party 
 
Accruals and deferred    68,239        69,239           -           - 
income 
 
                        372,060       372,060           -           - 
 
19.     OPERATING LEASE COMMITMENTS 
 
Minimum lease payments fall due as follows: 
 
          Group 
 
      Non-cancellable      operating leases 
 
 
2019              2018 
 
 
GBP                    GBP 
 
          Within one 
year 
26,400           26,472 
 
          Between one and five 
years 
54,319           80,719 
 
 
 
 
80,719         107,191 
 
 
 
Payments recognised as an expense relating to minimum lease payments under 
operating leases during the year totalled GBP26,400 (2018: GBP27,601). 
 
20.     FINANCIAL INSTRUMENTS 
 
The Company's financial instruments comprise primarily cash and various items 
such as trade debtors and trade payables which arise directly from operations. 
The main purpose of these financial instruments is to provide working capital 
for the Company's operations. The Company does not utilise complex financial 
instruments or hedging mechanisms. 
 
The tables below set out the Group's accounting classification of each class of 
its financial assets and liabilities. 
 
Financial assets                           Measured at amortised cost 
 
                                                  2019           2018 
 
                                                     GBP              GBP 
 
Financial assets at amortised costs: 
 
Amounts due from director (note 13)             15,375         16,595 
 
Other receivables (note 13)                     15,050         24,477 
 
Cash and cash equivalents (note 14)              2,130         41,419 
 
                                                32,555         82,491 
 
All of the above financial assets' carrying values are approximate to their 
fair values, as at 30 April 2019 and 2018. 
 
   Financial liabilities                   Measured at amortised cost 
 
                                                  2019           2018 
 
                                                     GBP              GBP 
 
Trade payables (note 18)                       262,054        216,561 
 
Loan from related party                         94,260         87,260 
(note 18) 
 
Accruals (note 18)                              26,800         68,239 
 
Other payables                                  13,200              - 
 
                                               396,314        372,060 
 
In the view of management, all of the above financial liabilities' carrying 
values approximate to their fair values as at 30 April 2019 and 2018. 
 
Credit risk 
 
The maximum exposure to credit risk at the reporting date was in respect of 
other receivables totalling GBP15,050 (2018: GBP24,477). 
 
21.     OTHER FINANCIAL COMMITMENTS 
 
License commitments: 
 
All licence commitments have been withdrawn with the sale of both subsidiaries 
after the year end. No further licence commitments remain. 
 
22.     SHARE-BASED PAYMENT TRANSACTIONS 
 
The Group occasionally issues share options and warrants to Directors and 
shareholders. They are settled in equity once exercised. Details of the number 
of share options/warrants and the weighted average exercise price (WAEP) 
outstanding during the year are as follows: 
 
2019                                     Number of options              WAER 
                                                 /warrants                 GBP 
 
Outstanding at the beginning of the year        26,750,000            0.0408 
 
Number vested & exercisable at 30 April         26,750,000            0.0408 
 
2018                                     Number of options              WAER 
                                                 /warrants                 GBP 
 
Outstanding at the beginning of the year        11,250,000            0.0144 
 
Issued                                          15,500,000            0.0600 
 
Number vested & exercisable at 30 April         26,750,000            0.0408 
 
 
The Group recognised total expenses of GBPnil (2018: GBP66,634) related to share 
options accounted for as equity-settled share-based payment transactions during 
the year. All options were cancelled post year end. 
 
23.     RELATED PARTY TRANSACTIONS 
 
During 2016 the Company received a loan from Noel Lyons of GBP70,000. Interest 
has been accrued at 10% per annum and is repayable on demand. The amount 
outstanding at 30 April 2019 totalled GBP94,260 (2018: GBP87,260). The balance is 
included within trade and other payables. 
 
The only other transactions with directors were those in respect of services 
provided to the Company, as disclosed within note 6 of these financial 
statements. 
 
Noel Lyons is a director of both the Company and Clean Invest Africa Plc. 
During the year the Company received GBP30,311 from Clean Invest Africa Plc in 
respect of rent. At the year end the amount due was GBP4,796 (2018: GBPnil). 
 
24.     EVENTS AFTER THE REPORTING PERIOD 
 
The Company has been successfully restructured following a General Meeting held 
in October 2019. The Company undertook and completed a private placement to 
raise GBP143,000, welcomed new board members, shareholders and restructured all 
liabilities associated with the Company. 
 
25.     ULTIMATE CONTROLLING PARTY 
 
The directors do not consider there to be an ultimate controlling party. 
 
26.     FINANCIAL RISK MANAGEMENT 
 
          FINANCIAL INSTRUMENTS 
 
          The group's financial instruments comprise listed investments, bank 
balances, trade payable and 
 
Other payables all arising in the normal course of business. The purpose of 
theses financial instruments is to finance the group's operations. 
 
The group manages liquidity risk and cash flow risk by monitoring its cash 
balances and ensuring that funds are available to meet liabilities as they fall 
due. The group's core funding comes from the proceeds of share issues. 
 
The group's exposure to change in interest rates relates primarily to cash at 
bank. Cash is held on either current or on short term deposits at floating 
rates of interest determined by the relevant bank's prevailing base rate. The 
group seeks to obtain a favourable interest rate on its cash balances through 
the use of bank treasury deposits. 
 
The group holds investments quoted on public markets. In the opinion of the 
directors the main risk is due to market price fluctuations. 
 
CREDIT RISK 
 
The Group's credit risk is primarily attributable to its cash balances an trade 
receivables. The group does not have a significant concentration of risk, with 
exposure spread over a number of third parties. 
 
The credit risk on liquid funds is limited because the third parties are large 
international banks with a credit rating of at least A. 
 
The Group's total credit risk amounts to the total of the sum of the 
receivables and cash and cash equivalent. 
 
INTEREST RATE RISK 
 

(MORE TO FOLLOW) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)

DJ IamFire Plc AUDITED RESULTS TO 30 APRIL 2019 -7-

The Group's only exposure to interest rate risk is the interest received on the 
cash held on deposit, which is immaterial. The Groups only borrowing relates to 
a loan from Noel Lyons of GBP70,000 lent in the year to 30 April 2016. The amount 
outstanding at 30 April 2019 totalled GBP94,260 (2018: GBP87,260). The balance is 
included within trade and other payables. 
 
CAPITAL MANAGEMENT 
 
The Group's capital management objectives are to ensure the Group's ability to 
continue as a going concern and to provide long-term returns to shareholders 
 
The Group defines and monitors capital on the basis of the carrying amount of 
equity, less cash and cash equivalents as presented on the face of the Balance 
Sheet and further disclosed in note 14. 
 
The Board of Directors monitors the level of capital as compared to the Group's 
commitments and adjusts the level of capital as is determined to be necessary 
by issuing new shares. The Group is not subject to any externally imposed 
capital requirements. 
 
These policies have not changed in the year. 
 
27.     SUBSEQUENT EVENTS 
 
On 11th October [upon GM approval] the Company disposed of its subsidiaries to 
N.Lyons for a sum of GBP1. 
 
 
 
END 
 

(END) Dow Jones Newswires

November 29, 2019 02:00 ET (07:00 GMT)