Company registration number 12800758 (England and Wales)
GREEN GLEN MINERALS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GREEN GLEN MINERALS LIMITED
CONTENTS
Statement of financial position
1 - 2
Statement of changes in equity
3
Statement of cash flows
4
Notes to the financial statements
5 - 17
GREEN GLEN MINERALS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
Non-current assets
Intangible assets
7
702,785
660,925
Property, plant and equipment
8
3,648
5,638
706,433
666,563
Current assets
Trade and other receivables
10
659
6,290
Cash and cash equivalents
139,668
194,677
140,327
200,967
Current liabilities
Trade and other payables
12
17,847
12,416
Net current assets
122,480
188,551
Net assets
828,913
855,114
Equity
Called up share capital
14
949,428
949,428
Share based payment reserve
16
55,000
27,500
Retained earnings
17
(175,515)
(121,814)
Total equity
828,913
855,114

The directors of the company have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GREEN GLEN MINERALS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr A Lavelle
Mr M H Nolan
Director
Director
Company registration number 12800758 (England and Wales)
GREEN GLEN MINERALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 January 2022
949,428
-
(65,830)
883,598
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(55,984)
(55,984)
Transfer to other reserves
-
27,500
-
27,500
Balance at 31 December 2022
949,428
27,500
(121,814)
855,114
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(53,701)
(53,701)
Transfer to other reserves
-
27,500
-
27,500
Balance at 31 December 2023
949,428
55,000
(175,515)
828,913
GREEN GLEN MINERALS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(15,139)
(82,716)
Net cash outflow from operating activities
(15,139)
(82,716)
Investing activities
Exploration expenditure
(39,870)
(98,076)
Net cash used in investing activities
(39,870)
(98,076)
Net decrease in cash and cash equivalents
(55,009)
(180,792)
Cash and cash equivalents at beginning of year
194,677
375,469
Cash and cash equivalents at end of year
139,668
194,677
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Green Glen Minerals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Castle Street, High Wycombe, Buckinghamshire, United Kingdom, HP13 6RU. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

On 26 November 2021, the Company name was changed from Erris Gold Resources Limited to Green Glen Minerals Limited by a special resolution approved by shareholders at a General Meeting held on 25 November 2021.

 

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in pounds sterling ("£"), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Intangible assets other than goodwill

Intangible assets consist of capitalised exploration costs, capitalised in accordance with IFRS 6

"Exploration for and Evaluation of Mineral Resources". The Company recognises expenditure in Intangible assets when it reasonably expects that those assets will be successful in supporting the discovery of specific mineral assets. Intangible assets are initially measured at cost and are assessed for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. Any impairment is recognised directly in profit or loss.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value share price at the Company's last fundraises in January and March 2021. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Directors, who are the chief operating decision-makers ('CODMs').

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The Directors have completed a review of the value of the intangible exploration assets in Scotland and are of the opinion that the value of these assets is stated in the Balance Sheet of the Company at 31 December 2023 at fair value since a definitive Prospecting Agreement has been signed on 31 March 2023 with the landowner at the Lead Trial Prospect and a standard security over the lands has been lodged with the land registry. The Company is now able to advance exploration on the property knowing that it has long term legal title and access to minerals subject to meeting terms and conditions of the Prospecting Agreement which the Directors to not consider to be onerous in any way. Exploration will advance at a pace determined by market and investor interest as further funding will be required to fund a major drilling campaign on the project.

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
3
Segmental reporting

The Company operates principally in the UK, Scotland and Scandinavia, with operations managed on a project by project basis within each geographical area. Activities in the UK include the Head Office corporate and administrative costs, whilst the activities in Scotland and Scandinavia relate to exploration and evaluation work. The reports used by the Board and Management are based on these geographical segments.

Ireland
Norway
Scotland
Corporate
Total
2023
2023
2023
2023
2023
£
£
£
£
£
Revenues
-
-
-
-
-
Cost of sales and administrative expenses
(8,900)
-
(154)
(44,647)
(53,701)
Share based payments charge
-
-
-
-
-
Project Impairment
-
-
-
-
Gain/loss on foreign exchange
-
-
-
-
Other operating income
-
-
-
-
-
Profit/(loss) from operations per reportable segment
(8,900)
-
(154)
(44,647)
(53,701)
Reportable segment assets
659
20,669
682,116
143,316
846,760
Reportable segment liabilities
732
-
-
17,115
17,847
Ireland
Norway
Scotland
Corporate
Total
2022
2022
2022
2022
2022
£
£
£
£
£
Revenues
-
-
-
-
-
Cost of sales and administrative expenses
(15,093)
(43)
(125)
(40,723)
(55,984)
Share based payments charge
-
-
-
-
-
Project Impairment
-
-
-
-
Gain/loss on foreign exchange
-
-
-
-
Other operating income
-
-
-
-
-
Profit/(loss) from operations per reportable segment
(15,093)
(43)
(125)
(40,723)
(55,984)
Reportable segment assets
6,290
20,253
640,672
200,315
867,530
Reportable segment liabilities
498
-
6,798
5,120
12,416
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
2
3

Aggregate remuneration expenses of the company include £nil (2022 -£49,336) of costs capitalised and included within non-current assets of the group.

5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
-
8,998
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
6
Income tax expense
2023
2022
£
£

The charge for the year can be reconciled to the loss per the income statement as follows:

2023
2022
£
£
Loss before taxation
(53,701)
(55,984)
Expected tax credit based on a corporation tax rate of 19.00% (2022: 19.00%)
(10,203)
(10,637)
Effect of expenses not deductible in determining taxable profit
-
0
(33)
Unutilised tax losses carried forward
10,203
10,670
Taxation charge for the year
-
-

Losses available to carry forward amount to £315,195 (2022: £261,494 ). No deferred tax asset has been recognised on these losses, as the probability of available future taxable profits is not currently quantifiable.

7
Intangible assets
Loch Tay Project
Norway Project
Total
£
£
£
Cost
At 1 January 2022
548,581
12,278
560,859
Additions
92,092
7,974
100,066
At 31 December 2022
640,673
20,252
660,925
Additions - purchased
41,443
417
41,860
At 31 December 2023
682,115
20,670
702,785
Carrying amount
At 31 December 2023
682,115
20,670
702,785
At 31 December 2022
640,673
20,252
660,925
At 31 December 2021
548,581
12,278
560,859
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Intangible assets
(Continued)
- 13 -

 

Intangible assets comprise capitalised exploration and evaluation costs (direct costs, licence fees and fixed salary / consultant costs) of the Loch Tay project in Scotland and the Norway Project.

The Directors have completed a review of the value of the intangible exploration assets in Scotland and are of the opinion that the value of these assets is stated in the Balance Sheet of the Company at 31 December 2023 at fair value. The Prospecting Agreement with the landowner in Scotland was fully executed. The Directors have no reason to impair the value of the assets at this time.

Following prospecting and mapping, the Company's permits in Norway were downgraded and surrendered at the end of the year. The Company holds no other permits and the sole asset remains the Loch Tay gold project in Scotland

 

8
Property, plant and equipment
Motor vehicles
£
Cost
At 1 January 2022 and 1 January 2023
9,950
At 31 December 2023
9,950
Accumulated depreciation and impairment
At 1 January 2022
2,322
Charge for the year
1,990
At 31 December 2022
4,312
Charge for the year
1,990
At 31 December 2023
6,302
Carrying amount
At 31 December 2023
3,648
At 31 December 2022
5,638
9
Earnings per share
2023
2022
£
£
Number of shares
Weighted average number of ordinary shares for basic earnings per share
94,942,787
94,942,787
- Weighted average number outstanding share options
5,500,000
5,583,333
Weighted average number of ordinary shares for diluted earnings per share
100,442,787
100,526,120
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Earnings per share
(Continued)
- 14 -
Earnings (all attributable to equity shareholders of the company)
Continuing operations
Loss for the period from continued operations
(53,701)
(55,984)
Earnings per share for continuing operations
Basic and diluted earnings per share
Basic earnings per share
(0.06)
(0.06)
Diluted earnings per share
(0.05)
(0.06)

There is no difference between the basic and diluted earnings per share for the period ended 31 December 2023 or 2022 as the effect of the exercise of options would be anti-dilutive.

 

10
Trade and other receivables
2023
2022
£
£
VAT recoverable
270
6,290
Prepayments
389
-
0
659
6,290
11
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

12
Trade and other payables
2023
2022
£
£
Accruals
17,847
12,242
Other payables
-
0
174
17,847
12,416
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
125

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
94,942,787
94,942,787
949,428
949,428
15
Share-based payment transactions

The company has a share option scheme for all employees, directors and certain consultants. Options are exercisable at price equal to the Company's last fundraises in January and March 2021. The vesting period is three years from commencement of the scheme which was 12 March 2021, with the options vesting 1/3 on each anniversary. If options remain unexercised after a period of five years from the date of grant the options expire. Options are forfeited if the employee leaves the company before the options vest.

Number of share options
Weighted average exercise price
2023
2022
2023
2022
£
£
Outstanding at 1 January 2023
5,500,000
6,000,000
0.015
0.02
Granted in the period
-
0
-
0
0.015
0.015
Expired in the period
-
0
(500,000)
0.015
0.015
Outstanding at 31 December 2023
5,500,000
5,500,000
0.015
0.015
Exercisable at 31 December 2023
5,500,000
5,500,000
0.015
0.015
Expenses
Related to equity settled share based payments
27,500
27,500

Share options issued are being expensed over the relevant vesting period for the scheme.

GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
16
Share based payment reserve
2023
2022
£
£
At the beginning of the year
27,500
-
Additions
27,500
27,500
At the end of the year
55,000
27,500

Share options issued are being expensed over the relevant vesting period for the scheme.

17
Retained earnings
2023
2022
£
£
At the beginning of the year
(121,814)
(65,830)
Loss for the year
(53,701)
(55,984)
At the end of the year
(175,515)
(121,814)
18
Capital risk management

The company is not subject to any externally imposed capital requirements.

19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2023
2022
£
£
Short-term employee benefits
-
0
22,494

Remuneration of key management personnel include £nil (2022: £13,497 ) of costs capitalised and included within non-current assets. There were no amounts outstanding at the year end.

Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Consultancy costs and expenses
2023
2022
£
£
Key management personnel
2,008
12,628
GREEN GLEN MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Related party transactions
(Continued)
- 17 -

Purchases from related parties include £209 (2022: £nil) of costs capitalised and included within non-current assets.

 

Consultancy costs of key personnel include £nil (2022: £nil) of costs capitalised and included within non-current assets. Of the amount disclosed, £nil (2022: £nil) is included within accruals at the year-end.

20
Events after the reporting date

The Prospecting Agreement with the main landowner over the Lead Trial prospect in Scotland (Loch Tay Project) was executed with a commencement date of 17 March 2023. The agreement gives the Company full exclusive access and prospecting rights for a period of 15 years followed by, subject to planning permission, mining development rights on the same lands to extract gold, silver and base metals for a further 21 years. The details of the agreement will remain confidential between the two parties but the Company considers the annual access fee to be very affordable and would represent only a small portion of any active exploration costs on the project. The agreement covers all known outcropping and inferred quartz veins at the Lead Trial prospect.

21
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(53,701)
(55,984)
Adjustments for:
Equity settled share based payment expense
27,500
27,500
Movements in working capital:
Decrease in trade and other receivables
5,631
19,010
Increase/(decrease) in trade and other payables
5,431
(73,242)
Cash absorbed by operations
(15,139)
(82,716)
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