ZimNRG plc
LSE : ZIMO

July 30, 2009 09:07 ET

Annual Financial Report

           
                                                                         COMPANY REGISTRATION NUMBER 05714562
ZIMNRG PLC

FINANCIAL STATEMENTS

28 FEBRUARY 2009





EDWARDS VEEDER (OLDHAM) LLP
------------------------------------------
Chartered Accountants & Statutory Auditors
Block E, Brunswick Square
Union Street
Oldham
OL1 1DE



                                                    ZIMNRG PLC

                                              FINANCIAL STATEMENTS

                                           YEAR ENDED 28 FEBRUARY 2009

       CONTENTS                                                       PAGE

       Officers and professional advisers                                1

       The directors' report                                             2

       Independent auditor's report to the shareholders                  5

       Profit and loss account                                           7

       Balance sheet                                                     8

       Cash flow statement                                               9

       Accounting policies                                              10

       Notes to the financial statements                                12

       The following pages do not form part of the financial statements

       Detailed profit and loss account                                 20

       Notes to the detailed profit and loss account                    21
       
       
       
                                                 ZIMNRG PLC
       
                                     OFFICERS AND PROFESSIONAL ADVISERS

 
The directors       J.C.W. De Thierry
                    C.P. Latilla-Campbell
                    A.F. Mason

Company secretary   C.P. Latilla-Campbell

Registered office   The Old Hop Kiln
                    1 Long Garden Walk
                    Farnham
                    Surrey
                    GU9 7HX

Auditor             Edwards Veeder (Oldham) LLP
                    Chartered Accountants
                    & Statutory Auditors
                    Block E, Brunswick Square
                    Union Street
                    Oldham
                    OL1 1DE

Bankers             Lloyds TSB Bank plc
                    39 Threadneedle Street
                    London
                    EC2R 8PT

Solicitors          Edwin Coe
                    2 Stone Buildings
                    Lincoln's Inn
                    London
                    WC2A 2TH
                    
                    
                    
                                                    ZIMNRG PLC

                                           THE REPORT OF THE DIRECTORS
 
                                           YEAR ENDED 28 FEBRUARY 2009


 
The Directors present their report and the financial statements of the company for the year ended 28 February 2009.


PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the company during the year was that of investment holding company.

Your Directors have continued to explore possible investments in the mining and energy sectors primarily in Zimbabwe and 
also in surrounding Southern African Development Community ("SADC") countries.

Conditions in our preferred geographic target of Zimbabwe continue to be extremely fragile, there are however encouraging
signs from the World Bank group and other international donors/investors which however, have yet to show results. Your 
Board continues to regard Zimbabwe as providing excellent investment opportunities when the time is right, and will 
maintain their strategy of conserving the company's resources until that time which they consider is showing signs of 
swiftly approaching. Members of your board visited sub-saharan Africa approximately 8 times during the year on 
ZimNRG business.


RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £66,135. The Directors have not recommended a dividend.


FINANCIAL INSTRUMENTS
Details of the company's financial risk management objectives and policies are included in note 12 to the accounts.


THE DIRECTORS AND THEIR INTERESTS IN THE SHARES OF THE COMPANY
The directors who served the company during the year together with their beneficial interests in the shares of the company 
were as follows:


                                                  Ordinary Shares of £0.005 each
                                         At 28 February 2009       At 29 February 2008

J.C.W. De Thierry                                  1,400,000                   500,000
C.P. Latilla-Campbell                              2,239,761                 1,441,786
A.F. Mason                                         2,235,307                 1,473,469
                                                   ---------                 ---------
                                                   ---------                 ---------
 

SUBSTANTIAL INTERESTS

At the date of the report the Company had been notified that, other than directors, the following were interested in 3% 
or more of the issued share capital of the Company:

                                          No. Ordinary           %
                                                Shares 
Somers Investments Limited                  14,250,000       32.99
Credit Suisse Client Nominees (UK) Limited   7,500,000       17.36
Loeb Aron & Co. Limited                      1,500,000        3.47
Lynchwood Nominees Limited                   1,300,000        3.01

Somers Investments Limited is controlled by a discretionary trust, of which C.P. Latilla-Campbell is a potential beneficiary.

RESPONSIBILITIES OF THE DIRECTORS
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable 
law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice 
(United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair 
view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those 
financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed 
  and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 
  will continue in business.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 
the financial position of the company and enable them to ensure that the financial statements comply with the Companies 
Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

- there is no relevant audit information of which the company's auditor is unaware; and

- the Directors have taken all steps that they ought to have taken to make themselves aware 
  of any relevant audit information and to establish that the auditor is aware of that information.


 
AUDITOR
Edwards Veeder (Oldham) LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.


Registered office:       Signed by order of the Directors
The Old Hop Kiln
1 Long Garden Walk
Farnham
Surrey
GU9 7HX




                         C.P. LATILLA-CAMPBELL
                         Company Secretary

Approved by the Directors on ........................


                
                                                        ZIMNRG PLC
                                    INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF
                                                        ZIMNRG PLC
                                                        
                                               YEAR ENDED 28 FEBRUARY 2009


 
We have audited the financial statements of ZimNRG PLC for the year ended 28 February 2009 which comprise the Profit and Loss Account,
Balance Sheet, Cash Flow Statement, Accounting Policies and the related notes. These financial statements have been prepared on the 
basis of the accounting policies set out therein.

This report is made solely to the company's shareholders, as a body, in accordance with Section 235 of the Companies Act 1985. 
Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state 
to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, 
or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
The directors' responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in 
accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' 
Report is consistent with the financial statements.

In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received 
all the information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration 
and other transactions is not disclosed.

We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it.

BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. 
It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of 
the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, 
consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to 
provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, 
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the 
presentation of information in the financial statements.

 
OPINION
In our opinion:

- the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, 
  of the state of the company's affairs as at 28 February 2009 and of its loss for the year then ended;

- the financial statements have been properly prepared in accordance with the Companies Act 1985; and

- the information given in the Directors' Report is consistent with the financial statements.




                                EDWARDS VEEDER (OLDHAM) LLP
Block E, Brunswick Square       Chartered Accountants
Union Street                    & Statutory Auditors
Oldham
OL1 1DE

........................




                                                  ZIMNRG PLC

                                          PROFIT AND LOSS ACCOUNT

                                         YEAR ENDED 28 FEBRUARY 2009
                                         
                                         
                                                  2009                 2008 
                                         Note        £                    £
  
TURNOVER                                             -                    -
 
Administrative expenses                         (6,821)              90,335
Other operating income                         (20,000)                   -
                                               --------             --------
OPERATING PROFIT/(LOSS)                     1   26,821              (90,335)

Interest receivable                              9,059               23,846
Amounts written off investments             4 (100,000)                   - 
Interest payable and similar charges        5     (120)                (475)
                                               --------             --------
                                               
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION    (64,240)             (66,964)


Tax on loss on ordinary activities          6    1,895                    -
                                               --------             --------
LOSS FOR THE FINANCIAL YEAR                    (66,135)             (66,964)

Balance brought forward                       (221,953)             (154,989)
                                               --------             --------
Balance carried forward                       (288,088)             (221,953)
                                               --------             --------
                                               --------             --------
Earnings per share (pence)
Basic                                       7    (0.16)                (0.17)
                                               --------             --------
                                               --------             --------
                                               
Diluted                                     7    (0.14)                (0.15)
                                               --------             --------
                                               --------             --------
              
              
       All of the activities of the company are classed as continuing.

       The company has no recognised gains or losses other than the results for the
       year as set out above.
       
       
       
                                               ZIMNRG PLC
        
                                              BALANCE SHEET
       
                                            28 FEBRUARY 2009



                                                             2009              2008 
                                             Note        £        £        £          £

FIXED ASSETS
Investments                                     8                 -             100,000

CURRENT ASSETS
Debtors                                         9    8,034             9,356       
Cash at bank                                       568,187           472,554
                                                   -------           -------
       
                                                   576,221           481,910
                                               
CREDITORS: Amounts falling due within one year 10   51,105            39,855
                                                   -------           -------
              
NET CURRENT ASSETS                                          525,116             442,055
                                                            -------             -------
       
TOTAL ASSETS LESS CURRENT LIABILITIES                       525,116             542,055
                                                            -------             -------
                                                            -------             -------
       
CAPITAL AND RESERVES
Called-up equity share capital                 14           216,000             203,701
Share premium account                          15           597,204             560,307
Profit and loss account                                    (288,088)           (221,953)
                                                            -------             -------
                     
SHAREHOLDERS' FUNDS                            16           525,116             542,055
                                                            -------             -------
                                                            -------             -------
                     

These financial statements were approved by the Directors and authorised 
for issue on ........................, and are signed on their behalf by:

..........................
A.F. MASON




                                                    ZIMNRG PLC

                                               CASH FLOW STATEMENT

                                           YEAR ENDED 28 FEBRUARY 2009


                                                               2009               2008 
                                                Note        £        £        £          £
 
NET CASH OUTFLOW FROM OPERATING ACTIVITIES        17           (79,790)            (91,601)

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE   17             8,939              23,371

ACQUISITIONS AND DISPOSALS                        17                 -            (100,000)
                                                               -------            ---------

              
CASH OUTFLOW BEFORE FINANCING                                  (70,851)           (168,230)

FINANCING                                         17            49,196              18,407
                                                               -------            ---------


DECREASE IN CASH                                  17           (21,655)           (149,823)
                                                               -------            ---------
                                                               -------            ---------
                     


 
Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the 
revaluation of financial instruments and in accordance with applicable accounting standards.

Investment properties

Fixed asset investments are initially recorded at cost.  Investments are reviewed annually for impairment 
and if any permanent diminution in value is recognised, then are written down to net realisable value.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance 
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or 
a right to pay less or to receive more tax, with the following exceptions:

       Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of 
       fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, 
       only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets 
       concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet 
       date, it is more likely than not that the taxable gain will be rolled over into replacement assets and 
       charged to tax only where the replacement assets are sold.

       Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely 
       than not that there will be suitable taxable profits from which the future reversal of the underlying 
       timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in 
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance 
sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the 
rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost 
in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to
the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in 
the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of 
which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss 
is also recognised directly in equity.
 
Share-based payments


The company issues equity-settled share-based payments to executive directors as remuneration. These payments are measured 
at the fair value which is based on the average of the mid market price on the ten days prior to the period for which 
the payment is due.

The fair value of directors' share options granted is calculated using the fair value at the date of the grant.  
Based on the fair value of the options at the period end, there were no significant balances arising, therefore the 
disclosure requirements of FRS20 have not been shown, due to the immateriality of the amounts involved.


Financial instruments


Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 
either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a 
residual interest in the assets of the company after deducting all of its liabilities.


Cash and cash equivalents

Cash and cash equivalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash at bank and 
in hand and short term deposits with an original maturity of three months or less.



                                                           ZIMNRG PLC

                                               NOTES TO THE FINANCIAL STATEMENTS

                                                   YEAR ENDED 28 FEBRUARY 2009



1.  OPERATING PROFIT/(LOSS)

    Operating profit/(loss) is stated after charging/(crediting):
         
         

                                                                   2009                 2008
                                                                      £                    £
Net profit on foreign currency translation                     (117,288)              (1,093)
Auditor's remuneration - audit of the financial statements        4,524                4,113
Auditor's remuneration  - other fees                                809                  999
                                                                --------              --------
                                                                --------              --------
       

                                                                   2009                 2008
                                                                      £                    £
                     
Auditor's remuneration - other fees:                     
                     
- Payroll services                                                  486                  999
- Interim accounts review                                           323                    -
                                                                --------              --------
       
                                                                    809                  999
                                                                --------              --------
                                                                --------              --------
       

2.  PARTICULARS OF EMPLOYEES

       The average number of staff employed by the company during the financial year amounted to:

                                                         2009              2008
                                                           No                No
Number of management staff                                  2                 2
                                                         ----              ----
                                                         ----              ----

The aggregate payroll costs of the above were:

                                                         2009              2008
                                                            £                 £
Wages and salaries                                     42,825            38,800
Social security costs                                   6,009             5,762
                                                       ------            ------       
                                                       48,834            44,562
                                                       ------            ------
                                                       ------            ------ 
 

3. EMOLUMENTS OF THE DIRECTORS

The aggregate emoluments of the Directors in respect of qualifying services were:

                                                        2009              2008
                                                           £                 £
  Executive directors salaries                        42,825            38,800
  Non-executive directors fees                         7,500            10,500
                                                      ------            ------       
                                                      50,325            49,300
                                                      ------            ------
                                                      ------            ------
       
                                               
                                               ZIMNRG PLC
 
                                    NOTES TO THE FINANCIAL STATEMENTS
 
                                      YEAR ENDED 28 FEBRUARY 2009


4.      AMOUNTS WRITTEN OFF INVESTMENTS

                                               2009              2008
                                                  £                 £
Investment written down                     100,000                 -
                                            -------              ----
                                            -------              ----
       

5.      INTEREST PAYABLE AND SIMILAR CHARGES

                                               2009              2008
                                                  £                 £
Interest payable on bank borrowing               28                 -
Other similar charges payable                    92               475
                                                ---               ---
                                                120               475
                                                ---               ---
                                                ---               ---
       

6.     TAXATION ON ORDINARY ACTIVITIES

       Analysis of charge in the year

                                                                       2009              2008
                                                                          £                 £
       Current tax:

UK Corporation tax based on the results for the year at 21/20%        1,895                 -
                                                                      -----             -----
       
Total current tax                                                     1,895                 -
                                                                      -----             -----
                                                                      -----             -----
       

7.     EARNINGS PER SHARE

       The basic earnings per ordinary share is calculated by dividing profit for the year less 
       non-equity dividends and other appropriations in respect of non-equity shares by the weighted 
       average number of equity shares outstanding during the year.

       The diluted earnings per ordinary share is calculated by dividing profit for the year less 
       non-equity dividends and other appropriations in respect of non-equity shares by the weighted 
       average number of equity shares outstanding during the year (after adjusting both figures 
       for the effect of dilutive potential ordinary shares).
       
       The calculation of basic and diluted earnings per ordinary share is based upon the following data:



Earnings
                                                               2009                  2008
                                                                  £                     £
Earnings for the purposes of basic earnings per share       (64,240)              (66,964)
                                                            --------              --------
       
Earnings for the purposes of diluted earnings per share     (64,240)              (66,964)
                                                            --------              --------
                                                            --------              --------
      
Number of shares

                                                               2009                  2008
                                                                 No                    No
Basic weighted average number of shares                  40,753,733            40,142,877
Dilutive potential ordinary shares:
 Share options granted                                    4,000,000             4,000,000
                                                         ----------             ---------
                                                         ----------             ---------

Weighted average number of shares
 for the purposes of diluted earnings per share          44,753,733            44,142,877
                                                         ----------             ---------
                                                         ----------             ---------
 

There have been no other transactions involving ordinary shares or potential ordinary shares since the reporting 
date and before the completion of these financial statements.


8.       INVESTMENTS

                                                           Unlisted
                                                         Investment
                                                                  £
COST
At 29 February 2008 and 28 February 2009                    100,000
                                                         ----------
                                                         ----------
       
AMOUNTS WRITTEN OFF
Written off in year                                         100,000
                                                         ----------
       
At 28 February 2009                                         100,000
                                                         ----------
                                                         ----------
       
NET BOOK VALUE
At 28 February 2009                                               -
                                                         ----------
                                                         ----------


At 28 February 2008                                         100,000
                                                         ----------
                                                         ----------
       

In the light of Lengau being unquoted, the significant market movements subsequent to the investment, the fall of 
valuations of quoted mining sector stocks, particularly early stage pre-revenue businesses, and given that 
Lengau has yet to raise additional capital, the directors have chosen to value the investment in Lengau 
at zero at this time.



                                            ZIMNRG PLC

                               NOTES TO THE FINANCIAL STATEMENTS

                                   YEAR ENDED 28 FEBRUARY 2009

 

9.       DEBTORS

                                        2009               2008
                                           £                  £
Prepayments and accrued income         8,034              9,356
                                       -----              -----
                                       -----              -----
       


10.       CREDITORS: Amounts falling due within one year

                                                                           2009            2008  
                                                                       £         £       £       £
Trade creditors                                                             19,461               -
Other creditors including taxation and social security:
Corporation tax                                                    1,895                 -       
Other taxation and social security                                25,276                 -
                                                                  ------               ---
       
                                                                            27,171               -
Accruals and deferred income                                                 4,473          39,855
                                                                            ------          ------       
                                                                            51,105          39,855
                                                                            ------          ------
                                                                            ------          ------
       


11.       SHARE-BASED PAYMENTS

Equity-settled share-based payments

Executive directors have elected to received remuneration by way of equity-settled share-based payments.  
Non-executive director has also elected to receive remuneration by way of equity-settled share-based payments. 
The remuneration paid in this way is stated in note 3 to the financial statements.

The company has a share option scheme for all directors.  Options are exercisable at a price equal to the average 
market price of the company's shares on the date of grant. The vesting period is between 1 to 3 years after the 
date of admission. The options are settled in equity once exercised.

Options totaling 4,000,000 ordinary shares were granted on 21 June 2006 at an exercise price of 2p.


 
                                                      ZIMNRG PLC

                                         NOTES TO THE FINANCIAL STATEMENTS

                                              YEAR ENDED 28 FEBRUARY 2009


 

12.       FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's financial instruments comprise cash held in current accounts and fixed short term deposits.

The main purpose of financial instruments is to raise finance for the operations of the company's business.

The main risk arising from the company's financial instruments are interest rate, currency exchange rate and liquidity risk.


Interest rate risk
The company holds monies on deposit and the interest received is subject to the prevailing market interest rates.

Currency exchange risk
Some of the monies on deposit are held in US $ and therefore are subject to currency exchange rate fluctuations.  
Directors closely monitor the exchange rate and transfer monies as appropriate to minimise the risk.

Liquidity risk
Funds are intended to finance the future development and growth of the company and the effective management of 
these funds is based upon policies determined by the Board. Funds are invested through the use of short-term deposits.

Fair values of financial assets and liabilities
The fair value of the company's financial instruments was not materially different from the book value.


13. RELATED PARTY TRANSACTIONS

There is no individual with ultimate overall control of the company.

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.


14.       SHARE CAPITAL

       Authorised share capital:

                                                              2009                       2008
                                                                 £                          £
150,000,000 Ordinary shares of £0.005 each                 750,000                    750,000
                                                           -------                    -------
                                                           -------                    -------
       

       Allotted, called up and fully paid:

                                                    2009                    2008  
                                                      No         £            No             £
Ordinary shares of £0.005 each                43,200,068   216,000    40,740,255       203,701
                                              ----------   -------    ----------       -------
                                              ----------   -------    ----------       -------
       
 

During the year 1,559,813 shares were issued to executive directors and 900,000 shares to a non-executive 
director as equity settled share based payments.

At the year end share options granted to directors at an exercisable price of £0.02 totalled 4,000,000 (2008 - 4,000,000).


15.       SHARE PREMIUM ACCOUNT

                                                2009              2008
                                                   £                 £
Balance brought forward                      560,307           546,863
Premium on shares issued in the year          36,897            13,444
                                             -------           -------       
Balance carried forward                      597,204           560,307
                                             -------           -------
                                             -------           -------
       

16.       RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                               2009                  2008  
                                                         £            £        £               £
Loss for the financial year                                     (66,135)                 (66,964)
New equity share capital subscribed                 12,299                 4,963       
Premium on new share capital subscribed             36,897                13,444
                                                    ------                ------
       
                                                                 49,196                   18,407
Other movements                                                       -                  (15,900)
                                                                 ------                  --------
                 
Net reduction to shareholders' funds                            (16,939)                 (64,457)
Opening shareholders' funds                                     542,055                  606,512
                                                                 ------                  --------
       
Closing shareholders' funds                                     525,116                  542,055
                                                                 ------                  --------
                                                                 ------                  --------
       

17.       NOTES TO THE STATEMENT OF CASH FLOWS

RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

                                                                2009                 2008
                                                                   £                    £
Operating profit/(loss)                                       26,821              (90,335)
Decrease/(increase) in debtors                                 1,322               (2,867)
Increase in creditors                                          9,355               18,594
Gain on foreign currency retranslation                      (117,288)              (1,093)
Decrease in liability for cash-settled share-based payments        -              (15,900)
                                                             -------              --------
       
Net cash outflow from operating activities                   (79,790)             (91,601)
                                                             -------              --------
                                                             -------              --------
       
 

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

                                                                2009                 2008
                                                                   £                    £
Interest received                                              9,059               23,846
Interest paid                                                   (120)                (475)
       
Net cash inflow from returns on investments 
 and servicing of finance                                      8,939               23,371
       

ACQUISITIONS AND DISPOSALS

                                                                2009                 2008
                                                                   £                    £
Acquire investments in participating interests                     -             (100,000)
                                                                ----             ---------
       
Net cash outflow from acquisitions and disposals                   -             (100,000)
                                                                ----             ---------
                                                                ----             ---------
       
FINANCING

                                                                2009                 2008
                                                                   £                    £
Issue of equity share capital                                 12,299                4,963
Share premium on issue of equity share capital                36,897               13,444
                                                             -------             ---------
       
Net cash inflow from financing                                49,196               18,407
                                                             -------             ---------
                                                             -------             ---------
       
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                2009                 2008
                                                                   £                    £
Decrease in cash in the period                               (21,655)            (149,823)
Translation differences                                      117,288                1,093
                                                             -------             ---------
                                                                   
Movement in net funds in the period                           95,633             (148,730)
                                                             -------             ---------
                                                             -------             ---------
       
Net funds at 29 February 2008                                472,554              621,284
                                                             -------             ---------
       
Net funds at 28 February 2009                                568,187              472,554
                                                             -------             ---------
                                                             -------             ---------
      
ANALYSIS OF CHANGES IN NET FUNDS
                                     At 29 Feb 2008       Cash flows       Exchange movement       At 28 Feb 2009
                                                  £                £                       £                    £
Net cash:
Cash in hand and at bank                    472,554          (21,655)                117,288              568,187
                                            -------          --------                -------              -------
Net funds                                   472,554          (21,655)                117,288              568,187
                                            -------          --------                -------              -------
                                            -------          --------                -------              -------
                                            
                                            
                                                                ZIMNRG PLC

                                                         MANAGEMENT INFORMATION

                                                       YEAR ENDED 28 FEBRUARY 2009             

  
                       The following pages do not form part of the statutory financial statements
                      which are the subject of the independent auditor's report on pages 5 to 6.
 
                                                   2009                         2008
                                              £            £            £                £

OVERHEADS
Directors salaries                       42,825                    38,800       
Non executive directors fees              7,500                    10,500       
Directors NIC                             6,009                     5,762       
Travel                                   15,043                     6,636       
Entertaining                                103                         -       
Printing, postage and stationery            145                     1,240       
Books and magazines                       1,842                     1,489       
Computer costs                                -                       116       
Training costs                            4,539                     1,101       
Sundry expenses                              60                       380       
Legal and professional fees               7,992                     7,183       
Consultancy fees                          7,371                     5,897       
Share reg fees                            4,169                     7,064       
Accountancy fees                          8,221                       999       
Auditors remuneration                     4,524                     4,113       
Bank charges                                124                       148       
Foreign currency gains/losses          (117,288)                   (1,093)
                                       ---------                  --------
             
                                                      (6,821)                        90,335
                                                      -------                        ------
              
                                                       6,821                        (90,335)

OTHER OPERATING INCOME
Management charges receivable                         20,000                              -
                                                     -------                         ------
              
OPERATING PROFIT/(LOSS)                               26,821                        (90,335)

Bank interest receivable                               9,059                         23,846
                                                      -------                        ------
                                                      35,880                        (66,489)

Amounts written off investments                     (100,000)                             -
Interest payable                                        (120)                          (475)
                                                      -------                        ------
      
LOSS ON ORDINARY ACTIVITIES                          (64,240)                       (66,964)
                                                      -------                        ------
                                                      -------                        ------

                                           2009         2008
                                              £            £           
 
INTEREST RECEIVABLE
Bank interest receivable                  9,059       23,846
                                          -----       ------
                                          -----       ------
                     
INTEREST PAYABLE
Bank interest payable                        28            -
Other interest paid                          92          475
                                          -----       ------       
                                            120          475
                                          -----       ------
                                          -----       ------
                                            
                                            
The accounting policies and notes on pages 10 to 18 form part of these financial statements.

Contact Information

  • ZimNRG plc