ZimNRG plc
LSE : ZIMO

July 29, 2011 07:59 ET

Annual Financial Report

Annual Financial Report for year to 28 February 2011

                                                ZimNRG PLC

                          Preliminary results for the year ended 28th February 2011

The Directors present their report and the financial statements of the company for the year ended 28 
February 2011.

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 manage the company in accordance with the strategy set out in the PLUS
Admission Document.

As previously announced we have looked in detail at an iron ore joint venture, this continues as a work in
progress while awaiting detailed information from the prospective JV partner which will allow a decision on
whether to proceed to be made.

Your Directors have meanwhile continued to seek suitable live projects for the Company. We are examining in
detail two Gold projects, which if suitable for progression by the company will be announced in due course.

Inward investment conditions in Zimbabwe remain precarious due to the current uncertainties surrounding the
much discussed and reported indiginisation programme. Your directors consider that recent reports indicate
that a viable compromise between the views of the investment community and the Ministry may be developing.

Your directors will maintain their policy of minimising costs, while seeking appropriate suitable
investments for the company and thank shareholders for their continued support.


Jonathan de Thierry

Chairman

RESULTS AND DIVIDENDS

The loss for the year amounted to GBP147,935. The Directors have not recommended a dividend.

FINANCIAL INSTRUMENTS

Details of the company's financial risk management objectives and policies are included in note 13  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  GBP0.005 each

                                                               At                     At
                                                        28  February 2011      28 February 2010

J.C.W. De Thierry                                           2,000,000              1,700,000

C.P. Latilla-Campbell                                       3,688,375              2,780,793

                                                        -----------------      ----------------
                                                        -----------------      ----------------

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                30.17

Credit Suisse Client Nominees (UK) Limited                  7,500,000                15.88

Loeb Aron & Co. Limited                                     1,500,000                 3.18

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 Directors' 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). Under  company  law
the Directors must not approve the financial statements unless they are satisfied that they 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 adequate accounting records that are sufficient to show and
explain the company's transactions and 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 2006.

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:

30 City Road

London

EC1Y 2AC
                                 
                                   Signed by order of the Directors
                                   
                                        C.P. LATILLA-CAMPBELL

                                          Company Secretary


Approved by the Directors on 28th July 2010.......................


                                                ZIMNRG PLC

                                         PROFIT AND LOSS ACCOUNT

                                       YEAR ENDED 28 FEBRUARY 2011

                                                                       2011                2010
                                                       Note              £                   £



TURNOVER                                                                  -                   -


Administrative expenses                                             150,738              112,403
Other operating income                                                 (501)                (185)
                                                              --------------       --------------

OPERATING LOSS                                            1        (150,237)            (112,218)
                                                                                              
Loss on disposal of current asset investments                          (949)              (1,098)
                                                              --------------       --------------

                                                                   (151,186)            (113,316)
                                                                                              
Interest receivable                                                   3,266                1,149
Interest payable and similar charges                      4             (15)                   -
                                                                                              
                                                              --------------       --------------

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                        (147,935)            (112,167)

Tax on loss on ordinary activities                                         -                   -
                                                                                              
                                                              --------------       --------------
LOSS FOR THE FINANCIAL YEAR                                        (147,935)            (112,167)

Balance brought forward                                            (400,255)            (288,088)
                                                              --------------       --------------
Balance carried forward                                            (548,190)            (400,255)
                                                              --------------       --------------
                                                              --------------       --------------

Earnings per share (pence)

Basic                                                     5           (0.33)               (0.26)
                                                              --------------       --------------
                                                              --------------       --------------

Diluted                                                   5           (0.30)               (0.24)
                                                              --------------       --------------
                                                              --------------       --------------

                     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 2011

                                                                 2011                   2010
                                           Note             £           £          £           £

FIXED ASSETS
Investments                                  6                          -                      -

CURRENT ASSETS
Debtors                                      7         34,420                 11,717          
Investments                                  8        107,406                100,641         
Cash at bank                                          221,246                375,282         
                                                    ---------              ---------
                                                      363,072                487,640         
CREDITORS: Amounts falling due within one   
year                                         9         24,383                 46,535          
                                                    ---------              ---------
NET CURRENT ASSETS                                                338,689                441,105
                                                                ---------              ---------
TOTAL ASSETS LESS CURRENT LIABILITIES                             338,689                441,105
                                                                ---------              ---------
                                                                ---------              ---------

CAPITAL AND RESERVES
Called-up equity share capital              12                    236,150                223,039
Share premium account                       13                    650,729                618,321
Profit and loss account                                          (548,190)              (400,255)
                                                                ---------              ---------

SHAREHOLDERS' FUNDS                         14                    338,689                441,105
                                                                ---------              ---------
                                                                ---------              ---------

These financial statements were approved by the Directors and authorised for issue on 29 July
2011, and are signed on their behalf by:


........................
C.P. LATILLA-CAMPBELL

Company Registration Number: 05714562

Please Note also that with immediate effect City Group plc have been appointed as Company Secretary.

Contact Information

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