ZimNRG plc
LSE : ZIMO

May 22, 2015 12:59 ET

Annual Financial Report

                                                          COMPANY REGISTRATION NUMBER 05714562

                                                  ZIMNRG PLC
                                                       
                                             FINANCIAL STATEMENTS
                                                       
                                               28 FEBRUARY 2015

                                          EDWARDS VEEDER (UK) LIMITED
                              Chartered Accountants & Statutory Auditor Block E,
                                               Brunswick Square
                                                 Union Street
                                                   Oldham 
                                                   OL1 1DE

                                            FINANCIAL STATEMENTS
                                        YEAR ENDED 28 FEBRUARY 2015


  
  CONTENTS                                                                             PAGE
  
  Officers and professional advisers                                                     1
  
  Strategic report                                                                       2
  
  Directors' report                                                                      3
  
  Independent auditor's report to the shareholders                                       5
  
  Profit and loss account                                                                7
  
  Balance sheet                                                                          8
  
  Cash flow statement                                                                    9
  
  Accounting policies                                                                    11
  
  Notes to the financial statements                                                      13
                         
                         
                      OFFICERS AND PROFESSIONAL ADVISERS



 The board of directors                      J.C.W. De Thierry - Chairman
                                             C.P. Latilla-Campbell
                                             C. Schaffalitzky de Muckadell

 Company secretary                           City Group Plc

 Registered office                           6 Middle Street
                                             London
                                             EC1A 7JA

 Auditor                                     Edwards Veeder (UK) Limited
                                             Chartered Accountants
                                             & Statutory Auditor
                                             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

                                               STRATEGIC REPORT
                                                       
                                          YEAR ENDED 28 FEBRUARY 2015


 BUSINESS REVIEW

 The principal activity of the company during the year was that of investment holding company.

 The  results  for  the year are again a reflection of the minimal cost of keeping your company  administered
 whist  continuing  searching  for  suitable opportunities. The actual costs  were  £41,073  (2014:  £45,948)
 alleviated  by currency gains of £12,485 (2014: currency losses of £22,111). Your Directors have  maintained
 most funds in US dollars as that is the currency they anticipate any deal is likely to be conducted in.

 Your  directors have continued to investigate potential investments. It was decided that the  project  under
 consideration  at  the end of the last financial year was not in the interest of the Company.  Encouragingly
 the  Directors have three different possibilities under various stages of investigation and will inform  the
 shareholders of any relevant developments if and when this may be appropriate.

 Please  note  that your Directors will continue to waive their fees until a suitable investment  opportunity
 is identified.

 
 PRINCIPAL RISKS AND UNCERTAINTIES

 The  principal  risks  and  uncertainties facing the company are general and  economic  risks,  specifically
 currency exchange and liquidity risk. Currency exchange risk is managed by holding funds in US dollars,  and
 monitoring closely exchange fluctuations which could affect those funds.  Liquidity   risk is managed by the
 control of expenditure, but is ultimately dependent on the success of any future viable investment projects.



 Signed by order of the directors



                                                        City Group Plc 
                                                        Company Secretary

 Approved by the directors on ........................


    The directors present their report and the financial statements of the company for the year ended 28
    February 2015.

    RESULTS AND DIVIDENDS
    The loss for the year amounted to £28,588. The directors have not recommended a dividend.

    FINANCIAL INSTRUMENTS
    Details of the company's financial risk management objectives and policies are included in note 7 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                      At
                                                                    28 February 2015            1 March 2014

 J.C.W. De Thierry                                                         2,300,000               2,300,000
 C.P. Latilla-Campbell                                                     4,190,442               4,190,442
 C. Schaffalitzky de Muckadell                                               100,000                 100,000
                                                                      ==============           =============
                                                                           

    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          29.48
   Credit Suisse Client Nominees (UK) Limited                     7,500,000          15.52
   Alan Mason                                                     3,293,484           6.81
   Loeb Aron & Co. Limited                                        1,500,000           3.10

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

    DIRECTORS' RESPONSIBILITIES
    The  directors  are  responsible for preparing the Strategic Report, 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 year.


 In preparing these financial statements, the directors are required to:

 *       select suitable accounting policies and then apply them consistently;

 *       make judgements and accounting 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.

 STRATEGIC REPORT
 In  accordance  with  section 414C(11) of the Companies Act 2006 (Strategic Report  and  Directors'  Report)
 Regulations 2013 the information required by Schedule 7 of the Large and Medium-sized Companies  and  Groups
 (Accounts and Reports) Regulations 2008 has been included in the company's Strategic Report.

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

 Each of the persons who is a director at the date of approval of this report confirm that:

 *       so far as each director is aware, there is no relevant audit information of which the company's
         auditor is unaware; and

 *       each director has taken all steps that they ought to have taken as a director to make themself aware
         of any relevant audit information and to establish that the company's auditor is aware of that 
         information.

 
 Registered office:                                    Signed by order of the directors
 6 Middle Street
 London 
 EC1A 7JA



                                                        City Group Plc 
                                                        Company Secretary

 Approved by the directors on ........................
                                                  
                                                  ZIMNRG PLC
                                                       
                                          YEAR ENDED 28 FEBRUARY 2015


 We  have  audited the financial statements of ZimNRG PLC for the year ended 28 February 2015. The  financial
 reporting  framework  that  has  been  applied in their preparation is applicable  law  and  United  Kingdom
 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16
 of  the  Companies  Act  2006. 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
 As  explained more fully in the Directors' Responsibilities Statement set out on pages 3 to 4, the directors
 are  responsible for the preparation of the financial statements and for being satisfied that  they  give  a
 true  and  fair  view. Our responsibility is to audit and express an opinion on the financial statements  in
 accordance  with  applicable law and International Standards on Auditing (UK and Ireland).  Those  standards
 require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

 SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
 An  audit  involves  obtaining  evidence  about the amounts and  disclosures  in  the  financial  statements
 sufficient  to  give reasonable assurance that the financial statements are free from material misstatement,
 whether  caused  by  fraud  or error. This includes an assessment of: whether the  accounting  policies  are
 appropriate to the company's circumstances and have been consistently applied and adequately disclosed;  the
 reasonableness  of significant accounting estimates made by the directors; and the overall  presentation  of
 the financial statements. In addition, we read all the financial and non-financial information in the annual
 report  to  identify  material inconsistencies with the audited financial statements  and  to  identify  any
 information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge
 acquired  by  us  in  the  course  of performing the audit. If we become  aware  of  any  apparent  material
 misstatements or inconsistencies we consider the implications for our report.

 OPINION ON FINANCIAL STATEMENTS
 In our opinion the financial statements:

 *       give a true and fair view of the state of the company's affairs as at 28 February 2015 and of its
         loss for the year then ended;

 *       have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
         and

 *       have been prepared in accordance with the requirements of the Companies Act 2006.

                                            ZIMNRG PLC (continued)
                                                       
                                          YEAR ENDED 28 FEBRUARY 2015


 OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 In our opinion:

 *       the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance
         with the Companies Act 2006; and

 *       the information given in the Strategic Report and Directors' Report for the financial year for which
         the financial statements are prepared is consistent with the financial statements.

 
 MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
 report to you if, in our opinion:

 *       adequate accounting records have not been kept, or returns adequate for our audit have not been
         received from branches not visited by us; or

 *       the financial statements and the part of the Directors' Remuneration Report to be audited are not in
         agreement with the accounting records and returns; or

 *       certain disclosures of directors' remuneration specified by law are not made; or

 *       we have not received all the information and explanations we require for our audit.




                                                        MR ANDREW BASGER (Senior
                                                        Statutory Auditor) 
                                                        For and on behalf of
                                                        EDWARDS VEEDER (UK) LIMITED
 Block E, Brunswick Square                              Chartered Accountants
 Union Street                                           & Statutory Auditor
 Oldham 
 OL1 1DE

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

                                     PROFIT AND LOSS ACCOUNT 

                                   YEAR ENDED 28 FEBRUARY 2015

                                                                                         2015           2014
                                                                           Note             £              £

 TURNOVER                                                                                   -              -
 Administrative expenses                                                               28,588         68,059
 Other operating income                                                                     -         (1,463)
                                                                                      --------      ---------
 OPERATING LOSS                                                               1       (28,588)       (66,596)
 Profit on disposal of current asset investments                                            -          1,476
                                                                                      --------      ---------
                                                                                       (28,588)       (65,120)
 Interest receivable                                                                         -            151
                                                                                      ---------     ----------
 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                           (28,588)       (64,969)

 Tax on loss on ordinary activities                                                          -              -
                                                                                                     
                                                                                      ---------     ----------
 LOSS FOR THE FINANCIAL YEAR                                                           (28,588)       (64,969)

 Balance brought forward                                                              (725,369)      (660,400)
                                                                                      ---------      ---------
 Balance carried forward                                                              (753,957)      (725,369)
                                                                                      =========      =========

 Earnings per share (pence)

 Basic                                                                       3           (0.06)         (0.13)
                                                                                      ==========      =========
 Diluted                                                                     3           (0.05)         (0.12)
                                                                                      ==========      =========

                          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.


          The accounting policies and notes on pages 11 to 16 form part of these financial statements.

                                                     BALANCE SHEET 
                                                   28 FEBRUARY 2015

                                                                              2015               2014
                                                           Note         £            £             £

 CURRENT ASSETS
 Debtors                                                      4    17,043                       15,999
 Cash at bank and in hand                                         147,128                      176,777
		                                 		  --------                     --------
                                                                  164,171                      192,776
 CREDITORS: Amounts falling due within one year	
                                                              5     9,208                        9,225
                                                                  --------                     --------
 NET CURRENT ASSETS                                                            154,963         183,551
                                                                             ---------        --------
 TOTAL ASSETS LESS CURRENT LIABILITIES                                         154,963         183,551
                                                                              =========        ========
 CAPITAL AND RESERVES
 Called-up equity share capital                               9                241,660         241,660
 Share premium account                                       10                667,260         667,260
 Profit and loss account                                                      (753,957)       (725,369)
                                                                              ---------        --------
 SHAREHOLDERS' FUNDS                                         11                154,963         183,551
                                                                              =========        ========


    These accounts were approved by the directors and authorised for issue on ........................,
    and are signed on their behalf by:


    ........................
    C.P. Latilla-Campbell

    Company Registration Number: 05714562

          The accounting policies and notes on pages 11 to 16 form part of these financial statements.

                                               CASH FLOW STATEMENT
                                           YEAR ENDED 28 FEBRUARY 2015

                                                                           2015                  2014
                                                                        £            £             £

 NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                    (40,904)      (46,417)

 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
 Interest received                                                      -                        151
                                                                   -------                   --------
 NET CASH INFLOW FROM RETURNS ON 
 INVESTMENTS AND SERVICING OF FINANCE                                                -           151

 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
 Disposal of current asset investments                                  -                    149,530
 Payment to acquire other current asset investments                     -                     (5,064)
                                                                   -------                   --------
 NET CASH INFLOW FOR CAPITAL 
 EXPENDITURE AND FINANCIAL INVESTMENT                                                -       144,466
                                                                                -------      --------

(DECREASE)/INCREASE IN CASH                                                    (40,904)      98,200
                                                                                ========     ========

 RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

                                                                                      2015           2014
                                                                                        £              £
 Operating loss                                                                     (28,588)       (66,596)
 Decrease in debtors                                                                    186          1,415
 Decrease in creditors                                                                  (17)          (307)
 (Gain)/loss on foreign currency retranslation                                      (12,485)        16,835
 Fair value adjustment of current asset investments                                       -             62
 Exchange gain on valuation of current asset investments                                  -          2,174
                                                                                    --------       --------
 Net cash outflow from operating activities                                         (40,904)       (46,417)
                                                                                    ========       ========

 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                                       2015          2014
                                                                                        £              £
 (Decrease)/Increase in cash in the period                                          (40,904)        98,200
 Translation differences                                                             11,255        (16,835)
                                                                                    --------       --------
 Movement in net funds in the period                                                (29,649)        81,365
                                                                                    ========       ========
 Net funds at 1 March 2014                                                          176,777         95,412
                                                                                    --------       --------
 Net funds at 28 February 2015                                                      147,128        176,777
                                                                                    ========       ========

          
            The accounting policies and notes on pages 11 to 16 form part of these financial statements.


                                         CASH FLOW STATEMENT 
                                    YEAR ENDED 28 FEBRUARY 2015

 ANALYSIS OF CHANGES IN NET FUNDS
                                                       At                       Exchange
                                               1 Mar 2014       Cash flows      movement   At 28 Feb 2015
                                                    £               £              £              £
 Net cash:

 Cash in hand and at bank                         176,777         (40,904)        11,255       147,128
                                                 ---------        --------       --------     ---------
 Net funds                                        176,777         (40,904)        11,255       147,128
                                                 =========        ========       ========     =========


          The accounting policies and notes on pages 11 to 16 form part of these financial statements.

                                          CASH FLOW STATEMENT
                                     
                                     YEAR ENDED 28 FEBRUARY 2015

 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.

 Investments

 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.

 
 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.

 Where  the  contractual obligations of financial instruments (including share capital) are equivalent  to  a
 similar  debt  instrument,  those  financial instruments are classed  as  financial  liabilities.  Financial
 liabilities  are  presented  as such in the balance sheet. Finance costs and gains  or  losses  relating  to
 financial  liabilities are included in the profit and loss account. Finance costs are calculated  so  as  to
 produce a constant rate of return on the outstanding liability.

 Where  the  contractual terms of share capital do not have any terms meeting the definition of  a  financial
 liability  then  this  is classed as an equity instrument. Dividends and distributions  relating  to  equity
 instruments are debited direct to equity.

 Investments

 All  investments  are  initially  recorded at cost, being the fair value  of  the  consideration  given  and
 including  acquisition  costs associated with the investment. All purchases and  sales  of  investments  are
 recognised using trade date accounting.

 After initial recognition, investments, which are classified as held for trading and available-for-sale, are
 measured  at  fair value. Gains or losses on investments held for trading are recognised in the  profit  and
 loss  account. Gains or losses on available-for-sale investments are recognised as a separate  component  of
 equity until the investment is disposed of or until its value is impaired, at which time the cumulative gain
 or loss previously reported in equity is included in the profit and loss account.

 Investments  are  fair  valued  using quoted market prices, independent  appraisals,  discounted  cash  flow
 analysis or other appropriate valuation models at the balance sheet date.

 
 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 cash in hand and short term deposits with an original maturity of 3 months or less.

                                 NOTES TO THE FINANCIAL STATEMENTS 

                                    YEAR ENDED 28 FEBRUARY 2015

 1.   OPERATING LOSS

      Operating loss is stated after charging/(crediting):

                                                                                      2015           2014
                                                                                        £              £
   Directors' remuneration                                                               -              -
   Net (profit)/loss on foreign currency translation                               (12,485)        22,111
   Auditor's remuneration - audit of the financial statements                        6,700          7,016
   Auditor's remuneration   - other fees                                                 -            600
                                                                                    =======        =======

                                                                                      2015           2014
                                                                                        £              £
   Auditor's remuneration - audit of the financial statements                        6,700          7,016
                                                                                    =======        =======
   Auditor's remuneration - other fees:
   - Taxation services                                                                   -            600
                                                                                    =======        =======

 2.   PARTICULARS OF EMPLOYEES

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

                                                                                       2015          2014
                                                                                         No            No
   Number of management staff                                                             3             3
                                                                                       =====         =====

   No salaries or wages have been paid to employees, including the directors, during the year.

 3.   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).

 3.   EARNINGS PER SHARE (continued)

      The calculation of basic and diluted earnings per ordinary share is based upon the following data:

      Earnings
                                                                                          2015       2014
                                                                                           £           £
      Earnings for the purposes of basic earnings per share                          (28,588)     (64,969)
                                                                                     --------     --------
      Earnings for the purposes of diluted earnings per share                        (28,588)     (64,969)
                                                                                     ========     ========
      Number of shares
                                                                                        2015         2014
                                                                                          No           No
      Basic weighted average number of shares                                     48,332,003   48,332,003

      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                             52,332,003   52,332,003
                                                                                  ===========  ==========

      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.

 
 4.   DEBTORS

                                                                                       2015          2014
                                                                                        £              £
   Other debtors                                                                     15,790        14,563
   Prepayments and accrued income                                                     1,253         1,436
                                                                                     -------       -------
                                                                                     17,043        15,999
                                                                                     =======       =======

 5.   CREDITORS: Amounts falling due within one year

                                                                                       2015          2014
                                                                                        £               £
   Trade creditors                                                                    1,437         1,554
   Accruals and deferred income                                                       7,771         7,671
                                                                                     -------        ------
                                                                                      9,208         9,225
                                                                                     =======        ======
 6.   DEFERRED TAXATION

      No provision has been made in the financial statements and the amounts unprovided at the end of the
      year are as follows:

                                                                                       2015          2014
                                                                                        £              £
   Tax losses available                                                             128,070       122,403
                                                                                   ========      ========

 7.   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.

      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.

      Currency risk
      The Board control currency risk by holding funds in US dollars and closely monitoring exchange rates.

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


 8.   RELATED PARTY TRANSACTIONS

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

      C.  Latilla-Campbell  is  a  director and shareholder of this company and  also  a  director  and  sole
      shareholder  of London Finance & Investment Corporation Limited. Accountancy charges incurred  by  this
      company  amounting to £5,250 (2014 - £4,200) represent proportional recharges in respect  of  the  time
      spent  on  ZimNRG business by the LFIC company accountant. At the year end trade creditors included  an
      amount of £250 (2014 - £200) outstanding to LFIC.


 9.   SHARE CAPITAL 

      Authorised share capital:
                                                                                    2015            2014
                                                                                      £               £
      150,000,000 Ordinary shares of £0.005 each                                 750,000         750,000
                                                                                 =======         =======



      Allotted, called up and fully paid:

                                                              2015                          2014   
                                                           No            £                No             £
      Ordinary shares of £0.005 each               48,332,003        241,660      48,332,003        241,660
                                                   ==========        =======     ===========        =======

      At the year end there were 4,000,000 (2014 - 4,000,000) exercisable share options held by directors at
      an exercise price of £0.02.


 10.  SHARE PREMIUM ACCOUNT

      There was no movement on the share premium account during the financial year.


 11.  RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                                                       2015          2014
                                                                                        £               £
   Loss for the financial year                                                      (28,588)      (64,969)
   Opening shareholders' funds                                                      183,551       248,520
                                                                                    --------      --------
   Closing shareholders' funds                                                      154,963       183,551
                                                                                    ========      ========

Contact Information

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