Pelican House Mining plc
Hellenic Capital plc: RESULTS FOR YEAR ENDED 31ST DECEMBER 2017

     
Hellenic Capital plc
Selected notes to the Financial Statements
Year ended 31^st December 2017
 
1.     General information
 
        The Company is a public company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 60 Gracechurch Street, London, United Kingdom, EC3V 0HR.
 
2.     Statement of compliance
 
        These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’.
 
3.     Accounting policies
 
        (a)   Basis of preparation
 
        The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
 
The financial statements are prepared in sterling, which is the functional currency of   the entity.   
 
        (b)   Judgements and key sources of estimation uncertainty
 
        The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
 
        Significant judgements
 
        There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
 
        Key sources of estimation uncertainty
 
        Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
 
 
        (c)    Revenue recognition
 
        The turnover shown in the profit and loss account represents income derived from the surrender of premium, exclusive of Value Added Tax.
 
        Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
 
        (d)   Tangible assets
 
        Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
 
        An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
 
        (e)   Depreciation
 
        Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
 

Investment property

–

2% straight line

 
        (f)    Impairment of fixed assets
 
        A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
 
        For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
 
        For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Company are assigned to those units.
 
4.     Turnover
 
        Turnover arises from:

	2017	2016
	£	£
Surrender premium	22,500	–
	============	============

 
        The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.
 
5.     Operating profit
 
        Operating profit or loss is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	927	–
	============	============

 
7.     Interest payable and similar expenses
 

	2017	2016
	£	£
Interest payable	8,429	–
	============	============

 
9.     Tangible assets
 

	Investment property
	£
Cost
Additions	205,363
	——————–
At 31 December 2017	205,363
	============
Depreciation
Charge for the year	927
	——————–
At 31 December 2017	927
	============
Carrying amount
At 31 December 2017	204,436
	============

 
 
10.   Debtors
 

	2017	2016
	£	£
Prepayments and accrued income	18,412	3,029
Other debtors	1,672	–
	——————–	——————–
	20,084	3,029
	============	============

 
11.   Creditors: amounts falling due within one year
 

	2017	2016
	£	£
Trade creditors	5,139	5,763
Accruals and deferred income	14,875	3,600
Directors’ loan accounts	12,500	–
Other creditors	134,061	–
	——————–	——————–
	166,575	9,363
	============	============

 
12.   Called up share capital
 
        Issued, called up and fully paid
 

	2017		2016
	No.	£	No.	£
Ordinary shares of £0.001 each	62,189,500	62,190	61,889,500	61,890
	============	============	============	============

 
 
        During the year 300,000 ordinary shares with aggregate nominal value of £300 were allotted for consideration of £1,500.
 
13.   Reserves
        Share premium account – This reserve records the amount above the nominal value received for shares sold, less transaction costs.
 
Profit and loss account – This reserve records retained earnings and accumulated losses.
 
14.   Events after the end of the reporting period
 
        On 5 January 2018, under a placing, 35,800,000 shares of 0.1p each were issued for cash at 0.5p, raising gross proceeds of £179,000. Included in this placing were the directors/parties concerned with them, as follows:
 
        GF Jones – 800,000 shares
 
        M Jackson (via HSBC Global Custody nominees (UK) Limited) – 6,000,000
 
Alpha Corporate Services Limited (a trust advised by S Grant-Rennick) – 27,000,000 shares
 
        Following the placing there were 97,989,500 shares in issue.
 
        Since the year end agreement has been reached to sell the investment property for £235,000 less costs. A non-refundable deposit of £5,000 has been received from the purchaser, but contracts have not yet been exchanged.
 
15.   Related party transactions
 
        In January 2017, share options exercisable at £0.004 were issued to directors as follows:
 
        G Burnell – 2,000,000 shares
 
        M Jackson – 5,000,000 shares
 
        G Jones – 2,000,000 shares
 
        The options vested immediately and have a life of ten years.
 
        It has been resolved that Directors will take no remuneration until the net assets of the Company have reached £500,000 and these share options have therefore been issued in lieu of salary.
 
As at 31 December 2017, certain Directors were owed the following amounts by the Company:
 
        S Grant-Rennick – £10,000
 
        M Jackson – £2,500
 
16.   Controlling party
 
        The Directors believe there to be no ultimate controlling party.
 
This announcement has been made after due and careful consideration; the directors of the Company accept responsibility for the information contained in it.