1、InfraStrata plc2011 Annual Report&Financial StatementChairmans statementChief Executives operating review-Corporate and social responsibilityDirectors,secretary,advisors and shareholder informationReport of the Directors-Directors of the Company-Corporate governance-Directors reponsibilitiesIndepend
2、ent auditors reportFinancial statements and notes-Consolidated statement of comprehensive income-Consolidated statement of financial position-Company statement of financial position-Consolidated statement of changes in equity-Company statement of changes in equity-Consolidated statement of cash flow
3、s-Company statement of cash flows-Notes to the financial statementsLetter from the ChairmanNotice of the Annual General MeetingProxy form34-6678111215161718181919202021-39404245CONTENTSInfraStrata plcThe past financial year has been another challenging year for your company but against a general bac
4、kdrop of economic uncertainty we have made discernible progress towards defining the road ahead.In the year to 31 July 2011,there has been no significant improvement in the gas storage market although I am pleased to report that,whilst a number of gas storage projects remained on hold within the UK,
5、we have managed to achieve progress in the year on the introduction of partners in both the Portland and Islandmagee projects.Market difficulties have been widely publicised and indeed they were foreseen and articulated at the successful gas storage seminar hosted by InfraStrata in September 2010.Th
6、e seminar was attended by over 120 professionals drawn from City institutions,gas storage developers,Ofgem,DECC and the media.Against these difficulties we have made some progress but the rate of progress has been slower than we would have wished albeit for reasons outside of our control.It has been
7、 a year in which we have moved forward and re-positioned ourselves to benefit not only from developments in the gas storage market but also from traditional oil and gas exploration.In addition to the completion of planning implementation work on the wellpad area at Upper Osprey within the Portland g
8、as storage project-fully funded by our partner,eCORP International LLC-we have been pursuing our plan to secure planning permission for the project at Islandmagee in Northern Ireland.The process in Northern Ireland has taken longer than initially envisaged but is now approaching the final stages and
9、 we are hopeful of positive news.In the meantime we have secured the interest of a major energy company as potential partner in this project and have entered into an exclusivity agreement with them under which we have until 31 January 2012 to finalise terms.Whilst we remain focused upon the developm
10、ent of gas storage capacity within the UK we have also expanded our interest into oil and gas exploration based on areas sited in and around the existing areas in which we have a commitment to storage.To fund our exploration programmes yet preserve cash,we sought participation from investors at the
11、project level rather than through direct dilution.This was successfully achieved by obtaining funding at subsidiary company level to raise 3m before costs split equally between two previously wholly owned subsidiaries.Through InfraStratas continued significant interest in these subsidiaries we hope
12、to benefit from an active exploration programme planned over the next financial year.Your Board has considered the matter of remuneration for the executive team and our decision has been again to freeze salaries for the coming year but keep under review the matter of reward through the share incenti
13、ve scheme.This decision continues to be based primarily upon the current economic situation and financial outlook and in no way reflects adversely upon the performance of the team which remains one of total dedication and diligence.In conclusion I would like to thank our shareholders for their conti
14、nued support during difficult economic times and offer my appreciation for the continuing efforts of the executive team on your behalf.Ken Ratcliff,Non-Executive Chairman3CHAIRMANS STATEMENTInfraStrata plcAntrim,Northern IrelandInfraStrata has a 65%interest in the Islandmagee gas storage project,tog
15、ether with its partner Moyle Energy Investments Limited(35%),a wholly owned subsidiary of Mutual Energy Limited,the operator of existing gas and electricity infrastructure in Northern Ireland.A planning application for the project was submitted in March 2010 to the Northern Ireland Planning Service.
16、The proposed 500 million cubic metres(“mcm”)gas storage facility will be the largest on the island of Ireland and make a significant contribution to the security of gas supplies.The facility is being designed to inject gas at 12mcm and withdraw gas at 22mcm per day.In September 2011 the Company,toge
17、ther with its partner,entered into exclusive negotiations with a major energy company(potential partner)regarding the appraisal and the option to acquire an equity interest in Islandmagee Storage Limited,the Islandmagee project company.Under the terms of an Exclusivity Agreement the potential partne
18、r paid a consideration of 200,000,which was used to complete part of the land purchase for the Islandmagee gas storage project.The potential partner has been granted until 31 January 2012 to finalise terms with InfraStrata and Moyle,whereby it could acquire a significant equity interest in the proje
19、ct,in return for funding the activities to develop the project to the point where a decision can be made to commit to construction.The planning process in Northern Ireland has been more drawn-out than anticipated at the time of submission in 2010,with a determination of the planning application now
20、expected in 2012.Subject to planning permission being granted for the project during the first half of 2012,it is hoped that drilling of the first well from the site will take place during 2012.A petroleum exploration licence PL1/10 in the central part of the Larne-Lough Neagh Basin was awarded in M
21、arch 2011.The licence covers an area of 663 square kilometres.The initial licence term is five years with a decision on drilling a well required within three years.InfraStrata is operator of the licence and holds a 30%direct interest,with an additional net 20%interest via a 50%shareholding in partne
22、r company IS E&P Limited(now renamed Brigantes Energy Limited)which has a 40%interest.The other partners in the licence are Nautical Petroleum plc(20%)and Terrain Energy Limited(10%).The sedimentary section is over 4,000 metres thick in the most deeply buried parts of the basin within Licence PL1/10
23、.The exploration is conventional with the primary reservoir target the Triassic Sherwood Sandstone,the reservoir in the giant Morecambe Bay gasfield in the East Irish Sea Basin.The regional seal is the Mercia Mudstone Formation.Secondary targets are sandstone reservoirs within the Permian and Carbon
24、iferous sequences.Although no deep wells have been drilled in the central part of the Larne-Lough Neagh Basin,potential Carboniferous oil and gas source rocks have been identified in wells drilled on the margins of the basin for coal exploration.A seismic programme comprising 275 line kilometres of
25、2D data was acquired between mid-September and early November 2011.It is hoped that the results of the seismic data,expected during Q1 2012,will lead to the drilling of an exploratory well.Ideally,drilling can be coordinated with the planned well for the Islandmagee gas storage project to optimise e
26、xpenditure.CHIEF EXECUTIVESOPERATING REVIEWOver the past six years the Company has been developing two strategically important gas storage projects in the UK,at Portland in Dorset and Islandmagee in Antrim.Progress has continued to be made with both these projects during the year.The Company was awa
27、rded its first petroleum exploration licence during the year.Its exploration activities are focused on the Permo-Triassic sedimentary basins of the western part of the United Kingdom close to existing gas storage project areas,Antrim in Northern Ireland and Dorset in Southern England.InfraStrata plc
28、4Dorset,EnglandInfraStrata has a 50%interest in the Portland gas storage project,together with partner eCORP International,LLC(“eCORP”).Planning permission for the project was granted in May 2008 by Dorset County Council,and implemented in June 2011 following completion of some permanent works withi
29、n the wellpad area at Upper Osprey on the Isle of Portland.eCORP and InfraStrata are currently undertaking a full review of the options for the development of the project,a process expected to be completed in Q1 2012.These options include the potential to introduce new finance for a phased project d
30、evelopment at the Portland site.It is hoped this will lead to an accelerated level of activity during 2012.In April 2010,the Company submitted an application to the Department of Energy and Climate Change(“DECC”)in the 26th Licensing Round for a petroleum exploration licence covering 3 offshore Bloc
31、ks adjacent to the Dorset coast and close to the Portland gas storage project and the giant Wytch Farm oilfield.Subject to award of the licence and approval of licence interest assignments by DECC,InfraStrata will be the operator with a 28%direct interest,together with an additional net 6%interest v
32、ia a 50%shareholding in partner company IS NV Limited(now renamed Corfe Energy Limited)which would have a 12%interest.The other partners in the licence would be eCORP Oil&Gas UK Limited(50%)and Nautical Petroleum plc(10%).5InfraStrata plcCORPORATE AND SOCIAL RESPONSIBILITYPortland Gas Limited contin
33、ues to support local communities in its area of operation.The Portland Gas Trust is a registered charity that supports initiatives around education,geology and the environment.This year the Trust has continued to support local projects both financially and in kind through the services of Community L
34、iaison Officer Rachel Barton.Over the year the Trust received various applications for funding.The Trust has continued to support suitable local applications and those that fitted with the Trusts objectives were successful.A successful application to Awards for All enabled the Trust to develop some
35、new projects.Working with the Council Dog Warden,a new leaflet was produced with information on responsible dog ownership when walking on Portland.The Trust also produced a car sticker for dog owners to display promoting picking up after your pet.These have been very well received and the Trust will
36、 be hosting a dog owners and family fun day to educate people and promote awareness.The grant also funded four new marquees which the Trust will use for any events held by the Trust.Work on the Old Engine Shed site continues and scrub and brambles are still being cleared.More stone walling courses a
37、re being organised.A successful course run by the Dorset Dry Stone Walling Association meant that a whole new section of wall was repaired during the summer of 2011.The Trust supported Royal Manor Arts College students who were reporting on the Jurassic Coast and the impact of coastal erosion.It als
38、o funded the polo shirts for the students which were embroidered with the Trust logo.Support for the Island Ranger post continues and the Trust has funded the new wildlife packs and walk cards for the island.The Trust has again sponsored the Budmouth College Geology Award.A donation was made to the
39、Piddlehinton Church fete.The Trust has continued to meet with the local authorities to discuss options for activities and events around the engine shed for the 2012 games.It is the intention of the Trust to have activities and events for the local community during this time.The Trust intends to orga
40、nize some activities to celebrate the Queens Diamond jubilee.The Trust will continue to work with the Young Offenders Institute on Portland and the Ranger service to carry out environmental improvements along the East Weares area.Subject to obtaining planning permission and full project funding,Isla
41、ndmagee Storage Limited intends to set up a Trust with objectives around education,geology and the environment.An initial investment of 1 million over three years,with a further 50,000 per annum for a minimum of six years thereafter is planned.Consultation with local residents and interest groups in
42、dicated that there is a need to upgrade the community centre.Islandmagee Storage Limited has agreed to assist with this as part of its primary investment phase which in turn will help with the development of the Gobbins tourism project sponsored by Larne Borough Council.The company is talking to loc
43、al residents and community groups in the Larne Lough area with regard to ideas and initiatives which could be funded through the proposed Trust.In June 2010 they appointed local businesswoman Judith Tweed as Community Liaison Consultant,in order to collate a wide range of ideas for potential funding
44、.InfraStrata plc6DirectorsResigned 1 February 2011:Resigned 3 December 2010:Appointed 1 February 2011:Company secretaryRegistered officePrincipal officeAuditorTax advisorsKenneth Maurice Ratcliff(Non-executive Chairman)Andrew David Hindle(Chief Executive Officer)Craig Stuart Gouws(Chief Financial Of
45、ficer)Walter Rookehurst Roberts(Legal and Commercial Director)Mark Anthony William Abbott(Non-executive Director)Jonathan Richard Davie(Non-executive Director)Maurice Edward Hazzard(Non-executive Director)William Colvin(Non-executive Director)Walter Rookehurst RobertsBlackstable HouseLongridgeSheeps
46、combeStroudGloucestershire,GL6 7QX80 Hill RiseRichmondSurrey,TW10 6UBNexia Smith&Williamson1 Bishops Wharf,Walnut Tree CloseGuildfordSurrey,GU1 4RASmith&Williamson Limited1 Bishops Wharf,Walnut Tree CloseGuildfordSurrey,GU1 4RARegistrarsNominated advisor and broker SolicitorsBankersInvestor andpubli
47、c relationsCapita Registrars LimitedThe Registry34 Beckenham RoadBeckenhamKent,BR3 4THSeymour Pierce Limited20 Old BaileyLondon,EC4M 7EN Field Fisher Waterhouse LLP35 Vine StreetLondon,EC3N 2AABank of Scotland plc33 Old Broad StreetLondon,EC2N 1HZBuchanan Communications Limited107 CheapsideLondon,EC
48、2V 6DN7DIRECTORS,SECRETARY,ADVISORS AND SHAREHOLDER INFORMATIONInfraStrata plcThe directors have pleasure in presenting their report and audited financial statements for the year ended 31 July 2011.Principal activity and review of businessThe principal activities of the Group throughout the year wer
49、e the development of sub-surface gas storage facilities and petroleum exploration.GeneralInfraStrata plc is incorporated and domiciled in England and Wales.Business reviewDuring the year the Group continued to develop its gas storage and petroleum exploration business.FundraisingIn Q1 2011 the Compa
50、ny completed a round of funding comprising two elements.Firstly,in February 2011,a placing of 4,095,000 new ordinary shares at 22p per share raised 900,900 before expenses.The shares were placed by Seymour Pierce Limited with an existing institutional investor.The net proceeds of the placing receiva
51、ble by the Company are being applied to support both the development of the Islandmagee Storage Project until the introduction of a new partner,and the committed expenditure programme of InfraStrata through its 2011/12 financial year.Secondly,in March 2011,InfraStrata completed a funding exercise fo
52、r its petroleum exploration programme for 2011 and 2012.The second round of funding was undertaken at subsidiary company and project level.A private placing of shares raised 3 million before costs,split equally between two previously wholly owned subsidiaries of InfraStrata;Brigantes Energy Limited
53、and Corfe Energy Limited.Following the placing of new shares,which was managed by Seymour Pierce Limited,the new investors hold 50%of the issued share capital of each of the Companies,with the balance retained by InfraStrata.InfraStrata assigned 40%of its rights for petroleum exploration licence PL1
54、/10 in Northern Ireland to Brigantes Energy Limited and 12%of any future exploration rights close to the gas storage project at Portland,Dorset to Corfe Energy Limited.The funds raised are being used to fund the the next 3m of their respective exploration costs,the first project of which being the 2
55、m exploration programme in Northern Ireland.At the same time as the private placing,InfraStrata farmed out to Nautical Petroleum plc 20%of its exploration rights under licence PL1/10 and a further 10%to Terrain Energy Limited.Under these agreements InfraStratas costs through the initial exploration
56、phase of the project are carried.The Company also farmed out 10%of any future exploration rights close to the gas storage project at Portland to Nautical Petroleum plc.Islandmagee gas storage projectA planning application for the project was submitted to the Northern Ireland Planning Service in Marc
57、h 2010.The focus of the work during the financial year was supporting the planning application and managing a process to introduce a partner to fund the project through the next stage including the drilling of a well.After year end,in September 2011,the Company announced that it had entered into exc
58、lusive negotiations,for a consideration of 200,000,with a major energy company regarding an option to acquire a significant equity interest in Islandmagee Storage Limited,the Islandmagee project company.Portland gas storage projectPlanning permission for this project was granted in May 2008 by Dorse
59、t County Council and implemented in June 2011 following completion of permanent works within the wellpad area at Upper Osprey on the Isle of Portland.InfraStrata has a 50%interest in the project together with partner eCORP International,LLC(“eCORP”).eCORP acquired its 50%interest in the project in O
60、ctober 2010 for agreeing to fund the on-going expenditure of Portland Gas Limited(up to the next 22.9m),subject to options to exit the project by relinquishing its equity interest.At 31 July 2011,eCORP had invested 1.2m into Portland Gas Limited.The Pipeline Construction Authorisation from the Depar
61、tment of Energy and Climate Change was most recently renewed in July 2011.Applications were submitted in July 2011 to Dorset County Council for a renewal of planning permissions for permanent facilities associated with the pipeline and temporary construction sites.In addition to securing the plannin
62、g and pipeline construction consents for the project,work continued through the financial year on securing land rights for the gas pipeline,a process which is now reaching completion.Petroleum exploration activitiesDuring the financial year the main conventional exploration activities were focused o
63、n the central part of the Larne-Lough Neagh Basin following the award of petroleum exploration licence PL1/10 in March 2011.The licence covers an area of 663 square kilometres.The initial licence term is five years with a decision on drilling a well required within three years.InfraStrata is the ope
64、rator of the licence and holds a 30%direct interest,with an additional net 20%interest via a 50%shareholding in partner company Brigantes Energy Limited(formerly IS E&P Limited)which has a 40%interest.The other partners in the licence are Nautical Petroleum plc(20%)and Terrain Energy Limited(10%).Th
65、e acquisition of approximately 275 line kilometres of 2D seismic data commenced in mid-September 2011 and was completed in early November 2011.The Company is awaiting the result of an application submitted to the Department of Energy and Climate Change in the 26th Offshore Licensing Round for an are
66、a in the English Channel near the Portland gas storage project.REPORT OF THE DIRECTORSFOR THE YEAR ENDED 31 JULY 2011InfraStrata plc8Health,safety and environmentThere were no reportable health,safety or environmental incidents during the period.Key performance indicatorsKey performance indicators a
67、re used by the Board to monitor progress against predetermined objectives.Key performance indicators include identification of new economic project opportunities,submission of project planning applications in accordance with project scheduling,project development in accordance with project developme
68、nt programme and Group working capital management.The Boards expectation was met by activity during the year,including but not limited to:Completing the funding exercise in March 2011 for Corfe Energy Limited and Brigantes Energy Limited,with city institutions and industry partners for its petroleum
69、 exploration programme.The prudent application of available cash resources.Issuance of new capital to meet working capital requirements.Completion of the Portland Gas Limited disposal transaction with eCORP.Progressing the proposed Islandmagee Storage Limited funding transaction.Principal risk facto
70、rsThe Directors are responsible for the effectiveness of the Groups risk management activities and internal control processes.As a participant in the gas storage development and upstream oil&gas industries,the Group is exposed to a wide range of business risks in the conduct of its operations.The Gr
71、oup is exposed to financial,operational,strategic and external risks which are further described below.These risks are not exhaustive and additional risks or uncertainties may arise or become material in the future.Any of these risks,as well as other risks and uncertainties in this document,could ha
72、ve a material effect on the Groups business.Financial risks-failure to meet financial obligationsCost inflation and over runsAccess to working capitalOperational risks-damage to shareholder value,environment,personnel or communities caused by operational failuresLoss of key employeesDelays in planni
73、ng application awardsSustained exploration failuresFailure of third party services9Strategic and external risks-failure to manage and grow the business while creating shareholder valueFuture deterioration of capital markets,reducing ability to raise new equity fundingMisalignment with co-venturers S
74、hareholder sentimentMix of storage and upstream interestsThere is no assurance that the Groups exploration and development activities will be successful.The Directors seek to manage and mitigate these risks by developing a balanced portfolio of projects,recruitment and retention of suitably skilled
75、personnel,through compliance with applicable legislation and careful management of cash resources and requirements.The successful progression of the Groups activities depends not only on technical success,but also on the ability of the Group to obtain appropriate financing through equity financing,f
76、arm downs,disposing of interest in projects or other means.If the Group is unable to obtain additional financing needed to fulfil its planned work programmes some interests may be relinquished and/or the scope of operations reduced.Share capitalOn the 21 December 2010 the Company allotted 365,125 ne
77、w ordinary shares of 10 pence each to the Executive Directors at 13.42 pence each in lieu of cash bonuses due to the value of 49,000.On the 7 February 2011 the Company placed 4,095,000 new ordinary shares of 10 pence each at 22 pence per share to raise 900,900 before expenses.OutlookIn 2011 and into
78、 2012 InfraStrata intends to further develop its exploration programmes in County Antrim and Dorset and progress both the Portland and Islandmagee projects.The coming year will see more activity in Northern Ireland as the Islandmagee gas storage project is progressed following the determination of t
79、he Planning Application which is anticipated during the current financial year.The data from the seismic acquisition on licence PL1/10 will be processed and interpreted and lead to a decision on drilling an exploration well.InfraStrata plcRESULTS AND DIVIDENDSThe 2011 financial year was an active pe
80、riod for the group which made a profit after tax of 4,310,311(2010:loss after tax of 1,248,461).The profit for the year,together with the balance of 4,489,808 loss brought forward leaves a retained loss of 179,497 to be carried forward.An accounting profit of 3.0 million was recognised on the dispos
81、al of 50%of Portland Gas Limited and 2.9 million on the disposal of 50%of Brigantes Energy Limited and Corfe Energy Limited.Subsequent to the transactions Portland Gas Limited is accounted for as a joint venture while Brigantes Energy Limited and Corfe Energy Limited are accounted for as associates.
82、The Group recognised revenue of 240,290 during the period which arose from operatorship income,consulting and technical services delivered to offset corporate and administrative expenditure.The Directors do not recommend the payment of a dividend(2010:nil).In accordance with international financial
83、reporting standards,the Islandmagee Storage project asset has been reclassified as assets held for sale and disclosed as such in the consolidated statement of financial position(2010:Islandmagee Storage and Portland Gas Storage assets)-note 20.As a corollary,the net loss attributable to the project
84、companies has been classified as arising from discontinued operations in the statement of comprehensive income.CHARITABLE AND POLITICAL DONATIONSDuring the year the Group made various charitable contributions in the UK totalling 200(2010:400).No donations were made for political purposes(2010:nil).P
85、AYMENT OF CREDITORSThe Groups policy for all suppliers is to fix terms of payment when entering into a business transaction,ensure that the supplier is aware of those terms and to abide by the agreed terms of payment.The number of days trade creditors was 16(2010:20)for the Group.RISK MANAGEMENTThe
86、financial risk management objectives and policies of the Company in relation to the use of financial instruments,and the exposure of the Company and its subsidiary undertakings to its main risks,credit risk and liquidity risk,are set out in note 23 to the financial statements.DIRECTORSThe Directors,
87、who served during the year and subsequently,were as follows:Executive DirectorsA D HindleC S GouwsW R RobertsNon-executive DirectorsK M RatcliffM A Abbott-Resigned 1 February 2011J R Davie-Resigned 3 December 2010M E HazzardW Colvin-Appointed 1 February 2011All Directors benefit from the provisions
88、of individual Directors Personal Indemnity insurance policies.Premiums payable to third parties are as described in note 6.The Company operates a share option scheme and the particulars of share options granted to Directors are detailed in note 6 to the financial statements.InfraStrata plc1011DIRECT
89、ORS OF THE COMPANYAT 31 JULY 2011 AND THEIR ABRIDGED CVSKen Ratcliff(Non-Executive Chairman)Ken Ratcliff,JP,BSc.,FCA,(61)is a Chartered Accountant with extensive finance and business experience.He is currently College Accountant at Epsom College and co-founder of Geokinetics Processing UK Limited,an
90、 oil and gas industry seismic contractor.He was an audit manager with Touche Ross&Co in London before moving into accountancy and finance positions within the oil and gas industry in 1978.Ken has previously held senior management positions with Ensign Geophysics Limited,Seismic Geocode Limited,Tenne
91、co Corporation and Merlin Geophysical Limited.He joined the Board in 2007 and became Chairman in October 2007.Ken has been a non-executive director of Egdon Resources plc since 2001.Andrew Hindle(Chief Executive Officer)Andrew Hindle,BSc.,MSc.,PhD,FGS,CGeol,(49)is a highly experienced geologist with
92、 25 years worldwide experience.He holds a degree in Geological Sciences gained in 1983 from Leeds University and,following a year with BP,gained a MSc.degree in Petroleum Geology in 1985 from Aberdeen University.In 1998 he completed a PhD(part-time)through the Open University.He received the J.C.“Ca
93、m”Sproule Memorial Award from the American Association of Petroleum Geologists in 1999.He worked for Texaco from 1985 until 1996 on UK and international exploration and development projects,working overseas from 1990 to 1994.Subsequently,he worked for Anadarko Algeria Corporation from 1996 to 1997.I
94、n 1997 he became a founding director of Egdon Resources plc and,following the demerger of Egdon and InfraStrata,remained a non-executive director of Egdon until February 2011.Andrew has been the Chief Executive of the Group since 2005.Andrew is also a director of Geofocus Limited and Toffee Limited.
95、Craig Gouws(Chief Financial Officer)Craig Gouws,BSc.,CA(SA)(44)is a Chartered Accountant and holds an engineering degree.He worked within the forestry sector in South Africa before qualifying as a Chartered Accountant with Ernst&Young in 2001.His finance experience includes working for major auditin
96、g organisations in senior financial positions in South Africa,the Middle East and the United Kingdom.Craig joined the Group in an executive role during 2007.Walter Roberts(Legal and Commercial Director and Company Secretary)Walter Roberts,MA(Cantab.),(60)is an oil and gas lawyer with a strong record
97、 in commercial and legal management.Walter qualified as a solicitor with Simmons&Simmons before joining Phillips Petroleum in 1980.He then worked for Lasmo in both the UK and in Australia where he set up its legal department.Walter was the principal negotiator for UK joint venture commercial negotia
98、tions and gas sales for Talisman Energy(UK)Limited(previously Bow Valley Petroleum(U.K.)Limited)until 1995.More recently he was the London partner of Cummings&Co.and he is currently an executive director of Pinnacle Energy Limited and a non-executive director of Egdon Resources plc.Walter joined the
99、 Board of Egdon Resources plc in 2001 as a non-executive director.He joined the Group in an executive role in 2007.Maurice Hazzard(Non-Executive Director)Maurice Hazzard,(73)has extensive business experience in the oil and gas industry,particularly in large offshore projects.He has held senior posit
100、ions with Phillips Petroleum,Hamilton Bros.Oil&Gas Limited and Halyard Offshore Limited.Between 1979 and 1989 Maurice was responsible for development of the Energy Division of the Tung Group of companies,based in Hong Kong,and during this period was Executive Chairman of Houlder Marine Drilling Limi
101、ted.From 1989 to 1996 he was a consultant with Maritime Audit&Technical Services Limited,consulting to the international offshore oil and marine services industry.From 1996 to 1999 he was Chairman and CEO of PD Systems International Limited,a UK electronics manufacturer.He is also non-executive Chai
102、rman of Orbitron Technologies Limited,a software company.William Colvin(Non-Executive Director)William Colvin,A.C.A.(53)is a Chartered Accountant and has wide experience in the oil and gas,and healthcare sectors in senior management and board positions of large corporations.He was Finance Director o
103、f British-Borneo Oil&Gas plc from 1992 to 1999.From 1990 to 1992,William was Finance Manager/Director at Oryx UK Energy.From 1984 to 1989,he worked in a variety of financial roles for Atlantic Richfield(ARCO)Inc.He qualified as a Scottish Chartered Accountant in 1982 and holds a Bachelor of Commerce
104、 degree from the University of Edinburgh.William is currently a non-executive director of Energy XXI,an independent oil&natural gas exploration and production company.DIRECTORS EMOLUMENTSThe Directors emoluments are disclosed in note 6 to the Financial Statements.InfraStrata plcOrdinary shares of 10
105、p eachCalculus Nominees LimitedMaven Income and Growth VCT 5 PLCJP Morgan Asset Management Holdings Inc.Number1,858,9502,974,01315,516,600%3.603.8019.83DIRECTORS AND SUBSTANTIAL SHAREHOLDINGSThe Directors of the Company held the following beneficial shareholdings as at 8 November 2011.Ordinary share
106、s of 10p eachKen RatcliffAndrew HindleCraig GouwsWalter RobertsMaurice HazzardWilliam ColvinNumber63,0006,818,08092,4181,144,8781,1440%0.088.710.121.460.000.00The Company has received notification of the following interests in 3%or more of the Companys issued share capital at 8 November 2011.The per
107、centages presented are at the date of notification.The UK Corporate Governance CodeThe Directors recognise the value of the UK Corporate Governance Code(“the Code”)and whilst under the AIM rules compliance is not required the Directors believe that the Company applies the recommendations in so far a
108、s is appropriate for a public company of its size.The Company therefore does not fully comply with the Code.The BoardAt the financial year end the Board was comprised of three Executive Directors and three Non-executive Directors whose background and experience are relevant to the Companys activitie
109、s.As such,the Directors are of the opinion that the Board has a suitable balance and that the recommendations of the Code have been implemented to an appropriate level.The Board,through the Directors,maintain regular contact with its advisors and public relations consultants in order to ensure that
110、the Board develops an understanding of the views of major shareholders about the Company.All Directors have access to the advice and services of the company secretary who is responsible to the Board for ensuring that the Board procedures are followed and that the applicable rules and regulations are
111、 complied with.In addition,the company secretary will ensure that the directors receive appropriate training as necessary.The appointment and removal of the company secretary is a matter for the Board as a whole.CORPORATE GOVERNANCEInfraStrata plc12Number of meetings held during the 2011 financial y
112、earExecutive directorsAndrew HindleCraig GouwsWalter RobertsNon-executive directorsKen RatcliffMark Abbott*Jonathan Davie*Maurice HazzardWilliam Colvin*Board11No of meetings attended10101074173Audit Committee1No of meetings attended-11-The table below contains details on the number of meetings held
113、during the period and individual director attendance.Remuneration Committee2No of meetings attended-11-21 Of which 4 were minimally attended but to finalise business already approved by all directors*Resigned 1 February 2011*Resigned 3 December 2010*Appointed 1 February 2011Audit CommitteeThe Audit
114、Committee met once in the year to 31 July 2011.Its members are William Colvin(Chairman),Ken Ratcliff and for part of the year Jonathan Davie.Members of the committee at the time of meetings attended all meetings either in person or by telephone.In addition,the committee met in August 2011 and senior
115、 representatives of the external auditors attended that meeting.The external auditor has unrestricted access to the Chairman of the committee.The role of the Audit Committee includes:Consideration of the appointment of the external auditor and the audit fee.Reviewing the nature,scope and results of
116、the external audit.Monitor the integrity of the financial statements and interim report.Discussing with the Groups auditors problems and reservations arising from the interim and final results.Reviewing the external auditors management letter and managements response.Reviewing on behalf of the Board
117、 the Groups system of internal control and making recommendations to the Board.The Committee also keeps under review the necessity for establishing an internal audit function but considers that,given the size of the Group and the close involvement of senior management in day-to-day operations,there
118、is currently no requirement for such a function.13CORPORATE GOVERNANCENotwithstanding the absence of an internal audit function,the Committee keeps under review the effectiveness of the Groups internal controls and risk management systems.InfraStrata plcRemuneration Committee The members of the Remu
119、neration Committee are Maurice Hazzard(Chairman),Ken Ratcliff,William Colvin and for part of the year,Mark Abbott.The committee met twice during the year each time attended by all current members.The Groups policy is to remunerate senior executives fairly in such a manner as to facilitate the recrui
120、tment,retention and motivation of staff.The Remuneration Committee agrees with the Board a framework for the remuneration of the Chairman,the Executive Directors and the senior management of the Group.During the year,the Remuneration Committee discussed the continuing need to maintain motivation of
121、the Executive during a period of intense activity and changing focus.The conclusion of their considerations was that,while current salary burden was regarded as being high in the overall context of the Companys performance,it would not be wise to do anything to jeopardise the possible outcome of cur
122、rent negotiations but the focus during 2012 would be on reducing the overall burden.The Executive has been invited to propose possible ways of achieving this.The principal objectives of the Committee include:Determining and agreeing with the Board the remuneration policy for the Chief Executive and
123、Executive Directors;Reviewing the design of share incentive plans for approval by the Board and determining the annual award policy to Executive Directors under existing plans;andThe view of the Committee is that the salaries remain competitive,but are not over generous,and therefore did not recomme
124、nd an adjustment during the current financial year.Non-executive fees are considered and agreed by the Board as a whole and there has been no specific review in this regard during the period.Nomation Committee The Company has not established a Nomination Committee as the Directors are of the opinion
125、 that such a committee is inappropriate given the current size of the Company.Relations with Shareholders Communication with shareholders is given high priority and the Company therefore communicates regularly with shareholders including the release of announcements for the interim and annual result
126、s and after significant developments.The Annual General Meeting is normally attended by all Directors.Shareholders,including private investors,are invited to ask questions on matters including the Groups operations and performance and to meet with the Directors after the formal proceedings have ende
127、d.The Company maintains a website(www.infraStrata.co.uk)for the purpose of improving information flow to shareholders as well as potential investors.The website contains all press announcements and financial reports as well as extensive operational information about the Groups activities and enquiri
128、es from individual shareholders on matters relating to their shareholdings and the business of the Group are welcomed.The Board encourages shareholders to attend the Annual General Meeting,at which members of the Board are available to answer questions.Internal Controls The Directors are responsible
129、 for the Groups system of internal controls,the setting of appropriate policies on those controls,and regular assurance that the system is functioning effectively and that it is effective in managing business risk.Internal control systems are designed to meet the particular needs of the Group and to
130、 manage rather than eliminate the risk of failure to meet business objectives.The internal controls cover financial,operational and compliance matters and are reviewed on an on-going basis.The Directors consider that the frequency of Board meetings and the information provided to the Board in relati
131、on to Group operations assists the identification,evaluation and management of significant risks relevant to its operations on a continuous basis.The Groups internal controls can only provide reasonable and not absolute assurance against material mis-statement or loss or the risk of failure to meet
132、business objectives.Having thus monitored risk management and internal control processes in place,the Board considers that the Companys internal control systems operated appropriately during the year and up to the date of signing of the Annual Report and Financial Statements.GOING CONCERNThe Group d
133、oes not currently have cash resources on hand to meet all of the committed and discretionary expenditure identified for the 12 month period following approval of the financial statements and there can be no certainty that the planned disposal of an interest in Islandmagee Storage Limited will procee
134、d within the timeframe currently expected.Nevertheless after making inquiries and considering all the relevant factors in relation to the proposed disposal,the Directors are of the opinion that they will be able to complete any necessary funding or,if necessary,defer or reduce administrative costs a
135、nd have therefore prepared cash flow forecasts for the Group on these bases.These projections,which include the deferral of expenditure,indicate that the Group will have adequate cash resources to meet its obligations as they fall due for a period of not less than one year from the date of approval
136、of these financial statements irrespective of whether or not the disposal proceeds are received within the expected timeframe.For this reason,they continue to adopt the going concern basis of accounting in preparing the annual financial statements.CORPORATE GOVERNANCEInfraStrata plc14The Directors a
137、re responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.UK Company law requires the directors to prepare Group and Company financial statements for each financial year.Under that law the Directors have elected(as require
138、d by the rules of the AIM market of the London Stock Exchange)to prepare Group financial statements in accordance with International Financial Reporting Standards(“IFRS”)as adopted by the European Union(“EU”)and have elected to prepare the Company financial statements in accordance with IFRS as adop
139、ted by the EU and as applied in accordance with the provisions of the Companies Act 2006.The Group financial statements are required by law and IFRS adopted by the EU to present fairly the financial position and performance of the Group;the Companies Act 2006 provides in relation to such financial s
140、tatements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation.Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view
141、 of the state of affairs of the Company and of the Group and of the profit or loss of the group for that period.In preparing each of the Group and Company financial statements,the Directors are required to:select suitable accounting policies and then apply them consistently;make judgements and estim
142、ates that are reasonable and prudent;state whether they have been prepared in accordance with IFRSs as adopted by the EU;prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business.The Directors are respon
143、sible for keeping adequate accounting records that are sufficient to show and explain the Companys transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006.They a
144、re 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.The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the InfraStra
145、ta plc website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.DISCLOSURE OF INFORMATION TO THE AUDITOR In the case of each person who was a Director at the time this report was approved:-so far
146、as the Director was aware there was no relevant available audit information of which the Companys auditor was unaware;and that the Director had taken all steps that the Director ought to have taken as a director to make himself aware of any relevant information and to establish that the Companys aud
147、itor was aware of that information.This information is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.AUDITOR A resolution to re-appoint the auditor,Nexia Smith&Williamson,will be proposed at the forthcoming Annual General Meeting.By order of the
148、BoardA Hindle Director14 November 201115DIRECTORS RESPONSIBILITIESInfraStrata plcINDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF INFRASTRATA PLCWe have audited the financial statements of InfraStrata plc for the year ended 31 July 2011 which comprise the Consolidated Statement of Comprehensive In
149、come,the Consolidated and Parent Company Statements of Financial Position,the Consolidated and Parent Company Statements of Cash Flow,the Consolidated and Parent Company Statements of Changes in Equity,and the related notes 1 to 34.The financial reporting framework that has been applied in their pre
150、paration is applicable law and International Financial Reporting Standards(IFRSs)as adopted by the European Union and as regards the parent Company financial statements,as applied in accordance with the provisions of the Companies Act 2006.This report is made solely to the companys members,as a body
151、,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 Companys members those matters we are required to state to them in an auditors report and for no other purpose.To the fullest extent permitted by law,we do not accept o
152、r assume responsibility to anyone other than the Company and the Companys members as a body,for our audit work,for this report,or for the opinions we have formed.Respective responsibilities of Directors and auditors As explained more fully in the Directors Responsibilities Statement on page 15,the d
153、irectors 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 the financial statements in accordance with applicable law and International Standards on Auditing(UK and Ireland).Those standards requi
154、re us to comply with the Auditing Practices Boards(APBs)Ethical Standards for Auditors.Scope of the audit of the financial statementsA description of the scope of an audit of financial statements is provided on the APBs website atwww.frc.org.uk/apb/scope/private.cfmOpinion on financial statementsIn
155、our opinion:the financial statements give a true and fair view of the state of the Groups and the parent Companys affairs as at 31 July 2011 and of the Groups profit for the year then ended;the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European
156、 Union;andthe parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006;andthe financial statements have been prepared in accordance with the requirements of the
157、 Companies Act 2006.Opinion on other matter prescribed by the Companies Act 2006In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements.Matters on which we are required to r
158、eport by exceptionWe 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 by the parent Company,or returns adequate for our audit have not been received from branches not
159、visited by us;orthe parent Company financial statements are not in agreement with the accounting records and returns;orcertain disclosures of Directors remuneration specified by law are not made;orwe have not received all the information and explanations we require for our audit.Andrew BondSenior St
160、atutory Auditor,for and on behalf ofNexia Smith&WilliamsonStatutory Auditor Chartered Accountants Walnut Tree Close1 Bishops WharfWalnut Tree CloseGuildford,GU1 4RA14 November 2011InfraStrata plcINDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF INFRASTRATA PLC16Continuing operationsRevenueCost of S
161、alesGross profitAdministrative expensesOperating lossFinance incomeShare of loss of Joint VentureLoss before taxationTaxationLoss for the year from continuing operationsProfit/(loss)for the year from discontinued operationsProfit/(loss)for the year attributable to the equity holders of the parentOth
162、er comprehensive incomeTotal comprehensive profit/(loss)for the year attributable to the equity holders of the parentBasic and diluted earnings per shareContinuing operationsDiscontinued operationsContinuing and discontinued operations2011240,290-240,290(1,180,485)(940,195)11,139(452,089)(1,381,145)
163、-(1,381,145)5,691,4564,310,311-4,310,311(1.82)p7.49p5.67p2010-(397,358)(397,358)23,645-(373,713)-(373,713)(874,748)(1,248,461)-(1,248,461)(0.51)p(1.20)p(1.71)pNotes4916101112CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 201117InfraStrata plcCONSOLIDATED STATEMENT OFFINANC
164、IAL POSITION AS AT 31 JULY 2011Non-current assetsPlant and equipmentInvestment in joint ventureInvestments in associatesTotal non-current assetsCurrent assetsTrade and other receivablesAvailable for sale financial assetsCash and cash equivalentsAssets classified as held for saleTotal current assetsC
165、urrent liabilitiesTrade and other payablesLiabilities directly associated with assets classified as held for saleTotal current liabilitiesNet current assets and net assets held for saleNet assetsShareholders fundsShare captialShare premiumMerger reserveShare based payment reserveRetained earnings201
166、115,16122,473,5162,880,00025,368,677140,52612,500714,969867,9952,744,7313,612,726(104,158)(29,928)(134,086)3,478,64028,847,3177,826,43311,848,9468,988,112322,431(138,605)28,847,31720107,280-7,280110,73212,5001,260,9821,384,21426,511,03427,895,248(278,606)(4,061,668)(4,340,274)23,554,97423,562,2547,3
167、80,42011,381,0958,988,112302,435(4,489,808)23,562,254Notes141616171819202120242526Company registration number:06409712Approved and authorised for issue by the Board on 14 November 2011A.Hindle,Director C.Gouws,DirectorCOMPANY STATEMENT OFFINANCIAL POSITION AS AT 31 JULY 2011Non-current assetsPlant a
168、nd equipmentInvestmentTotal non-current assetsCurrent assetsTrade and other receivablesAvailable for sale assetsCash and cash equivalentsTotal current assetsCurrent liabilitiesTrade and other payablesNet current assetsNet assetsShareholders fundsShare captialShare premiumMerger reserveShare based pa
169、yment reserveRetained earnings201114,02215,249,61115,263,63311,765,97512,500118,44811,896,923(86,261)11,810,66227,074,2957,826,43311,848,9468,466,827322,431(1,390,342)27,074,2952010-15,257,96615,257,96610,873,56612,5001,072,06011,958,126(260,311)11,697,81526,955,7817,380,42011,381,0958,466,827302,43
170、5(574,996)26,955,781Notes1617181921242526InfraStrata plc18Balance at 31 July 2009Loss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsBalance at 31 July 2010Profit for the yearTotal comprehensive profit for the yearShares issuedShare based paymentsShare options laps
171、edBalance at 31 July 2011Share capital7,038,473-341,947-7,380,420-446,013-7,826,433Share premium8,576,705-2,804,390-11,381,095-467,851-11,848,946Merger reserve8,988,112-8,988,112-8,988,112Shares to be issued 746,337-(746,337)-Share based payment reserve177,189-125,246302,435-60,888(40,892)322,431Ret
172、ained earnings(3,241,347)(1,248,461)(1,248,461)-(4,489,808)4,310,3114,310,311-40,892(138,605)Total equity 22,285,469(1,248,461)(1,248,461)2,400,000125,24623,562,2544,310,3114,310,311913,86460,888-28,847,317COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2011Balance at 31 July 2009L
173、oss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsBalance at 31 July 2010Loss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsShare options lapsedBalance at 31 July 2011Share capital 7,038,473-341,947-7,380,420-446,013-7,826,433Sh
174、are premium 8,576,705-2,804,390-11,381,095-467,851-11,848,946Merger reserve 8,466,827-8,466,827-8,466,827Shares to be issued 746,337-(746,337)-Share based payment reserve177,189-125,246302,435-60,888(40,892)322,431Retained earnings(356,743)(218,253)(218,253)-(574,996)(856,238)(856,238)-40,892(1,390,
175、342)Total equity 24,648,788(218,253)(218,253)2,400,000125,24626,955,781(856,238)(856,238)913,86460,888-27,074,295CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 201119InfraStrata plcCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2011Net cash(used in)operating
176、activitiesInvesting activitiesInterest receivedPurchase of intangible assetsPurchase of plant and equipmentCash outflow on disposal of subsidiaryNet cash(used in)investing activitiesFinancing activitiesProceeds on issue of ordinary sharesNet cash generated from financing activitiesNet(decrease)in ca
177、sh and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at end of yearCash and cash equivalents consist of:Cash at bank2011(982,526)11,139(324,520)(108,706)(6,264)(428,351)864,864864,864(546,013)1,260,982714,969714,9692010(1,409,715)23,645(569,274)(2,250,176)-(
178、2,795,805)2,400,0002,400,000(1,805,520)3,066,5021,260,9821,260,982Notes2719Significant non-cash transactionsSignificant non-cash transactions for the year ended 31 July 2011 comprise the loss of control of three companies which were previously subsidiaries see note 16.COMPANY STATEMENT OF CASH FLOWS
179、 FOR THE YEAR ENDED 31 JULY 2011Net cash(used in)operating activitiesInvesting activitiesInterest receivedSubscription in share capital of subsidiary companyPurchase of plant and equipmentNet cash(used in)/in flow investing activitiesFinancing activitiesProceeds on issue of ordinary sharesNet cash g
180、enerated from financing activitiesNet(decrease)/increase in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at end of yearCash and cash equivalents consist of:Cash at bank2011(1,803,324)2,228-(17,380)(15,152)864,864864,864(953,612)1,072,060118,448118,
181、4482010(1,428,795)15,292(8,855)-6,4372,400,0002,400,000977,64294,4181,072,0601,072,060Notes2719Cash flows arising from discontinued activitiesCash flows arising from discontinued operations are analysed in note 27.InfraStrata plc20211.General information InfraStrata plc is a company incorporated in
182、England&Wales under the Companies Act 2006 and is domiciled in the United Kingdom and is listed on the AIM market of the London Stock Exchange.2.Accounting policies The financial statements are based on the following accounting policies which have been consistently applied.Basis of preparationInfraS
183、trata plc adopted International Financial Reporting Standards(IFRS)and IFRIC Interpretations,as adopted by the European Union and,except as noted below,effective in July 2011,as the basis for preparation of its financial statements.The financial information has been prepared under the historical cos
184、t convention as modified by the revaluation of certain financial assets.Going concernThe Directors have prepared the financial statements on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.The Group requires additional funding in
185、 order to progress the development of the Islandmagee gas storage project in which it holds a 65%interest and to pay future general and administrative costs.The exploration of licence PL1/10 has been funded by partners,however InfraStrata plc will be required to fund its interest once the initial ph
186、ase of exploration is complete and the partners decide to drill an exploration well.The Directors believe that the disposal of an interest in Islandmagee Storage Limited is the best way of maximising shareholder value by allowing an entity other than InfraStrata plc to develop this project.It is exp
187、ected that such a disposal will provide working capital for the Group and will transfer responsibility for funding the immediate future development of the Islandmagee gas storage project to the new partner.The Group does not currently have cash resources on hand to meet all of the committed and disc
188、retionary expenditure identified for the 12 month period following approval of the financial statements and there can be no certainty that the planned disposal of an interest in Islandmagee Storage Limited will proceed within the timeframe currently expected.Nevertheless,after making inquiries and c
189、onsidering all the relevant factors in relation to the proposed disposal,the Directors are of the opinion that they will be able to complete any necessary funding or,if necessary,defer or reduce administrative costs and have therefore prepared cash flow forecasts for the Group on these bases.These p
190、rojections,which include the deferral of expenditure,indicate that the Group will have adequate cash resources to meet its obligations as they fall due for a period of not less than one year from the date of approval of these financial statements irrespective of whether or not the disposal proceeds
191、are received within the expected timeframe.For this reason,they continue to adopt the going concern NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2011basis of accounting in preparing the annual financial statements.Adoption of new and revised standardsIn the current financial year,the
192、 Group has adopted International Financial Reporting Standard 2“Share-Based Payments”(revised 2009),International Accounting Standard 32“Financial Instruments:Presentation”(revised 2009)and IFRIC 19“Extinguishing financial liabilities with equity instruments”.The adoption of these standards and inte
193、rpretation did not have any impact on the financial position or performance of the Group.At the date of approval of these financial statements,the following Standards and Interpretations which have not yet been applied in these financial statements were in issue but not yet effective(and in some cas
194、es,had not yet been adopted by the EU)and that may have an impact going forward:IFRS 9 Financial Instruments IFRS 10 Consolidated Financial StatementsIFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other EntitiesIFRS 13 Fair Value MeasurementIAS 28 Investments in Associates and Joint V
195、entures(2011)The Directors anticipate that all of the above standards and interpretations will be adopted in the Groups financial statements in future periods.Basis of consolidationThe financial information incorporates the financial information of the Company and entities controlled by the Company.
196、Control is achieved where the Company has power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.Business combinations and goodwillOn acquisition,the assets and liabilities and contingent liabilities of subsidiaries are measured at the
197、ir fair values at the date of acquisition.Any excess of cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired(i.e.discount on acquisition)is cr
198、edited to the income statement in the period of acquisition.Goodwill arising on consolidation is recognised as an asset and reviewed for impairment at least annually.Any impairment is recognised immediately in the income statement and is not subsequently reversed.Interests in joint venture entities
199、A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control and a jointly controlled entity is a joint venture that involves a separate entity in which each venturer has an interest.The Group recognises its interest in join
200、tly controlled entities using equity accounting.The financial statements of the joint venture are prepared for the same InfraStrata plcreporting year as the parent company,using consistent accounting policies.Oil and gas exploration joint venturesThe Group is engaged in oil and gas exploration and d
201、evelopment which may lead to production through unincorporated joint ventures.The Group accounts for its share at cost of the results and net assets of these joint ventures as jointly controlled assets based on its percentage ownership of these joint ventures.In addition,where the Group acts as oper
202、ator to the joint venture,the gross liabilities and receivables(including amounts due to and from non-operating partners)of the joint venture are included in the statement of financial position.Details of the Groups oil&gas exploration joint ventures accounted for as jointly controlled assets are pr
203、ovided in note 33.Interests in associatesThe Group has interests in associates,which are entities over which the group has significant influence but not control and which are not joint ventures.The Group recognises its interest in associates using equity accounting.The financial statements of the as
204、sociates are prepared for the same reporting year as the parent company,using consistent accounting policies.Disposal groups held-for-saleDisposal groups are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is consider
205、ed highly probable.They are stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use.Segment reportingOperating segments are reported in a manner consistent with the
206、internal reporting provided to the chief operating decision-maker as required by IFRS 8“Operating Segments”.The chief operating decision-maker,who is responsible for allocating resources and assessing performance of the operating segments,has been identified as the Board of Directors.The accounting
207、policies of the reportable segments are consistent with the accounting policies of the Group as a whole.Segment profit represents the profit earned by each segment without allocation of gains or losses on the disposal of available-for-sale investments,investment income,interest payable and tax.This
208、is the measure of profit that is reported to the Board of Directors for the purpose of resource allocation and the assessment of segment performance.When assessing segment performance and considering the allocation of resources,the Board of Directors review information about segment assets and liabi
209、lities.Plant and equipmentPlant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss.The initial cost of an asset comprises its purchase price or construction cost and any costs directly attributable to bringing the asset into operation.Depreciation is cha
210、rged so as to write off the cost of assets,over their estimated useful lives,using the straight-line method,once the asset has been brought into use,on the following basis:Office equipment 20 33%Capitalised tangible gas storage inclusive of related and pipeline costs are not depreciated as the facil
211、ity is under construction and not in use.The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.Gas storage research and development costsResearch expenditure,incurred when undertaking exp
212、loration activities for gas storage opportunities,is written off in the year in which it is incurred.Capitalisation and impairment of intangible gas storage assetsCosts of development of gas storage facilities are capitalised as intangible assets once it is probable that future economic benefits tha
213、t are attributable to the assets will flow to the Group and until consent to construct has been awarded,at which time the capitalised costs are transferred to plant and equipment.The nature of these costs includes all direct costs incurred in project development.No amortisation or depreciation is pr
214、ovided until the storage facility is brought into commercial use.An impairment test is performed annually and whenever events or circumstances arising during the development phase indicate that the carrying value of a development asset may exceed its recoverable amount.The aggregate carrying value i
215、s compared against the expected recoverable amount of the cash generating unit,generally by reference to the present value of the future net cash flows expected to be derived from storage revenue.The present value of future cash flows is calculated on the basis of future storage prices and cost leve
216、ls as forecast at the balance sheet date.Capitalisation of project rental costs are reviewed on a regular basis and expensed when the physical progress on the project is in the Directors opinion,significantly less than expected.The cash generating unit applied for impairment test purposes is general
217、ly an individual gas storage facility.Where the carrying value of the facility is greater than the present value of its future cash flows a provision is made.Any such provisions are charged to cost of sales.NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc2223Oil&gas exploration and evaluation expend
218、iture and assetsThe Group accounts for oil&gas expenditure under the full cost accounting method.Costs(other than payments to acquire rights to explore)incurred prior to acquiring the rights to explore are charged directly to the income statement.All costs incurred after the rights to explore an are
219、a have been obtained,such as geological,geophysical,data costs and other direct costs of exploration and appraisal are accumulated and capitalised as exploration and evaluation assets(“E&E”).E&E costs are not amortised prior to the conclusion of appraisal activities.If technical feasibility is demon
220、strated and commercial reserves are discovered,then following development sanction,the carrying value of the relevant E&E asset will be reclassified as a development and production asset,but only after the carrying value of the E&E asset has been assessed for impairment,and where appropriate,its car
221、rying value adjusted.If,after completion of appraisal activities in an area,it is not possible to determine technical feasibility or commercial viability,then the costs of such unsuccessful exploration and evaluation are written off to the income statement as a component of costs of sales in the per
222、iod the relevant events occur.The costs associated with any wells which are abandoned are fully amortised when the abandonment decision is taken.When oil or gas is sold from E&E assets,the carrying value of the E&E asset is reduced by the gross profit generated from the sale.Borrowing costsBorrowing
223、 costs directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets.All other borrowing costs are expensed in the period they occur.Borrowing costs cons
224、ist of interest and other costs that an entity incurs in connection with the borrowing of funds.InvestmentsInvestments in subsidiaries are stated at cost less provision for impairments.TaxationTax expense represents the sum of the tax currently payable and any deferred tax.The taxable result differs
225、 from the net result as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.The Companys liability for current tax is calculated using tax rates that have been
226、 enacted or substantially enacted by the balance sheet date.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit,and is
227、 accounted for using the balance sheet liability method.Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differenc
228、es can be utilised.Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition(other than in a business combination)of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.D
229、eferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries,except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.The carrying
230、amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in t
231、he period when the liability is settled or the asset realised.Deferred tax is charged or credited to the income statement,except when it relates to items charged or credited directly to equity,in which case the deferred tax is also dealt with in equity.Deferred tax assets and liabilities are offset
232、when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current assets and liabilities on a net basis.Foreign currencyTransactions in foreign
233、 currency are recorded at the rates of exchange prevailing on the dates of the transactions.At each balance sheet date,monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date and gains or losses are taken to operat
234、ing profit.LeasesLeases are classified as finance leases or hire purchase lease contracts whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.All other leases are classified as operating leases.Rental costs under operating leases are charged on
235、 a straight-line basis over the lease term.Share based payment transactionsEmployees(including senior executives)of the Group receive part of their remuneration in the form of share based payment transactions,whereby employees render services as consideration for equity instruments(equity settled tr
236、ansactions).The cost of equity settled transactions is recognised,together with a corresponding increase in equity,over the period in which the NOTES TO THE FINANCIAL STATEMENTSInfraStrata plcperformance and or service conditions are fulfilled,ending on the date on which the relevant employees becom
237、e fully entitled to the award(the vesting date).The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Groups best estimate of the number of equity instruments that will ultim
238、ately vest.The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.No expense is recognised for awards that do not ultimately vest,except for awards where vesting is conditional upon a market condition,whi
239、ch are treated as vesting irrespective of whether or not the market condition is satisfied,provided that all other performance conditions are satisfied.Where the terms of an equity settled award are modified,as a minimum an expense is recognised as if the terms had not been modified.In addition,an e
240、xpense is recognised for any modification,which increases the total fair value of the share based payment arrangement,or is otherwise beneficial to the employee as measured at the date of modification.Where equity settled award is cancelled,it is treated as if it had vested on the date of cancellati
241、on,and any expense not yet recognised for the award is recognised immediately.However,if a new award is substituted for the cancellation award,and designated as a replacement award on the date that is granted,the cancelled and new awards are treated as if they were a modification of the original awa
242、rd,as described in the previous paragraph.Retirement benefit costsThe Company has a defined contribution plan which requires contributions to be made into an independently administered fund.The amount charged to the income statement in respect of pension costs reflects the contributions payable in t
243、he year.Differences between contributions payable during the year and contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.Financial instrumentsFinancial assets and financial liabilities are recognised on the balance sheet when the Group becomes
244、a party to the contractual provisions of the instrument.Trade and other receivables are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method.A provision is established when there is objective evidence that the Group will no
245、t be able to collect all amounts due.The amount of any provision is recognised in the income statement.Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less.Trade and other payables are initially measured at fair valu
246、e,and are subsequently measured at amortised cost,using the effective interest rate method.Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an
247、 equity instrument.An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.Equity instruments issued by the Company are recorded at the proceeds received,net of direct issue costs.Equity issued for non monetary conside
248、ration is recorded at the fair value of the equity instruments issued,except when a parent reorganises the structure of its group by establishing a new entity and(a)the new parent obtains control of the original parent by issuing equity instruments in exchange for existing equity instruments of the
249、original parent;(b)the assets and liabilities of the new group and the original group are the same immediately before and after the reorganisation;and(c)the owners of the original parent before the reorganisation have the same absolute and relative interests in the net assets of the original group a
250、nd the new group immediately before and after the reorganisation.In this latter case equity instruments issued by the new parent are recognised at the carrying amount of its share of the equity items shown in the separate financial statements of the original parent at the date of the reorganisation.
251、Interest bearing bank loans,overdrafts and other loans are recorded at the proceeds received,net of direct issue costs.Finance costs are accounted for on an accruals basis in the income statement using the effective interest method.Available for sale financial assets are those non-derivative financi
252、al assets that are designated as available for sale or are not classified as financial assets at fair value through profit and loss,held to maturity investments or loans and receivables.After initial recognition,available for sale financial assets are measured at fair value with gains or losses bein
253、g recognised as a separate component of equity until the investment is derecognised or until the investment is determined to be impaired at which time the cumulative gain or loss previously reported in equity is included in the income statement.The fair value of investments that are actively traded
254、in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date.For investments where there is no active market,fair value is determined using appropriate valuation techniques.RevenueRevenue is recognised as the fair value of t
255、he consideration received or receivable and represents the amounts receivable for services delivered during the normal course of business.Revenue is recognised as the services are delivered.Finance incomeFinance income is recognised on an accrual basis.NOTES TO THE FINANCIAL STATEMENTSInfraStrata pl
256、c242011Continuing activitiesRevenue from services provided to joint ventureAdministrative expensesShare of loss of joint ventureFinance incomeDiscontinued activitiesAdministrative expensesProfit arising on loss of control of subsidiariesAnalysis of:Assets by segmentLiabilities by segmentNet assets p
257、er segmentCapital expenditureDepreciation2010Continuing activitiesAdministrative expensesFinance incomeDiscontinued activitiesAdministrative expensesAnalysis of:Assets by segmentLiabilities by segmentNet assets per segmentCapital expenditureDepreciationGas storage240,290-(452,089)-(211,799)(31,570)2
258、,964,0142,932,4442,720,64522,473,516-22,473,516*252,977-Gas storage-(735,259)(735,259)(735,259)*24,066,195*(4,000,554)*20,065,641*3,346,830-Exploration-1,439,7001,439,7001,439,7001,440,000-1,440,000-Exploration-DorsetGas storage-(120,388)-(120,388)(120,388)*2,744,731*(29,928)*2,714,803*286,003-Gas s
259、torage-(100,671)(100,671)(100,671)*2,419,261*(58,900)*2,360,361*592,791-Exploration-1,439,7001,439,7001,439,7001,440,000-1,440,000-Exploration-Northern IrelandUnallocated-(1,180,485)-11,139(1,169,346)-(1,169,346)883,156(104,158)778,99817,3809,499Unallocated(397,358)23,645(373,713)(38,818)(38,818)(41
260、2,531)1,417,072(280,820)1,136,252-21,070Total240,290(1,180,485)(452,089)11,139(1,381,145)(151,958)5,843,4145,691,4564,310,31128,981,403(134,086)28,847,317556,3609,499Total(397,358)23,645(373,713)(874,748)(874,748)(1,248,461)27,902,528(4,340,274)23,562,2543,939,62121,070*discontinued activities253.Se
261、gment informationThe Directors have determined the Groups operating segments by reference to the risk profile of the Groups activities,which are affected predominately by location of the Groups assets.The Groups head office is located in the United Kingdom with operations located in Dorset,Northern
262、Ireland and Europe.The segmental businesses activities are the development and construction of gas storage and associated facilities,and petroleum exploration.No segmental information relating to the European activities is required to be disclosed as they are immaterial.NOTES TO THE FINANCIAL STATEM
263、ENTSInfraStrata plcDorsetNorthern Ireland*discontinued activitiesFees payable to the Groups auditor and its associates:for the audit of the Companys annual financial statementsfor the audit of the Companys subsidiariesother services relating to taxationall other servicesDepreciationNet foreign excha
264、nge(profit)/lossOperating lease rentals-land and buildingsResearch costs201115,6108,2907,7806,1009,499(2,024)154,26243,217201012,75017,75012,4503,55621,0705,2781,521,146103,7165.Employee information2011Number5682,85177,08018,19060,888839,0092010Number7854,19689,44927,808125,2461,096,699Executive Dir
265、ectors and staffStaff costs for the above persons and Non-executive Directors were:Wages and salariesSocial security costsDefined contribution pension plan expenditureShare based payments4.Other expenditure6.Directors and key managementemoluments and compensationGroup and company2011Executive Direct
266、orsAndrew HindleCraig GouwsWalter RobertsNon-executive DirectorsKen RatcliffMark AbbottJonathan DavieMaurice HazzardWilliam ColvinSalary&Fees250,000121,06786,32037,5007,5005,00015,0007,500529,887Bonus25,00012,00012,000-49,000Benefits2,1701,5522,971-6,693Pension-6,0006,0001,875-750-14,625Total277,170
267、140,619107,29139,3757,5005,00015,7507,500600,20536,28567,378703,868Share based payment attributable to DirectorsEmployers national insurance contributions2010Executive DirectorsAndrew HindleCraig GouwsWalter RobertsNon-executive DirectorsKen RatcliffMark AbbottJonathan DavieMaurice HazzardSalary&Fee
268、s250,000122,219120,00037,50015,00015,00015,000574,719Bonus-Benefits2,0421,4622,788-6,292Pension-6,0006,0001,875-75014,625Total252,042129,681128,78839,37515,00015,00015,750595,63686,00165,941747,578Share based payment attributable to DirectorsEmployers national insurance contributionsNOTES TO THE FIN
269、ANCIAL STATEMENTSInfraStrata plc26The bonus of 49,000 awarded to Executive Directors during the financial year was paid by way of the issue of shares.The total of short-term employee benefits for Directors was 652,958(2010:646,952).The Directors are considered to be the Groups key management.Aggrega
270、te emoluments above include amounts for the value of options to acquire ordinary shares in the Company granted or held by Directors.Details of Enterprise Management Incentive and other options granted on the 25 January 2008 are as follows:Executive DirectorsAndrew HindleCraig GouwsWalter RobertsNon-
271、executive DirectorsKen RatcliffMark AbbottMaurice HazzardNumber43,85943,85943,85921,92921,92921,929Exercise Price2.282.282.282.282.282.28Exercisable from1 January 20111 January 20111 January 20111 January 20111 January 20111 January 2011Exercisable to31 December 201731 December 201731 December 20173
272、1 December 201731 December 201731 December 2017No options were granted to Directors and no options were exercised by Directors in 2011 or 2010.Key man insurance premiums of 1,862(2010:777)were paid for Executive Directors and directors indemnity insurance premiums of 20,140(2010:18,133)were paid in
273、respect of all Directors.Executive and Non-executive Directors participate in the Group Stakeholder Pension Plan under which Group Life Cover is offered.277.Share based payment plansA share based payment plan was created in the year ended 31 July 2008.All Directors and employees are entitled to a gr
274、ant of options subject to the Board of Directors approval.The options do not have a cash settlement alternative.The options granted are Enterprise Management Incentive share options for qualifying employees.There were 98,879 options issued during 2011(2010:45,200).The following table illustrates the
275、 number and weighted average exercise prices(WAEP)of,and movements in,share options during the year.2010WAEP 2.440.89-2.06-2010Number255,89845,200-301,098-2011WAEP 2.060.152.281.502.282011Number301,09898,879(47,570)352,407208,328Outstanding at beginning of the yearGranted during the yearForfeited du
276、ring the yearOutstanding at the end of the yearExercisable at the end of the yearNOTES TO THE FINANCIAL STATEMENTSInfraStrata plcThe weighted average remaining vesting period for the share options outstanding at 31 July 2011 is 0.39 years(2010:0.92 years).The range of exercise prices for options out
277、standing at the end of the year was 0.1517-2.43.The weighted average remaining option life for the share options outstanding at 31 July 2011 is 8 years(2010:8 years).201035%0.5%10Nil0.890.885201135%0.5%10Nil0.150.1517Expected volatilityRisk free interest rateWeighted average contractual life of opti
278、on(years)Expected dividend yieldExercise price of optionsWeighted average share price()The expected volatility reflects the assumption that the historical volatility of a sample of oil and gas companies is indicative of future trends for InfraStrata plc,which may not necessarily be the actual outcom
279、e.The expected life of the options is based on Directors best estimate and may not necessarily be indicative of the patterns that may occur.8.Retirement benefitsThe Group operates a defined contribution retirement plan for all qualifying employees who wish to participate.The assets of the scheme are
280、 held separately from those of the Group in funds under the control of trustees.Interest on bank deposits201111,139201023,645The fair value of equity settled options granted is estimated as at the date of the grant using a Black-Scholes model,taking into account the terms and conditions upon which t
281、he options were granted.The following table lists the inputs to the model used to value the options issued in 2011 and 2010.The total cost charged to expenses of 17,398(2010:27,808)represents contributions payable to the scheme by the Group at rates specified in the rules of the scheme for the year.
282、As at 31 July 2011,employer and employee contributions of 3,295(2010:4,557)due in respect of the current period had not been paid over to the scheme;the payment was made on the 10 August 2011(2010:10 August 2010).The major components of income tax expense for the years ended 31 July 2011 and 2010 ar
283、e:a)Consolidated income statementCurrent income tax chargeAdjustments in respect of current income tax of previous yearsb)A reconciliation between tax expense and the product of accounting loss for the years ended 31 July 200 and 2010 is as follows:Accounting loss before tax from continuing operatio
284、nsLoss on continuing activities multiplied by the standard rate of tax(27.33%;2020-28%)Expenses not permitted for tax purposes and pre-trading expenditureOther timing differencesGroup reliefTax losses carried forwardAt effective tax rate of 27.33%(2010:28%)Income tax expense reported in the income s
285、tatementA discontinued operations reconciliation between tax expense and the product of accounting profit/(loss)for the years ended 31 July 2011 and 2010 is as follows:Accounting profit/(loss)before tax from discontinued operationsProfit/(loss)on discontinued activities multiplied by the standard ra
286、te of tax(27.33%;2010 28%)Expenses not permitted for tax purposes and pre-trading expenditureNon-taxable incomeGroup reliefAt effective tax rate of 27.33%(2010:28%)Income tax expense reported in the income statement2011-(1,381,145)(377,467)29,7922,596-345,079-20115,691,4561,555,475(1,782)(1,553,693)
287、-2010-(373,713)(104,640)13,8435,90013(84,884)-2010(874,748)(244,929)244,942-(13)-10.Income taxNOTES TO THE FINANCIAL STATEMENTSInfraStrata plc9.Finance income28c)Factors that may affect the future tax chargeThe Group has trading losses of 1,341,015(2010:588,568)which may reduce future tax charges.Fu
288、ture tax charges may also be reduced by capital allowances on cumulative capital expenditure.d)Deferred taxationThe Group has an unrecognised deferred taxation asset arising from trading losses carried forward of 335,254(2010:158,914)at year end.The deferred tax asset is not recognised due to the un
289、certainty over its future recovery.The deferred tax asset is calculated at a rate of 25%(2010:27%),this being the enacted rate;however,the Government has announced that the rate of corporation tax will reduce to 23%and this is the rate expected to be in force when the tax losses may be able to be ut
290、ilised.The deferred tax asset calculated at this tax rate is 308,433.The Groups potential charge to tax arising from its investments in the joint venture and the associates is dependent on the source of future inflows to the Group.Inflows arising from the partial or complete disposal by way of sale
291、are not expected to be subject to tax;inflows from the distribution of future trading profits may be subject to tax at a rate of 25%which would give a maximum potential liability of 1,309,842.The group has no current expectation of receiving distributions of profits from these investments in the for
292、eseeable future and has therefore provided the minimum potential deferred taxliability.29RevenueNet operating costsProfit arising on loss of control of subsidiaries(note 16)Portland Gas LimitedCorfe Energy LimitedBrigantes Energy LimitedProfit/(loss)before taxTax charge(note 10)Profit/(loss)after ta
293、xDetails of the discontinued operations are given in note 20.Profit/(loss)The profit/(loss)for the purposes of basic and diluted loss per share bring the net loss attributable to equity shareholders:Continuing operationsDiscontinued operationsContinuing and discontinued operationsNumber of sharesWei
294、ghted average number of ordinary shares for the purposes of basic earnings per shareBasic and diluted earnings per shareContinuing operationsDiscontinued operationsContinuing and discontinued operations2011-(151,958)2,964,0141,439,7001,439,7005,691,456-5,691,4562011(1,381,145)5,691,4564,310,31175,97
295、8,414(1.82)p7.49p5.67p2010-(874,748)-(874,748)-(874,748)2010(373,713)(874,748)(1,248,461)73,023,939(0.51)p(1.20)p(1.71)p11.Discontinued operationsDiluted earnings per share calculations are not presented as there is no material difference between the weighted average number of ordinary shares for th
296、e purposes of basic earnings per share basic and the weighted average number of ordinary shares for the purposes of diluted earnings per share;the basic and diluted earnings per share are the same.12.Earnings per share29NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc13.Losses attributable to InfraS
297、trata plcThe loss for the period dealt with in the financial statements of InfraStrata plc was 856,238(2010:218,253).As provided by s408 of the Companies Act 2006,no income statement is presented in respect of InfraStrata plc.CostAt 1 August 2010AdditionsAt 31 July 2011DepreciationAt 1 August 2010Ch
298、arge for the yearAt 31 July 2011Net book valueAt 31 July 2011Office equipment69,64817,38087,02862,3689,49971,86715,161Gas storage(under construction)20,318,1533,346,830(23,664,983)-Office equipment69,648-69,64841,29821,07062,3687,280Total20,387,8013,346,830(23,664,983)69,64841,29821,07062,3687,28014
299、.Plant and equipment-Group20112010CostAt 1 August 2009AdditionsTransfer to assets classified as held for saleAt 31 July 2010DepreciationAt 1 August 2009Charge for the yearAt 31 July 2010Net book valueAt 31 July 2010CostAt 1 August 2010AdditionsAt 31 July 2011DepreciationAt 1 August 2010Charge for th
300、e yearAt 31 July 2011Net book valueAt 31 July 2011Office equipment-17,38017,380-3,3583,35814,022Plant and equipment-Company201115.Intangible assets2010CostAt 1 August 2009AdditionsTransfer assets classified as held for saleAt 31 July 2010AmortisationAt 1 August 2009Charge for the yearAt 31 July 2010
301、Net book valueAt 31 July 2010Development costs-Gas storage1,821,551592,791(2,414,342)-NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc3031Investment in joint ventureBalance at the beginning of the yearAdditionsShare of lossesBalance at the end of the yearInvestment in associatesBalance at the beginn
302、ing of the yearAdditionsDisposalsBalance at the end of the yearTotal investments at the end of the year2011-22,925,605(452,089)22,473,516-2,880,000-2,880,00025,353,5162010-16.InvestmentsGroupJoint ventureThe Group has a 50%interest in Portland Gas Limited which is involved in developing a gas storag
303、e facility on the Isle of Portland,Dorset and the related gas pipelines between Portland and Mappowder.The joint venture is a private company and is not listed on any public exchange.Previously,Portland Gas Limited was a subsidiary and its assets and liabilities were categorised as held for sale.The
304、 Group recognised the investment in the joint venture following the issue of shares to eCORP Oil&Gas UK Limited,which reduced the Groups interest to 50%,this being effective on 1 September 2010 in return for funding the next 22.9 million in the project to match the project expenditure invested by In
305、fraStrata,subject to options to exit the project by relinquishing its equity interest.In accordance with the applicable international financial reporting standard,the investment in the joint venture is the Groups share of the fair value of Portland Gas Limited at the date which it became a joint ven
306、ture adjusted by its share of the joint ventures losses.The disposal is analysed as follows:Groups book value of assets and liabilities at the date of loss of controlPlant&equipmentAccounts payableLong term liabilitiesProfit on disposalGroups share of the fair value of Portland Gas Limited23,917,960
307、(679,011)(3,277,358)2,964,01422,925,605Share of Portland Gas Limited group capital commitments2011897,5002010-25,605,758154,135(1,097,214)(2,189,163)22,473,516Administrative expenditureOperating lease commitments falling dueWithin one yearWithin 2 to 5 yearsAfter more than 5 years(452,089)680,1343,3
308、87,2004,445,700Statement of financial position at31 July 2011Long-term assetsCurrent assetsCurrent liabilitiesLong-term liabilitiesFor the period 1 September 2010 to 31 July 2011NOTES TO THE FINANCIAL STATEMENTSInfraStrata plcAssociatesThe Group has a 50%interest in Corfe Energy Limited and Brigante
309、s Energy Limited which are involved in the hydrocarbon exploration.The associates are private companies and are not listed on any public exchanges.The following table summarises the Groups share of the assets and liabilities of each of these associates as recorded in each associates accounting recor
310、ds:Corfe Energy LimitedLong-term assetCurrent assetsCurrent liability201199,372719,694(106,334)2010-Brigantes Energy LimitedLong-term assetCurrent assetsCurrent liability2011108,284720,839(117,028)2010-The Group recognised the investment in the associates on completion of the sale of 50%of IS E&P Li
311、mited(formerly InfraStrata Trading Limited)and IS NV Limited(formerly InfraStrata NV Limited)effective 31 March 2011(the subsidiaries issued new equity to the buyers),in return for new investors purchasing 1,500,000 new equity before expenses in each of the Companies.The disposals are analysed as fo
312、llows:Corfe Energy LimitedAccounts receivableProfit on disposal3001,439,7001,440,000Brigantes Energy LimitedAccounts receivableProfit on disposal3001,439,7001,440,000InvestmentsCompanyBalance at the beginning of the yearAdditionsDisposalsBalance at the end of the year201115,257,966500(8,855)15,249,6
313、11201015,249,1118,855-15,257,966SubsidiariesThe Companys subsidiary undertakings at 31 July 2011,all of which are wholly owned unless indicated otherwise,are as follows:InfraStrata UK LimitedPortland Gas ESP S.L.Principal UndertakingHolding and corporateSpanish sub surface gas storage developerCount
314、ry of incorporationEnglandSpainInfraStrata UK Limited owns the following subsiary:Islandmagee Storage Limited(65%owned)Sub surface gas storage developerNorthern IrelandIn January 2010 InfraStrata UK Limited,Moyle Energy Investments Limited and Islandmagee Storage Limited entered into a preliminary s
315、hareholders agreement whereby Moyle Energy Investments Limited acquired a 35%interest in Islandmagee Storage Limited.InfraStrata UK Limited continues to assume one hundred percent of the risks and rewards of ownership of Islandmagee Storage Limited(including voting rights)and therefore InfraStrata p
316、lc includes the total assets and liabilities in its consolidated results.InfraStrata UK Limited also owns 50%(2010 100%)of the issued equity share capital of Portland Gas Limited.NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc32The Directors consider that the carrying amount of these assets approxi
317、mates their fair value.The credit risk on liquid funds is limited because the counter-parties are banks with high credit ratings.Portland Gas Limited,which was a subsidiary at the prior year end and is now classified as a joint venture,owns the subsidiaries listed below:Portland Gas Storage LimitedP
318、ortland Gas Transportation LimitedPrincipal UndertakingSub surface gas storage developerGas storage pipeline developerCountry of incorporationEnglandEnglandInvestments in associatesBalance at beginning of yearReclassificationsBalance at the end of the year2011-6006002010-The company owns 50%of the i
319、ssued share capital of the following companies,both of which are incorporated in England and are involved in oil and gas exploration:Corfe Energy LimitedBrigantes Energy Limited17.Trade and other receivablesAmounts due from Group undertakingsTrade receivablesOther receivablesPrepaymentsGroup2011-83,
320、75412,90043,872140,526Group2010-71,98538,747110,732Company201010,809,819-25,00038,74710,873,566Company201111,625,45283,75412,89743,87211,765,975An element of the Company and Groups credit risk is attributable to its trade and other receivables.Based on prior experience and an assessment of the curre
321、nt economic environment,the Directors did not consider any provision for irrecoverable amounts was required and consider that the carrying amounts of these assets approximates to their fair value.18.Available for sale financial assetsAt 1 AugustTrasferred from subsidiaryAt 31 JulyGroup201112,500-12,
322、500Group201012,500-12,500Company2010-12,50012,500Company201112,500-12,500The investment in securities above represents an investment in Egdon Resources plc redeemable preference shares.The assets are held at cost as an approximation of fair value.These are the only financial assets which the Group a
323、nd Company are required to carry at fair value.19.Cash and cash equivalentsCash at bankGroup2011714,969Group20101,260,982Company20101,072,060Company2011118,44833NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc20.Assets held for sale and discontinued operationsThe Company has announced,together with
324、Moyle Energy Investments Limited,that it has entered into exclusive negotiations with a major energy company regarding the acquisition of an equity interest in Islandmagee Storage Limited owned by InfraStrata(65%)and Moyle(35%).It is likely that the equity interest will arise through the issue of sh
325、ares by Islandmagee Storage Limited rather than the sale of equity by the Group.It is expected that the majority of the proceeds from the issue of equity will be retained in Islandmagee Storage Limited to fund project development.The operations of Portland Gas ESP S.L.have been discontinued and the
326、Company will be wound up as soon as possible.Whilst the assets held for sale are classified as current assets,due to the nature of the arrangements described above,the group does not expect to receive cash inflows equivalent to,or in excess of,the book value of the assets so classified.Assets classi
327、fied as held for saleProperty,plant and equipmentIntangible assets-gas storage development costsTrade and other receivablesCash and cash equivalents2011-2,700,3451,06643,3202,744,731201023,664,9832,414,342334,55397,15626,511,034Liabilities classified as held for saleCurrent liabilitiesTrade creditor
328、sOther taxation and social securityAccrualsOther contractual agreementsNon-current liabilitiesObligations under lease agreementsOther contractual agreements20111,192-28,736-29,928-29,928201073,4004,182114,857700,000892,4392,168,2861,000,9434,061,66821.Trade and other payablesGroup201139,63830,54033,
329、980-104,158Group201067,03937,250174,317-278,606Company2010176,08037,25046,881100260,311Company201126,89330,54028,828-86,261Trade creditorsOther taxation and social securityAccrualsAmount due to Group undertakingsThe Directors consider that the carrying amount of trade and other payables approximates
330、 to their fair value.22.Non-current liabilitiesGroup2011-Group20102,168,2861,000,943(3,169,229)-Obligations under lease agreementsOther contractual agreementsTransfer to liabilities directly associated with non-current assets classified as held for saleThe non-current liabilities as at 31 July 2010
331、were liabilities of Portland Gas Storage Limited which is now accounted for on the equity method following the disposal of 50%of Portland Gas Limited.The obligation under a lease agreement is to be settled over a period of 13 years.Under the terms of a separate agreement with the lessor the Group wi
332、ll pay 120,000 per annum of the liability arising under the lease until the Portland project is fully funded.The balance will be settled by way of an interest bearing loan,which will be repaid when the project is fully funded.Other contractual agreements relate to payments to be made to the Portland
333、 Gas Trust under a Section 106 planning agreement and will be settled over a period of 20 years.NOTES TO THE FINANCIAL STATEMENTSInfraStrata plc3423.Financial assets and liabilitiesThe Group and Companys financial instruments comprise cash and cash equivalents and items such as trade payables and other receivables which arise directly form the Groups operations.The Groups operations expose it to a
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手機快捷登錄
賬號登錄
