METALLUM_EXPLORATION_LTD - Accounts

METALLUM EXPLORATION LTD - Company Information

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Company Registration No. NI064759 (Northern Ireland)

METALLUM EXPLORATION LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

METALLUM EXPLORATION LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

METALLUM EXPLORATION LTD

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

7,426

Current assets

Debtors

26,790

Creditors: amounts falling due within one year

(170,829)

(591,445)

Net current liabilities

(170,829)

(564,655)

Total assets less current liabilities

(170,829)

(557,229)

Creditors: amounts falling due after more than one year

(1,310,336)

(170,829)

(1,867,565)

Capital and reserves

Called up share capital

Profit and loss account

(170,831)

(1,867,567)

Shareholders' funds

(170,829)

(1,867,565)

For the financial year ended 28 February 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 November 2014

Mr Lawrence Segerstrom

Director

Company Registration No. NI064759

METALLUM EXPLORATION LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% reducing balance

Fixed assets

Tangible assets

Cost

At 1 March 2013

16,035

Disposals

(16,035)

At 28 February 2014

Depreciation

At 1 March 2013

8,609

On disposals

(8,609)

At 28 February 2014

Net book value

At 28 February 2014

At 28 February 2013

7,426

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary of £1 each

Ultimate parent company

The ultimate parent company is Portex Minerals Inc, a company registered in Canada.