Interim Report Financial Statements

Directory
As at 30 September 2008
Directors Keith T Hindle (Chairman)
Chris D Castle
Marion R Franks
Registered office Quigg Partners
Level 7, 28 Brandon Street
Wellington
Share registry Link Market Services
138 Tancred Street
Ashburton
Auditors Sherwin, Chan & Walshe
45 Knights Road
Lower Hutt
Legal advisers Quigg Partners
Level 7, 28 Brandon Street
Wellington
Income Statement
For the period ended 30 September 2008
unaudited unaudited audited
30 Sept 08 30 Sept 07 31 March 08
$ $ $
Net Finance Income         22,158           26,166           94,346
Less Expenses       100,061         120,232         179,651
Net Surplus (Deficit) Before Tax        (77,903)         (94,066)         (85,305)
Less Taxation  -  -  -
Net Surplus (Deficit) After Tax        (77,903)         (94,066)         (85,305)
Basic Earnings per share (cents) (0.5008) (0.6850) (0.5865)
Diluted Earnings per share (cents) (0.2574) (0.6850) (0.3019)
Statement of Changes in Equity
For the period ended 30 September 2008
unaudited unaudited audited
30 Sept 08 30 Sept 07 31 March 08
$ $ $
Opening Equity    1,206,278      1,234,423      1,234,423
Total Recognised Revenues and Expenses
Net Surplus/(Deficit) for the Period        (77,903)         (94,066)         (85,305)
Contributions From Owners
Shares Issued       273,810           42,000           42,000
Share Options Issued  -           15,160           15,160
      273,810           57,160           57,160
Closing Equity    1,402,185      1,197,517      1,206,278
Balance Sheet
As at 30 September 2008
unaudited unaudited audited
30 Sept 08 30 Sept 07 31 March 08
$ $ $
Current Assets
Cash on Hand       548,233         708,691         500,066
Sundry Debtors & Accruals         28,349  -           32,342
Advance to Widespread Limited              766               766               766
Prepayments           5,250            5,906            1,750
Tax Refund Due         16,009           16,039           11,626
      598,607         731,402         546,550
Non-Current Assets
Investments in Listed Companies - 69,570           13,500
Investments in Unlisted Companies 509,212 355,212         509,212
Exploration Expenditure 309,827 55,160         167,557
NZX Bond 15,000 15,000           15,000
      834,039         494,942         705,269
Total Assets    1,432,646      1,226,344      1,251,819
Current Liabilities
Sundry Creditors & Accruals         30,461           28,827           45,541
Advance from Widespread Limited  -  -  -
Total Liabilities         30,461           28,827           45,541
Total Net Assets    1,402,185      1,197,517      1,206,278
Total Equity    1,402,185      1,197,517      1,206,278
Statement of Cash Flows
For the period ended 30 September 2008
unaudited unaudited audited
30 Sept 08 30 Sept 07 31 March 08
$ $ $
Cash flows from Operating Activities
Net Interest Received         14,804           19,474           37,247
Cash Paid to Suppliers      (255,490)       (114,184)       (183,726)
Exploration Expenditure  -  -       (146,662)
Tax Refund Received  -  -            8,120
Net cash from Operating Activities      (240,686)         (94,710)       (285,021)
Cash flows from Investing Activities
Proceeds from Related Parties  -         104,284         104,283
Proceeds from Sale of Shares         15,043  -         111,830
Purchase of Investments  -       (334,265)       (464,408)
Net cash from Investing Activities         15,043       (229,981)       (248,295)
Cash flows from Financing Activities
Proceeds from Issue of Shares       273,810         356,884         356,884
Proceeds from Issue of Share Options  -           15,160           15,160
     
Net cash from Financing Activities       273,810         372,044         372,044
Net Increase in Cash Balances         48,167           47,353       (161,272)
Opening Cash As At 1 April       500,066         661,338         661,338
Closing Cash As At 31 March       548,233         708,691         500,066
Statement of Cash Flows
For the period ended 30 September 2008
unaudited unaudited audited
30 Sept 08 30 Sept 07 31 March 08
$ $ $
Reconciliation of Net cashflows from Operating Activities
Net (Deficit) as per Income Statement        (77,903)         (94,066)         (85,305)
Adjustments for:
Gains on Sale of financial Assets at fair value through Profit & Loss          (1,543) -         (40,437)
Unrealised gains on financial assets at fair value through Profit & Loss - -           (3,092)
Net Foreign Exchange Gain - -           (1,823)
Change in Trade & Other Receivables           3,993               972         (31,370)
Change in Prepayments          (3,500)           34,075           38,232
Change in Current Tax Assets          (4,382)           (7,663)           (3,250)
Change in Trade & Other Payables        (15,081)         (28,028)         (11,314)
Change in Exploration Expenditure      (142,270) -       (146,662)
Net Cashflow from Operating Activities      (240,686)         (94,710)       (285,021)
Notes to the Financial Statements
For the period ended 30 September 2008
The accounting policies adopted by Widespread Energy Limited are consistent with those policies adopted in the Annual Report of the Company for the year ended 31 March 2008.
Further to Note 17 in the Annual Report, the Company has adopted NZ IFRS from 1 April 2007.
All policies have been applied on bases consistent with those used in previous periods.

 

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