Sunrise Diamonds plc
Notes to the Financial Statements
Taxation on ordinary activities No liability to corporation tax arises for the year due to the Company recording a taxable loss (2008: £nil).
The tax credit for the period is lower than the credit resulting from the loss before tax at the standard rate of corporation tax in the UK — 28% (2008: 28%). The differences are explained below.
Tax reconciliation Loss on ordinary activities before tax
Tax at 28% (2008: 28%)
Effects (at 28%) (2008: 28%) of: Tax losses carried forward
Tax on loss from ordinary activities
Factors that may affect future tax charges The Company has not recognised a deferred tax asset of £376,665 (2008: £312,947). This amount would be recoverable if sufficient taxable profits were made in the future.
Investments On 31 March 2009, the Company disposed of its 90% shareholding in Solane Diamond Mining Company (Pty) Ltd., by transfer of the shares to VP3 GeoServices (Pty) Ltd. Prior to the disposal, an investment totalling £21,113, in the form of deferred exploration expenditure, had been undertaken on behalf of Solane Diamond Mining Company (Pty) Ltd. by the Company and held as a Non-Current Asset on the Balance Sheet. This investment has been impaired in full through the Income Statement for the year to 30 September 2009.
The shareholding in Solane Diamond Mining Company (Pty) Ltd. represented the only subsidiary interest of the Company at 30 September 2008. Following the disposal of this investment there is no requirement to prepare consolidated financial statements for the year to 30 September 2009.
Cost At start of year Additions
At 30 September
Impairment losses At start of year Change during year
At 30 September
Carrying amounts At 30 September
At start of year