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Borealis Exploration Limited Consolidated Financial Statements for the Six Months Ended 30 September

29.11.2013 13:24:00 | Borealis Exploration Limited

NOTES TO THE FINANCIAL STATEMENTS

six months ended 30 September 2013

1. PRINCIPAL ACCOUNTING POLICIES

a. Basis of accounting

b. Basis of consolidation

The results of subsidiaries acquired or disposed of during the year are included in the consolidated

statement of comprehensive income from the effective date of acquisition, or up to the effective date of

disposal, as appropriate. Entities which are acquired and are controlled, but which will be held for a

period less than twelve months, are recorded as assets held for sale.

These financial statements have been prepared in accordance with International Financial Reporting

Standards, International Accounting Standards and Interpretations (collectively IFRSs) issued by the

International Accounting Standards Board (IASB) as adopted by the European Union ("adopted IFRSs"),

the Gibraltar Companies Act, the Gibraltar (Companies Accounts) Act 1999 and the Gibraltar

(Consolidated Accounts) Act 1999.

The principal accounting policies adopted in the preparation of the financial statements are set out

below. The policies have been consistently applied, unless otherwise stated.

The preparation of financial statements in compliance with adopted IFRS requires the use of certain

critical accounting estimates. It also requires Family management to exercise judgment in applying the

Family's accounting policies. The areas where significant judgments and estimates have been made in

preparing the financial statements and their effect are disclosed in note 5.

From 1 January 2010, the total comprehensive income of non-wholly owned subsidiaries is attributed to

owners of the parent and to the non-controlling interests in proportion to their relative ownership

interests. Before this date, unfunded losses in such subsidiaries were attributed entirely to the family. In

accordance with the transitional requirements of IAS 27 (2008), the carrying value of non-controlling

interests at the effective date of the amendment has not been restated.

The acquisition method of accounting is used by the Family when it undertakes a business combination.

The fair value of consideration transferred at the acquisition date includes the fair value of assets

transferred, liabilities incurred by the owners and equity instruments issued by the Family. Consideration

can include cash, contingent consideration and options. Acquisition related costs are expensed as

incurred unless they relate to the issue of financial instruments in which case they are accounted for in

accordance with accounting policies relating to that specific type of financial instrument. The fair value

of assets acquired and liabilities assumed are recognised at the acquisition date. At the acquisition date

any equity interest held prior to the acquisition date is recognised at fair value with a resulting gain or

loss recognised in profit or loss. The family has an option on a combination by combination basis on

how to recognise non-controlling interest at the acquisition date either at fair value or proportionate

share of net assets.

Goodwill is measured as the excess of the consideration transferred, plus any non-controlling interest

and the fair value of any previously held interest in the acquiree over the fair value of assets acquired

and liabilities assumed. If the goodwill is negative (bargain purchase) this is recognised immediately in

the income statement. Any changes in contingent consideration after the measurement period are

recognised in profit or loss.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated

statement of comprehensive income from the effective date of acquisition, or up to the effective date of

disposal, as appropriate. Entities which are acquired and are controlled, but which will be held for a

period less than twelve months, are recorded as assets held for sale.

The consolidated financial statements are based on the financial statements of the individual

companies drawn up using the standard Family accounting policies. Accounting policies applied by

individual subsidiaries have been revised where necessary to ensure consistency with Family

policies for consolidation purposes. All companies in the Family have the same annual reporting

date of 31 March.

All significant transactions and balances between Family entities are eliminated on consolidation.

The Family applies a policy of treating transactions with a non-controlling interest as transactions

with equity holder when control is not lost of the subsidiary, and therefore recognised in equity.

c. Segment Information

The Borealis Family of Companies has two reportable operating segments. The Family's mining

exploration operations are conducted on properties in Canada. The only assets utilised in this

business segment are the mining and other equipment. All other assets relate to the Family's other

reportable operating segment, which is the business of conducting basic industrial research with

the intent to commercialise these technologies. While the technical rights and/or patents are owned

by a company registered in Gibraltar, the research activities are currently mainly carried out outside

Gibraltar.

d. Foreign Currency Translation

The Family has determined the USD $ as its functional currency, as this is the currency of the

economic environment in which the Family predominantly operates.

Transactions in currencies other than USD $ are recorded at the rates of exchange prevailing on

the dates of the transactions. At each reporting date, monetary assets and liabilities that are

denominated in foreign currencies are retranslated at the rates prevailing on the reporting date.

Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies

are translated at the rates prevailing at the date when the fair value was determined. Gains and

losses arising on exchange are included in profit or loss. No Family entity has an operational

currency of a hyper-inflationary economy.

Foreign currency differences arising on retranslation are recognised in profit or loss, except for

differences arising on the retranslation of available-for-sale equity instruments, financial liabilities

that are designated as hedges of the net investment in a foreign operation and qualifying cash flow

hedges, each of which are recognised directly in equity within the translation reserve.

In the case of foreign entities the financial statements of the Family's overseas operations are

translated as follows on consolidation: assets and liabilities, at exchange rates ruling on the

reporting date, income and expense items at the average rate of exchange for the period and equity

at exchange rates ruling on the dates of the transactions. Exchange differences arising are

classified as equity and transferred to a separate translation reserve. Such translation differences

are recognised in the statement of comprehensive income in the period in which the operation is

disposed of. Foreign exchange gains and losses arising from monetary item receivable from or

payable to a foreign operation, the settlement of which is neither planned nor likely within the

foreseeable future, are considered to form part of a net investment in a foreign operation and are

recognised directly in equity.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as

assets and liabilities of the foreign entity and translated at the closing rate. Foreign currency gains

and losses are reported on a net basis.

e. Revenue

At present all Family companies are engaged in development of various products and projects

which have not yet reached the point of revenue generation. Once revenue commences, it will be

accounted for on the basis of the accounting period in which the work was carried out or invoiced.

f. Non-controlling interests

For business combinations completed on or after 1 January 2010 the Family has the choice, on a

business combination by business combination basis, to initially recognise any non-controlling

interest in the acquiree at either acquisition date fair value or, as was required prior to 1 January

2010, at the non-controlling interest's proportionate share of the acquiree's net assets. The family

has not elected to take the option to use fair value in acquisitions completed to date.

From 1 January 2010, the total comprehensive income of non-wholly owned subsidiaries is

attributed to owners of the parent and to the non-controlling interests in proportion to their relative

ownership interests. Before this date, unfunded losses in such subsidiaries were attributed entirely

to the family. In accordance with the transitional requirements of IAS 27 (2008), the carrying value

of non-controlling interests at the effective date of the amendment has not been restated.

g. Non-current assets

Non-current assets are stated in the statement of financial position at their revalued amounts, being

the fair value on the basis of their existing use at the date of revaluation, less any subsequent

accumulated depreciation and subsequent accumulated impairment losses. Revaluations are

performed with sufficient regularity such that the carrying amount does not differ materially from that

which would be determined using fair values at the reporting date.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset,

as appropriate, only when it is probable that future economic benefits associated with the item will

flow to the Family and the cost of the item can be measured reliably. The carrying amount of the

replaced part is derecognised. All other repairs and maintenance are charged to the income

statement during the financial period in which they are incurred.

Any revaluation increase arising on the revaluation of such non-current assets are credited to the

revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset

previously recognised as an expense, in which case the increase is credited to the income

statement to the extent of the decrease previously charged. A decrease in carrying amount arising

on the revaluation of such non-current assets are charged as an expense to the extent that it

exceeds the balance, if any, held in the properties revaluation reserve relating to a previous

revaluation of that asset.

When revalued assets are sold, the amounts included in the revaluation reserve are transferred to

retained earnings.

Tangible non-current assets and intangible non-current assets are stated at their purchase cost,

together with any incidental expenses of acquisition.

Depreciation is provided on all fixed assets to write off their cost less residual value over their

estimated useful lives. The rates in use on a reducing balance method are as follows:

Mining and geological equipment 30%

Other equipment 20%

Patents are accounted for on the basis of the costs of registering the worldwide rights. All costs of

development and legal works of the products have been written off in the year incurred. These

patents are depreciated on the straight-line method at a rate of 4% per year. The carrying value of

patents is reviewed annually by the Geoup of Companies. If, as a result of such a review, it is

determined that the value has been permanently impaired, any diminution in value is taken to

statement of comprehensive income account in accordance with IAS 36. To the extent that such

diminution in value is subsequently reversed, this reversal is credited to the statement of

comprehensive income.

h. Intangible Assets – research and development expenditure

Research costs are expensed in the year in which they are incurred. Development costs are

reviewed annually and are expensed if they do not qualify for capitalisation. Development costs

that are directly attributable to the design and testing of identifiable and unique products controlled

by the Family are capitalised as intangible assets only when the following criteria are met:

(i) it is technically feasible to complete the product so that it will be available for use;

(ii) management intends to complete the product and use or sell it;

(iii) there is an ability to use or sell the product;

(iv) it can be demonstrated how the product will generate probable future economic benefits;

(vi) the expenditure attributable to the product during its development can be measured reliably.

When revalued assets are sold, the amounts included in the revaluation reserve are transferred to

retained earnings.

The depreciable amount of an intangible asset with a finite useful life, will be distributed on a

systematic basis over its useful life. Capitalised development costs are amortised on a straight line

basis over their twenty five year useful estimated life once the asset is available for use.

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