Axiom Mining 2015 Annual Report

COMPANY FINANCIAL REPORT

Notes to the financial statements for the year ended 30 September 2015

90

10. Income tax No provision for Hong Kong profits tax has been made as the Company did not generate any assessable profits arising in Hong Kong during the year (2014: Nil). There is no significant unrecognised deferred tax in respect of the year and as at the end of the reporting period (2014: Nil).

11. Cash and cash equivalents

2015 AU$000

2014 AU$000

Cash and bank balances

1,084

2,075

Non-pledged time deposits with original maturity of less than three months

12 74

11

Funds held in trusts

121

1,170

2,207

All balances are denominated in AU$. The effective interest rate on short-term bank deposits was 2.50% (2014: 3.54%); these deposits have an average maturity of 90 days.

12. Prepayment and other receivables

2015 AU$000

2014 AU$000

Prepayments

102

43

Other receivables

87

336

189 379 None of the above assets are either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default and are repayable between 30 to 90 days.

AXIOM MINING LIMITED ANNUAL REPORT 2015

13. Amounts due from subsidiaries

2015 AU$000

2014 AU$000

30,284

19,759

Amounts receivable from subsidiaries

Impairment

(23,537)

(19,759)

6,747

–

The amounts due from subsidiaries are unsecured, non-interest bearing and have no fixed terms of repayment.