Frontier Energy : Bristol Springs Solar Pty Ltd 30 June 2021 Accounts

For personal use only

Bristol Springs Solar Pty Ltd

Financial Report for the year ended 30 June 2021

Bristol Springs Solar Pty Ltd

Financial Report

only	Contents
	Directors' report
	Statement of profit or loss
use	Statement of financial position
Statement of changes in equity
	Statement of cash flows
	Notes to the financial statements
	Directors' declaration
	Independent auditor's report
For personal	Lead auditor's independence declaration

30 June 2021

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Bristol Springs Solar Pty Ltd
Financial Report	30 June 2021

For personal use only

Directors' Report

1. Directors

The directors of the Company at any time during or since the end of the financial year are:

Johnathon Goyder	Appointed 2 April 2019
Sam Gillham	Appointed 2 April 2019

2. Principal activities

The principal activity of the Company during the course of the financial year was the development of a solar power project in the south west of Western Australia.

There were no other significant changes in the nature of the activities of the Company during the year.

3. Review of operations

The Company continued to advance the project during the financial year, with the project partner, Pearl Clean Energy Pty Ltd, undertaking various studies, including a steady state analysis with Western Power, environmental study and report and economic modelling analysis.

4. Significant changes in the state of affairs

In the opinion of the Directors there were no significant changes in the state of affairs of the Company that occurred during the financial year under review.

5. Events subsequent to reporting date

On 13 October 2021 the Company's shareholders entered into a binding agreement with Superior Lake Resources Limited ("SUP"), a company listed on the ASX, to acquire a 100% interest in Bristol Springs Solar Pty Ltd. As part of this transaction, SUP has agreed to fund project activities up until completion of the transaction. SUP has announced that, as part of the transaction, it will raise $8 million to progress development of the Company's solar project, meet transaction costs, facilitate the recommencement of trading of SUP's securities on ASX and for working capital. The Directors are confident the transaction with SUP will complete. In the event the transaction does not complete, BSS can defer all its costs if required as they are discretionary in nature and there are no ongoing contractual commitments.

On 2 December 2021 the Company and Ranger Loaders Pty Ltd entered into a debt forgiveness, whereby Ranger agreed to irrevocably release and discharge the Company from the obligations to pay the debt amount of $362,078.93 and all further debt amounts owing by the Company. Ranger also agreed to indemnify and keep indemnified the Company from and against any liability incurred by the Company as a result of any action, demand claim or proceeding against the company by Ranger in connection with or arising out of the total amount outstanding

Other than the item noted in the above paragraph, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.

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Bristol Springs Solar Pty Ltd
Financial Report	30 June 2021

For personal use only

Directors' Report

6. Likely developments

The Company will continue to pursue the development of its solar power project. This will require further investment including completing front end engineering design work.

Further information about likely developments in the operations of the Company and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Company.

7. Dividends

No recommendation for payment of dividends has been made for the year ended 30 June 2021 (2020: Nil).

8. Directors' interests

The relevant interest of each director in the ordinary share capital issued by the Company as at the date of this report is:

	Shares held
Mr Johnathon Goyder1	60
Mr Sam Gillham1	40

1Shares are held by entities in which a relevant interest is held.

9. Environmental regulation

The Company's activities are not regulated by any significant environmental regulation under a law of the commonwealth or Western Australian government.

10. Indemnification of officers

The Company has not paid premiums to insure directors under a Directors and Officers insurance policy.

11. Lead auditor independence declaration

The Lead auditor's independence declaration is set out on page 15 and forms part of the directors' report for the financial year ended 30 June 2021.

This report is made out in accordance with a resolution of directors:

Johnathon Goyder

Director

Date 24/12/2021

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Bristol Springs Solar Pty Ltd
Financial Report	30 June 2021

For personal use only

Statement of profit & loss

	2021	2020
	$	$
Interest income	3	3
Corporate and administrative expenses	(4,761)	(3,947)
Loss before income tax	(4,758)	(3,944)
Income tax expense	-	-
Loss for the period	(4,758)	(3,944)
Total comprehensive loss for the period	(4,758)	(3,944)

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