ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 34 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 The financial statements and notes represent those of Allup Silica Limited (the “Company”), a public company limited by shares, incorporated and domiciled in Australia, whose shares are publicly traded on the Australian Securities Exchange Limited. The address of the registered office and principal place of business are disclosed in the contents page. The nature of the operations and principal activities of the Company are described in Note 20 and the Review of Operations at the front of the Annual Report. Note 1: Summary of Significant Accounting Policies Statement of Compliance The Financial Report for the Company for the year ended 30 June 2023 was authorised for issue on 20 September 2023, in accordance with a Resolution of the Directors. The Financial Report complies with Australian Accounting Standards (“AASB”). Compliance with AASB ensures that the Financial Report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards (“IFRS”). Basis of Preparation These general purpose financial statements have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The Company is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the Australian Accounting Standards Board has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accrual basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar unless stated otherwise. Going Concern The financial statements have been prepared on the basis of going concern which assumes continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. Current cashflow projections indicate that the Company can continue as a going concern and pay its debts as and when they fall due.
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