Icon Energy Annual Report 2019

Notes to the Consolidated Financial Statements for the year ended 30 June 2019 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2019 NOTE 4 - KEY MANAGEMENT PERSONNEL REMUNERATION (Continue) (b) 30 June 2019 30 June 2018 (c) Transactions with Directors and Director Related Entities $ $ 30,795 1,800 There were no amounts outstanding for the year ending 30 June 2019 (30 June 2018: Nil) 619 106 8,834,086 12,266,856 8,834,705 12,266,962 516,820 2,969,365 514,121 505,659 (441,787) (415,785) 72,334 89,874 Plant, Equipment and Motor Vehicles Building Fixtures and Fittings Land Total $ $ $ $ $ 129,510 1,794,491 571,450 2,440,000 4,935,451 26,075 - - - 26,075 (30,737) (1,763,640) (539,294) (2,440,000) (4,773,671) (34,974) (30,851) (32,156) - (97,981) 89,874 - - - 89,874 In the year ended 30 June 2019, inventories were reduced by $2,305,425 (30 June 2018: $760,746) as a result of reassessment and an impairment review of inventory which was triggered by the impairment of the ATP 855. This resulted in certain stock being written off. The write-down is recorded in profit or loss. Performance rights holdings Disposals CONSOLIDATED ENTITY NOTE 7 - PROPERTY, PLANT AND EQUIPMENT Legal fees paid in the ordinary course of business to CKB Associates Lawyers, a firm with which Mr. S Barry has a controlling interest. NOTE 5 - CASH AND CASH EQUIVALENTS The number of performance rights granted under the executive short-term and long-term incentive scheme that were held during the financial year by each director of the company and other key management personnel of the Group are set out in the remuneration report contained in the directors' report. NOTE 6 - INVENTORIES Movements in carrying amounts Balance at 1 July 2017 There were no options held by Key Management Personnel during the period ended 30 June 2019 (30 June 2018: Nil). Performance rights provided as remuneration Movements in the carrying amounts for each class of Property, Plant and Equipment between the beginning and the end of the current financial year: Depreciation Balance at 30 June 2018 Cash on hand Cash at bank Details of performance rights granted as remuneration, together with their terms and conditions, can be found in the remuneration report. Consolidated Entity NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Total Property, Plant and Equipment at written down value Plant, Equipment and Motor Vehicles - at cost Tenement consumables less: accumulated depreciation Additions 51 47 Icon Energy Annual Report 2019