Icon Energy Limited Annual Report 2023

Icon Energy Annual Report 2023 51 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2023 30 June 2023 30 June 2022 Non‐interest bearing borrowings ‐ unsecured NOTE $ $ Current - - Non-current 4 393,458 - 393,458 - - - 4,255,166 - 490,855 - 4,746,021 - 5,031,976 4,353,713 (4,255,166) - (776,810) 678,262 - 5,031,976 a. Ordinary Shares Balance at beginning of the year NOTE 10 - PROVISIONS At 30 June 2023, the current restoration provision of $4,746,021 is based on the updated estimate provided by an independent estimator in August 2023. Balance at end of the year Consolidated Entity Authorised and Issued Share Capital Issued share capital 768,013,667 (30 June 2022: 754,769,990) fully paid, no par value ordinary shares. Balance at beginning of the year NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Balance at end of the year Increase/(decrease) in the restoration provision The Directors base their judgements, estimates and assumptions on historical and on other various factors including expectations of future events, Directors believe to be reasonable under the circumstances. CONSOLIDATED ENTITY NOTE 11 - ISSUED CAPITAL At each reporting date, the Directors review the classification of restoration provision into current or non-current and adjust the amount of the provision to reflect the best estimate. As a result of ATP 855 expiring on 1 November 2022, and the Group not having an unconditional right to defer settlement of the liability for at least twelve months after the reporting period, the Restoration Provision in respect to ATP 855 of $4,255,166 was reclassified from non-current to current liabilities in accordance with the Australian Accounting Standard AASB 101 Presentation of Financial Statements. Increase/(decrease) in the restoration provision Restoration provision represents the present value of estimated costs for the rehabilitation ATP 855. Non-Current Reclassification to current provision Movements in carrying amounts Reclassification from non-current provision Current Restoration provision Consolidated Entity Restoration provision Non-current unsecured non-interest bearing borrowing is a loan from related party. Further information relating to loans from related parties is set out in note 4(d). Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial year: NOTE 9 - NON-INTEREST BEARING BORROWINGS