TIDMHWC
RNS Number : 8429V
Highway Capital PLC
31 October 2014
HIGHWAY CAPITAL PLC
INTERIM REPORT 2014
Chairman's Statement
Dear Fellow Shareholder
The results for the six months ended 31 August 2014 showed a
loss before tax of GBP53,000 (six months ended 31 August 2013:
GBP49,000 loss; year ended 28 February 2014: GBP104,000 loss).
No dividend has been declared.
Highway is a "cash shell" and the board continues to identify
and evaluate target companies as it seeks opportunities to maximize
the value of the company. In the meantime, the company continues to
keep expenditure to a minimum in order to preserve its cash
resources. The company had cash at bank and in hand of GBP18,000 at
31 August 2014. The largest shareholder has confirmed their
continued support for the company and we are discussing the funding
of continuing working capital by way of a further loan.
We have been notified by our accountants and auditors
Littlestone Golding that they are able to continue to perform
accountancy work for the company, but due to regulatory
requirements now have insufficient resources to perform the role of
auditor. The company will appoint another auditor in due
course.
Shells have been rather out of favour in recent years, but with
the resumption of positive economic activity we have started to
receive serious enquiries. We continue to believe there is value in
a clean shell on the LSE and will report any news in due
course.
D Wheatley
Chairman
31 October 2014
Profit and loss 6 months 6 months Year ended
account ended ended
31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Management fees - - -
Administrative
expenses (53) (49) (104)
--------------------- ------- ------------- ------------- -------------
Operating loss 2 (53) (49) (104)
Interest receivable - - -
--------------------- ------- ------------- ------------- -------------
Loss on ordinary
activities before
taxation (53) (49) (104)
Tax credit on
loss on ordinary - - -
activities
Loss for the
period (53) (49) (104)
Basic and diluted
loss per share 3 (0.61)p (0.62)p (1.25)p
===================== ======= ============= ============= =============
Balance Sheet Notes 31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments - - -
---------------------------------- ------ ------------- ------------- ------------
Current assets
Debtors 13 36 4
Cash at bank and
in hand 18 126 44
---------------------------------- ------ ------------- ------------- ------------
31 162 48
Creditors: amounts
falling due within
one year (68) (60) (32)
Net current assets/(liabilities) (37) 102 16
---------------------------------- ------ ------------- ------------- ------------
Total assets less
current liabilities (37) 102 16
Creditors: amounts
falling due after
more than one
year 5 (30) (150) (30)
Net assets/(liabilities) (67) (48) (14)
================================== ====== ============= ============= ============
Capital and reserves
Share capital 6 175 159 175
Share premium 368 295 368
Profit and loss
account (610) (502) (557)
---------------------------------- ------ ------------- ------------- ------------
Total equity shareholders'
funds/(deficit) (67) (48) (14)
================================== ====== ============= ============= ============
Cash Flow Statement Notes 6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash outflow
from operating
activities 7a (26) (79) (130)
------------------------ ------ --- ---------- --- ---------- --- ----------
Returns on investments
and servicing
of finance
Interest received - - -
------------------------ ------ --- ---------- --- ---------- --- ----------
Net cash inflow
from returns
on investments - - -
and servicing
of finance
Taxation
Corporation tax - - -
Equity dividends - - -
paid
Financing
Issue of ordinary
shares - - 89
Loans - 150 30
======================== ====== === ========== === ========== === ==========
Increase/(decrease)
in cash 7b (26) 71 (11)
======================== ====== === ========== === ========== === ==========
Notes to the Interim Report
1. Basis of preparation of the interim report
The condensed set of financial statements for the six months
ended 31 August 2014 has been prepared on a basis consistent with
the financial statements for the year ended 28 February 2014.
The condensed set of financial statements for the six months
ended 31 August 2014 has not been audited or reviewed by the
auditors pursuant to the Auditing Practices Board guidance on
Review of Interim Financial Information.
The comparative financial information for the year ended 28
February 2014 has been extracted from the audited financial
statements, on which the auditors issued an unqualified audit
report with an emphasis of matter, and which have been delivered to
the Registrar of Companies.
The financial information contained in the interim statement
does not constitute statutory accounts within the meaning of
section 434 of the Companies Act 2006.
There are no acquired or discontinued operations in the relevant
financial periods.
There are no recognized gains or losses other than the profit or
loss for the relevant financial periods.
Highway Capital plc is a stand-alone company and does not
prepare consolidated accounts. It has therefore continued to
prepare its accounts in accordance with UK rather than
international accounting standards, as permitted under EC
Regulation 1606/2002.
2. Operating loss
This is stated
after charging:
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Directors' remuneration
- salaries and
fees 22 28 52
Auditors' remuneration
- audit
services 5 5 9
- other
services 5 5 11
============= ============= =============
3. Loss per share
The loss per ordinary share calculation has been based on the
losses attributable to ordinary shareholders of GBP53,000 (August
2013: GBP49,000; February 2014: GBP104,000), divided by 8,740,201
(August 2013: 7,945,638; February 2014: 8,313,530) being the
average of the issued share capital during the period.
There is no difference between the basic and diluted loss per
share.
4. 2014 interim dividend
No interim dividend has been declared.
5. Creditors: due after more than one year
The creditor due after more than one year of GBP30,000 (August
2013: GBP150,000; February 2014: GBP30,000), is an unsecured loan
from M Szytko, a director and shareholder, repayable after 2 years
and bearing interest at a rate of 5% per annum. If it so wishes,
the company can repay the loan or part thereof at any time within
the 2 year period.
6. Share capital
31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
Ordinary shares
of 2p each
Authorised
Number of shares 50,000,000 50,000,000 50,000,000
Nominal value GBP1,000,000 GBP1,000,000 GBP1,000,000
Allotted, called-up,
fully paid
Number of shares 8,740,201 7,945,638 8,740,201
Nominal value GBP174,804 GBP158,913 GBP174,804
============= ============= =============
7. Cash flow statement
6 months 6 months Year ended
ended ended
31 August 31 August 28 February
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
a) Net cash outflow
from operating
activities
Operating loss (53) (49) (104)
(Increase)/decrease
in debtors (9) (32) -
Increase/(decrease)
in creditors 36 2 (26)
(26) (79) (130)
============= ============= =============
b) Reconciliation
of net cash flow
to movement in
net funds/(debt)
Increase/(decrease)
in cash in the
period (26) 71 (11)
Debt due after
1 year - - (30)
Movement in net
funds/(debt) in
the period (26) 71 (41)
Opening net funds 14 55 55
Closing net funds/(debt) (12) 126 14
============= ============= =============
8. Related party transactions
As at the balance sheet date, there is a loan of GBP30,000 to
the company from M Szytko, a director and shareholder of the
company. It is an unsecured loan repayable after 2 years and
bearing interest at a rate of 5% per annum. If it so wishes, the
company can repay the loan or part thereof at any time within the 2
year period.
9. Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared
in accordance with Statement: Half-yearly financial reports issued
by the Accounting Standards Board;
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and their impact on the financial
statements and description of principal risks and uncertainties for
the remaining six months of the year); and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
By order of the Board
D Wheatley M Szytko
Chairman Non-Executive Director
10. Publication
Copies of this statement will be available on the company's
website at www.highwaycapital.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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