TIDMHWC
RNS Number : 0145V
Highway Capital PLC
28 November 2019
HIGHWAY CAPITAL PLC
INTERIM REPORT 2019
Chairman's Statement
Dear Fellow Shareholder
The results for the six months ended 31 August 2019 showed a
loss before tax of GBP127,000 (six months ended 31 August 2018:
GBP70,000 loss; year ended 28 February 2019: GBP237,000 loss).
No dividend has been declared.
As set out in the announcement on 27 November 2019, I would like
to welcome our new Board member Biswantah Patnaik.
The Company's main objective is the restoration of trading.
The Company's business strategy is to identify, evaluate and
complete suitable acquisition opportunities.
I will keep you informed on further developments.
L Sobolewski
Chairman
28 November 2019
Statement of comprehensive 6 months ended 6 months ended Year ended
income
31 August 31 August 28 February
2019 2018 2019
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Management fees - - -
Administrative expenses (127) (78) (207)
--------------------------------- ------- --------------- --------------- -------------
Operating loss 2 (127) (78) (207)
Interest receivable - 8 8
Amounts written back/(off)
investments and loans - - (38)
--------------------------------- ------- --------------- --------------- -------------
Profit/(loss) on ordinary
activities before taxation (127) (70) (237)
Tax on profit or loss - - -
on ordinary activities
Profit/(loss) for financial
period and total comprehensive
income (127) (70) (237)
Basic profit/(loss) per
share 3 (1.32)p (0.73)p (2.48)p
Diluted profit/(loss)
per share 3 (1.32)p (0.73)p (2.48)p
Basic profit/(loss) per
share from continuing
operations 3 (1.32)p (0.73)p (2.48)p
Diluted profit/(loss)
per share from continuing
operations 3 (1.32)p (0.73)p (2.48)p
================================= ======= =============== =============== =============
Statement of financial Notes 31 August 31 August 28 February
position 2019 2018 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments - - -
------------------------------------- -------- --------------- --------------- -----------------
Current assets
Debtors 210 161 6
Cash at bank and in hand 1 - 245
------------------------------------- -------- --------------- --------------- -----------------
211 161 251
Creditors: amounts falling
due within one year (416) (463) (556)
Net current assets/(liabilities) (205) (302) (305)
------------------------------------- -------- --------------- --------------- -----------------
Total assets less current
liabilities (205) (302) (305)
Creditors: amounts falling
due after more than one
year 5 (703) (312) (476)
Net assets/(liabilities) (908) (614) (781)
===================================== ======== =============== =============== =================
Capital and reserves
Share capital 6 192 192 192
Share premium 430 430 430
Profit and loss account (1,530) (1,236) (1,403)
------------------------------------- -------- --------------- --------------- -----------------
Total equity shareholders'
funds/(deficit) (908) (614) (781)
===================================== ======== =============== =============== =================
Statement of changes 6 months ended 6 months ended Year ended
in equity
31 August 31 August 28 February
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit/(loss) attributable
to ordinary shareholders (127) (70) (237)
Issue of new ordinary shares - - -
less costs
------------------------------------- -------- --------------- ---------------
Net increase/(decrease)
in shareholders' funds (127) (70) (237)
Opening Shareholders'
funds/(deficit) (781) (544) (544)
------------------------------------- -------- --------------- ---------------
Closing Shareholders'
funds/(deficit) (908) (614) (781)
===================================== ======== =============== ===============
Statement of cash 6 months ended 6 months ended Year ended
flows
31 August 31 August 28 February
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) for
the period (127) (70) (237)
Adjustments for:
Interest receivable - (8) (8)
Amounts written back
on investments and - - -
loans
Amounts written off
investments and loans - - 38
Changes in:
Trade and other debtors (204) (5) (4)
Trade and other creditors (35) 74 59
-------------------------------------- --------------- --------------- -------------
Net cash from operating
activities (366) (9) (152)
-------------------------------------- --------------- --------------- -------------
Cash flows from investing
activities
Purchase of investments - - -
Loans made - - (328)
Loans redeemed by
company - 170 284
Interest received - - 1
Net cash used in investing
activities - 170 (43)
Cash flows from financing
activities
Proceeds from loans 132 1 438
Loan repayments (10) (163) -
-------------------------------------- --------------- --------------- -------------
Net cash from financing
activities 122 (162) 438
-------------------------------------- --------------- --------------- -------------
Net increase/(decrease)
in cash and cash equivalents (244) (1) 243
Cash and cash equivalents 243 - -
at beginning of period
------------------------------- ---- --------------- --------------- -------------
Cash and cash equivalents
at end of period (1) (1) 243
-------------------------------------- --------------- --------------- -------------
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 2019 has been prepared on a basis consistent with
the financial statements for the year ended 28 February 2019.
The condensed set of financial statements for the six months
ended 31 August 2019 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 2019 has been extracted from the audited financial
statements, on which the auditors issued an unqualified audit
report, 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.
2. Operating loss
This is stated after
charging:
6 months ended 6 months ended Year ended
31 August 31 August 28 February
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Directors' remuneration
- salaries and fees 48 48 120
Auditors' remuneration
- audit services 6 5 13
- other services - - -
=============== =============== =============
3. Profit/(loss) per share
The profit/(loss) per ordinary share calculation has been based
on the loss attributable to ordinary shareholders of GBP127,000
(August 2018: loss GBP70,000; February 2019: loss GBP237,000),
divided by 9,590,201 (August 2018: 9,590,201; February 2019:
9,590,201) being the weighted average number of ordinary shares in
issue during the period. There is no difference between the basic
and the diluted loss per ordinary share, as any adjustment would be
anti-dilutive.
There are no discontinued operations in the periods and,
therefore the basic and the diluted profit/(loss) per ordinary
share from continuing operations are the same as the basic and the
diluted profit/(loss) per ordinary share.
4. 2019 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 GBP703,000 (August
2018: GBP312,000; February 2019: GBP476,000), is made up of the
following: (a) GBP5,000 from M Szytko and GBP350,000 from N
Mayster, both directors and shareholders of Highway Capital plc:
these loans are unsecured, repayable after two 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 two year
period); (b) GBP97,000 from D Zych, a shareholder and former
director, and GBP251,000 from outside investors: these loans are
unsecured, repayable after five years, convertible at the holder's
request into new ordinary shares in the company at a price of 5 or
10 pence per share; in the event that the loan is not repaid or
converted prior to its maturity date then it will attract accrued
interest at a rate of 5% per annum.
6. Share capital
31 August 31 August 28 February
2019 2018 2019
(unaudited) (unaudited) (audited)
Ordinary shares of
2p each
Allotted, called-up,
fully paid
Number of shares 9,590,201 9,590,201 9,590,201
Nominal value GBP191,804 GBP191,804 GBP191,804
============= ============= ============
7. Related party transactions
As at the balance sheet date, there are loans to the company of
GBP5,000 from M Szytko and GBP350,000 from N Mayster, both
directors and shareholders of Highway Capital plc. The terms of the
loans are interest at 5% and this is considered reasonable.
No other related party transactions were undertaken as such that
are required to be disclosed under FRS 102.
8. Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared
in accordance with FRS 104 Interim Financial Reporting issued by
the Financial Reporting Council;
(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
L Sobolewski M Szytko
Chairman Non-Executive Director
9. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
IR PGGCUGUPBGGR
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