TIDMDVT
RNS Number : 3686P
daVictus plc
18 October 2021
DAVICTUS PLC
CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 June 2021
Chairman's Statement
I am pleased to report the interim financial statements of
Davictus PLC (the "Company" or Davictus") for the six months ended
30 June 2021.
The Company had on 21 June 2021 raised equity funds of GBP36,000
(gross) through the issuance of 1,200,000 ordinary shares of no-par
value at a price of 3.0 pence per ordinary share. The purpose of
the fund raise was to provide additional working capital for the
Company.
Currently, the Company is in the midst of finalizing its second
franchisee appointment which is targeting to start its operation
within the fourth quarter of the year. The Company however has not
entered into any agreement for the second franchisee as at the date
of this report. It is anticipated that the franchisee appointment
will be finalised within this month.
Meanwhile the franchisee in Kuala Lumpur has started to adapt
new normalcy with the recovering economy with revised restaurant
SOP being implemented. Operations will resume as normal by December
this year.
As always, I remain optimistic with our business prospects
because we have a great premium dining brand with many unique
offerings.
The board would like to thank all the stakeholders of the
Company for their continued support.
Abd Hadi Bin Abd Majid
Chairman
18 October 2021
Director's Statement
For the reporting period under review, the Company reported a
net loss of GBP5,404. At 30 June 2021, the Company had cash in bank
of GBP45,523.
There are a number of potential risks and uncertainties which
may have material impact on the Company's performance over the
remaining six months of the financial year and could cause actual
results to differ materially from expected and historical results.
The directors do not consider any changes on the principal risks
and uncertainties since the publication of the annual report for
the year ended 31 December 2020, which contained a detailed
explanation of the risks relevant to the Company, is also available
at http://www.davictus.co.uk .
The Board looks forward to providing further updates to the
shareholders in due course.
Responsibility Statement
The Directors are responsible for preparing the Condensed
Interim Financial Statements in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority ('DTR') and with International Accounting Standard 34 on
Interim Financial Reporting (IAS 34).
The directors confirm that, to the best of their knowledge, this
condensed consolidated interim financial statements have been
prepared in accordance with IAS 34, as adopted by the European
Union. The interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
Director
18 October 2021
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
Notes 6 months 6 months
period ended period ended
30 June 2021 30 June 2020
(Unaudited) (Unaudited)
GBP GBP
Revenue 3 75,000 3,333
Cost of sales - -
-------------- --------------
Gross profit 75,000 3,333
Operating expenses (79,635) (219,000)
-------------- --------------
Operating loss (4,635) (215,667)
Other income 1,066 -
Gain on foreign exchange 1,249 -
Interest income 8 168
Finance expenses (3,092) (1,077)
--------------
Loss before taxation (5,404) (216,576)
Tax expense 4 - -
Loss for the period attributable
to equity holders of the company (5,404) (216,576)
-------------- --------------
Basic and diluted loss per share
(pence) 5 (0.04) p (1.82) p
Condensed Consolidated Statement of Financial Position
As at 30 June 2021
Notes As at As at As at
30 June 30 June 31 December
2021 2020 2020
(Unaudited) (Unaudited) Audited
GBP GBP GBP
Non-current assets
Intangible assets - - -
Right-of-use asset 6 76,056 57,911 47,053
76,056 57,911 47'053
------------ ---------------- --------------
Current assets
Trade receivables 82,500 20,000 35,850
Other debtor 14,490 - -
Cash and cash equivalents 45,523 48,032 20,040
------------ ---------------- --------------
142,513 68,032 55,890
------------ ---------------- --------------
Total assets 218,569 125,943 102,944
Equity attributable
to equity holders of
the company
Stated capital 8 1,224,400 1,188,400 1,188,400
Accumulated losses (1,224,564) (1,183,802) (1,219,159)
------------ ---------------- --------------
Total equity (164) 4,598 (30,759)
------------ ---------------- --------------
Non-current liabilities
Lease liabilities 7 47,766 48,119 26,812
47,766 48,119 26,812
------------ ---------------- --------------
Current liabilities
Other payables 9 134,258 55,550 85,584
Amount owing to directors 7,568 7,568 -
Lease liabilities 7 29,141 10,108 21,307
170,967 73,226 106,891
------------ ---------------- --------------
Total equity and liabilities 218,569 125,943 102,944
============ ================ ==============
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2021
6 months period 6 months
ended 30 June period ended
2021 30 June
2020
(Unaudited) (Unaudited)
GBP GBP
Cash flow from operating activities
Operating loss (5,404) (216,576)
Adjustment for:
Gain on lease termination (1,066) -
Depreciation of right-of-use-assets 15,211 7,239
Interest on lease liabilities 2,446 1,077
---------------- --------------
11,187 (208,260)
Changes in working capital
Decrease / (increase) in receivables (61,140) (20,000)
Increase / (decrease) in other
payables 48,674 25,489
Increase / (decrease) in amount
due to directors 7,568 7,250
Net cash flow used in operating
activities 6,289 (195,521)
---------------- --------------
Cash flows from financing activities
Proceed from issuance of shares 36,000 135,000
Repayment on lease liability (16,806) (8,000)
Net cash generated from financing
activities 19,194 127,000
Net increase in cash and cash
equivalents 25,483 (68,521)
Cash and cash equivalents at beginning
of period 20,040 116,553
---------------- --------------
Cash and cash equivalents at end
of period 45,523 48,032
================ ==============
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2021
Period from 1 January 2021 to 30 June 2021
Stated capital Accumulated Total
losses
GBP GBP GBP
As at 1 January 2021 1,224,400 (1,219,160) 5,240
Loss for the period - (5,404) (5,404)
--------------- ------------ --------
Total comprehensive loss
for the period - (5,404) (5,404)
--------------- ------------ --------
As at 30 June 2021 1,224,400 (1,224,564) (164)
=============== ============ ========
Period from 1 January 2020 to 30 June 2020
Stated capital Accumulated Total
losses
GBP GBP GBP
As at 1 January 2020 1,053,400 (967,226) 86,174
Loss for the period - (216,576) (216,576)
--------------- ------------ -------------
Total comprehensive loss (2 16,576
for the period - (216,576) )
--------------- ------------ -------------
Issue of ordinary shares 135,000 - 135,000
As at 30 June 2020 1,188,400 (1,183,802) 4,598
=============== ============ =============
For the year ended 31 December 2020
Stated capital Accumulated Total
losses
GBP GBP GBP
As at 1 January 2020 1,053,400 (967,226) 86,174
( 251,933 ( 251,933
Loss for the period - ) )
--------------- ------------ -------------
Total comprehensive loss ( 251,933 ( 251,933
for the period - ) )
--------------- ------------ -------------
Issue of ordinary shares 135,000 - 135,000
As at 31 December 2020 1,188,400 (1,219,159) (30,759)
=============== ============ =============
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2021
1. GENERAL INFORMATION
The Company was incorporated and registered in Jersey as a
public company limited by shares on 5 February 2015 under the
companies (Jersey) Law 1991 and registered number 117716. The
registered office of the Company is at the offices of 28 Esplanade,
St. Helier, Jersey, JE1 8SB.
2. ACCOUNTING POLICIES
Basis of preparation
The interim financial statements for the six month period ended
30 June 2021 have been prepared in accordance with IAS 34 Interim
Financial Reporting. It is unaudited and does not constitute
statutory financial statements. The comparative interim financial
information covers the period ended 30 June 2020.
The interim financial statements have been prepared on a basis
consistent with, and on the basis of, the accounting policies set
out in the audited financial statements of the Group for the year
ended 31 December 2020, which have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union. The financial information for the period ended 30
June 2020 and 30 June 2021 is unaudited.
There was a restatement of June 2020 financial information in
relation to intellectual property acquisition transaction during
the year 2020. The Group acquired the intellectual property (IP)
rights, owned by Typical Dutch N.V. ("TDNV"), to utilise and
develop franchise businesses within Asia region. As the purchase
related to the acquisition of these IP rights, comprised of the
unregistered trademarks, unregistered assigned rights and
materials, it was considered that these assets did not meet the
criteria for the recognition of an intangible assets. On that
basis, the costs of GBP100,000 was expensed in the statement of
comprehensive income. The effect of these restatements impacts the
intangible assets, administrative expense and accumulated
losses.
The interim financial information is presented in British Pound
Sterling ("GBP").
New standards and interpretations
A number of new standards and amendments to standards and
interpretations have been issued by International Accounting
Standards Board but are not yet effective and in some cases have
not yet been adopted by the EU. The Directors do not expect that
the adoption of these standards will have a material impact on the
financial statements of the Group in future periods.
Basis of consolidation
The consolidated financial statements incorporate the financial
information of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through
its power over the entity.
All intercompany transactions, balances, income and expenses are
eliminated in consolidation.
Going concern
The condensed interim financial statements have been prepared on
a going concern basis, which assumes that the Group will continue
to be able to meet its liabilities as they fall due for the
foreseeable future.
On 21 June 2021, the Group raised GBP36,000 through the issue of
1.2 million ordinary shares at a price of 3p per share as
additional working capital. In addition, the Group received an
advance remittance of approximately GBP190,000 from the franchisee.
The Directors believe there will be sufficient to pay on going
expenses and to meet its liabilities as they fall due for a period
of at least 12 months from the date of approval of the financial
statements.
The Directors have prepared financial projections for a period
of at least 12 months from the date of approval of these financial
statements. Those projections anticipate the Group will continue to
generate revenue and resume its cash collection from the franchise
operation. In view of this prolonged COVID-19 pandemic, there is no
certainty the expected cash remittance will be collected as planned
and the liability can be discharged at the timely manner. These
conditions indicate the existence of a material uncertainty which
may cast significant doubt about the Group and the Company's
ability to continue as a going concern.
The Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. For these reasons, they continue to adopt the
going concern basis of accounting in preparing the annual financial
statements.
3. REVENUE
The Group revenue are derived from franchise related fees
including brand licence, management fee and royalties according to
Restaurant Franchise Agreement between the Group operating
subsidiary company Havana Dining Limited with the franchisee. For
the reporting period, revenue contributions are from a franchisee
located in Kuala Lumpur, Malaysia.
There are no seasonal factors that materially affect the
operations of the Group.
4. INCOME TAX EXPENSE
The Company is not a "Financial Services Company" registered
under the relevant Jersey laws; or a specified utility company and
therefore it is subject to Jersey income tax at the general rate of
0 per cent. If the Company derives any income from Jersey property,
including development of land or quarrying, such income will be
subject to tax at the rate of 20 per cent. It is not expected that
the Company will derive any such income.
No liability to the corporation tax arose for the period ended
30 June 2021 and period ended 30 June 2020, as the Group did not
generate any assessable profits during the reporting period.
5. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. There are currently no
dilutive potential ordinary shares.
6 months period 6 months
ended 30 June 2021 period ended
30 June 2020
Loss for the period (GBP) (5,404) (216,576)
Weighted average number of
shares (Unit) 12,216,298 11,892,857
Loss per share (pence) (0.04) p (1.82) p
6. RIGHT-OF-USE ASSETS
The Company has entered into a new operating lease agreement for
tenancy of office space. The lease is for a period of 36 months
operating lease agreement commencing 1 January 2021 with an option
to renew the lease for a further 12 months.
GBP GBP
30 June 2021 30 June 2020
Cost
As at 1 January 65,151 65,151
Additions during the year 91,267 -
De-recognisation due to lease termination (65,151) -
Accumulated depreciation on lease 18,098 -
termination
Value of lease termination 48,119 -
Gain on lease termination 1,066 -
-------------- --------------
As at 30 June 91,267 65,151
-------------- --------------
Accumulated depreciation
As at 1 January (18,097) (7,240)
Addition during the period 15,211 -
De-recognisation due to lease termination 18,097 -
As at 30 June 15,211 57,911
-------------- --------------
7. STATED CAPITAL
Number of
ordinary GBP
shares
As at 1 January 2021 12,150,000 1,188,400
Issuance of new ordinary shares 1,200,000 36,000
As at 30 June 2021 13,350,000 1,224,400
----------- ----------
On 21(st) June 2021, issuance were made through the placement of
1,200,000 new ordinary shares at no par value at 3 pence per
share.
8. OTHER PAYABLES
As at As at
30 June 30 December
2021 2020
GBP GBP
Other creditors 34,852 15,144
Deferred income 76,667 16,667
Accruals and provision 22,739 23,739
--------- -------------
134,258 55,550
--------- -------------
9. LEASE LIABILITIES
As at As at
30 June 30 June
2021 2020
GBP GBP
Balance brought forward 48,119 72,000
Addition during the year 100,805 -
De-recognisation of lease due to (48,119) -
termination
Interest in suspense on new lease (9,538) (6,849)
Interest expensed 2,446 1,077
Repayment of principal (16,806) (8,000)
76,907 58,228
--------- ---------------
Lease liabilities are payable as follow:
Within 1 year 33,600 24,000
Between 2- 5 years 50,399 40,000
10. SUBSIDIARY UNDERTAKINGS
The details of the subsidiary in the Group are as follows:
Name of company Country of incorporation Effective Principal activities
holding
Havana Dining British Virgin 100% Facilitator for
Limited. Island Group operation
Davictus World Malaysia 100% Facilitator for
Sdn Bhd Group operation
11. RELATED PARTY TRANSACTION
The directors are considered to be the key management personnel.
Details concerning Directors remuneration can be found below:
6 months 6 months
period ended period ended
30 June 2021 30 June 2020
GBP GBP
Robert Pincock 7,500 7,500
Abd Hadi Bin Abd Majid 5,000 5,000
Maurice James Malcolm Groat 2,000 2,000
-------------- --------------
14,500 14,500
-------------- --------------
The Group entered into a franchise agreement with Havana Café
Sdn Bhd ("HCSB"), a company incorporated in Malaysia, where Mr. Abd
Hadi bin Abd Majid has substantial interest in HCSB. For the period
under review, the Group generated revenue of GBP75,000 from HCSB.
At this reporting date, the net franchise fee amount due from HCSB
was GBP5,833 comprising trade receivable of GBP82,500 and deferred
income of GBP76,667.
12. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these
interim financial statements.
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IR GZMMGRRFGMZG
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