Highway Capital PLC Half Yearly Report (9140D)
October 30 2015 - 2:00AM
UK Regulatory
TIDMHWC
RNS Number : 9140D
Highway Capital PLC
30 October 2015
HIGHWAY CAPITAL PLC
INTERIM REPORT 2015
Chairman's Statement
Dear Fellow Shareholder
The results for the six months ended 31 August 2015 showed a
loss before tax of GBP65,000 (six months ended 31 August 2014:
GBP53,000 loss; year ended 28 February 2015: GBP124,000 loss).
No dividend has been declared.
At a general meeting of the shareholders on 9 April 2015,
authority was given to the directors to issue up to GBP3,000,000
nominal value convertible loan notes capable of conversion by the
holders at no less than 10p per ordinary share. This will enable
the directors to put the company on a sound financial footing.
During the period, Mr M Szytko, a director and shareholder of
the company, has made a further loan of GBP120,000 to the company
under the terms of the convertible loan notes, to ensure that the
company continues to have adequate resources.
D Wheatley
Chairman
30 October 2015
Profit and loss account 6 months ended 6 months ended Year ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Management fees - - -
Administrative expenses (65) (53) (124)
------------------------- ------- --------------- --------------- -------------
Operating loss 2 (65) (53) (124)
Interest receivable - - -
------------------------- ------- --------------- --------------- -------------
Loss on ordinary
activities before
taxation (65) (53) (124)
Tax credit on loss
on ordinary activities - - -
Loss for the period (65) (53) (124)
Basic loss per share 3 (0.74)p (0.61)p (1.42)p
Diluted loss per
share 3 (0.66)p (0.61)p (1.42)p
========================= ======= =============== =============== =============
Balance Sheet Notes 31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments - - -
---------------------------------- ------ ------------- ------------- ------------
Current assets
Debtors 14 13 6
Cash at bank and in
hand 16 18 12
---------------------------------- ------ ------------- ------------- ------------
30 31 18
Creditors: amounts
falling due within
one year (83) (68) (126)
Net current assets/(liabilities) (53) (37) (108)
---------------------------------- ------ ------------- ------------- ------------
Total assets less current
liabilities (53) (37) (108)
Creditors: amounts
falling due after more
than one year 5 (150) (30) (30)
Net assets/(liabilities) (203) (67) (138)
================================== ====== ============= ============= ============
Capital and reserves
Share capital 6 175 175 175
Share premium 368 368 368
Profit and loss account (746) (610) (681)
---------------------------------- ------ ------------- ------------- ------------
Total equity shareholders'
funds/(deficit) (203) (67) (138)
================================== ====== ============= ============= ============
Statement of changes 6 months ended 6 months ended Year ended
in Equity
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Loss attributable to ordinary
shareholders (65) (53) (124)
Issue of new ordinary shares
less costs - - -
------------------------------------------ --------------- --------------- -------------
Net decrease in shareholders'
funds (65) (53) (124)
Opening Shareholders' funds/(deficit) (138) (14) (14)
------------------------------------------ --------------- --------------- -------------
Closing Shareholders' funds/(deficit) (203) (67) (138)
========================================== =============== =============== =============
Cash Flow Statement Notes 6 months ended 6 months ended Year ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash outflow from
operating activities 7a (116) (26) (32)
--------------------------- ------ --- ------------ ---- ----------- --- ----------
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
Loans 120 - -
=========================== ====== === ============ ==== =========== === ==========
Increase/(decrease)
in cash 7b 4 (26) (32)
=========================== ====== === ============ ==== =========== === ==========
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 2015 has been prepared on a basis consistent with
the financial statements for the year ended 28 February 2015. No
changes are anticipated from the adoption of FRS 102 "The financial
reporting standard applicable in the UK and the Republic of
Ireland".
The condensed set of financial statements for the six months
ended 31 August 2015 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 2015 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, as permitted under EC
Regulation 1606/2002.
2. Operating loss
This is stated after
charging:
6 months ended 6 months ended Year ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Directors' remuneration
- salaries and fees 22 22 44
Auditors' remuneration
- audit services 5 5 10
- other services - 5 -
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