Final Results
28 6월 2007 - 11:17PM
UK Regulatory
YRNS Number:2325Z
Highway Capital PLC
28 June 2007
HIGHWAY CAPITAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007
Chairman's Statement
The results for the twelve months ended 28 February 2007 show a loss before tax
of #57,975 (2006: #57,127 loss).
The company had cash at bank and in hand of #528,327 at the balance sheet date.
At this time we do not consider it appropriate to declare a dividend.
During the year the company has continued to keep expenditure to a minimum in
order to preserve cash resources.
The directors continue, for the time being, to waive the majority of their fees.
In the interim statement, I informed shareholders that target companies continue
to be identified and evaluated as the board seeks opportunities to maximize the
value of the company, unfortunately none of these has proved suitable.
Your board will continue to seek a suitable target.
A H Drummon
Chairman
Profit and Loss Account
Year ended Year ended
28 February 28 February
2007 2006
(unaudited) (audited)
# #
Management fees - -
Administrative expenses (78,696) (80,510)
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Operating loss (78,696) (80,510)
Interest receivable 20,721 23,383
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Loss on ordinary activities before
taxation (57,975) (57,127)
Tax credit on loss on ordinary - -
activities
-----------------------------------------------------------------------
Loss for the financial year (57,975) (57,127)
Dividends - -
-----------------------------------------------------------------------
Retained loss for the financial year (57,975) (57,127)
-----------------------------------------------------------------------
Basic and diluted loss per share (0.73)p (0.72)p
-----------------------------------------------------------------------
Continuing operations:
There are no acquired or discontinued operations in the above two financial
periods.
Total recognised gains and losses:
The company has no recognised gains or losses other than the profit or loss for
the above two financial periods.
Reconciliation of Equity Shareholders' Funds
28 February 28 February
2007 2006
(unaudited) (audited)
# #
Loss attributable to ordinary
shareholders (57,975) (57,127)
Dividends - -
-----------------------------------------------------------------------
Net decrease in shareholders' funds (57,975) (57,127)
Shareholders' funds at beginning of
period 567,689 624,816
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Shareholders' funds at end of period 509,714 567,689
-----------------------------------------------------------------------
Balance Sheet
28 February 28 February
2007 2006
(unaudited) (audited)
# #
Fixed assets
Investments - -
-----------------------------------------------------------------------
- -
Current assets
Debtors 4,038 2,546
Cash at bank and in hand 528,327 590,641
-----------------------------------------------------------------------
532,365 593,187
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Creditors: amounts falling due within
one year (22,651) (25,498)
-----------------------------------------------------------------------
Net current assets 509,714 567,689
-----------------------------------------------------------------------
Net assets 509,714 567,689
-----------------------------------------------------------------------
Capital and reserves
Share capital 158,913 158,913
Share premium 295,437 295,437
Profit and loss account 55,364 113,339
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Total equity shareholders' funds 509,714 567,689
-----------------------------------------------------------------------
Cash Flow Statement
Year ended Year ended
28 February 28 February
2007 2006
(unaudited) (audited)
# #
Net cash outflow from operating
activities (83,035) (78,682)
-----------------------------------------------------------------------
Returns on investments and servicing of
finance
Interest received 20,721 23,383
-----------------------------------------------------------------------
Net cash inflow from returns on
investments and servicing of finance 20,721 23,383
-----------------------------------------------------------------------
Taxation
Corporation tax - -
-----------------------------------------------------------------------
Equity dividends paid - -
-----------------------------------------------------------------------
Decrease in cash (62,314) (55,299)
-----------------------------------------------------------------------
Notes
Basis of preparation:
The preliminary results have been prepared under the historical cost convention
and in accordance with applicable accounting standards.
The company does not prepare consolidated accounts and the directors have
therefore continued to prepare its accounts in accordance with UK rather than
international accounting standards, as permitted under EC Regulation 1606/2002.
The financial information set out above does not comprise statutory accounts for
the purpose of section 240 of the Companies Act 1985. The information for the
year ended 28 February 2006 has been extracted from the statutory accounts which
carried an unqualified audit report and did not contain any statement under
section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the
year ended 28 February 2006 have been delivered to the Registrar of Companies.
The auditors are expected to give an unqualified opinion on the accounts for the
year ended 28 February 2007. The statutory accounts for the year ended 28
February 2007 will be delivered to the Registrar of Companies following the
Annual General Meeting.
Loss per share:
The loss per ordinary share calculation has been based on the loss attributable
to ordinary shareholders of #57,975 (2006: #57,127 loss) divided by 7,945,638
(2006: 7,945,638), being the weighted average number of ordinary shares in issue
during the year. The basic and diluted loss per ordinary share figures are the
same.
There are no discontinued operations in either period and, therefore, the basic
and the diluted loss per ordinary share from continuing operations are the same
as the basic and the diluted loss per ordinary share.
28 June 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Highway Capital (LSE:HWC)
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