Audited Results for the Y/E 28th Feb 2010
30 6월 2010 - 11:58PM
UK Regulatory
TIDMHWC
RNS Number : 5666O
Highway Capital PLC
30 June 2010
HIGHWAY CAPITAL PLC
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010
Chairman's Statement
Results for 12 months ended 28 February 2010 show a loss before tax of GBP84,925
(2009: GBP67,669 loss).
The company had cash in the bank and in hand of GBP322,072 at the balance sheet
date. The board does 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. The directors continue for the time being to waive the
majority of their fees.
A number of target companies have been identified and evaluated as the board
seeks opportunities to maximise the value of the company. Unfortunately, none
of these has proved suitable.
However we are currently in discussions with two possibilities and, if progress
is satisfactory, and our leading shareholders indicate their willingness to
support such a transaction, we will notify shareholders.
A H Drummon
Chairman
Profit and Loss Account
+----------------------------------+----------------+----------------+
| | Year ended | Year ended |
| | 28 February | 28 February |
| | 2010 | 2009 |
| | (audited) | (audited) |
| | GBP | GBP |
+----------------------------------+----------------+----------------+
| | | |
| Management fees | - | - |
+----------------------------------+----------------+----------------+
| Other income | 75 | 250 |
+----------------------------------+----------------+----------------+
| Administrative expenses | (85,838) | (83,962) |
+----------------------------------+----------------+----------------+
| Operating loss | (85,763) | (83,712) |
+----------------------------------+----------------+----------------+
| Interest receivable | 838 | 16,043 |
+----------------------------------+----------------+----------------+
| Loss on ordinary activities | (84,925) | (67,669) |
| before taxation | | |
+----------------------------------+----------------+----------------+
| Tax credit on loss on ordinary | - | - |
| activities | | |
+----------------------------------+----------------+----------------+
| Loss for the financial year | (84,925) | (67,669) |
+----------------------------------+----------------+----------------+
| | | |
| Basic and diluted loss per share | (1.07)p | (0.85)p |
+----------------------------------+----------------+----------------+
| | | |
| Basic and diluted loss per share | | |
| from continuing operations | (1.07)p | (0.85)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 |
| | 2010 | 2009 |
| | (audited) | (audited) |
| | GBP | GBP |
+----------------------------------+----------------+----------------+
| | | |
| Loss attributable to ordinary | (84,925) | (67,669) |
| shareholders | | |
+----------------------------------+----------------+----------------+
| Dividends | - | - |
+----------------------------------+----------------+----------------+
| Net decrease in shareholders' | (84,925) | (67,669) |
| funds | | |
+----------------------------------+----------------+----------------+
| Shareholders' funds at beginning | 388,481 | 456,150 |
| of period | | |
+----------------------------------+----------------+----------------+
| Shareholders' funds at end of | 303,556 | 388,481 |
| period | | |
+----------------------------------+----------------+----------------+
Balance Sheet
+----------------------------------+----------------+----------------+
| | 28 February | 28 February |
| | 2010 | 2009 |
| | (audited) | (audited) |
| | GBP | GBP |
+----------------------------------+----------------+----------------+
| | | |
| Fixed assets | | |
+----------------------------------+----------------+----------------+
| Investments | - | - |
+----------------------------------+----------------+----------------+
| Current assets | | |
+----------------------------------+----------------+----------------+
| Debtors | 2,935 | 3,096 |
+----------------------------------+----------------+----------------+
| Cash at bank and in hand | 322,072 | 407,424 |
+----------------------------------+----------------+----------------+
| | 325,007 | 410,520 |
+----------------------------------+----------------+----------------+
| Creditors: amounts falling due | | |
| within one year | (21,451) | (22,039) |
+----------------------------------+----------------+----------------+
| Net current assets | 303,556 | 388,481 |
+----------------------------------+----------------+----------------+
| Net assets | 303,556 | 388,481 |
+----------------------------------+----------------+----------------+
| | | |
| Capital and reserves | | |
+----------------------------------+----------------+----------------+
| Share capital | 158,913 | 158,913 |
+----------------------------------+----------------+----------------+
| Share premium | 295,437 | 295,437 |
+----------------------------------+----------------+----------------+
| Profit and loss account | (150,794) | (65,869) |
+----------------------------------+----------------+----------------+
| Total equity shareholders' funds | 303,556 | 388,481 |
+----------------------------------+----------------+----------------+
Cash Flow Statement
+----------------------------------+----------------+----------------+
| | Year ended | Year ended |
| | 28 February | 28 February |
| | 2010 | 2009 |
| | (audited) | (audited) |
| | GBP | GBP |
+----------------------------------+----------------+----------------+
| | | |
| Net cash outflow from operating | (86,190) | (88,866) |
| activities | | |
+----------------------------------+----------------+----------------+
| Returns on investments and | | |
| servicing of finance | | |
+----------------------------------+----------------+----------------+
| Interest received | 838 | 16,043 |
+----------------------------------+----------------+----------------+
| Net cash inflow from returns on | | |
| investments and servicing of | 838 | 16,043 |
| finance | | |
+----------------------------------+----------------+----------------+
| Taxation | | |
+----------------------------------+----------------+----------------+
| Corporation tax | - | - |
+----------------------------------+----------------+----------------+
| Equity dividends paid | - | - |
+----------------------------------+----------------+----------------+
| Decrease in cash | (85,352) | (72,823) |
+----------------------------------+----------------+----------------+
Notes
Basis of preparation:
The financial information set out above has 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 as
defined in section 434 of the Companies Act 2006. The information for the year
ended 28 February 2009 has been extracted from the statutory accounts which
carried an unqualified audit report and did not contain any statement under
section 498(2) or (3) of the Companies Act 2006. The statutory accounts for the
year ended 28 February 2009 have been delivered to the Registrar of Companies.
The auditors have given an unqualified opinion on the accounts for the year
ended 28 February 2010. The statutory accounts for the year ended 28 February
2010 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 GBP84,925 (2009: GBP67,669 loss) divided by
7,945,638 (2009: 7,945,638), being the weighted average number of ordinary
shares in issue during the year. The basic and diluted loss per ordinary share
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.
30 June 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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