Half-year Report

RNS Number : 8031Y

daVictus plc

24 August 2018

 

daVictus plc

("daVictus" or the "Company")

Interim results for the 6 months ended 30 June 2018

Chairman's Statement 

 I am pleased to report the condensed interim financial statements of Davictus PLC (the "Company" or "Davictus") for the six months ended 30 June 2018.

For the first half of 2018, the Directors have actively discussed with potential target companies in the food and beverages ("F&B") sector - which operate in or own Western food and beverage F&B eatery franchises in South East Asia and/or the Far East, however, none of which has met the necessary criteria for selection to date.

While we continue our efforts to identify targets for acquisition, the Company has sufficient funds for general corporate purposes and pre-acquisition activities, including on-going costs and expenses such as Directors' fees and salaries, due diligence costs and other costs of sourcing, reviewing and to pursue potential acquisitions.

We are encouraged by both business opportunities and positive start we have made to the current year and we would always remain optimistic in respect of target acquisition.

I look forward to the year ahead with gratitude to the support from our shareholders.

Director's Statement

During the reporting period, the Company reported a net loss of £58,099

At 30 June 2018, the Company had cash in bank of £431,122.

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 2017, 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

24 August, 2018

CONDENSED STATEMENT OF COMPREHESIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2018

	Notes		6 months period ended 30 June 2018		6 months period ended 30 June 2017
			£		£
			(Unaudited)		(Unaudited)
Interest income			639		-
Operating expenses			(58,737)		(54,010)
OPERATING LOSS BEFORE TAXATION			(58,099)		(54,010)
Income tax expense	3		-		-
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY			(58,099)		(54,010)
Basic and diluted loss per share (pence)	4		(0.52) p		(0.48) p

                      CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)AS AT  30 JUNE 2018

	Notes		As at 30 June 2018		As at 30 June 2017		As at 31 December 2017
			£		£		£
			(Unaudited)		(Unaudited)		Audited
CURRENT ASSETS
Cash and cash equivalents			431,122		569,953		484,390
			431,122		569,953		484,390
CURRENT LIABILITIES
Other payables			19,786		14,779		6,954
Accruals			2,000		-		10,000
Amount owing to directors			318		318		318
			22,104		15,097		17,272
NET ASSETS			409,019		554,856		467,188
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY
Stated capital Accumulated losses	5		1,053,400 (644,381)		1,053,400 (498,544)		1,053,400 (586,282)
TOTAL EQUITY			409,019		554,856		467,118

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2018                       

			6 months period ended 30 June 2018		6 months period ended 30 June 2017
			£		£
			(Unaudited)		(Unaudited)
Cash flow from operating activities
Operating loss			(58,099)		(54,010)
Increase/(decrease) in other payables			4,832		(8,257)
Net cash flow used in operating activities			(53,268)		(62,267)
Net increase in cash and cash equivalents			(53,268)		(62,267)
Cash and cash equivalents at beginning of period			484,390		632,220
Cash and cash equivalents at end of period			431,122		569,953

STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2018

Period from 1 January 2018 to 30 June 2018

	Stated capital		Accumulated losses			Total
	£		£			£
As at 1 January 2018	1,053,400		(586,282)			467,118
Loss for the period	-		(58,099)			(58,099)
Total comprehensive loss for the period	-		(58,099)			(58,099)
As at 30 June 2018	1,053,400		(644,381)			409,019
Period from 1 January 2017 to 30 June 2017
	Stated capital		Accumulated losses			Total
	£		£			£
As at 1 January 2017	1,053,400		(444,534)			608,866
Loss for the period	-		(54,010)			(54,010)
Total comprehensive loss for the period	-		(54,010)			(54,010)
As at 30 June 2017	1,053,400		(498,544)			554,856

For the year ended 31 December 2017

	Stated capital		Accumulated losses		Total
	£		£		£
As at 1 January 2017	1,053,400		(444,534)		608,866
Loss for the year	-		(141,748)		(141,748)
Total comprehensive loss for the period	-		(141,748)		(141,748)
As at 31 December 2017	1,053,400		(586,282)		467,118

                       NOTES TO THE CONDENSED FINANCIAL STATEMENTS

                       FOR THE SIX MONTHS ENDED 30 JUNE 2018

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 43/45 La Motte Street St Helier Jersey JE4 8SD.

2.   ACCOUNTING POLICIES

Basis of preparation

The condensed interim financial statements for the six month period ended 30 June 2018 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 2017.

The condensed 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 Company for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

The condensed interim financial information is presented in British Pound Sterling ("£").

Going concern

The condensed interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future.

3.   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.

4.   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 ended 30 June 2018	6 months period ended 30 June 2017
Loss for the period (£) Weighted average number of shares (Unit) Loss per share (Pence)		(58,099) 11,250,000 (0.52)p	(54,010)   11,250,000     (0.48)p

5.   STATED CAPITAL

	As at 30 June 2018 £	As at 31 December 2017 £	As at 30 June 2017 £
Allotted, called up and fully paid (Ordinary shares of £0.01 each)	1,053,400	1,053,400	1,053,400

6.   RELATED PARTY TRANSACTION

The directors are considered to be the key management personnel. Details concerning Directors remuneration can be found below:

	6 months period ended 30 June 2018			6 months period ended 30 June 2017
	£			£
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

 

7.    SEASONAL OR CYCLICAL FACTORS

There are no seasonal factors that materially affect the operations of the company in the Group.

8.    SUBSEQUENT EVENTS

There are no subsequent events requiring disclosure in these interim financial statements.

 

END

 

 

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