Final Results

RNS Number : 6654U

Highway Capital PLC

30 June 2009

 



HIGHWAY CAPITAL PLC

AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2009

Chairman's Statement

Results for 12 months ended 28 February 2009 show a loss before tax of £67,669 (2008: £53,564 loss).

The company had cash in the bank and in hand of £407,424 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.

Target companies continue to be 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 a couple of possibilities and, if progress is satisfactory, and our leading shareholders indicate their willingness to support such a transaction, we will notify shareholders.

Since I last reported to you there has been a change in one of the company's major shareholders. Andrew Perloff has acquired 25.8% of the equity and I am optimistic that his considerable experience will help to identify a suitable deal which can be proposed, which will offer shareholder value.

A H Drummon

Chairman

Profit and Loss Account

	Year ended 28 February 2009 (audited) £	Year ended 29 February 2008 (audited) £
Management fees	-	-
Other income	250	-
Administrative expenses	(83,962)	(77,848)
Operating loss	(83,712)	(77,848)
Interest receivable	16,043	24,284
Loss on ordinary activities before taxation	(67,669)	(53,564)
Tax credit on loss on ordinary activities	-	-
Loss for the financial year	(67,669)	(53,564)
Basic and diluted loss per share	(0.85)p	(0.67)p
Basic and diluted loss per share from continuing operations	(0.85)p	(0.67)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 2009 (audited) £	29 February 2008 (audited) £
Loss attributable to ordinary shareholders	(67,669)	(53,564)
Dividends	-	-
Net decrease in shareholders' funds	(67,669)	(53,564)
Shareholders' funds at beginning of period	456,150	509,714
Shareholders' funds at end of period	388,481	456,150

Balance Sheet

	28 February 2009 (audited) £	29 February 2008 (audited) £
Fixed assets
Investments	-	-
Current assets
Debtors	3,096	3,938
Cash at bank and in hand	407,424	480,247
	410,520	484,185
Creditors: amounts falling due within one year	(22,039)	(28,035)
Net current assets	388,481	456,150
Net assets	388,481	456,150
Capital and reserves
Share capital	158,913	158,913
Share premium	295,437	295,437
Profit and loss account	(65,869)	1,800
Total equity shareholders' funds	388,481	456,150

Cash Flow Statement

	Year ended 28 February 2009 (audited) £	Year ended 29 February 2008 (audited) £
Net cash outflow from operating activities	(88,866)	(72,364)
Returns on investments and servicing of finance
Interest received	16,043	24,284
Net cash inflow from returns on investments and servicing of finance	16,043	24,284
Taxation
Corporation tax	-	-
Equity dividends paid	-	-
Decrease in cash	(72,823)	(48,080)

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 for the purpose of section 240 of the Companies Act 1985. The information for the year ended 29 February 2008 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 29 February 2008 have been delivered to the Registrar of Companies. The auditors have given an unqualified opinion on the accounts for the year ended 28 February 2009. The statutory accounts for the year ended 28 February 2009 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 £67,669 (2008: £53,564 loss) divided by 7,945,638 (2008: 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 2009

 

END

 

 

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