Final Results

RNS Number : 7357X

Highway Capital PLC

27 June 2008

 



HIGHWAY CAPITAL PLC

AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008

Chairman's Statement

The results for the twelve months ended 29 February 2008 show a loss before tax of £53,564 (2007: £57,975 loss). 

The company had cash at bank and in hand of £480,247 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.

During the year, your directors have examined a small number of propositions but unfortunately, none were deemed suitable to put to the shareholders. However, we are currently in discussions with a possible target and, if these progress satisfactorily, we will notify shareholders as soon as possible.

A H Drummon

Chairman

Profit and Loss Account

	Year ended 29 February 2008 (audited) £	Year ended 28 February 2007 (audited) £
Management fees	-	-
Administrative expenses	(77,848)	(78,696)
Operating loss	(77,848)	(78,696)
Interest receivable	24,284	20,721
Loss on ordinary activities before taxation	(53,564)	(57,975)
Tax credit on loss on ordinary activities	-	-
Loss for the financial year	(53,564)	(57,975)
Basic and diluted loss per share	(0.67)p	(0.73)p
Basic and diluted loss per share from continuing operations	(0.67)p	(0.73)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

	29 February 2008 (audited) £	28 February 2007 (audited) £
Loss attributable to ordinary shareholders	(53,564)	(57,975)
Dividends	-	-
Net decrease in shareholders' funds	(53,564)	(57,975)
Shareholders' funds at beginning of period	509,714	567,689
Shareholders' funds at end of period	456,150	509,714

Balance Sheet

	29 February 2008 (audited) £	28 February 2007 (audited) £
Fixed assets
Investments	-	-
Current assets
Debtors	3,938	4,038
Cash at bank and in hand	480,247	528,327
	484,185	532,365
Creditors: amounts falling due within one year	(28,035)	(22,651)
Net current assets	456,150	509,714
Net assets	456,150	509,714
Capital and reserves
Share capital	158,913	158,913
Share premium	295,437	295,437
Profit and loss account	1,800	55,364
Total equity shareholders' funds	456,150	509,714

Cash Flow Statement

	Year ended 29 February 2008 (audited) £	Year ended 28 February 2007 (audited) £
Net cash outflow from operating activities	(72,364)	(83,035)
Returns on investments and servicing of finance
Interest received	24,284	20,721
Net cash inflow from returns on investments and servicing of finance	24,284	20,721
Taxation
Corporation tax	-	-
Equity dividends paid	-	-
Decrease in cash	(48,080)	(62,314)

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 28 February 2007 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 2007 have been delivered to the Registrar of Companies. The auditors have given an unqualified opinion on the accounts for the year ended 29 February 2008. The statutory accounts for the year ended 29 February 2008 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 £53,564 (2007: £57,975 loss) divided by 7,945,638 (2007: 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.

27 June 2008

 

END

 

 

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