28th Jun 2007 14:17
Highway Capital PLC28 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 taxof £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 inorder 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 continueto be identified and evaluated as the board seeks opportunities to maximize thevalue of the company, unfortunately none of these has proved suitable. Your board will continue to seek a suitable target. A H DrummonChairman Profit and Loss Account Year ended Year ended 28 February 28 February 2007 2006 (unaudited) (audited) £ £Management fees - -Administrative expenses (78,696) (80,510)-----------------------------------------------------------------------Operating loss (78,696) (80,510)Interest receivable 20,721 23,383-----------------------------------------------------------------------Loss on ordinary activities beforetaxation (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 financialperiods. Total recognised gains and losses: The company has no recognised gains or losses other than the profit or loss forthe above two financial periods. Reconciliation of Equity Shareholders' Funds 28 February 28 February 2007 2006 (unaudited) (audited) £ £Loss attributable to ordinaryshareholders (57,975) (57,127)Dividends - ------------------------------------------------------------------------Net decrease in shareholders' funds (57,975) (57,127)Shareholders' funds at beginning ofperiod 567,689 624,816-----------------------------------------------------------------------Shareholders' funds at end of period 509,714 567,689----------------------------------------------------------------------- Balance Sheet 28 February 28 February 2007 2006 (unaudited) (audited) £ £Fixed assetsInvestments - ------------------------------------------------------------------------ - -Current assetsDebtors 4,038 2,546Cash at bank and in hand 528,327 590,641----------------------------------------------------------------------- 532,365 593,187-----------------------------------------------------------------------Creditors: amounts falling due withinone year (22,651) (25,498)-----------------------------------------------------------------------Net current assets 509,714 567,689-----------------------------------------------------------------------Net assets 509,714 567,689-----------------------------------------------------------------------Capital and reservesShare capital 158,913 158,913Share premium 295,437 295,437Profit and loss account 55,364 113,339-----------------------------------------------------------------------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 operatingactivities (83,035) (78,682)-----------------------------------------------------------------------Returns on investments and servicing offinanceInterest received 20,721 23,383-----------------------------------------------------------------------Net cash inflow from returns oninvestments and servicing of finance 20,721 23,383-----------------------------------------------------------------------TaxationCorporation 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 conventionand in accordance with applicable accounting standards. The company does not prepare consolidated accounts and the directors havetherefore continued to prepare its accounts in accordance with UK rather thaninternational accounting standards, as permitted under EC Regulation 1606/2002. The financial information set out above does not comprise statutory accounts forthe purpose of section 240 of the Companies Act 1985. The information for theyear ended 28 February 2006 has been extracted from the statutory accounts whichcarried an unqualified audit report and did not contain any statement undersection 237(2) or (3) of the Companies Act 1985. The statutory accounts for theyear 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 theyear ended 28 February 2007. The statutory accounts for the year ended 28February 2007 will be delivered to the Registrar of Companies following theAnnual General Meeting. Loss per share: The loss per ordinary share calculation has been based on the loss attributableto 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 issueduring the year. The basic and diluted loss per ordinary share figures are thesame. There are no discontinued operations in either period and, therefore, the basicand the diluted loss per ordinary share from continuing operations are the sameas 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 ExchangeRelated Shares:
Highway Capital