Back to all announcements

DJ High Road Capital PLC Half-yearly Report

 
TIDMHRPC 
 
30 December 2010 
 
                             HIGH ROAD CAPITAL PLC 
 
          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to announce the interim results for the Company. 
 
The Company made a pre-tax loss of GBP12,005 for the period. 
 
Cash at bank at end of September 2010 was GBP331,220. 
 
The  Directors  have reviewed a number of potential acquisitions and investment 
opportunities since the  successful  flotation of High Road Capital plc on PLUS 
in 2007 which raised GBP418,150 gross. The  Company  has not yet commenced formal 
due diligence on any particular opportunity but your board continues to seek to 
complete a transaction as soon as possible. 
 
The Directors remain focused on businesses or companies that they consider have 
the potential to produce a favourable return for shareholders in both the short 
and medium terms. 
 
Daniel Briggs 
 
Chairman 
 
 
 
HIGH ROAD CAPITAL PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010 
 
                                                 6 months     Year     6 months 
                                                    ended    ended           to 
                                             30 September 31 March 30 September 
                                                     2010     2010         2009 
                                                Unaudited  Audited    Unaudited 
                                  Note 
                                                        GBP        GBP            GBP 
 
Revenue                                                 -        -            - 
 
Operating expenses                               (12,005) (24,191)     (11,473) 
 
                                                  _______  _______      _______ 
 
Loss from operations                 2           (12,005) (24,191)     (11,473) 
 
Interest receivable and similar                         -      675          676 
income 
 
                                                  _______  _______      _______ 
 
(Loss) before taxation                           (12,005) (23,516)     (10,797) 
 
Income tax expense                                      -        -            - 
 
                                                  _______  _______      _______ 
 
(Loss) for the period                            (12,005) (23,516)     (10,797) 
 
                                                  _______   ______      _______ 
 
(Loss) per share                     3            (0.00)p  (0.00)p      (0.00)p 
 
                                                  _______   ______      _______ 
 
HIGH ROAD CAPITAL PLC CONDENSED STATEMENT OF FINANCIAL POSITION 
 
REGISTERED NUMBER: 06050613 AS AT 30 SEPTEMBER 2010 
 
                                                            As at         As at 
                                                     30 September      31 March 
                                                             2010          2010 
                                                        Unaudited       Audited 
 
                                                                GBP             GBP 
 
Assets 
 
Current assets 
 
Trade and other receivables                                 1,785         5,173 
 
Cash and cash equivalents                                 331,220       339,156 
 
                                                          _______       _______ 
 
Total assets                                              333,005       344,329 
 
                                                          _______       _______ 
 
Equity and liabilities 
 
Equity 
 
Called up share capital                                    71,815        71,815 
 
Share premium account                                     281,909       281,909 
 
Shares to be issued under warrants                         23,705        23,705 
 
Retained loss                                            (49,500)      (37,495) 
 
                                                         ________       _______ 
 
                                                          327,929       339,934 
 
Current liabilities 
 
Trade and other payables                                    5,076         4,395 
 
                                                          _______       _______ 
 
Total equity and liabilities                              333,005       344,329 
 
                                                          _______       _______ 
 
HIGH ROAD CAPITAL PLC CONDENSED CASH FLOW STATEMENT 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2010 
 
                                                         6 months          Year 
                                                               To         Ended 
                                                     30 September      31 March 
                                                             2010          2010 
                                                        Unaudited       Audited 
 
                                                                GBP             GBP 
 
Cash flows from operating 
activities 
 
Operating loss                                           (12,005)      (24,191) 
 
                                                          _______       _______ 
 
Movements in working capital: 
 
Decrease in trade and other receivables                     3,388         1,871 
 
Increase in trade and other payables                          681         1,544 
 
                                                         ________      ________ 
 
Cash used in operations                                   (7,936)      (20,776) 
 
Corporation tax paid                                            -             - 
 
                                                          _______       _______ 
 
Net cash used in operating activities                     (7,936)      (20,776) 
 
Cash flows from investing 
activities 
 
Interest received                                               -           675 
 
                                                          _______       _______ 
 
Decrease in cash and cash equivalents                     (7,936)      (20,101) 
 
                                                          _______       _______ 
 
Cash and cash equivalents at the beginning                339,156       359,257 
of the period 
 
                                                          _______       _______ 
 
Cash and cash equivalents at the end of the               331,220       339,156 
period 
 
                                                          _______       _______ 
 
 
 
HIGH ROAD CAPITAL PLC ACCOUNTING POLICIES 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2010 
 
1 Financial Information 
 
The financial information set out above does not constitute statutory accounts 
within the  meaning  of  Section  434  of  the Companies Act 2006. It has been 
prepared  on  a  going  concern  basis  in accordance with the recognition and 
measurement criteria of the International Financial Reporting Standards (IFRS) 
as adopted by the European Union. 
 
The  accounting  policies  used  in  the  preparation  of this set of condensed 
interim financial statements are consistent with those set out in the Company's 
annual  financial  statements  for  the  year  ended  31 March 2010.  Statutory 
accounts  for  the  year  ended  31  March 2010 were  approved  by the Board of 
Directors  on  31 August 2010  and delivered to the Registrar of Companies. The 
report of the auditors on those accounts was unqualified. 
 
The  financial information  for  the six months ended 30 September 2010 has not 
been audited.  The  financial  information  has  been reviewed by the Company's 
auditors. As permitted,  the  Company  has  chosen not to adopt IAS 34 "Interim 
Financial Statements" in preparing this interim financial information. 
 
Standards and Interpretations in Issue but not yet effective or not yet relevant 
 
"Improvements to IFRSs" are  collections  of amendments to IFRSs resulting from 
the annual  improvements  project, a method of making necessary, but non-urgent, 
amendments  to IFRSs that will not be included as part of another major project. 
This  standard  has  various  implementation dates. For April 2009 improvements, 
the  standard  is  effective  for  periods  beginning  on  or after 1 July 2010, 
subject to EU endorsement. The  Directors  are assessing the possible impact of 
these improvements on the Company's Financial Statements. 
 
Amendments to IFRS 7 "Financial Instruments: Disclosures" are  designed to help 
users of financial statements evaluate the risk exposures relating to transfers 
of financial  assets and  the  effect  of  those risks on an entity's financial 
position. This standard is effective for annual periods beginning on or after 1 
January 2011, but will not have an impact on the Company's financial statements. 
 
 
HIGH ROAD CAPITAL PLC NOTES TO THE FINANCIAL INFORMATION 
 
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2010 
 
2 Loss from operations 
 
Loss from operations is stated after 
charging: 
 
                                                             Year      6 months 
                                         6 months to        ended            to 
                                        30 September     31 March  30 September 
                                                2010         2010          2009 
                                           Unaudited      Audited     Unaudited 
 
                                                   GBP            GBP             GBP 
 
Auditors' remuneration                            88        3,320            30 
 
Fees to auditors for other                     1,058          441           900 
services 
 
3 Loss per share 
 
The  calculation  of  basic loss per share is based on the loss attributable to 
ordinary  shareholders  divided  by  the weighted average of ordinary shares in 
issue being 71,815,000 during  the year. This results in a loss per share which 

(MORE TO FOLLOW) Dow Jones Newswires

December 30, 2010 06:59 ET (11:59 GMT)

DJ High Road Capital PLC Half-yearly Report -2-

is too low to be meaningful. No warrant is potentially dilutive, as the average 
market price of the ordinary  shares during the year was less than the exercise 
price of the warrants, and hence basic and diluted loss per share are the same. 
 
4 Capital commitments 
 
There were no capital commitments authorised by the Directors or contracted for 
at 30 September 2010. 
 
5 Directors' remuneration 
 
The Directors will not be remunerated until such a time as a substantial 
investment or acquisition has been made. 
 
6 Related Party Transactions 
 
Gavin Burnell is the holder of 3,590,750  warrants,  which were granted on the 
Company's admission to PLUS on 25 January 2007, and  had not been exercised at 
the period end date. 
 
Sunvest Corporation Limited is a  shareholder of High Road Capital plc and was 
granted 4,000,000 warrants on the Company's  admission  to PLUS  on 24 January 
2007; these warrants have not been exercised as at 30 September 2010. 
 
Contacts: 
 
High Road Capital plc 
Gavin Burnell 
Tel: 020 7492 4750 
 
St Helens Capital Partners LLP 
Guy Miller 
Tel: 020 7368 6959 
 

(END) Dow Jones Newswires

December 30, 2010 06:59 ET (11:59 GMT)