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DJ Via Developments Plc Audited Final Results year ended 31 March 2017

 
TIDMVIA1 
 
31 August 2017 
 
                                                                   GB00BYPBC438 
 
                             Via Developments plc 
                           ("VDP" or "the Company") 
 
Audited Annual Results for the year ended 31 March 2017 
 
Via Developments Plc, is pleased to report its audited annual results for the 
twelve months ended 31 March 2017. 
 
CHAIRMAN'S STATEMENT 
 
I am delighted to be able to report on a successful year for Via Developments 
plc. 
 
RESULTS 
 
This was the Company's second year of operations.  Building work at the Canal 
Street development reached completion as planned in March 2017 and the sale of 
all units completed shortly after the year end, in July 2017. 
 
KEY HIGHLIGHTS OF THE YEAR 
 
NEX Exchange listing 
 
In the period following the last annual report through to 31 March 2017, the 
Company raised a further GBP1.9m through the listing of its 7% Debenture Stock 
2020. 
 
Current Trading 
 
The Company carries on the business of property development.  Sites identified 
as suitable for these purposes are acquired by wholly owned subsidiary company 
Special Purpose Vehicles (SPVs).  The Company raises money from the proceeds of 
debenture stock sales on the NEX Exchange Growth Market, and makes these funds 
available to these SPVs by way of loan to enable the SPVs to acquire and 
develop these sites.  The Group also enters into shorter term financing 
arrangements within the SPVs in order to fund the development of the projects. 
 
The Company provides specialist professional services and support to develop 
the sites. 
 
At the balance sheet date, the Group had completed the acquisition of further 
development sites at Plymouth Grove in Manchester and Napier Road in Luton. 
 
The Company ended the financial year with GBP4.4m (2016: GBP2.4m) of total assets 
and is reporting an accumulated loss of GBP0.3m (2016: GBP0.05m).  Please see the 
statement of comprehensive income and the statement of financial position. 
 
FUTURE DEVELOPMENTS 
 
In March 2017, the company entered into an exclusivity agreement to sell the 
Plymouth Grove site for GBP2.5m subject to, amongst other conditions, the vendor 
achieving full planning permission from the Local Planning Department for 61 
residential units and the purchaser completing the acquisition within 28 days 
following the grant of such planning permission.  At the date of this report, 
the required planning permissions were still outstanding. 
 
In July 2017, the company entered into an exclusivity agreement to purchase, in 
Luton, Bedfordshire, a residential development site with planning permission 
for circa 200 apartments, for the sum of GBP8.25m. Completion of the purchase is 
subject to, amongst other conditions, the purchaser finalising its due 
diligence. The Company has secured an offer for funding for the purchase 
subject to formal approval. 
 
The facilities in place for Plymouth Grove and for Napier Road are due for 
renewal in September 2017. There is a proposed offer in place to extend these 
for the required period to complete the project. Funding has also been offered 
for the initial purchase of the project in Luton which has been discussed in 
'Future Developments' above. Offers are subject to credit approval and other 
terms but the Directors are confident that the facilities will be entered into. 
 
Also in July 2017, the company completed the Canal Street development and 
realised the remaining monies required to achieve the previously advised Gross 
Development Value (GDV) of GBP2.28m. 
 
The Directors believe that the commercial environment will continue to provide 
opportunities for growth. 
 
GOING CONCERN 
 
In order to assess the ability of the entity to continue as a going concern, 
the projects that the Group has undertaken as a whole have been considered, 
including those in progress and those committed to at the date of signing the 
financial statements. The future expected cash flows have been considered for 
all projects and this shows that the entity has sufficient access to cash for a 
period of at least 12 months from signing of the financial statements. 
 
Having reviewed the available information, the Directors consider that the 
company will be able to meet its financial obligations on the due dates for the 
foreseeable future. Accordingly, the Directors consider that it is appropriate 
for the financial statements of the Company to be prepared on a going concern 
basis. 
 
NOTES OF APPRECIATION 
 
I wish to thank our staff, investors and business partners for their support of 
the Company in the year to 31 March 2017. The Board and senior management are 
looking forward to a successful 2017/8. 
 
Ivan McKeever 
 
Chairman 
 
31 August 2017 
 
The Directors of Via Developments Plc accept responsibility for this 
announcement. 
 
COMPANY CONTACT DETAILS: 
Via Developments Plc 
24 Queen Street 
Manchester 
M2 5HX 
Telephone: +44 161 850 2633 
http://www.vdplc.com/ 
 
 
NEX EXCHANGE ADVISER: 
Alexander David Securities Limited 
David Scott -Corporate Finance 
James Dewhurst - Corporate Broking 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
49 Queen Victoria Street, London EC4N 4SA 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE YEAR ENDED 31 MARCH 2017 
 
                                                         2017                      2016 
 
                                    Notes                   GBP                         GBP 
 
Other operating income                                836,990                   145,874 
 
Administrative expenses                             (1,114,715)                (170,723) 
 
Operating loss                        5               (277,725)                 (24,849) 
 
Finance income                        8               265,392                    30,930 
 
Finance costs                         9               (346,040)                 (58,555) 
 
Loss before taxation                                  (358,373)                 (52,474) 
 
Income tax expense                   10                 (1,585)                  (1,807) 
 
Loss for the year and total                           (359,958)                 (54,281) 
comprehensive expense 
 
The income statement has been prepared on the basis that all operations are 
continuing operations. 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 MARCH 2017 
 
                                                          2017                     2016 
 
                              Notes                          GBP                        GBP 
 
Non-current assets 
 
Property, plant and            11                       16,959                    9,034 
equipment 
 
Investments                    12                        1,250                    1,150 
 
Trade and other receivables    14                    3,096,233                2,123,833 
 
                                                     3,114,442                2,134,017 
 
Current assets 
 
Trade and other receivables    14                    1,256,483                  212,141 
 
Cash and cash equivalents                               77,415                   42,879 
 
                                                     1,333,898                  255,020 
 
Total assets                                         4,448,340                2,389,037 
 
Current liabilities 
 
Trade and other payables       17                      375,878                  102,088 
 
Net current assets                                     958,020                  152,932 
 
Non-current liabilities 
 
Borrowings                     16                    4,101,309                2,289,423 
 
Deferred tax liabilities       18                        3,392                    1,807 
 
                                                     4,104,701                2,291,230 
 
Total liabilities                                    4,480,579                2,393,318 
 
Net liabilities                                        (32,239)                  (4,281) 
 
Equity 
 
Called up share capital        19                      382,000                   50,000 
 
Accumulated losses                                    (414,239)                 (54,281) 
 
Total equity                                           (32,239)                  (4,281) 
 
The financial statements were approved by the Board of directors and authorised 
for issue on ......................... 
 
Signed on its behalf by: 
 
..............................       .............................. 
 
Mr John Khan                         Stephen Khan 
 
Director                             Director 
 
Company Registration No. 09520543 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF CHANGES IN EQUITY 
 
FOR THE YEAR ENDED 31 MARCH 2017 
 
                                                     Called up  Accumulated Total equity 
                                                         share       losses 
                                                       capital 
 
                                             Notes           GBP            GBP            GBP 
 
Balance at 31 March 2015                                     -            -            - 
 
Year ended 31 March 2016: 
 
Loss and total comprehensive expense for the                 -      (54,281)     (54,281) 
year 
 
Issue of share capital                         19       50,000            -       50,000 
 
Balance as at 31 March 2016 and 1 April 2016            50,000      (54,281)      (4,281) 
 
Year ended 31 March 2017: 
 
Loss and total comprehensive expense for the                 -     (359,958)    (359,958) 
year 
 
Issue of share capital                         19      332,000            -      332,000 
 
Balance at 31 March 2017                               382,000     (414,239)     (32,239) 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF CASH FLOWS 
 
FOR THE YEAR ENDED 31 MARCH 2017 
 
                                                  2017                      2016 
 
                             Notes              GBP            GBP            GBP             GBP 
 

(MORE TO FOLLOW) Dow Jones Newswires

August 31, 2017 12:42 ET (16:42 GMT)

DJ Via Developments Plc Audited Final Results year -2-

Cash used in operations       25                    (1,845,355)                  (182,771) 
 
Interest paid                                         (251,167)                   (12,205) 
 
Net cash used in operating                          (2,096,522)                  (194,976) 
activities 
 
Investing activities 
 
Purchase of property, plant               (12,728)                    (9,253) 
and equipment 
 
Loans made to subsidiaries                      -                 (2,092,403) 
 
Purchase of shares in                        (100)                    (1,150) 
subsidiaries 
 
Net cash used in investing                             (12,828)                (2,102,806) 
activities 
 
Financing activities 
 
Proceeds from issue of                    332,000                    50,000 
shares 
 
Net issue of debentures                 1,811,886                 2,290,661 
 
Net cash generated from                              2,143,886                  2,340,661 
financing activities 
 
Net increase in cash and                                34,536                     42,879 
cash equivalents 
 
Cash and cash equivalents                               42,879                          - 
at beginning of year 
 
Cash and cash equivalents                               77,415                     42,879 
at end of year 
 
 
 
 
END 
 

(END) Dow Jones Newswires

August 31, 2017 12:42 ET (16:42 GMT)