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DJ Via Developments Plc Audited Results 18 months 30 September 2018

 
TIDMVIA1 
 
11 June 2019 
 
                                                                   GB00BYPBC438 
 
                             Via Developments plc 
 
                           ("VDP" or "the Company") 
 
 
           Audited Results for the 18 months ended 30 September 2018 
 
Via Developments Plc, is pleased to report its audited results for the eighteen 
months ended 30 September 2018. 
 
 
CHAIRMAN'S STATEMENT 
 
I am delighted to be able to report on a successful trading period for Via 
Developments plc. 
 
 
RESULTS 
 
This is the Company's first financial report following the extension of its 
reporting period to cover the 18 months from 1 April 2017 to 30 September 2018. 
The Company ended the financial year with GBP5.9m (2017: GBP4.4m) of total assets 
and is reporting a loss for the period of GBP0.4m (2017: GBP0.2m after 
restatement).  Please see the statement of comprehensive income and the 
statement of financial position. 
 
 
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 GBP1.6m 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 (previously known as ISDX 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 company provides specialist 
professional services and support to develop the sites. 
 
The company also enters into shorter term financing arrangements within the 
SPV's in order to fund the development of the projects. 
 
At the balance sheet date the company, through it's SPVs had: 
In June 2017, completed its first ever development at Canal Street, Manchester 
for a realised GDV of GBP2.275m. 
In November 2017, completed the sale of its Plymouth Grove site realising Gross 
Sale Proceeds of GBP2.5m and a profit on the sale of GBP0.875m. 
Made progress with its Windsor Point development, also in Luton, a new build 
residential development comprising 238 1- and 2-bedroom apartments with a total 
GDV of GBP53m. 
 
It was noted that an amount of GBP142,461 relating to interest on the bond issue 
was counted twice in the prior period and so the 2017 results have been 
restated to correct this error. 
 
FUTURE DEVELOPMENTS 
 
In October 2018, the company completed the construction of its second 
development, Napier House in Luton, which involved the conversion of a 
commercial property to 26 permitted development apartments and the addition of 
a new floor to the roof space to incorporate 4 new build apartments. 
 
The facilities in place for the Windsor Point development are currently due for 
renewal and the company is currently negotiating to secure senior debt, equity 
and mezzanine funding for this project that will enable the redemption of the 
current facility. The funding is expected to be secured by the end of Q3 2019. 
 
 
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. 
 
At the date of signing the accounts, one of the subsidiaries is in the process 
of securing senior debt, equity and mezzanine funding for one of the projects. 
Via Developments Plc will receive a management fee for these projects and will 
use this income to pay its creditors as they fall due. The funding is not 
expected to be secured until September 2019. 
 
The future cash flows also include estimates of income receipts expected from 
the sale of completed developments. The forecasting of all expected future cash 
flows has been prepared on a cautious basis. Nevertheless, the use of estimates 
is unavoidable. 
 
During the intervening period in securing external debt and receiving cash on 
the projects, Via Developments Plc is relying on short term financing which 
expires within 12 months and so there is a risk that all cash reserves will be 
tied up in the projects which will mean that the entity will not have the 
ability to pay its creditors as they fall due. 
 
These conditions indicate the existence of a material uncertainty which may 
cast significant doubt about the company's ability to continue as a going 
concern. The financial statements do not include the adjustments that would 
result if the company was unable to continue as a going concern. 
 
To assess the entity's ability to continue as a going concern the directors 
have considered the cash flow forecast of the whole group as the access to cash 
is through the trading activities of the subsidiaries and any external 
financing taken out by Via Developments Plc. 
 
Having reviewed the available information, and notwithstanding the risks 
highlighted in the preceding paragraphs, the directors are confident 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 period to 30 September 2018. The Board and senior management 
are looking forward to a successful future. 
 
 
 
 
Ivan McKeever 
 
Chairman 
 
11 June 2019 
 
 
 
 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2018 
 
                                                      Period                     Year 
 
                                                      ended                     ended 
 
                                                      30 September              31 March 
 
                                                      2018                      2017 
 
                                                                                as restated 
 
                                      Notes           GBP                         GBP 
 
Other operating income                        4       1,440,352                 836,990 
 
Administrative expenses                                  (1,655,981)               (972,254) 
 
Operating loss                        5               (215,629)                    (135,264) 
 
Finance income                        8               567,799                   265,392 
 
Finance costs                         9                  (794,766)                 (346,040) 
 
Loss before taxation                                     (442,596)                 (215,912) 
 
Income tax income/(expense)           10              3,068                        (1,585) 
 
Loss and total comprehensive expense  21                 (439,528)                 (217,497) 
for the Period 
 
 
 
 
   The statement of comprehensive income has been prepared on the basis that all 
   operations are continuing operations. 
 
 
 
 
 
 
 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF FINANCIAL POSITION 
 
AS AT 30 SEPTEMBER 2018 
 
                                                               2018                         2017 
                                                                                           as restated 
 
                              Notes                          GBP                            GBP 
 
Non-current assets 
 
Property, plant and equipment 11                             9,408                        16,959 
 
Investments                   12                             1,351                        1,250 
 
Trade and other receivables   14                             3,842,593                    3,096,233 
 
                                                             3,853,352                    3,114,442 
 
Current assets 
 
Trade and other receivables   14                             1,932,929                    1,256,483 
 
Cash and cash equivalents                                    91,229                       77,415 
 
                                                             2,024,158                    1,333,898 
 
Total assets                                                 5,877,510                    4,448,340 
 
Current liabilities 
 
Trade and other payables      17                             527,017                      375,878 
 
Net current assets                                           1,497,141                    958,020 
 
Non-current liabilities 
 
Borrowings                    16                             5,679,475                    3,958,848 
 
Deferred tax liabilities      18                             324                          3,392 
 
                                                             5,679,799                    3,962,240 
 
Total liabilities                                            6,206,816                    4,338,118 
 
Net (liabilities)/ assets                                       (329,306)                 110,222 
 
Equity 
 
Called up share capital       20                             382,000                      382,000 
 
Accumulated losses                                              (711,306)                    (271,778) 
 
Total equity                                                    (329,306)                 110,222 
 
  The financial statements were approved by the Board of directors and authorised 
  for issue on ......................... 
 
  Signed on its behalf by: 
 
 
 
 
 
 
  ..............................                   .............................. 
 
  J Khan                                           S Khan 
 

(MORE TO FOLLOW) Dow Jones Newswires

June 11, 2019 12:05 ET (16:05 GMT)

DJ Via Developments Plc Audited Results 18 months 30 -2-

  Director                                         Director 
 
  Company Registration No. 09520543 
 
 
 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF CHANGES IN EQUITY 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2018 
 
                                                       Share        Accumulated    Total 
                                                       capital      losses 
 
                                                Notes GBP            GBP             GBP 
 
Balance at 1 April 2016                               50,000          (54,281)      (4,281) 
 
Period ended 31 March 2017: 
 
Loss and total comprehensive expense for the          -               (359,958)     (359,958) 
period 
 
Issue of share capital                          20    332,000      -             332,000 
 
Balance at 31 March 2017 as previously reported       382,000         (414,239)     (32,239) 
 
Prior year adjustment                           28    -            142,461       142,461 
 
As restated                                           382,000         (271,778)     110,222 
 
Period ended 30 September 2018: 
 
Loss and total comprehensive expense for the          -               (439,528)     (439,528) 
period 
 
Balance at 30 September 2018                          382,000         (711,306)     (329,306) 
 
 
 
  The notes on pages 15 to 31 are an integral part of these 
  financial statements. 
 
 
 
 
VIA DEVELOPMENTS PLC 
 
STATEMENT OF CASH FLOWS 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2018 
 
                                                      Period ended                                              Year ended 
 
                                                      30 September                                              31 March 
 
                                                    2018                                                  2017 
 
                                                                                                          as restated 
 
                                 Notes  GBP           GBP                           GBP                         GBP 
 
Cash flows from operating activities 
 
Cash used in operations          27                       (1,085,148)                                             (1,702,894) 
 
Interest paid                                             (366,464)                                               (108,706) 
 
Net cash outflow from operating                           (1,451,612)                                             (1,811,600) 
activities 
 
Investing activities 
 
Purchase of property, plant and           (1,374)                                         (12,728) 
equipment 
 
Purchase of shares in                     (101)                                           (100) 
subsidiaries 
 
Interest received                       53,841                                  - 
 
Net cash generated from/(used                       52,366                                                        (12,828) 
in) investing activities 
 
Financing activities 
 
Proceeds from issue of shares           -                                       332,000 
 
Net issue of debentures                 1,413,060                               1,526,964 
 
Net cash generated from                             1,413,060                                             1,858,964 
financing activities 
 
Net increase in cash and cash                       13,814                                                34,536 
equivalents 
 
Cash and cash equivalents at beginning              77,415                                                42,879 
of year 
 
Cash and cash equivalents at end                    91,229                                                77,415 
of year 
 
 
 
 The notes on pages 15 to 31 are an integral part of these 
 financial statements. 
 
 
 
 
 
 
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 4S 
 
 
 
 
END 
 

(END) Dow Jones Newswires

June 11, 2019 12:05 ET (16:05 GMT)