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DJ WHEELSURE HOLDINGS PLC: Half-year Report

TIDMWHLP 
 
 

12 June 2020

 

Wheelsure Holdings plc

 

("Wheelsure" or the "Group")

 

Interim Results for Six Months Ended 29 February 2020

 

Wheelsure announces its interim results for the six months ended 29 February 2020.

 

As a result of the publication of its interim results, the Group expects trading in its securities to be restored from the open of market.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquires:

 
 
Wheelsure Holdings plc          01525 840 557 
Gerhard Dodl, CEO 
 
Cairn Financial Advisers LLP    020 7213 0885 
Jo Turner / Liam Murray 
 

Chairman's statement

 

We are announcing our results for the 6 months ended 29 February 2020. I am pleased to report that sales in this period, from our existing customer base, reflect an 80% increase over the comparable period in 2019. This welcome increase follows on from a strong outcome in the final 6 months of the 2019 financial year which contributed to a 71% increase in sales over the year ended 31 August 2018.

 

Sales were GBP118,095 (6 months to 28 February 2019: GBP65,605), including royalty income of GBP2,365 (6 months to 28 February 2019: GBP4,226).

 

As we announced in the recent publication of 2019 final results, I am delighted to confirm that we have managed to secure additional funding that allows the Board to move forward.

 

On 22 May 2020, a General Meeting was held to pass the necessary resolutions required to restructure the Company's share capital. As a result of shareholders passing the resolutions, the Company's share capital was reorganised such that each ordinary shares was sub-divided into one ordinary share of 0.01 pence and 1 deferred share of 0.99 pence and, subsequently, every 100 ordinary shares of 0.01 pence each was consolidated into one new ordinary share of 1 penny ("New Ordinary Share"). As detailed in the Company's circular of 6 May 2020, immediately prior to the consolidation taking place, the Company issued 74 ordinary shares in order that the number of shares in issue prior to the reorganisation is divisible by 100.

 

In our 2018 Annual Report, I informed shareholders that we had secured a working capital facility to support our business and I am pleased to confirm that, as a result of the successful restructuring of the Company's share capital, this facility has been increased and extended to GBP500,000, of which GBP125,000 has currently been drawn.

 

The Board is confident that the continued development and realisation of our core business will deliver more sustainable income and this remains the primary focus of the business. In addition, we will be seeking to realise the opportunity for smart sensor technology which we have previously commented on.

 

Fuller details of our activities in the core markets were detailed in the full year accounts reported to the market (post fund-raising) on 8 June 2020, and, due to the close proximity of this report, there is nothing further to report of a material nature.

 

The Board would like to thank all our shareholders for their continued support.

G J Mulder

 

Chairman

Unaudited consolidated statement of comprehensive income

for the six months ended 29 February 2020

 
 
                            Six months       Six months       Year ended 
                             ended 29.02.20   ended 28.02.19   31.08.19 
                            GBP              GBP              GBP 
 
TURNOVER                    115,730          61,379           171,840 
Cost of sales               (51,133)         (27,917)         (76,773) 
 
 GROSS PROFIT                64,597           33,462           95,067 
Administrative expenses     (134,923)        (157,090)        (316,003) 
                            (70,326)         (123,628)        (220,936) 
Other operating income      2,365            4,226            6,604 
 
 OPERATING LOSS              (67,961)         (119,402)        (214,332) 
Interest receivable and 
 similar income             -                -                16 
Interest payable and 
 similar charges            (6,683)          (6,117)          (9,539) 
 
LOSS ON ORDINARY 
 ACTIVITIES BEFORE 
 TAXATION                   (74,644)         (125,519)        (223,855) 
Tax on loss on ordinary 
 activities                 -                -                17,078 
 
LOSS FOR THE PERIOD AFTER 
 TAXATION                   (74,644)         (125,519)        (206,777) 
 
Other comprehensive 
income                      -                -                - 
TOTAL COMPREHENSIVE LOSS 
 FOR THE PERIOD             (74,644)         (125,519)        (206,777) 
BASIC AND DILUTED LOSS PER  3.1p             5.4p             8.7p 
 SHARE (NOTE 3) 
 
 

Unaudited consolidated balance sheet

as at 29 February 2020

 
 
                 As at                   As at                   As at 
                 29.02.2020              28.02.2019              31.08.2019 
                 GBP        GBP          GBP        GBP          GBP        GBP 
FIXED ASSETS 
Intangible 
 assets                     50,810                  73,779                  51,540 
Tangible assets             532                     -                       612 
                            51,342                  73,779                  52,152 
 
CURRENT ASSETS 
Stocks           38,434                  37,602                  37,686 
Debtors          61,892                  70,774                  90,674 
Cash at bank     1,756                   9,070                   9,287 
                 102,082                 117,446                 137,647 
CREDITORS 
Amounts falling 
 due within one 
 year            (278,759)               (160,658)               (240,490) 
 
NET CURRENT 
 (LIABILITIES) 
 / ASSETS                   (176,677)               (43,212)                (102,843) 
 
NET (LIABILITIES)/ASSETS    (125,335)               30,567                  (50,691) 
 
 
CAPITAL AND RESERVES 
Called up share 
 capital                    2,402,057               2,402,057               2,402,057 
Share premium               3,443,250               3,443,250               3,443,250 
Profit and loss 
 account                    (5,970,642)             (5,814,740)             (5,895,998) 
 
SHAREHOLDERS' 
 (DEFICIT)/FUNDS            (125,335)               30,567                  (50,691) 
 
 
 

Unaudited consolidated statement of changes in equity

for the six months ended 29 February 2020

 
 
Six months       Called up 
ended 29         share        Share         Retained 
February 2020    capital      Premium       earnings      Total equity 
                 GBP          GBP           GBP           GBP 
Balance at 1 
 September 
 2019            2,402,057    3,443,250     (5,895,998)   (50,691) 
Changes in 
equity 
Total 
 comprehensive 
 loss            -            -             (74,644)      (74,644) 
Balance at 29 
 February 2020   2,402,057    3,443,250     (5,970,642)   (125,335) 
 
 
Six months       Called up 
ended 28         share        Share         Retained 
February 2019    capital      Premium       earnings      Total equity 
                 GBP          GBP           GBP           GBP 
Balance at 1 
 September 
 2018            2,277,057    3,443,250     (5,682,471)   37,836 
Changes in 
equity 
Total 
 comprehensive 
 loss            -            -             (125,519)     (125,519) 
Issue of share 
 capital         125,000      -             (6,750)       118,250 
Balance at 28 
 February 2019   2,402,057    3,443,250     (5,814,740)   30,657 
 
 
                 Called up 
Year ended 31    share        Share         Retained 
August 2019      capital      Premium       earnings      Total equity 
                 GBP          GBP           GBP           GBP 
Balance at 1 
 September 
 2018            2,277,057    3,443,250     (5,682,471)   37,836 
Changes in 
equity 
Total 
 comprehensive 
 loss            -            -             (206,777)     (206,777) 
Issue of share 
 capital         125,000      -             (6,750)       118,250 
Balance at 31 
 August 2019     2,402,057    3,443,250     (5,895,998)   (50,691) 
 
 
 

Unaudited consolidated cash flow statement

for the six months ended 29 February 2020

 
 
 
                            Six months       Six months       Year ended 
                     Notes   ended 29.02.20   ended 28.02.19   31.08.19 
                            GBP              GBP              GBP 
Cash flows from 
operating 
activities 
Cash used in 
 operations         4       (48,918)         (147,707)        (231,598) 
Tax received                18,681           13,537           23,950 
Net cash used in 
 operating 
 activities                 (30,237)         (134,170)        (207,648) 
 
Cash flows from 
investing 
activities 
Capital 
 expenditure                (1,548)          (1,211)          (1,850) 
Net cash used in 
 investing 
 activities                 (1,548)          (1,211)          (1,850) 
 
Cash flows from 
financing 
activities 
New loans in 
 period                     25,000           -                75,000 
Share issue 
 proceeds                   -                125,000          125,000 
Share issue costs           -                (6,750)          (6,750) 
Interest paid               (746)            (765)            (1,447) 
Interest received           -                -                16 
Net cash from 
 financing 
 activities                 24,254           117,485          191,819 
 
Decrease in cash 
 and cash 
 equivalents                (7,531)          (17,896)         (17,679) 
 
Cash at bank and 
 in hand at start 
 of period                  9,287            26,966           26,966 
 
Cash at bank and 
 in hand at period 
 end                        1,756            9,070            9,287 
 
 

Notes to the unaudited financial statements for the six months ended 29 February 2020

 

1. Reporting entity

 

(MORE TO FOLLOW) Dow Jones Newswires

June 12, 2020 02:00 ET (06:00 GMT)

DJ WHEELSURE HOLDINGS PLC: Half-year Report -2-

Wheelsure Holdings plc (the "Company") is a company incorporated and domiciled in the United Kingdom. The address of the Company's registered office is 235 Hunts Pond Road, Fareham, Hampshire, PO14 4PJ.

 

The consolidated interim financial statements of the Group as at and for the half year ended 29 February 2020 comprise the Company and its subsidiaries (together referred to as the "Group"). The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 August 2019 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified but contained an emphasis of matter paragraph in relation to going concern, and did not contain a statement under Section 498(2) of the Companies Act 2006. The consolidated financial statements of the Group as at and for the year ended 31 August 2019 are available at http://www.wsgroupglobal.com.

 

2. Basis of preparation

 

These consolidated financial statements for the half year ended 29 February 2020 are unaudited. They have been prepared and approved by the directors following the recognition and measurement principles of Financial Reporting Standard (FRS 102) and with the requirements of the Companies Act 2006. This information has not been reviewed by the Group's auditors.

The interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 August 2019.

 
 
3. Basic and diluted loss   Six months       Six months       Year ended 
per share                    ended 29.02.20   ended 28.02.19   31.08.19 
                            GBP              GBP              GBP 
Loss for the period         (74,644)         (125,519)        (206,777) 
Weighted average number of 
 ordinary shares in issue 
 during the period          2,402,057        2,339,212        2,370,893 
Basic and diluted loss per  3.1p             5.4p             8.7p 
 share 
 

The weighted average number of shares has been adjusted for the share capital reorganisation which took place on 22 May 2020. No shares were deemed to have been issued at nil consideration as a result of the share options granted.

 

The diluted basic loss per share is stated as the same amount as the basic as there is no dilutive effect in either year.

4. Reconciliation of operating loss to net cash outflow from operating activities

 
 
                            Six months       Six months       Year ended 
                             ended 29.02.20   ended 28.02.19   31.08.19 
                            GBP              GBP              GBP 
Operating loss for the 
 period                     (67,961)         (119,402)        (214,332) 
Depreciation and 
 amortisation charges       2,358            4,420            8,608 
Loss on disposal of fixed 
 assets                     -                -                18,078 
                            (65,603)         (114,982)        (187,646) 
Increase in stocks          (748)            (867)            (951) 
Decrease / (increase) in 
 debtors                    10,101           (13,512)         (26,747) 
Increase / (decrease) in 
 creditors                  7,332            (18,346)         (16,254 
 
Net cash outflow from 
 operating activities       (48,918)         (147,707)        (231,598) 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200611005738/en/

 
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Wheelsure Holdings Plc

 
    SOURCE: Wheelsure Holdings Plc 
Copyright Business Wire 2020 
 

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June 12, 2020 02:00 ET (06:00 GMT)