Back to all announcements

High Road Capital plc - Half-yearly report

    HIGH ROAD CAPITAL PLC                           CHAIRMAN'S STATEMENT
                              FOR THE PERIOD ENDED 30 SEPTEMBER 2008


I am pleased to announce the interim results for the Company.

The  Company  made a pre-tax loss of -ú2,164 for the period. Interest  receivable
for the period was -ú9,707 and nearly covered the low overheads of the Company.

Cash at bank at end of September 2008 was -ú366,407.

The  Directors  have reviewed a number of potential acquisitions and  investment
opportunities since the
successful flotation of High Road Capital plc on PLUS in March 2007 which raised
-ú418,150  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.



Adam Wilson
Non-Executive Chairman


HIGH ROAD CAPITAL PLC                     CONDENSED INCOME STATEMENT
                              FOR THE PERIOD ENDED 30 SEPTEMBER 2008


                                                          From      From
                                        6 months    12 January 12 January
                                              to       2007 to    2007 to
                                       30 September 30 September 31 March
                                             2008         2007     2008
                                         Unaudited Unaudited Audited

                                                 -ú        -ú        -ú

Revenue                                          -        -        -
Operating expenses                        (11,871) (12,091) (23,092)
                                           _______  _______   ______

Loss from operations                      (11,871) (12,091) (23,092)

Interest receivable and similar income      9,707    8,106   19,235
                                           _______  _______   ______

Loss before taxation                       (2,164)  (3,985)  (3,857)

Income tax expense                           (279)        -        -
                                           _______  _______   ______

Loss for the period                        (2,443)  (3,985)  (3,857)
                                           _______  _______   ______

Loss per share                             (0.00)p  (0.00)p  (0.00)p
                                           _______  _______   ______






HIGH ROAD CAPITAL PLC                        CONDENSED BALANCE SHEET
                                             AS AT 30 SEPTEMBER 2008

                                             As at          As at     As at
                                         30 September  30 September 31 March
                                              2008           2007     2008
                                         Unaudited Unaudited Audited
Assets

Current assets

Trade and other receivables                  6,389     6,410   6,501
Cash and cash equivalents                  366,407   371,153 369,489
                                           _______   _______ _______

Total assets                               372,796   377,563 375,990
                                           _______   _______ _______

Equity and liabilities

Equity

Called up share capital                     71,815   71,815   71,815
Share premium account                      281,909  282,778  281,909
Shares to be issued under warrants          23,705   22,836   23,705
Retained loss                               (6,300)  (3,985)  (3,857)
                                          ________ ________  _______

                                           371,129  373,444  373,572
Current liabilities

Trade and other payables                     1,667    4,119    2,418
                                          ________  _______  _______

Total equity and liabilities               372,796  377,563  375,990
                                          ________  _______  _______





HIGH ROAD CAPITAL PLC       CONDENSED STATEMENT OF CHANGES IN EQUITY
                             FOR THE PERIOD ENDED 30 SEPTEMBER 2008


                                                      Shares to
                                                      be issued             Total
                                       Share    Share     under Retained
                                     Capital  premium  warrants     loss
                                           -ú        -ú         -ú        -ú        -ú

Balance at incorporation                   -         -        -        -        -
Share issue on 24 January 2007        30,000         -        -        -   30,000
Issue of redeemable shares            20,000         -        -        -   20,000
Share issue on 5 March 2007           41,815   376,335        -        -  418,150
Costs of issue                             -   (70,721)       -        -  (70,721)
Redeemed shares                     (20,000)         -        -        -  (20,000)
Loss for the period                        -         -        -   (3,985)  (3,985)
Shares to be issued under warrants         -   (22,836)  22,836        -        -
                                      ______   _______   ______    _____   _______
  
Balance as at 30 September 2007       71,815   282,778   22,836  (3,985)  373,444

Adjustment                                 -      (869)     869        -        -
Profit for the period                      -         -        -      128      128
                                      ______   _______   ______    _____  _______

Balance as at 31 March 2008           71,815   281,909   23,705   (3,857) 373,572

Loss for the period                        -         -        -   (2,443)  (2,443)
                                      ______   _______    ______    _____  _______

Balance as at 30 September 2008       71,815   281,909   23,705  (6,300)  371,129
                                       ______  _______    ______    _____  _______






HIGH ROAD CAPITAL PLC                  CONDENSED CASH FLOW STATEMENT
                             FOR THE PERIOD ENDED 30 SEPTEMBER 2008

                                                                        From         From
                                                      6 months    12 January   12 January
                                                            to        2007 to     2007 to
                                                   30 September  30 September    31 March
                                                          2008           2007        2008
                                                      Unaudited     Unaudited     Audited
                                                             -ú              -ú           -ú

Cash flows from operating activities
Operating loss                                         (11,871)      (12,091)     (23,092)
                                                        _______       _______      _______

Movements in working capital:
Decrease/(Increase) in trade and other receivables         112        (3,410)      (6,501)
(Decrease)/Increase in trade and other payables           (751)        4,119        2,418
                                                        _______      ________       _______

Cash used in operations                                (12,510)      (11,382)      (27,175)
Corporation tax paid                                      (279)            -             -
                                                        _______       ________      _______

Net cash used in operating activities                  (12,789)       (11,382)     (27,175)

Cash flows from investing activities
Interest received                                        9,707          8,106       19,235
                                                        _______       ________      _______

Cash flows from financing activities  
Proceeds from issue of equity shares                         -         450,150      453,150
Costs of issue                                               -         (70,721)     (70,721)
Shares redeemed                                              -          (5,000)      (5,000)
                                                        _______        ________      _______

Net cash generated from financing activities                 -         374,429      377,429
                                                        _______        ________     _______

Increase in cash and cash equivalents                    (3,082)       371,153      369,489
                                                         _______       ________     _______

Cash and cash equivalents at the beginning of the period 369,489           Nil          Nil
                                                         _______       ________     _______

Cash and cash equivalents at the end of the period      366,407        371,153      369,489
                                                         _______       ________      _______






HIGH ROAD CAPITAL PLC                     INDEPENDENT REVIEW REPORT


INDEPENDENT REVIEW REPORT TO HIGH ROAD CAPITAL PLC

Auditors review report

We have been engaged by the Company to review the condensed set of Financial
Statements in the interim financial report for the six months ended 30 September
2008 which comprise the balance sheet, income statement, statement of changes in
equity, cash flow statement and related condensed notes. We have read the other
information contained in the interim financial report and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.

Directors' Responsibilities

The interim financial report is the responsibility of, and has been approved by,
the Directors. The Directors are responsible for preparing the interim financial
report in accordance with the PLUS Rules for Companies.

The annual Financial Statements of the Company are prepared in accordance with
the recognition and measurement criteria of IFRSs as adopted by the European
Union. The condensed set of Financial Statements included in this interim
financial report has been prepared in accordance with the PLUS Rules for
Companies.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed
set of Financial Statements in the interim financial report based on our review.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of the PLUS Rules for Companies. We do not, in producing
this report, accept or assume responsibility for any other purpose to any other
person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with the International Standard on Review
Engagements 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices Board for
use in the United Kingdom. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.  A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of Financial Statements in the interim financial report
for the six months ended 30 September 2008 is not prepared, in all material
respects, in accordance with the PLUS Rules for Companies.



Littlejohn
Chartered Accountants
1 Westferry Circus
Canary Wharf
London E14 4HD
 2008

Contact details:
High Road Capital plc
Gavin Burnell         Tel: 020 7584 3663

Ruegg & Co Limited
Brett Miller              Tel: 020 7584 3663