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Half-yearly report
HIGH ROAD CAPITAL PLC CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2009
I am pleased to announce the interim results for the Company.
The Company made a pre-tax loss of -ú10,797 for the period. Interest receivable
for the period was -ú676.
Cash at bank at end of September 2009 was -ú349,843.
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
-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.
Daniel Briggs
Chairman
The interim financial information has been reviewed by the company's auditors.
HIGH ROAD CAPITAL PLC CONDENSED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2009
6 months Year 6 months
to ended to
30 September 31 March 30 September
2009 2009 2008
Unaudited Audited Unaudited
-ú -ú -ú
Revenue - - -
Operating expenses (11,473) (24,640) (11,871)
_______ _______ ______
Loss from operations (11,473) (24,640) (11,871)
Interest receivable and similar income 676 14,797 9,707
_______ _______ ______
Loss before taxation (10,797) (9,843) (2,164)
Income tax expense - (279) (279)
_______ _______ ______
Loss for the period (10,797) (10,122) (2,443)
_______ _______ ______
Loss per share (0.00)p (0.00)p (0.00)p
_______ _______ ______
HIGH ROAD CAPITAL PLC CONDENSED BALANCE SHEET
REGISTERED NUMBER: 06050613 AS AT 30 SEPTEMBER 2009
As at As at
30 September 31 March
2009 2009
Unaudited Audited
-ú -ú
Assets
Current assets
Trade and other receivables 4,616 7,044
Cash and cash equivalents 349,843 359,257
_______ _______
Total assets 354,459 366,301
_______ _______
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 (24,776) (13,979)
________ _______
352,653 363,450
Current liabilities
Trade and other payables 1,806 2,851
_______ _______
Total equity and liabilities 354,459 366,301
_______ _______
HIGH ROAD CAPITAL PLC CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2009
Shares to
be issued
Share Share under Retained
Capital premium warrants loss Total
-ú -ú -ú -ú -ú
Balance as at 1 April 2008 71,815 281,909 23,705 (3,857) 373,572
Loss for the year - - - (10,122) (10,122)
______ _______ ______ _____ _______
Balance as at 31 March 2009 71,815 281,909 23,705 (13,979) 363,450
Loss for the period - - - (10,797) (10,797)
______ _______ ______ _____ _______
Balance as at 30 September 2009 71,815 281,909 23,705 (24,776) 352,653
______ _______ ______ _____ _______
HIGH ROAD CAPITAL PLC CONDENSED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2009
6 months Year
to ended
30 September 31 March
2009 2009
Unaudited Audited
-ú -ú
Cash flows from operating activities
Operating loss (11,473) (24,640)
_______ _______
Movement in working capital:
Decrease/(Increase) in trade and other receivables 2,428 (543)
(Decrease)/Increase in trade and other payables (1,045) 433
________ _______
Cash used in operations (10,090) (24,750)
Corporation tax paid - (279)
________ _______
Net cash used in operating activities (10,090) (25,029)
Cash flows from investing activities
Interest received 676 14,797
________ _______
Decrease in cash and cash equivalents (9,414) (10,232)
________ _______
Cash and cash equivalents at the beginning of the
period 359,257 369,489
________ _______
Cash and cash equivalents at the end of the period 349,843 359,257
________ _______
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
2009 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 2009 is not prepared, in all material
respects, in accordance with the PLUS Rules for Companies.
Littlejohn LLP
Chartered Accountants
1 Westferry Circus
Canary Wharf
London E14 4HD
2009
Contact details:
High Road Capital plc
Gavin Burnell Tel: 020 7448 4400
St Helens Capital Partners LLP
Guy Miller Tel: 020 7448 4478
