Last checked at 21 Sep 2016 13:34
21 September 2016
daVictus plc
("daVictus" or the "Company")
Interim results for the 6 months ended 30 June 2016
Director's Statement
It is my pleasure to present the condensed financial statements of daVictus plc (the "Company" or "daVictus") for the six months ended 30 June 2016.
On 29 January 2016, the Company was successfully admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange's main market for listed securities.
After its successful listing, the share capital of the Company was increased from £125,000 to £1,125,000. On Admission the Company raised £1,000,000 and generated expenses of approximately £335,000, leaving approximately £665,000 net proceeds available to the Company.
During the reporting period, the Company reported a net loss of £193,138.
As at 30 June 2016, the Company had cash in bank of £721,112.
There are a number of potential risks and uncertainties which may have a material impact on the Company's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The Directors do not consider that the principal risks and uncertainties have changed since the publication of the annual report for the year ended 31 December 2015, which contains a detailed explanation of the risks relevant to the Company on page 26, and is available at http://www.davictus.co.uk.
The Board looks forward to providing further updates to shareholders in due course.
Responsibility Statement
The Directors, being Abd Hadi bin Abd Majid (Non-Executive Chairman), Robert Logan Pincock (Chief Executive Officer) and Maurice James Malcolm Groat (Non-Executive Director) are responsible for preparing the Condensed Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34).
The Directors confirm that, to the best of their knowledge, this condensed consolidated half-yearly report has been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
Adb Hadi bin Abd Majid, Non-Executive Chairman
21 September, 2016
CONDENSED STATEMENT OF COMPREHESIVE INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2016
Notes | 6 months period ended 30 June 2016 | Period from 5 February 2015 (inception) to 30 June 2015 | |||
£ | £ | ||||
(Unaudited) | (Unaudited) | ||||
INCOME
| |||||
Interest income | 238 | - | |||
Operating expenses | (193,376) | (98,014) | |||
OPERATING LOSS/LOSS BEFORE TAXATION | (193,138) | (98,014) | |||
Income tax expense | 3 | - | - | ||
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | (193,138) | (98,014) | |||
Basic and diluted loss per share (pence) | 4 | (3.21) | (49.77) | ||
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE 2016
Notes | As at 30 June 2016 | As at 30 June 2015 | As at 31 December 2015 | ||||
£ | £ | £ | |||||
(Unaudited) | (Unaudited) | Audited | |||||
CURRENT ASSETS | |||||||
Other receivables Cash and cash equivalents |
| - 721,112 | 125,000 2 | - 15,750 | |||
721,112 | 125,002 | 15,750 | |||||
CURRENT LIABILITIES | |||||||
Other payables |
| 10,470 | 95,514 | 111,970 | |||
Amount owing to directors | - | 2,500 | - | ||||
10,470 | 98,014 | 111,970 | |||||
NET ASSETS | 710,642 | 26,988 | (96,220) | ||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | |||||||
Share capital Retained earnings | 5 | 1,125,000 (414,358) | 125,002 (98,014) | 125,000 (221,220) | |||
TOTAL EQUITY | 710,642 | 26,988 | (96,220) | ||||
|
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2016
6 months period ended 30 June 2016 | Period from 5 February 2015 (inception) to 30 June 2015 | ||||
£ | £ | ||||
(Unaudited) | (Unaudited) | ||||
Cash flow from operating activities | |||||
Operating loss | (193,138) | (98,014) | |||
Changes in working capital
| (101,500) | (26,986) | |||
Net cash flow from operating activities | (294,638) | (125,000) | |||
Cash flow from financing activities | |||||
Issue of share capital | 1,000,000 | 125,002 | |||
Net cash flow from financing activities | 1,000,000 | 125,002 | |||
Net increase in cash and cash equivalents | 705,362 | 2 | |||
Cash and cash equivalents at beginning of period | 15,750 | - | |||
Cash and cash equivalents at end of period | 721,112 | 2 |
STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2016
Period from 1 January 2016 to 30 June 2016 (Unaudited)
Share capital
| Retained earnings | Total |
| ||||||
£ | £ | £ |
| ||||||
| |||||||||
As at 1 January 2016 | 125,000 | (221,220) | (96,220) |
| |||||
Loss for the period | - | (193,138) | (193,138) |
| |||||
Total comprehensive loss for the period | - | (414,358) | (289,358) |
| |||||
Issue of ordinary shares | 1,000,000 | - | 1,000,000 |
| |||||
As at 30 June 2016 | 1,125,000 | (414,358) | 710,642 | 789,352 | |||||
Period from 5 February 2015 ( inception) to 30 June 2015 (Unaudited)
|
| ||||||||
| Share capital
| Retained earnings | Total |
| |||||
£ | £ | £ |
| ||||||
| |||||||||
Loss for the period | - |
(98,014) |
(98,014) |
| |||||
Total comprehensive loss for the period | - |
(98,014) |
(98,014) |
| |||||
Issue of ordinary shares | 125,002 | - | 125,002 |
| |||||
As at 30 June 2015 | 125,002 | (98,014) | 26,988 |
| |||||
Period from 5 February 2015 ( inception) to 31 December 2015 (Audited)
Share capital
| Retained earnings | Total | |||
£ | £ | £ | |||
Loss for the period | - | (221,220) | (221,220) | ||
Total comprehensive loss for the period | - | (221,220) | (221,220) | ||
Shares issued on incorporation | - | - | - | ||
Issue of ordinary shares | 125,000 | - | 125,000 | ||
As at 31 December 2015 | 125,000 | (221,220) | (96,220) |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2016
1. GENERAL INFORMATION
The Company was incorporated and registered in Jersey as a public company limited by shares on 5 February 2015 under the companies (Jersey) Law 1991 and registered number 117716. The registered office of the Company is at the offices of 43/45 La Motte Street St Helier Jersey JE4 8SD.
2. ACCOUNTING POLICIES
Basis of preparation
The condensed interim financial statements for the period ended 30 June 2016 and 30 June 2015 have been prepared in accordance with IAS 34 Interim Financial Reporting. They are unaudited and do not constitute statutory financial statements. The condensed interim financial report for the period ended 30 June 2016 has not been reviewed by auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information. The comparative interim financial information covers the period from incorporation on 5 February 2015 to 30 June 2015.
The condensed interim financial statements have been prepared on a basis consistent with, and on the basis of, the accounting policies set out in the audited financial statements of the Company for the period ended 31 December 2015, which have been prepared in accordance with IFRS as adopted by the European Union.
The condensed interim financial statement is presented in British Pound Sterling ("£").
Going concern
The condensed interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future.
3. INCOME TAX EXPENSE
The Company is not a "Financial Services Company" registered under the relevant Jersey laws; or a specified utility company and therefore it is subject to Jersey income tax at the general rate of 0 per cent.. If the Company derives any income from Jersey property, including development of land or quarrying, such income will be subject to tax at the rate of 20 per cent.. It is not expected that the Company will derive any such income.
4. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are currently no dilutive potential ordinary shares.
6 months period ended 30 June 2016 (Unaudited) | Period from 5 February 2015 (inception) to 30 June 2015 (Unaudited) | |||||
Earnings (£)
Weighted average number of shares (unit)
Per-share amount (pence)
|
(193,138)
6,007,576
(3.21)p |
(98,014)
196,919
(49.77)p
|
5. SHARE CAPITAL & RESERVES
As at 30 June 2016 (Unaudited)
£ | As at 31 December 2015 (Audited)
£ | As at 30 June 2015 (Unaudited)
£ | |
Allotted, called up and fully paid (Ordinary shares of £0.01 each) | 1,125,000 | 125,000 | 125,002 |
On 29 January 2016, the Company issued 10,000,000 Ordinary shares of £0.01 each at a price of 10 pence per share as part of the Initial Public Offering of the Company's shares.
6. RELATED PARTY TRANSACTION
The Directors are considered to be the key management personnel. Details concerning Directors remuneration can be found below.
6 months period ended 30 June 2016 (Unaudited) | Period from February 2015 (inception) to 30 June 2015 (Unaudited) | |||
£ | £ | |||
Robert Pincock Fee Allowance |
7,500 - |
2,500 - | ||
Abd Hadi Bin Abd Majid Fee |
5,000 |
- | ||
Maurice James Malcolm Groat Fee |
1,667 |
- | ||
14,167 | 2,500 |
7. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these financial statements.
For more information:
daVictus plc | |
Robert Pincock | +603 5613 3388 |
Beaumont Cornish Limited (Financial Adviser) | |
Roland Cornish and Emily Staples | +44 (0) 20 7628 3396 |