HERT.L Regulatory News (HERT)

22nd March 2019

HERTSFORD CAPITAL PLC

("Hertsford" or "the Company")

Interim Report for the period ended 31 December 2018

Hertsford (ticker: HERT) announces its unaudited interim financial results for the period ended 31 December 2018.

Period highlights

· On 26 November 2018, the Company was admitted to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market 

· Raised £3 million cash (gross) through the listing of 32 million new ordinary shares

Harry Hyman, Chairman of Hertsford said: "We continue to consider a number of investment opportunities and will update the market with developments when appropriate."

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CHAIRMAN'S STATEMENT

Introduction

I am pleased to present the unaudited interim results for the period ended 31st December 2018. Hertsford floated on to the standard listing of the official list on the London Stock Exchange on 26 November 2018. The Company was created to acquire a company or business in the technology sector.

During this interim period, Hertsford recorded a loss of £18,101 being the minimal running costs of the company. As the directors draw no salary, the ongoing costs are only minor administrative and listing expenses. Current assets at period end were over £2.8 million.

Outlook

We continue to consider a number of investment opportunities and will update the market with developments when appropriate.

Harry Hyman

Chairman

22nd March 2019

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018

INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018

INTERIM STATEMENT OF CASH FLOW

FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018

NOTES TO THE UNAUDITED INTERIM REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2018

1. BASIS OF PREPARATION

The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").

The interim financial statements for the period ended 31 December 2018 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. 

This Interim Financial Report was approved by the Board of Directors on 22nd March 2019.

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements. 

2. ACCOUNTING POLICIES

The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The interim financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.

Going Concern

The directors have assessed the Company's position as at 31 December 2018 and consider it appropriate to prepare the financial statements on a going concern basis. There are cash reserves of over £2.8m which the directors consider sufficient to ensure that the Company will be able to continue to meet its commitments as they fall due for at least twelve months from the date of approval of this interim financial report.

Expenses

All expenses are accounted for on an accruals basis and are presented through the Statement of Comprehensive Income.

Taxation

Current taxation is the taxation currently payable on taxable profit for the period.

Trade and other receivables

Trade and other receivables are recognised and carried at original invoice value less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

Cash and Cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade payables

Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.

Financial instruments

The Company's financial assets comprise cash and cash equivalents.

The Company's financial liabilities comprise trade payables. Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Company becomes a party to the contractual provisions of the instruments.

Equity

Equity comprises the following:

"Share capital" represents the nominal value of equity shares.

"Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

"Retained losses" represents cumulative net gains and losses recognised in the Statement of Comprehensive Income

2. TURNOVER AND SEGMENTAL ANALYSIS

All of the Company's activity and income and expenses in the period ended 31 December 2018 were incurred in the United Kingdom, and relate to Hertsford's ongoing investment activities.

3. LOSS PER SHARE

The calculation of the basis and diluted earnings per share is based on the following data:

The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings. 

5. AVAILABILITY OF INTERIM RESULTS

Copies of the Interim Results for the period to 31 December 2018 are available from the Company's registered address and will be available on the Company's website, later today.