Highway Capital Regulatory News (HWC)

27 Jun 2008 13:18



HIGHWAY CAPITAL PLC

AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008

Chairman's Statement

The results for the twelve months ended 29 February 2008 show a loss before tax of £53,564 (2007: £57,975 loss). 

The company had cash at bank and in hand of £480,247 at the balance sheet date.

At this time we do not consider it appropriate to declare a dividend.

During the year the company has continued to keep expenditure to a minimum in order to preserve cash resources.

The directors continue, for the time being, to waive the majority of their fees.

During the year, your directors have examined a small number of propositions but unfortunately, none were deemed suitable to put to the shareholders. However, we are currently in discussions with a possible target and, if these progress satisfactorily, we will notify shareholders as soon as possible.

A H Drummon

Chairman

Profit and Loss Account

Continuing operations:

There are no acquired or discontinued operations in the above two financial periods.

Total recognised gains and losses:

The company has no recognised gains or losses other than the profit or loss for the above two financial periods.

Reconciliation of Equity Shareholders' Funds

Balance Sheet

Cash Flow Statement

Notes

Basis of preparation:

The financial information set out above has been prepared under the historical cost convention and in accordance with applicable accounting standards.

The company does not prepare consolidated accounts and the directors have therefore continued to prepare its accounts in accordance with UK rather than international accounting standards, as permitted under EC Regulation 1606/2002.

The financial information set out above does not comprise statutory accounts for the purpose of section 240 of the Companies Act 1985. The information for the year ended 28 February 2007 has been extracted from the statutory accounts which carried an unqualified audit report and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 28 February 2007 have been delivered to the Registrar of Companies. The auditors have given an unqualified opinion on the accounts for the year ended 29 February 2008. The statutory accounts for the year ended 29 February 2008 will be delivered to the Registrar of Companies following the Annual General Meeting.

Loss per share:

The loss per ordinary share calculation has been based on the loss attributable to ordinary shareholders of £53,564 (2007: £57,975 loss) divided by 7,945,638 (2007: 7,945,638), being the weighted average number of ordinary shares in issue during the year. The basic and diluted loss per ordinary share are the same.

There are no discontinued operations in either period and, therefore, the basic and the diluted loss per ordinary share from continuing operations are the same as the basic and the diluted loss per ordinary share.

27 June 2008