Highway Capital Regulatory News (HWC)

28 Jun 2005 14:00

Highway Capital PLC28 June 2005 HIGHWAY CAPITAL PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2005 Chairman's Statement The results for the twelve months ended 28 February 2005 show a loss before taxof £57,748 (2004: £77,141 loss). The company had cash at bank and in hand of £645,940 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 inorder to preserve cash resources. The non-executive directors continue, for the time being, to waive the majorityof their fees. In the interim statement, I informed shareholders that meetings had been heldwith a number of parties and discussions were continuing as your board soughtopportunities to maximize the value of the company. Discussions with two different targets reached advanced stages during the yearbut neither reached a conclusion. At present preliminary discussions are taking place with other possible targetsas your board continues to seek opportunities to maximize the value of thecompany. Dominic WheatleyChairman Profit and Loss Account Year ended Year ended 28 February 29 February 2005 2004 (unaudited) (audited) £ £ Management fees - 20,000Administrative expenses (82,237) (118,113)-------------------------- -------------- --------------Operating loss (82,237) (98,113)Interest receivable 24,489 20,972-------------------------- -------------- --------------Loss on ordinary activities beforetaxation (57,748) (77,141)Tax credit on loss on ordinaryactivities - 486-------------------------- -------------- --------------Loss for the financial year (57,748) (76,655)Dividends - --------------------------- -------------- --------------Retained loss for the financial year (57,748) (76,655)-------------------------- -------------- --------------Basic and diluted loss per share (0.73)p (0.96)p-------------------------- -------------- -------------- Continuing operations:There are no acquired or discontinued operations in the above two financialperiods. Total recognised gains and losses:The company has no recognised gains or losses other than the profit or loss forthe above two financial periods. Balance Sheet 28 February 29 February 2005 2004 (unaudited) (audited) £ £Fixed assetsInvestments - --------------------------- -------------- -------------- - -Current assetsDebtors 3,388 4,541Cash at bank and in hand 645,940 704,997-------------------------- -------------- -------------- 649,328 709,538-------------------------- -------------- --------------Creditors: amounts falling due withinone year (24,512) (26,974)-------------------------- -------------- --------------Net current assets 624,816 682,564-------------------------- -------------- --------------Net assets 624,816 682,564-------------------------- -------------- -------------- Capital and reservesShare capital 158,913 158,913Share premium 295,437 295,437Profit and loss account 170,466 228,214-------------------------- -------------- --------------Total equity shareholders' funds 624,816 682,564-------------------------- -------------- -------------- Cash Flow Statement Year ended Year ended 28 February 29 February 2005 2004 (unaudited) (audited) £ £Net cash outflow from operatingactivities (83,546) (88,492)-------------------------- -------------- --------------Returns on investments and servicing offinanceInterest received 24,489 20,972-------------------------- -------------- --------------Net cash inflow from returns oninvestments and servicing of finance 24,489 20,972-------------------------- -------------- --------------TaxationCorporation tax - 486-------------------------- -------------- --------------Equity dividends paid - --------------------------- -------------- --------------Decrease in cash (59,057) (67,034)-------------------------- -------------- -------------- Notes Basis of preparation:The preliminary results have been prepared under the historical cost conventionand in accordance with applicable accounting standards. The financialinformation set out above does not comprise statutory accounts for the purposeof section 240 of the Companies Act 1985. The information for the year ended 29February 2004 has been extracted from the statutory accounts which carried anunqualified 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 29February 2004 have been delivered to the Registrar of Companies. The auditorsare expected to give an unqualified opinion on the accounts for the year ended28 February 2005. The statutory accounts for the year ended 28 February 2005will be delivered to the Registrar of Companies following the Annual GeneralMeeting. Loss per share:The loss per ordinary share calculation has been based on the loss attributableto ordinary shareholders of £57,748 (2004: £76,655 loss) divided by 7,945,638(2004: 7,945,638), being the weighted average number of ordinary shares in issueduring the year. The basic and diluted loss per ordinary share figures are thesame. 28 June 2005 This information is provided by RNS The company news service from the London Stock Exchange