Half-year Report

daVictus

04/09/2019 09:00

RNS Number : 1611L

daVictus plc

04 September 2019

 

 

 

daVictus plc

 

("daVictus" or the "Company")

Interim results for the 6 months ended 30 June 2019

 

 

Director's Statement

I am pleased to report the condensed interim financial statements of Davictus PLC (the "Company" or "Davictus") for the six months ended 30 June 2019.

 

On 20 February 2019, The Company has agreed to enter into non-binding conditional heads of term with Typical Dutch N.V. ("TDNV") under which it is proposed that DaVictus acquires the intellectual property rights in a restaurant concept currently owned by TDNV, including their recipes, collection of Cuban/Havana graphics for a restaurant concept branded as HAVANA Rolled Cigar Music Café (or simply the "HAVANA").

The proposed transaction would constitute a reverse takeover under the Financial Conduct Authority's Listing Rules. Accordingly, trading in the ordinary shares of the Company on the London Stock Exchange's main market for listed securities was suspended.

The Board strongly believes this acquisition of the HAVANA will give a positive outlook to the Company and drive shareholder returns. We will continue to oversee performance of our restaurant franchise businesses closely, ensuring that the Company executes its strategy with financial discipline and with integrity.

We are encouraged by both business opportunities and positive start we have made to the current year and we would always remain optimistic in respect of target acquisition.

 

I look forward to the year ahead with gratitude to our shareholders for their continued support.

 

 

 

 

 

Abd Hadi Bin Abd Majid

Chairman

 

4 September 2019

 

 

For the reporting period under review, the Company reported a net loss of £127,453. At 30 June 2019, the Company had cash in bank of £212,167.

 

There are a number of potential risks and uncertainties which may have 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 any changes on the principal risks and uncertainties since the publication of the annual report for the year ended 31 December 2018, which contained a detailed explanation of the risks relevant to the Company, is also available at http://www.davictus.co.uk.

The Board looks forward to providing further updates to the shareholders in due course.

 

Responsibility Statement

 

The Directors are responsible for preparing the Condensed Interim 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 interim financial statements have 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.

 

 

 

 

Director

 

4 September, 2019

 

 

 

 

 

CONDENSED STATEMENT OF COMPREHESIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

Notes
6 months period ended
30 June 2019
6 months period ended
30 June 2018
£
£
(Unaudited)
(Unaudited)
Interest income
556
639
Operating expenses
(128,009)
(58,737)
OPERATING LOSS BEFORE TAXATION
(127,453)
(58,099)
Income tax expense
3
-
-
LOSS FOR THE PERIOD ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY
(127,453)
(58,099)
Basic and diluted loss per share (pence)
4
(1.13) p
(0.52) p


 

 

 

 

 

 

 

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

Notes
As at
30 June
2019
As at
30 June
2018
As at
31 December 2018
£
£
£
(Unaudited)
(Unaudited)
Audited
CURRENT ASSETS
Cash and cash equivalents
212,167
431,122
355,629
212,167
431,122
355,629
CURRENT LIABILITIES
Other payables
5,822
19,786
17,331
Accruals
7,739
2,000
12,239
Amount owing to directors
318
318
318
13,879
22,104
29,888
NET ASSETS
198,288
409,019
325,741
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY
Stated capital
Accumulated losses
5
1,053,400
(855,112)
1,053,400
(644,381)
1,053,400
(727,659)
TOTAL EQUITY
198,288
409,019
325,741


 

 

 

 

 

 

 

CONDENSED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

6 months period ended
30 June 2019
6 months period ended
30 June 2018
£
£
(Unaudited)
(Unaudited)
Cash flow from operating activities
Operating loss
(127,453)
(58,099)
Changes in working capital
(decrease)/increase in other payables
(16,009)
4,831
Net cash flow used in operating activities
(143,462)
(53,268)
Net increase in cash and cash equivalents
(143,462)
(53,268)
Cash and cash equivalents at beginning of period
355,629
484,390
Cash and cash equivalents at end of period
212,167
431,122

 

 

 

 

 

 

 

 

 

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

Period from 1 January 2019 to 30 June 2019

 

Stated capital
Accumulated losses
Total
£
£
£
As at 1 January 2019
1,053,400
(727,659)
327,981
Loss for the period
-
(127,453)
(127,453)
Total comprehensive loss for the period
-
(127,453)
(127,453)
As at 30 June 2019
1,053,400
(855,112)
198,288


 

Period from 1 January 2018 to 30 June 2018

 

Stated capital
Accumulated losses
Total
£
£
£
As at 1 January 2018
1,053,400
(586,282)
467,118
Loss for the period
-
(58,099)
(58,099)
Total comprehensive loss for the period
-
(58,099)
(58,099)
As at 30 June 2018
1,053,400
(644,381)
409,019


 

 

 

 

For the year ended 31 December 2018

 

Stated capital
Accumulated losses
Total
£
£
£
As at 1 January 2018
1,053,400
(586,282)
467,118
Loss for the year
-
(141,377)
(141,377)
Total comprehensive loss for the period
-
(141,377)
(141,377)
As at 31 December 2018
1,053,400
(727,659)
327,981

 

 

 

 

 

 

 

 

 

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

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 28 Esplanade, St. Helier, Jersey, JE1 8SB.

 

 

2.   ACCOUNTING POLICIES

 

Basis of preparation

 

The condensed interim financial statements for the six month period ended 30 June 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting. It is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period ended 30 June 2018.

 

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 year ended 31 December 2018, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

The condensed interim financial information 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 2019
6 months
period ended
30 June 2018
Loss for the period (£)
Weighted average number of shares (Unit)
Loss per share (Pence)
(127,453)
11,250,000
(1.13)p
(58,099)
11,250,000
(0.52)p


 

 

5.   STATED CAPITAL

 

As at
30 June 2019
£
As at
30 June 2018
£
As at
31 December
2018
£
Allotted, called up and fully paid
(Ordinary shares of £0.01 each)
1,053,400
1,053,400
1,053,400

 

 

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
2019
6 months
period ended
30 June
2018
£
£
Robert Pincock
7,500
7,500
Abd Hadi Bin Abd Majid
5,000
5,000
Maurice James Malcolm Groat
2,000
2,000
14,500
14,500

 

 

7.    SEASONAL OR CYCLICAL FACTORS

 

There are no seasonal factors that materially affect the operations of the company in the Group.

 

8.    SUBSEQUENT EVENTS

 

There are no subsequent events requiring disclosure in these interim financial statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

 

END

 

 

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