REG - daVictus Plc - Half-year Report as of June 2017 <Origin Href="QuoteRef">DVTD.L</Origin>

daVictusAnnouncement

05/09/2017 07:45

RNS Number : 7987P
daVictus plc
05 September 2017
daVictus plc
("daVictus" or the "Company")
Interim results for the 6 months ended 30 June 2017
Director's Statement 
I am pleased to report the condensed financial statements of Davictus PLC (the "Company" or "Davictus") for the six months ended 30 June 2017. 
For the first half of 2017, the Directors have actively discussed with potential target companies in the food and beverages ("F&B") sector - which operate in or own Western food and beverage F&B eatery franchises in South East Asia and/or the Far East, however, none of which has met the necessary criteria for selection to date. 
While we continue our efforts to identify targets for acquisition, the Company has sufficient funds for general corporate purposes and pre-acquisition activities, including on-going costs and expenses such as Directors' fees and salaries, due diligence costs and other costs of sourcing, reviewing and to pursue potential acquisitions. 
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.
During the reporting period, the Company reported a net loss of 54,010.
As at 30 June 2017, the Company had cash in bank of 569,953.
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 2016, which contained a detailed explanation of the risks relevant to the Company, is also available athttp://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 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 IAS34, as adopted by the European Union. The interim management report includes a fair review of the information required by DTR4.2.7 and DTR4.2.8, 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
5 September, 2017
CONDENSED STATEMENT OF COMPREHESIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017

Notes

6 months period ended
30 June 2017

6 months period ended
30 June 2016







(Unaudited)

(Unaudited)
INCOME


-

-



-

-
Interest income


-

238
Operating expenses


(54,010)

(193,376)
OPERATING PROFIT/LOSS BEFORE TAXATION


(54,010)

(193,138)
Income tax expense
3

-

-
LOSS FOR THE PERIOD ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY


(54,010)

(193,138)






Basic and diluted loss per share (pence)
4

(0.48) p

(3.21) p






CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)AS AT 30 JUNE 2017 
Notes

As at 
30 June 
2017

As at 
30 June 
2016

As at
31 December 2016








(Unaudited)

(Unaudited)

Audited
CURRENT ASSETS







Other receivables
Cash and cash equivalents

569,953

-
721,112

-
632,220



569,953

721,112

632,220
CURRENT LIABILITIES







Other payables

 14,779 

10,470

23,354
Amount owing to directors


 318 

-

-



 
15,097

10,470

23,354
NET ASSETS


554,856

710,642

608,866








EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY







Stated capital
Retained earnings 
5

 1,053,400
(498,544)

1,125,000
(414,358)

1,053,400
(444,534)
TOTAL EQUITY


554,856

710,642

608,866







CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017



6 months period ended
30 June 2017

6 months period ended
30 June 2016







(Unaudited)

(Unaudited)
Cash flow from operating activities





Operating loss


(54,010)

(193,138)
Changes in working capital 


(8,257)

(101,500)






Net cash flow from operating activities 


(62,267)

(294,638)






Cash flow from financing activities 





Issue of share capital 


- 

1,000,000
Net cash flow from financing activities 


(62,267)

1,000,000






Net increase in cash and cash equivalents 


(62,267)

705,362
Cash and cash equivalents at beginning of period 


632,220

15,750
Cash and cash equivalents at end of period 


569,953

721,112
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017
Period from 1 January 2017 to 30 June 2017

Stated capital

Retained earnings

Total









As at 1 January 2017
1,053,400

(444,534)

608,866
Loss for the period
-

(54,010)

(54,010)
Total comprehensive loss for the period
-

(54,010)

(54,010)






As at 30 June 2017 
1,053,400

(498,544)

554,856


Period from 1 January 2016 to 30 June 2016
Stated 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
-

(193,138)

(193,138)
Issue of ordinary shares
1,000,000

-

1,000,000
As at 30 June 2016 
1,125,000

(414,358)

710,642

For the year ended 31 December 2016

Stated capital

Retained earnings

Total









As at 1 January 2016
125,000

(221,220)

(96,220)
Loss for the period
-

(223,314)

(223,314)
Total comprehensive loss for the period
-

(223,314)

(223,314)
Issue of ordinary shares
1,000,000

-

1,000,000
Share issuance costs
(71,600)

-

(71,600)
As at 31 December 2016 
1,053,400

(444,534)

608,866

NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2017
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 information for the six month period ended 30 June 2017 has 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 2016.
The condensed interim financial information has 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 2016, which have been prepared in accordance with IFRSs as adopted by the European Union. 
The condensed interim financial information is presented in British Pound Sterling (""). 
Going concern
The condensed interim financial information has 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 2017
6 months 
period ended 
30 June 2016



Loss for the year ()
Weighted average number of shares (Unit)
Loss per share (Pence) 

(54,010)
11,250,000
(0.48)p
(193,138)
6,007,576
(3.21)p



5. STATED CAPITAL & RESERVES

As at
30 June 2017
As at
31 December 
2016
As at
30 June 2016
Allotted, called up and fully paid 
(Ordinary shares of 0.01 each)
1,053,400
1,053,400
1,125,000
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 
2017


6 months
period ended
30 June 
2016



Robert Pincock
Fee
7,500


7,500
Abd Hadi Bin Abd Majid 
Fee
5,000


5,000
Maurice James Malcolm Groat 
Fee
2,000


1,667

14,500


14,167


7. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the operations of any company in the Group.
8. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these financial statements.



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