REG - daVictus Plc - Half-year Report

daVictusAnnouncement

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
 
 
IR UGURWBUPBUCC