REG - daVictus Plc - UNAUDITED HALF YEAR REPORT ENDED 30 JUNE 2024
25/09/2024 10:30
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RNS Number : 6241F daVictus plc 25 September 2024
25 September 2024
DAVICTUS PLC
("DAVICTUS" OR "THE COMPANY")
UNAUDITED INTERIM FINANCIAL STATEMENTS ENDED 30 JUNE 2024
daVictus plc, (LSE: DVT), a company established to seek business opportunities
in the food and beverage sector in Asia, announces its unaudited interim
financial statement for the period ended 30. June 2024.
The Interim report is also available on the Company's website
at: http://www.davictus.co.uk (http://www.davictus.co.uk/) .
For further information, please contact:
Robert Pincock
robert@davictus.co.uk
+603 5613 3388
DIRECTORS' STATEMENT
I am glad to present the interim financial statements of Davictus PLC ("the
Company" or "Davictus") for the six-month period ending on 30 June 2024.
Davictus continues to offer comprehensive support to its existing franchisees
in Malaysia and Thailand. The board is currently in the process of
transitioning its franchise-based relationships to a broader model that
encompasses business management and consultancy services. This shift could
potentially lead to more efficient revenue generation from current
franchisees.
While the board remains cautious about expanding the franchise network in the
region, it is exploring opportunities to diversify its revenue streams by
engaging in non-franchise businesses, including sectors beyond food and
beverage. This strategy leverages the board and management's extensive
experience and expertise in corporate finance, business management, and
consultancy, which are in high demand across various industries.
We remain fully committed to the well-being and development of our employees
within the franchise network, ensuring they receive the support necessary for
smooth operations.
Our outlook for the Company's future is cautiously optimistic, guided by our
unwavering commitment to operational excellence and adherence to industry best
practices. This approach positions us for continued growth and profitability.
The board extends its heartfelt gratitude to all stakeholders for their
ongoing support.
Abd Hadi Bin Abd Majid
Chairman
25 September 2024
For the reporting period under review, the Company reported a net profit of
£44,306. At 30 June 2024, the Company had cash in bank of £135,696.
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 2023, which contained a detailed
explanation of the risks relevant to the Company, is also available at
http://www.davictus.co.uk (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 statement have been prepared in accordance with
IAS 34, as adopted by the United Kingdom. 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.
Abd Hadi Bin Abd Majid
Director
25 September 2024
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Notes 6 months period ended 6 months period ended
30-Jun-24 30-Jun-23
(Unaudited) (Unaudited)
£ £
Revenue 3 150,000 150,000
Cost of sales - -
Gross profit 150,000 150,000
Operating expenses (105,694) (86,402)
Operating Profit 44,306 63,598
Other income - -
Gain on foreign exchange - -
Interest income - -
Finance expenses - -
Profit before taxation 44,306 63,598
Tax expense 4 - -
44,306 63,598
PROFIT FOR THE YEAR
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
OTHER COMPREHENSIVE INCOME
Loss on disposal of investment - -
TOTAL COMPREHENSIVE PROFIT FOR THE YEAR 44,306 63,598
Basic and diluted profit per share (pence) 5 0.33 p 0.48 p
As at As at As at
30-Jun-24 30-Jun-23 31-12-23
Notes (Unaudited) (Unaudited) Audited
£ £ £
Non-current assets
Trade and other receivables 75,709 62,619 73,314
Right-of-use asset 6 78,805 15,211 -
154,514 77,830 73,314
Current assets
Trade and other receivables 302,837 250,476 285,625
Other receivables - - -
Cash and cash equivalents 135,696 171,204 129,610
514,242 421,680 415,235
Total assets 593,047 499,510 488,549
Equity attributable to equity holders of the company
Share capital 7 1,224,400 1,224,400 1,224,400
Accumulated losses (873,933) (945,037) (918,239)
Total equity 350,467 279,363 306,161
Non-current liabilities
Lease liabilities 9 49,455 - -
49,455 - -
Current liabilities 8
Other payables 64,819 30,290 49,055
Deferred Income 93,333 173,333 133,333
Amount owing to directors 4,750 - -
Lease liabilities 9 30,223 16,524 -
193,125 220,147 182,388
Total equity and liabilities 593,047 499,510 488,549
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED 30 JUNE 2024
As at As at
30-Jun-24 30-Jun-23
(Unaudited) (Unaudited)
£ £
Cash flow from operating activities
Operating Profit 44,306 63,598
Adjustment for:
Depreciation of right-of-use-assets 15,761 15,211
Interest on lease liabilities 2,520 904
62,587 79,713
Changes in working capital
(Increase) / Decrease in receivables (19,608) `(112,903)
(Decrease) / Increase in other payables (24,235) (39,114)
Increase in amount due to directors 4,750 -
Net cash flow used in operating activities 23,494 (152,017)
Cash flows from financing activities
Repayment on lease liability (17,408) (16,800)
Net cash generated from financing activities (17,408) (16,800)
Net increase in cash and cash equivalents (6,086) (89,104)
Cash and cash equivalents at beginning of period 129,610 260,308
Cash and cash equivalents at end of period 135,696 171,204
CONDENSED CONSOLIDATED STATEMENT CHANGES OF EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Period from 1 January 2024 to 30 June 2024
Stated capital Accumulated losses Total
£ £ £
As at 1 January 2024 1,224,400 (918,239) 306,161
Profit for the period - 44,306 44,306
Total comprehensive profit for the period - 44,306 44,306
As at 30 June 2024 1,224,400 (873,933) 350,467
Period from 1 January 2023 to 30 June 2023
Stated capital Accumulated losses Total
£ £ £
As at 1 January 2023 1,224,400 (1,008,635) 215,765
Profit for the period - 63,598 63,598
Total comprehensive profit for the period - 63,598 63,598
As at 30 June 2023 1,224,400 (945,037) 279,363
For the year ended 31 December 2023
Stated capital Accumulated losses Total
£ £ £
As at 1 January 2023 1,224,400 (1,008,635) 215,765
Profit for the year - 90,396 90,396
Total comprehensive profit for the year - 90,396 90,396
As at 31 December 2023 1,224,400 (918,239) 306,161
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR SIX MONTHS ENDED 30 JUNE 2024
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.
On 8 October 2020, the Company incorporated Davictus World Sdn Bhd in Malaysia
as a wholly owned subsidiary for purpose of business operation (together in
this financial report referred as the 'Group').
2. ACCOUNTING POLICIES
Basis of preparation
The interim financial statements for the six-month period ended 30 June 2024
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
2024.
The 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 Group for the year ended 31 December 2023, which
have been prepared in accordance with International Financial Reporting
Standards as adopted by the United Kingdom.
The interim financial information is presented in British Pound Sterling
("£").
New standards and interpretations
A number of new standards and amendments to standards and interpretations have
been issued by International Accounting Standards Board but are not yet
effective and in some cases have not yet been adopted by the United Kingdom.
The Directors do not expect that the adoption of these standards will have a
material impact on the financial statements of the Group in future periods.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries). Control
is achieved where the Company is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity.
All intercompany transactions, balances, income and expenses are eliminated in
consolidation.
Going concern
The condensed interim financial statements have been prepared on a going
concern basis, which assumes that the Group will continue to be able to meet
its liabilities as they fall due for the foreseeable future.
The Covid-19 pandemic has been unprecedented in scale and impact, and the
Group have taken swift and decisive action to protect our customers,
colleagues, franchisees and their staff and the communities in which the Group
operates, by implementing the necessary steps to safeguard the business
through the crisis, in line with the government guidelines.
The significant impact of Covid-19 to the Group business is summarised below:
· Delay in franchisee restaurant engagement. - Due to MCO (movement
control order) announced by Malaysian Government, the launch the new franchise
restaurants was being delayed
· Working capital inflow of fund are lagging behind initial plan.
The Group has arranged additional short-term financing from directors if
required to support continuity of business operations
· This might impact the business revenue of franchisees, and reduce
the royalty payment that is by percentage of gross revenue sales.
Based on the current working capital forecast, the Group is unlikely to need
additional funds within twelve months of the date of approval of these
financial report in order to maintain its proposed work levels and to continue
successfully managing its cash resources. After making enquiries and
considering the assumptions upon which the forecasts have been based, the
directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future. For these
reasons, they continue to adopt the going concern basis of accounting in
preparing the annual financial statements.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic
benefits will flow to the Group and the revenue can be reliably measured,
regardless of when the payment is made. Revenue is measured at the fair value
of consideration received or receivable, taking into account contractually
defined terms of payment and excluding taxes or duty.
Fees receivable from franchisee according to franchise agreement at which time
the Group has performed its obligation. Fees receivable in advance are stated
on the Consolidated Statement of Financial Position as deferred income.
Leases
The Group assesses whether a contract is or contains a lease, at the inception
of the contract. The Group recognises a right-of-use asset and corresponding
lease liability with respect to all lease arrangements in which it is the
lessee, except for low-value assets and short-term leases with 12 months or
less. For these leases, the Group recognises the lease payments as an
operating expense on a straight-line method over the term of the lease unless
another systematic basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use assets and the associated lease
liabilities are presented as a separate line item in the statement of
financial position.
The right-of-use asset is initially measured at cost. Cost includes the
initial amount of the corresponding lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct
costs incurred, less any incentives received.
The right-of-use asset is subsequently measured at cost less accumulated
depreciation and any impairment losses, and adjustment for any remeasurement
of the lease liability. The depreciation starts from the commencement date of
the lease. If the lease transfers ownership of the underlying asset to the
Group or the cost of the right-of-use asset reflects that the Group expects to
exercise a purchase option, the related right-of-use asset is depreciated over
the useful life of the underlying asset. Otherwise, the Group depreciates the
right-of-use asset to the earlier of the end of the useful life of the
right-of-use asset or the end of the lease term.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted by using the
rate implicit in the lease. If this rate cannot be readily determined, the
Group uses its incremental borrowing rate.
The lease liability is subsequently measured at amortised cost using the
effective interest method. It is remeasured when there is a change in the
future lease payments (other than lease modification that is not accounted for
as a separate lease) with the corresponding adjustment is made to the carrying
amount of the right-of-use asset or is recognised in profit or loss if the
carrying amount has been reduced to zero.
3. REVENUE
The Group revenue are derived from franchise related fees including brand
licence, management fee and royalties according to Restaurant Franchise
Agreement. For the reporting period, revenue contributions are from a
franchisee located in Kuala Lumpur, Malaysia and Bangkok Thailand.
There are no seasonal factors that materially affect the operations of the
Group.
4. 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.
5. PROFIT / (LOSS) PER SHARE
Basic profit / (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 6 months period ended
30-Jun-24 30-Jun-23
£ £
Profit for the period 44,306 63,598
Weighted average number of shares (Unit) 13,350,000 13,350,000
Profit per share (pence) 0.33 p 0.48 p
6. RIGHT-OF-USE ASSETS
The Company has entered into a non-cancellable operating lease agreement for
tenancy of office space. The initial lease agreement is for a period of 24
months commencing 1 January 2021 with an option to renew the lease for a
further 12 months. On completion of the lease agreement on 31 December 2023,
the company had extended the lease agreement for a further three (3) years
commencing 1 January 2024 to 31 December 2026
£
Cost 185,833
Accumulated depreciation (107,028)
As at 30 June 2024 78,805
7. STATED CAPITAL
Number of ordinary shares £
As at 1 January 2024 13,350,000 1,224,400
As at 30 June 2024 13,350,000 1,224,400
8. CURRENT LIABILITIES
6 months 6 months
period ended period ended
30-Jun-24 30-Jun-23
£ £
Other Creditors 64,819 30,290
Deferred Income 93,333 173,333
Amount owing to Director 4,750 -
Lease Liability 79,678 16,524
242,580 220,147
9. LEASE LIABILITIES
6 months period ended 6 months period ended
30-Jun-24 30-Jun-23
£ £
As at 1 January - 33,602
Addition during the year 104,449 -
De-recognition of lease due to termination - -
Interest in suspense (9,883) (1,181)
Interest expensed 2,520 904
Repayment of principal (17,408) (16,801)
79,678 16,524
Lease liabilities are payable as follow:
Within 1 year 30,223 16,524
Between 2 - 5 years 49,455 -
10. 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-Jun-24 6 months period ended 30-Jun-23
£ £
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
11. SUBSEQUENT EVENTS
There were no subsequent events after the reporting period.
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