REG - Highway Capital PLC - Final Results <Origin Href="QuoteRef">HWC.L</Origin> - Part 2

Highway CapitalAnnouncement

01/07/2016 07:08

- Part 2: For the preceding part double click  ID:nRSA9011Ca 

operating leases. 
 
19. Financial instruments 
 
The Company's financial instruments comprise cash, trade debtors and trade
creditors that arise directly from its operations. The Company's policy has
been, and continues to be, that no speculative trading in financial
derivatives shall be undertaken. 
 
20. Financial assets 
 
The cash is held in bank current and premium accounts and on treasury deposit,
which receive varying rates of interest that is recognised on a receivable
basis. All financial assets and liabilities are denominated in Sterling. 
 
Fair value of financial assets and liabilities 
 
The fair value of financial assets and liabilities, calculated by discounting
expected future cash flows at prevailing interest rates, is not materially
different from their book value, and is as follows: 
 
                        2016      2015      
 Financial assets                           
 Receivables            3,798     5,855     
 Cash at bank           685       12,251    
                        £4,483    £18,106   
 Financial liabilities                      
 Payables               £124,163  £155,993  
 
 
Hedging 
 
The Company makes no use of forward currency contracts, other financial
derivatives or hedging. 
 
Interest rate risk 
 
The Company does not have an interest rate policy in isolation but regularly
reviews the interest rates being received on deposits. 
 
Liquidity risk 
 
The principal policy of the Company in managing liquidity risk is to align the
anticipated timing of expenditure with the availability of its cash balances. 
 
21. Transition to FRS 102 
 
These are the first financial statements that comply with FRS 102. The group
and the company transitioned to FRS 102 on 1 March 2014. 
 
No transitional adjustments were required in equity or profit or loss for the
period. 
 
Company information 
 
 Directors                             Ludwik Sobolewski (non-executive Chairman)*                                                                                      
                                       Maciej Szytko (non-executive director)*                                                                                          
                                       Dariusz Zych (non-executive director)                                                                                            
                                       Jacek Slotala (non-executive director)                                                                                           
                                       * member of the remuneration & audit committees                                                                                  
                                                                                                                                                                        
 Secretary and registered office       Maciej Szytko                                                                                                                    
                                       Eden House, Reynolds Road                                                                                                        
                                       Beaconsfield HP9 2FL                                                                                                             
                                                                                                                                                                        
 Registrars and share transfer office  Neville Registrars Limited                                                                                                       
                                       Neville House                                                                                                                    
                                       18 Laurel Lane                                                                                                                   
                                       Halesowen                                                                                                                        
                                       West Midlands B63 3DA                                                                                                            
                                                                                                                                                                        
 Share price information               Information about the day-to-day movement of the Company`s share price can be obtained from the London Stock Exchange: Code HWC  
                                                                                                                                                                        
 Auditors                              Shipleys LLP                                                                                                                     
                                       Chartered Accountants                                                                                                            
                                       10 Orange Street                                                                                                                 
                                       London WC2H 7DQ                                                                                                                  
                                                                                                                                                                        
 Bankers                               Barclays Bank Plc                                                                                                                
                                       The Lea Valley Group                                                                                                             
                                       78 Turners Hill                                                                                                                  
                                       Cheshunt                                                                                                                         
                                       Herts EN8 9BW                                                                                                                    
                                                                                                                                                                        
 Solicitors                            Gowling WLG                                                                                                                      
                                       4 More London Riverside London SE1 2AU                                                                                           
                                                                                                                                                                        
 Stockbrokers                          Northland Capital Partners Limited                                                                                               
                                       60 Gresham Street                                                                                                                
                                       London EC2V 7BB                                                                                                                  
 
 
Financial review 
 
                                                       Year to29.2.2016  Year to28.2.2015  Year to28.2.2014  Year to28.2.2013  Year to29.2.2012  
 Management fees                                       -                 -                 -                 -                 -                 
 Other income                                          -                 -                 -                 -                 -                 
 Administrative expenses                               (131,802)         (124,304)         (103,810)         (116,772)         (93,802)          
 Operating profit/(loss)                               (131,802)         (124,304)         (103,810)         (116,772)         (93,802)          
 Profit on disposal of subsidiaries                    -                 -                 -                 -                 -                 
 Income from fixed asset investments                   -                 -                 -                 -                 -                 
 Interest receivable                                   9                 14                113               279               697               
 Profit/(loss) on ordinary activities before taxation  (131,793)         (124,290)         (103,697)         (116,493)         (93,105)          
 Taxation                                              -                 -                 -                 -                 -                 
 Profit/(loss) on ordinary activities after taxation   £(131,793)        £(124,290)        £(103,697)        £(116,493)        £(93,105)         
 Earnings/(loss) per share                             (1.51)p           (1.42)p           (1.25)p           (1.47)p           (1.17)p           
 Dividend per share                                    nil               nil               nil               nil               nil               
 
 
The basic and the diluted earnings/(loss) per share figures are the same. 
 
This information is provided by RNS
The company news service from the London Stock Exchange