TIDMDVT
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 GBP127,453. At 30 June 2019, the Company had cash in
bank of GBP212,167.
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 MONTHSED 30 JUNE 2019
Notes 6 months 6 months
period ended period ended
30 June 2019 30 June 2018
GBP GBP
(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 As at As at
30 June 30 June 31 December
2019 2018 2018
GBP GBP GBP
(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 5 1,053,400 1,053,400 1,053,400
Accumulated losses (855,112) (644,381) (727,659)
----------------- ----------------- -------------
TOTAL EQUITY 198,288 409,019 325,741
================= ================= =============
CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2019
6 months 6 months
period ended period ended
30 June 2019 30 June 2018
GBP GBP
(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 MONTHSED 30 JUNE 2019
Period from 1 January 2019 to 30 June 2019
Stated capital Accumulated Total
losses
GBP GBP GBP
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 Total
losses
GBP GBP GBP
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 Total
losses
GBP GBP GBP
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 ("GBP").
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 6 months
period ended period ended
30 June 2019 30 June 2018
Loss for the period (GBP)
(127,453) (58,099)
Weighted average number of
shares (Unit) 11,250,000 11,250,000
Loss per share (Pence) (1.13)p (0.52)p
5. STATED CAPITAL
As at As at As at
30 June 2019 30 June 2018 31 December
GBP 2018
GBP GBP
Allotted, called up and fully
paid
(Ordinary shares of GBP0.01
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 6 months
period ended period ended
30 June 30 June
2019 2018
GBP GBP
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
(END) Dow Jones Newswires
September 04, 2019 04:00 ET (08:00 GMT)
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