TIDMHERT
RNS Number : 7435T
Hertsford Capital PLC
22 March 2019
22(nd) March 2019
HERTSFORD CAPITAL PLC
("Hertsford" or "the Company")
Interim Report for the period ended 31 December 2018
Hertsford (ticker: HERT) announces its unaudited interim
financial results for the period ended 31 December 2018.
Period highlights
-- On 26 November 2018, the Company was admitted to the standard
segment of the Official List and to trading on the London Stock
Exchange's Main Market
-- Raised GBP3 million cash (gross) through the listing of 32 million new ordinary shares
Harry Hyman, Chairman of Hertsford said: "We continue to
consider a number of investment opportunities and will update the
market with developments when appropriate."
For information please contact:
Hertsford Capital www.hertsford-capital.com
plc
Rodger Sargent via Walbrook PR
Walbrook PR Ltd Tel: 020 7933 8780 or hertsford@walbrookpr.com
Paul Cornelius Mob: 07866 384 707
Sam Allen Mob: 07884 664 686
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the unaudited interim results for the
period ended 31(st) December 2018. Hertsford floated on to the
standard listing of the official list on the London Stock Exchange
on 26 November 2018. The Company was created to acquire a company
or business in the technology sector.
During this interim period, Hertsford recorded a loss of
GBP18,101 being the minimal running costs of the company. As the
directors draw no salary, the ongoing costs are only minor
administrative and listing expenses. Current assets at period end
were over GBP2.8 million.
Outlook
We continue to consider a number of investment opportunities and
will update the market with developments when appropriate.
Harry Hyman
Chairman
22(nd) March 2019
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018
Notes GBP
Revenue 2 -
-------------------
Gross profit -
General & administrative
expenses (19,301)
-------------------
Loss from operations before
interest (19,301)
Interest income 1,200
--------------------
Loss before tax (18,101)
Tax -
---------------------
Retained Loss after tax for
the period (18,101)
=============
Retained loss attributable
to:
Owners of the company (18,101)
-------------------
Loss for period (18,101)
=============
Total comprehensive loss
attributable to:
Owners of the company (18,101)
---------------------
Total comprehensive loss
for the period (18,101)
=============
Loss per share
Basic and diluted 3 (0.23p)
=============
INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2018
Notes GBP
ASSETS
Current assets
Cash and cash equivalents 2,880,814
Debtor 1,200
-----------------------
TOTAL ASSETS 2,882,014
============
EQUITY
Share capital 4 960,000
Share premium reserve 1,924,485
Retained loss (18,101)
------------------------
TOTAL EQUITY 2,866,384
============
CURRENT LIABILITIES
Trade and other payables (15,360)
----------------------
TOTAL EQUITY AND LIABILITIES 2,855,384
============
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018
Share
Share premium Retained Total
capital account loss equity
GBP GBP GBP GBP
As at 22 June 2018 - - - -
Loss for the period - - (18,101) (18,101)
Total comprehensive - - - -
income for the period
-------- ------------ --------- ----------
Share capital issued
(net of transaction
costs) 960,000 1,924,485 - 2,884,485
Balance at 31 December
2018 960,000 1,924,485 (18,101) 2,866,384
======== ============ ========= ==========
INTERIM STATEMENT OF CASH FLOW
FOR THE PERIOD FROM 22 JUNE 2018 TO 31 DECEMBER 2018
Cash flow from operating activities
Loss for the period (18,101)
-------------------------
Operating cash flows before movements
in working capital (18,101)
Interest income (1,200)
Increase in payables 15,630
----------------------
Net cash outflow from operating activities (3,671)
Cash flow from investing activities -
------------------------
Net cash flow from investing activities -
Cash flow from financing activities
Net proceeds from issue of share capital 2,884,485
------------------------
Net cash flow from financing activities 2,884,485
Net cash inflow for the period 2,880,814
----------------------
Cash and cash equivalents at start of -
period
-----------------------
Cash and cash equivalents at end of period 2,880,814
============
NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE PERIODED 31 DECEMBER 2018
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going
concern basis and in accordance with the recognition and
measurement principles of International Financial Reporting
Standards adopted for use in the European Union ("IFRS").
The interim financial statements for the period ended 31
December 2018 have not been audited and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006.
This Interim Financial Report was approved by the Board of
Directors on 22(nd) March 2019.
Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
('IAS') 34 - Interim Financial Reporting as adopted by the European
Union. Accordingly the interim financial statements do not include
all of the information or disclosures required in the annual
financial statements.
2. ACCOUNTING POLICIES
The interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union. The interim financial statements
have been prepared using the measurement bases specified by IFRS
for each type of asset, liability, income and expense. The
measurement bases are more fully described in the accounting
policies below.
Going Concern
The directors have assessed the Company's position as at 31
December 2018 and consider it appropriate to prepare the financial
statements on a going concern basis. There are cash reserves of
over GBP2.8m which the directors consider sufficient to ensure that
the Company will be able to continue to meet its commitments as
they fall due for at least twelve months from the date of approval
of this interim financial report.
Expenses
All expenses are accounted for on an accruals basis and are
presented through the Statement of Comprehensive Income.
Taxation
Current taxation is the taxation currently payable on taxable
profit for the period.
Trade and other receivables
Trade and other receivables are recognised and carried at
original invoice value less an allowance for any uncollectible
amounts. An estimate for doubtful debts is made when collection of
the full amount is no longer probable. Bad debts are written off
when identified.
Cash and Cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits, together with other short-term, highly liquid investments
that are readily convertible into known amounts of cash and which
are subject to an insignificant risk of changes in value.
Trade payables
Trade payables are initially measured at fair value and are
subsequently measured at amortised cost, using the effective
interest rate method.
Financial instruments
The Company's financial assets comprise cash and cash
equivalents.
The Company's financial liabilities comprise trade payables.
Financial liabilities are obligations to pay cash or other
financial assets and are recognised when the Company becomes a
party to the contractual provisions of the instruments.
Equity
Equity comprises the following:
"Share capital" represents the nominal value of equity
shares.
"Share premium" represents the excess over nominal value of the
fair value of consideration received for equity shares, net of
expenses of the share issue.
"Retained losses" represents cumulative net gains and losses
recognised in the Statement of Comprehensive Income
2. TURNOVER AND SEGMENTAL ANALYSIS
All of the Company's activity and income and expenses in the
period ended 31 December 2018 were incurred in the United Kingdom,
and relate to Hertsford's ongoing investment activities.
3. LOSS PER SHARE
The calculation of the basis and diluted earnings per share is
based on the following data:
Earnings
Net loss for the period attributable
to equity holders
of the company (18,101)
Number of shares
Weighted average number of ordinary
shares in issue 7,751,741
The denominator for the purpose of calculating the basic
earnings per share has been adjusted to reflect all capital
raisings.
4. SHARE CAPITAL Number of Nominal value Premium (net
of transaction
costs)
shares GBP GBP
a) Issued and
Fully Paid:
22 June 2018 2 GBP0.03 -
23 July 2018 1,666,666 GBP50,000 -
1 November 2018 333,333 GBP10,000 -
21 November 2018 30,000,000 GBP900,000 GBP1,924,485
----------------------------- -------------------------- --------------------------
As at 31 December 2018 32,000,001 GBP960,000 GBP1,924,485
============== ============ ============
The nominal value of the
shares is GBP0.03.
During the period the Company issued share 32,000,001
Ordinary Shares for consideration of GBP3,060,000.
The Company incurred share issue costs of GBP175,515
which have been deducted from the share premium
account.
5. AVAILABILITY OF INTERIM RESULTS
Copies of the Interim Results for the period to 31 December 2018
are available from the Company's registered address and will be
available on the Company's website, later today.
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 SEMFFEFUSESD
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