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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hermes Pacific Investments Plc | LSE:HPAC | London | Ordinary Share | GB00BD02KZ12 | ORD 100P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 30.00 | 10.00 | 50.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMHPAC
RNS Number : 5178M
Hermes Pacific Investments PLC
22 September 2021
22 September 2021
HERMES PACIFIC INVESTMENTS PLC
(AIM:HPAC)
Final results for the year ended 31 March 2021
Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2021
Chairman's Statement
I am pleased to report the results of Hermes Pacific Investments Plc ("HPAC" or the "Company") for the year ended 31 March 2021. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of GBP106,000, which is higher than the loss of GBP94,000 reported for the previous financial year. We continue our focus to minimise our costs whilst we are looking for opportunities to deploy our cash. At the financial year end the Company had net assets of GBP3,554,000.
Review of the Company's Activities
The Company is an investing company and has previously made some investments in line with its investing policy in companies involved in financial activities within the emerging market sector. These investments have performed in line with our expectations. We are in a good position from a Balance Sheet perspective and our cash balance as at 31 March 2021 stands at GBP3.395 million. During the year we have continued to evaluate possible suitable opportunities to deploy our cash resources but have not found any deal that met our criteria. Our total comprehensive loss for the year was GBP55,000 compared to a loss of GBP133,000 for the previous financial year. The deficit is lower this year compared to last year as there was a gain of GBP51,000 on investments held by the Company.
Stock markets overall have performed well in the last year driven by rapid successful vaccinations in many countries and recovering economies and this has resulted in some lofty valuations. The stronger than expected recovery in the economy has raised fears of inflation rising. Inflation is certainly a big risk factor threatening a continuation of the rally in equities that we have seen. Recent trading updates from companies have mentioned inflation as a key risk. Some economists argue that the current factors affecting rising inflation are likely to be transitory and that conditions for a longer-term regime shift in inflation aren't in place. Whilst inflation has been low for a while it could quickly turn around. This could then force the hand of central banks use their interest rate levers that would launch major economies on a potentially painful rate hike spiral.
John Berry stepped down from the board on 28 February 2021. On behalf of the board I would like to thank John Berry for 9 years of service to the company and his significant contributions to the company. We would like to wish John Berry well for the future.
The Company continues to seek attractive investment opportunities that will enhance the shareholder value while minimising the downside risks.
Outlook
We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise.
Haresh Kanabar
Chairman
22 September 2021
Contacts Hermes Pacific Investments Plc www.hermespacificinvestments.com Haresh Kanabar, Non-Executive Chairman Tel: +44 (0) 207 290 3340 WH Ireland Limited ( Nominated Adviser www.whirelandcb.com & Broker) Mike Coe/ Chris Savidge Tel: +44 (0) 117 945 3470
Statement of Comprehensive Income for the year ended 31 March 2021
Hot Features
Premium
Year ended Year ended
31 March 31 March
Note 2021 2020
GBP'000 GBP '000
Continuing operations
Revenue - -
Cost of sales - -
g ross profit - -
Other operating income - -
Administrative expenses 3 (114) (113)
Operating loss (114) (113)
Finance income 8 19
Finance costs - -
Loss on ordinary activities before
tax (106) (94)
Tax expense 7 - -
L oss for the year from continuing
activities (106) (94)
Discontinued operations
Loss for the year from discontinued - -
operations
L oss for the year (106) (94)
Other comprehensive income
Gain/(losses) arising in the year
on investments
51 (39)
Total comprehensive loss for the
year (55) (133)
Basic and diluted loss per share
From continuing operations 8 (4.5)p (4.0)p
Statement of Financial Position as at 31 March 2021
As at As at
31 March 31 March
2021 2020
Notes GBP'000 GBP'000
ASSETS
Non-current assets
Investments 9 173 123
173 123
Current assets
Trade and other receivables 11 9 9
Cash and cash equivalents 10 3,395 3,506
3,404 3,515
LIABILITIES
Current liabilities
Trade and other payables 12 (23) (29)
(23) (29)
Net current assets 3,381 3,486
NET ASSETS 3,554 3,609
SHAREHOLDERS' EQUITY
Issued share capital 13 3,576 3,576
Share premium account 5,781 5,781
Share based payments reserve 139 139
Fair value reserve 1 (50)
Retained earnings (5,943) (5,837)
TOTAL EQUITY 3,554 3,609
Cash Flow Statement for the year ended 31 March 2021
Note Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Cash flows from operating activities 15 (119) (109)
Cash flows from investing activities
Acquisition of investments - -
Income from disposal of subsidiary - -
undertakings
Investment income 8 19
Net cash (used in)/from investing
activities 8 19
Cash flows from financing activities
Proceeds of share issues - -
Other operating activities - -
Net cash from financing activities - -
(Decrease)/increase in cash and
cash equivalents (111) (90)
Cash and cash equivalents at start
of period 10 3,506 3,596
Cash and cash equivalents at end
of period 10 3,395 3,506
Statement of Changes in Equity for the year ended 31 March 2021
Share
Ordinary Deferred Share based
share share premium payments Retained Revaluation
capital capital reserve earnings reserve Total
At 1 April
2019 2,333 1,243 5,781 139 (5,743) (11) 3,742
Total
comprehensive
loss/profit
for the
period - - - - (94) (39) (133)
At 1 April
2020 2,333 1,243 5,781 139 (5,837) (50) 3,609
Total
comprehensive
loss for the
period - - - - (106) 51 (55)
At 31 March
2021 2,333 1,243 5,781 139 (5,943) 1 3,554
Notes to the financial statements for the year ended 31 March 2021
1. General information
Hermes Pacific Investments Plc is a company incorporated in the United Kingdom under the Companies Act 2006. The nature of the company's operations and its principal activities are set out in the Directors' Report on page 4.
Statement of compliance
The Group financial statements were prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.
At the date of approval of these financial statements, various Standards and Interpretations affecting the Company, which have not been applied in these financial statements, were in issue, but not yet effective (and in some cases had not been adopted by the EU). The Directors have considered these new standards and interpretations and do not expect them to have a material impact on the company.
2. Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
Going concern
The financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future at the time of approving the financial statements. The outbreak of Covid 19 which has spread globally does not have any impact on our going concern status as we have sufficient cash to fund our activities in the foreseeable future.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the company's accounting policies with respect to the carrying amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting year. The judgements, estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, including current and expected economic conditions. Although these judgements, estimates and associated assumptions are based on management's best knowledge of current events and circumstances, the actual results may differ. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected.
Management have not made any material estimates or judgements that may result in a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Deferred taxation
Deferred taxation is provided in full using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid funds with original maturities of three months or less and bank overdrafts.
Investments
The company carries its investments at fair value. Gains and losses are either recorded in profit or loss or other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.
Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision necessary when there is objective evidence that the company will not be able to collect all amounts due.
Trade and other payables
Trade and other payables are not interest bearing and are measured at original invoice amount.
3. Operating loss
Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
The operating loss is stated after
charging the following, included
in administrative expenses:
Staff costs 43 44
Other admin costs 71 69
114 113
4. Auditors' remuneration
Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Audit fees:
- statutory audit of the accounts 12 12
12 12
5. Directors' emoluments
Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Emoluments for qualifying services:
H Kanabar 22 22
J Berry 9 10
J Morton 12 12
43 44
6. Employees and staff costs
The company has no employees. Staff costs comprises payments made in respect of services provided by the directors.
7. Taxation
Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Continuing operations:
Current tax charge - -
Adjustment in respect of prior
years - -
Current tax credit - -
Factors affecting the tax charge
for the period
Loss from continuing operations
before taxation (106) (94)
Loss from continuing operations
before taxation multiplied by standard
rate of corporation tax of 19%
(2020: 19%) (20) (18)
Effects of:
Temporary timing differences - -
Non deductible expenses - -
Depreciation in excess of capital
allowances - -
Unutilised tax losses 20 18
Current tax charge - -
The company has approximately GBP4m (2020: GBP3.9m) of trading losses to carry forward and offset against future trading profits
8. Loss per share
Year ended Year ended
31 March 31 March
2021 2020
Basic
Loss from continuing activities
(GBP'000) (106) (94)
(106) (94)
Number of shares 2,333,295 2,333,295
Basic loss per share (p)
From continuing operations (4.5)p (4.0)p
(4.5)p (4.0)p
9. Investments
Investments
GBP'000
Cost or valuation
Brought forward 123
Fair value movement 50
At 31 March 2021 173
The directors have elected to hold the investments at fair value through OCI as it is their intention to hold these for the long term
10. Cash and cash equivalents
2021 2020
GBP'000 GBP'000
Cash at bank and in hand 3,395 3,506
3,395 3,506
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
2021 2020
GBP'000 GBP'000
Cash and cash equivalents 3,395 3,506
3,395 3,506
11. Trade and other receivables
2021 2020
GBP'000 GBP'000
Other receivables 9 9
9 9
12. Trade and other payables
2021 2020
GBP'000 GBP'000
Trade payables 8 11
Accruals and deferred income 15 18
23 29
13. Share capital
2021 2020
GBP'000 GBP'000
Issued and fully paid
2,333,295 ordinary shares of 100p each 2,333 2,333
13,079,850 deferred shares of 9.5p each 1,243 1,243
3,576 3,576
All ordinary shares rank equally in respect of shareholders' rights.
The deferred shares have no voting and dividend rights. On winding up of the company, they will be entitled to the nominal value only after all ordinary shareholders receive the nominal value of their shares plus GBP10m per share.
As at 31 March 2021and 31 March 2020 the authorised share capital was 3,500,000 ordinary shares of 100p and 200,000,000 deferred shares of 9.5p.
14. Financial Instruments
Financial risk management
The company's activities expose the company to a number of risks including credit risk, interest rate risk and liquidity risk. The Board manages these risks through a risk management programme. The fair value of the company's assets and liabilities at 31 March 2021 are not materially different from their book value.
2021 2020
GBP'000 GBP'000
Financial assets at fair value
through other comprehensive income 173 123
173 123
The fair value measured is categorised within level 1 of the fair value hierarchy.
Financial assets at amortised cost 2021 2020
GBP'000 GBP'000
Loan and receivables:
Trade and other receivables 9 9
Cash and cash equivalents 3,395 3,506
3,404 3,515
Financial liabilities at amortised
cost 2021 2020
GBP'000 GBP'000
Trade and other payables 23 29
23 29
Credit risk
The company monitors credit risk on an on-going basis and manages risk by concentrating on trading and placing bank deposits with reliable counterparties. The company has no significant concentration of credit risk associated with trading counterparties. Credit risk predominantly arises from cash and cash equivalents.
Interest rate risk
The company has interest bearing assets. Interest bearing assets comprise cash balances which earn interest at a variable rate. The financial liabilities in the current year are all non-interest bearing. The company has not entered into derivatives transactions and has not traded in financial instruments during the period under review. The entire company's debt is non-interest bearing there would be no effect on the company if interest rates changed.
Liquidity risk
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. All cash and cash equivalents are immediately accessible.
Price risk
The company's exposure to equity securities price risk arises from investments held by the company and classified in the statement of financial position either as at fair value through other comprehensive income or at fair value through profit or loss. The risk is managed by regular reviews of the portfolio of investments held to ensure that exposure to price movements is within acceptable limits.
The maturity dates of the company's financial instruments are shown below and are based on the period outstanding at the balance sheet date up to the contractual maturity date.
Between Between
Less than 6 months 1 and
6 months and 1 5 years Total
year
GBP'000 GBP'000 GBP'000 GBP'000
2021
Financial Assets
Variable interest rate
instruments 3,395 - - 3,395
Non-interest bearing - 9 - 9
3,395 9 - 3,404
Financial Liabilities
Non-interest bearing 23 - - 23
23 - - 23
Between Between
Less than 6 months 1 and
6 months and 1 5 years Total
year
GBP'000 GBP'000 GBP'000 GBP'000
2020
Financial Assets
Variable interest rate
instruments 3,506 - - 3,506
Non-interest bearing - 9 - 9
3,506 9 - 3,515
Financial Liabilities
Non-interest bearing 29 - - 29
29 - - 29
15. Cash flows from operating activities
Year ended Year ended
31 March 2020 31 March
2020
GBP'000 GBP'000
Loss on ordinary activities before
tax (114) (113)
Depreciation of property, plant and - -
equipment
Operating cash flows before movements
in working capital (114) (113)
Decrease in trade and other receivables - (8)
(Decrease)/Increase in trade and
other payables (5) 12
Cash flows from operating activities (119) (109)
16. Related party transactions
Key Management Personnel and Director Transactions
A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial and operating policies of these entities.
A number of these entities transacted with the company during the year. The terms and conditions of these transactions with key management personnel and their related parties were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to non-key management personnel related entities on an arm's length basis.
The aggregate value of transactions related to key management personnel and entities over which they have control or significant influence was GBP42,800 (2020: GBP43,600).
During the year, the company used the services of Poonam & Roshni Limited totalling GBP21,600 (2020: GBP21,600). H Kanabar is a director of both companies. No balance was outstanding at the year end (2020: Nil).
During the year the company used the services of John Berry Associates Limited totalling GBP9,000 (2020: GBP10,000). J Berry resigned on 28 February 2021 but was a director of both companies. No balance was outstanding at the year end (2020: Nil).
During the year the company used the services of Thirty Acre Stables totalling GBP12,000 (2020: GBP12,000). J Morton is the owner of that business. No balance was outstanding at the year end (2020: Nil).
The compensation of key management is as disclosed in the directors' emoluments note.
17. Annual report
The Annual Report will be posted to shareholders shortly and will be available on the Company's website http://www.hermespacificinvestments.com. Copies will be available thereafter in hard copy format from the Company's registered office, 22 Great James Street, London WC1N 3ES.
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END
FR UASNRASUKUAR
(END) Dow Jones Newswires
September 22, 2021 01:59 ET (05:59 GMT)
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