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HERT Hertsford Capital Plc

10.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hertsford Capital Plc LSE:HERT London Ordinary Share GB00BGQVV506 ORD 3P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.25 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hertsford Capital PLC Half-year Report (7435T)

22/03/2019 11:22am

UK Regulatory


Hertsford Capital (LSE:HERT)
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From Mar 2019 to Mar 2024

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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

(END) Dow Jones Newswires

March 22, 2019 07:22 ET (11:22 GMT)

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