31 August 2017
GB00BYPBC438
Via Developments plc
("VDP" or "the Company")
Audited Annual Results for the year ended 31 March 2017
Via Developments Plc, is pleased to report its audited annual results for the twelve months ended 31 March 2017.
CHAIRMAN'S STATEMENT
I am delighted to be able to report on a successful year for Via Developments plc.
RESULTS
This was the Company's second year of operations. Building work at the Canal Street development reached completion as planned in March 2017 and the sale of all units completed shortly after the year end, in July 2017.
KEY HIGHLIGHTS OF THE YEAR
NEX Exchange listing
In the period following the last annual report through to 31 March 2017, the Company raised a further £1.9m through the listing of its 7% Debenture Stock 2020.
Current Trading
The Company carries on the business of property development. Sites identified as suitable for these purposes are acquired by wholly owned subsidiary company Special Purpose Vehicles (SPVs). The Company raises money from the proceeds of debenture stock sales on the NEX Exchange Growth Market, and makes these funds available to these SPVs by way of loan to enable the SPVs to acquire and develop these sites. The Group also enters into shorter term financing arrangements within the SPVs in order to fund the development of the projects.
The Company provides specialist professional services and support to develop the sites.
At the balance sheet date, the Group had completed the acquisition of further development sites at Plymouth Grove in Manchester and Napier Road in Luton.
The Company ended the financial year with £4.4m (2016: £2.4m) of total assets and is reporting an accumulated loss of £0.3m (2016: £0.05m). Please see the statement of comprehensive income and the statement of financial position.
FUTURE DEVELOPMENTS
In March 2017, the company entered into an exclusivity agreement to sell the Plymouth Grove site for £2.5m subject to, amongst other conditions, the vendor achieving full planning permission from the Local Planning Department for 61 residential units and the purchaser completing the acquisition within 28 days following the grant of such planning permission. At the date of this report, the required planning permissions were still outstanding.
In July 2017, the company entered into an exclusivity agreement to purchase, in Luton, Bedfordshire, a residential development site with planning permission for circa 200 apartments, for the sum of £8.25m. Completion of the purchase is subject to, amongst other conditions, the purchaser finalising its due diligence. The Company has secured an offer for funding for the purchase subject to formal approval.
The facilities in place for Plymouth Grove and for Napier Road are due for renewal in September 2017. There is a proposed offer in place to extend these for the required period to complete the project. Funding has also been offered for the initial purchase of the project in Luton which has been discussed in 'Future Developments' above. Offers are subject to credit approval and other terms but the Directors are confident that the facilities will be entered into.
Also in July 2017, the company completed the Canal Street development and realised the remaining monies required to achieve the previously advised Gross Development Value (GDV) of £2.28m.
The Directors believe that the commercial environment will continue to provide opportunities for growth.
GOING CONCERN
In order to assess the ability of the entity to continue as a going concern, the projects that the Group has undertaken as a whole have been considered, including those in progress and those committed to at the date of signing the financial statements. The future expected cash flows have been considered for all projects and this shows that the entity has sufficient access to cash for a period of at least 12 months from signing of the financial statements.
Having reviewed the available information, the Directors consider that the company will be able to meet its financial obligations on the due dates for the foreseeable future. Accordingly, the Directors consider that it is appropriate for the financial statements of the Company to be prepared on a going concern basis.
NOTES OF APPRECIATION
I wish to thank our staff, investors and business partners for their support of the Company in the year to 31 March 2017. The Board and senior management are looking forward to a successful 2017/8.
Ivan McKeever
Chairman
31 August 2017
The Directors of Via Developments Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Via Developments Plc
24 Queen Street
Manchester
M2 5HX
Telephone: +44 161 850 2633
http://www.vdplc.com/
NEX EXCHANGE ADVISER:
Alexander David Securities Limited
David Scott -Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
VIA DEVELOPMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2017
| 2017 | 2016 | ||||||||||
| Notes | £ | £ | |||||||||
| Other operating income | 836,990 | 145,874 | |||||||||
| Administrative expenses | (1,114,715) | (170,723) | |||||||||
| Operating loss | 5 | (277,725) | (24,849) | ||||||||
| Finance income | 8 | 265,392 | 30,930 | ||||||||
| Finance costs | 9 | (346,040) | (58,555) | ||||||||
| Loss before taxation | (358,373) | (52,474) | |||||||||
| Income tax expense | 10 | (1,585) | (1,807) | ||||||||
| Loss for the year and total comprehensive expense | (359,958) | (54,281) | |||||||||
| The income statement has been prepared on the basis that all operations are continuing operations. | |||||||||||
VIA DEVELOPMENTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
| 2017 | 2016 | ||||||||||
| Notes | £ | £ | |||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment | 11 | 16,959 | 9,034 | ||||||||
| Investments | 12 | 1,250 | 1,150 | ||||||||
| Trade and other receivables | 14 | 3,096,233 | 2,123,833 | ||||||||
| 3,114,442 | 2,134,017 | ||||||||||
| Current assets | |||||||||||
| Trade and other receivables | 14 | 1,256,483 | 212,141 | ||||||||
| Cash and cash equivalents | 77,415 | 42,879 | |||||||||
| 1,333,898 | 255,020 | ||||||||||
| Total assets | 4,448,340 | 2,389,037 | |||||||||
| Current liabilities | |||||||||||
| Trade and other payables | 17 | 375,878 | 102,088 | ||||||||
| Net current assets | 958,020 | 152,932 | |||||||||
| Non-current liabilities | |||||||||||
| Borrowings | 16 | 4,101,309 | 2,289,423 | ||||||||
| Deferred tax liabilities | 18 | 3,392 | 1,807 | ||||||||
| 4,104,701 | 2,291,230 | ||||||||||
| Total liabilities | 4,480,579 | 2,393,318 | |||||||||
| Net liabilities | (32,239) | (4,281) | |||||||||
| Equity | |||||||||||
| Called up share capital | 19 | 382,000 | 50,000 | ||||||||
| Accumulated losses | (414,239) | (54,281) | |||||||||
| Total equity | (32,239) | (4,281) | |||||||||
| The financial statements were approved by the Board of directors and authorised for issue on ......................... | |||||||||||
| Signed on its behalf by: | |||||||||||
| .............................. | .............................. | ||||||||||
| Mr John Khan | Stephen Khan | ||||||||||
| Director | Director | ||||||||||
| Company Registration No. 09520543 | |||||||||||
VIA DEVELOPMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
| Called up share capital | Accumulated losses | Total equity | ||||||||
| Notes | £ | £ | £ | |||||||
| Balance at 31 March 2015 | - | - | - | |||||||
| Year ended 31 March 2016: | ||||||||||
| Loss and total comprehensive expense for the year | - | (54,281) | (54,281) | |||||||
| Issue of share capital | 19 | 50,000 | - | 50,000 | ||||||
| Balance as at 31 March 2016 and 1 April 2016 | 50,000 | (54,281) | (4,281) | |||||||
| Year ended 31 March 2017: | ||||||||||
| Loss and total comprehensive expense for the year | - | (359,958) | (359,958) | |||||||
| Issue of share capital | 19 | 332,000 | - | 332,000 | ||||||
| Balance at 31 March 2017 | 382,000 | (414,239) | (32,239) | |||||||
VIA DEVELOPMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2017
| 2017 | 2016 | |||||||||||||
| Notes | £ | £ | £ | £ | ||||||||||
| Cash used in operations | 25 | (1,845,355) | (182,771) | |||||||||||
| Interest paid | (251,167) | (12,205) | ||||||||||||
| Net cash used in operating activities | (2,096,522) | (194,976) | ||||||||||||
| Investing activities | ||||||||||||||
| Purchase of property, plant and equipment | (12,728) | (9,253) | ||||||||||||
| Loans made to subsidiaries | - | (2,092,403) | ||||||||||||
| Purchase of shares in subsidiaries | (100) | (1,150) | ||||||||||||
| Net cash used in investing activities | (12,828) | (2,102,806) | ||||||||||||
| Financing activities | ||||||||||||||
| Proceeds from issue of shares | 332,000 | 50,000 | ||||||||||||
| Net issue of debentures | 1,811,886 | 2,290,661 | ||||||||||||
| Net cash generated from financing activities | 2,143,886 | 2,340,661 | ||||||||||||
| Net increase in cash and cash equivalents | 34,536 | 42,879 | ||||||||||||
| Cash and cash equivalents at beginning of year | 42,879 | - | ||||||||||||
| Cash and cash equivalents at end of year | 77,415 | 42,879 | ||||||||||||
