Via Developments Plc - Audited Results 18 months 30 September 2018
PR Newswire
London, June 11
11 June 2019
GB00BYPBC438
Via Developments plc
("VDP" or "the Company")
Audited Results for the 18 months ended 30 September 2018
Via Developments Plc, is pleased to report its audited results for the eighteen months ended 30 September 2018.
CHAIRMAN'SSTATEMENT
I am delighted to be able to report on a successful trading period for Via Developments plc.
RESULTS
This is the Company's first financial report following the extension of its reporting period to cover the 18 months from 1 April 2017 to 30 September 2018. The Company ended the financial year with £5.9m (2017: £4.4m) of total assets and is reporting a loss for the period of £0.4m (2017: £0.2m after restatement). Please see the statement of comprehensive income and the statement of financial position.
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 £1.6m 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 (previously known as ISDX 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 company provides specialist professional services and support to develop the sites.
The company also enters into shorter term financing arrangements within the SPV's in order to fund the development of the projects.
At the balance sheet date the company, through it's SPVs had:
In June 2017, completed its first ever development at Canal Street, Manchester for a realised GDV of £2.275m.
In November 2017, completed the sale of its Plymouth Grove site realising Gross Sale Proceeds of £2.5m and a profit on the sale of £0.875m.
Made progress with its Windsor Point development, also in Luton, a new build residential development comprising 238 1- and 2-bedroom apartments with a total GDV of £53m.
It was noted that an amount of £142,461 relating to interest on the bond issue was counted twice in the prior period and so the 2017 results have been restated to correct this error.
FUTURE DEVELOPMENTS
In October 2018, the company completed the construction of its second development, Napier House in Luton, which involved the conversion of a commercial property to 26 permitted development apartments and the addition of a new floor to the roof space to incorporate 4 new build apartments.
The facilities in place for the Windsor Point development are currently due for renewal and the company is currently negotiating to secure senior debt, equity and mezzanine funding for this project that will enable the redemption of the current facility. The funding is expected to be secured by the end of Q3 2019.
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.
At the date of signing the accounts, one of the subsidiaries is in the process of securing senior debt, equity and mezzanine funding for one of the projects. Via Developments Plc will receive a management fee for these projects and will use this income to pay its creditors as they fall due. The funding is not expected to be secured until September 2019.
The future cash flows also include estimates of income receipts expected from the sale of completed developments. The forecasting of all expected future cash flows has been prepared on a cautious basis. Nevertheless, the use of estimates is unavoidable.
During the intervening period in securing external debt and receiving cash on the projects, Via Developments Plc is relying on short term financing which expires within 12 months and so there is a risk that all cash reserves will be tied up in the projects which will mean that the entity will not have the ability to pay its creditors as they fall due.
These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
To assess the entity's ability to continue as a going concern the directors have considered the cash flow forecast of the whole group as the access to cash is through the trading activities of the subsidiaries and any external financing taken out by Via Developments Plc.
Having reviewed the available information, and notwithstanding the risks highlighted in the preceding paragraphs, the directors are confident 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 period to 30 September 2018. The Board and senior management are looking forward to a successful future.
Ivan McKeever
Chairman
11 June 2019
VIA DEVELOPMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
| Period | Year | |||||||||||||
| ended | ended | |||||||||||||
| 30 September | 31 March | |||||||||||||
| 2018 | 2017 | |||||||||||||
| as restated | ||||||||||||||
| Notes | £ | £ | ||||||||||||
| Other operating income | 4 | 1,440,352 | 836,990 | |||||||||||
| Administrative expenses | (1,655,981) | (972,254) | ||||||||||||
| Operating loss | 5 | (215,629) | (135,264) | |||||||||||
| Finance income | 8 | 567,799 | 265,392 | |||||||||||
| Finance costs | 9 | (794,766) | (346,040) | |||||||||||
| Loss before taxation | (442,596) | (215,912) | ||||||||||||
| Income tax income/(expense) | 10 | 3,068 | (1,585) | |||||||||||
| Loss and total comprehensive expense for the Period | 21 | (439,528) | (217,497) | |||||||||||
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations. | ||||||||||||||
VIA DEVELOPMENTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
| 2018 | 2017 as restated | |||||||||||||||||
| Notes | £ | £ | ||||||||||||||||
| Non-current assets | ||||||||||||||||||
| Property, plant and equipment | 11 | 9,408 | 16,959 | |||||||||||||||
| Investments | 12 | 1,351 | 1,250 | |||||||||||||||
| Trade and other receivables | 14 | 3,842,593 | 3,096,233 | |||||||||||||||
| 3,853,352 | 3,114,442 | |||||||||||||||||
| Current assets | ||||||||||||||||||
| Trade and other receivables | 14 | 1,932,929 | 1,256,483 | |||||||||||||||
| Cash and cash equivalents | 91,229 | 77,415 | ||||||||||||||||
| 2,024,158 | 1,333,898 | |||||||||||||||||
| Total assets | 5,877,510 | 4,448,340 | ||||||||||||||||
| Current liabilities | ||||||||||||||||||
| Trade and other payables | 17 | 527,017 | 375,878 | |||||||||||||||
| Net current assets | 1,497,141 | 958,020 | ||||||||||||||||
| Non-current liabilities | ||||||||||||||||||
| Borrowings | 16 | 5,679,475 | 3,958,848 | |||||||||||||||
| Deferred tax liabilities | 18 | 324 | 3,392 | |||||||||||||||
| 5,679,799 | 3,962,240 | |||||||||||||||||
| Total liabilities | 6,206,816 | 4,338,118 | ||||||||||||||||
| Net (liabilities)/ assets | (329,306) | 110,222 | ||||||||||||||||
| Equity | ||||||||||||||||||
| Called up share capital | 20 | 382,000 | 382,000 | |||||||||||||||
| Accumulated losses | (711,306) | (271,778) | ||||||||||||||||
| Total equity | (329,306) | 110,222 | ||||||||||||||||
| The financial statements were approved by the Board of directors and authorised for issue on ......................... | ||||||||||||||||||
| Signed on its behalf by: | ||||||||||||||||||
| .............................. | .............................. | |||||||||||||||||
| J Khan | S Khan | |||||||||||||||||
| Director | Director | |||||||||||||||||
| Company Registration No. 09520543 | ||||||||||||||||||
VIA DEVELOPMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
| Share capital | Accumulated losses | Total | |||||||||||||||||
| Notes | £ | £ | £ | ||||||||||||||||
| Balance at 1 April 2016 | 50,000 | (54,281) | (4,281) | ||||||||||||||||
| Period ended 31 March 2017: | |||||||||||||||||||
| Loss and total comprehensive expense for the period | - | (359,958) | (359,958) | ||||||||||||||||
| Issue of share capital | 20 | 332,000 | - | 332,000 | |||||||||||||||
| Balance at 31 March 2017 as previously reported | 382,000 | (414,239) | (32,239) | ||||||||||||||||
| Prior year adjustment | 28 | - | 142,461 | 142,461 | |||||||||||||||
| As restated | 382,000 | (271,778) | 110,222 | ||||||||||||||||
| Period ended 30 September 2018: | |||||||||||||||||||
| Loss and total comprehensive expense for the period | - | (439,528) | (439,528) | ||||||||||||||||
| Balance at 30 September 2018 | 382,000 | (711,306) | (329,306) | ||||||||||||||||
The notes on pages 15 to 31 are an integral part of these financial statements. | |||||||||||||||||||
VIA DEVELOPMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
| Period ended | Year ended | |||||||||||||||||||||
| 30 September | 31 March | |||||||||||||||||||||
| 2018 | 2017 | |||||||||||||||||||||
| as restated | ||||||||||||||||||||||
| Notes | £ | £ | £ | £ | ||||||||||||||||||
| Cash flows from operating activities | ||||||||||||||||||||||
| Cash used in operations | 27 | (1,085,148) | (1,702,894) | |||||||||||||||||||
| Interest paid | (366,464) | (108,706) | ||||||||||||||||||||
| Net cash outflow from operating activities | (1,451,612) | (1,811,600) | ||||||||||||||||||||
| Investing activities | ||||||||||||||||||||||
| Purchase of property, plant and equipment | (1,374) | (12,728) | ||||||||||||||||||||
| Purchase of shares in subsidiaries | (101) | (100) | ||||||||||||||||||||
| Interest received | 53,841 | - | ||||||||||||||||||||
| Net cash generated from/(used in) investing activities | 52,366 | (12,828) | ||||||||||||||||||||
| Financing activities | ||||||||||||||||||||||
| Proceeds from issue of shares | - | 332,000 | ||||||||||||||||||||
| Net issue of debentures | 1,413,060 | 1,526,964 | ||||||||||||||||||||
| Net cash generated from financing activities | 1,413,060 | 1,858,964 | ||||||||||||||||||||
| Net increase in cash and cash equivalents | 13,814 | 34,536 | ||||||||||||||||||||
| Cash and cash equivalents at beginning of year | 77,415 | 42,879 | ||||||||||||||||||||
| Cash and cash equivalents at end of year | 91,229 | 77,415 | ||||||||||||||||||||
The notes on pages 15 to 31 are an integral part of these financial statements. | ||||||||||||||||||||||
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 4S
