TIDMDVT
RNS Number : 2788L
daVictus plc
04 September 2023
4 September 2023
DAVICTUS PLC
("DAVICTUS" OR "THE COMPANY")
UNAUDITED INTERIM FINANCIAL STATEMENTSED 30 JUNE 2023
daVictus plc, (LSE: DVT), a company established to seek business
opportunities in the food and beverage sector in Asia, announces
its unaudited interim financial statement for the period ended 30.
June 2023.
The Interim report is also available on the Company's website
at: http://www.davictus.co.uk .
For further information, please contact:
Robert Pincock
robert@davictus.co.uk
+603 5613 3388
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2023
I am presenting the interim financial statements of Davictus PLC
("the Company" or "Davictus") for the six-month period ending on
June 30, 2023.
Davictus continues to oversee its two franchisees located in
Kuala Lumpur, Malaysia, and Bangkok, Thailand. The board views
their performance as being moderate and thus we are cautiously
considering potential expansion in these markets. We might
entertain inquiries from Singapore, Indonesia, Philippines, and
Vietnam in the coming years, although our approach to expansion
remains measured.
In recent months, we have been exploring opportunities to extend
our restaurant management services beyond our flagship Havana
Dining franchise. This exploration is still ongoing, and updates
will be shared as progress is made. We hope that these
considerations will tap into our industry expertise, potentially
bringing in new revenue streams for the Company.
Our commitment to supporting the well-being and growth of the
employees working within our franchise network, remains steadfast.
We are dedicated to providing the necessary support for smooth
operations.
We maintain a cautiously optimistic view of the Company's
future, underpinned by our dedication to operational excellence and
industry best practices. This approach positions us for growth and
sustained profitability.
The board expresses its gratitude to all stakeholders for their
ongoing support.
Abd Hadi Bin Abd Majid
Chairman
4 September 2023
DIRECTORS' STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2023
For the reporting period under review, the Company reported a
net profit of GBP63,598. At 30 June 2023, the Company had cash in
bank of GBP171,204.
There are a number of potential risks and uncertainties which
may have material impact on the Company's performance over the
remaining six months of the financial year and could cause actual
results to differ materially from expected and historical results.
The directors do not consider any changes on the principal risks
and uncertainties since the publication of the annual report for
the year ended 31 December 2022, which contained a detailed
explanation of the risks relevant to the Company, is also available
at http://www.davictus.co.uk .
The Board looks forward to providing further updates to the
shareholders in due course.
Responsibility Statement
The Directors are responsible for preparing the Condensed
Interim Financial Statements in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority ('DTR') and with International Accounting Standard 34 on
Interim Financial Reporting (IAS 34).
The directors confirm that, to the best of their knowledge, this
condensed consolidated interim financial statement have been
prepared in accordance with IAS 34, as adopted by the United
Kingdom. The interim management report includes a fair review of
the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
Abd Hadi Bin Abd Majid
Director
4 September 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2023
Notes 6 months 6 months
period ended period ended
30-Jun-23 30-Jun-22
(Unaudited) (Unaudited)
GBP GBP
Revenue 3 150,000 150,000
Cost of sales - -
-------------- --------------
Gross profit 150,000 150,000
Operating expenses (86,402) (85,995)
-------------- --------------
Operating Profit 63,598 64,005
Other income - -
Gain on foreign exchange - -
Interest income - -
Finance expenses - -
--------------
Profit before taxation 63,598 64,005
Tax expense 4 - -
PROFIT FOR THE YEAR
ATTRIBUTABLE TO EQUITY SHAREHOLDERS 63,598 64,005
OTHER COMPREHENSIVE INCOME
Loss on disposal of investment - (9,159)
-------------- --------------
TOTAL COMPREHENSIVE PROFIT
FOR THE YEAR 63,598 54,846
-------------- --------------
Basic and diluted profit per
share (pence) 5 0.48 p 0.41 p
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at As at As at
30-Jun-23 30-Jun-22 31-12-22
Notes (Unaudited) (Unaudited) Audited
GBP GBP GBP
Non-current assets
Right-of-use asset 6 15,211 45,633 30,422
15,211 45,633 30,422
------------ ------------ ------------
Current assets
Trade receivables 285,524 - 200,192
Other receivables 27,571 9,566 -
Cash and cash equivalents 171,204 242,849 260,308
------------ ------------ ------------
484,299 252,415 460,500
------------ ------------ ------------
Total assets 499,510 298,048 490,922
------------ ------------ ------------
Equity attributable
to equity holders of
the company
Share capital 7 1,224,400 1,224,400 1,224,400
Accumulated losses (945,037) (1,173,258) (1,008,635)
------------ ------------ ------------
Total equity 279,363 51,142 215,765
------------ ------------ ------------
Non-current liabilities
Lease liabilities 9 - 32,420 -
- 32,420 -
------------ ------------ ------------
Current liabilities 8
Other payables 30,290 (5,350) 29,404
Deferred Income 173,333 204,167 213,333
Amount owing to directors - 318 -
Lease liabilities 9 16,524 15,351 32,420
220,147 214,486 275,157
------------ ------------ ------------
Total equity and liabilities 499,510 298,048 490,922
============ ============ ============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE SIX MONTHSED 30 JUNE 2023
As at As at
30-Jun-23 30-Jun-22
(Unaudited) (Unaudited)
GBP GBP
Cash flow from operating activities
Operating Profit 63,598 54,846
Adjustment for:
Loss on disposal of investment - 9,159
Depreciation of right-of-use-assets 15,211 15,211
Interest on lease liabilities 904 1,976
------------ ------------
79,713 81,192
Changes in working capital
(Increase) / Decrease in receivables (112,903) 37,895
(Decrease) / Increase in other
payables (39,114) 43,613
Increase in amount due to directors - 318
Net cash flow used in operating
activities (152,017) 81,826
------------ ------------
Cash flows from financing activities
Proceed from disposal of investment - 8
Repayment on lease liability (16,800) (16,801)
Net cash generated from financing
activities (16,800) (16,793)
Net increase in cash and cash
equivalents (89,104) 146,225
Cash and cash equivalents at beginning
of period 260,308 96,624
------------ ------------
Cash and cash equivalents at end
of period 171,204 242,849
============ ============
CONDENSED CONSOLIDATED STATEMENT CHANGES OF EQUITY
FOR THE SIX MONTHSED 30 JUNE 2023
Period from 1 January 2023 to 30 June 2023
Stated Accumulated Total
capital losses
GBP GBP GBP
As at 1 January 2023 1,224,400 (1,008,635) 215,765
Profit for the period - 63,598 63,598
---------- ------------ --------
Total comprehensive
profit for the period - 63,598 63,598
---------- ------------ --------
As at 30 June 2023 1,224,400 (945,037) 279,363
========== ============ ========
Period from 1 January 2022 to 30 June 2022
Stated Accumulated Total
capital losses
GBP GBP GBP
As at 1 January 2022 1,224,400 (1,237,270) (12,870)
Accumulated losses of
subsidiary disposed during
the year 9,166 9,166
---------- ------------ ---------
1,224,400 (1,228,104) (3,704)
Loss on disposal of investment - (9,159) (9,159)
Profit for the period - 64,005 64,005
---------- ------------ ---------
Total comprehensive profit
for the period - 54,846 54,846
---------- ------------ ---------
As at 30 June 2022 1,224,400 (1,173,258) 51,142
========== ============ =========
For the year ended 31 December 2022
Stated capital Accumulated Total
losses
GBP GBP GBP
As at 1 January
2022 1,224,400 (1,237,270) (12,870)
Accumulated losses
of subsidiary disposed
during the year 9,166 9,166
--------------- ------------ ---------
1,224,400 (1,228,104) (3,704)
Loss on disposal
of investment (9,159) (9,159)
Profit for the year - 228,628 228,628
--------------- ------------ ---------
Total comprehensive
profit for the year - 219,469 219,469
--------------- ------------ ---------
As at 31 December
2022 1,224,400 (1,008,635) 215,765
=============== ============ =========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR SIX MONTHSED 30 JUNE 2023
1. GENERAL INFORMATION
The Company was incorporated and registered in Jersey as a
public company limited by shares on 5 February 2015 under the
companies (Jersey) Law 1991 and registered number 117716. The
registered office of the Company is at the offices of 28 Esplanade,
St. Helier, Jersey, JE1 8SB.
On 15 March 2020, the Company acquired a dormant British Virgin
Island incorporated company as a wholly owned subsidiary for
purpose of business operation (together in this financial report
referred as the 'Group').
2. ACCOUNTING POLICIES
Basis of preparation
The interim financial statements for the six-month period ended
30 June 2023 have been prepared in accordance with IAS 34 Interim
Financial Reporting. It is unaudited and does not constitute
statutory financial statements. The comparative interim financial
information covers the period ended 30 June 2022.
The interim financial statements have been prepared on a basis
consistent with, and on the basis of, the accounting policies set
out in the audited financial statements of the Group for the year
ended 31 December 2022, which have been prepared in accordance with
International Financial Reporting Standards as adopted by the
United Kingdom.
The interim financial information is presented in British Pound
Sterling ("GBP").
New standards and interpretations
A number of new standards and amendments to standards and
interpretations have been issued by International Accounting
Standards Board but are not yet effective and in some cases have
not yet been adopted by the United Kingdom. The Directors do not
expect that the adoption of these standards will have a material
impact on the financial statements of the Group in future
periods.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through
its power over the entity.
All intercompany transactions, balances, income and expenses are
eliminated in consolidation.
Going concern
The condensed interim financial statements have been prepared on
a going concern basis, which assumes that the Group will continue
to be able to meet its liabilities as they fall due for the
foreseeable future.
The Covid-19 pandemic has been unprecedented in scale and
impact, and the Group have taken swift and decisive action to
protect our customers, colleagues, franchisees and their staff and
the communities in which the Group operates, by implementing the
necessary steps to safeguard the business through the crisis, in
line with the government guidelines.
The significant impact of Covid-19 to the Group business is
summarised below:
-- Delay in franchisee restaurant engagement. - Due to MCO
(movement control order) announced by Malaysian Government, the
launch the new franchise restaurants was being delayed
-- Working capital inflow of fund are lagging behind initial
plan. The Group has arranged additional short-term financing from
directors if required to support continuity of business
operations
-- This might impact the business revenue of franchisees, and
reduce the royalty payment that is by percentage of gross revenue
sales.
Based on the current working capital forecast, the Group is
unlikely to need additional funds within twelve months of the date
of approval of these financial report in order to maintain its
proposed work levels and to continue successfully managing its cash
resources. After making enquiries and considering the assumptions
upon which the forecasts have been based, the directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. For
these reasons, they continue to adopt the going concern basis of
accounting in preparing the annual financial statements.
Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Group and the revenue can be
reliably measured, regardless of when the payment is made. Revenue
is measured at the fair value of consideration received or
receivable, taking into account contractually defined terms of
payment and excluding taxes or duty.
Fees receivable from franchisee according to franchise agreement
at which time the Group has performed its obligation. Fees
receivable in advance are stated on the Consolidated Statement of
Financial Position as deferred income.
Leases
The Group assesses whether a contract is or contains a lease, at
the inception of the contract. The Group recognises a right-of-use
asset and corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for low-value assets
and short-term leases with 12 months or less. For these leases, the
Group recognises the lease payments as an operating expense on a
straight-line method over the term of the lease unless another
systematic basis is more representative of the time pattern in
which economic benefits from the leased assets are consumed.
The Group recognises a right-of-use asset and a lease liability
at the lease commencement date. The right-of-use assets and the
associated lease liabilities are presented as a separate line item
in the statement of financial position.
The right-of-use asset is initially measured at cost. Cost
includes the initial amount of the corresponding lease liability
adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred, less any incentives
received.
The right-of-use asset is subsequently measured at cost less
accumulated depreciation and any impairment losses, and adjustment
for any remeasurement of the lease liability. The depreciation
starts from the commencement date of the lease. If the lease
transfers ownership of the underlying asset to the Group or the
cost of the right-of-use asset reflects that the Group expects to
exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset.
Otherwise, the Group depreciates the right-of-use asset to the
earlier of the end of the useful life of the right-of-use asset or
the end of the lease term.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease. If this rate
cannot be readily determined, the Group uses its incremental
borrowing rate.
The lease liability is subsequently measured at amortised cost
using the effective interest method. It is remeasured when there is
a change in the future lease payments (other than lease
modification that is not accounted for as a separate lease) with
the corresponding adjustment is made to the carrying amount of the
right-of-use asset or is recognised in profit or loss if the
carrying amount has been reduced to zero.
3. REVENUE
The Group revenue are derived from franchise related fees
including brand licence, management fee and royalties according to
Restaurant Franchise Agreement. For the reporting period, revenue
contributions are from a franchisee located in Kuala Lumpur,
Malaysia and Bangkok Thailand.
There are no seasonal factors that materially affect the
operations of the Group.
4. INCOME TAX EXPENSE
The Company is not a "Financial Services Company" registered
under the relevant Jersey laws; or a specified utility company and
therefore it is subject to Jersey income tax at the general rate of
0 per cent. If the Company derives any income from Jersey property,
including development of land or quarrying, such income will be
subject to tax at the rate of 20 per cent. It is not expected that
the Company will derive any such income.
5. PROFIT / (LOSS) PER SHARE
Basic profit / (loss) per ordinary share is calculated by
dividing the loss attributable to equity holders of the company by
the weighted average number of ordinary shares in issue during the
period. Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. There are
currently no dilutive potential ordinary shares.
6 months 6 months
period ended period ended
30-Jun-23 30-Jun-22
GBP GBP
Profit for the period 63,598 54,846
Weighted average number of shares
(Unit) 13,350,000 13,350,000
Profit per share (pence) 0.48 p 0.41 p
6. RIGHT-OF-USE ASSETS
The Company has entered into a non-cancellable operating lease
agreement for tenancy of office space. The lease is for a period of
36 months operating lease agreement commencing 1 January 2021 with
an option to renew the lease for a further 12 months.
GBP
Cost 91,266
Accumulated depreciation (76,055)
As at 30 June 2023 15,211
---------
7. STATED CAPITAL
Number of GBP
ordinary shares
As at 1 January
2023 13,350,000 1,224,400
As at 30 June 2023 13,350,000 1,224,400
8. CURRENT LIABILITIES
6 months 6 months
period ended period
ended
30-Jun-23 30-Jun-22
GBP GBP
Other Creditors 30,290 (5,350)
Deferred Income 173,333 204,167
Amount owing to Director - 318
Lease Liability 16,524 15,351
220,147 214,486
-------------- ----------
9. LEASE LIABILITIES
6 months 6 months
period ended period ended
30-Jun-23 30-Jun-22
GBP GBP
As at 1 January 33,602 67,203
Addition during the year - -
De-recognition of lease due to -
termination -
Interest in suspense (1,181) (4,607)
Interest expensed 904 1,976
Repayment of principal (16,801) (16,801)
16,524 47,771
-------------- --------------
Lease liabilities are payable as follow:
Within 1 year 16,524 15,351
------- -------
Between 2 - 5 years - 32,420
------- -------
10. RELATED PARTY TRANSACTION
The directors are considered to be the key management personnel.
Details concerning Directors' remuneration can be found below:
6 months 6 months
period ended period ended
30-Jun-23 30-Jun-22
GBP GBP
Robert Pincock 7,500 7,500
Abd Hadi Bin Abd Majid 5,000 5,000
Maurice James Malcolm Groat 2,000 2,000
-------------- --------------
14,500 14,500
-------------- --------------
11. SUBSEQUENT EVENTS
There were no subsequent events after the reporting period.
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END
IR EAPNLEDDDEEA
(END) Dow Jones Newswires
September 04, 2023 04:39 ET (08:39 GMT)
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