Source - PRN

31 August 2016

GB00BYPBC438

Via Developments plc

(“VDP” or “the Company”)

Audited Annual Results for the year ended 31 March 2016

Via Developments Plc, are delighted to report its audited annual results for the twelve months ended 31 March 2016.

CHAIRMAN’S STATEMENT

We are delighted to be able to report on a successful year for Via Developments plc, which has established a solid foundation for the future success of the business.

RESULTS

The company was incorporated on 31 March 2015 and this year was our first year of operations.  Although the business is currently at a pre revenue stage, the sales plan in on track and the company expects to start recording sales revenue in the final quarter of 2016.  The company has been active in acquiring sites for development and ended the year with £2.4m of assets on the balance sheet and is reporting a small loss of £54k.

KEY HIGHLIGHTS OF THE YEAR

ISDX listing

A key highlight of the year was the admission of VDP’s 7% Debenture Stock 2020 to the ISDX growth market in November 2015.  In the period following admission through to 31 March 2016, the Company raised £2.6m through the bond listing.

At the time of admission, the Company stated that it would use the funds raised through the bond to acquire a number of sites suitable for development.  The Company is pleased to confirm that it has utilised the funds by acquiring 3 sites at a total cost of £4.1m, having an expected exit valuation of £18.3m which we expect to realise over the next 18 months.

Acquisitions

The Group acquired its first site at Canal Street, Manchester in December 2015.  A small development of 8 units, development is scheduled to complete in March 2017.  A second site, Napier House in Luton was acquired in March 2016.  Building will commence on this site in September 2016 and is scheduled to complete in May 2017.  The third site at Plymouth Grove in Manchester was purchased in June 2016.  Here, building work is scheduled to start early in the New Year 2017, and will complete in January 2018.

Current Trading

Work on the Canal Street development started in July 2016 and with all planning and other consents having been received the Company will commence the marketing of this development to potential off-plan buyers by 2 September 2016.

FUTURE DEVELOPMENTS

On 23 June 2016, a referendum was held in the United Kingdom the outcome of which determined that the United Kingdom will leave the European Union at some point in the future.  At the time of writing, the details of how and when this will take effect, and its effect on the financial markets are unclear and it is not currently possible to estimate the long term impact of this event.

In the period since the referendum, the directors have noticed that the market has changed.  The Company is seeing more interest from foreign investors as compared with domestic purchasers and

overall demand remains high.  In light of this, the directors are of the opinion that these changes will not have a material impact on the Company’s future prospects.

The Directors believe that the commercial environment will continue to provide opportunities for growth.

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 2016. The Board and senior management are looking forward to a successful 2016/7.

John Khan

Managing Director

31 August 2016

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/


ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott –Corporate Finance
James Dewhurst – Corporate Brokerage 
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA


 

VIA DEVELOPMENTS PLC

STATEMENT OF COMPREHENSIVE EXPENSE

FOR THE YEAR ENDED 31 MARCH 2016

Year
ended
31 March
2016
£
Other operating income 145,874
Administrative expenses (170,723)
Operating loss (24,849)
Finance income 30,930
Finance costs (58,555)
Loss before taxation (52,474)
Income tax expense (1,807)
Loss for the year and total comprehensive expense (54,281)
The statement of comprehensive expense has been prepared on the basis that all operations are continuing operations.

VIA DEVELOPMENTS PLC

BALANCE SHEET

AS AT 31 MARCH 2016

2016
£
Non-current assets
Property, plant and equipment 9,034
Investments 1,150
Other receivables 2,123,833
2,134,017
Current assets
Trade and other receivables 212,141
Cash and cash equivalents 42,879
255,020
Total assets 2,389,037
Equity
Called up share capital 50,000
Accumulated losses (54,281 )
Total equity (4,281)
Current liabilities
Trade and other payables 102,088
Non-current liabilities
Borrowings 2,289,423
Deferred tax liabilities 1,807
Total liabilities 2,393,318
Total equity and liabilities 2,389,037
The financial statements were approved by the Board of directors and authorised for issue on 31 August 2016.
Signed on its behalf by:
.............................. ..............................
Mr J Khan Mr S Khan
Director Director
Company Registration No. 09520543

 

VIA DEVELOPMENTS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2016

Called up share capital Accumulated losses Total equity
£ £ £
Loss for the year - (54,281) (54,281)
Issue of share capital 50,000 - 50,000
Balance at 31 March 2016 50,000 (54,281) (4,281)

VIA DEVELOPMENTS PLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2016

2016
£ £
Cash used from operations (182,771)
Interest paid (12,205)
Net cash outflow from operating activities (194,976)
Investing activities
Purchase of property, plant and equipment (9,253)
Loans made to subsidiaries (2,092,403)
Purchase of shares in subsidiaries (1,150)
Net cash generated from investing activities (2,102,806 )
Financing activities
Proceeds from issue of shares 50,000
Issue of debentures 2,290,661
Net cash generated from financing activities 2,340,661
Net increase in cash and cash equivalents 42,879
Cash and cash equivalents at beginning of year -
Cash and cash equivalents at end of year 42,879