Half-year Report Business Wire

LONDON--(BUSINESS WIRE)--

 

Wheelsure Holdings plc

(“Wheelsure” or the “Group”)

Interim Results for Six Months Ended 29 February 2020

Chairman’s statement

We are announcing our results for the 6 months ended 28 February 2021.

Sales for the period were £55,683 (6 months to 29 February 2020: £115,730), reflects a difficult trading climate across our primary European market with the impact of COVID-19 adversely affecting all public sector transport spending.

The situation has shown signs of improvement in the latter part of the period and we anticipate a stronger start to the second half of the year.

During the period, we have enjoyed sales from London Underground, despite the reported drop in passenger income of up to 90% during 2020, as well as in both Germany and Italy.

This business has continued in the post-reporting period and we have also opened a new trading opportunity directly into Deutsche Bahn in addition to Siemens.

Against this difficult trading background, exacerbated by the additional challenges of the UK’s departure from the EU (Brexit), we are striving to seek new business opportunities.

In particular we are actively seeking new agent relationships in a number of countries, have developed a new commercial approach to manufacturers and are exploring more diverse (non-rail) opportunities.

The Board would like to place on record our thanks to Gerry Mulder, our outgoing Chairman who formally retired on 3 March 2021.

Gerry has worked tirelessly to support the company over 16 years and as Chairman for the last 9 years; we wish him and his family well in retirement.

I have been a Board member since inception and have taken on the role as Interim Non-Executive Chairman whilst we consolidate our business in the short term and plan for the future.

The trading environment remains uncertain due to the ongoing global pandemic but the Board remains confident that the broad fundamentals remain in place to build a strong business as the world recovers.

The Board would like to thank all our shareholders for their continued support.

John Richard Allen
Interim Chairman
20 April 2021

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

Wheelsure Holdings plc

 

01525 840 557

Gerhard Dodl, CEO

 

 

 

 

 

Cairn Financial Advisers LLP

 

020 7213 0885

Jo Turner / Liam Murray / Mark Rogers

 

 

Unaudited consolidated statement of comprehensive income

for the six months ended 28 February 2021

 

 

Six months
ended
28.02.2021

 

Six months
ended
29.02.2020

 

Year
ended
31.08.2020

 

 

£

 

£

 

£

 

 

 

 

 

 

 

TURNOVER

 

55,683

 

115,730

 

232,539

Cost of sales

 

(26,592)

 

(51,133)

 

(121,221)

 

GROSS PROFIT

 

 

29,091

 

 

64,597

 

 

111,318

Administrative expenses

 

(142,053)

 

(134,923)

 

(298,855)

 

 

(112,962)

 

(70,326)

 

(187,537)

Other operating income

 

-

 

2,365

 

2,297

 

OPERATING LOSS

 

 

(112,962)

 

 

(67,961)

 

 

(185,240)

Interest payable and similar charges

 

(4,112)

 

(6,683)

 

(18,080)

 

 

 

 

 

 

 

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

 

(117,074)

 

(74,644)

 

(203,320)

Tax on loss on ordinary activities

 

(343)

 

-

 

18,192

 

 

 

 

 

 

 

LOSS FOR THE PERIOD AFTER TAXATION

 

(117,417)

 

(74,644)

 

(185,128)

 

 

 

 

 

 

 

Other comprehensive income

 

-

 

-

 

-

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

(117,417)

 

(74,644)

 

(185,128)

BASIC AND DILUTED LOSS PER SHARE (NOTE 3)

 

3.3p

 

3.1p

 

7.7p

Unaudited consolidated balance sheet

as at 28 February 2021

 

 

As at

 

As at

 

As at

 

 

28.02.2021

 

29.02.2020

 

31.08.2020

 

 

£

 

£

 

£

 

£

 

£

 

£

FIXED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

48,194

 

 

 

50,810

 

 

 

42,473

Tangible assets

 

 

 

372

 

 

 

532

 

 

 

452

 

 

 

 

48,566

 

 

 

51,342

 

 

 

42,925

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Stocks

 

34,125

 

 

 

38,434

 

 

 

34,712

 

 

Debtors

 

75,774

 

 

 

61,892

 

 

 

55,431

 

 

Cash at bank

 

159

 

 

 

1,756

 

 

 

25,980

 

 

 

 

110,059

 

 

 

102,082

 

 

 

116,123

 

 

CREDITORS

 

 

 

 

 

 

 

 

 

 

 

 

Amounts falling due within one year

 

(269,956)

 

 

 

(278,759)

 

 

 

(151,962)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CURRENT LIABILITIES

 

 

 

(159,897)

 

 

 

(176,677)

 

 

 

(35,839)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LIABILITIES)/ASSETS

     

(111,331)

 

 

 

(125,335)

 

 

 

7,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL AND RESERVES

     

 

 

 

 

 

 

 

 

 

Called up share capital

 

 

 

2,413,868

 

 

 

2,402,057

 

 

 

2,413,868

Share premium

 

 

 

3,666,640

 

 

 

3,443,250

 

 

 

3,667,640

Profit and loss account

 

 

 

(6,191,839)

 

 

 

(5,970,642)

 

 

 

(6,074,422)

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ (DEFICIT)/FUNDS

     

(111,331)

 

 

 

(125,335)

 

 

 

7,086

Unaudited consolidated statement of changes in equity

for the six months ended 28 February 2021

 

Six months ended 28 February 2021

 

Called up
share capital

 

Share
Premium

 

Retained
earnings

 

Total
equity

 

 

£

 

£

 

£

 

£

Balance at 1 September 2020

 

2,413,868

 

3,667,640

 

(6,074,422)

 

7,086

Changes in equity

 

 

 

 

 

 

 

 

Issue of share capital

 

-

 

(1,000)

 

-

 

(1,000)

Total comprehensive loss

 

-

 

-

 

(117,417)

 

(117,417)

Balance at 28 February 2021

 

2,413,868

 

3,666,640

 

(6,191,839)

 

(111,331)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended 29 February 2020

 

Called up
share capital

 

Share
Premium

 

Retained
earnings

 

Total
equity

 

 

£

 

£

 

£

 

£

Balance at 1 September 2019

 

2,402,057

 

3,443,250

 

(5,895,998)

 

(50,691)

Changes in equity

 

 

 

 

 

 

 

 

Total comprehensive loss

 

-

 

-

 

(74,644)

 

(74,644)

Balance at 29 February 2020

 

2,402,057

 

3,443,250

 

(5,970,642)

 

(125,335)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended 31 August 2020

 

Called up
share capital

 

Share
Premium

 

Retained
earnings

 

Total
equity

 

 

£

 

£

 

£

 

£

Balance at 1 September 2019

 

2,402,057

 

3,443,250

 

(5,895,998)

 

(50,691)

Changes in equity

 

 

 

 

 

 

 

 

Issue of share capital

 

11,811

 

224,390

 

-

 

236,201

Total comprehensive loss

 

-

 

-

 

(185,128)

 

(185,128)

Capital contribution

 

-

 

-

 

6,704

 

6,704

Balance at 31 August 2020

 

2,413,868

 

3,667,640

 

(6,074,422)

 

7,086

Unaudited consolidated cash flow statement

for the six months ended 28 February 2021

 

Notes

Six months
ended
28.02.2021

 

Six months
ended
29.02.2020

 

Year
ended
31.08.2020

 

 

 

 

£

 

£

 

£

Cash flows from operating activities

 

 

 

 

 

 

 

 

Cash used in operations

 

4

 

(108,819)

 

(48,918)

 

(136,837)

Tax received

 

 

 

17,613

 

18,681

 

36,395

Net cash used in operating activities

 

 

 

(91,206)

 

(30,237)

 

(100,442)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Capital expenditure

 

 

 

(7,878)

 

(1,548)

 

(6,421)

Net cash used in investing activities

 

 

 

(7,878)

 

(1,548)

 

(6,421)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

New loans in period

 

 

 

75,000

 

25,000

 

125,000

Share issue proceeds

 

 

 

-

 

-

 

-

Share issue costs

 

 

 

(1,000)

 

-

 

-

Interest paid

 

 

 

(737)

 

(746)

 

(1,444)

Net cash from financing activities

 

 

 

73,263

 

24,254

 

123,556

 

 

 

 

 

 

 

 

 

(Decrease)/increase in cash and cash equivalents

 

 

 

(25,821)

 

(7,531)

 

16,693

 

 

 

 

 

 

 

 

 

Cash at bank and in hand at start of period

 

 

 

25,980

 

9,287

 

9,287

 

 

 

 

 

 

 

 

 

Cash at bank and in hand at period end

 

 

 

159

 

1,756

 

25,980

Notes to the unaudited financial statements
for the six months ended 28 February 2021

1. Reporting entity
Wheelsure Holdings plc (the “Company”) is a company incorporated and domiciled in the United Kingdom. The address of the Company’s registered office is 235 Hunts Pond Road, Fareham, Hampshire, PO14 4PJ.

The consolidated interim financial statements of the Group as at and for the half year ended 28 February 2021 comprise the Company and its subsidiaries (together referred to as the “Group”). The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 August 2020 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified but contained an emphasis of matter paragraph in relation to going concern, and did not contain a statement under Section 498(2) of the Companies Act 2006. The consolidated financial statements of the Group as at and for the year ended 31 August 2020 are available at http://www.wsgroupglobal.com.

2. Basis of preparation
These consolidated financial statements for the half year ended 28 February 2021 are unaudited. They have been prepared and approved by the directors following the recognition and measurement principles of Financial Reporting Standard (FRS 102) and with the requirements of the Companies Act 2006. This information has not been reviewed by the Group’s auditors.

The interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 August 2020.

The information in the interim financial statements has not be reviewed by the Group’s auditors.

3. Basic and diluted loss per share

 

Six months
ended
28.02.2021

 

Six months
ended
29.02.2020

 

Year
ended
31.08.2020

 

 

£

 

£

 

£

Loss for the period

 

(117,417)

 

(74,644)

 

(185,128)

Weighted average number of ordinary shares in issue during the period

 

3,583,058

 

2,402,057

 

2,415,000

Basic and diluted loss per share

 

3.3p

 

3.1p

 

7.7p

The weighted average number of shares for the six months ended 29 February 2020 has been adjusted for the share capital reorganisation which took place on 22 May 2020. No shares were deemed to have been issued at nil consideration as a result of the share options granted.

The diluted basic loss per share is stated as the same amount as the basic as there is no dilutive effect in either year.

4. Reconciliation of operating loss to net cash outflow from operating activities

 

 

Six months
ended
28.02.2021

 

Six months
ended
29.02.2020

 

Year
ended
31.08.2020

 

 

£

 

£

 

£

Operating loss for the period

 

(112,962)

 

(67,961)

 

(185,240)

Depreciation and amortisation charges

 

2,237

 

2,358

 

4,801

Loss on disposal of fixed assets

 

-

 

-

 

10,847

 

 

(110,725)

 

(65,603)

 

(169,592)

Decrease / (increase) in stocks

 

587

 

(748)

 

2,974

(Increase) / decrease in trade and other debtors

 

(38,300)

 

10,101

 

17,040

Increase in trade and other creditors

 

39,619

 

7,332

 

12,741

 

 

 

 

 

 

 

Net cash outflow from operating activities

 

(108,819)

 

(48,918)

 

(136,837)

5. Post balance sheet events
During March 2021 the Company raised £50,000 by way of a placing of 370,370 new Ordinary Shares and secured a Government-backed bounce-back loan totalling £50,000.

Wheelsure Holdings Plc

Source: Wheelsure Holdings Plc