TIDMHPAC
RNS Number : 2213K
Hermes Pacific Investments PLC
20 December 2022
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
20 December 2022
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2022
Chairman's Statement
I am pleased to report the results for Hermes Pacific
Investments plc ("HPAC" or the "Company") for the six months ended
30 September 2022 (the "Period"). During the Period the Company
made a loss on ordinary activities before taxation of GBP44,000
which is marginally less than the loss reported for the
corresponding period in the previous year. The Company's financial
performance is in line with our expectations. HPAC has generated
small amount of revenue in the Period through the rental income on
our residential property. We continue to manage our costs
effectively whilst keeping its spending to a minimum. There was no
material change in the value of the Company's existing investments
from that as at 31 March 2022. The Company is also considering
possible investment opportunities which would be compatible with
its investment strategy. As at 30 September 2022 the Company had
net assets of GBP3,460,000 of which cash was GBP2,625,000.
Review of the Company's activities
Hermes Pacific Investments plc is an investing company and its
focus is to invest principally, but not exclusively, in the
property sector.
In the Period t he Company purchased a two-bedroom leasehold
flat and a single garage in Westcliff-on-sea, Southend-on-Sea as
announced on 19 May 2022. The purchase price of GBP594,907 was
funded from the Company's existing cash resources. This flat has
been now been rented out on assured shorthold tenancy
agreement.
Inflation levels are compared to historic levels quite high at
the moment and in response the Bank of England has been increasing
the base rate of interest during 2022 which is currently standing
at 3.5% and this has also impacted the mortgage rates which have
increased substantially compared to the recent past. The housing
market is likely to slow down and some predict that property prices
will fall in the near term. We will therefore proceed very
carefully before we make further investments in the property
sector.
I would like to thank shareholders for their continued
support.
Haresh Kanabar
Chairman
Contacts:
Hermes Pacific Investments plc www.hermespacificinvestments.com
Haresh Kanabar, Chairman +44 (0) 7802858893
WH Ireland Limited https://www.whirelandplc.com/capital-markets
Mike Coe, Sarah Mather +44 (0)20 7220 1666
Unaudited Income Statement for the six months ended 30 September
2022
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
Continuing activities
Revenue 7 - -
Cost of sales - - -
Gross loss/profit 7 - -
Other operating income - - -
Administrative expenses (53) (50) (111)
Operating loss (46) (50) (111)
Finance income 2 - 6
Finance costs - - -
Loss on ordinary activities before
taxation (44) (50) (105)
Tax expense - - -
Loss for the period from continuing
activities (44) (50) (105)
Other comprehensive income
Gain arising in the year 10 11 37
Gain/(Loss) for the period (34) (39) (68)
Basic and diluted loss per share
From continuing operations 3 (1.9)p (2.2)p (4.5)p
Unaudited Balance Sheet as at 30 September 2022
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
Assets
Investments and fixed assets
Investments and property 856 180 211
856 180 211
Current assets
Trade and other receivables 4 4 10
Cash and cash equivalents 2,625 3,358 3,284
Total current assets 2,629 3,362 3,294
Total assets 3,485 3,542 3,505
Liabilities
Current liabilities
Trade and other payables (25) (27) (19)
Net assets 3,460 3,515 3,486
Equity
Share capital 2,333 2,333 2,333
Deferred share capital 1,243 1,243 1,243
Share premium account 5,781 5,781 5,781
Share based payments reserves 139 139 139
Revaluation reserve 56 12 38
Retained losses (6,092) (5,993) (6,048)
Equity attributable to equity holders
of the parent 3,460 3,515 3,486
Unaudited Statement of Changes in Equity
Share
Ordinary Deferred based
share share Share payments Revaluation Retained
capital capital premium reserves reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended
30 September 2021
At 31 March 2021 2,333 1,243 5,781 139 1 (5,943) 3,554
Total comprehensive
gain/(loss) for the
period - - - - 11 (50) (39)
At 30 September 2021 2,333 1,243 5,781 139 12 (5,993) 3,515
Period ended 31 March
2022
At 30 September 2021 2,333 1,243 5,781 139 12 (5,993) 3,515
Total comprehensive
gain/(loss) for the
period - - - - 26 (55) (29)
At 31 March 2022 2,333 1,243 5,781 139 38 (6,048) 3,486
Six months ended
30 September 2022
At 31 March 2022 2,333 1,243 5,781 139 38 (6,048) 3,486
Total comprehensive
gain/(loss) for the
period - - - - 18 (44) (26)
At 30 September 2022 2,333 1,243 5,781 139 56 (6,092) 3,460
Unaudited Cash Flow Statement for the six months ended 30
September 2022
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (40) (42) (117)
Net cash flow from operating activities (40) (42) (117)
Cash flows from financing activities
Other income 16 5 6
Purchase of property (635) - -
Net cash from financing activities (619) 5 6
-------------- -------------- -----------
Decrease in cash and cash equivalents (659) (37) (111)
Cash and cash equivalents at start of
the period 3,284 3,395 3,395
Cash and cash equivalents at end of the
period 2,625 3,358 3,284
Notes to the unaudited consolidated interim statement for the
period ended 30 September 2022
1. Basis of preparation
Hermes Pacific Investments plc. is a public limited company
incorporated and domiciled in the United Kingdom. The Company is an
AIM listed investment vehicle.
These Interim accounts have been prepared using the accounting
policies to be applied in the annual report and accounts for the
period ending 31 March 2023. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2022, which have been prepared in
accordance with IFRS as adopted by the European Union.
The preparation of the interim statement requires management to
make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006.
The figures for the year ended 31 March 2022 have been extracted
from the audited annual report and accounts that have been
delivered to the Registar of Companies. BSG Valentine, the
Company's auditors, reported on those accounts. Their report was
unqualified and did not contain a statement under section 498 of
that Companies Act 2006.
2. Accounting policies
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the company's financial statements.
Going concern
The financial statements have been prepared on a going concern
basis as, after making appropriate enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future at the
time of approving the financial statements.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of the company's accounting policies
with respect to the carrying amounts of assets and liabilities at
the date of the financial statements, the disclosure of contingent
assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting
period. The judgements, estimates and associated assumptions are
based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including
current and expected economic conditions. Although these
judgements, estimates and associated assumptions are based on
management's best knowledge of current events and circumstances,
the actual results may differ. Estimates and underlying assumptions
are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the year in which the estimate is
revised and in any future years affected.
The judgements, estimates and assumptions which are of most
significance to the Company are detailed below:
Valuation of share based payments
The charge for share based payments is calculated in accordance
with the accounting policy as set out below. The model requires
highly subjective assumptions to be made including the future
volatility of the Company's share price, expected dividend yield
and risk-free interest rates.
Revenue recognition
Revenue represents the fair value of the consideration received
or receivable, net of Value Added Tax, for goods sold and services
provided to customers after deducting discounts. Revenue is
recognised when the significant risks and rewards of ownership are
transferred.
Deferred taxation
Deferred taxation is provided in full using the liability method
on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax is determined using tax rates
that have been enacted or substantially enacted by the balance
sheet date and are expected to apply when the related deferred tax
asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which
the temporary differences can be utilised.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short term highly liquid funds with original
maturities of three months or less and bank overdrafts. Bank
overdrafts are shown within borrowing in current liabilities on the
balance sheet.
Investments available for sale
Investments classified as available for sale are initially
recorded at fair value including transaction costs. Quoted
investments are held at fair value and measured either at bid price
or latest traded price, depending on convention of the exchange on
which the investment is quoted. Such instruments are subsequently
measured at fair value with gains and losses being recognised
directly in equity until the instrument is disposed of or is
determined to be impaired, at which time the cumulative gain or
loss previously recognised in equity is recycled to the income
statement and recognised in profit or loss for the period.
Impairment losses are recognised in the Income Statement when there
is objective evidence of impairment.
Financial instruments
Financial assets and liabilities are recognised in the balance
sheet when the company becomes party to the contractual provisions
of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision
necessary when there is objective evidence that the Company will
not be able to collect all amounts due.
Trade and other payables
Trade and other payables are not interest bearing and are
measured at original invoice amount.
3. Loss per ordinary share
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Basic
Loss from continuing activities (44) (50) (105)
Total loss (44) (50) (105)
Basic loss per share (pence)
From continuing operations (1.9)p (2.2)p (4.5)p
(1.9)p (2.2)p (4.5)p
Weighted average number of shares 2,333,295 2,333,295 2,333,295
There was no dilutive effect from the share options outstanding
during the period.
4. Copies of this statement will be available on the Company's
website www.hermespacificinvestments.com .
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END
IR FFFFMUEESEDE
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