TIDMHOYE
RNS Number : 9445W
Honye Financial Services Ltd
28 April 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
28 April 2021
Honye Financial Services Ltd
Half Yearly results for the period ended 31 January 2021
CHAIRMAN'S STATEMENT
This time last year when we issued the last set of unaudited
interim results I remarked that "the Corona Virus continues to
disrupt the world's businesses and the Lockdown in the UK has
dramatically slowed economic activity here". We had little idea
then how long this situation would continue nor how far and wide
throughout the world the pandemic would spread.
Despite these difficulties there is cause for optimism as we now
have the vaccine and many countries have started vaccination
programmes to protect their populations. There are now many good
reasons to hope that economic activity will quickly recover as the
restrictions are lifted. Our financial position remains unaffected
by the impact of COVID 19, having no trading business, which leaves
us able to act swiftly and decisively when the appropriate target
is identified.
It has been difficult throughout this period to pursue actively
possible investments and acquisitions as physical movement has been
(and continues to be) restricted, nevertheless we are continuing to
assess interesting investment possibilities.
Gareth Edwards
Non-Executive Chairman
Honye Financial Services Ltd
28 April 2021
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months
31/01/2021 ended
Continuing operations Note Unaudited 31/01/2020
GBP Unaudited
GBP
Administrative expenses (345,241) (160,943)
---------------------- ---------------
Operating loss (345,241) (160,943)
---------------------- ---------------
Loss before taxation (345,241) (160,943)
---------------------- ---------------
Taxation 9 - -
---------------------- ---------------
Total comprehensive loss
attributable
to equity holders of the Company
for the period (345,241) (160,943)
====================== ===============
Loss per share - basic and diluted
(pence per share) 10 1.40 0.65
CONDENSED STATEMENT OF FINANCIAL POSITION
Note As at As at
31/01/2021 31/07/2020
Unaudited Audited
GBP GBP
Assets
Current assets
Cash and cash equivalents 11 1,423,860 1,575,076
Prepayments 18,071 28,536
--------------------- -------------------
Total current assets 1,441,931 1,603,612
--------------------- -------------------
Total assets 1,441,931 1,603,612
===================== ===================
Equity and liabilities
Capital and reserves
attributable to owners
of the company
Ordinary shares 13 246,714 246,714
Share premium 2,252,892 2,252,892
Accumulated losses (1,450,821) (1,105,580)
--------------------- -------------------
Total equity 1,048,785 1,394,026
--------------------- -------------------
Current liabilities
Trade and other payables 12 393,146 209,586
Total current liabilities 393,146 209,586
--------------------- -------------------
Total equity and liabilities 1,441,931 1,603,612
===================== ===================
CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED 31
JANUARY 2021
Note Share capital Share Accumulated
premium Losses Total equity
GBP GBP GBP GBP
Balance at 1 August
2020
13 246,714 2,252,892 (1,105,580) 1,394,026
Total comprehensive
loss
for the financial
period - - (345,241) (345,241)
------------------- ------------------ ---------------------------- --------------------------
Balance at 31
January 2021
(Unaudited) 246,714 2,252,892 (1,450,821) 1,048,785
------------------- ------------------ ---------------------------- --------------------------
FOR THE PERIODED 31 JANUARY 2020
Share capital Share Accumulated Total equity
premium Losses
GBP GBP GBP GBP
B alance at 1
August 2019 246,414 2,248,692 (678,195) 1,816,911
Total comprehensive
loss
for the financial
period - - (160,943) (160,943)
------------------- ------------------ -------- ------------------ --------------------------
Balance at 31
January 2020
(Unaudited) 246,414 2,244,692 (839,138) 1,655,968
------------------- ------------------ -------- ------------------ --------------------------
CONDENSED STATEMENT OF CASH FLOWS
6 months ended
6 months ended 31/01/2020
31/01/2021 Unaudited
Unaudited
GBP GBP
Cash flows from operating activities
Loss before taxation
Adjustment for: (345,241) (160,943)
Decrease/(increase) in receivables 10,464 -
Increase in payables 183,561 39,495
---------------------------- --------------------------
Net cash used in operating activities (151,216) (121,448)
---------------------------- --------------------------
Cash flows from financing activities
Proceeds from issue of ordinary - -
shares
Net cash generated from financing - -
activities
---------------------------- --------------------------
Net decrease in cash and cash
equivalents (151,216) (121,448)
Cash and cash equivalents at
beginning
of the period 1,575,076 1,863,098
---------------------------- --------------------------
Cash and cash equivalents at end of
the
period 1,423,860 1,741,650
============================ ==========================
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL
STATEMENTS
1. GENERAL INFORMATION
The Company was incorporated and registered in the Cayman
Islands as a private company limited by shares on 25 April 2018
under the Companies Law (as revised) of The Cayman Islands, with
the name Honye Financial Services Limited, and registered number
336262.
The Company's registered office is located at Ogier Global
(Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9901,
Cayman Islands.
2. PRINCIPAL ACTIVITIES
The principal activity of the Company is to undertake
acquisitions in a company or business principally in Europe and
Asia.
3. RECENT ACCOUNTING PRONOUNCEMENT
There are a number of standards and interpretations which have
been issued by the International Accounting Standards Board that
are effective for the period ended 31 January 2021:
Applied for period ended 31 January 2021:
-- Amendments to IAS 1 and IAS 8 - Definition of Material
[Effective Date: annual reporting periods after 01/01/2020]
-- Amendments to IFRS 16 - Covid-19-Related Rent Concessions
[Effective Date: annual reporting periods after 01/06/2020]
Not yet effective:
-- Amendments to IFRS 3 - Reference to the Conceptual Framework
[Effective Date: annual reporting periods after 01/01/2022]
-- Amendments to IAS 37 - Cost of Fulfilling a Contract
Framework [Effective Date: annual reporting periods after
01/01/2022, Early application is permitted.]
-- Amendments to IAS 1 - Classification of Liabilities as
Current or Non-current [Effective Date: annual reporting periods
after 01/01/2023.]
-- Amendments to IFRS 10 and IAS 28 - Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
[Deferred indefinitely by amendments made in December 2015]
-- Amendments to IFRS 17 - Insurance Contracts [Effective Date:
annual reporting periods after 01/01/2023.]
The Directors do not believe these standards and interpretations
will have a material impact on the financial statements.
4. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation
These interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the United Kingdom and prepared under the historic cost convention.
The comparative figures as at 31 July 2020 have been extracted from
the Company's Financial Statements for that financial year, but do
not constitute these accounts.
The financial information is presented in Pounds Sterling (GBP),
which is the Company's functional currency.
A summary of the principal accounting policies of the Company
are set out below.
b) Going concern
The Company has assessed the Covid-19 impact on its ability to
continue as a going concern. The Company considers that the events
arising from the Covid-19 outbreak do not impact on its use of the
going concern basis of preparation nor do they cast significant
doubt over the company's ability to continue as a going concern for
the period of at least twelve months from the date when the
financial statements are authorised for issue.
The Company meets its day-to-day working capital requirements
through cash generated from the capital it has raised on admission
to the London Stock Exchange and subsequently it has GBP1.4 million
in cash as at 31 January 2021 which is sufficient for its present
needs. The Company is likely to need to raise additional funds for
planned acquisitions and this will likely be obtained through
further transactions through the market.
Taking its cash position into account, the Directors are
satisfied that the Company has adequate resources to continue in
operational existence for the foreseeable future and for a period
of not less than 12 months from the date of signing the interim
financial statements. Thus they continue to adopt the going concern
basis of accounting in preparing the interim financial
statements
c) Foreign currency translation
The financial statements of the Company are presented in the
currency of the primary environment in which the Company operates
(its functional currency).
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year
end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in profit and loss.
d) Financial instruments
A financial asset or a financial liability is recognised only
when the Company becomes a party to the contractual provisions of
the instrument. Financial assets and financial liabilities are
initially measured at fair value.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the
fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in profit or loss.
Financial assets
All financial assets are recognised and derecognised on a trade
date where the purchase or sale of a financial asset is under a
contract whose terms require delivery of the financial asset within
the timeframe established by the market concerned, and are
initially measured at fair value.
Financial assets are subsequently classified into the following
specified categories: Financial assets measured at fair value
through profit and loss (FVTPL), Financial assets measured at
amortised cost and Financial assets measured at fair value through
other comprehensive income. The Company's financial assets measured
at amortised cost comprise cash and cash equivalents in the
statement of financial position.
Financial liabilities
The Company's financial liabilities include other payables and
accruals. Financial liabilities are recognised when the Company
becomes a party to the contractual provision of the instrument. All
financial liabilities are recognised initially at their fair value,
net of transaction costs, and subsequently measured at amortised
cost, using the effective interest method, unless the effect of
discounting would be insignificant, in which case they are stated
at cost.
The Company derecognises financial liabilities when, and only
when, the Company's obligation are discharged, cancelled or they
expire.
e) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on
call with banks and other short term (having maturity within 3
months) highly liquid investments that are readily convertible into
known amounts of cash and which are subject to an insignificant
risk of changes in value.
5. ACCOUNTING ESTIMATES AND JUDGEMENTS
Preparation of financial information in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources.
It is the Directors' view that there are no significant areas of
estimation, uncertainty and critical judgements in applying
accounting policies that have significant effect on the amount
recognised in the financial information for the period.
6. FINANCIAL RISK MANAGEMENT
a) Objectives and policies
The Company is exposed to a variety of financial risks: market
risk, credit risk and liquidity risk. The risk management policies
employed by the Company to manage these risks are discussed below.
The primary objectives of the financial risk management function
are to establish risk limits, and then ensure that exposure to risk
stays within these limits. The operational and legal risk
management functions are intended to ensure proper functioning of
internal policies and procedures to minimise operational and legal
risks.
b) Currency risk
Currency risk is not considered to be material to the Company as
majority of bank transactions were incurred in Pounds Sterling
(GBP).
c) Credit risk
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in financial loss to the
Company.
Concentrations of credit risk exist to the extent that the
Company's cash were all held with DBS Bank. Per Standard &
Poor's - the Short Term Deposit Rating is A-1+.
d) Liquidity risk
Liquidity risk is the risk that the Company will encounter
difficulty in meeting the obligations associated with its financial
liabilities. The Company's approach to managing liquidity is to
ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or
risking damage to the Company's reputation.
e) Interest rate risks
The Company has limited exposure to interest rate risk on its
cash positions. Such exposures are managed as efficiently as
possible, given that working capital needs to be maintained. The
effect of a 100 basis points increase/decrease in interest rates
would not have a material impact on pre-tax profits or equity.
7. SEGMENT REPORTING
IFRS 8 defines operating segments as those activities of an
entity about which separate financial information is available and
which are evaluated by the Board of Directors to assess performance
and determine the allocation of resources. The Board of Directors
are of the opinion that under IFRS 8 the Company has only one
operating segment and one geographic market in the UK. The Board of
Directors assess the performance of the operating segment using
financial information which is measured and presented in a manner
consistent with that in the Financial Statements. Segmental
reporting will be reviewed and considered in light of the
development of the Company's business over the next reporting
period.
Honye Financial Services Limited has no activities at present
other than reviewing possible investment opportunities.
8. DIRECTORS' EMOLUMENTS
6 months 6 months
ended 31/01/2021 ended
GBP 31/01/2020
GBP
Key management emoluments
Remuneration 103,000 58,000
---------------------- ---------------
As at 31 January 2021, the annual remuneration
of the key management was as follows, with
no other cash or non-cash benefits.
GBP
Executive Directors
Wanbao Xu 50,000
Yu Xing Liu 100,000
Non-executive Directors
Gareth Edwards 60,000
Shaun Carew-Wootton 48,000
Included within accruals is GBP125,923, which relates to unpaid
directors' remuneration.
9. TAXATION
The Company is incorporated in the Cayman Islands, and its
activities are subject to taxation at a rate of 0%.
10. LOSS PER SHARE
The Company presents basic and diluted earnings per ordinary
share information for its ordinary shares. Basic earnings per share
is calculated by dividing the loss attributable to ordinary
shareholders of the Company by the weighted average number of
ordinary shares in issue during the reporting period.
There is no difference between the basic and diluted loss per
share.
6 months ended 6 months
31/01/2021 ended
31/01/2020
Loss attributable to ordinary shareholders
(GBP) (345 ,241) (160,943)
Weighted average number of shares 24,671,350 24,641,350
--------------------- ---------------
Loss per share (expressed as pence per
share) (1.40) (0.65)
11. CASH AND CASH EQUIVALENTS
31/01/2021 31/07/2020
GBP GBP
Cash at bank equivalents 1,423,860 1,575,076
------------------------- ----------
Cash at bank earns interest at floating rates based
on daily bank deposit rates.
12. TRADE AND OTHER PAYABLES
31/01/2021 31/07/2020
GBP GBP
Other payables 393,146 209,585
-------------------- ----------
13. SHARE CAPITAL
Number Nominal
Value
GBP
Authorised
Ordinary shares of GBP0.01 each 1,000,000,000 10,000,000
Issued and fully paid
As at 31 January 2021 and 31 July
2020 - GBP0.01 each 24,671,350 246,714
-------------- -----------
All of the issued Ordinary Shares are in registered form and the
Registrar is responsible for maintaining the Company's share
register. There are no restrictions on the distribution of
dividends and the repayment of capital.
The ISIN number of the Ordinary Shares is KYG4598W1024 and SEDOL
number is BGR5JO2.
14. SUBSEQUENT EVENTS
There have been no material events that have occurred since the
period end that require further disclosure.
15. CAPITAL MANAGEMENT
The Company actively manages the capital available to fund the
Company, comprising equity and reserves. The Company's objectives
when maintaining capital is to safeguard the entity's ability to
continue as a going concern, so that it can continue to provide
returns for shareholders.
The capital structure of the Company as at 31 January 2021
consisted of Ordinary Shares and equity attributable to the
shareholders of the Company, totalling GBP1,048,785 (disclosed in
the statement of changes in equity).
The Company reviews the capital structure on an on-going basis.
As part of this review, the directors consider the cost of capital
and the risks associated with each class of capital. The Company
will balance its overall capital structure through the payment of
dividends, new share issues and the issue of new debt or the
repayment of existing debt.
16. RELATED PARTY TRANSACTIONS
The remuneration of the Directors, the key management personnel
of the Company, is set out in note 8.
17. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party.
Enquiries:
Honye Financial Services Ltd garethmedwards@gmail.com
Gareth Edwards
Peterhouse Capital Limited Tel: 020 7469 0933
(sole broker)
Lucy Williams/Heena Karani
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END
IR BXGDSBUDDGBI
(END) Dow Jones Newswires
April 28, 2021 09:53 ET (13:53 GMT)
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