TIDMCRWN
As required by the UK Listing Authority's Disclosure and Transparency Rule 4.2,
Crown Place VCT PLC today makes public its information relating to the
Half-yearly Financial Report for the six months to 31 December 2009. This
announcement was approved by the Board of Directors on 26 February 2010. Please
click on the following link to view the full Half-yearly Financial Report (which
is unaudited) for the period to 31 December 2009, which will shortly be sent to
shareholders. The information contained in this link includes information as
required by the Disclosure and Transparency Rules, including Rule 4.2.
http://hugin.info/141806/R/1389130/347336.pdf
Alternatively you may view the Half-yearly Financial Report at
www.albion-ventures.co.uk by clicking on the 'Our Funds' section.
Financial highlights unaudited
+------------------------+-----------------+-----------------+-----------------+
| | 31 December 2009| 31 December 2008| 30 June 2009|
+------------------------+-----------------+-----------------+-----------------+
| |(pence per share)|(pence per share)|(pence per share)|
+------------------------+-----------------+-----------------+-----------------+
|Net asset value per | | | |
|share | 34.18| 36.29| 34.24|
+------------------------+-----------------+-----------------+-----------------+
|Dividends paid | 1.25| 1.25| 2.50|
+------------------------+-----------------+-----------------+-----------------+
|Revenue return per share| 0.31| 0.53| 0.93|
+------------------------+-----------------+-----------------+-----------------+
|Capital return/(loss) | | | |
|per share | 0.89| (4.14)| (5.41)|
+------------------------+-----------------+-----------------+-----------------+
+------------------------------------------------------------+-----------------+
|Net asset value total return to shareholders since launch: | |
+------------------------------------------------------------+-----------------+
| | 31 December 2009|
| |(pence per share)|
+------------------------------------------------------------+-----------------+
|Total dividends paid during the period from launch to 6 | 24.93|
|April 2005 (prior to change of manager) | |
+------------------------------------------------------------+-----------------+
|Total dividends paid during the year ended 28 February 2006 | 1.00|
+------------------------------------------------------------+-----------------+
|Total dividends paid during the period ended 30 June 2007 | 3.30|
+------------------------------------------------------------+-----------------+
|Total dividends paid during the year ended 30 June 2008 | 2.50|
+------------------------------------------------------------+-----------------+
|Total dividends paid during the year ended 30 June 2009 | 2.50|
+------------------------------------------------------------+-----------------+
|Total dividends paid during the six months ended 31 December| 1.25|
|2009 | |
+------------------------------------------------------------+-----------------+
|Total dividends paid to 31 December 2009 | 35.48|
+------------------------------------------------------------+-----------------+
|Net asset value as at 31 December 2009 | 34.18|
+------------------------------------------------------------+-----------------+
|Total net asset value return as at 31 December 2009 | 69.66|
+------------------------------------------------------------+-----------------+
+------------------------------------------------------------+-----------------+
In addition to the dividends paid above, the Board has declared a second
dividend for the year ending 30 June 2010, of 1.25 pence per Crown Place VCT PLC
share (0.25 pence to be paid out of revenue profits and 1.00 pence out of
realised capital gains), to be paid on 9 April 2010 to shareholders on the
register as at 12 March 2010.
Investment objectives
The investment objective and policy of the Company is to achieve long term
capital and income growth principally through investment in smaller unquoted
companies in the United Kingdom.
Financial calendar
Record date for second dividend 12 March 2010
Payment of second dividend 9 April 2010
Financial year end 30 June 2010
Directors Patrick Crosthwaite, Chairman
Rachel Beagles
Sir Andrew Cubie
Vikram Lall
Geoffrey Vero
Shareholder returns and shareholder value
+-----------------------+-----------------+-----------------+------------------+
| |Proforma ((i)) |Proforma ((i)) | |
| | | |Crown Place VCT |
| |Murray VCT PLC |Murray VCT 2 PLC |PLC* |
+-----------------------+-----------------+-----------------+------------------+
| |(pence per share)|(pence per share)|(pence per share) |
+-----------------------+-----------------+-----------------+------------------+
|Shareholder return from| | | |
|launch to April 2005 | | | |
|(date that Albion | | | |
|Ventures was appointed | | | |
|investment manager): | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total dividends paid to| 30.36| 30.91| 24.93|
|6 April 2005 ((ii)) | | | |
+-----------------------+-----------------+-----------------+------------------+
|Decrease in net asset | (69.90)| (64.50)| (56.60)|
|value | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total shareholder | (39.54)| (33.59)| (31.67)|
|return to 6 April 2005 | | | |
+-----------------------+-----------------+-----------------+------------------+
+-----------------------+-----------------+-----------------+------------------+
|Shareholder return from| | | |
|April 2005 to 31 | | | |
|December 2009: | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total dividends paid | 7.80| 9.13| 10.55|
+-----------------------+-----------------+-----------------+------------------+
|Decrease in net asset | (5.77)| (6.42)| (9.22)|
|value | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total shareholder | | | |
|return from April 2005 | 2.03| 2.71| 1.33|
|to 31 December 2009 | | | |
+-----------------------+-----------------+-----------------+------------------+
+-----------------------+-----------------+-----------------+------------------+
|Shareholder value since| | | |
|launch: | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total dividends paid to| 38.16| 40.04| 35.48|
|31 December 2009 ((ii))| | | |
+-----------------------+-----------------+-----------------+------------------+
|Net asset value as at | 24.33| 29.08| 34.18|
|31 December 2009 | | | |
+-----------------------+-----------------+-----------------+------------------+
|Total shareholder value| 62.49| 69.12| 69.66|
|as at 31 December 2009 | | | |
+-----------------------+-----------------+-----------------+------------------+
+-----------------------+-----------------+-----------------+------------------+
|Current dividend | | | |
|objective: | | | |
+-----------------------+-----------------+-----------------+------------------+
|Pence per share (per | 1.78| 2.13| 2.50|
|annum) | | | |
+-----------------------+-----------------+-----------------+------------------+
|Percentage tax free | | | |
|yield on net asset | | | |
|value as at 31 December| 7.3%| 7.3%| 7.3%|
|2009 | | | |
+-----------------------+-----------------+-----------------+------------------+
(i) The proforma shareholder returns presented above are based on the dividends
paid to shareholders before the merger and the pro-rata net asset value per
share and pro-rata dividends per share paid to 31 December 2009 since the
merger. This pro-forma is based upon the proportion of shares received by Murray
VCT PLC (now renamed CP1 VCT PLC) and Murray VCT 2 PLC (now renamed CP2 VCT PLC)
shareholders at the time of the merger with Crown Place VCT PLC on 13 January
2006.
Shareholders received 712 shares in Crown Place VCT PLC for every 1,000 shares
originally held in CP1 VCT PLC, and 851 shares in Crown Place VCT PLC for every
1,000 shares held in CP2 VCT PLC.
(ii) Prior to 6 April 1999, venture capital trusts were able to add 20% to
dividends, and figures for the period up until 6 April 1999 are included at the
gross equivalent rate actually paid to shareholders.
* Formerly Murray VCT 3 PLC
Interim management report
Results
In the six months to 31 December 2009, the Company recorded a positive total
return of 1.20 pence per share, or 3.5 per cent. After allowing for the first
dividend of 1.25 pence per share paid in November, net asset value per share
remained broadly unchanged at 34.18 pence per share (30 June 2009: 34.24 pence
per share). The return to a positive outcome is welcome and reflects the growing
maturity of the investment portfolio. During the period, the Company made a
revenue profit after tax of GBP226,000 and a capital profit after tax of GBP647,000
resulting in a total profit after tax of GBP873,000 or 1.20 pence per share.
Dividends
The Company's policy is to pay regular and predictable dividends to investors
out of revenue income and realised capital gains. The first dividend in the
current financial year of 1.25 pence per share was paid to shareholders on 6
November 2009. Subject to the performance of the investment portfolio, the Board
aims to maintain the current annualised dividend distribution of 2.5 pence per
share going forward.
The Directors have declared a second dividend of 1.25 pence per Crown Place VCT
PLC share (of which 0.25 pence is to be paid from revenue and 1.00 pence out of
realised capital gains) on 9 April 2010 to shareholders on the register as at
12 March 2010.
Dividends are paid free of tax to shareholders and qualifying shareholders who
elect to participate in the Dividend Reinvestment Scheme will be able, in
respect of further dividends, to receive their dividends in the form of new
shares rather than cash, which will entitle them to income tax relief at the
rate of 30 per cent. (New shares will need to be held for at least five years).
The Dividend Reinvestment Scheme was established in 2009 and further details are
included with this Half-yearly Financial Report. Details can also be found on
the Manager's websitewww.albion-ventures.co.uk
<http://www.albion-ventures.co.uk/>.
Portfolio review
During the half year, the Company made new and follow-on investments totaling
GBP1.8 million. Of this amount, GBP1.4 million was invested in Geronimo Inns VCT I
Limited and Geronimo Inns VCT II Limited. These companies, which have no bank
borrowings, own and operate four landmark freehold pubs in central London. The
pubs were acquired at an attractive valuation in July 2009, have since been
refurbished and re-launched and are currently trading ahead of budget. The
investments generate a yield of 8 per cent. to the Company and have potential to
deliver capital profits. The remaining GBP400,000 of new funds invested were used
to support existing portfolio companies, including two of our cinemas and three
of our technology businesses. During the period, the Company reduced its holding
in AIM listed Avanti Communications Group Plc. In addition, the investments in
Red-M Wireless Limited (previously Red-M Group Limited) and Green Energy
Property Services Limited (previously Vibrant Energy Assessors Limited) were
restructured.
Overall, the existing investment portfolio, which is well diversified, is
holding up against the background of continuing difficult economic conditions.
An important element of this is that, apart from the investments inherited from
the previous Manager (currently valued at GBP2.3 million, or 9.4 per cent. of net
asset value), the majority of investee companies have no bank gearing. In
addition, many of them are operating in sectors of the UK which are showing
signs of recovery, or in areas of the world economy that have strong prospects
for growth.
Trading in the hotel and health and fitness investments is broadly stable with
early indications of growth resuming, while the cinema and travel businesses
continue to trade well. Several of the technology investments, such as Helveta,
Blackbay and RFI Global Services, have made significant progress during the
period and are on course to deliver shareholder value in the longer term. More
recently there have been tentative signs that acquisition activity is returning
to the market, particularly in the technology sector, which bodes well for
future investment exits.
The chart below illustrates the composition of the portfolio by industry sector.
The majority of the investments in hotels, pubs, cinemas and fitness clubs are
backed by significant freehold or long leasehold property assets and it remains
our policy that investee companies should not have bank gearing.
http://hugin.info/141806/R/1389167/347361.pdf
Source: Albion Ventures LLP
Related Party Transactions
Details of material related party transactions for the reporting period can be
found in note 12 to this announcement.
Going concern
The Board's assessment is that liquidity risk is low, and remains as detailed on
page 32 of the Annual Report and Financial Statements for the year ended 30 June
2009. The Company has significant cash and liquid resources. The portfolio of
investments is diversified in terms of sector, and the major cash outflows of
the Company (namely investments, share buy-backs and dividends) are within the
Company's control. Accordingly, after making enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. For this reason the Directors
have adopted the going concern basis in preparing the accounts in accordance
with Going Concern and Liquidity Risk: Guidance for Directors of UK Companies
2009, published by the Financial Reporting Council.
Risks and Uncertainties
The key risks affecting the Company remain the continuing difficult outlook for
the economy in the UK and for the world economy in general. It remains our
policy that portfolio companies should not have external gearing, and as a
result, it is the Board's view that our portfolio is relatively well equipped to
cope with this broader, negative climate. Other risks and uncertainties remain
unchanged, and are as detailed on page 21 of the Annual Report and Financial
Statements for the year ended 30 June 2009.
Discount management and share buy-backs
It is the Board's policy to buy back shares in the market, subject to the
overall constraint that such purchases are in the Company's interest, including
the maintenance of sufficient resources for investment in existing and new
investee companies. The Company has not bought back any shares for cancellation
or treasury in the six months ended 31 December 2009.
Outlook
The UK economy now appears to be coming out of recession but the future remains
uncertain. Overall, the portfolio has held up reasonably in this difficult
period. Many of the investee companies address international markets and are
seeing potential growth opportunities, which is a cause for optimism. Against
this, the decline in interest rates to historically unprecedented low levels has
reduced the income generated by the Company's cash resources. This issue is
being addressed by seeking to employ a larger proportion of the Company's
capital in income generating investments, such as the recent investment in
Geronimo Inns VCT I Limited and Geronimo Inns VCT II Limited. The Board views
this VCT as a long term savings product and in this context, the Directors
consider that the Company remains well positioned to deliver long term
shareholder value.
Patrick Crosthwaite
Chairman
26 February 2010
Responsibility statement
The Directors, as listed in this announcement, are responsible for preparing the
Half-yearly Financial Report. The Directors have chosen to prepare this
Half-yearly Financial Report for the Group in accordance with International
Financial Reporting Standards ("IFRS").
In preparing the summarised set of financial statements for the period to 31
December 2009, we the Directors, confirm that to the best of our knowledge:
(a) the summarised set of financial statements has been prepared in accordance
with International Accounting Standard (IAS) 34 "Interim Financial Reporting"
issued by the International Accounting Standards Board;
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the summarised set of financial statements give a true and fair view in
accordance with IFRS of the assets, liabilities, financial position and of the
profit and loss of the Group for the six months ended 31 December 2009 and
comply with IFRS and Companies Act 1985 and 2006 and;
(d) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
The accounting policies applied to the Half-yearly Financial Report have been
consistently applied in current and prior periods and are those applied in the
Annual Report and Financial Statements for the year ended 30 June 2009.
This Half-yearly Financial Report has not been audited or reviewed by the
auditors.
By order of the Board of Directors
Patrick Crosthwaite
Chairman
26 February 2010
Portfolio of investments
The following is a list of non-current investments with a carrying/fair value as
at 31 December 2009.
+------------------+-------------+------+---------+------------------------+------------------------+-------------+
| | | | | As at 31 December 2009| As at 30 June 2009| |
| | | | | (unaudited)| (audited)| |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| | | | | | | | |Change in |
| | | | | | | | |carrying/fair|
| | | | % voting| | | | |value for |
| | |% | rights|Investment|Total |Investment|Total |theperiod |
|Investment |Nature of |voting| of AVL*|to date |carrying/fair|to date |carrying/fair|net of |
|name |business |rights| managed|at cost |value |at cost |value** |investments |
| | | |companies| GBP'000 | GBP'000 | GBP'000 | GBP'000 |and exits |
| | | | | | | | |in the |
| | | | | | | | |period** |
| | | | | | | | | GBP'000 |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Unquoted | | | | | | | | |
|investments | | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
|The Crown Hotel |operator of | | | | | | | |
|Harrogate Limited |the Crown |15.0 |50.0 |2,976 |2,121 |2,976 |2,085 |36 |
| |Hotel, | | | | | | | |
| |Harrogate | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|ELE Advanced |Manufacturer | | | | | | | |
|Technologies |of precision |48.3 |48.3 |1,050 |1,712 |1,050 |1,759 |(47) |
|Limited |engineering | | | | | | | |
| |components | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
| |operator of | | | | | | | |
|The Stanwell Hotel|the Stanwell |11.1 |50.0 |1,400 |1,124 |1,400 |1,137 |(13) |
|Limited |Hotel at | | | | | | | |
| |Heathrow | | | | | | | |
| |Airport | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|The Charnwood Pub |Owner and | | | | | | | |
|Company Limited |operator of |7.0 |50.0 |2,204 |1,109 |2,204 |1,197 |(87) |
| |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
| |operator of a| | | | | | | |
|Kensington Health |health and |7.8 |50.0 |1,789 |1,036 |1,789 |1,035 |(1) |
|Clubs Limited |fitness club | | | | | | | |
| |in | | | | | | | |
| |West London | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
| |operator of | | | | | | | |
|Kew Green VCT |the 'Express | | | | | | | |
|(Stansted) Limited|by Holiday |2.0 |50.0 |1,000 |952 |1,000 |946 |6 |
| |Inn' at | | | | | | | |
| |Stansted | | | | | | | |
| |Airport | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Geronimo Inns VCT |Owner and | | | | | | | |
|I |operator of |9.0 |50.0 |720 |765 |- |- |45 |
|Limited |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Geronimo Inns VCT |Owner and | | | | | | | |
|II |operator of |9.0 |50.0 |720 |765 |- |- |45 |
|Limited |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
| |mobile data | | | | | | | |
| |solutions for| | | | | | | |
|Blackbay Limited |the logistics|3.9 |32.9 |423 |580 |423 |531 |49 |
| |and field | | | | | | | |
| |service | | | | | | | |
| |sectors | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|House of |Chocolate | | | | | | | |
|Dorchester |manufacturer |23.3 |23.3 |409 |558 |490 |689 |(48) |
|Limited | | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
| |operator of a| | | | | | | |
|Tower Bridge |health and | | | | | | | |
|Health |fitness club |9.5 |50.0 |591 |537 |591 |511 |26 |
|Clubs Limited |in | | | | | | | |
| |central | | | | | | | |
| |London | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Lowcosttravelgroup|Online travel|5.0 |26.0 |455 |494 |455 |290 |204 |
|Limited |business | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
| |software | | | | | | | |
| |solutions, | | | | | | | |
| |traceability | | | | | | | |
|Helveta Limited |and inventory|4.4 |26.6 |450 |465 |450 |368 |97 |
| |analysis to | | | | | | | |
| |the | | | | | | | |
| |timber | | | | | | | |
| |industry | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|CS (Brixton) |Cinema owner | | | | | | | |
|Limited |and |9.6 |50.0 |411 |434 |375 |430 |(32) |
| |operator | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Bravo Inns II |Owner and | | | | | | | |
|Limited |operator of |3.9 |49.6 |405 |383 |305 |289 |(6) |
| |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Prime Care |Provider of | | | | | | | |
|Holdings |domiciliary |7.5 |42.2 |357 |378 |357 |368 |10 |
|Limited |care services| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
| |conformance | | | | | | | |
|RFI Global |testing to | | | | | | | |
|Services |the cellular,|4.2 |27.3 |378 |323 |347 |186 |106 |
|Limited |wireless and | | | | | | | |
| |smart card | | | | | | | |
| |industries | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Developer of | | | | | | | |
| |medical | | | | | | | |
| |imaging | | | | | | | |
|Dexela Limited |technology |3.9 |34.8 |295 |300 |295 |300 |- |
| |for | | | | | | | |
| |the early | | | | | | | |
| |detection of | | | | | | | |
| |breast cancer| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of a| | | | | | | |
| |range of | | | | | | | |
| |drug | | | | | | | |
|Xceleron Limited |development |3.3 |45.1 |329 |290 |309 |216 |54 |
| |services to | | | | | | | |
| |the life- | | | | | | | |
| |science | | | | | | | |
| |industries | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Chichester |Drinks | | | | | | | |
|Holdings |distributor |9.1 |50.0 |600 |255 |600 |442 |(187) |
|Limited |to the | | | | | | | |
| |travel sector| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|The Dunedin Pub |Owner and | | | | | | | |
|Company VCT |operator of |7.8 |50.0 |398 |217 |398 |199 |18 |
|Limited |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
|Mi-Pay Limited |mobile |3.0 |38.5 |264 |214 |241 |188 |3 |
| |payment | | | | | | | |
| |services | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Compiler of | | | | | | | |
|Opta Sports Data |sports |1.4 |14.0 |150 |163 |150 |161 |2 |
|Limited |performance | | | | | | | |
| |data | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Developer, | | | | | | | |
| |manufacturer | | | | | | | |
| |and | | | | | | | |
| |seller of | | | | | | | |
|Forth Photonics |medical |1.7 |12.2 |210 |210 |210 |210 |- |
|Limited |devices for | | | | | | | |
| |the | | | | | | | |
| |detection | | | | | | | |
| |of epithelial| | | | | | | |
| |cancers | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
| |operator of | | | | | | | |
| |a freehold | | | | | | | |
|The Weybridge Club|health and |1.2 |50.0 |190 |162 |190 |162 |- |
|Limited |fitness club | | | | | | | |
| |in | | | | | | | |
| |Weybridge, | | | | | | | |
| |Surrey | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Developer of | | | | | | | |
|Mirada Medical |medical |6.9 |45.0 |128 |160 |77 |77 |32 |
|Limited |imaging | | | | | | | |
| |software | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
| |workforce | | | | | | | |
|Rostima Limited |management |4.7 |33.8 |403 |154 |363 |171 |(58) |
| |solutions | | | | | | | |
| |software | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|CS (Exeter) |Cinema owner | | | | | | | |
|Limited |and |9.6 |50.0 |157 |143 |145 |143 |(12) |
| |operator | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|GB Pub Company VCT|Owner and | | | | | | | |
|Limited |operator of |9.0 |50.0 |356 |132 |401 |182 |(5) |
| |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Owner and | | | | | | | |
|Bravo Inns Limited|operator of |2.6 |50.0 |230 |123 |230 |123 |- |
| |freehold pubs| | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Premier Leisure |Freehold |5.7 |50.0 |420 |108 |420 |111 |(3) |
|(Suffolk) Limited |cinema owner | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Developer and| | | | | | | |
| |producer of | | | | | | | |
| |industrial | | | | | | | |
|Oxsensis Limited |sensors used |1.6 |22.3 |145 |99 |145 |73 |26 |
| |in super- | | | | | | | |
| |high | | | | | | | |
| |temperature | | | | | | | |
| |environments | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Refurbisher | | | | | | | |
|Point 35 . |of | | | | | | | |
|Microstructures |semiconductor|1.7 |28.1 |130 |96 |130 |88 |8 |
|Limited |fabrication | | | | | | | |
| |equipment | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Red-M Wireless |Service and | | | | | | | |
|Limited |software |11.5 |41.0 |85 |89 |295 |49 |(45) |
| |provider | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Green Energy |Surveyor of | | | | | | | |
|Property |energy |3.1 |23.4 |85 |89 |267 |51 |(46) |
|Services Limited |performance | | | | | | | |
| |in buildings | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Provider of | | | | | | | |
|Process Systems |process | | | | | | | |
|Enterprise Limited|systems |1.1 |15.9 |100 |49 |100 |59 |(10) |
| |modelling | | | | | | | |
| |solutions | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Manufacturer | | | | | | | |
|Booth Dispensers |of | | | | | | | |
|Limited |vending |22.8 |22.8 |227 |45 |227 |52 |(7) |
| |machine | | | | | | | |
| |components | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|CS (Norwich) |Cinema owner | | | | | | | |
|Limited |and |3.8 |50.0 |60 |40 |60 |42 |(2) |
| |operator | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Evolutions |Provider of | | | | | | | |
|Television |TV post |0.3 |49.9 |61 |23 |61 |22 |1 |
|Limited |production | | | | | | | |
| |services | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Palm Tree |Software | | | | | | | |
|Technology |company |0.2 |0.7 |102 |15 |102 |15 |- |
|PLC | | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Driver Hire |Supplier of | | | | | | | |
|Investment |temporary |1.0 |1.0 |436 |12 |436 |9 |3 |
|Limited |drivers | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Operator of a| | | | | | | |
|River Bourne |health and | | | | | | | |
|Health |fitness club |5.5 |50.0 |9 |9 |110 |21 |(12) |
|Club Limited |in Chertsey, | | | | | | | |
| |Surrey | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| | | | |21,308 |16,933 |20,174 |14,987 |150 |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
|Other investments | | | |1,638 |- |1,637 |- |- |
|valued at nil | | | | | | | | |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
| | | | |22,946 |16,933 |21,811 |14,987 |150 |
+------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+
+--------------+--------------+------+---------+------------------------+------------------------+-------------+
| | | | | At 31 December 2009 | At 30 June 2009 | |
| | | | | (unaudited) | (audited) | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
| | | | | | | | | Change in|
| | | | | | | | |carrying/fair|
| | | | % voting|Investment| Total|Investment| Total| value for|
|Investment |Nature of | %| rights| to date|carrying/fair| to date|carrying/fair| the period|
|name |business |voting| of AVL*| at cost| value| at cost| value| net of|
| | |rights| managed| GBP'000| GBP'000| GBP'000| GBP'000| investments|
| | | |companies| | | | | and exits in|
| | | | | | | | | the period**|
| | | | | | | | | GBP'000|
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|AIM quoted | | | | | | | | |
|investments | | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Avanti |Supplier of | | | | | | | |
|Communications|satellite | 0.5| 0.5| 465| 993| 538| 625| 446|
|Group plc |communications| | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
| |Market | | | | | | | |
| |researcher, | | | | | | | |
|Cello Group |brand | 0.9| 0.9| 336| 115| 336| 115| -|
|plc |advertising | | | | | | | |
| |and direct | | | | | | | |
| |marketing | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Augean PLC |Waste | 0.5| 0.5| 590| 126| 590| 142| (16)|
| |management | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Investments | | | | | | | | |
|exited in the | | | | -| -| 81| 3| -|
|period | | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
| | | | | 1,391| 1,234| 1,545| 885| 430|
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Total | | | | | | | | |
|qualifying | | | | | | | | |
|non- current | | | | 24,337| 18,167| 23,356| 15,872| 430|
|asset | | | | | | | | |
|investments | | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Non-qualifying| | | | | | | | |
|AIM | | | | 10| 10| 11| 6| -|
|quoted | | | | | | | | |
|investments | | | | | | | | |
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
|Total | | | | | | | | |
|non-current | | | | | | | | |
|asset | | | | | | | | |
|investments | | | | 24,347| 18,177| 23,367| 15,878| 580|
+--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+
* AVL is Albion Ventures LLP
** Adjusted for business combinations during the period
Summary consolidated statement of comprehensive income
+--------------+-----+---------------------+-----------------------+-----------------------+
| | | Unaudited | Unaudited | Audited |
+--------------+-----+---------------------+-----------------------+-----------------------+
| | | Six months ended | Six months ended | Year ended |
| | | 31 December 2009 | 31 December 2008 | 30 June 2009 |
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
| | |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
| |Notes| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Gains/(losses)| | | | | | | | | | |
|on investments| 2| -| 811| 811| -|(3,232)|(3,232)| -|(3,869)|(3,869)|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|income and | | | | | | | | | | |
|deposit | 3| 449| -| 449| 622| -| 622| 988| -| 988|
|interest | | | | | | | | | | |
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|management | | | | | | | | | | |
|fees | | (55)| (164)|(219)| (63)| (187)| (250)| (118)| (354)| (472)|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Recovery of | | | | | | | | | | |
|VAT | | -| -| -| 92| 277| 369| 92| 277| 369|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Other expenses| | (168)| -|(168)| (147)| -| (147)| (280)| -| (280)|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Profit/(loss) | | | | | | | | | | |
|before | | 226| 647| 873| 504|(3,142)|(2,638)| 682|(3,946)|(3,264)|
|taxation | | | | | | | | | | |
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Taxation | | -| -| -| (114)| 114| -| -| -| -|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Profit/(loss) | | | | | | | | | | |
|for the period| | 226| 647| 873| 390|(3,028)|(2,638)| 682|(3,946)|(3,264)|
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Basic and | | | | | | | | | | |
|diluted | | | | | | | | | | |
|return/(loss) | | | | | | | | | | |
|per Ordinary | | | | | | | | | | |
|share | | | | | | | | | | |
| | 5| 0.31| 0.89| 1.20| 0.53| (4.14)| (3.61)| 0.93| (5.41)| (4.48)|
|(pence)* | | | | | | | | | | |
+--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
* (excluding treasury shares)
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the period ended 31 December 2008 and the audited statutory accounts
for the year ended 30 June 2009.
The accompanying notes form an integral part of this announcement.
The total column of this statement represents the Group's Statement of
comprehensive income, prepared in accordance with International Financial
Reporting Standards ('IFRS'). The supplementary revenue and capital reserve
columns are prepared under guidance published by the Association of Investment
Companies.
All revenue and capital items in the above statement derive from continuing
operations.
The consolidated Statement of comprehensive income includes the results of the
subsidiaries CP1 VCT PLC and CP2 VCT PLC.
Summary consolidated statement of financial position
+--------------------------------------+-----+----------------+------------+
| | | Unaudited| Audited|
+--------------------------------------+-----+----------------+------------+
| | |31 December 2009|30 June 2009|
+--------------------------------------+-----+----------------+------------+
| |Notes| GBP'000| GBP'000|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Non-current assets | | | |
+--------------------------------------+-----+----------------+------------+
|Investments | 6| 18,177| 15,878|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Current assets | | | |
+--------------------------------------+-----+----------------+------------+
|Trade and other receivables | | 14| 55|
+--------------------------------------+-----+----------------+------------+
|Current asset investments | | -| 2,718|
+--------------------------------------+-----+----------------+------------+
|Cash and cash equivalents | | 6,829| 6,472|
+--------------------------------------+-----+----------------+------------+
| | | 6,843| 9,245|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Total assets | | 25,020| 25,123|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Current liabilities | | | |
+--------------------------------------+-----+----------------+------------+
|Trade and other payables | | (238)| (335)|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Net assets | | 24,782| 24,788|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Equity attributable to equityholders | | | |
+--------------------------------------+-----+----------------+------------+
|Ordinary share capital | 7| 7,976| 7,965|
+--------------------------------------+-----+----------------+------------+
|Share premium | 8| 15| 14,438|
+--------------------------------------+-----+----------------+------------+
|Capital redemption reserve | | 903| 902|
+--------------------------------------+-----+----------------+------------+
|Special reserve | | 46,522| 32,099|
+--------------------------------------+-----+----------------+------------+
|Own shares held | | (2,849)| (2,849)|
+--------------------------------------+-----+----------------+------------+
|Realised capital reserve | | (22,520)| (21,163)|
+--------------------------------------+-----+----------------+------------+
|Unrealised capital reserve | | (6,336)| (7,616)|
+--------------------------------------+-----+----------------+------------+
|Revenue reserve | | 1,071| 1,012|
+--------------------------------------+-----+----------------+------------+
|Total equity shareholders' funds | | 24,782| 24,788|
+--------------------------------------+-----+----------------+------------+
|Basic and diluted net asset value per | | 34.18| 34.24|
|share (pence)* | | | |
+--------------------------------------+-----+----------------+------------+
* (excluding treasury shares)
Comparative figures have been extracted from the audited statutory accounts for
the year ended 30 June 2009.
The accompanying notes form an integral part of this announcement.
The consolidated balance sheets include the balance sheets of the subsidiaries
CP1 VCT PLC and CP2 VCT PLC.
These financial statements were agreed by the Board of Directors, and authorised
for issue on 26 February 2010 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company Number 3495287
Summary Company statement of financial position
+--------------------------------------+-----+----------------+------------+
| | | Unaudited| Audited|
+--------------------------------------+-----+----------------+------------+
| | |31 December 2009|30 June 2009|
+--------------------------------------+-----+----------------+------------+
| |Notes| GBP'000| GBP'000|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Fixed assets | | | |
+--------------------------------------+-----+----------------+------------+
|Fixed asset investments | 6| 18,177| 15,878|
+--------------------------------------+-----+----------------+------------+
|Investment in subsidiary undertakings | | 16,034| 15,149|
+--------------------------------------+-----+----------------+------------+
| | | 34,211| 31,027|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Current assets | | | |
+--------------------------------------+-----+----------------+------------+
|Trade and other debtors | | 14| 55|
+--------------------------------------+-----+----------------+------------+
|Current asset investments | | -| 2,718|
+--------------------------------------+-----+----------------+------------+
|Cash at bank and in hand | | 6,816| 6,255|
+--------------------------------------+-----+----------------+------------+
| | | 6,830| 9,028|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Total assets | | 41,041| 40,055|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Current liabilities | | | |
+--------------------------------------+-----+----------------+------------+
|Trade and other creditors | | (16,259)| (15,267)|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Net assets | | 24,782| 24,788|
+--------------------------------------+-----+----------------+------------+
+--------------------------------------+-----+----------------+------------+
|Equity attributable to equityholders | | | |
+--------------------------------------+-----+----------------+------------+
|Ordinary share capital | 7| 7,976| 7,965|
+--------------------------------------+-----+----------------+------------+
|Share premium | 8| 15| 14,438|
+--------------------------------------+-----+----------------+------------+
|Capital redemption reserve | | 903| 902|
+--------------------------------------+-----+----------------+------------+
|Special reserve | | 46,522| 32,099|
+--------------------------------------+-----+----------------+------------+
|Own shares held | | (2,849)| (2,849)|
+--------------------------------------+-----+----------------+------------+
|Realised capital reserve | | (22,572)| (21,216)|
+--------------------------------------+-----+----------------+------------+
|Unrealised capital reserve | | (5,361)| (7,525)|
+--------------------------------------+-----+----------------+------------+
|Revenue reserve | | 148| 974|
+--------------------------------------+-----+----------------+------------+
|Total equity shareholders' funds | | 24,782| 24,788|
+--------------------------------------+-----+----------------+------------+
|Basic and diluted net asset value per | | 34.18| 34.24|
|share (pence)* | | | |
+--------------------------------------+-----+----------------+------------+
* (excluding treasury shares)
Comparative figures have been extracted from the statutory accounts for the year
ended 30 June 2009.
The accompanying notes form an integral part of this announcement.
This Company balance sheet has been prepared in accordance with UK GAAP.
These financial statements were approved by the Board of Directors, and
authorised for issue on 26 February 2010 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company Number 3495287
Summary consolidated statement of changes in equity
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
| | | | | | |Realised| | | |
| |Ordinary| | Capital|Special| Own| capital|Unrealised|Revenue| |
| | share| Share|redemption|reserve| shares| reserve| capital|reserve| |
| | capital| premium| reserve| *| held*| *| reserve*| *| Total|
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 1 July| | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,163)| (7,616)| 1,012| 24,788|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 11| 15| -| -| -| -| -| -| 26|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Cancellation| | | | | | | | | |
|of | | | | | | | | | |
|Share | | | | | | | | | |
|premium | | | | | | | | | |
|account | -|(14,438)| -| 14,438| -| -| -| -| -|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Transfer of | | | | | | | | | |
|reserves | -| -| -| (15)| -| -| -| 15| -|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Net realised| | | | | | | | | |
|losses | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| (469)| -| -| (469)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Unrealised | | | | | | | | | |
|gains on | | | | | | | | | |
|investments | -| -| -| -| -| -| 1,280| -| 1,280|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Management | | | | | | | | | |
|and | | | | | | | | | |
|performance | | | | | | | | | |
|fees | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | | | | | | | | | |
|(net of tax)| -| -| -| -| -| (164)| -| -| (164)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Revenue | | | | | | | | | |
|profit for | | | | | | | | | |
|the period | -| -| -| -| -| -| -| 226| 226|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Dividends | | | | | | | | | |
|paid in | | | | | | | | | |
|the period | -| -| -| -| -| (724)| -| (181)| (905)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2009 | | | | | | | | | |
|(unaudited) | 7,976| 15| 903| 46,522|(2,849)|(22,520)| (6,336)| 1,071| 24,782|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 1 July| | | | | | | | | |
|2008 | | | | | | | | | |
|(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Purchase of | | | | | | | | | |
|own | | | | | | | | | |
|shares for | | | | | | | | | |
|cancellation| | | | | | | | | |
|(including | | | | | | | | | |
|costs) | (66)| -| 66| (219)| -| -| -| -| (219)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Net realised| | | | | | | | | |
|gains | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| 8| -| -| 8|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Unrealised | | | | | | | | | |
|losses | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| -| (3,240)| -|(3,240)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Management | | | | | | | | | |
|and | | | | | | | | | |
|performance | | | | | | | | | |
|fees | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | | | | | | | | | |
|(net of tax)| -| -| -| -| -| (73)| -| -| (73)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Recovery of | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| 277| -| -| 277|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Revenue | | | | | | | | | |
|profit for | | | | | | | | | |
|the period | -| -| -| -| -| -| -| 390| 390|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Dividends | | | | | | | | | |
|paid in | | | | | | | | | |
|the period | -| -| -| -| -| (257)| -| (661)| (918)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2008 | | | | | | | | | |
|(unaudited) | 8,000| 14,422| 860| 32,202|(2,849)|(17,252)| (9,885)| 901| 26,399|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|As at 1 July | | | | | | | | | |
|2008 | | | | | | | | | |
|(audited) |8,066|14,422|793|32,421|(2,849)|(17,206)|(6,645)|1,172| 30,174|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Issue of equity| | | | | | | | | |
|(net of costs) | 8| 16| -| -| -| -| -| -| 24|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Purchase of own| | | | | | | | | |
|shares for | | | | | | | | | |
|cancellation | | | | | | | | | |
|(including | | | | | | | | | |
|costs) |(109)| -|109| (321)| -| -| -| -| (321)|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Net realized | | | | | | | | | |
|losses on | | | | | | | | | |
|investments | -| -| -| -| -| (2,898)| -| -|(2,898)|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Unrealised | | | | | | | | | |
|losses | | | | | | | | | |
|on investments | -| -| -| -| -| -| (971)| -| (971)|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Management and | | | | | | | | | |
|Performance | | | | | | | | | |
|fees charged to| | | | | | | | | |
|capital (net of| | | | | | | | | |
|tax) | -| -| -| -| -| (354)| -| -| (354)|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Recovery of VAT| | | | | | | | | |
|capitalised | -| -| -| -| -| 277| -| -| 277|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Revenue profit | | | | | | | | | |
|for | | | | | | | | | |
|the year | -| -| -| -| -| -| -| 682| 682|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|Dividends paid | | | | | | | | | |
|in | | | | | | | | | |
|the year | -| -| -| -| -| (981)| -|(842)|(1,823)|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
|As at 30 June | | | | | | | | | |
|2009 (audited) |7,965|14,438|902|32,099|(2,849)|(21,163)|(7,616)|1,012| 24,788|
+---------------+-----+------+---+------+-------+--------+-------+-----+-------+
* Included within these reserves is an amount of GBP15,888,000 (December 2008:
GBP3,117,000; June 2009: GBP1,483,000) which is distributable. The Special reserve
has been treated as distributable in determining the reserves available for
distribution.
Summary company reconciliation of movements in shareholders' funds
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
| | | | | | |Realised| | | |
| |Ordinary| | Capital|Special| Own| capital|Unrealised|Revenue| |
| | share| Share|redemption|reserve| shares| reserve| capital|reserve| |
| | capital| premium| reserve| *| held*| *| reserve*| *| Total|
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 1 July| | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,216)| (7,525)| 974| 24,788|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 11| 15| -| -| -| -| -| -| 26|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Cancellation| | | | | | | | | |
|of | | | | | | | | | |
|Share | | | | | | | | | |
|premium | | | | | | | | | |
|account | -|(14,438)| -| 14,438| -| -| -| -| -|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Transfer of | | | | | | | | | |
|reserves | -| -| -| (15)| -| -| -| 15| -|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Net realised| | | | | | | | | |
|losses | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| (469)| -| -| (469)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Unrealised | | | | | | | | | |
|gains on | | | | | | | | | |
|investments | -| -| -| -| -| -| 2,164| -| 2,164|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Management | | | | | | | | | |
|and | | | | | | | | | |
|performance | | | | | | | | | |
|fees | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | | | | | | | | | |
|net of tax) | -| -| -| -| -| (164)| -| -| (164)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Revenue loss| | | | | | | | | |
|for | | | | | | | | | |
|the period | -| -| -| -| -| -| -| (659)| (659)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Dividends | | | | | | | | | |
|paid in | | | | | | | | | |
|the period | -| -| -| -| -| (724)| -| (181)| (905)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2009 | | | | | | | | | |
|(unaudited) | 7,976| 15| 903| 46,522|(2,849)|(22,572)| (5,361)| 148| 24,782|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 1 July| | | | | | | | | |
|2008 | | | | | | | | | |
|(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Purchase of | | | | | | | | | |
|own | | | | | | | | | |
|shares for | | | | | | | | | |
|cancellation| | | | | | | | | |
|(including | | | | | | | | | |
|costs) | (66)| -| 66| (219)| -| -| -| -| (219)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Net realised| | | | | | | | | |
|gains | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| 8| -| -| 8|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Unrealised | | | | | | | | | |
|losses | | | | | | | | | |
|on | | | | | | | | | |
|investments | -| -| -| -| -| -| (3,240)| -|(3,240)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Management | | | | | | | | | |
|and | | | | | | | | | |
|performance | | | | | | | | | |
|fees | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | | | | | | | | | |
|(net of tax)| -| -| -| -| -| (73)| -| -| (73)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Recovery of | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| 277| -| -| 277|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Revenue | | | | | | | | | |
|profit for | | | | | | | | | |
|the period | -| -| -| -| -| -| -| 390| 390|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Dividends | | | | | | | | | |
|paid in | | | | | | | | | |
|the period | -| -| -| -| -| (257)| -| (661)| (918)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2008 | | | | | | | | | |
|(unaudited) | 8,000| 14,422| 860| 32,202|(2,849)|(17,252)| (9,885)| 901| 26,399|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 1 July| | | | | | | | | |
|2008 | | | | | | | | | |
|(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 8| 16| -| -| -| -| -| -| 24|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Purchase of | | | | | | | | | |
|own shares | | | | | | | | | |
|for | | | | | | | | | |
|cancellation| | | | | | | | | |
|(including | | | | | | | | | |
|costs) | (109)| -| 109| (321)| -| -| -| -| (321)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Net realised| | | | | | | | | |
|losses on | | | | | | | | | |
|investments | -| -| -| -| -| (2,898)| -| -|(2,898)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Unrealised | | | | | | | | | |
|losses on | | | | | | | | | |
|investments | -| -| -| -| -| -| (880)| -| (880)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Management | | | | | | | | | |
|and | | | | | | | | | |
|performance | | | | | | | | | |
|fees charged| | | | | | | | | |
|to capital | | | | | | | | | |
|(net of tax)| -| -| -| -| -| (354)| -| -| (354)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Recovery of | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| 224| -| -| 224|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Revenue | | | | | | | | | |
|profit for | | | | | | | | | |
|the year | -| -| -| -| -| -| -| 644| 644|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|Dividends | | | | | | | | | |
|paid in the | | | | | | | | | |
|year | -| -| -| -| -| (981)| -| (842)|(1,823)|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
|As at 30 | | | | | | | | | |
|June 2009 | | | | | | | | | |
|(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,216)| (7,525)| 974| 24,788|
+------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+
* Included within these reserves is an amount of GBP15,888,000 (December 2008:
GBP3,117,000; June 2009: GBP1,483,000) which is distributable. The Special reserve
has been treated as distributable in determining the reserves available for
distribution.
Summary consolidated statement of cash flows
+----------------------------+----+----------------+----------------+----------+
| | | Unaudited| Unaudited| Audited|
| | |Six months ended|Six months ended|Year ended|
| | | 31 December| 31 December| 30 June|
| | | 2009| 2008| 2009|
| |Note| GBP'000| GBP'000| GBP'000|
+----------------------------+----+----------------+----------------+----------+
+----------------------------+----+----------------+----------------+----------+
|Operating activities | | | | |
+----------------------------+----+----------------+----------------+----------+
|Investment income received | | 383| 591| 1,231|
+----------------------------+----+----------------+----------------+----------+
|Deposit interest received | | 30| 183| 200|
+----------------------------+----+----------------+----------------+----------+
|Administration fees paid | | (26)| (27)| (52)|
+----------------------------+----+----------------+----------------+----------+
|Investment management fees | | | | |
|paid | | (301)| (288)| (518)|
+----------------------------+----+----------------+----------------+----------+
|Recovery of VAT | | -| -| 457|
+----------------------------+----+----------------+----------------+----------+
|Other cash payments | | (161)| (123)| (257)|
+----------------------------+----+----------------+----------------+----------+
|Cash (expended)/generated | | | | |
|from operations | | (75)| 336| 1,061|
+----------------------------+----+----------------+----------------+----------+
+----------------------------+----+----------------+----------------+----------+
|Tax recovered | | -| 52| 52|
+----------------------------+----+----------------+----------------+----------+
| | | | | |
|Net cash flows from | | | | |
|operating activities | 9| (75)| 388| 1,113|
+----------------------------+----+----------------+----------------+----------+
+----------------------------+----+----------------+----------------+----------+
|Cash flows from investing | | | | |
|activities | | | | |
+----------------------------+----+----------------+----------------+----------+
|Purchase of non-current | | | | |
|asset investments | | (1,782)| (1,282)| (1,770)|
+----------------------------+----+----------------+----------------+----------+
|Disposal of non-current | | | | |
|asset investments | | 293| 25| 55|
+----------------------------+----+----------------+----------------+----------+
|Purchase of current asset | | | | |
|investments | | (2,217)| (3,835)| (3,835)|
+----------------------------+----+----------------+----------------+----------+
|Disposal of current asset | | | | |
|investments | | 5,018| -| 3,835|
+----------------------------+----+----------------+----------------+----------+
|Net cash inflow/(outflow) | | | | |
|from investing activities | | 1,312| (5,092)| (1,715)|
+----------------------------+----+----------------+----------------+----------+
+----------------------------+----+----------------+----------------+----------+
|Cash flows from financing | | | | |
|activities | | | | |
+----------------------------+----+----------------+----------------+----------+
|Issue of Ordinary shares | | | | |
|(net of costs) | | 25| -| 24|
+----------------------------+----+----------------+----------------+----------+
|Equity dividends paid | | (905)| (918)| (1,823)|
+----------------------------+----+----------------+----------------+----------+
|Purchase of Ordinary shares | | | | |
|for cancellation | | -| (261)| (364)|
+----------------------------+----+----------------+----------------+----------+
|Net cash flows used in | | | | |
|financing activities | | (880)| (1,179)| (2,163)|
+----------------------------+----+----------------+----------------+----------+
|Increase/(decrease) in cash | | | | |
|and cash equivalents | | 357| (5,883)| (2,765)|
+----------------------------+----+----------------+----------------+----------+
| | | | | |
|Cash and cash equivalents at| | | | |
|the start of the period | | 6,472| 9,237| 9,237|
+----------------------------+----+----------------+----------------+----------+
| | | | | |
|Cash and cash equivalents at| | | | |
|the end of the period | | 6,829| 3,354| 6,472|
+----------------------------+----+----------------+----------------+----------+
Notes to the summarised set of financial statements
for the six months ended 31 December 2009
1. Accounting policies
The following policies refer to the Group and the Company except where noted.
References to International Financial Reporting Standards ('IFRS') relate to the
Group financial statements and Financial Reporting Standards ('FRS') relate to
the Company financial statements.
Basis of accounting
The Half-yearly Financial Report has been prepared in accordance with the
historical cost convention, modified to include the revaluation of investments
and in accordance with International Financial Reporting Standards ('IFRS')
adopted for use in the European Union (and therefore comply with Article 4 of
the EU IAS regulation), in the case of the Group, and in accordance with
Financial Reporting Standards ('FRS') in the case of the Company. This
Half-yearly Financial Report has been prepared in accordance with IAS 34
'Interim Financial Reporting'.
Both the Group and the Company financial statements also apply the Statement of
Recommended Practice: "Financial Statements of Investment Companies and Venture
Capital Trusts" ('SORP') issued by the Association of Investment Companies
("AIC") in January 2009, in so far as this does not conflict with IFRS. The
financial statements have been prepared in accordance with those parts of the
Companies Act 2006 applicable to the companies reporting under IFRS and FRS. The
information in this document does not include all of the disclosures required by
IFRS and SORP in full annual financial statements, and it should be read in
conjunction with the consolidated financial statements of the Group for the year
ended 30 June 2009. This Half-yearly financial information has been prepared
applying the accounting policies and presentation that were applied in the
preparation of the Group's published consolidated financial statements for the
year ended 30 June 2009.
These financial statements are presented in Sterling to the nearest thousand.
Accounting policies have been applied consistently in current and prior periods.
Basis of consolidation
The Group consolidated financial statements incorporate the financial statements
of the Company for the period ended 31 December 2009 and the entities controlled
by the Company (its subsidiaries), for the same period. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies into line with those used by the Group. All intra-group
transactions, balances, income and expenses are eliminated on consolidation.
As permitted by Section 408 of the Companies Act 2006, the Company has not
presented its own profit and loss account. The amount of the Company's profit
before tax for the period dealt with in the accounts of the Group is GBP873,000
(31 December 2008: loss GBP2,669,000; 30 June 2009: loss GBP3,264,000).
Segmental reporting
The Directors are of the opinion that the Group and the Company are engaged in a
single segment of business, being investment business. The Group invests in
smaller companies principally based in the UK.
Business combinations
The acquisition of subsidiaries is accounted for using the purchase method in
the Group financial statements. The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given,
liabilities incurred or assumed, and equity instruments issued by the Group in
exchange for control of the subsidiaries, plus any costs directly attributable
to the business combination. The subsidiary's identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS
3 "Business Combinations" are recognised at their fair value at the acquisition
date.
Estimates
The preparation of the Group and Company's Half-yearly Financial Report requires
estimates, assumptions and judgements to be made, which affect the reported
results and balances. Actual outcomes may differ from these estimates, with a
consequential impact on the results of future periods. The estimates and
assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are
those used to determine the fair value of investments at fair value through
profit or loss.
The valuation of investments at fair value through the profit or loss is
determined by using valuation techniques. The Group and the Company use
judgements to select a variety of methods and makes assumptions that are mainly
based on market conditions at each balance sheet date. The movements in
valuations of investments during the period are shown in note 2.
Fixed and current asset investments
Quoted and unquoted equity investments
In accordance with IAS 39 'Financial Instruments: Recognition and Measurement',
and FRS 26 'Financial Instruments: Recognition and Measurement', quoted and
unquoted equity investments are designated as fair value through profit or loss
('FVTPL'). Investments listed on recognised exchanges are valued at the closing
bid prices at the end of the accounting period. Unquoted investments' fair value
is determined by the Directors in accordance with the International Private
Equity and Venture Capital Valuation Guidelines (IPEVCV guidelines).
Fair value movements on equity investments and gains and losses arising on the
disposal of investments are reflected in the capital column of the Statement of
comprehensive income in accordance with the AIC SORP. Realised gains or losses
on the sale of investments will be reflected in the Realised capital reserve,
and unrealised gains or losses arising from the revaluation of investments will
be reflected in the Unrealised capital reserve.
Warrants, convertibles and unquoted equity derived instruments
Warrants, convertibles and unquoted equity derived instruments are only valued
if their exercise or contractual conversion terms would allow them to be
exercised or converted as at the balance sheet date, and if there is additional
value to the Company in exercising or converting as at the balance sheet date.
Otherwise these instruments are held at nil value. The valuation techniques used
are those used for the underlying equity investment.
Unquoted loan stock
Unquoted loan stock is classified as loans and receivables in accordance with
IAS 39 and FRS 26 and carried at amortised cost using the Effective Interest
Rate method ('EIR') less impairment.Movements in the amortised cost relating to
interest income are reflected in the revenue column of the Statement of
comprehensive income, and hence are reflected in the Revenue reserve, and
movements in respect of capital provisions are reflected in the capital column
of the Statement of comprehensive income and are reflected in the Realised
capital reserve following sale, or in the Unrealised capital reserve on
revaluation.
For all unquoted loan stock, whether re-negotiated, past due or impaired, the
Board considers that the fair value is equal to or greater than the security
value of these assets. For unquoted loan stock, the amount of the impairment is
the difference between the asset's cost and the present value of estimated
future cash flows, discounted at the effective interest rate.
Floating rate notes
In accordance with IAS 39 and FRS 26, floating rate notes are designated as
FVTPL. Floating rate notes are valued at market bid price at the balance sheet
date. Floating rate notes are classified as current asset investments as they
are investments held for the short term.
It is not the Group or the Company's policy to exercise control or significant
influence over investee companies. Therefore in accordance with the exemptions
under IAS 28 "Investments in associates" and FRS 9 "Associates and joint
ventures" those undertakings in which the Group or Company holds more than 20
per cent. of the equity are not regarded as associated undertakings.
Investments are recognised as financial assets on legal completion of the
investment contract and are de-recognised on legal completion of the sale of an
investment.
Investment income
Quoted and unquoted equity income
Dividend income is not recognised as part of the fair value movement of an
investment, but is recognised separately as investment income through the
Revenue reserve when a share becomes ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised on a time
apportionment basis using an effective interest rate over the life of the
financial instrument. Income which is not capable of being received within a
reasonable period of time is reflected in the capital value of the investment.
Bank interest income
Interest income is recognised on an accruals basis using the rate of interest
agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accruals basis using the interest
rate applicable to the floating rate note at that time.
Taxation
Taxation is applied on a current basis in accordance with IAS 12 and FRS 16
"Income taxes". Taxation associated with capital expenses is applied in
accordance with the SORP. Deferred taxation is provided in full on temporary
differences in accordance with IAS 12 and timing differences in accordance with
FRS 16, that result in an obligation at the balance sheet date to pay more tax
or a right to pay less tax, at a future date, at rates expected to apply when
they crystallise based on current tax rates and law. Timing differences arise
from the inclusion of items of income and expenditure in taxation computations
in periods different from those in which they are included in the financial
statements. Temporary differences arise from differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which unused tax losses and credits can
be utilised.
Dividends
In accordance with IAS 10 and FRS 21 "Events after the balance sheet date",
dividends are accounted for in the period in which the dividend has been paid,
or approved by shareholders.
Issue costs
Issue costs associated with the allotment of share capital have been deducted
from the Share premium account.
Investment management fees, performance incentive fees and other expenses
All expenses have been accounted for on an accruals basis. Expenses are charged
through the Revenue column of the Statement of comprehensive income, except for
management fees and performance incentive fees which are allocated in part to
the capital column of the Statement of comprehensive income, to the extent that
these relate to an enhancement in the value of the investments and in line with
the Board's expectation that over the long term 75 per cent. of the Group's
investment returns will be in the form of capital gains.
Receivables and payables/debtors and creditors
* Receivables are non-interest bearing and are short term in nature and are
accordingly stated at amortised cost, as reduced by appropriate allowances
for estimated irrecoverable amounts. The Directors consider that the
carrying amount of receivables/debtors is not materially different to their
fair value.
* Payables are non-interest bearing and are stated at amortised cost. The
Directors consider that the carrying amount of payables/creditors is not
materially different to their fair value.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments against cost are
disclosed in this reserve.
Special reserve
The cancellation of the Share premium account has created a special reserve that
can be used to fund market purchases and subsequent cancellation of own shares,
to cover gross realised losses, and for other distributable purposes.
Own shares held reserve
This reserve accounts for amounts by which the Company's distributable reserves
are diminished through the repurchase of the Company's own shares for treasury
purposes.
Realised capital reserve
The following are disclosed in this reserve:
· gains and losses compared to cost on the realisation of investments;
· expenses, together with the related taxation effect, charged in
accordance with the above policies; and
· dividends paid to equity holders.
2. Gains/(losses) on investments
+------------------------------+-------------------+----------------+----------+
| | Unaudited| Unaudited| Audited|
| |Six months ended 31|Six months ended|Year ended|
| | December|31 December 2008| 30 June|
| | 2009| GBP'000| 2009|
| | GBP'000| | GBP'000|
+------------------------------+-------------------+----------------+----------+
|Unrealised gains/(losses) on | | | |
|non-current asset investments | | | |
|held at fair value through | | | |
|profit and loss account | 851| (2,556)| (3,363)|
+------------------------------+-------------------+----------------+----------+
|Unrealised losses on | | | |
|non-current asset investments | | | |
|held at amortised cost | (113)| (709)| (549)|
+------------------------------+-------------------+----------------+----------+
|Net unrealised losses | | | |
|transferred to realised losses| | | |
|in the period | 542| -| 2,909|
+------------------------------+-------------------+----------------+----------+
|Unrealised gains/(losses) on | | | |
|non-current asset investments | 1,280| (3,265)| (1,003)|
+------------------------------+-------------------+----------------+----------+
|Unrealised gains on current | | | |
|asset investments | -| 25| 32|
+------------------------------+-------------------+----------------+----------+
|Unrealised gains/(losses) | | | |
|sub-total | 1,280| (3,240)| (971)|
+------------------------------+-------------------+----------------+----------+
|Realised (losses)/gains on | | | |
|non-current asset investments | | | |
|held at fair value through | | | |
|profit and loss account | (10)| 8| 11|
+------------------------------+-------------------+----------------+----------+
|Realised gains on current | | | |
|asset investments held at fair| | | |
|value through profit and loss | | | |
|account | 83| -| -|
+------------------------------+-------------------+----------------+----------+
|Net realised losses | | | |
|transferred from unrealised | | | |
|losses in the year | (542)| -| (2,909)|
+------------------------------+-------------------+----------------+----------+
|Realised (losses)/gains | | | |
|sub-total | (469)| 8| (2,898)|
+------------------------------+-------------------+----------------+----------+
| | 811| (3,232)| (3,869)|
+------------------------------+-------------------+----------------+----------+
Investments valued on an amortised cost basis are unquoted loan stock
investments and Euro commercial paper.
The consolidated unrealised gains on investments amount to GBP1,280,000 and are
different from the Company unrealised gains on investments which total
GBP2,164,000. The Company unrealised gains on investments includes the revaluation
of CP1 VCT PLC and CP2 VCT PLC (which are subsidiaries of Crown Place VCT PLC)
of GBP884,000.
3. Investment income and deposit interest
+-------------------------------+----------------+-----------------+-----------+
| | Unaudited| Unaudited| Audited|
| | | | |
| |Six months ended|Six months ended |Year ended |
| | | | |
| | 31 December | 31 December | 30 June |
| | | | |
| | 2009| 2008| 2009|
| | | | |
| | GBP'000| GBP'000| GBP'000|
+-------------------------------+----------------+-----------------+-----------+
|Income recognised on| | | |
|investments held at fair value| | | |
|through profit and loss | | | |
+-------------------------------+----------------+-----------------+-----------+
|UK dividend income | 2| 37| 80|
+-------------------------------+----------------+-----------------+-----------+
|Management fees received from| -| -| 2|
|equity investments | | | |
+-------------------------------+----------------+-----------------+-----------+
|Floating rate note interest | 2| 85| 116|
+-------------------------------+----------------+-----------------+-----------+
|Bank deposit interest | 33| 123| 135|
| | | | |
|Other income | -| 9| -|
+-------------------------------+----------------+-----------------+-----------+
| | 37| 254| 333|
+-------------------------------+----------------+-----------------+-----------+
|Income recognised on | | | |
|investments held at amortised | | | |
|cost | | | |
+-------------------------------+----------------+-----------------+-----------+
|Return on loan stock| 412| 305| 490|
|investments | | | |
+-------------------------------+----------------+-----------------+-----------+
|Euro commercial paper interest | -| 63| 165|
+-------------------------------+----------------+-----------------+-----------+
| | 412| 368| 655|
+-------------------------------+----------------+-----------------+-----------+
| | 449| 622| 988|
+-------------------------------+----------------+-----------------+-----------+
4. Dividends
+------------+---------------------+---------------------+---------------------+
| | Unaudited | Unaudited | Audited |
| | | | |
| | Six months ended | Six months ended | Year ended |
| | | | |
| | 31 December 2009 | 31 December 2008 | 30 June 2009 |
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
| |Revenue|Capital|Total|Revenue|Capital|Total|Revenue|Capital|Total|
| | | | | | | | | | |
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|First | | | | | | | | | |
|dividend | | | | | | | | | |
|paid on 8 | | | | | | | | | |
|August 2008 | -| -| -| 661| 257| 918| 661| 257| 918|
|(1.25 pence | | | | | | | | | |
|per share) | | | | | | | | | |
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Second | | | | | | | | | |
|dividend | | | | | | | | | |
|paid on 17 | | | | | | | | | |
|April 2009 | -| -| -| -| -| -| 181| 724| 905|
|(1.25 pence | | | | | | | | | |
|per share) | | | | | | | | | |
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|First | | | | | | | | | |
|dividend | | | | | | | | | |
|paid on 6 | | | | | | | | | |
|November | | | | | | | | | |
|2009 (1.25 | 181| 724| 905| -| -| -| -| -| -|
|pence per | | | | | | | | | |
|share) | | | | | | | | | |
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
| | 181| 724| 905| 661| 257| 918| 842| 981|1,823|
+------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
In addition, the Board has declared a second dividend of 1.25 pence per share
(0.25 pence to be paid out of revenue profits and 1.00 pence out of realised
capital gains). This will be paid on 9 April 2010 to shareholders on the
register as at 12 March 2010. This is expected to amount to approximately
GBP906,000.
5. Basic and diluted return/(loss) per share
+-------------+---------------------+-----------------------+----------------------+
| | Unaudited | Unaudited | Audited |
| | | | |
| | Six months ended | Six months ended | Year ended |
| | | | |
| | 31 December 2009 | 31 December 2008 | 30 June 2009 |
+-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+
| |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total|
+-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+
|Return/(loss)| | | | | | | | | |
|attributable | | | | | | | | | |
|to equity| | | | | | | | | |
|shares | | | | | | | | | |
|( GBP'000) | 226| 647| 873| 390|(3,028)|(2,638)| 682|(3,946)|3,264)|
+-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+
|Weighted | | | | | | |
|average | | | | | | |
|shares in | | | | | | |
|issue | | | | | | |
|(excluding | | | | | | |
|treasury | | | | | | |
|shares) | | 72,429,319| | 73,181,241| | 72,85 8,300|
+-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+
|Return/(loss)| | | | | | | | | |
|attributable | | | | | | | | | |
|per Ordinary | | | | | | | | | |
|share (pence)| | | | | | | | | |
|(basic and | | | | | | | | | |
|diluted) | 0.31| 0.89| 1.20| 0.53| (4.14)| (3.61)| 0.93| (5.41)|(4.48)|
+-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+
There are no convertible instruments, derivatives or contingent share agreements
in issue, and therefore no dilution affecting the return per share. The basic
return per share is therefore the same as the diluted return per share.
6. Non-current asset investments
+------------------------------------------------+----------------+------------+
| | Unaudited| Audited|
| | | |
| |31 December 2009|30 June 2009|
| | | |
| | GBP'000| GBP'000|
+------------------------------------------------+----------------+------------+
|Investments held at fair value through profit or| 7,010| 5,815|
|loss | | |
+------------------------------------------------+----------------+------------+
|Investments held at amortised cost | 11,167| 10,063|
+------------------------------------------------+----------------+------------+
| | 18,177| 15,878|
+------------------------------------------------+----------------+------------+
7. Ordinary share capital
+------------------------------------------------+----------------+------------+
| | Unaudited| Audited|
| |31 December 2009|30 June 2009|
| | GBP'000| GBP'000|
+------------------------------------------------+----------------+------------+
|Authorised | | |
+------------------------------------------------+----------------+------------+
|140,000,000 Ordinary shares of 10p each (30 June| 14,000| 14,000|
|2009: 140,000,000) | | |
+------------------------------------------------+----------------+------------+
+------------------------------------------------+----------------+------------+
|Allotted, called up and fully paid | | |
+------------------------------------------------+----------------+------------+
|79,764,126 Ordinary shares of 10p each (30 June| 7,976| 7,965|
|2009: 79,657,180) | | |
+------------------------------------------------+----------------+------------+
+------------------------------------------------+----------------+------------+
The Company did not repurchase any Ordinary shares for cancellation during the
period (year ended 30 June 2009: 1,091,300 shares at a cost of GBP321,000). The
total number of shares held in treasury as at 31 December 2009 was 7,260,410 (30
June 2009: 7,260,410).
Under the terms of the Dividend Reinvestment Scheme Circular dated 26 February
2009, the following Ordinary shares of nominal value 10 pence were allotted
during the period:
+-------------+------------+-------------+----------+-------------+------------+
| | | | | | Opening|
| | | Aggregate| Issue| | market|
| Allotment| Number of|nominal value| price per|Consideration| price per|
| date| shares| of| share| received| share|
| | allotted| shares|(pence per| GBP'000|on allotment|
| | | GBP'000| share)| | (pence per|
| | | | | | share)|
+-------------+------------+-------------+----------+-------------+------------+
|6 November | 106,946| 11| 32.95| 35| 25.00|
|2009 | | | | | |
+-------------+------------+-------------+----------+-------------+------------+
8. Share premium account
On 17 September 2009, the Company registered the Court Order dated 16 September
2009, which cancelled the whole of the Share premium account amounting to
GBP14,437,830 as at 16 September 2009. The purpose of the cancellation was to
increase the Special reserve which may be treated as distributable profits, and
amongst other purposes can be used for making market purchases and effecting
tender offers of Ordinary shares, offsetting of losses to enable the Company to
pay dividends, or can be used for the same purposes that the Company could use a
share premium account.
9. Reconciliation of revenue return on ordinary activities before taxation to
net cash (outflow)/inflow from operating activities
+-------------------------------+----------------+----------------+------------+
| | Unaudited| Unaudited| Audited|
| |Six months ended|Six months ended| Year ended|
| |31 December 2009|31 December 2008|30 June 2009|
| | GBP'000| GBP'000| GBP'000|
+-------------------------------+----------------+----------------+------------+
+-------------------------------+----------------+----------------+------------+
|Revenue return before tax | 226| 504| 682|
+-------------------------------+----------------+----------------+------------+
|Capitalised expenses | (164)| (187)| (354)|
+-------------------------------+----------------+----------------+------------+
|Recovery of VAT charged to| -| 277| 277|
|capital | | | |
+-------------------------------+----------------+----------------+------------+
|(Increase)/decrease in accrued| | | |
|amortised loan stock interest | (39)| 138| 352|
+-------------------------------+----------------+----------------+------------+
|Decrease/(increase) in| 14| (372)| 139|
|receivables | | | |
+-------------------------------+----------------+----------------+------------+
|(Decrease)/increase in payables| (112)| 28| 17|
+-------------------------------+----------------+----------------+------------+
|Net cash (outflow)/inflow from| (75)| 388| 1,113|
|operating activities | | | |
+-------------------------------+----------------+----------------+------------+
10. Contingencies, guarantees and financial commitments
There are no external contingencies, guarantees or financial commitments of the
Group or Company as at 31 December 2009 (31 December 2008: nil; 30 June 2009:
nil). Under the terms of the Transfer Agreement date of 16 January 2006, Crown
Place VCT PLC has indemnified its subsidiaries, CP1 VCT PLC and CP2 VCT PLC in
respect of all costs, claims and liabilities in exchange for the transfer of
assets.
11. Post Balance Sheet Events
Since 31 December 2009, the Company has completed the following significant
transaction:
* January 2010: Part disposal of Avanti Communications Group PLC for GBP204,000
* February 2010: Investment in Mi-Pay Limited of GBP43,000
12. Related Party Transactions
The Manager, Albion Ventures LLP, could be considered to be a related party by
virtue of the fact that it is party to a management agreement from the Company.
During the period, services of a total value of GBP244,000 (six months ended 31
December 2008: GBP275,000; year ended 30 June 2009: GBP522,000) were purchased by
the Company from Albion Ventures LLP; this includes GBP219,000 management fee and
GBP25,000 administration fee. At the financial period end, the amount due to
Albion Ventures LLP disclosed as accruals and deferred income was GBP122,000 (31
December 2008: GBP236,000; 30 June 2009: GBP208,000).
13. Other information
The information set out in this announcement does not constitute the Group's
statutory accounts within the terms of section 434 of the Companies Act 2006 for
the periods ended 31 December 2009 and 31 December 2008 and is unaudited. The
financial information for the year ended 30 June 2009 does not constitute
statutory accounts within the terms of section 434 of the Companies Act 2006 and
is derived from the statutory accounts for the financial year, which have been
delivered to the Registrar of Companies. The auditors' report on those accounts
was not qualified and did not contain statements under s498 (2) or (3) of the
Companies Act 2006.
14. Publication
The Half-yearly Financial Report is being sent to shareholders and copies will
be made available to the public at the registered office of the Company,
Companies House, the FSA viewing facility and also electronically at
www.albion-ventures.co.uk <http://www.albion-ventures.co.uk/> under the 'Our
Funds' section.
[HUG#1389167]
Half-yearly financial report: http://hugin.info/141806/R/1389167/347360.pdf
Pie chart: http://hugin.info/141806/R/1389167/347361.pdf
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