Crown Place VCT PLC Crown Place Vct Plc : Annual -7-
02 Oktober 2014 - 6:08PM
UK Regulatory
Net cash flows from investing activities (1,410) 1,337
Cash flows from financing activities
Issue of share capital (net of issue costs) 2,444 1,993
Equity dividends paid (net of costs of dividend reinvestment
scheme and unclaimed dividends returned) (1,966) (1,883)
Purchase of shares for treasury (174) (243)
Purchase of shares for cancellation (395) (416)
Net cash flows used in financing activities (91) (549)
(Decrease)/increase in cash and cash equivalents (1,314) 1,039
Cash and cash equivalents at the start of the year 2,780 1,741
Cash and cash equivalents at the end of the year 16 1,466 2,780
Company cashflow statement
Year ended Year ended
30 June 2014 30 June 2013
Note GBP'000 GBP'000
Operating activities
Loan stock income received 880 917
Deposit interest received 18 22
Dividend income received 3,416 934
Investment management fees paid (473) (453)
Intercompany interest paid (3,387) (900)
Other cash payments (267) (269)
Net cash flows from operating activities 17 187 251
Taxation
UK corporation tax paid - -
Capital expenditure and financial investments
Purchase of fixed asset investments (2,539) (1,062)
Disposal of fixed asset investments 1,129 2,399
Net cash flows from investing activities (1,410) 1,337
Equity dividends paid
Dividends paid (net of costs of shares issued under
the dividend reinvestment scheme and unclaimed dividends
returned) (1,966) (1,883)
Net cash flows before financing (3,189) (295)
Financing activities
Issue of share capital (net of issue costs) 2,444 1,993
Purchase of own shares for treasury
(including costs) (174) (243)
Purchase of own shares for cancellation (including
costs) (395) (416)
Net cash flows from financing 1,875 1,334
Cash flow in the year 16 (1,314) 1,039
Notes to the Financial Statements
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 United Kingdom
Generally Accepted Accounting Practice ('UK GAAP') relate to the Company
Financial Statements.
Basis of accounting
The Financial Statements have been prepared 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 UK GAAP in
the case of the Company.
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
companies reporting under IFRS and UK GAAP. These Financial Statements
are presented in Sterling to the nearest thousand. Accounting policies
have been applied consistently in current and prior periods.
At the balance sheet date, the following International Accounting
Standards and interpretations were in issue but not yet effective:
-- IFRS 9 Financial instruments: Recognition and measurement (effective for
annual periods beginning on or after 1 January 2015)
-- IFRS 10 Consolidated Financial Statements (effective for annual periods
beginning on or after 1 January 2014)
-- IFRS 11 Accounting for Acquisitions of Interest in Joint Operations
(effective for annual periods beginning on or after 1 January 2014)
-- IFRS 12 Disclosure of Interest in Other Entities (effective for annual
periods beginning on or after 1 January 2014)
-- IFRS 14 Regulatory Deferral Accounts (effective for annual periods
beginning on or after 1 January 2016)
-- IFRS 15 Revenue from Contracts with Customers (effective for annual
periods beginning on or after 1 January 2017)
-- IAS 16/IAS 41 Clarification of Acceptable Methods of Depreciation and
Amortisation (effective for annual periods beginning on or after 1
January 2016)
-- IAS 19 Defined Benefit Plans: Employee Contributions (effective for
annual periods beginning on or after 1 July 2014)
-- IAS 27 Separate Financial Statements (effective for annual periods
beginning on or after 1 January 2014)
-- IAS 28 Investments in Associates and Joint Ventures (effective for annual
periods beginning on or after 1 January 2014)
-- IAS 32 Offsetting Financial Assets and Financial Liabilities (effective
for annual periods beginning on or after 1 January 2014)
-- IAS 36 Recoverable amounts disclosures for non-financial assets
(effective for annual periods beginning on or after 1 January 2014)
-- IAS 39 Novation of Derivatives and Continuation of Hedge Accounting
(effective for annual periods beginning on or after 1 January 2014)
The above International Accounting Standards and interpretations have
not been applied in this Annual Report and Financial Statements and are
not expected to have any material impact on the Financial Statements
although some changes may be required to the format of the Financial
Statements and disclosures.
Basis of consolidation
The Group consolidated Financial Statements incorporate the Financial
Statements of the Company for the year ended 30 June 2014 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 year dealt with in the accounts of
the Group is GBP3,461,000 (2013: GBP706,000).
Segmental reporting
The Directors are of the opinion that the Group and the Company are
engaged in a single operating segment of business, being investment in
equity and debt. The Group and the Company report to the Board which
acts as the chief operating decision maker. 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's and Company's Financial Statements
requires estimates, assumptions and judgments 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.
Those 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 the profit or loss.
The valuation of investments held at fair value through profit or loss
or measured in assessing any impairment of loan stocks is determined by
using valuation techniques. The Group and the Company use judgments to
select a variety of methods and makes assumptions that are mainly based
on market conditions and portfolio company performance at each balance
sheet date.
Investment in subsidiaries
Investments in subsidiaries are revalued at the balance sheet date based
on the underlying net assets of the subsidiary undertakings. Revaluation
movements are recognised in the unrealised reserve.
The Directors have not yet made a formal decision on the future of CP2
VCT plc, but the parent Company has undertaken to support the ongoing
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