Downing Plan 2011 Downing Planned Exit Vct 2011 -4-
28 März 2014 - 5:21PM
UK Regulatory
2013 stood at 83.8p. Total Return (NAV plus dividends paid to date) now
stands at 93.8p, compared to the original cost, net of income tax relief,
of 61.9p.
The profit on ordinary activities after taxation for the year was
GBP687,000 comprising a revenue profit of GBP308,000 and a capital
return of GBP379,000.
Investment activity and valuation
At 30 November 2013, the Low Carbon portfolio comprised investments in
seven companies, each of which is VCT qualifying or part-qualifying, and
had a valuation of GBP6.8 million. All of the investments within the
portfolio receive FiTs from the production of electricity from solar PV
panels. The investments are well spread across five different
operators/installers and the panels are on a mix of commercial and
residential rooftops.
The majority of the investments have been held at original cost while we
continue to gather data to confirm that they are consistently generating
electricity at the planned levels. Most of the companies hold a large
portfolio of residential rooftop PV panels. As there are many
electricity sources to monitor, the task of ensuring reliable data flow
has taken longer than would have been the case with, say, a dedicated
solar park. However, in the case of three investments, Green Electricity
Generation, 21(st) Century Energy and PV Generation, yield has been
sufficiently proven to justify increases in the carrying values by
GBP210,000, GBP108,000 and GBP90,000 respectively.
Outlook
With no significant further investment activity expected over the next
year, our focus remains on close monitoring of the various projects to
ensure that they perform in line with expectations.
Assuming that the generation of electricity by the investee companies
continues at the anticipated levels, we expect to see further growth in
the Low Carbon pool's NAV. Over the coming year we will start to
undertake some preliminary work on how successful exits might be
achieved from the investments when that task commences in two years'
time.
Downing LLP
Portfolio of investments
Valuation
movement % of
Cost Valuation in period portfolio
GBP'000 GBP'000 GBP'000
VCT qualifying investments
Progressive Energies Limited* 1,400 1,400 - 20.2%
Green Electricity Generation
Limited 1,000 1,210 210 17.5%
PV Generation Limited 1,000 1,090 90 15.8%
Progressive Power Generation
Limited 800 800 - 11.5%
UK Renewable Power Limited 780 780 - 11.3%
Clean Electricity Limited 780 780 - 11.3%
21(st) Century Energy Limited 600 708 108 10.2%
6,360 6,768 408 97.8%
Cash at bank and in hand 188 2.2%
Total investments 6,956 100%
* part-qualifying investment
All venture capital investments are incorporated in England and Wales.
ADDITIONS
GBP'000
VCT qualifying investments
21(st) Century Energy Limited 22
22
DISPOSALS
Market Gain Total realised
value at against gain during
Cost 01/12/12 Proceeds cost the year
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non-qualifying
investments
Progressive Power
Generation Limited 134 134 134 - -
134 134 134 - -
* part-qualifying investment
Directors' responsibilities
The Directors are responsible for preparing the Report of the Directors,
the Directors' Remuneration Report and the financial statements in
accordance with applicable law and regulations. They are also
responsible for ensuring that the annual report includes information
required by the Listing Rules of the Financial Conduct Authority.
Company law requires the Directors to prepare financial statements for
each financial year. Under that law, the Directors have elected to
prepare the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting
Standards and applicable law). Under company law the Directors must not
approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Company and of
the profit or loss of the Company for that period. In preparing these
financial statements the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the
financial statements; and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the Company's transactions, to
disclose with reasonable accuracy at any time the financial position of
the Company and to enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
In addition, each of the Directors considers that the Annual Report,
taken as a whole, is fair, balanced and understandable and provides the
information necessary for Shareholders to assess the Company's
performance, business model and strategy.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information included
in annual reports may differ from legislation in other jurisdictions.
Directors' statement pursuant to the Disclosure and Transparency Rules
Each of the Directors, whose names and functions are listed on page 2,
confirms that, to the best of each person's knowledge:
the financial statements, which have been prepared in accordance with
United Kingdom Generally Accepted Accounting Practice, give a true and
fair view of the assets, liabilities, financial position and profit or
loss of the Company; and
the management report within the Report of the Directors, Strategic
Report, Chairman's Statement, Investment Manager's Report and the Review
of Investments includes a fair review of the development and performance
of the business and the position of the Company together with a
description of the principal risks and uncertainties that it faces.
By order of the Board
Grant Whitehouse
Secretary of Downing Planned Exit VCT 2011 plc
INCOME STATEMENT
for the year ended 30 November 2013
Year ended 30 November 2013 Year ended 30 November 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 2,027 - 2,027 1,192 - 1,192
Net gain on
investments - 597 597 - 593 593
2,027 597 2,624 1,192 593 1,785
Investment
management
fees (401) (133) (534) (417) (140) (557)
Other
expenses (343) (52) (395) (338) - (338)
Return on
ordinary
activities
before tax 1,283 412 1,695 437 453 890
Tax on
ordinary
activities (289) - (289) (92) - (92)
Return
attributable
to equity
shareholders 994 412 1,406 345 453 798
Basic and
diluted
return per
share:
General
Ordinary
Share 3.3 (0.8) 2.5 2.3 (2.3) -
General 'A'
Share - - - - - -
Structured
Ordinary
Share 1.6 1.5 3.1 (1.0) 7.9 6.9
Structured
'A' Share - - - - - -
Low Carbon
Ordinary
Share 3.8 4.7 8.5 1.1 (0.4) 0.7
All Revenue and Capital items in the above statement derive from
continuing operations. The total column within the Income Statement
represents the profit and loss account of the Company. No operations
were acquired or discontinued during the year.
A Statement of Total Recognised Gains and Losses has not been prepared
as all gains and losses are recognised in the Income Statement noted
above.
Other than revaluation movements arising on investments held at fair
value through the profit and loss, there were no differences between the
return/(loss) as stated above and historical cost.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Year ended 30 November 2013 Year ended 30 November 2012
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