Interim Report
01 Dezember 2006 - 6:10PM
UK Regulatory
RNS Number:1281N
Limelight VCT plc
01 December 2006
FOR IMMEDIATE RELEASE 1 December 2006
LIMELIGHT VCT PLC
INTERIM REPORT (UNAUDITED) FOR THE PERIOD 17 OCTOBER 2005 TO 30 SEPTEMBER 2006
CHAIRMAN'S STATEMENT
Investment Progress
Limelight VCT was listed on the London Stock Exchange in April 2006 in order to
invest in film production companies. The investment strategy adopted takes into
account the benefits receivable by these companies from the film tax credit
scheme announced by the Chancellor, Gordon Brown, in November 2005.
We had hoped that the legislation enacting the film tax credit scheme would have
been in force by June of this year at the latest. This legislation requires EU
approval and this approval has only just been given subject to a number of
amendments being made to the scheme.
These amendments do not impact on our investment strategy. The amendments are
however unlikely to be enacted until January next year and until the legislation
is enacted we do not believe it is appropriate for shareholders monies to be
invested in film production companies.
Given this legislative timetable we hope to be substantially invested in
qualifying investments, that is to say, film production companies, by 31 March
2007, our first year end. While we wait to invest in film production companies
we have invested shareholders monies in liquid money market funds.
Financial results
The company was incorporated on 17 October 2005 and these are the first interim
report of results since it was listed on the London Stock Exchange on 5 April
2006. The result for the period was a profit of #16,000 equivalent to 2.85 pence
per share. The net asset value per share at 30 September 2006 was 92.37 pence.
No dividend is proposed.
Outlook
We are naturally disappointed at the delay in the implementation of the film tax
credit scheme which has caused considerable disruption to film production
generally throughout the UK. We look forward however to 2007 when we can start
investing in UK films to the benefit of both our shareholders and the UK film
industry.
Stuart Stradling
30 November 2006
UNAUDITED GROUP INCOME STATEMENT
For the period from 17 October 2005 to 30 September 2006
Unaudited
For the period
17 Oct 2005 to 30 Sep 2006
Note Revenue Capital Total*
#'000 #'000 #'000
Investment and other income 108 - 108
Administrative expenses 88 - 88
Profit before taxation 20 - 20
Taxation (4) - (4)
Return attributable to equity shareholders 16 - 16
Return per ordinary share 3 2.85p - 2.85p
* The total column represents the Income Statement under IFRS.
UNAUDITED GROUP BALANCE SHEET
As at 30 September 2006
Note 30 Sep 2006
#'000
Current assets
Trade and other receivables 10
Cash and cash equivalents 5,187
5,197
Current liabilities
Trade and other payables (2)
Current tax liabilities (4)
(6)
Net current assets 5,191
Net assets 5,191
Shareholders' funds
Called up share capital 562
Share premium 4,613
Revenue reserve 16
Total equity 5,191
Net asset value per share (pence) 4 92.37
UNAUDITED STATEMENT OF CHANGES IN GROUP EQUITY
For the period from 17 October 2005 to 30 September 2006
Called up
share capital Share premium Revenue reserve Total
#'000 #'000 #'000 #'000
At 17 October 2005 - - - -
Issue of equity 562 5,058 - 5,620
Issue costs of equity - (445) (445)
Revenue return - - 16 16
At 30 September 2006 562 4,613 16 5,191
UNAUDITED GROUP CASHFLOW STATEMENT
For the period from 17 October 2005 to 30 September 2006
Period to 30 Sep 2006
#'000
Cash flow from operating activities
Cash flow from operations Investment income received 12
Cash flows from financing activities
Issue of equity net of expenses 5,175
Increase in cash and cash equivalents 5,187
Opening cash and cash equivalents -
Closing cash and cash equivalents 5,187
NOTES TO THE INTERIM ACCOUNTS
For the period from 17 October 2005 to 30 September 2006
1. General information
The financial information for the period 17 October 2005 to 30 September 2006
comprises non statutory accounts within the meaning of section 240 of the
Companies Act 1985.
2. Basis of accounting and accounting policies
This statement has been prepared in accordance with the historical cost
convention, and in accordance with International Accounting Standard 34, Interim
Financial Reporting.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up to
the balance sheet date. Control is achieved where the Company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
Investment Trust SORP
Where presentational guidance set out in the Statement of Recommended Practice
(SORP) for investment trusts, issued by the Association of Investment Trusts in
January 2003 (revised December 2005), is consistent with the requirements of
IFRS, the directors have sought to prepare the financial statements on a basis
compliant with the SORP.
Income
Income for the current period arises from interest income. Interest income on
financial investments, and cash and cash equivalents, is recognised in the
income statement using the effective interest rate applicable.
Investment management fees and other expenses
All expenses are accounted for on an accruals basis and are charged through to
the revenue account. Limelight Investment Management Limited, a wholly owned
subsidiary of Limelight VCT PLC is the investment manager of Limelight VCT PLC
and therefore the group income statement does not include the investment
management fee charged by Limelight Investment Management Limited.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, and money market instruments. Such assets are held-for-trading, with
capital gains, losses and fair value movements accounted for in the income
statement, which will be taken to capital reserves as they arise due to the fact
that such balances are held for future investment in financial investments.
Deferred tax
Deferred tax is recognised in full, using the liability method, on all temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax is measured using
rates of tax that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax assets are recognised to the extent that it is probable that future
taxable profits will be available against which the temporary differences can be
utilised.
Due to the Company's intended status as a venture capital trust, and the
intention to continue meeting the conditions required to obtain approval in the
foreseeable future, the Company will not provide for deferred tax on any capital
gains and losses arising on the revaluation or disposal of investments.
3. Return per share
The return per share is based on the net gain for the period of #16,000 and on
5,620,000 shares, being the weighted average number of shares in issue during
the period.
4. Net asset value per share
The net asset value per share is based on the net assets of the Group of
#5,191,000 and on 5,620,000 shares in issue as at 30 September 2006.
5. Profit for the financial year
As permitted by section 230 of the Companies Act 1985, the Company has not
included its own profit and loss account in these financial statements. The
Group profit after tax for the year includes #17,000 which is dealt with in the
financial statements of the holding company.
These Interim Accounts will be posted to all shareholders in Limelight VCT Plc
in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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