TIDMLLT
RNS Number : 0285D
Limelight VCT plc
25 November 2009
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FOR IMMEDIATE RELEASE 25 November 2009
Limelight VCT plc
("Limelight VCT" or the "Company")
Condensed Consolidated Half-Yearly Financial Information (unaudited)
for the period 1 April 2009 to 30 September 2009
Key Events in the Period and Post Balance Sheet Events
The Board is at an advanced stage of negotiations with a party who wish to
acquire for cash the majority of the film investments currently held by the
company. This sale would greatly accelerate the realisation of cash from these
investments and thereby enable the Board to reappraise its strategy for the
realisation of value for shareholders.
The nature of this sale would be such that it requires shareholder approval. The
Board expects to make a further announcement by the end of the year.
No further investments have been made during the period. The priority has been
to monitor existing investments and to ensure that they are being well managed,
delivered on time and on budget, that sales are being actively sought and that
prompt applications are being made for the available film tax credits.
Financial Position
The group loss for the period is GBP157,000. The net asset value per share at 30
September 2009 is 89.34p
The international film sales market has continued to be very difficult and sales
agents reports from the film markets during the reporting period (primarily
Cannes in May and the American Film Market in November) have resulted in some
additional impairments of our film assets. More information on the individual
investments is given below.
Update on Individual Investments
As is to be expected with a portfolio of investments in film, some films have
been well received and financially successful whilst others have struggled to
find international distribution.
Taking the investments in turn, in the order of the date of investment, their
fortunes can be summarised as follows:
Adulthood Ltd was the first of our investee companies to release a finished
film. The film Adulthood was written, directed by and stars Noel Clark. It is
the sequel to the successful film Kidulthood and reflects the lives of young
people having to deal with moral choices amidst a culture of drugs and violence
in the estates of West London. It was released in cinemas across the UK on 20
June 2008 and went straight to number four at the UK box office on its opening
weekend, going on to take GBP3.35m at the UK box office. After its successful
theatrical release it was released on DVD in October 2008 and sold 140,000
copies in the first month. Noel Clark went on to win the "Orange Rising Star"
award at the BAFTA film awards in February. Unfortunately this UK success has
not been able to translate into international sales. The film has struggled to
find theatrical distribution in many overseas territories, but will continue to
be marketed for ongoing television sales and other royalty-only deals.
Abrahams Point Ltd completed the film Abrahams Point in the summer of 2008 but
this has yet to secure a release. This film was written and directed by Wyndham
Price and stars Mackenzie Crook (The Office, Pirates of the Caribbean). It tells
the story of a young man taking a grandfather clock to his dying father in Wales
and his journey of redemption as he travels from the dark streets of London to
the beautiful landscape of his parents' village in Wales. The film has struggled
to find a distributor and has made only one international sale to date.
Parallax (IKYK) Ltd also completed their film I Know You Know in summer 2008.
This is a film about a young boy who suspects that his dad might be working
undercover for MI6. Written and directed by Justin Kerrigan (Human Traffic) and
starring Robert Carlyle (The Full Monty, Angela's Ashes) the film was screened
at the London Film Festival in October 2008 to good reviews. It now has a UK
distribution deal and will receive a small UK release in the autumn of 2009. It
has screened at a number of film festivals and secured a small number of
international sales.
Dark North Ltd completed the film Red Mist in autumn 2008. This is the first in
a slate of genre movies to be produced by this production team. The film tells
the story of a doctor administering a powerful cocktail of drugs to a coma
victim with horrifying consequences. The film screened in August 2008 at London
Frightfest. It has not managed to obtain a theatrical distribution deal but was
released on DVD in the US earlier this year and continues to seek further sales.
The disappointing sales performance of this film has resulted in a change of
sales agent. The new agent took the film to the American Film Market (AFM) in
November 2009 and has completed two sales.
Lunar Industries Ltd completed the film Moon in February 2009 and got off to a
strong start with excellent publicity at the Sundance Film Festival. Directed by
Duncan Jones and starring Sam Rockwell it is a powerful sci-fi drama about a man
who has a quintessentially personal encounter whilst stranded on the moon. Sony
released Moon in the US and UK during the summer of 2009. It received excellent
reviews and performed well at the box office for an independent movie, taking
approximately $5m to date in the US and GBP1.3m to date in the UK. Moon has
already achieved a number of international sales deals and continues to attract
attention at film festivals. Duncan Jones received the award for Best New
British Feature film at the Edinburgh Film Festival, Sam Rockwell received Best
Actor at the Seattle Film Festival and the film won Best Picture at the Athens
Film Festival. It has seven nominations in the British Independent Film Awards
including Best British Film. Moon has sold in all major territories around the
world. It opened in Russia in September (straight in at number 9 in the box
office charts) and will be rolling out theatrically in all territories over the
coming months. Prospects for the DVD release of this title are strong.
Donkeys, also due for release in 2009, is a film directed by Morag McKinnon
about Alfred, 64, who has lost touch with his family and decides to make amends.
His past comes back to haunt him and he has to face up to what life means to
him. Disappointingly this film did not achieve selection for any of the major
film festivals, and has not made any international sales to date, so it is
currently being re-cut and as a result of this revised version it now looks set
to secure a UK distribution deal.
Kasander (Andrea Untitled) Ltd completed the film Fishtank in the spring.
Directed by Andrea Arnold (Red Road), this is a contemporary drama about a 15
year old girl and how her life changes when her mother brings home a new
boyfriend. The film premiered at Cannes where it won the Jury prize and it has
gone on to secure a number of international sales. The film makers took the
decision to cast an unknown, unemployed 16 year old girl, Katie Jarvis, in one
of the key roles and they have been rewarded for that decision as she has
received universal critical acclaim for her performance and won the award for
Best Performance in a British Feature Film at the 2009 Edinburgh Film Festival.
The film opened on 47 screens in UK cinemas in September 2009, supported by a
number of 5 star reviews, and for a film of this type it is performing well at
the box office, taking GBP560,0000 by the end of October, eight weeks from
release.
Generator (Cherry) Ltd completed the film Cherrybomb in February 2009. Set in
Ireland this drama thriller follows the exploits of three teenagers as they
embark on a wild weekend of drink and drugs that turns deadly serious. It stars
Rupert Grint (Harry Potter) and James Nesbitt (Cold Feet, Murphy's Law). The
film premiered at the Berlin Film Festival in February 2009 and at the time of
writing, a deal is being finalized with Universal to release this film in the UK
and Australia in early 2010. To date this film has failed to achieve any further
territory sales.
Mirrorball Films (Nativity) Ltd are currently delivering their film Nativity, an
improvised comedy directed by Debbie Isitt (Confetti) and starring Martin
Freeman (The Office, Hitchhikers Guide to the Galaxy) and Ashley Jensen
(Extras). It is the story of two schools competing for the best nativity play.
Early screenings of the film have been well received and it has achieved a UK
distribution deal with E1 entertainment for release this Christmas, along with a
number of international offers.
Generator (Ghost) Ltd have recently delivered the film Ghost Machine, a thriller
set in a virtual reality world where soldiers get themselves wrapped up in a
game with deadly consequences. It has been difficult to market this film ahead
of completion as the creation of the virtual world required sophisticated
special effects which have only recently been completed. However the film does
have a pre-agreed deal in the US with Anchor Bay Entertainment (a division of
Liberty Media) and it is now being actively marketed internationally.
Skellig Productions delivered their film Skellig in March 2009. This is a big
screen adaptation of the best selling children's book by David Almond and stars
Tim Roth (Youth without Youth, Incredible Hulk), John Simm (Life on Mars, Doctor
Who) and Kelly Macdonald (No Country for Old Men, Trainspotting). Sky 1 gave the
film a high profile screening at Easter (1m viewers) supported by a major
advertising campaign, which has helped to promote good DVD sales in the UK and
there have been some international sales to date. A deal is currently being
finalized for release in the US and further international sales continue to be
actively sought, although the prices currently being offered are below
expectation.
From Time to Time Ltd have recently delivered the film From Time to Time based
on the novel "The Chimneys of Green Knowe" by Lucy M. Boston. The film stars
Dame Maggie Smith and a number of well known British actors (Tim Spall, Pauline
Collins, Dominic West, Hugh Bonneville, Harriet Walter) and is directed by
Julian Fellowes (Gosford Park). The film was produced by Ealing Studios (St
Trinians, Easy Virtue, Dorian Gray). It screened at the recent London Film
Festival and it is currently being marketed for 2010 release.
Summary of Investment Performance
In order to comply with the requirements of VCT legislation, investments held by
the company include a proportion of equity as well as debt in unquoted
companies.
In accordance with our investment accounting policy, shares and debt are valued
as one investment and are designated at fair value through profit or loss. The
predicted future revenues from all sources are assessed and these discounted
cash flows used to arrive at a fair value for each investment.
Where a film is moderately successful, for example it has reasonable success
within the domestic (UK) territory, the investee company is likely to be able to
honour its obligations under the terms of the debt instruments. However for
Limelight to be able to go on to realise further value from its equity
investment, the investee company needs to reach a position of overall profit.
This requires that any other financiers of the films have been repaid and all
distribution and marketing costs have been recovered. This can usually only be
achieved by the films succeeding in a number of territories internationally and
perhaps over a long period of time. Such "net profits" are proving difficult to
achieve in these difficult economic times and in the few cases where they might
perhaps be achievable in the future they are too uncertain at this stage to be
predicted with any accuracy. As a result these profit entitlements are not taken
into account in the valuation process.
This means that some films, for example Adulthood, despite having been very
successful in the domestic territory, do still require some provision to be made
against their overall value. In total we have made a loss on revaluation of
investments in the first six months of the year of GBP231,000.
The full details of the valuations of each film are provided in the investment
valuation note on page 13.
Outlook
The directors are constantly monitoring the status of the international film
sales market.
Should the negotiations regarding the sale of assets mentioned above reach a
satisfactory conclusion, the directors will be writing to shareholders to seek
their approval. If the sale is ratified by shareholders, the directors will then
review the future strategy of the Company and where appropriate further
consultation with the shareholders will be conducted to ensure the chosen
strategy is in the shareholders' best interests and in accordance with their
wishes.
Dividend
The directors do not propose a dividend.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the company continue to be as
described in the annual report to 31 March 2009. The Board believes that the
principal risk facing the Company is as follows:
Receipt and Timing of Returns on Investments
Returns on investments are derived from government tax credits paid to investee
companies and revenue from film sales. The investment period on each transaction
may be longer than expected due to operational delays within the film production
companies causing delays to the submission or repayment of tax credit claims or
slower than anticipated sales at international film markets. We monitor all
productions closely and we are finding that the UK tax credit system is working
well and tax credits are generally being received promptly by applicant film
companies. However, the international film sales market was badly hit by the
international economic downturn in 2008 and has shown little sign of improvement
in 2009. There has been a trend towards distributors acquiring only completed
product rather than pre-purchasing during the production stage which delays the
receipt of sales revenues. Also, distributors have been restricting their cash
spending, buying only the more commercial products and paying less for each
territory than was the case when Limelight VCT was originally established and
when initial forecasts were made.
Related Parties
Related party disclosures are given in note 9 on page 14.
Statement of Directors Responsibilities in Respect of the Half-yearly Financial
Report
We confirm that to the best of our knowledge:
* The condensed set of consolidated financial statements has been prepared in
accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and
gives a true and fair view of the assets, liabilities, financial position and
loss for the period.
* The interim management report includes a fair review of the information required
by:
1. DTR 4.2.7R of the "Disclosure and Transparency Rules", being an indication
of the
important events that have occurred during the first six
months of the financial year and
their impact on the condensed set
of financial statements; and a description of the
principal risks
and uncertainties for the remaining six months of the year; and
2. DTR 4.2.8R of the "Disclosure and Transparency Rules" being related party
transactions
that have taken place in the first six months of the
current financial year and that have
materially affected the
financial position or performance of the entity during that period;
and any changes in the related party transactions described in the last annual
report
that could do so.
Signed on behalf of the Board
Michael Henry
Director
24 November 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the period from 1 April 2009 to 30 September 2009
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | Half Year to 30 | | Half Year to 30 Sep | | Year to 31 March |
| | | Sep 2009 | | 2008 | | 2009 |
+----------------+------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | Note | 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 |
| | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Continuing | | | | | | | | | | | | |
| Operations | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | 212 | - | 212 | | 212 | - | 212 | | 472 | - | 472 |
| and other | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Loss on | | - | - | - | | - | (11) | (11) | | - | (11) | (11) |
| financial | | | | | | | | | | | | |
| investments | | | | | | | | | | | | |
| held at | | | | | | | | | | | | |
| fair value | | | | | | | | | | | | |
| through | | | | | | | | | | | | |
| profit or | | | | | | | | | | | | |
| loss | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Decrease in | | - | (231) | (231) | | - | - | - | | | (171) | (171) |
| fair value | | | | | | | | | | | | |
| of | | | | | | | | | | | | |
| investments | | | | | | | | | | | | |
| designated | | | | | | | | | | | | |
| at fair | | | | | | | | | | | | |
| value | | | | | | | | | | | | |
| through | | | | | | | | | | | | |
| profit or | | | | | | | | | | | | |
| loss | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Administrative | | (109) | (1) | (110) | | (110) | (50) | (160) | | (216) | (70) | (286) |
| expenses | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Profit/(Loss) | | 103 | (232) | (129) | | 102 | (61) | 41 | | 256 | (252) | 4 |
| before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Taxation | | (28) | - | (28) | | (22) | - | (22) | | (70) | - | (70) |
| expense | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Profit for | | 75 | (232) | (157) | | 80 | (61) | 19 | | 186 | (252) | (66) |
| the period | | | | | | | | | | | | |
| from | | | | | | | | | | | | |
| continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Attributable | | 75 | (232) | (157) | | 80 | (61) | 19 | | 186 | (252) | (66) |
| to: Equity | | | | | | | | | | | | |
| holders of | | | | | | | | | | | | |
| the parent | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return per | 5 | 1.3p | (4.1p) | (2.8p) | | 1.4p | (1.1p) | 0.3p | | 3.3p | (4.5p) | (1.2p) |
| ordinary | | | | | | | | | | | | |
| share | | | | | | | | | | | | |
| (basic and | | | | | | | | | | | | |
| diluted) | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
*The total column represents the Income Statement under IFRS.
The notes on pages 11 to 14 form an integral part of these condensed
consolidated interim financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 30 September 2009
+-----------------------------+------+----------+---+----------+---+------------+
| | Note | 30 Sep | | 30 Sep | | 31 March |
| | | 2009 | | 2008 | | 2009 |
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Assets | | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Non Current Assets | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Film company investments at | 4 | 3,678 | | 2,758 | | 3,909 |
| fair value through profit | | | | | | |
| or loss | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | 3,678 | | 2,758 | | 3,909 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Current assets | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Trade and other receivables | | 822 | | 439 | | 799 |
+-----------------------------+------+----------+---+----------+---+------------+
| Cash and cash equivalents | | 676 | | 2,121 | | 565 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | 1,498 | | 2,560 | | 1,364 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Total assets | | 5,176 | | 5,318 | | 5,273 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Liabilities | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Current liabilities | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Trade and other payables | | (57) | | (23) | | (25) |
+-----------------------------+------+----------+---+----------+---+------------+
| Current tax payable | | (98) | | (32) | | (70) |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Total liabilities | | (155) | | (55) | | (95) |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Net assets | | 5,021 | | 5,263 | | 5,178 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Equity | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Equity attributable to | | | | | | |
| equity holders of the | | | | | | |
| parent | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Share capital | | 562 | | 562 | | 562 |
+-----------------------------+------+----------+---+----------+---+------------+
| Share premium account | | 4,619 | | 4,619 | | 4,619 |
+-----------------------------+------+----------+---+----------+---+------------+
| Revenue reserve | | 321 | | 140 | | 246 |
+-----------------------------+------+----------+---+----------+---+------------+
| Capital reserve | | (481) | | (58) | | (249) |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Total equity | | 5,021 | | 5,263 | | 5,178 |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| Net asset value per share | 6 | 89.34p | | 93.65 | | 92.14 |
| (pence) | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
| | | | | | | |
+-----------------------------+------+----------+---+----------+---+------------+
The notes on pages 11 to 14 form an integral part of these condensed
consolidated interim financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | Called | | Share | | Revenue | | Capital | | Total |
| | up share | | Premium | | reserve | | reserve | | |
| | capital | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| Balance at 1 April | 562 | | 4,619 | | 246 | | (249) | | 5,178 |
| 2009 | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| Profit/(loss) for the | - | | - | | 75 | | (232) | | (157) |
| period | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| At 30 September 2009 | 562 | | 4,619 | | 321 | | (481) | | 5,021 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | Called | | Share | | Revenue | | Capital | | Total |
| | up share | | Premium | | reserve | | reserve | | |
| | capital | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| At 1 April 2008 | 562 | | 4,619 | | 60 | | 3 | | 5,244 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| Profit/(loss) for the | - | | - | | 80 | | (61) | | 19 |
| period | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| At 30 September 2008 | 562 | | 4,619 | | 140 | | (58) | | 5,263 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | Called | | Share | | Revenue | | Capital | | Total |
| | up share | | Premium | | reserve | | reserve | | |
| | capital | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| At 1 April 2008 | 562 | | 4,619 | | 60 | | 3 | | 5,244 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| Profit/(loss) for the | - | | - | | 186 | | (252) | | (66) |
| period | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| At 31 March 2009 | 562 | | 4,619 | | 246 | | (249) | | 5,178 |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
| | | | | | | | | | |
+-----------------------+----------+--+---------+--+---------+--+---------+--+---------+
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the period from 1 April 2009 to 30 September 2009
+---------------------------+--+-------------+--+-------------+--+-------------+
| | Half year | | Half year | | Year to |
| | to 30 Sep 2009 | | to 30 Sep | | 31 March |
| | | | 2008 | | 2009 |
| | | | | | |
+---------------------------+----------------+--+-------------+--+-------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Profit/(Loss) before tax | | (129) | | 41 | | 4 |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Corporation tax paid | | - | | - | | (10) |
+---------------------------+--+-------------+--+-------------+--+-------------+
| (Increase)/decrease in | | (23) | | (165) | | (525) |
| other receivables | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Decrease in fair value of | | 231 | | - | | 171 |
| qualifying investments | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Decrease in capitalised | | - | | - | | 21 |
| transaction costs | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Loss on disposal of non | | - | | - | | 11 |
| qualifying investments | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| (Decrease)/increase in | | 32 | | (8) | | (6) |
| other payables | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Net cash from operating | | 111 | | (132) | | (334) |
| activities | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Acquisition of qualifying | | - | | (1,254) | | (2,597) |
| investments | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Acquisition of | | - | | - | | (1,501) |
| non-qualifying | | | | | | |
| investments | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Disposal of non | | - | | - | | 1,490 |
| qualifying investments | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Net cash from investing | | - | | (1,254) | | (2,608) |
| activities | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Net increase/(decrease) | | 111 | | (1,386) | | (2,942) |
| in cash and cash | | | | | | |
| equivalents | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Opening cash and cash | | 565 | | 3,507 | | 3,507 |
| equivalents | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| Closing cash and cash | | 676 | | 2,121 | | 565 |
| equivalents | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------+--+-------------+--+-------------+--+-------------+
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the period from 1 April 2009 to 30 September 2009
1. Nature of operations and general information
The principal activity of Limelight VCT plc is the investment in British film
production companies.
The Company is a public limited company registered in England and Wales and
domiciled in the United Kingdom.
The Company has a primary listing on the London Stock Exchange.
This condensed consolidated half-yearly financial information was approved for
issue on 24 November 2009.
The financial information for the year ended 31 March 2009 set out in this
interim report does not constitute statutory accounts as defined in Section 434
of the Companies Act 2006. The Group's statutory financial statements for the
year ended 31 March 2009 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Section 498(2) or Section 498(3) of the Companies Act
2006.
These consolidated interim financial statements have not been audited nor has an
interim review been conducted by the auditor in accordance with ISRE (UK and
Ireland) 2410
2. Basis of preparation and accounting policies
These interim condensed consolidated financial statements are for the six months
ended 30 September 2009. They have been prepared in accordance with IAS 34,
Interim Financial Reporting. They do not include all of the information required
for full annual financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the year ended 31 March 2009.
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 March 2009, as described in those
financial statements, except for the adoption of IAS 1 Presentation of Financial
Statements (revised 2007 and effective 1 January 2009).
The adoption of IAS 1 does not affect the financial position of the group or
change the measurement and recognition of the Groups assets, liabilities, income
and expenses. It does give rise to some changes in disclosures.
3. Segmental analysis
The Directors consider that the Group has only one business segment and the
disclosure of segmental information is therefore not provided. The Group invests
only in British film companies and as a result has only one geographical
segment.
4. Investment Portfolio
There have been no purchases or disposals in the period covered by these interim
financial statements.
+---------------------------------------------------+---------+------------------+
| Group | | Film Company |
| | | Investments |
+---------------------------------------------------+---------+------------------+
| | | GBP'000 |
+---------------------------------------------------+---------+------------------+
| Opening valuation at 1 April 2009 | | 3,909 |
+---------------------------------------------------+---------+------------------+
| Fair value adjustment in the period | | (231) |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| At 30 September 2009 | | 3,678 |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
+---------------------------------------------------+---------+------------------+
| Group | | Film Company |
| | | Investments |
+---------------------------------------------------+---------+------------------+
| | | GBP'000 |
+---------------------------------------------------+---------+------------------+
| Opening valuation at 1 April 2008 | | 1,504 |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| Additions in the period | | 1,275 |
+---------------------------------------------------+---------+------------------+
| Adjustment for previously capitalised transaction | | (21) |
| expenses | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| At 30 September 2008 | | 2,758 |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
+---------------------------------------------------+---------+------------------+
| Group | | Film Company |
| | | Investments |
+---------------------------------------------------+---------+------------------+
| | | GBP'000 |
+---------------------------------------------------+---------+------------------+
| Opening valuation at 1 April 2008 | | 1,504 |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| Additions in the period | | 2,597 |
+---------------------------------------------------+---------+------------------+
| Fair value adjustment in the period | | (171) |
+---------------------------------------------------+---------+------------------+
| Adjustment for previously capitalised transaction | | (21) |
| expenses | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
| At 31 March 2009 | | 3,909 |
+---------------------------------------------------+---------+------------------+
| | | |
+---------------------------------------------------+---------+------------------+
The current valuations of individual investments are shown in the table below:
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| | Date of | | Equity | | Debt | | Total | | Fair | | Fair |
| |Investment | | GBP'000 | | GBP'000 | | at | | Value | | Value |
| | | | | | | | cost | | Adjust | | GBP'000 |
| | | | | | | |GBP'000 | | GBP'000 | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Adulthood Ltd | 26/09/07 | | 65 | | 133 | | 198 | | (40) | | 158 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Abrahams Point Ltd | 09/10/07 | | 60 | | 118 | | 178 | | (68) | | 110 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Parallax (IKYK) Ltd | 29/11/07 | | 75 | | 150 | | 225 | | (88) | | 137 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Dark North Ltd | 11/02/08 | | 95 | | 160 | | 255 | | (60) | | 195 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Lunar Industries Ltd | 22/02/08 | | 172 | | 300 | | 472 | | 9 | | 481 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Rounding up Donkeys | 26/02/08 | | 60 | | 95 | | 155 | | (69) | | 86 |
| Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Kasander (Andrea | 11/07/08 | | 125 | | 250 | | 375 | | 22 | | 397 |
| Untitled) Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Generator (Cherry) | 16/07/08 | | 93 | | 125 | | 218 | | (78) | | 140 |
| Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Mirrorball Films | 11/08/08 | | 139 | | 260 | | 399 | | 25 | | 424 |
| (Nativity) Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Generator (Ghost) | 15/09/08 | | 100 | | 183 | | 283 | | (28) | | 255 |
| Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Skellig Productions | 03/10/08 | | 242 | | 430 | | 672 | | (107) | | 565 |
| Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| From Time to Time | 12/11/08 | | 75 | | 575 | | 650 | | 80 | | 730 |
| Ltd | | | | | | | | | | | |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
| Total | | | 1,301 | | 2,779 | | 4,080 | | (402) | | 3,678 |
+----------------------+------------+--+---------+--+---------+--+---------+--+----------+--+----------+
5. Return per share
The return per share is based on the net loss for the period of GBP157,000 and
5,620,000 shares, being the weighted average number of shares in issue during
the period.
6. Net asset value per share
The net asset value per share is based on the net assets of the Group of
GBP5,021,000 and 5,620,000 shares in issue as at 30 September 2009.
7. Dividend
No dividend is proposed.
8. Post Balance Sheet Events
There have been no significant post balance sheet events since the period end.
9. Related Party Transactions
In October 2007 the Group appointed BMS Finance Ltd, a company of which the
chairman is a non-executive director, to provide administrative and advisory
services.
Thurloe and Lyndhurst LLP, a limited liability partnership in which a director
is a member, has been appointed to be a solicitor and legal advisor in respect
of film investments.
During the period the Group has carried out transactions with the above parties
in the normal course of business and on an arms length basis:
+----------------------------------+-----------------------------+-----------------------------+-----------------------------+
| | Half | Half | Full |
| | Year | Year | Year |
| | to | to | To |
| | 30 | 30 | 31 |
| | September | September | March |
| | 2009 | 2008 | 2009 |
+----------------------------------+-----------------------------+-----------------------------+-----------------------------+
| | GBP'000's | GBP'000's | GBP'000's |
+----------------------------------+-----------------------------+-----------------------------+-----------------------------+
| BMS Finance Ltd | 66 | 64 | 128 |
| (and group | | | |
| companies) | | | |
+----------------------------------+-----------------------------+-----------------------------+-----------------------------+
| Thurloe & | 1 | 30 | 53 |
| Lyndhurst LLP | | | |
+----------------------------------+-----------------------------+-----------------------------+-----------------------------+
Enquiries:
Limelight VCT plc
Michael Henry 020 7478 9144
Beaumont Cornish Limited
Roland Cornish 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VZLFLKFBFFBF
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