TIDMTP10
RNS Number : 1524O
TP10 VCT Plc
08 October 2012
TP10 VCT plc
Interim Results
The directors of TP10 VCT plc are pleased to announce its
Interim results for the six months to 31 August 2012.
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989. The Interim report will be
available in full at www.triplepoint.co.uk
Financial Summary
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
GBP'000 GBP'000 GBP'000
Net assets 26,603 27,573 27,722
Net profit/(loss) before
tax 29 (418) (269)
-------------------------- --------------- ----------------- ----------------
Profit/(loss) per share 0.09p (1.39p) (0.90p)
Dividend paid (3.31p) - -
-------------------------- --------------- ----------------- ----------------
Net asset value per
share 88.15p 91.37p 91.86p
-------------------------- --------------- ----------------- ----------------
TP10 VCT plc ("the Company") is a Venture Capital Trust ("VCT").
The Investment Manager is Triple Point Investment Management LLP.
The Company was launched in November 2009 and raised GBP28.6
million (net of expenses) through an offer for subscription which
closed on 31 May 2010.
Chairman's Statement
I am writing to you to present the unaudited Interim Financial
Report for TP10 VCT plc ("the Company") for the 6 months ended 31
August 2012.
Building the Portfolio
We are pleased to announce that during the period the Company
secured its VCT qualifying status by satisfying the test of being
70% invested in VCT qualifying investments. Qualifying and
non-qualifying unquoted investments now represent 99% of net
assets, completing the portfolio's construction ahead of the
investment strategy's target date.
In selecting the qualifying investments, we have been able to
take advantage of a number of attractive opportunities. These
include renewable electricity generated from roof mounted solar
photovoltaic panels (investments which will benefit from long-term,
index linked revenues) and cinema digitisation yielding high
quality, predictable cash flows.
More information on the Company's investment portfolio is given
in the Investment Manager's Review.
Net Asset Value
With the portfolio now established, loan interest from the
investments has exceeded running costs and the Company made a
profit of 0.09p per share for the six month period. At 31 August
2012 the Net Asset Value (NAV) per share stood at 88.15p (91.37p
per share: 29 February 2012). The reduction in the NAV was due to
the payment of the dividend of 3.31p on 10 August 2012 less the
profit of 0.09p for the six month period.
Principal Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with the VCT's portfolio of unquoted investments;
-- failure to maintain approval as a qualifying VCT.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise either the
likelihood or potential impact of these risks within the scope of
the Company's established investment strategy. Further details of
how these risks are managed are detailed within the Directors'
Report.
Dividends
On 10 August 2012 the Company paid its first dividend of GBP1
million equal to 3.31p per share.
Outlook
Having secured its VCT qualifying portfolio and status, the
Board is confident in its outlook and believes the Company is well
placed to deliver returns to shareholders over the longer term.
If you have any queries or comments, please do not hesitate to
telephone Triple Point Investment Management LLP on 020 7201
8989.
Robin Morrison
Chairman
4 October 2012
Investment Manager's Review
During the period the Company continued to build its portfolio
of VCT qualifying investments. It invested a further GBP8 million,
increasing the VCT qualifying portfolio to 86% of net assets. This
investment programme means the requirement of being 70% invested in
qualifying investments has been satisfied a year ahead of the
target date.
The portfolio of qualifying investments is split between 25
companies across cinema digitisation, project management, and
electricity generation from solar PV, anaerobic digestion and
landfill gas.
Each of these investments meets Triple Point's investment
criteria, with projected revenues generated by good quality
counterparties and the potential for attractive returns.
Investments in each sector have been subject to rigorous selection
criteria, including extensive due diligence and technical
assessment.
Sector Analysis
The investment portfolio can be analysed as follows:
Electricity Generation
Cinema Hydro Project Solar Anaerobic Total Unquoted
Industry Sector Digitisation Management PV Digestion Landfill Finance Investments
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
Investments
at 29 February
2012 5,400 363 9,600 3,050 - 1,415 19,828
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
Investments
made during
the 6 months
ended 31 August
2012 1,500 450 1,600 1,475 1,000 2,275 8,300
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
Investments
disposed of
during the
6 months ended
31 August 2012 - - - (1,550) - (100) -1,650
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
Investments
at 31 August
2012 6,900 813 11,200 2,975 1,000 3,590 26,478
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
Investments
% 26.06% 3.07% 42.30% 11.24% 3.78% 13.55% 100.00%
------------------ -------------- -------------- -------- ----------- --------- -------- ---------------
VCT Portfolio Review
Solar PV
The investments in companies that own roof-mounted residential
solar PV panels continue to provide steady, yet strong, cash flows.
Over the past six months, the Government has announced further
changes to the Feed-in Tariff regime for solar. However, as the
Feed-in Tariff is a 'grandfathered' scheme, all existing solar
installations, including those in which your Company has invested,
remain unaffected by new regulation.
Cinema Digitisation
These businesses that deploy, maintain and operate digital
equipment in cinemas in the UK and Continental Europe continue to
perform in line with their objectives. Digital cinema projection
conversion is paid for under the globally recognised Virtual Print
Fee model, through which Film Studios pay for the cost of the
deployment over a number of years. The majority of the revenues
come from the six major investment grade Hollywood Studios. Film
booking rates are significantly ahead of the base line projections
which has built further headroom into the project. Looking ahead
seven of the top ten films of 2012 are expected in this half of the
year including Skyfall, the new Bond film, and Hobbit, which are
both expected to generate further box office growth.
Anaerobic Digestion
Anaerobic digestion (AD) is a tried and tested technology used
to generate electricity from the production of biogas through the
biological treatment of organic materials using naturally occurring
organisms. Within the portfolio are three investments in small
enterprises running projects to generate electricity from farm
based AD. The projects are under way with the first of the three
projects building up to full electricity output and all three
energised and connected into the National Grid. The equipment used
by these AD businesses is supplied by one of Europe's leading
suppliers, EnviTec Biogas.
Landfill Gas
Landfill gas is recovered by drilling a series of wells into the
waste in a grid pattern across a capped landfill site. The gas then
powers generators and the electricity is exported to the Grid. The
Company's portfolio contains two investments working on projects to
generate electricity from landfill gas. The first of these
investments is due to start generating electricity and be exporting
to the Grid in January 2013.
Project Management
The portfolio also has an investment in a project management
business managing the planning process and environmental impact
studies for a portfolio of new small-scale hydro-electric power
installations in Scotland. At present all applications are
proceeding to plan, with the first expected to be submitted shortly
and the remainder due during the first half of 2013. The business
is also currently in discussions to secure an option on two
additional sites.
Finance
Your VCT also invested GBP3.6 million into Broadpoint Limited, a
finance company which provides short and medium term funding to
businesses in the telecoms, cinema and renewable energy
sectors.
Outlook
With the VCT qualifying portfolio now in place, our focus is on
managing and monitoring the performance of the businesses in which
the Company has invested. Although the economic outlook continues
to be uncertain, we believe the Company's investment portfolio is
well placed to deliver stable performance.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
4 October 2012
Investment Portfolio
For the 6 months ended 31 August 2012
Unaudited Audited
31 August 2012 29 February 2012
------------------------------------ ------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Qualifying holdings 22,888 86.05 22,888 86.05 17,863 64.61 17,863 64.61
Non-qualifying holdings 3,590 13.49 3,590 13.49 1,965 7.11 1,965 7.11
Money Market funds - - - - 295 1.08 295 1.08
Financial assets at fair
value through the income
statement 26,478 99.54 26,478 99.54 20,123 72.80 20,123 72.80
Cash and cash equivalents 133 0.46 133 0.46 7,535 27.20 7,535 27.20
26,611 100.00 26,611 100.00 27,658 100.00 27,658 100.00
======== ======= ======== ======= ======== ======= ======== =======
Qualifying Holdings (all
Unquoted)
Cinema digitisation
21st Century Cinema Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
Big Screen Digital Services
Ltd 900 3.38 900 3.38 400 1.45 400 1.45
Cinematic Services Ltd 2,000 7.52 2,000 7.52 1,000 3.62 1,000 3.62
Digima Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
Digital Screen Solutions
Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
DLN Digital Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
Hydro Project Management -
Highland Hydro Services
Ltd 813 3.06 813 3.06 363 1.31 363 1.31
Electricity generation
Solar
AH Power Ltd 800 3.01 800 3.01 800 2.89 800 2.89
Arraze Ltd 1,300 4.89 1,300 4.89 1,000 3.62 1,000 3.62
Bandspace Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
Bridge Power Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Campus Link Ltd 1,000 3.76 1,000 3.76 100 0.36 100 0.36
Core Generation Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Druman Green Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Fellman Solar Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Flowers Power Ltd 600 2.25 600 2.25 600 2.17 600 2.17
Haul Power Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Helioflair Ltd 1,000 3.76 1,000 3.76 600 2.17 600 2.17
Ranmore Environmental
Ltd 1,000 3.76 1,000 3.76 1,000 3.62 1,000 3.62
Trym Power Ltd 750 2.82 750 2.82 750 2.71 750 2.71
Anaerobic digestion
Drumnahare Biogas Ltd 750 2.82 750 2.82 - - - -
GreenTec Energy Ltd 1,500 5.64 1,500 5.64 1,500 5.42 1,500 5.42
Katharos Organic Ltd 725 2.72 725 2.72 - - - -
Nanuq Power Ltd - - - - 1,000 3.62 1,000 3.62
Landfill
Aeris Power Ltd 500 1.88 500 1.88 - - - -
Craigahulliar Energy
Ltd 500 1.88 500 1.88 - - - -
22,888 86.05 22,888 86.05 17,863 64.61 17,863 64.61
======== ======= ======== ======= ======== ======= ======== =======
Unaudited Audited
31 August 2012 29 February 2012
---------------------------------- ---------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted non-qualifying
holdings
Anaerobic digestion
Biomass Future Generations
Ltd - - - - 550 2.07 550 2.07
Finance
Broadpoint Ltd 3,590 13.49 3,590 13.49 1,415 5.32 1,415 5.32
3,590 13.49 3,590 13.49 1,965 7.11 1,965 7.11
======== ====== ======== ====== ======== ===== ========= =====
Money Market Funds
Blackrock Institutional
Sterling Liquidity Fund - - - - 115 0.42 115 0.42
Ignis Sterling Liquidity
Fund Share Class 2 - - - - 115 0.42 115 0.42
State Street Liquidity
Fund Share Class 1 - - - - 65 0.24 65 0.24
- - - - 295 1.08 295 1.08
======== ====== ======== ====== ======== ===== ========= =====
Directors' Responsibility Statement
The Directors have chosen to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period
to 31 August 2012, the Directors confirm that to the best of their
knowledge:
a) the Interim Financial Report has been prepared in accordance
with International Accounting Standard IAS34, "Interim Financial
Reporting" issued by the International Accounting Standards
Board;
b) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of principal risks and
uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of
related party transactions and changes therein. There are no
related party transactions; and
e) The Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
The Directors have reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Robin Morrison
Chairman
4 October 2012
Unaudited Statement of Comprehensive Income
For the 6 months ended 31 August 2012
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
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
Income
Investment income 4 447 - 447 403 - 403 142 - 142
Loss arising on the
disposal
of investments in
the
period - (8) (8) - - - - - -
Investment return 447 (8) 439 403 - 403 142 - 142
-------- -------- -------- -------- -------- -------- -------- -------- --------
Expenses
Investment
management
fees 5 87 261 348 174 522 696 88 264 352
Financial and
regulatory
costs 14 - 14 24 - 24 12 - 12
General
administration 7 - 7 14 - 14 4 - 4
Legal and
professional
fees 21 - 21 47 - 47 23 - 23
Directors'
remuneration 6 20 - 20 40 - 40 20 - 20
Operating expenses 149 261 410 299 522 821 147 264 411
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss) before
taxation 298 (269) 29 104 (522) (418) (5) (264) (269)
Taxation 7 50 (50) - - - - - - -
Profit/(loss) after
taxation 348 (319) 29 104 (522) (418) (5) (264) (269)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit and total
comprehensive
income/(loss) for
the
period 348 (319) 29 104 (522) (418) (5) (264) (269)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic & diluted
earnings/(loss)
per share 9 1.14p (1.05p) 0.09p 0.33p (1.72p) (1.39p) (0.03p) (0.87p) (0.90p)
-------- -------- -------- -------- -------- -------- -------- -------- --------
The total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary revenue return and capital columns have been prepared
in accordance with the Association of Investment Companies
Statement of Recommended Practice (AIC SORP).
All revenue and capital items in the above statement derive from
continuing operations.
This Statement of Comprehensive Income includes all recognised
gains and losses.
The accompanying notes are an integral part of this
statement.
Unaudited Balance Sheet
At 31 August 2012
Unaudited Audited Unaudited
31 August 29 February 31 August
2012 2012 2011
----------- ------------- ------------
GBP'000 GBP'000 GBP'000
Non Current Assets
Financial assets at
fair value through
profit or loss 26,478 20,123 26,216
----------- ------------- ------------
Current assets
Receivables 598 178 142
Cash and cash equivalents 10 133 7,535 1,607
731 7,713 1,749
----------- ------------- ------------
Total assets 27,209 27,836 27,965
----------- ------------- ------------
Current liabilities
Payables and accrued
expenses 606 263 243
606 263 243
----------- ------------- ------------
Net Assets 26,603 27,573 27,722
=========== ============= ============
Equity attributable
to equity holders
of the Company
Share capital 11 302 302 302
Special distributable
reserve 27,342 28,341 28,341
Capital reserve (1,334) (1,015) (757)
Revenue reserve 293 (55) (164)
Total equity 26,603 27,573 27,722
=========== ============= ============
Net asset value per
share (pence) 12 88.15p 91.37p 91.86p
=========== ============= ============
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
For the 6 months ended 31 August 2012
Special
Issued Share Distributable Capital Revenue
Capital Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 August
2012
Balance at 29 February
2012 302 - 28,341 (1,015) (55) 27,573
-------- -------- -------------- -------- -------- --------
Dividend paid - - (999) - - (999)
--------
Transactions with owners - - (999) - - (999)
-------- -------- -------------- -------- -------- --------
(Loss)/profit after tax - - - (319) 348 29
Total comprehensive (loss)/profit
for the period - - - (319) 348 29
-------- -------- -------------- -------- -------- --------
Balance at 31 August 2012 302 - 27,342 (1,334) 293 26,603
======== ======== ============== ======== ======== ========
Capital reserve consists
of:
Other realised losses (1,334)
(1,334)
========
Year ended 29 February
2012
Balance at 1 March 2011 302 - 28,341 (493) (159) 27,991
-------- -------- -------------- -------- -------- --------
(Loss)/profit after tax - - - (522) 104 (418)
Total comprehensive (loss)/profit
for the year - - - (522) 104 (418)
-------- -------- -------------- -------- -------- --------
Balance at 29 February
2012 302 - 28,341 (1,015) (55) 27,573
======== ======== ============== ======== ======== ========
Capital reserve consists
of:
Other realised losses (1,015)
(1,015)
========
6 months ended 31 August
2011
Balance at 1 March 2011 302 - 28,341 (493) (159) 27,991
-------- -------- -------------- -------- -------- --------
Loss after tax - - - (264) (5) (269)
Total comprehensive loss
for the year - - - (264) (5) (269)
-------- -------- -------------- -------- -------- --------
Balance at 31 August 2011 302 - 28,341 (757) (164) 27,722
======== ======== ============== ======== ======== ========
Capital reserve consists
of:
Other realised losses (757)
(757)
========
The share premium represents the excess of the issue price net
of issue costs over the par value of shares. The capital reserve
represents the proportion of Investment Management fees charged
against capital and realised losses on the disposal of investments.
Neither the share premium nor capital reserve are distributable.
The special distributable reserve was created on court cancellation
of the share premium account. The revenue and special distributable
reserve are distributable by way of dividend.
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Cash Flows
For the 6 months ended 31 August 2012
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 29 February 31 August
2012 2012 2011
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit/(loss) before taxation 29 (418) (269)
Cash absorbed by operations 37 (418) (269)
Increase / (decrease) in receivables (420) (149) (113)
Increase in payables and accruals 343 42 22
Net cash flow from operating
activities (40) (525) (360)
---------- ------------ ---------------
Cash flows from investing activities
Purchase of financial assets
at fair value through profit
or loss (8,800) (19,228) (7,900)
Sales of financial assets at
fair value through profit or
loss 2,437 25,635 8,214
Net cash flows from investing
activities (6,363) 6,407 314
---------- ------------ ---------------
Cash flows from financing activities
Dividend paid (999)
Net cash flows from financing
activities (999) - -
---------- ------------ ---------------
Net (decrease)/increase in
cash and cash equivalents (7,402) 5,882 (46)
========== ============ ===============
Reconciliation of net cash
flow to movements in cash and
cash equivalents
Cash and cash equivalents bought
forward 7,535 1,653 1,653
Net (decrease)/increase in
cash and cash equivalents (7,402) 5,882 (46)
Cash and cash equivalents at
the period end 133 7,535 1,607
========== ============ ===============
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Interim Financial Report
For the 6 months ended 31 August 2012
1. Corporate information
The Unaudited Interim Financial Report of the Company for the
six months ended 31 August 2012 was authorised for issue in
accordance with a resolution of the Directors on 4 October
2012.
The Company applied for listing on the London Stock Exchange on
29 January 2010.
TP10 VCT plc is incorporated and domiciled in Great Britain. The
address of TP10 VCT plc's registered office, which is also its
principal place of business, is 4-5 Grosvenor Place, London, SW1X
7HJ.
TP10 VCT plc's Interim Financial Report is presented in Pounds
Sterling (GBP) which is also the functional currency of the
Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Interim Financial Report of the Company for the 6 months
ended 31 August 2012 has been prepared in accordance with IAS 34:
Interim Financial Reporting. It does not include all of the
information required for full Financial Statements and should be
read in conjunction with the Financial Statements for the year
ended 29 February 2012.
Estimates
The preparation of the Interim Financial Report requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenditure. Actual
results may differ from these estimates.
3. Segmental reporting
The Company's segments are defined by the financial information
provided to the Board. The Company only has one class of business,
being investment activity. All revenues and assets are generated
and held in the UK.
4. Investment income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest receivable
on cash and cash
equivalents - - - 16 - 16 10 - 10
Dividends receivable
on money market
funds 1 - 1 133 - 133 86 - 86
Short term loan
interest 17 - 17 - - - - - -
Loan stock interest 429 - 429 254 - 237 46 - 46
447 - 447 403 - 403 142 - 142
-------- -------- -------- -------- -------- -------- -------- -------- --------
5. Investment management fees
Triple Point Investment Management LLP provides investment
management and administration services to the Company under an
Investment Management Agreement effective 29 January 2010. The
agreement provides for an administration and investment management
fee of 2.50% per annum of net assets calculated and payable
quarterly in arrear and runs for a period of 5 years and may be
terminated at any time thereafter by not less than twelve months'
notice given by either party. Should notice of termination be
given, the Investment Manager would perform its duties under the
Investment Management Agreement and receive its management fee
during the notice period.
6. Directors' remuneration
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Robin Morrison,
Chairman 8 - 8 15 - 15 8 - 8
Robert Reid 6 - 6 13 - 13 6 - 6
Alexis Prenn 6 - 6 12 - 12 6 - 6
20 - 20 40 - 40 20 - 20
-------- -------- -------- -------- -------- -------- -------- -------- --------
7. Taxation
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on
ordinary activities
before tax 298 (269) 29 104 (522) (418) (5) (264) (269)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Corporation tax @
20% 60 (54) 6 21 (104) (83) (1) (53) (54)
Effect of:
Utilisation of tax
losses brought forward (9) - (9) (21) - (21) (30) - (30)
Non taxable items - 2 2 - - - - - -
Unrelieved tax losses
arising in the year (1) 2 1 - 104 104 31 53 84
Tax charge/credit
for the period 50 (50) - - - - - - -
-------- -------- -------- -------- -------- -------- -------- -------- --------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
9. Profit per share
The profit per share is based on a profit from ordinary
activities after tax of GBP29,000 and on the weighted average
number of shares in issue during the period of 30,178,014.
10. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
11. Share capital
Unaudited Audited Unaudited
29 February 31 August
31 August 2012 2012 2011
Ordinary Shares
of 1p
Authorised
Number of shares 60,000,000 60,000,000 60,000,000
Par Value GBP'000 600 600 600
Issued & Fully Paid
Number of shares 30,178,014 30,178,014 30,178,014
Par Value GBP'000 302 302 302
12. Net asset value per share
The calculation of net asset value per share is based on net
assets of GBP26,603,000 divided by the 30,178,014 shares in
issue.
13. Commitments and contingencies
The Company has no contingent liabilities or commitments.
14. Related party transactions
There have been no related party transactions during the
period.
15. Post balance sheet events
There were no post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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