Final Results -9-
17 Maio 2011 - 5:31AM
UK Regulatory
Money market funds -
---------
-
Valuation as at 1 February 2010 1,421
Movement in the year:
Purchases at cost: Money market
funds 1,819
---------
1,819
Disposal proceeds:
Money market funds (2,122)
---------
(2,122)
Profit in year on realisation of investments:
Money market funds 6
---------
6
Revaluation in year:
Money market funds -
---------
-
Valuation as at 31 January 2011 1,124
Cost at 31 January 2011:
Money market funds 1,124
---------
1,124
Revaluation to 31 January 2011:
Money market funds -
---------
-
Valuation as at 31 January 2011 1,124
All current asset investments held at the year end sit with the level 1
hierarchy for the purposes of FRS 29.
Level 1 money market funds: Level 1 valuations are based on quoted prices
(unadjusted) in active markets for identical assets or liabilities.
At 31 January 2011 and 31 January 2010 there were no commitments in respect of
investments approved by the Manager but not yet completed.
13. Creditors: amounts falling due within one year
31 January 2011 31 January 2010
GBP'000 GBP'000
Accruals 40 52
40 52
=---------------------------------------------
14. Share capital
31 January 2011 31 January 2010
GBP'000 GBP'000
Authorised:
25,000,000 Ordinary shares of 10p 2,500 2,500
Allotted and fully paid up:
8,693,486 Ordinary shares of 10p (2010:
8,693,486) 869 869
The capital of the Company is managed in accordance with its investment policy
with a view to the achievement of its investment objective as set out on page
x. The Company is not subject to any externally imposed capital requirements.
No shares were issued in the year (2010: nil).
No shares were bought back during the year (2010: 100,500).
15. Reserves
Capital Capital
reserve reserve
Special Capital gains/ holding
distributable redemption (losses) on gains/ Revenue
reserve* reserve disposal (losses) reserve*
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
February 2010 7,343 16 (60) (129) 128
Profit on
ordinary
activities
after tax - - - - 132
Management fees
allocated as
capital
expenditure - - (125) - -
Prior period
holding
gains/losses
now realised - - (130) 130 -
Current period
gains/losses on
fair value of
investments - - - 195 -
Dividends paid (262) - - - (87)
Balance as at
31 January
2011 7,081 16 (315) 196 173
*Reserves available for distribution
All investments are designated as FVTPL from the time of acquisition, and all
capital gains or losses on investments so designated.
When the Company revalues the investments still held during the period, any
gains or losses arising are credited /
charged to the Capital reserve - holding gains/(losses).
When an investment is sold any balance held on the Capital reserve - holding
gains/(losses) is transferred to the
Capital reserve - gains/(losses) on disposal as a movement in reserves.
At 31 January 2011 there were no commitments in respect of investments approved
by the Manager but not yet completed.
Reserves available for potential distribution by way of a dividend are:
GBP'000
As at 1 February 2010 7,411
Movement in year (472)
As at 31 January 2011 6,939
The purpose of the special distributable reserve was to create a reserve which
will be capable of being used by the Company to pay dividends and for the
purpose of making repurchases of its own shares in the market with a view to
narrowing the discount to net asset value at which the Company's ordinary shares
trade. In the event that the revenue reserve and capital reserve gains/(losses)
on disposal do not have sufficient funds to pay dividends, these will be paid
from the special distributable reserve.
16. Financial instruments and risk management
The Company's financial instruments comprise equity and fixed interest
investments, cash balances and liquid resources including debtors and creditors.
The Company holds financial assets in accordance with its investment policy of
investing mainly in a portfolio of VCT qualifying unquoted securities whilst
holding a proportion of its assets in cash or near-cash investments in order to
provide a reserve of liquidity.
Classification of financial instruments
The Company held the following categories of financial instruments, all of which
are included in the balance sheet at fair value, at 31 January 2011:
31 January 2011 31 January 2010
GBP000 GBP000
Assets at fair value through profit or loss
Investments 6,691 6,662
Current asset investments 1,124 1,421
Total 7,815 8,083
Loans and receivables
Cash at bank 153 94
Accrued income 87 36
Total 240 130
Liabilities at amortised cost
Accruals and other creditors 40 52
Total 40 52
Fixed asset investments (see note 10) are valued at fair value. Unquoted
investments are carried at fair value as determined by the Directors in
accordance with current venture capital industry guidelines. As detailed in the
Investment Managers Review, the fair value of all other financial assets and
liabilities is represented by their carrying value in the balance sheet. The
Directors believe that the fair value of the assets held at the period-end is
equal to their book value.
In carrying on its investment activities, the Company is exposed to various
types of risk associated with the financial instruments and markets in which it
invests. The most significant types of financial risk facing the Company are
price risk, interest rate risk, credit risk and liquidity risk. The Company's
approach to managing these risks is set out below together with a description of
the nature and amount of the financial instruments held at the balance sheet
date.
Market risk
The Company's strategy for managing investment risk is determined with regard to
the Company's investment objective, as outlined on page x. The management of
market risk is part of the investment management process and is a central
feature of venture capital investment. The Company's portfolio is managed in
accordance with the policies and procedures described in the Corporate
Governance statement on pages x to x, having regard to the possible effects of
adverse price movements, with the objective of maximising overall returns to
shareholders. Investments in smaller companies, by their nature, usually involve
a higher degree of risk than investments in larger companies quoted on a
recognised stock exchange, though the risk can be mitigated to a certain extent
by diversifying the portfolio across business sectors and asset classes. The
overall disposition of the Company's assets is regularly monitored by the Board.
Details of the Company's investment portfolio at the balance sheet date are set
out on page x.
83.4% (31 January 2010: 81.6%) by value of the Company's net assets comprises
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