Ingenious Live VCT 2 plc Statement re Annual -3-
08 4월 2011 - 7:00PM
UK Regulatory
for the year ended 31 December 2010
2010 2010 2010 2009 2009 2009
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ----- -------- -------- -------- -------- -------- --------
Gain on disposal
of investments - 63 63 - 154 154
(Decrease)/increase
in fair value
of investments
held - (111) (111) - 178 178
Investment
income 2 410 - 410 68 - 68
Investment
management
fee 3 (86) (86) (172) (89) (89) (178)
Other expenses 4 (101) - (101) (105) (13) (118)
--------------------- ----- -------- -------- -------- -------- -------- --------
Profit/(loss)
on ordinary
activities
before taxation 223 (134) 89 (126) 230 104
Tax on ordinary
activities 5 - - - - - -
--------------------- ----- -------- -------- -------- -------- -------- --------
Profit/(loss)
on ordinary
activities
after taxation
attributable
to shareholders 223 (134) 89 (126) 230 104
Basic and diluted
return per
share (pence) 6 2.4 (1.4) 1.0 (1.4) 2.5 1.1
--------------------- ----- -------- -------- -------- -------- -------- --------
The Company has no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement of the Company for the
year. The supplementary capital and revenue columns are prepared
following guidance published by the Association of Investment
Companies (AIC).
All operations are considered to be continuing.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 31 December 2010
31 December 2010 31 December 2009
GBP'000 GBP'000
----------------------------- ---------------- ----------------
Opening shareholders' funds 8,973 8,869
Dividends (647) -
Profit for the year 89 104
----------------------------- ---------------- ----------------
Closing shareholders' funds 8,415 8,973
----------------------------- ---------------- ----------------
The accompanying notes form an integral part of these financial
statements.
BALANCE SHEET
as at 31 December 2010
31 December 31 December
2010 2009
Note GBP'000 GBP'000
------------------------------------------- ----- ------------ ------------
Fixed assets
Qualifying investments 7 6,521 6,242
------------------------------------------- ----- ------------ ------------
Current assets
Debtors 9 138 68
Non-qualifying investments 10 1,717 2,598
Cash at bank and in hand 63 93
------------------------------------------- ----- ------------ ------------
1,918 2,759
Creditors: amounts falling due within one
year 11 (24) (28)
------------------------------------------- ----- ------------ ------------
Net current assets 1,894 2,731
------------------------------------------- ----- ------------ ------------
Net assets 8,415 8,973
------------------------------------------- ----- ------------ ------------
Capital and reserves
Called-up share capital 12 92 92
Share premium account 13 4,383 4,383
Other reserve 13 3,735 4,382
Capital reserve 13 482 616
Revenue reserve 13 (277) (500)
------------------------------------------- ----- ------------ ------------
Shareholders' funds 8,415 8,973
------------------------------------------- ----- ------------ ------------
Net asset value (pence per share) 14 91.0 97.1
------------------------------------------- ----- ------------ ------------
The accompanying notes form an integral part of these financial
statements.
The financial statements were approved by the Board of Directors
on 7 April 2011.
Signed on behalf of the Board of Directors:
Andrew Morris
Chairman
CASH FLOW STATEMENT
for the year ended 31 December 2010
2010 2009
Note GBP'000 GBP'000
Net cash outflow from operating activities (211) (134)
-------------------------------------------- ----- --------- ---------
Financial investment
Purchase of qualifying investments 7 (74) (3,203)
Disposal of qualifying investments 7 74 -
Net cash outflow from financial investment - (3,203)
-------------------------------------------- ----- --------- ---------
Management of liquid resources
Disposal of non-qualifying investments 10 828 3,338
Net cash inflow from liquid resources 828 3,338
--------------------------------------------------- --------- ---------
Dividends
Payment of dividends 13 (647) -
Net cash outflow from dividends (647) -
-------------------------------------------- ----- --------- ---------
(Decrease)/increase in cash (30) 1
-------------------------------------------- ----- --------- ---------
Reconciliation of profit before taxation to net cash
flow
from operating activities Note GBP'000 GBP'000
----------------------------------------------------- ---- -------- -------
Profit on ordinary activities before tax 89 104
Decrease/(increase) in fair value of investments held 13 111 (178)
Investment income (337) -
Increase in receivables (70) (62)
(Decrease)/increase in payables (4) 2
Net cash outflow from operating activities (211) (134)
----------------------------------------------------- ---- -------- -------
Reconciliation of net cash flow to movement in net
funds GBP'000 GBP'000
--------------------------------------------------- -------- -------
Opening cash balances 93 92
Net cash (outflow)/inflow (30) 1
Closing cash balances 63 93
--------------------------------------------------- -------- -------
Total net funds is cash of GBP63k (2009: GBP93k) and
non-qualifying investments of GBP1,717k (2009: GBP2,598k).
The accompanying notes form an integral part of these financial
statements.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2010
1. Accounting Policies
a) Basis of Accounting
The financial statements for the year ended 31 December 2010
have been prepared in compliance with UK Generally Accepted
Accounting Practice, and with the Statement of Recommended Practice
(the SORP) entitled "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" which was issued in January
2009.
The comparative figures are for the year 1 January 2009 to 31
December 2009.
The financial statements have been prepared on a going concern
basis under the historical cost convention, except for the
measurement at fair value for investments. The principal accounting
policies have remained unchanged from those set out in the
Company's 2009 annual report and financial statements.
b) Valuation of Investments
The Company's business is investing in financial assets with a
view to profiting from their total return in the form of income and
capital growth. As set out in the prospectus all investments are
designated at fair value.
Investee Companies
Unquoted investments including equity and loan investments are
designated at fair value and valued in accordance with the
International Private Equity and Venture Capital Guidelines and
Financial Reporting Standard 26 "Financial Instruments: Recognition
and Measurement" (FRS 26). Investments are initially recognised at
fair value. The investments are subsequently re-measured at fair
value, as estimated by the Directors with prudence and good faith.
Investment holding gains or losses arising from the revaluation of
investments are taken directly to the Income Statement. Fair value
is determined as follows:
-- Fair value is the amount for which an asset could be
exchanged between knowledgeable, willing parties in an arm's length
transaction.
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