At 31 December 2010 the Company had surplus management expenses
of GBP382k (2009: GBP582k). A deferred tax asset has not been
recognised in respect of these surplus management expenses as the
Company has only been investing for a short period of time, and
future taxable income can not be predicted with reasonable
certainty. Due to the Company's status as a VCT, and the intention
to continue meeting the conditions required to obtain approval in
the foreseeable future, the Company does not recognise deferred tax
on any capital gains or losses which arise on the revaluation of
investments.
6. Basic and Diluted Return per Share
2010 2010 2010 2009 2009 2009
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ---------- ---------- ---------- ---------- ---------- ----------
Profit/(loss)
on ordinary
activities
after
taxation 223 (134) 89 (126) 230 104
Weighted
average
shares in
issue
(number) 9,242,845 9,242,845 9,242,845 9,242,845 9,242,845 9,242,845
-------------- ---------- ---------- ---------- ---------- ---------- ----------
Profit/(loss)
attributable
per share
(pence) 2.4 (1.4) 1.0 (1.4) 2.5 1.1
-------------- ---------- ---------- ---------- ---------- ---------- ----------
There are no dilutive potential ordinary shares, including
convertible instruments, options or contingent share agreements in
issue for the Company. The basic return per share is therefore the
same as the diluted return per share.
7. Fixed Asset Investments
2010 2009
Unquoted investments GBP'000 GBP'000
------------------------ --------- ---------
Equity shares 2,037 2,074
Unsecured loan notes 4,484 4,168
------------------------ --------- ---------
6,521 6,242
------------------------ --------- ---------
Qualifying Investments GBP'000 GBP'000
------------------------ --------- ---------
Opening valuation 6,242 2,752
Fair value adjustment 279 287
Purchases at cost 74 3,203
Repayment of loan note (74) -
------------------------ --------- ---------
Closing valuation 6,521 6,242
------------------------ --------- ---------
8. Significant Interests
The Company has interests of greater than 10% of the nominal
value of the allotted shares in the following Investee Companies
incorporated in the United Kingdom as at 31 December 2010:
Trading Companies % class and share type % voting rights
-------------------------- ------------------------ ----------------
Aurem Limited 24.95% A Ordinary 24.95%
IR Productions Limited 24.95% A Ordinary 24.95%
CFDT Limited 24.95% A Ordinary 24.95%
Taste Xmas Live Limited 24.95% A Ordinary 24.95%
Brand Events Live Limited 24.95% A Ordinary 24.95%
Annie Films Limited 24.95% A Ordinary 24.95%
Jetstream Events Limited 24.95% A Ordinary 24.95%
Dance Floor Limited 12.48% A Ordinary 12.48%
Golfmania Limited 12.48% A Ordinary 12.48%
Into The Groove Limited 13.97% A Ordinary 13.97%
-------------------------- ------------------------ ----------------
It is considered that, as permitted by FRS9, "Associates and
Joint Ventures", the above investments are held as part of an
investment portfolio, and that, accordingly, their value to the
Company lies in their marketable value as part of that portfolio.
In view of this, it is not considered that any of the above
represents investments in associated undertakings.
9. Debtors
2010 2009
GBP'000 GBP'000
-------------------------------- --------- ---------
Prepayments and accrued income 138 68
-------------------------------- --------- ---------
10. Current Asset Investments
2010 2009
GBP'000 GBP'000
----------------------------------------------- --------- ---------
Funds held in listed money market instruments 1,717 2,598
----------------------------------------------- --------- ---------
Non-Qualifying Investments GBP'000 GBP'000
----------------------------------------------- --------- ---------
Opening valuation 2,598 6,045
Disposal proceeds (828) (3,338)
Unrealised change in value of investment (53) (109)
----------------------------------------------- --------- ---------
Closing valuation 1,717 2,598
----------------------------------------------- --------- ---------
In order to safeguard the capital available for investment in
Qualifying Investments and balance this with the need to provide
good returns to investors, available funds from the net proceeds
are invested in appropriate securities (money market securities and
cash funds) until required for Qualifying Investment purposes.
11. Creditors: Amounts Falling Due Within One Year
2010 2009
GBP'000 GBP'000
----------------------------- -------- --------
Trade creditors - 7
Accruals and deferred income 24 21
----------------------------- -------- --------
24 28
----------------------------- -------- --------
12. Called-Up Share Capital
2010 2009
Allotted, called-up and fully paid GBP'000 GBP'000
----------------------------------- --------- ---------
9,242,845 ordinary shares 1p each 92 92
----------------------------------- --------- ---------
The entire issued ordinary share capital of the Company has been
admitted to the official list maintained by the Financial Services
Authority and to trading on the London Stock Exchange.
13. Reserves
Share Other Capital Revenue Total
premium reserve reserve reserve reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- --------- --------- --------- ----------
At 1 January 2010 4,383 4,382 616 (500) 8,881
Dividend payments - (647) - - (647)
Gain on disposal of
investments - - 63 - 63
Decrease in fair
value of investments
held - - (111) - (111)
Investment income - - - 410 410
Investment management
fees - - (86) (86) (172)
Other expenses - - - (101) (101)
---------------------- --------- --------- --------- --------- ----------
At 31 December 2010 4,383 3,735 482 (277) 8,323
---------------------- --------- --------- --------- --------- ----------
The capital reserve includes realised investment holding gains
of GBP88k and unrealised investment holding gains of GBP394k. As an
investment company under section 833 of the Companies Act 2006, the
other reserve account is the only distributable reserve of the
Company.
On 13 April 2010, the Company paid dividends amounting to
GBP647k (2009: GBPNil). Although the Company had applied to the
High Court to reduce its share premium account and create
distributable reserves, the Company had not complied with certain
technical requirements of the Companies Act 2006. Specifically,
prior to the payment of the dividends from capital reserves, the
Company was required to revoke its investment company status. The
payment of the dividends received appropriate pre-clearance from
HMRC, to confirm the Company's VCT status was not affected by the
dividend payment. The Company is taking advice from its advisers as
to any remedial action that is required, and will inform
shareholders as soon as practicable. The accounts have been drawn
up on the basis that the issue referred to above is regularised.
The proposals do not affect the results of the Company for the year
to 31 December 2010, its net assets at 31 December 2010, nor its
ability to pay future dividends.
14. Net Asset Value per Share
2010 2009
-------------------------------------------------- --------- ---------
Net assets attributable to shareholders (GBP'000) 8,415 8,973
Shares in issue (number) 9,242,845 9,242,845
-------------------------------------------------- --------- ---------
Net asset value per share (pence) 91.0 97.1
-------------------------------------------------- --------- ---------
15. Financial Instruments and Risk Management
The Company's financial instruments comprise equity and floating
rate debt investments in unquoted companies, cash balances and
listed money market instruments. The Company holds financial assets
in accordance with its investment policy.
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