TIDMMAV4
RNS Number : 5073J
Maven Income & Growth VCT 4 PLC
31 March 2010
Maven Income and Growth VCT 4 PLC
Annual Financial Report for the year ended 31 December 2009
Chairman's Statement
The year under review saw a welcome return to stability in the financial
markets, with most indices showing a steady upward trend from March onwards.
However, many commentators believe the re-pricing seen in equity markets came
too fast without evidence of marked economic recovery to support the sustained
positive movement in indices seen during the year. The prospects for the year
ahead are reasonable, but the recovery remains fragile and a major event in the
financial markets could easily precipitate a loss of investor confidence and a
significant adjustment in equity markets.
Your company is largely invested in private companies which have survived the
market fallout well; in fact many have continued to grow their profits despite
the recessionary backdrop over the last few years. Working closely with the
Manager, the portfolio companies have managed to conserve cash during this
difficult period, and many have actually substantially reduced their debt
burdens since they were acquired by your Company.
Despite a difficult market for M&A activity with very few transactions evident,
the Manager successfully concluded the profitable sale of two portfolio
companies during the year generating cash receipts above carrying value and also
retaining an interest in the future performance in both companies in the hands
of their new owners. These realisations helped to contribute to an increase in
NAV Total Return across both share classes.
The major highlights of the year are:
- Total Return on Ordinary shares 102.5p per share at year end, up 8.0% over the
year
- Net Asset Value (NAV) of Ordinary shares at year end of 89.7p per share
- Total Return on S Shares 99.45p per share at year end, up 1.7% over the year
- NAV of S Share at year end of 94.4p per share
- Two successful exits from unlisted companies during the year generating net
gains of 6.2p per Ordinary share and 3.9p per S Share.
- Final dividends proposed of 2.5p per Ordinary share and 0.5p per S Share in
respect of the year
Performance
The Total Return per Ordinary Share at 31 December 2009 was 102.5p per share, an
increase of 8.0% over the equivalent figure at December 2008, while for the S
Share pool was 99.45p compared with 97.75p a year previously, an increase of
1.7% reflecting the differing mix of the two portfolios.
The most important measure for a VCT is the total return, being the long term
record of dividend payments out of income and capital gains combined with the
current NAV. In the short term, the NAV on its own is a less important measure
of the performance as the underlying investments are long-term in nature and not
readily realisable.
At 31 December 2009, the NAV per Ordinary share was 89.7p and the NAV per S
Share was 94.4p.
VCT Qualifying Status
The Company is required to meet the 70% qualifying test on the combined pools
from 1 January 2010 and continuously thereafter. The Board regularly review the
status of the criteria that have to be met to continue to qualify as a VCT and I
am pleased to confirm that all tests continue to be met.
Dividends
The Board is proposing a final dividend of 2.5p per Ordinary Share and 0.5p per
S Share to be paid on 27 May 2010 to shareholders on the register on 7 May 2010.
Including the interim dividends paid in September 2009, the total tax-free yield
for the year is 5.8% on the net cost to both Ordinary and 2.1% to S
Shareholders.
Investment Strategy
Since the onset of the credit crunch the AIM market has become largely moribund,
with few new IPOs and limited liquidity in individual stocks. In many cases
share prices for AIM listed companies continue to bear little relation to the
value of the underlying asset.
In recent years the best returns for your Company have been achieved through the
Manager investing in private company transactions, including management
buy-outs, buy and build projects and funding acquisitions. Structured with
manageable amounts of debt to help leverage returns, these transactions remain
very attractive to VCTs.
The board and the Manager are therefore in agreement that the optimum investment
strategy for your Company going forward is to continue to concentrate efforts on
seeking out suitable private company transactions which offer attractive entry
prices and a paid yield from the outset of the investment. With a large and
experienced investment team operating nationally, the board is confident the
Manager is well positioned to continue to identify and invest in a select number
of these high quality private company transactions each year.
Valuation Process
Investments held by Maven Income and Growth VCT 4 in unquoted companies are
valued in accordance with the International Private Equity and Venture Capital
Valuation Guidelines. Investments quoted or traded on a recognised stock
exchange including the Alternative Investment Market (AIM) are valued at their
bid prices.
Portfolio Developments
There were two successful exits in the Ordinary Share pool unlisted portfolio
during the course of the year which were also held by the S Share pool. The net
gain from these realisations amounted to 6.2p per Ordinary share and 3.9p per S
Share. Details of all investments and divestments during the course of the year
are shown in the table on pages 9 and 11.
There was little opportunity to actively trade AIM stocks and net losses of
GBP112,000 and GBP46,000 for the Ordinary shares and S Shares respectively from
disposals where little upside was perceived or the exit was forced by corporate
activity.
The Manager and Change of Company Name
Following the management buy-out completed by the senior members of the
Manager's team in June 2009, the Company novated the investment management
agreement to Maven Capital Partners UK LLP as the team previously responsible
for managing the Company had migrated to Maven. As a consequence, the
shareholders agreed to change the name of the Company from Aberdeen Growth
Opportunities VCT 2 to Maven Income and Growth VCT 4 on 21 November 2009.
Recovery of VAT
The Company is entitled to recover VAT paid on management fees for the period
from inception until October 2008, when a European Court ruling dictated that
such fees were exempt from VAT. This repayment is due from the previous manager,
Aberdeen Asset Management PLC, although they have been so far unwilling to
refund any of the tax paid until they in turn complete the finalisation of their
extended VAT position with HMRC. No asset has been recognised in the financial
statements in respect of recoverable VAT.
We will remain vigilant regarding this issue and will continue to press for
early payment of the VAT refund due to your Company. The board looks forward
with optimism to the resolution of this matter early in 2010.
Co-Investment Scheme of the Manager
The co-investment scheme which allows executive members of the Manager to invest
alongside the Company continued in operation during the year. The scheme
operates through a nominee company which invests alongside the Company in each
and every transaction made by the Company, including any follow-on investments.
The scheme more closely aligns the interests of the executives and the Company's
shareholders while providing an incentive to enable the Manager to retain the
existing skills and capacity of the Manager's investment team in a highly
competitive market.
The Future
The board is encouraged by the quality of new deal flow the Manager is seeing
across its regional network. The effects of the credit crunch are increasing the
range of companies seeking capital from alternative sources such as VCTs and
your Company is well placed to benefit from these market conditions. The current
portfolio is performing well and s mostly invested in profitable and yield
producing private companies. Going forward the focus will be on continuing to
grow this asset base with a view to enhancing investor returns in what we
increasingly hope will be a more benign and predictable economic environment.
Investment Manager's Review
Investment Activity
During the year ended 31 December 2009, private company transactions were
available at more attractive entry prices than in recent years. Nine significant
unlisted and AIM investments were completed and a total of GBP2.6 million was
invested of which GBP1.6 million was from the Ordinary Share pool and GBP1
million was from the S Share pool. At the year end, the portfolio stood at 61
unlisted and AIM investments at a total cost of GBP11.1 million.
The following new investments have been completed during the year.
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| | | | Investment | |
| | | | cost | |
| | | | GBP'000 | |
+----------------+----------+------------------+---------------------------------------------+-----------------------------+
| | Date | Activity | Original | S | Website |
| Investment | | | Pool | Share | |
| | | | | Pool | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Unlisted | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Ailsa | November | Oil and Gas | 249 | 149 | No website |
| Craig | 2009 | services | | | available |
| Capital | | | | | |
| Limited | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Dalglen | June | Energy service | 249 | 99 | www.wtr.uk.com |
| 1150 | 2009 | sector | | | |
| (Walker | | business | | | |
| Technical | | specialising | | | |
| Resources) | | in pipeline | | | |
| | | repairs. | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Dunning | November | Information | 249 | 149 | No website |
| Capital | 2009 | Technology | | | available |
| Limited | | services | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Intercede | November | Provider of | 70 | 99 | www.electroflowcontrols.com |
| (Scotland) | 2009 | oil and gas | | | |
| 1 Limited | | control | | | |
| | | services | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Lawrence | January | Operator of | 224 | 149 | www.lawrenceskiphire.co.uk |
| Recycling | 2009 | material | | | |
| and Waste | | recycling | | | |
| Management | | facility. | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| MC440 | June | Provider of | 149 | 149 | www.westwaycooling.co.uk |
| (Westway | 2009 | design, | | | |
| Cooling) | | installation | | | |
| | | and | | | |
| | | maintenance | | | |
| | | services on | | | |
| | | air-conditioning | | | |
| | | and associated | | | |
| | | building | | | |
| | | services plant. | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Shiskine | November | Transport and | 249 | 149 | No website |
| Capital | 2009 | Distribution | | | available |
| Limited | | operations | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Others | | | 104 | 58 | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Total | | | 1,543 | 1,001 | |
| Unlisted | | | | | |
| investment | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| AIM/PLUS | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Chime | 2009 | Provides PR, | 70 | 25 | www.chime.plc.uk |
| Communications | | advertising, | | | |
| | | market | | | |
| | | research and | | | |
| | | direct | | | |
| | | marketing, | | | |
| | | design event | | | |
| | | management | | | |
| | | consultancy | | | |
| | | services | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Others | | | 4 | 2 | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| | | | 74 | 27 | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| Total | | | | | |
| AIM/PLUS | | | | | |
| investment | | | | | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
| | | | 1,617 | 1,028 | |
+----------------+----------+------------------+----------------------+----------------------+-----------------------------+
The Manager has also announced its first ever public to private transaction,
forming Torridon Capital Limited as a bidco which is acquiring Litcomp PLC, a
quoted insurance business listed on AIM. At the time of writing the transaction
had been announced as unconditional. The Manager also has several other well
priced and defensive transactions under advanced negotiation, all of which offer
an attractive running yield.
The well publicised difficulties in the credit markets have created an
environment where attractive private companies are seeking funds from
alternative sources, and generalist VCTs are well placed to benefit from this
changing market dynamic. Maven operates a national network of private equity
offices and believes this regional presence allow it to source some of the best
investment opportunities available in the UK in this defined market space.
The Manager has recently determined to reduce its exposure to AIM, where returns
have proved to be volatile and liquidity uncertain. As a consequence, as
liquidity and pricing permits, it is anticipated that a reduction of the AIM
portfolio will continue and realised proceeds will be reinvested in higher
yielding private company transactions where historically more predictable and
better returns have been achieved by the Manager across its UK network.
Maven Income and Growth VCT 4 has co-invested with Maven Income and Growth VCT,
Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Talisman First
Venture Capital Trust and Ortus VCT (formerly Guinness Flight Venture Capital
Trust) in some or all of the above transactions and is expected to continue to
do so with these as well as other clients of the Manager. The advantage is that,
together, the funds are able to underwrite a wider range and size of transaction
than would be the case on a stand alone basis.
Portfolio Developments
There were two successful realisations from the unlisted portfolio during the
year; Funeral Services Partnership was sold for proceeds of GBP487,000 plus
income and redemption premium amounting to GBP36,000 paid on exit which compares
favourably to the cost of GBP422,000. The investment achieved an overall return
equivalent to 1.53 times subscription cost. In addition, clients of Maven
(including the Company) retained a non dilutive stake in the business which is
set to benefit from substantial investment from its new owners as is seeks to
become one of the largest independent operators of funeral services in the UK.
Silkwater Holdings (which traded as Cyclotech) was also sold for proceeds of
GBP963,000, plus income and redemption premium amounting to GBP67,000 paid on
exit thereby achieving a healthy overall return of 3.2 times cost and an overall
gain of GBP615,000. In addition commercial agreement has been reached with the
multinational purchaser where the shareholders who sold (including the Company)
will receive further consideration dependent upon future revenues. This may give
rise to further proceeds for the Company although prudently, no recognition of
that potential future receipt has been included in the accounts.
In addition to the above, reflecting the increasing maturity of the unlisted
portfolio repayments of loan stock were received from a number of investee
companies as shown on the table on page 11.
Two companies which had previously been fully provided in earlier years were
struck off the Register during the year resulting in a realised loss but this
had no effect on the NAV.
Since the year end the Company has participated in two new investment
transactions. Torridon Capital Limited was set up to facilitate the first Public
to Private acquisition of Litcomp PLC. Tosca Penta Insurance Limited Partnership
was formed as part of the syndicate purchase of esure from HBoS.
Opportunities to invest in new IPOs on the AIM Market were significantly reduced
during the year and no such investments were made. The opportunity was taken to
sell holdings where the Manager perceived limited future upside while in other
cases sales were enforced by other corporate events. The AIM quoted businesses
in which we are invested are generally continuing to trade profitably and in
line with expectations but, in many cases their market values bear little or no
relation to their underlying profit and cash generation capability.
Outlook
The early signs are that the assets acquired in 2009 will prove to be high
quality additions to the portfolio, both in terms of the yield derived from
these holdings as well as the potential for medium term capital gain. Current
market conditions are also likely to prevail as debt remains scarce, helping to
drive down prices for private company assets. The lack of availability of debt
remains a significant challenge, an active banking market is important in order
to allow leverage of returns using prudent amounts of bank debt. As economic
conditions improve we anticipate a continuing increase in the number of private
company investment opportunities.
We will continue to select only those companies which are well managed, sensibly
priced and are capable of providing a premium yield together with the prospects
of a capital gain in the medium to longer term. The opportunity will be taken to
exit AIM listed holdings on a case by case basis on the back of price movements
emanating from positive newsflow or defined M&A activity.
Realisations during the financial year
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | Date |Complete/ | Cost | Sales | Realised | Realised | Cost | Sales | Realised | Realised |
| | first | Partial | of |Proceeds |Gain/Loss |Gain/Loss | of |Proceeds |Gain/Loss |Gain/Loss |
| |invested | Exit | shares | | | over | shares | | | over |
| | | |disposed | | | December |disposed | | | December |
| | | | of | | | 2008 | of | | | 2008 |
| | | | | | |Valuation | | | |Valuation |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Unlisted | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Cyclotech | 2007 | Complete | 249 | 688 | 439 | 342 | 99 | 275 | 176 | 137 |
| Limited | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Funeral | 2007 | Complete | 298 | 344 | 46 | (13) | 124 | 143 | 19 | (5) |
| Services | | | | | | | | | | |
| Partnership | | | | | | | | | | |
| Limited | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Energy | 2007 | Complete | 248 | 249 | 1 | 0 | 100 | 100 | - | - |
| Services | | | | | | | | | | |
| Investment | | | | | | | | | | |
| Company | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| THL | 2007 | Partial | 50 | 50 | - | - | 30 | 30 | - | - |
| Midlands | | | | | | | | | | |
| Limited | | | | | | | | | | |
| (formerly | | | | | | | | | | |
| Transys | | | | | | | | | | |
| Holdings) | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Westway | 2009 | Partial | 18 | 18 | - | - | 18 | 18 | - | - |
| Services | | | | | | | | | | |
| Limited | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | 863 | 1,349 | 486 | 329 | 371 | 566 | 195 | 132 |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| AIM | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Animalcare | 2008 | Partial | - | - | - | - | 6 | 12 | 6 | 3 |
| group Plc | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Avanti | 2007 | Partial | 51 | 70 | 19 | 34 | - | - | - | - |
| Communications | | | | | | | | | | |
| Group Plc | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Brookwell | 2008 | Partial | 5 | 2 | (3) | 1 | - | - | - | - |
| Limited | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Concateno | 2006 | Complete | 176 | 199 | 23 | 46 | 50 | 40 | (10) | 9 |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Craneware | 2007 | Complete | 3 | 5 | 2 | 0 | 1 | 2 | 1 | - |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Essentially | 2001 | Complete | 136 | 70 | (66) | 27 | 49 | 26 | (23) | 10 |
| Group PLC | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Gold | 2006 | Complete | 86 | 17 | (69) | (1) | - | - | - | - |
| Frost | | | | | | | | | | |
| Limited | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| Optare | 2007 | Partial | 27 | 8 | (19) | (6) | 27 | 7 | (20) | (6) |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | 484 | 371 | (113) | 101 | 133 | 87 | (46) | 16 |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | | | | | |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | 1,347 | 1,720 | 373 | 430 | 504 | 653 | 149 | 148 |
+----------------+----------+-----------+----------+----------+-----------+-----------+----------+----------+-----------+-----------+
Principal risks and uncertainties
The principal risks facing the Company relate to its investment activities and
include market price, interest rate, liquidity and credit. An explanation of
these risks and how they are managed is contained in Note 18 to the financial
statements on pages 51 to 54. Additional risks faced by the Company, and the
mitigation approach adopted by the Board, are as follows:
(i) investment objective: The Board's aim is to maximise absolute returns to
shareholders while managing risk by ensuring an appropriate diversification of
investments
(ii) investment policy: inappropriate stock selection leading to
underperformance in absolute and relative terms is a risk which the Manager
mitigates by operating within investment guidelines and regularly monitoring
performance against the peer group
(iii) discount volatility: due to lack of liquidity in the secondary market,
venture capital trust shares tend to trade at discounts to net asset values
which the Board seeks to manage by making purchases of shares in the market from
time to time, and
(iv) regulatory risk: the Company operates in a complex regulatory
environment and faces a number of related risks. A breach of section 274 of the
Income Tax Act 2007 could result in the Company's being subject to capital gains
tax on the sale of its investments. A breach of the VCT Regulations could result
in the loss of VCT status and consequent loss of tax reliefs currently available
to shareholders. Serious breach of other regulations, such as the UKLA Listing
rules and the Companies Act 2006, could lead to suspension from the Stock
Exchange and reputational damage. The board receives quarterly reports from the
Manager in order to monitor compliance with regulations.
The Board considers all risks and the measures in place to manage them and
monitors their management at each meeting.
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| MAVEN INCOME AND GROWTH VCT 4 PLC | |
+----------------------------------------------------------------------------------------------------------------------------+--------------------------------------------------+
| INCOME STATEMENT | |
+----------------------------------------------------------------------------------------------------------------------------+--------------------------------------------------+
| For the year ended 31 December 2009 | |
+----------------------------------------------------------------------------------------------------------------------------+--------------------------------------------------+
| | | Ordinary | S Ordinary | TOTAL |
| | | Shares | Shares | |
+-------------+-------+-------------------------------------------------+----------------------------------------------------+--------------------------------------------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Gains | 8 | | 459 | 459 | | 56 | 56 | | 515 | 515 |
| on | | - | | | - | | | - | | |
| investments | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Income | 2 | 355 | - | 355 | 206 | - | 206 | 561 | - | 561 |
| from | | | | | | | | | | |
| investments | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Other | 2 | 6 | - | 6 | 2 | - | 2 | 8 | - | 8 |
| income | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Investment | 3 | (24) | (95) | (119) | (16) | (66) | (82) | (40) | (161) | (201) |
| management | | | | | | | | | | |
| fees | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Other | 4 | (127) | | (127) | (95) | | (95) | (222) | | (222) |
| expenses | | | - | | | - | | | - | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Net | 210 | 364 | 574 | 97 | (10) | 87 | 307 | 354 | 661 |
| return on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+---------------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Tax on | 5 | (42) | 20 | (22) | (19) | 14 | (5) | (61) | 34 | (27) |
| ordinary | | | | | | | | | | |
| activities | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Return | 168 | 384 | 552 | 78 | 4 | 82 | 246 | 388 | 634 |
| attributable | | | | | | | | | |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+---------------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Earnings | | 2.1 | 4.9 | 7.0 | 1.6 | | 1.6 | 3.7 | 4.9 | 8.6 |
| per | | | | | | - | | | | |
| share | | | | | | | | | | |
| (pence) | | | | | | | | | | |
+-------------+-------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains
and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company
has only one class of business and derives its income from investments made in
shares,
securities and bank deposits.
The total column of this statement is the Profit and Loss Account of the
Company.
+-------------------------------------+
| RECONCILIATION OF MOVEMENTS IN |
| SHAREHOLDERS' FUNDS |
+-------------------------------------+
| For the year ended 31 December 2009 |
+-------------------------------------+
+---------------+----------------+---------------+---------------+
| | Ordinary | S | TOTAL |
| | Shares | Ordinary | |
| | | Shares | |
+---------------+----------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------------+---------------+---------------+
| | | | |
+---------------+----------------+---------------+---------------+
| Opening | 6,647 | 4,750 | 11,397 |
| Shareholders' | | | |
| funds | | | |
+---------------+----------------+---------------+---------------+
| Net return | 552 | 82 | 634 |
| for year | | | |
+---------------+----------------+---------------+---------------+
| Repurchase | (23) | | (23) |
| and | | - | |
| cancellation | | | |
| of shares | | | |
+---------------+----------------+---------------+---------------+
| Dividends | (180) | (139) | (319) |
| paid - | | | |
| revenue | | | |
+---------------+----------------+---------------+---------------+
| Dividends | | | |
| paid - | - | - | - |
| capital | | | |
+---------------+----------------+---------------+---------------+
| Closing | 6,996 | 4,693 | 11,689 |
| Shareholders' | | | |
| funds | | | |
+---------------+----------------+---------------+---------------+
The accompanying notes are an integral part of the financial statements.
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| MAVEN INCOME AND GROWTH VCT 4 PLC | |
+--------------------------------------------------------------------------------------------------------------------------+-------------------------------------------------+
| INCOME STATEMENT | |
+--------------------------------------------------------------------------------------------------------------------------+-------------------------------------------------+
| For the year ended 31 December 2008 | |
+--------------------------------------------------------------------------------------------------------------------------+-------------------------------------------------+
| | | Ordinary | S | TOTAL |
| | | Shares | Ordinary | |
| | | | Shares | |
+-------------+-------+------------------------------------------------+---------------------------------------------------+-------------------------------------------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| | | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Losses | 8 | | (1,459) | (1,459) | | (42) | (42) | | (1,501) | (1,501) |
| on | | - | | | - | | | - | | |
| investments | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Income | 2 | 335 | - | 335 | 244 | - | 244 | 579 | - | 579 |
| from | | | | | | | | | | |
| investments | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Other | 2 | 11 | - | 11 | 5 | - | 5 | 16 | - | 16 |
| income | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Investment | 3 | (20) | (82) | (102) | (15) | (61) | (76) | (35) | (143) | (178) |
| management | | | | | | | | | | |
| fees | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Other | 4 | (151) | | (151) | (85) | | (85) | (236) | | (236) |
| expenses | | | - | | | - | | | - | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Net | 175 | (1,541) | (1,366) | 149 | (103) | 46 | 324 | (1,644) | (1,320) |
| return on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+---------------------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Tax on | 5 | (29) | 17 | (12) | (28) | 13 | (15) | (57) | 30 | (27) |
| ordinary | | | | | | | | | | |
| activities | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Return | 146 | (1,524) | (1,378) | 121 | (90) | 31 | 267 | (1,614) | (1,347) |
| attributable | | | | | | | | | |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+---------------------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
| Earnings | | 1.9 | (19.4) | (17.5) | 2.4 | (1.8) | 0.6 | 4.3 | (21.2) | (16.9) |
| per | | | | | | | | | | |
| share | | | | | | | | | | |
| (pence) | | | | | | | | | | |
+-------------+-------+---------------+----------------+---------------+-----------------+----------------+----------------+----------------+----------------+---------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains
and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company
has only one class of business and derives its income from investments made in
shares,
securities and bank deposits.
The total column of this statement is the Profit and Loss Account of the
Company.
+---------------------------------------------+
| RECONCILIATION OF MOVEMENTS IN |
| SHAREHOLDERS' FUNDS |
+---------------------------------------------+
| For the year ended 31 December 2008 |
+---------------------------------------------+
+--------------------+---------------+----------------+----------+-------------+
| | Ordinary | S Ordinary | TOTAL |
| | Shares | Shares | |
+--------------------+---------------+----------------+------------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------+---------------+----------------+------------------------+
| | | | |
+--------------------+---------------+----------------+------------------------+
| Opening | 8,221 | 4,831 | 13,052 |
| Shareholders' | | | |
| funds | | | |
+--------------------+---------------+----------------+------------------------+
| Net returnfor year | (1,378) | 31 | (1,347) |
+--------------------+---------------+----------------+------------------------+
| Dividends paid - | (118) | (62) | (180) |
| revenue | | | |
+--------------------+---------------+----------------+------------------------+
| Dividends paid - | (78) | (50) | (128) |
| capital | | | |
+--------------------+---------------+----------------+------------------------+
| Closing | 6,647 | 4,750 | 11,397 |
| Shareholders' | | | |
| funds | | | |
+--------------------+---------------+---------------------------+-------------+
| | | | | |
+--------------------+---------------+----------------+----------+-------------+
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| MAVEN INCOME AND GROWTH VCT 4 PLC |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| BALANCE SHEET |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| As at 31 December 2009 |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | 31 | | | 31 | |
| | | | December | | | December | |
| | | | 2009 | | | 2008 | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | Ordinary | S | | Ordinary | S | |
| | | | Ordinary | | | Ordinary | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | Shares | Shares | Total | Shares | Shares | Total |
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Investments | 8 | 6,156 | 2,841 | 8,997 | 6,200 | 4,579 | 10,779 |
| at fair | | | | | | | |
| value | | | | | | | |
| through | | | | | | | |
| profit or | | | | | | | |
| loss | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Current | | | | | | | |
| assets | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Debtors | 10 | 163 | 65 | 228 | 216 | 115 | 331 |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Cash and | | 756 | 1,832 | 2,588 | 276 | 90 | 366 |
| overnight | | | | | | | |
| deposits | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | 919 | 1,897 | 2,816 | 492 | 205 | 697 |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Creditors: | 11 | (79) | (45) | (124) | (45) | (34) | (79) |
| amounts | | | | | | | |
| falling | | | | | | | |
| due within | | | | | | | |
| one year | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Net | | 840 | 1,852 | 2,692 | 447 | 171 | 618 |
| current | | | | | | | |
| assets | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Total | | 6,996 | 4,693 | 11,689 | 6,647 | 4,750 | 11,397 |
| net | | | | | | | |
| assets | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Capital | | | | | | | |
| and | | | | | | | |
| reserves | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Called | 12 | 780 | 497 | 1,277 | 784 | 497 | 1,281 |
| up share | | | | | | | |
| capital | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Share | 13 | | 4,227 | 4,227 | | 4,227 | 4,227 |
| premium | | - | | | - | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Distributable | 13 | 6,637 | | 6,637 | 6,660 | | 6,660 |
| reserve | | | - | | | - | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Capital | 13 | 4 | | 4 | | | |
| Redemption | | | - | | - | - | - |
| Reserve | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Capital | 13 | 1,349 | 86 | 1,435 | 1,049 | (12) | 1,037 |
| reserves | | | | | | | |
| - | | | | | | | |
| realised | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Capital | 13 | (1,990) | (192) | (2,182) | (2,074) | (98) | (2,172) |
| reserves | | | | | | | |
| - | | | | | | | |
| unrealised | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Revenue | 13 | 216 | 75 | 291 | 228 | 136 | 364 |
| reserve | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Net assets | 6,996 | 4,693 | 11,689 | 6,647 | 4,750 | 11,397 |
| attributable | | | | | | |
| to Ordinary | | | | | | |
| Shareholders | | | | | | |
+-----------------------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
| Net | 14 | 89.7 | 94.4 | | 84.8 | 95.5 | |
| asset | | | | | | | |
| value | | | | | | | |
| per | | | | | | | |
| ordinary | | | | | | | |
| share | | | | | | | |
| (pence) | | | | | | | |
+---------------+-------+------------------------+-----------------------+------------------------+-----------------------+-----------------------+-----------------------+
The accompanying notes are an integral part of the financial statements.
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved by the Board of Directors and were signed
on its behalf by:
ID Cormack
Director
+----------------------------------------------------------------+
| MAVEN INCOME AND GROWTH VCT 4 PLC |
+----------------------------------------------------------------+
| CASH FLOW STATEMENT |
+----------------------------------------------------------------+
| For the year ended 31 December 2009 |
+----------------------------------------------------------------+
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | Year to 31 December | Year to 31 December |
| | | 2009 | 2008 |
+-----------------------+---------+---------------------------------------------------------+-------------------------------------------------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | Ordinary | S | | Ordinary | S | |
| | | | Ordinary | | | Ordinary | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | Shares | Shares | Total | Shares | Shares | Total |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Operating | | | | | | | |
| activities | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Investment | | 397 | 268 | 665 | 267 | 207 | 474 |
| income | | | | | | | |
| received | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Deposit | | 8 | 3 | 11 | 12 | 6 | 18 |
| interest | | | | | | | |
| received | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Investment | (90) | (62) | (152) | (141) | (101) | (242) |
| management | | | | | | |
| fees paid | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Secretarial | | (34) | (25) | (59) | (62) | (34) | (96) |
| fees paid | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Cash paid to | (38) | (27) | (65) | (53) | (31) | (84) |
| and on behalf | | | | | | |
| of Directors | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Other cash | | (52) | (37) | (89) | (61) | (24) | (85) |
| payments | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Net cash | 15 | 191 | 120 | 311 | (38) | 23 | (15) |
| inflow/(outflow) | | | | | | | |
| from operating | | | | | | | |
| activities | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Taxation | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Corporation | | (12) | (15) | (27) | - | - | - |
| tax | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Financial | | | | | | | |
| investment | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Purchase | | (1,617) | (1,028) | (2,645) | (1,516) | (2,709) | (4,225) |
| of | | | | | | | |
| investments | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Sale of | | 2,121 | 2,804 | 4,925 | 1,582 | 2,581 | 4,163 |
| investments | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Net cash | 504 | 1,776 | 2,280 | 66 | (128) | (62) |
| inflow/(outflow) | | | | | | |
| from financial | | | | | | |
| investment | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Equity | | (180) | (139) | (319) | (196) | (112) | (308) |
| dividends | | | | | | | |
| paid | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Net cash | 503 | 1,742 | 2,245 | (168) | (217) | (385) |
| inflow/(outflow) | | | | | | |
| before financing | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Financing | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Repurchase of | (23) | | (23) | | | |
| Ordinary | | - | | - | - | - |
| Shares | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Net cash | (23) | | (23) | | | |
| outflow from | | - | | - | - | - |
| financing | | | | | | |
+---------------------------------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
| Increase/(decrease)in | 16 | 480 | 1,742 | 2,222 | (168) | (217) | (385) |
| cash | | | | | | | |
+-----------------------+---------+------------------+--------------------+-----------------+----------------+--------------------+-----------------+
The accompanying notes are an integral part of the financial statements.
+---------------------------------------------------------+
| MAVEN INCOME AND GROWTH VCT 4 PLC |
+---------------------------------------------------------+
| Notes to the Financial Statements |
+---------------------------------------------------------+
| For the year ended 31 December 2009 |
+---------------------------------------------------------+
+-------+-+-----------------------------------------------------------------+
| | Accounting Policies - UK Generally Accepted Accounting Practice |
| 1 | |
+-------+-------------------------------------------------------------------+
| (a) | The Financial Statements have been prepared under the |
| | historical cost convention modified to include the revaluation |
| | of investments and in accordance with the Statement of |
| | Recommended Practice 'Financial Statements of Investment Trust |
| | Companies' (the SORP) issued in January 2009. The disclosures |
| | on Going Concern on page 28 of the Directors' Report form part |
| | of these financial statements. |
+---------+-----------------------------------------------------------------+
| (b) | Income |
+---------+-----------------------------------------------------------------+
| | Dividends receivable on equity shares and unit trusts are |
| | treated as revenue for the period on an ex-dividend basis. |
| | Where no ex-dividend date is available dividends receivable on |
| | or before the year end are treated as revenue for the period. |
| | Provision is made for any dividends not expected to be |
| | received. The fixed returns on debt securities and non-equity |
| | shares are recognised on a time apportionment basis so as to |
| | reflect the effective interest rate on the debt securities and |
| | shares. Provision is made for any fixed income not expected to |
| | be received. Interest receivable from cash and short term |
| | deposits and interest payable are accrued to the end of |
+---------+-----------------------------------------------------------------+
| (c) | Expenses |
+-------+-------------------------------------------------------------------+
| | All expenses are accounted for on an accruals basis and charged |
| | to the income statement. Expenses are charged through the |
| | revenue account except as follows: |
+-------+-------------------------------------------------------------------+
| | - expenses which are incidental to the acquisition and disposal |
| | of an investment are charged to capital; and |
+-------+-------------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | - expenses are charged to realised capital reserves where a |
| | connection with the maintenance or enhancement of the value of |
| | the investments can be demonstrated. In this respect the |
| | investment management fee has been allocated 20% to revenue and |
| | 80% to realised capital reserves to reflect the Company's |
| | investment policy and |
+---------+-----------------------------------------------------------------+
| | prospective income and capital growth. |
+---------+-----------------------------------------------------------------+
| | - share issue costs are charged to the share premium account. |
+---------+-----------------------------------------------------------------+
| | - expenses are allocated between the original pool or the S |
| | share pool depending on the nature of the expense. |
+---------+-----------------------------------------------------------------+
| (d) | Taxation |
+---------+-----------------------------------------------------------------+
| | Deferred taxation is recognised in respect of all timing |
| | differences that have originated but not reversed at the |
| | balance sheet date, where transactions or events that result in |
| | an obligation to pay more tax in the future or right to pay |
| | less tax in the future have occurred at the balance sheet date. |
| | This is subject to deferred tax assets only being recognised if |
| | it is considered more likely than not that there will be |
| | suitable profits from which the future reversal of the |
| | underlying timing differences can be deducted. Timing |
| | differences are differences arising between the Company's |
| | taxable profits and its results as stated in the financial |
| | statements which are capable of reversal in one or more |
| | subsequent periods. |
+---------+-----------------------------------------------------------------+
| | Deferred tax is measured on a non-discounted basis at the tax |
| | rates that are expected to apply in the periods in which timing |
| | differences are expected to reverse, based on tax rates and |
| | laws enacted or substantively enacted at the balance sheet |
| | date. |
+---------+-----------------------------------------------------------------+
| | The tax effect of different items of income/gain and |
| | expenditure/loss is allocated between capital reserves and |
| | revenue account on the same basis as the particular item to |
| | which it relates using the Company's effective rate of tax for |
| | the period. |
+---------+-----------------------------------------------------------------+
| (e) | Investments |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | In valuing unlisted investments the Directors follow the |
| | criteria set out below. These procedures comply with the |
+---------+-----------------------------------------------------------------+
| | revised International Private Equity and Venture Capital |
| | Valuation Guidelines for the valuation of private equity |
+---------+-----------------------------------------------------------------+
| | and venture capital investments. Investments are recognised at |
| | their trade date and are valued at fair value, which |
+---------+-----------------------------------------------------------------+
| | represent the Directors' view of the amount for which an asset |
| | could be exchanged between knowledgeable willing |
+---------+-----------------------------------------------------------------+
| | parties in an arm's length transaction. This does not assume |
| | that the underlying business is saleable at the reporting |
+---------+-----------------------------------------------------------------+
| | date or that its current shareholders have an intention to sell |
| | their holding in the near future. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | A financial asset or liability is generally derecognised when |
| | the contract that gives rise to it is settled, sold, cancelled |
+---------+-----------------------------------------------------------------+
| | or expires. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | 1. For Investments completed within the 12 months prior to the |
| | reporting date and those at an early stage in their |
| | development, fair value is determined using the Price of Recent |
| | Investment Method, except that adjustments are made when there |
| | has been a material change in the trading circumstances of the |
| | company or a substantial movement in the relevant sector of the |
| | stock market. |
+---------+-----------------------------------------------------------------+
| | 2. Whenever practical, recent investments will be valued by |
| | reference to a material arm's length transaction or a quoted |
| | price. |
+---------+-----------------------------------------------------------------+
| | 3. Mature companies are valued by applying a multiple to their |
| | fully taxed prospective earnings to determine the enterprise |
| | value of the company. |
+---------+-----------------------------------------------------------------+
| | 3.1 To obtain a valuation of the total ordinary share capital |
| | held by management and the institutional investors, the value |
| | of third party debt, institutional loan stock, debentures and |
| | preference share capital is deducted from the enterprise value. |
| | The effect of any performance related mechanisms is taken into |
| | account when determining the value of the ordinary share |
| | capital. |
+---------+-----------------------------------------------------------------+
| | 3.2 Preference shares, debentures and loan stock are valued |
| | using the Price of Recent Investment Method. |
+---------+-----------------------------------------------------------------+
| | When a redemption premium has accrued, this will only be valued |
| | if there is a reasonable prospect of it being paid. |
+---------+-----------------------------------------------------------------+
| | Preference shares which carry a right to convert into ordinary |
| | share capital are valued at the higher of the Price of |
+---------+-----------------------------------------------------------------+
| | Recent Investment Method basis and the price/earnings basis, |
| | both described above. |
+---------+-----------------------------------------------------------------+
| | 4. Where there is evidence of impairment, a provision may be |
| | taken against the previous valuation of the investment. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | 5. In the absence of evidence of a deterioration, or strong |
| | defensible evidence of an increase in value, the fair value is |
| | determined to be that reported at the previous balance sheet |
| | date. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | 6. All unlisted investments are valued individually by |
| | Aberdeen Private Equity's Portfolio Management Team. The |
| | resultant valuations are subject to detailed scrutiny and |
| | approval by the Directors of the Company. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | 7. In accordance with normal market practice, investments |
| | listed on the Alternative Investment Market or a recognised |
| | stock exchange are valued at their bid market price. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| (f) | Fair Value Measurement |
+---------+-----------------------------------------------------------------+
| | Fair value is defined as the price that the Company would |
| | receive upon selling an investment in a timely transaction to |
| | an independent buyer in the principal or the most advantageous |
| | market of the investment. A three-tier hierarchy has been |
| | established to maximise the use of observable market data and |
| | minimise the use of unobservable inputs and to establish |
| | classification of fair value measurements for disclosure |
| | purposes. Inputs refer broadly to the assumptions that market |
| | participants would use in pricing the asset or liability, |
| | including assumptions about risk, for example, the risk |
| | inherent in a particular valuation technique used to measure |
| | fair value including such a pricing model and/or the risk |
| | inherent in the inputs to the valuation technique. Inputs may |
| | be observable or unobservable. |
+---------+-----------------------------------------------------------------+
| | Observable inputs are inputs that reflect the assumptions |
| | market participants would use in pricing the asset or liability |
| | developed based on market data obtained from sources |
| | independent of the reporting entity. |
+---------+-----------------------------------------------------------------+
| | Unobservable inputs are inputs that reflect the reporting |
| | entity's own assumptions about the assumptions market |
| | participants would use in pricing the asset or liability |
| | developed based on best information available in the |
| | circumstances. |
+---------+-----------------------------------------------------------------+
| | The three-tier hierarchy of inputs is summarised in the three |
| | board levels listed below. |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | - Level 1 - quoted prices in active markets for identical |
| | investments |
+---------+-----------------------------------------------------------------+
| | - Level 2 - other significant observable inputs (included |
| | quoted prices for similar investments, interest rates, |
| | prepayment speeds, credit risk etc). |
+---------+-----------------------------------------------------------------+
| | - Level 3 - significant observable inputs (including the |
| | Company's own assumptions in determining the fair value of |
| | investments). |
+---------+-----------------------------------------------------------------+
| | |
+---------+-----------------------------------------------------------------+
| | | |
+-------+-+-----------------------------------------------------------------+
+-------+------------------------------------------------------------+
| (g) | Gains and losses on investments |
+-------+------------------------------------------------------------+
| | When the company sells or revalues its investments during |
| | the year, any gains or losses arising are credited/ |
| | charged to the Income Statement. |
+-------+------------------------------------------------------------+
| | |
+-------+------------------------------------------------------------+
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| 7 Return | Year ended | Year ended |
| per ordinary | | |
| share | | |
+--------------+----------------------------------------+--------------------------------------------------+
| | 31 December | 31 December |
| | 2009 | 2008 |
+--------------+----------------------------------------+--------------------------------------------------+
| | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| | Ordinary | S | | Ordinary | S | |
| | | Ordinary | | | Ordinary | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| The returns | Shares | Shares | Total | Shares | Shares | Total |
| per share | | | | | | |
| have been | | | | | | |
| based on the | | | | | | |
| following | | | | | | |
| figures: | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| Weighted | 7,834,599 | 4,972,459 | 12,807,058 | 7,835,163 | 4,972,459 | 12,807,622 |
| average | | | | | | |
| number of | | | | | | |
| ordinary | | | | | | |
| shares | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| Revenue | GBP | GBP | GBP | GBP | GBP | GBP |
| return | 168,000 | 78,000 | 246,000 | 146,000 | 121,000 | 267,000 |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| | | | | | | |
| | | | | | | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| Capital | GBP | GBP | GBP | GBP(1,524,000) | GBP | GBP(1,614,000) |
| return | 384,000 | 4,000 | 388,000 | | (90,000) | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
| Total Return | GBP | GBP | GBP | GBP(1,378,000) | GBP | GBP(1,347,000) |
| | 552,000 | 82,000 | 634,000 | | 31,000 | |
+--------------+-----------+--------------+-------------+-----------------+--------------+-----------------+
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| 12 Share | 31 December 2009 | 31 December 2008 |
| capital | | |
+--------------+--------------------------------------------------------------------+---------------------------------------------+
| | Ordinary | S | Ordinary | S |
| | Shares | Ordinary | Shares | Ordinary |
| | | Shares | | Shares |
+--------------+---------------------------------------------+----------------------+----------------------+----------------------+
| | Number | GBP'000 | Number | GBP'000 | Number | GBP'000 | Number | GBP'000 |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| At 31 December the | | | | | | |
| authorised share | | | | | | |
| capital comprised: | | | | | | |
+------------------------------------------------------------+------------+---------+------------+---------+------------+---------+
| allotted, | | | | | | | | |
| issued and | | | | | | | | |
| fully paid: | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| Ordinary | | | | | | | | |
| shares of | | | | | | | | |
| 10p each | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| Balance | 7,835,163 | 784 | 4,972,459 | 497 | 7,835,163 | 784 | 4,972,459 | 497 |
| brought | | | | | | | | |
| forward | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| Repurchased | (36,867) | (4) | | | | | | |
| and | | | - | - | - | - | - | - |
| cancelled in | | | | | | | | |
| year | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| | 7,798,296 | 780 | 4,972,459 | 497 | 7,835,163 | 784 | 4,972,459 | 497 |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| Unissued: S | | | 25,027,541 | 2,503 | | | 25,027,541 | 2,503 |
| Ordinary | - | - | | | - | - | | |
| shares of | | | | | | | | |
| 10p each | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| Unissued: | 52,201,704 | 5,220 | | | 52,164,837 | 5,216 | | |
| unclassified | | | - | - | | | - | - |
| shares of | | | | | | | | |
| 10p each | | | | | | | | |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
| | 60,000,000 | 6,000 | 30,000,000 | 3,000 | 60,000,000 | 6,000 | 30,000,000 | 3,000 |
+--------------+--------------------+------------------------+------------+---------+------------+---------+------------+---------+
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| 13 | Share | | Capital | Capital | Capital | |
| Reserves | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | premium | Distributable | reserves | reserves | Redemption | Revenue |
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | account | reserve | realised | unrealised | Reserve | reserve |
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Ordinary | | | | | | |
| Shares | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| At 1 | | 6,660 | 1,049 | (2,074) | | 228 |
| January | - | | | | - | |
| 2009 | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Gains on | | | 375 | | | |
| sales of | - | - | | - | - | - |
| investments | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Increase in | | - | | 84 | | |
| unrealised | - | | - | | - | - |
| appreciation | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Investment | | - | (95) | | | |
| management | - | | | - | - | - |
| fees | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Dividends | | - | | | | (180) |
| paid | - | | - | - | - | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Tax effect | | - | 20 | | | |
| of capital | - | | | - | - | - |
| items | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Repurchase | | (23) | | | 4 | |
| and | - | | - | - | | - |
| cancellation | | | | | | |
| of shares | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Retained | | - | | | | 168 |
| net revenue | - | | - | - | - | |
| for period | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| At 31 | | 6,637 | 1,349 | (1,990) | 4 | 216 |
| December | - | | | | | |
| 2009 | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| S Ordinary | | | | | | |
| Shares | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| At 1 | 4,227 | | (12) | (98) | | 136 |
| January | | - | | | - | |
| 2009 | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Gains on | | | 150 | | | |
| sales of | - | - | | - | - | - |
| investments | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Decrease in | | - | | (94) | | |
| unrealised | - | | - | | - | - |
| appreciation | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Investment | | - | (66) | | | |
| management | - | | | - | - | - |
| fees | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Dividends | | - | | | | (139) |
| paid | - | | - | - | - | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Tax effect | | - | 14 | | | |
| of capital | - | | | - | - | - |
| items | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| Retained | | - | | | | 78 |
| net revenue | - | | - | - | - | |
| for period | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
| At 31 | 4,227 | | 86 | (192) | | 75 |
| December | | - | | | - | |
| 2009 | | | | | | |
+--------------+------------------------+-----------------------+-----------------------+--------------------------+------------------------+-----------------------+
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| 14 Net asset value per ordinary share |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| The net asset value per share and the net asset value |
| attributable to the ordinary shares at the period end |
| calculated in accordance with the Articles of |
| Association were as follows: |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | 31 December 2009 | 31 December 2008 |
+----------+-----------------------------------------------------------------------------------------------+--------------------------------------------------------------------------+
| | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | Ordinary | S | Ordinary | S |
| | Shares | Ordinary | Shares | Ordinary |
| | | Shares | | Shares |
+----------+-----------------------------------------------+-----------------------------------------------+--------------------------------------------+-----------------------------+
| | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | Net | Net | Net | Net | Net | Net | Net | Net |
| | asset | asset | asset | asset | asset | asset | asset | asset |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | value | value | value | value | value | value | value | value |
| | per | | per | | per | | per | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | share | attributable | share | attributable | share | attributable | share | attributable |
| | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | p | GBP'000 | p | GBP'000 | p | GBP'000 | p | GBP'000 |
| | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
| Ordinary | 89.7 | 6,996 | 94.4 | 4,693 | 84.8 | 6,647 | 95.5p | 4,570 |
| shares | | | | | | | | |
+----------+-------------------------+---------------------+----------------------+------------------------+----------------------+---------------------+-------+---------------------+
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report, Directors'
Remuneration Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law, the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to give a true and fair view of the
state of affairs of the Company and of the net return of the Company for that
period. In preparing these financial statements the Directors are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed,
subject to any
- material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is
inappropriate to
- Presume that the company will continue in business.
The Directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the Annual Financial
Report
We confirm that, to the best of our knowledge, the financial statements,
prepared in accordance with the applicable set of accounting standards and set
out on pages 36 to 54, give a true and fair view of the assets, liabilities
financial position and profit or loss of the company; and the Directors' Report,
set out on pages 19 to 29, includes a fair review of the developments and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that they face.
Other information
This announcement has been prepared on the same basis as the Annual Report and
Financial Statements for the year ended 31 December 2009. The Annual Report and
Financial Statements for the year ended 31 December 2009 will be filed with the
Registrar of Companies and issued to Shareholders in due course. References to
page numbers and notes to the financial statements are references to the Annual
Report and Financial Statements for the year ended 31 December 2009.
The financial information contained within this announcement does not constitute
the Company's statutory Financial Statements as defined in the Companies Act
2006. The statutory Financial Statements for the year ended 31 December 2008
have been delivered to the Registrar of Companies and contained an audit report
which was unqualified.
Copies of this announcement and of the Annual Report and Financial Statements
for the year ended 31 December 2009 will be available at the registered
office:149 St Vincent Street, Glasgow, G2 5NW, and on the Company's website at
www.mavencp.com/migvct4.
By order of the Board
Maven Capital Partners UK LLP
Secretary
31 March 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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