Final Results -8-
17 Maggio 2011 - 10:31AM
UK Regulatory
Current tax reconciliation: 31 January 2011 31 January 2010
GBP'000 GBP'000
--------------------------------
Non-taxable capital gains/(loss) 202 306
Non taxable gains (195) (291)
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Net return on ordinary activities 7 15
Current tax at 28% (2010: 28%) 2 4
Unrelieved tax losses and other deductions 39 53
Income not deductable for tax (41) (66)
Total current tax charge - (9)
Tax in relation to prior year 2 -
The Company has excess management charges of approximately GBPnil (2010: GBP190,000)
to carry forward to offset against future taxable profits.
Approved VCTs are exempt from tax on capital gains within the Company. Since
the Directors intend that the Company will continue to conduct its affairs so as
to maintain its approval as a VCT, no current deferred tax has been provided in
respect of any capital gains or losses arising on the revaluation or disposal of
investments.
7. Dividends
31 January 2011 31 January 2010
GBP'000 GBP'000
Recognised as distributions in the financial
statements for the year
Previous year's final dividend 217 87
Current year's interim dividend 132 87
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349 174
31 January 2011 31 January 2010
GBP'000 GBP'000
Paid and proposed in respect of the year
Interim dividend paid - 1.50p per share (2010:
1.00p per share) 132 87
Final dividend 1.50p per share (2010: 2.50p per
share) 130 217
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262 304
The final dividend of 1.5p per share for the year ended 31 January 2011, subject
to shareholder approval at the Annual General Meeting, will be paid on 8 July
2011 to shareholders on the register on 10 June 2011.
8. Earnings per share
The revenue per share is based on the revenue profit after tax of GBP132,000
(2010: GBP135,000) and on 8,693,486 (2010: 8,751,722) shares, being the weighted
average number of shares in issue during the year.
The capital per share is based on the capital profit after tax of GBP70,000 (2010:
GBP171,000) and on 8,693,486 (2010: 8,751,722) shares, being the weighted average
number of shares in issue during the year.
The total earnings per share is based on total profit after tax of GBP202,000
(2010: GBP306,000) and on 8,693,486 (2010: 8,751,722) shares, being the weighted
average number of shares in issue during the year.
There are no potentially dilutive capital instruments in issue and, as such, the
basic and diluted earnings per share are therefore identical.
9. Net asset value per share
The calculation of NAV per share as at 31 January 2011 is based on net assets of
GBP8,020,000 (2010: GBP8,167,000) divided by the 8,693,486 (2010: 8,693,486) shares
in issue at that date.
10. Fixed asset investments at fair value through profit or loss
Effective from 1 January 2009 the Company adopted the amendment to Financial
Reporting Standard 29 Financial Instruments: Disclosures regarding financial
instruments that are measured in the balance sheet at fair value; this requires
disclosure of fair value measurements by level of the following fair value
measurement hierarchy:
Level 1: quoted prices in active markets for identical assets and liabilities.
The fair value of financial instruments traded in active markets is based on
quoted market prices at the balance sheet date. A market is regarded as active
if quoted prices are readily and regularly available, and those prices represent
actual and regularly occurring market transactions on an arm's length basis. The
quoted market price used for financial assets held is the current bid price.
These instruments are included in level 1 and comprise money market funds
classified as held at fair value through profit or loss (FVTPL).
Level 2: the fair value of financial instruments that are not traded in an
active market is determined by using valuation techniques. These valuation
techniques maximise the use of observable date where it is available and rely as
little as possible on entity specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included
in level 2. The Company holds no such investment in the current or prior year.
Level 3: the fair value of financial instruments that are not traded in an
active market (for example investments in unquoted companies) is determined by
using valuation techniques such as earnings multiples. If one or more of the
significant inputs is not based on observable market data, the instrument is
included in level 3.
There have been no transfers between these classifications in the period (2010:
none). The change in fair value for the current and previous year is recognised
through the profit and loss account.
All items held at FVTPL were designated as such upon initial recognition.
Movements in investments at FVTPL during the year to 31 January 2011 are
summarised below.
Fixed asset investments:
Level 3: Unquoted equity Level 3:
investments Unquoted loan Total unquoted
investments investments
GBP'000 GBP'000 GBP'000
Valuation and
net book amount:
Book cost at 1 2,346
February 2010 4,316 6,662
Cumulative -
revaluation - -
Valuation at 1 2,346
February 2010 4,316 6,662
Movement in the
year:
Purchases at -
cost 109 109
Proceeds from (29)
the sale of
investments (240) (269)
Gain on (1)
realisation of
investments (5) (6)
Change in fair 2
value in year 193 195
Closing fair 2,318
value at 31
January 2011 4,373 6,691
Closing cost at
31 January 2011 2,316 4,180 6,496
Closing 2
unrealised
movement at 31
January 2011 193 195
Valuation at 31 2,318
January 2011 4,373 6,691
Level 3 valuations include assumptions based on non-observable market data, such
as discounts applied either to reflect fair value of financial assets held at
the price of recent investment, or, in the case of unquoted investments, to
adjust earnings multiples. The sensitivity of these valuations to a reasonable
possible change in such assumptions is given in note 16.
The loan and equity investments are considered to be one instrument due to them
being bound together. This is consistent with their investment policy.
Further details of the fixed asset investments held by the Company are shown
within the Investment Manager's Review on pages x to x.
11. Debtors
31 January 2011 31 January 2010
GBP'000 GBP'000
Prepayments and accrued income 92 42
92 42
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12. Current Asset Investments
Current asset investments at 31 January 2011 comprised money market funds (31
January 2010: money market funds).
Level 1: money market funds
Total
GBP'000 GBP'000
Valuation and net book amount:
Book cost at 1 February 2010:
Money market funds 1,421
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1,421
Revaluation to 1 February 2010:
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