TP10 VCT Plc Half Yearly Report -4-
October 16 2014 - 10:32AM
UK Regulatory
Total comprehensive profit
for the year - - - 503 308 811
--------- --------------- ------------ --------- --------- ---------
Balance at 28 February 2014 301 25,973 1 (356) 308 26,227
========= =============== ============ ========= ========= =========
Capital reserve consists
of:
Investment holding gains 878
Other realised losses (1,234)
(356)
=========
6 months ended 31 August
2013
Opening balance 302 27,342 - (859) 180 26,965
--------- --------------- ------------ --------- --------- ---------
Purchase of own shares (1) (40) 1 - - (40)
Dividends paid - (819) - - (180) (999)
Transactions with owners (1) (859) 1 - (180) (1,039)
--------- --------------- ------------ --------- --------- ---------
(Loss)/profit after tax - - - (51) 132 81
Total comprehensive (loss)/profit
for the period - - - (51) 132 81
--------- --------------- ------------ --------- --------- ---------
Balance at 31 August 2013 301 26,483 1 (910) 132 26,007
========= =============== ============ ========= ========= =========
Capital reserve consists
of:
Investment holding gains 77
Other realised losses (987)
(910)
=========
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
capital reserve is not distributable. The special distributable
reserve was created on court cancellation of the share premium
account. The revenue and special distributable reserves are
distributable by way of dividend.
The accompanying notes are an integral part of this
statement.
Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 28 February 31 August
2014 2014 2013
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 136 811 81
Loss arising on the disposal
of investments in the year 4 - -
(Gain) arising on the revaluation
of investments at the year
end - (591) -
Cash generated by operations 140 220 81
Decrease/(increase) in receivables 112 (51) (14)
(Decrease) in payables and
accruals (76) (5) (12)
Net cash flow from operating
activities 176 164 55
----------- ------------- ----------------
Cash flow from investing activities
Purchase of financial assets
at fair value through profit
or loss (143) (3,748) (36)
Sales of financial assets at
fair value through profit and
loss 961 4,735 735
Net cash flows from investing
activities 818 987 699
----------- ------------- ----------------
Cash flows from financing activities
Purchase of own shares - (40) (40)
Dividends paid (997) (1,509) (999)
Net cash flows from financing
activities (997) (1,549) (1,039)
----------- ------------- ----------------
Net decrease in cash and cash
equivalents (3) (398) (285)
=========== ============= ================
Reconciliation of net cash
flow to movements in cash and
cash equivalents
Cash and cash equivalents at
28 February 2014 61 459 459
Net decrease in cash and cash
equivalents (3) (398) (285)
Cash and cash equivalents at
31 August 2014 58 61 174
=========== ============= ================
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the
six months ended 31 August 2014 was authorised for issue in
accordance with a resolution of the Directors on 16 October
2014.
The Company applied for listing on the London Stock Exchange on
29 January 2010.
TP10 VCT plc is incorporated and domiciled in Great Britain. The
address of TP10 VCT plc's registered office, which is also its
principal place of business, is 18 St. Swithin's Lane, London 4N
8AD.
TP10 VCT plc's Unaudited Interim Financial Report is presented
in Pounds Sterling (GBP) which is also the functional currency of
the Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6
months ended 31 August 2014 has been prepared in accordance with
IAS 34: 'Interim Financial Reporting'. It does not include all of
the information required for full Financial Statements and should
be read in conjunction with the Financial Statements for the year
ended 28 February 2014.
Estimates
The preparation of the Unaudited Interim Financial Report
requires management to make judgements, estimates and assumptions
that reflect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenditure.
However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment
activity. All revenues and assets are generated and held in the
UK.
4. Investment income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2014 28 February 2014 31 August 2013
------------------------------- ------------------------------- -------------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest
receivable
on cash and cash
equivalents - - - 1 - 1 1 - 1
Loan stock
interest 523 - 523 997 - 997 478 - 478
523 - 523 998 - 998 479 - 479
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5. Investment management fees
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