Albion Prime VCT Albion Prime VCT PLC : Annual -5-
28 Junio 2012 - 12:24PM
UK Regulatory
transfers can be made from this reserve to the revenue reserve. Accordingly, a
transfer of GBP638,000 (2011: GBP619,000) representing the dividend payment made
from revenue reserve has been made from the special reserve to the revenue
reserve.
Cash flow statement
+------------------------------------------------+--------------+--------------+
| | Year ended| Year ended|
| | | |
| | 31 March 2012| 31 March 2011|
| | | |
| Note| GBP'000| GBP'000|
+------------------------------------------------+--------------+--------------+
|Operating activities | | |
| | | |
|Investment income received | 690| 679|
| | | |
|Deposit interest received | 21| 18|
| | | |
|Dividend income received | -| 4|
| | | |
|Investment management fees paid | (295)| (265)|
| | | |
|Other cash payments | (177)| (202)|
| +--------------+--------------+
|Net cash flow from operating activities 18| 239| 234|
| | | |
| | | |
| | | |
|Taxation | | |
| | | |
|UK corporation tax received | 83| 43|
| | | |
| | | |
| | | |
|Capital expenditure and financial | | |
|investments | | |
| | | |
|Purchase of fixed asset investments | (1,519)| (1,245)|
| | | |
|Disposals of fixed asset investments | 1,321| 833|
| +--------------+--------------+
|Net cash flow from investing activities | (198)| (412)|
| | | |
| | | |
| | | |
| | | |
| | | |
|Equity dividends paid | | |
| | | |
|(net of cost of shares issued under the | | |
|dividend reinvestment scheme and unclaimed | | |
|dividends returned) | (587)| (600)|
| +--------------+--------------+
|Net cash flow before financing | (463)| (735)|
| | | |
| | | |
| | | |
|Financing | | |
| | | |
|Purchase of own shares | (502)| (354)|
| | | |
|Issue of share capital | 832| 807|
| +--------------+--------------+
|Net cash flow from financing | 330| 453|
| | | |
| | | |
| +--------------+--------------+
|Cash flow in the year 17| (133)| (282)|
+------------------------------------------------+--------------+--------------+
Notes to the Financial Statements
1. Accounting convention
The financial statements have been prepared in accordance with the historical
cost convention, modified to include the revaluation of investments, in
accordance with applicable United Kingdom law and accounting standards and with
the Statement of Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" issued by the Association of Investment
Companies ("AIC SORP") in January 2009. Accounting policies have been applied
consistently in current and prior periods.
2. Accounting policies
Investments
Unquoted equity investments, debt issued at a discount, and convertible bonds
In accordance with FRS 26 "Financial Instruments Recognition and Measurement",
unquoted equity, debt issued at a discount and convertible bonds are designated
as fair value through profit or loss ("FVTPL"). Unquoted investments' fair
value is determined by the Directors in accordance with the September 2009
International Private Equity and Venture Capital Valuation Guidelines (IPEVCV
guidelines). Desk top reviews are carried out by independent RICS qualified
surveyors by updating previously prepared full valuations for current trading
and market indices. Full valuations are prepared by similarly qualified
surveyors but in full compliance with the RICS Red Book.
Fair value movements on investments and gains and losses arising on the disposal
of investments are reflected in the capital column of the Income statement in
accordance with the AIC SORP and realised gains or losses on the sale of
investments will be reflected in the realised capital reserve, and unrealised
gains or losses arising from the revaluation of investments will be reflected in
the unrealised capital reserve.
Warrants and unquoted equity derived instruments
Warrants and unquoted equity derived instruments are only valued if there is
additional value to the Company in exercising or converting as at the balance
sheet date. Otherwise these instruments are held at nil value. The valuation
techniques used are those used for the underlying equity investment.
Unquoted loan stock
Unquoted loan stock (excluding convertible bonds and debt issued at a discount)
is classified as loans and receivables as permitted by FRS 26 and measured at
amortised cost using the effective interest rate method less impairment.
Movements in respect of capital provisions are reflected in the capital column
of the Income statement and are reflected in the realised capital reserve
following sale, or in the unrealised reserve for impairments arising from
revaluation of the fair value of the security.
For all unquoted loan stock, fully performing, renegotiated, past due and
impaired, the Board considers that the fair value is equal to or greater than
the security value of these assets. For unquoted loan stock, the amount of the
impairment is the difference between the asset's cost and the present value of
estimated future cash flows, discounted at the original effective interest rate.
The future cash flows are estimated based on the fair value of the security less
the estimated selling costs.
Investments are recognised as financial assets on legal completion of the
investment contract and are de-recognised on legal completion of the sale of an
investment.
Dividend income is not recognised as part of the fair value movement of an
investment, but is recognised separately as investment income through the
revenue reserve when a share becomes ex-dividend.
Loan stock accrued interest is recognised in the Balance sheet as part of the
carrying value of the loans and receivables at the end of each reporting period.
In accordance with the exemptions under FRS 9 "Associates and joint ventures",
those undertakings in which the Company holds more than 20 per cent. of the
equity as part of an investment portfolio are not regarded as associated
undertakings.
Investment income
Unquoted equity income
Dividend income is included in revenue when the investment is quoted ex-
dividend.
Unquoted loan stock income
The fixed returns on non-equity shares and debt securities are recognised on a
time apportionment basis using an effective interest rate over the life of the
financial instrument. Income which is not capable of being received within a
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