Final Results -6-
17 Mayo 2011 - 3:31AM
UK Regulatory
| |
| |
| |
Increase/(decrease) in cash | 59| (1,481)
+---------------+---------------
The accompanying notes are an integral part of the financial statements.
Reconciliation of return before Taxation to Cash Flow from Operating Activities
+----------------------+
| Year to 31 January| Year to 31 January
| 2011| 2010
| |
| GBP'000| GBP'000
| |
Return on ordinary activities | |
before tax | 204| 315
| |
(Increase)/decrease in debtors | (50)| 44
| |
Decrease in creditors | (12)| (33)
| |
Gain on disposal of current asset | |
investments | (6)| (7)
| |
Loss/(gain) on disposal of fixed | |
asset investments | 6| (223)
| |
Holding gain on current asset | |
investments | -| (61)
| |
Holding gain on fixed asset | |
investments | (195)| -
| |
Inflow from operating activities | (53)| 35
+----------------------+
Reconciliation of Net Cash Flow to Movement in Net Funds
+-----------------------+
|Year to 31 January 2011|Year to 31 January 2010
| |
| GBP'000| GBP'000
| |
Movement in cash at bank | 59| (1,481)
| |
Movement in cash equivalent | |
securities | (297)| (2,550)
| |
Opening net funds | 1,515| 5,546
| |
Net funds at 31 January | 1,277| 1,515
+-----------------------+
Net funds at 31 January comprised:
+-----------------------+
| As at 31 January 2011 | As at 31 January 2010
| |
| GBP'000 | GBP'000
| |
Cash at bank | 153 | 94
| |
Money market funds | 1,124 | 1,421
| |
Net funds at 31 January | 1,277 | 1,515
+-----------------------+
Notes to the Financial Statements
1. Principal accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost
convention, except for the measurement at fair value of certain financial
instruments, and in accordance with UK Generally Accepted Accounting Practice
(UK GAAP), and the Statement of Recommended Practice (SORP) 'Financial
Statements of Investment Trust Companies' (revised 2009).
The principal accounting policies have remained unchanged from those set out in
the Company's 2010 Annual Report and financial statements. A summary of the
principal accounting policies is set out below.
The Company presents its income statement in a three column format to give
shareholders additional detail of the performance of the Company, split between
items of a revenue or capital nature.
Current asset investments comprising money market funds and deposits are held at
amortised cost.
The preparation of the financial statements requires Management to make
judgements and estimates that affect the application of policies and reported
amounts of assets, liabilities, income and expenses. Estimates and assumptions
mainly relate to the fair valuation of the fixed asset investments particularly
unquoted investments. Estimates are based on historical experience and other
assumptions that are considered reasonable under the circumstances. The
estimates and the assumptions are under continuous review with particular
attention paid to the carrying value of the investments.
Capital valuation policies are those that are most important to the depiction of
the Company's financial position and that require the application of subjective
and complex judgements, often as a result of the need to make estimates about
the effects of matters that are inherently uncertain and may change in
subsequent periods. The critical accounting policies that are declared will not
necessarily result in material changes to the financial statements in any given
period but rather contain a potential for material change. The main accounting
and valuation policies used by the Company are disclosed below. Whilst not all
of the significant accounting policies require subjective or complex judgements,
the Company considers that the following accounting policies should be
considered critical.
The Company has designated all fixed asset investments as being held at fair
value through profit and loss; therefore all gains and losses arising from
investments held are attributable to financial assets held at fair value through
profit and loss. Accordingly, all interest income, fee income, expenses and
investment gains and losses are attributable to assets designated as being at
fair value through profit or loss.
Investments are regularly reviewed to ensure that the fair values are
appropriately stated. Unquoted investments are valued in accordance with
current IPEVC valuation guidelines, although this does rely on subjective
estimates such as appropriate sector earnings multiples, forecast results of
investee companies, asset values of subsidiary companies and liquidity or
marketability of the investments held.
Although the Company believes that the assumptions concerning the business
environment and estimate of future cash flows are appropriate, changes in
estimates and assumptions could require changes in the stated values. This could
lead to additional changes in fair value in the future.
Fixed asset investments
Purchases and sales of investments are recognised in the financial statements at
the date of the transaction (trade date).
These investments will be managed and their performance evaluated on a fair
value basis in accordance with a documented investment strategy and information
about them has to be provided internally on that basis to the Board.
Accordingly, as permitted by FRS 26, the investments will be designated as fair
value through profit and loss (FVTPL) on the basis that they qualify as a group
of assets managed, and whose performance is evaluated, on a fair value basis in
accordance with a documented investment strategy. The Company's investments are
measured at subsequent reporting dates at fair value.
In the case of unquoted investments, fair value is established by using measures
of value such as the price of recent transactions, earnings multiple and net
assets. This is consistent with IPEVC valuation guidelines.
Gains and losses arising from changes in fair value of investments are
recognised as part of the capital return within the income statement and
allocated to the capital reserve - holding gains/(losses). Fixed returns on non-
equity shares and debt securities which are held at fair value are computed
using the effective interest rate, to distinguish between the interest income
receivable (which is disclosed as interest income within the revenue column of
the Income Statement) and other fair value movements arising on these
instruments (which are disclosed as holding gains within the capital column of
the Income Statement.)
In the preparation of the valuations of assets the Directors are required to
make judgements and estimates that are reasonable and incorporate their
knowledge of the performance of the investee companies.
Current asset investments
Current asset investments comprise money market funds and are designated as
FVTPL. Gains and losses arising from changes in fair value of investments are
recognised as part of the capital return within the Income Statement and
allocated to the capital reserve - gains/(losses) on disposal.
The current asset investments are all invested with the Company's cash manager
and are readily convertible into cash at the option of the Company. The current
asset investments are held for trading, are actively managed and the performance
is evaluated in accordance with a documented investment strategy. Information
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