Half-yearly report
Albion Development VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Albion Development VCT PLC today makes public its
information relating to the Half-yearly Financial Report for the six
months to 30 June 2009. This announcement was approved by the Board
of Directors on 20 August 2009. Please click on the following link
to view the full Half-yearly Financial Report (which is unaudited)
for the period to 30 June 2009, which will shortly be sent to
shareholders. The information contained in this link includes
information as required by the Disclosure and Transparency Rules,
including Rule 4.2.
http://hugin.info/141803/R/1336244/317932.pdf
Alternatively you may view the Half-yearly Financial Report at:
www.albion-ventures.co.uk by clicking on the 'Our Funds' section.
Investment Objectives
Albion Development VCT PLC (the "Company") is a venture capital trust
which raised a total of £14.6 million through an issue of shares in
1999, £11.7 million through an issue of C shares in late 2002 and the
first half of 2003 and a further £7.0 million through a new C share
issue during 2004. The C shares merged with the Ordinary shares in
2007.
The investment strategy of the Company is to establish a diversified
portfolio of holdings in smaller, unquoted companies whilst at the
same time selecting and structuring investments in such a way as to
reduce the risks normally associated with investment in such
companies. It is intended that this will be achieved as follows:
* Through investment in lower risk, often property based investments
that provide a strong income stream to the VCT combined with a
protection of capital. These include freehold-based businesses in
the leisure sector, such as pubs and health clubs, as well as
stable and profitable businesses in other sectors including
business services and healthcare. Such investments will constitute
the majority of investments by cost.
* This is balanced by a smaller number of higher risk companies with
greater growth prospects in sectors such as support, software and
computer services.
* In neither category would investee companies normally have any
external borrowings with a prior charge ranking ahead of the VCT.
* Up to two-thirds of qualifying investments by cost will comprise
loan stock secured with a first charge on the investee company's
assets.
Financial Calendar
Record date for second dividend 28 August 2009
Payment date for second dividend 25 September 2009
Financial year end 31 December 2009
Directors
G O Vero FCA, Chairman
D C Pinckney FCA, MA
A J Phillipps PhD, MBA
J G T Thornton MA, MBA, FCA
Financial Highlights
+-----------------------------------------------------------------+
| | | | | |
| | | | 30 June 2009 | 30 June 2008 |
| | | | (pence per share) | (pence per share) |
|-----------------+---+---+-------------------+-------------------|
| Net asset value | | | 79.2 | 102.8 |
|-----------------+---+---+-------------------+-------------------|
| Revenue return | | | 1.0 | 2.6 |
|-----------------+---+---+-------------------+-------------------|
| Capital return | | | (6.6) | 1.7 |
+-----------------------------------------------------------------+
Ordinary shares C shares
(pence per share) (pence per
(ii) share) (ii)
Total shareholder net asset value
return to 30 June 2009
Total dividends paid
during the year 31 December
ended: 1999(i) 1.00 -
31 December 2000 2.90 -
31 December 2001 3.95 -
31 December 2002 4.20 -
31 December
2003(iii) 4.50 0.75
31 December 2004 4.00 2.00
31 December 2005 5.20 5.90
31 December 2006 3.00 4.50
31 December
2007(iv) 5.00 5.36
31 December
2008(iv) 12.00 12.86
Total dividends paid to 30 June
2009 45.75 31.37
Net asset value as at 30 June
2009(iv) 79.20 84.86
Total shareholder net asset value
return to 30 June 2009 124.95 116.23
A dividend of 4 pence per share was paid in advance of the first
dividend for the year ending 31 December 2009, on 30 December 2008.
The Directors have declared a dividend of 4 pence per share
comprising 2 pence from revenue profits and 2 pence from realised
capital profits. The dividend will be payable on 25 September 2009 to
shareholders on the register as at 28 August 2009.
Notes
(i) Assuming subscription for Ordinary shares by the First Closing on
26 January 1999.
(ii) Excludes tax benefits upon subscription.
(iii) Those subscribing for C shares after 30 June 2003 were not
entitled to the interim dividend.
(iv) The C shares were converted into Ordinary shares on 31 March
2007, with a conversion of 1.0715 Ordinary shares for each C share.
The net asset value per share and all dividends paid subsequent to
the conversion of the C shares to the Ordinary shares are multiplied
by the conversion factor of 1.0715 in respect of the C shares return,
in order to give an accurate picture of the shareholder value since
launch relating to the C shares.
Interim Management Report
Introduction
The results for Albion Development VCT PLC for the six months to 30
June 2009 show a negative total return of 5.6 pence per share (30
June 2008: 4.3 pence per share positive return; 31 December 2008: 4.3
pence per share negative return). This reflects our continuing
cautious view of investment valuations in a difficult economic
climate and does not alter our longer-term confidence in the
prospects of the portfolio as a whole.
Investment performance and progress
A number of our investee companies saw an increase in profitability
during the period. The majority of the write down in the portfolio as
a whole came as a result of third party valuations of the
property-based investments. The largest was in Evolutions Television,
whose freehold offices off Oxford Street in central London reduced in
value by one-third. Our pub and health and fitness club investments
were also written down in line with the commercial property market,
though the great majority of these units are trading profitably. In
addition, provision was made against Chichester Holdings (drinks
distribution) which saw a decline in its previously strong levels of
profitability. Nevertheless, the portfolio as a whole remains
stable, despite the cautious view of investment valuations, since it
is the Company's policy to ensure that investee companies do not have
external bank borrowings.
The investment portfolio has also seen a decline in investment income
over the period. Much of this is the result of the current very low
market interest rates which look set to continue for the time-being;
these have not only resulted in a sharp decline in non-qualifying
income, but have also affected the revenue from qualifying
investments where certain loan stocks have floating rate interest.
In addition, income for the first six months of 2008 was affected by
two non-recurring events, being the sale of Grosvenor Health and the
re-structuring of our loan stock in Evolutions Television.
The Company invested £602,000 in unquoted companies during the
period, of which £210,000 was in Forth Photonics, a company involved
in the development and sale of detectors for cervical cancer. The
balance was invested in existing investee companies, to fund either
further purchases at attractive prices (in the case of pubs), further
organic growth or to ensure that the relevant investee company
achieves profitability.
Related party transactions
Details of material related party transactions for the reporting
period can be found in note 15 to this Half-yearly Financial Report.
Risks and uncertainties
The key risks affecting the Company remain the recession in the UK
and the difficult continuing outlook for the world economy in
general. As mentioned above, because it is our policy that investee
companies do not have external gearing, our portfolio remains
relatively well equipped to cope with this broader, negative climate.
Other risks and uncertainties remain unchanged, and are as detailed
on page 19 of the Annual Report & Financial Statements for the year
ended 31 December 2008.
Split of portfolio valuation by sector as at 30 June 2009
http://hugin.info/141803/R/1336244/317939.pdf
Source: Albion Ventures LLP
Outlook
The key tasks for the Company are threefold: first, to ensure that
those companies that are not yet in profit, are positioned to achieve
profitability, second, that the investment portfolio is capable of
generating a satisfactory level of income for the Company, and third,
to take advantage of the interesting investment opportunities at
attractive values that are now available in the market. Good
progress has been made in the first area over the past six months
and, in the second we are continuing to focus on generating income
from our loan stock investments. In the third, we are particularly
concentrating on areas such as healthcare and environment, both in
technology and non-technology areas, where we see strong, longer-term
growth. Having said that, we are also taking advantage of value
opportunities in other sectors as they arise.
New D share issue
In June 2009, the Board announced its intention to launch a new D
share issue in the Autumn of this year, to raise £25 million before
expenses.
The Offer would create a separate class of shares 'D Shares' in the
Company which would eventually merge with the existing Ordinary
shares.
The issue will be subject to shareholder approval, and further
details will be sent to shareholders in due course.
Results and dividends
As at 30 June 2009 the net asset value was £23.6 million (30 June
2008: £31.2 million; 31 December 2008: £25.4 million). Revenue return
before tax for the six months was £386,000 (30 June 2008: £1.1
million; 31 December 2008: £1.7 million). Capital losses on
investments were £1.9 million for the first six months of 2009
compared to £3.1 million for the second six months of 2008 and £2.3
million for the year to 31 December 2008.
Shareholders will recall that a third dividend of 4 pence per share
was paid in December 2008 and that therefore no first dividend was
paid in respect of the current year. A second dividend of 4 pence
per share will be paid on 25 September 2009 to shareholders on the
register at 28 August 2009. Bi-annual dividends will resume on their
normal pattern in 2010.
Geoffrey Vero
Chairman
20 August 2009
Responsibility Statement
The Directors, as listed in this Half-yearly Financial Report, are
responsible for preparing the Half-yearly Financial Report. The
Directors have chosen to prepare this Half-yearly Financial Report
for the Company in accordance with United Kingdom Generally Accepted
Accounting Practice ("UK GAAP").
In preparing these summarised financial statements for the period to
30 June 2009, we the Directors of the Company, confirm that to the
best of our knowledge:
(a) the summarised set of financial statements has been prepared in
accordance with the pronouncement on interim reporting issued by the
Accounting Standards Board;
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year);
(c) the summarised set of financial statements give a true and fair
view in accordance with UK GAAP of the assets, liabilities, financial
position and profit and loss of the Company for the six months ended
30 June 2009 and comply with UK GAAP and Companies Act 1985 and 2006
and;
(d) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
The accounting policies applied to the Half-yearly Financial Report
have been consistently applied in current and prior periods and are
those applied in the Annual Report and Financial Statements for the
year ended 31 December 2008.
This Half-yearly Financial Report has not been audited or reviewed by
the auditors.
By order of the Board
Geoffrey Vero
Chairman
20 August 2009
Portfolio of Investments (unaudited)
The following is a summary of the qualifying fixed asset investments
as at 30 June 2009.
+-------------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company | rights| companies| £'000| £'000| £'000|
|--------------------+--------+---------------+----------+-----------+----------|
|Evolutions | | | | | |
|Television Limited | 23.7| 49.9| 4,255| (1,919)| 2,336|
|--------------------+--------+---------------+----------+-----------+----------|
|The Weybridge Club | | | | | |
|Limited | 9.4| 50.0| 1,520| (153)| 1,367|
|--------------------+--------+---------------+----------+-----------+----------|
|Mears Group plc** | 0.6| 0.6| 1,600| (567)| 1,033|
|--------------------+--------+---------------+----------+-----------+----------|
|Blackbay Limited | 7.0| 32.9| 764| 195| 959|
|--------------------+--------+---------------+----------+-----------+----------|
|Peakdale Molecular | | | | | |
|Limited | 9.2| 15.5| 1,353| (403)| 950|
|--------------------+--------+---------------+----------+-----------+----------|
|CS (Greenwich) | | | | | |
|Limited | 15.5| 50.0| 850| (154)| 696|
|--------------------+--------+---------------+----------+-----------+----------|
|Droxford Hospital | | | | | |
|Limited | 12.6| 50.0| 675| (3)| 672|
|--------------------+--------+---------------+----------+-----------+----------|
|Kensington Health | | | | | |
|Clubs Limited | 5.1| 50.0| 1,124| (473)| 651|
|--------------------+--------+---------------+----------+-----------+----------|
|Consolidated PR | | | | | |
|Limited | 10.6| 21.1| 691| (118)| 573|
|--------------------+--------+---------------+----------+-----------+----------|
|Chichester Holdings | | | | | |
|Limited | 10.6| 50.0| 700| (200)| 500|
|--------------------+--------+---------------+----------+-----------+----------|
|The Q Garden Company| | | | | |
|Limited | 33.3| 49.8| 1,198| (698)| 500|
|--------------------+--------+---------------+----------+-----------+----------|
|Tower Bridge Health | | | | | |
|Clubs Limited | 4.5| 50.0| 494| (63)| 431|
|--------------------+--------+---------------+----------+-----------+----------|
|Dexela Limited | 5.9| 37.3| 415| 9| 424|
|--------------------+--------+---------------+----------+-----------+----------|
|Prime Care Holdings | | | | | |
|Limited | 8.1| 42.2| 386| 12| 398|
|--------------------+--------+---------------+----------+-----------+----------|
|CS (Brixton) Limited| 8.4| 50.0| 325| 48| 373|
|--------------------+--------+---------------+----------+-----------+----------|
|Bravo Inns II | | | | | |
|Limited | 4.2| 50.0| 360| (18)| 342|
|--------------------+--------+---------------+----------+-----------+----------|
|Helveta Limited | 3.8| 28.6| 364| (66)| 298|
|--------------------+--------+---------------+----------+-----------+----------|
|RFI Global Services | | | | | |
|Limited | 6.2| 27.0| 515| (239)| 276|
|--------------------+--------+---------------+----------+-----------+----------|
|Lowcosttravelgroup | | | | | |
|Limited | 3.1| 13.9| 435| (179)| 256|
|--------------------+--------+---------------+----------+-----------+----------|
|Xceleron Limited | 3.9| 45.1| 356| (106)| 250|
|--------------------+--------+---------------+----------+-----------+----------|
|Mi-Pay Limited | 3.9| 38.5| 310| (67)| 243|
|--------------------+--------+---------------+----------+-----------+----------|
|Mirada Limited | 7.2| 45.0| 240| 2| 242|
|--------------------+--------+---------------+----------+-----------+----------|
|The Charnwood Pub | | | | | |
|Company Limited | 4.7| 50.0| 280| (59)| 221|
|--------------------+--------+---------------+----------+-----------+----------|
|Welland Inns VCT | | | | | |
|Limited | 6.1| 50.0| 600| (387)| 213|
|--------------------+--------+---------------+----------+-----------+----------|
|Forth Photonics | | | | | |
|Limited | 1.7| 12.2| 210| -| 210|
|--------------------+--------+---------------+----------+-----------+----------|
|GB Pub Company | | | | | |
|Limited | 9.1| 50.0| 406| (222)| 184|
|--------------------+--------+---------------+----------+-----------+----------|
|The Dunedin Pub | | | | | |
|Company VCT Limited | 6.2| 50.0| 317| (159)| 158|
|--------------------+--------+---------------+----------+-----------+----------|
|Opta Sports Data | | | | | |
|Limited | 1.4| 15.3| 140| 11| 151|
|--------------------+--------+---------------+----------+-----------+----------|
|Rostima Limited | 4.2| 35.0| 315| (167)| 148|
|--------------------+--------+---------------+----------+-----------+----------|
|Premier Leisure | | | | | |
|(Suffolk) Limited | 5.9| 45.0| 480| (353)| 127|
|--------------------+--------+---------------+----------+-----------+----------|
|Bravo Inns Limited | 2.6| 50.0| 230| (106)| 124|
|--------------------+--------+---------------+----------+-----------+----------|
|CS (Exeter) Limited | 8.3| 45.0| 125| (2)| 123|
|--------------------+--------+---------------+----------+-----------+----------|
|Novello Limited | 8.2| 50.0| 233| (125)| 108|
|--------------------+--------+---------------+----------+-----------+----------|
|Point 35 | | | | | |
|Microstructures | | | | | |
|Limited | 1.6| 28.1| 124| (40)| 84|
|--------------------+--------+---------------+----------+-----------+----------|
|Oxsensis Limited | 1.6| 22.3| 145| (72)| 73|
|--------------------+--------+---------------+----------+-----------+----------|
|Process Systems | | | | | |
|Enterprise Limited | 0.7| 11.9| 95| (39)| 56|
|--------------------+--------+---------------+----------+-----------+----------|
|Vibrant Energy | | | | | |
|Surveys Limited | 3.1| 25.6| 240| (193)| 47|
|--------------------+--------+---------------+----------+-----------+----------|
|City Screen | | | | | |
|(Liverpool) Limited | 4.5| 50.0| 50| (10)| 40|
|--------------------+--------+---------------+----------+-----------+----------|
|CS (Norwich) Limited| 3.1| 45.0| 50| (15)| 35|
|--------------------+--------+---------------+----------+-----------+----------|
|River Bourne Health | | | | | |
|Club Limited | 5.0| 50.0| 100| (81)| 19|
|--------------------+--------+---------------+----------+-----------+----------|
|Pelican Inn Limited | 9.4| 50.0| 43| (41)| 2|
|--------------------+--------+---------------+----------+-----------+----------|
|Total qualifying | | | | | |
|investments | | | 23,113| (7,220)| 15,893|
+-------------------------------------------------------------------------------+
* Albion Ventures LLP
**Aim quoted investment
The following is a summary of the non-qualifying fixed asset
investments as at 30 June 2009.
+---------------------------------------------------------------------------+
| | As at 30 June 2009 |
|----------------+----------------------------------------------------------|
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company| rights| companies| £'000| £'000| £'000|
|----------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|----------------+--------+---------------+----------+-----------+----------|
|Smiles Pub | | | | | |
|Company Limited | 48.4| 100.0| 929| (155)| 774|
|----------------+--------+---------------+----------+-----------+----------|
|Consolidated PR | | | | | |
|Limited | 2.2| 4.4| 33| 21| 54|
|----------------+--------+---------------+----------+-----------+----------|
|Total | | | | | |
|non-qualifying | | | | | |
|investments | | | 962| (134)| 828|
|----------------+--------+---------------+----------+-----------+----------|
|Total fixed | | | | | |
|asset | | | | | |
|investments | | | 24,075| (7,354)| 16,721|
+---------------------------------------------------------------------------+
* Albion Ventures LLP
Summary Income Statement
+----------------------------------------------------------------------------------------------------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
|-------------------------------------+----+-----------------------+---------------------+-----------------------|
| | |Revenue|Capital| Total|Revenue|Capital|Total|Revenue|Capital| Total|
| |Note| £'000| £'000| £'000| £'000| £'000|£'000| £'000| £'000| £'000|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|(Losses)/gains on investments | 3| -|(1,889)|(1,889)| -| 776| 776| -|(2,326)|(2,326)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Investment income | 4| 531| -| 531| 1,348| -|1,348| 1,978| -| 1,978|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Investment Management fees | | (69)| (207)| (276)| (124)| (367)|(491)| (184)| (547)| (731)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Recovery of VAT | 6| 23| 70| 93| -| -| -| 104| 310| 414|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Other expenses | | (99)| -| (99)| (120)| -|(120)| (224)| -| (224)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Return/(loss) on ordinary activities | | | | | | | | | | |
|before tax | | 386|(2,026)|(1,640)| 1,104| 409|1,513| 1,674|(2,563)| (889)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Tax (charge)/credit on ordinary | | | | | | | | | | |
|activities | | (86)| 39| (47)| (322)| 99|(223)| (487)| 70| (417)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Return/(loss) attributable to | | | | | | | | | | |
|shareholders | | 300|(1,987)|(1,687)| 782| 508|1,290| 1,187|(2,493)|(1,306)|
|-------------------------------------+----+-------+-------+-------+-------+-------+-----+-------+-------+-------|
|Basic and diluted return/(loss) per | | | | | | | | | | |
|share (pence)* | 7| 1.0| (6.6)| (5.6)| 2.6| 1.7| 4.3| 3.9| (8.2)| (4.3)|
+----------------------------------------------------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
The total column of this Summary Income Statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with the Association
of Investment Companies' Statement of Recommended Practice.
All revenue and capital items in the above statement derive from
continuing operations.
There are no recognised gains or losses other than the results for
the periods disclosed above. Accordingly a Statement of Total
Recognised Gains and Losses is not required. The difference between
the reported loss on ordinary activities before tax and the
historical profit is due to the fair value movements on investments.
As a result a Note on Historical Cost Profit and Losses has not been
prepared.
Summary Balance Sheet
+-------------------------------------------------------------------+
| | | | | Audited |
| | | Unaudited | Unaudited | 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-------------------------+------+-----------+-----------+----------|
| Fixed asset investments | | | | |
|-------------------------+------+-----------+-----------+----------|
| Qualifying | | 15,893 | 18,536 | 17,434 |
|-------------------------+------+-----------+-----------+----------|
| Non-qualifying | | 828 | 935 | 856 |
|-------------------------+------+-----------+-----------+----------|
| Total fixed asset | | | | |
| investments | 8 | 16,721 | 19,471 | 18,290 |
|-------------------------+------+-----------+-----------+----------|
| | | | | |
|-------------------------+------+-----------+-----------+----------|
| Current assets | | | | |
|-------------------------+------+-----------+-----------+----------|
| Trade and other debtors | | 218 | 270 | 708 |
|-------------------------+------+-----------+-----------+----------|
| Current asset | | | | |
| investments | | - | 2,977 | 3,014 |
|-------------------------+------+-----------+-----------+----------|
| Cash at bank and in | | | | |
| hand | 12 | 6,813 | 9,292 | 3,790 |
|-------------------------+------+-----------+-----------+----------|
| | | 7,031 | 12,539 | 7,512 |
|-------------------------+------+-----------+-----------+----------|
| | | | | |
|-------------------------+------+-----------+-----------+----------|
| Creditors: amounts | | | | |
| falling due within one | | | | |
| year | | (133) | (813) | (369) |
|-------------------------+------+-----------+-----------+----------|
| Net current assets | | 6,898 | 11,726 | 7,143 |
|-------------------------+------+-----------+-----------+----------|
| Net assets | | 23,619 | 31,197 | 25,433 |
|-------------------------+------+-----------+-----------+----------|
| | | | | |
|-------------------------+------+-----------+-----------+----------|
| Capital and reserves | | | | |
|-------------------------+------+-----------+-----------+----------|
| Called up share capital | 9 | 16,307 | 16,219 | 16,307 |
|-------------------------+------+-----------+-----------+----------|
| Share premium | | 3,266 | 3,208 | 3,266 |
|-------------------------+------+-----------+-----------+----------|
| Special reserve | | 9,223 | 9,223 | 9,223 |
|-------------------------+------+-----------+-----------+----------|
| Capital redemption | | | | |
| reserve | | 1,183 | 1,183 | 1,183 |
|-------------------------+------+-----------+-----------+----------|
| Own treasury shares | | | | |
| reserve | | (2,399) | (1,825) | (2,272) |
|-------------------------+------+-----------+-----------+----------|
| Realised reserve | | 2,400 | 4,290 | 2,459 |
|-------------------------+------+-----------+-----------+----------|
| Unrealised capital | | | | |
| reserve | | (7,550) | (2,562) | (5,622) |
|-------------------------+------+-----------+-----------+----------|
| Revenue reserve | | 1,189 | 1,461 | 889 |
|-------------------------+------+-----------+-----------+----------|
| Total equity | | | | |
| shareholders' funds | | 23,619 | 31,197 | 25,433 |
|-------------------------+------+-----------+-----------+----------|
| Net asset value per | | | | |
| share (pence)* | | 79.2 | 102.8 | 84.8 |
+-------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
These financial statements were approved by the Board of Directors,
and authorised for issue on 20 August 2009 and were signed on its
behalf by
Geoffrey Vero
Chairman
Summary Reconciliation of Movement in Shareholders' Funds
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 1 January 2009 (audited) | 16,307| 3,266| 9,223| 1,183| (2,272)| 2,459| (5,622)| 889| 25,433|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 39| -| -| 39|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (1,928)| -|(1,928)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | | |
|management fees | -| -| -| -| -| (207)| -| -| (207)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Tax relief on costs charged to | | | | | | | | | |
|capital | -| -| -| -| -| 39| -| -| 39|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Recoverable VAT capitalised | -| -| -| -| -| 70| -| -| 70|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Purchase of own treasury shares | -| -| -| -| (127)| -| -| -| (127)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 300| 300|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 30 June 2009 (unaudited) | 16,307| 3,266| 9,223| 1,183| (2,399)| 2,400| (7,550)| 1,189| 23,619|
+--------------------------------------------------------------------------------------------------------------------+
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 1 January 2008 (audited) | 16,219| 3,208| 9,223| 1,183| (1,610)| 1,474| 129| 1,061| 30,887|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 3,467| -| -| 3,467|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (2,691)| -|(2,691)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | | |
|management fees | -| -| -| -| -| (367)| -| -| (367)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Tax relief on costs charged to | | | | | | | | | |
|capital | -| -| -| -| -| 99| -| -| 99|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Purchase of own treasury shares | -| -| -| -| (215)| -| -| -| (215)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 782| 782|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Dividends paid | -| -| -| -| -| (383)| -| (382)| (765)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 30 June 2008 (unaudited) | 16,219| 3,208| 9,223| 1,183| (1,825)| 4,290| (2,562)| 1,461| 31,197|
+--------------------------------------------------------------------------------------------------------------------+
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 1 January 2008 (audited) | 16,219| 3,208| 9,223| 1,183| (1,610)| 1,474| 129| 1,061| 30,887|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 3,425| -| -| 3,425|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (5,751)| -|(5,751)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | | |
|management fees | -| -| -| -| -| (547)| -| -| (547)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Tax relief on costs charged to | | | | | | | | | |
|capital | -| -| -| -| -| 70| -| -| 70|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Recoverable VAT capitalised | -| -| -| -| -| 310| -| -| 310|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Purchase of own treasury shares | -| -| -| -| (662)| -| -| -| (662)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Issue of equity (net of costs) | 88| 58| -| -| -| -| -| -| 146|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 1,187| 1,187|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Dividends paid | -| -| -| -| -| (2,273)| -| (1,359)|(3,632)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 31 December 2008 (audited)| 16,307| 3,266| 9,223| 1,183| (2,272)| 2,459| (5,622)| 889| 25,433|
+--------------------------------------------------------------------------------------------------------------------+
*Included within these reserves is an amount of £2,863,000 (30 June
2008: £10,587,000; 31 December 2008: £4,677,000) which is considered
distributable. The Special reserve has been treated as distributable
in determining the amounts available for distribution.
Summary Cash Flow Statement
+-------------------------------------------------------------------+
| | | | | Audited |
| | | Unaudited | Unaudited | year |
| | | six months | six months | ended |
| | | ended | ended | 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+------------+------------+----------|
| Operating activities | | | | |
|-----------------------+------+------------+------------+----------|
| Investment income | | | | |
| received | | 485 | 1,045 | 1,487 |
|-----------------------+------+------------+------------+----------|
| Deposit interest | | | | |
| received | | 46 | 175 | 296 |
|-----------------------+------+------------+------------+----------|
| Other income received | | - | 6 | 265 |
|-----------------------+------+------------+------------+----------|
| Investment management | | | | |
| fees paid | | (254) | (458) | (1,015) |
|-----------------------+------+------------+------------+----------|
| VAT recovery | | 488 | - | - |
|-----------------------+------+------------+------------+----------|
| Administrative fees | | | | |
| paid | | (109) | (137) | (252) |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| operating activities | 11 | | | |
|-----------------------+------+------------+------------+----------|
| | | 656 | 631 | 781 |
|-----------------------+------+------------+------------+----------|
| Taxation | | | | |
|-----------------------+------+------------+------------+----------|
| UK corporation tax | | | | |
| (paid)/received | | (384) | 42 | (271) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Capital expenditure | | | | |
| and financial | | | | |
| investments | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of | | | | |
| qualifying fixed | | | | |
| asset investments | | (415) | (696) | (3,261) |
|-----------------------+------+------------+------------+----------|
| Purchase of | | | | |
| non-qualifying fixed | | | | |
| asset investments | | - | - | (33) |
|-----------------------+------+------------+------------+----------|
| Purchase of current | | | | |
| asset investment | | - | - | (50) |
|-----------------------+------+------------+------------+----------|
| Disposal of current | | | | |
| asset investment | | 3,050 | - | - |
|-----------------------+------+------------+------------+----------|
| Disposal of | | | | |
| qualifying fixed | | | | |
| asset investments | | 237 | 6,237 | 6,769 |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| investing activities | | 2,872 | 5,541 | 3,425 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Equity dividends paid | | | | |
|-----------------------+------+------------+------------+----------|
| Dividends paid | 5 | - | (765) | (3,632) |
|-----------------------+------+------------+------------+----------|
| Net cash inflow | | | | |
| before financing | | 3,144 | 5,449 | 303 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Financing | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of own | | | | |
| shares | | (110) | (148) | (662) |
|-----------------------+------+------------+------------+----------|
| Issue of equity | | - | - | 161 |
|-----------------------+------+------------+------------+----------|
| Issue of equity costs | | (11) | - | (3) |
|-----------------------+------+------------+------------+----------|
| Net cash outflow from | | | | |
| financing | | (121) | (148) | (504) |
|-----------------------+------+------------+------------+----------|
| Cash inflow/(outflow) | | | | |
| in the period | 12 | 3,023 | 5,301 | (201) |
+-------------------------------------------------------------------+
Notes to the Summarised Financial Statements for the six months ended
30 June 2009
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" ("SORP") issued by the Association of Investment
Companies ("AIC") in January 2009. Accounting policies have been
applied consistently in current and prior periods.
2. Accounting policies
Investments
Quoted and unquoted equity investments
In accordance with FRS 26 "Financial Instruments Recognition and
Measurement", quoted and unquoted equity investments are designated
as fair value through profit or loss ("FVTPL"). Investments listed on
recognised exchanges are valued at the closing bid prices at the end
of the accounting period. Unquoted investments' fair value is
determined by the Directors in accordance with the International
Private Equity and Venture Capital Valuation Guidelines (IPEVCV
guidelines).
Fair value movements on equity 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.
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.
Unquoted loan stock
Unquoted loan stock is classified as loans and receivables in
accordance with FRS 26 and carried at amortised cost using the
Effective Interest Rate method ("EIR") 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 capital reserve on
revaluation.
Loan stocks which are not impaired or past due are considered fully
performing in terms of contractual interest and capital repayments
and the Board does not consider that there is a current likelihood of
a shortfall on security cover for 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 effective interest rate.
Floating rate notes
In accordance with FRS 26, floating rate notes are designated as fair
value through profit or loss. Floating rate notes are valued at
market bid price at the balance sheet date. Floating rate notes are
classified as current asset investments as they are investments held
for the short term and comparative classification in the Balance
Sheet for 30 June 2008 has been restated accordingly.
Warrants, convertibles and unquoted equity derived instruments
Warrants, convertibles and unquoted equity derived instruments are
only valued if their exercise or contractual conversion terms would
allow them to be exercised or converted as at the balance sheet date,
and 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.
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.
It is not the Company's policy to exercise control or significant
influence over investee companies. Therefore 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 are not regarded as associated undertakings.
Investment income
Quoted and unquoted equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised
on a time apportionment basis using the effective interest rate over
the life of the financial instrument. Income which is not capable of
being received within a reasonable period of time is reflected in the
capital value of the investment.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accruals basis using
the interest rate applicable to the floating rate note at that time.
Investment management fees and other expenses
All expenses have been accounted for on an accruals basis. Expenses
are charged through the Revenue account except the following which
are charged through the Realised capital reserve:
* 75 per cent. of management fees are allocated to the capital
account to the extent that these relate to an enhancement in the
value of the investments and in line with the Board's expectation
that over the long term 75 per cent. of the Company's investment
returns will be in the form of capital gains; and
* expenses which are incidental to the purchase or disposal of an
investment are charged through the Realised capital reserve.
Performance incentive fee
In the event that a performance incentive fee crystallises, the fee
will be allocated between Revenue and Realised capital reserves
based upon the proportion to which the calculation of the fee is
attributable to revenue and capital returns.
Taxation
Taxation is applied on a current basis in accordance with FRS 16
"Current tax". Taxation associated with capital expenses is applied
in accordance with the SORP. In accordance with FRS 19 "Deferred
tax", deferred taxation is provided in full on timing differences
that result in an obligation at the balance sheet date to pay more
tax or a right to pay less tax, at a future date, at rates expected
to apply when they crystallise based on current tax rates and law.
Timing differences arise from the inclusion of items of income and
expenditure in taxation computations in periods different from those
in which they are included in the financial statements. Deferred tax
assets are recognised to the extent that it is regarded as more
likely than not that they will be recovered.
The specific nature of taxation of venture capital trusts means that
it is unlikely that any deferred tax will arise. The Directors have
considered the requirements of FRS 19 and do not believe that any
provision should be made.
Reserves
Share premium account
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs and
transfers to the Special reserve.
Special reserve
The cancellation of the share premium account has created a special
reserve that can be used to fund market purchases and subsequent
cancellation of own shares, to cover gross realised losses, and for
other distributable purposes.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital
is diminished through the repurchase and cancellation of the
Company's own shares.
Own treasury shares reserve
This reserve accounts for amounts by which the distributable reserves
of the Company are diminished through the repurchase of the Company's
own shares for treasury.
Realised capital reserve
The following are disclosed in this reserve:
* gains and losses compared to cost on the realisation of
investments;
* expenses, together with the related taxation effect, charged in
accordance with the above policies; and
* dividends paid to equity holders.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the
year end against cost, are included in this reserve.
Dividends
In accordance with FRS 21 "Events after the balance sheet date",
dividends declared by the Company are accounted for in the period in
which the dividend has been paid or approved by shareholders in an
Annual General Meeting.
3. (Losses)/gains on investments
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Unrealised losses on fixed
asset investments held at fair
value through profit or loss
account (592) (2,804) (5,334)
Unrealised (losses)/gains on
fixed asset investments held at
amortised cost (1,369) 113 (379)
Unrealised losses on fixed
asset investments (1,961) (2,691) (5,713)
Unrealised gains/(losses) on
current asset investments held
at fair value through profit or
loss account 33 - (38)
Unrealised losses sub-total (1,928) (2,691) (5,751)
Realised gains on investments
held at fair value through
profit or loss account 39 3,467 3,425
Total (1,889) 776 (2,326)
Investments valued on amortised cost basis are unquoted loan stock
instruments.
4. Investment income
Unaudited Unaudited Audited
six months six months year ended
ended ended 30 June 31 December
30 June 2009 2008 2008
£'000 £'000 £'000
Income recognised on
investments held at fair value
through profit or loss account
UK dividend income 47 - 62
Management fees received from
equity investments - 13 10
Floating rate note interest 20 92 186
Bank deposit interest 32 125 291
Other income 1 2 4
100 232 553
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 431 1,116 1,425
531 1,348 1,978
All of the Company's income is derived from operations based in the
United Kingdom.
5. Dividends
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Dividend of 2.5p (1.25p
capital and 1.25p
revenue) per share paid
on 16 May 2008 - 765 765
Dividend of 5.5p (4.75p
capital and 0.75p
revenue) per share paid
on 3 October 2008 - - 1,669
Dividend of 4.0p (1.5p
capital and 2.5p revenue)
per share paid on 30
December 2008 - - 1,198
- 765 3,632
A dividend of 4 pence per share was paid in advance of the first
dividend for the year ending 31 December 2009, on 30 December 2008.
The Directors have declared a dividend of 4 pence per share payable
on 25 September 2009 to shareholders on the register as at 28 August
2009. The approximate cost of the dividend is £1,200,000.
6. Recovery of VAT
Following the HMRC business briefing permitting the recovery of
historic VAT that had been charged on management fees, the Company
has recognised £93,000 for the six months to 30 June 2009 in addition
to the £414,000 that was recognised in the Income Statement for the
year to 31 December 2008.This is an estimate net of any associated
management and performance fee costs.
7. Basic and diluted return per share
The return per share has been calculated on 29,943,949 Ordinary
shares excluding treasury shares (30 June 2008: 30,584,478; 31
December 2008: 30,366,813) being the weighted number of shares in
issue for the period.
There are no convertible instruments, derivatives or contingent share
agreements in issue for Albion Development VCT PLC hence there are no
dilution effects to the return per share. The basic return per share
is therefore the same as the diluted return per share.
8. Investments
Fixed asset investments held at fair value through profit or loss
total £4,502,000 (30 June 2008: £6,587,000: 31 December 2008:
£4,792,000). Fixed asset investments held at amortised cost total
£12,219,000 (30 June 2008: £12,884,000; 31 December 2008:
£13,498,000).
9. Share Capital
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Authorised
50,000,000 Ordinary
shares of 50p each (30
June 2008 and 31 December
2008: 50,000,000) 25,000 25,000 25,000
Allotted, called up and
fully paid
32,613,482 Ordinary
shares of 50p each (30
June 2008: 32,438,309; 31
December 2008:
32,613,482) 16,307 16,219 16,307
Allotted, called up and
fully paid excluding
treasury shares
29,811,374 Ordinary
shares of 50p each (30
June 2008: 30,352,476; 31
December 2008:
29,993,767) 14,906 15,176 14,997
10. Treasury shares
During the period to 30 June 2009 the Company purchased 182,393
Ordinary shares to be held in treasury at a cost of £127,000
(including costs), representing 0.61 per cent. of the shares in issue
(excluding treasury shares) as at 1 January 2009. The shares
purchased for treasury were funded from the Own treasury shares
reserve. The total number of Ordinary shares held in treasury as at
30 June 2009 was 2,802,108 (30 June 2008: 2,085,833; 31 December
2008: 2,619,715) representing 8.79 per cent. of the shares in issue
(excluding treasury shares) as at 1 January 2009.
11. Reconciliation of revenue return on ordinary activities
before taxation to net cash inflow from operating activities
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Revenue return on
ordinary activities
before tax 386 1,104 1,674
Investment management fee
charged to capital (207) (308) (547)
Performance incentive fee
charged to capital - (59) -
VAT recovered 70 - 310
Movement in accrued
amortised loan stock
interest 24 (105) 64
Decrease/(increase) in
operating debtors 363 (17) (481)
Increase/(decrease) in
operating creditors 20 16 (239)
Net cash inflow from
operating activities 656 631 781
12. Analysis of change in cash during the period
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Beginning of the period 3,790 3,991 3,991
Net cash inflow/(outflow) 3,023 5,301 (201)
End of the period 6,813 9,292 3,790
13. Contingencies, guarantees and financial commitments
The Company has no contingencies, guarantees or financial
commitments.
14. Post balance sheet events
Since 30 June 2009, the Company has had the following post balance
sheet events:
*Investment of £480,000 in Geronimo Inns VCT I Limited
*Investment of £480,000 in Geronimo Inns VCT II Limited
*Investment of £120,000 in Bravo Inns II Limited
*Investment of £10,909 in Rostima Limited
*Repayment of £45,610 of loan stock by GB Pub Company Limited
15. Related party transactions
The Manager, Albion Ventures LLP, is considered to be a related party
by virtue of the fact that it is party to a management agreement with
the Company. During the period, services of a total value of £276,000
(30 June 2008: £491,000; 31 December 2008: £731,000), were purchased
by the Company from Albion Ventures LLP. At the financial period end,
the amount due to Albion Ventures LLP in respect of these services
was £72,000 (30 June 2008: £292,000; 31 December 2008: £49,000).
Albion Ventures LLP has reclaimed VAT from HMRC as described in note
6. An estimated sum of £93,000 has been recognised in the Income
Statement for the period which allows for an estimate in respect of
the deduction of historic management and performance fees to be paid
to Albion Ventures LLP. This amount is treated as a debtor as at 30
June 2009.
16. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of
section 434 of the Companies Act 2006 for the periods ended 30 June
2009 and 30 June 2008, and is unaudited. The information for the year
ended 31 December 2008 does not constitute statutory accounts within
the terms of section 434 of the Companies Act 2006 and is derived
from the statutory accounts for the financial year, which have been
delivered to the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified and did not contain a
statement under section 198(2) and (3) of the Companies Act 2006.
17. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office
of the Company, Companies House, the FSA viewing facility and also
electronically at www.albion-ventures.co.uk under the 'Our Funds'
section.
20 August 2009
For further information, please contact:
Patrick Reeve of Albion Ventures LLP
Tel: 020 7601 1850
---END OF MESSAGE---
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