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ADC Zeros 2010 plc (ADC2)

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Monday 31 July, 2006

ADC Zeros 2010 plc

Final Results

ADC Zeros 2010 plc
31 July 2006

ADC ZEROS 2010 PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
For the period ended 31 May 2006



It is my pleasure to report on the first accounting period to 31 May 2006 of ADC
Zeros 2010 PLC. The ZDP shares of the Company commenced trading on the London
Stock Exchange on 30 June 2005. The period has proved to be a challenging one
for the parent company, Aberdeen Development Capital PLC, and therefore the
Group as a whole, however satisfactory cover has been maintained and your Board
remains confident that the investment objective of achieving a final entitlement
of 135.6 pence per ZDP share will be fulfilled.


                                                                 31 May 2006
                                                                          £m
Total assets less current liabilities (Group)                          34.95
Less prior ranking liabilities:
ZDP 2010 shares                                                       (9.27)
ZDP 2012 shares                                                       (9.27)
Cover                                                                  16.41



John Milligan
Chairman
31 July 2006



Income Statement (unaudited)


                                                Period from 19 May 2005
                                                         to 31 May 2006
                                                                  £'000
Interest income                                                      21
Total revenue                                                        21
Loan interest                                                       522
Gains/(losses) on held-at-fair-value                                  -
investments
                                                                    543
Expenses
Management fees                                                       -
Other operating expenses                                              -
Profit before finance costs and tax                                 543
Finance costs
Zero dividend preference shares                                   (522)
Profit before taxation                                               21
Taxation                                                            (4)
Profit for the year                                                  17
Earnings per Ordinary share - basic (pence)                        0.34



All income is attributable to the equity holders of Aberdeen Development Capital
PLC.



Balance Sheet (unaudited)


                                                               At
                                                      31 May 2006
                                                            £'000

Non-current assets
Held-at-fair-value-investments                                175

Current assets
Cash and cash equivalents                                      52
Trade and other receivables                                 9,291
                                                            9,343

Current liabilities
Other payables                                              (179)
Net current assets                                          9,164
Total assets less current liabilities                       9,339

Non-current liabilities
Zero dividend preference shares                           (9,272)
Total net assets                                               67

Equity
Called up Ordinary share capital                               50
Revenue reserve                                                17
Total shareholders' funds                                      67

Equity shareholders' funds                                     67

Net asset value per Ordinary share - basic                 134.00
(pence)



Statement of Changes in Equity (unaudited)



                                        Share      Revenue
For period 19 May 2005 to 31 May      capital      reserve        Total
2006
                                        £'000        £'000        £'000
Net assets at start of period               -            -            -
Proceeds from parent company               50            -           50
Net profit on ordinary                      -           17           17
activities after taxation
Net assets at 31 May 2006                  50           17           67



Cash Flow Statement (unaudited)
                                                                    Period from  19 May 2005
                                                                              to 31 May 2006

                                                                                       £'000
Operating activities
Profit before tax                                                                         21
ZDP shares finance cost                                                                  522
Increase in other receivables                                                          (541)
Net cash inflow from operating activities                                                  2

Financing activities
Equity shares issued                                                                      50
Zero dividend preference shares issued                                                 2,147
Payment to parent company                                                            (2,147)
Net cash inflow from financing activities                                                 50

Net increase in cash and cash equivalents                                                 52
Cash and cash equivalents at start of period                                               -
Cash and cash equivalents at end of period                                                52



Notes to the Financial Statements (unaudited)



1.  Accounting policies

The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS). The Company financial statements have been
prepared in accordance with IFRS as adopted by the European Union and as applied
in accordance with the provisions of the Companies Act 1985. The principal
accounting policies adopted by the Company are set out below.



(a)     Basis of accounting

The accounting policies which follow set out those policies which apply in
preparing the financial statements for the period 19 May 2005 to 31 May 2006.



The financial statements are presented in Sterling, which is the currency of the
primary environment in which it operates. All values are rounded to the nearest
thousand pounds (£'000) except when otherwise indicated.



(b)     Valuation of Investments

Investments are held at cost through the Income Statement.



For financial assets acquired, the cost is the fair value of the consideration.
Subsequent to initial recognition, all listed investments are measured at their
quoted bid prices without deduction for the estimated future selling costs.



Unlisted investments are valued by the Directors at fair value having regard to
the Guidance Notes issued by the British Venture Capital Association on the
principles for the Valuation of Venture Capital Portfolios. They are valued at
cost unless subsequent financings or other circumstances indicate a different
valuation is appropriate. When a valuation is undertaken consideration is given
to the most recent information available, including the latest trading figures,
performance against forecast, management's view of prospects and the price of
any transactions in the security.



Realisable value in the short term could differ materially from the amount which
investments are included in the accounts.



(c)     Movements in fair value

Changes in the fair value of all held-at-fair-value assets are taken to the
Income Statement.



On disposal, realised gains and losses are also recognised in the Income
Statement.



(d)     Income

Dividends receivable on equity shares are brought into account on the
ex-dividend date. Dividends receivable on equity shares where no ex-dividend
date is quoted are brought into account when the Company's right to receive the
payment is established. Fixed returns on non-equity shares are recognised on a
time apportioned basis so as to reflect the effective yield on shares. Other
returns on non-equity shares are recognised when the right to the return is
established.



The fixed return on a debt security is recognised on a time apportioned basis so
as to reflect the effective yield on the debt security. Where the Company has
elected to receive its dividends in the form of additional shares rather than in
cash, then the amount of cash dividend is recognised as income. Any excess in
value of the shares received over the amounts of the cash is recognised in
capital reserves.



(e)     Expenses and interest payable

All expenses are accounted for on an accruals basis.



(f)      Taxation

The charge for taxation is based on the taxable profits for the period. Deferred
taxation is accounted for using the balance sheet liability method. Deferred tax
liabilities are recognised for all taxable temporary differences. Deferred tax
assets are recognised to the extent it is probable that taxable profits will be
available against which is deductible temporary differences can be utilised.



(g)     Dividends payable

Dividends are recognised from the date on which they are declared ex-dividend.



(h)     Cash and cash equivalents

Cash comprises cash in hand and demand deposits. Cash equivalents are
short-term, highly liquid investments that are readily convertible to known
amounts of cash and that are subject to insignificant risk of changes in value.



(i)       Foreign currency translation

Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction.



Foreign currency monetary assets and liabilities are translated into Sterling at
the rate ruling on the balance sheet date. Foreign exchange differences arising
on translation are recognised in the Income Statement.



(j)       Zero dividend preference shares

Zero dividend preference shares are treated as a liability of the Company,
calculated on the effective yield basis.



2.  Earnings per Ordinary share and net asset value per share


                                                                                             31 May 2006
Net revenue attributable to Ordinary shareholders                                                £17,000
Equity shareholders funds                                                                        £67,000
Zeros dividend preference shares                                                              £9,272,000
The number of Ordinary shares in issue at the
end of the period on which the earnings and net asset
value were calculated was:                                                                        50,000
The number of Zero dividend preference shares in issue at the end of the
period on which net asset value was calculated was:
                                                                                               8,750,000
Revenue earnings per Ordinary share                                                                0.34p
Net asset value per Ordinary share                                                               134.00p
Net asset value per Zero dividend preference share                                               105.97p



3.  Annual Report



The financial information set out above does not constitute the Company's
statutory accounts for the period ended 31 May 2006. The statutory accounts for
2006 will be finalised on the basis of the financial information presented by
the Directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Annual General Meeting. Copies of the
Annual Report will be posted to shareholders in due course and further copies
will be available from the Company's Registered Office, 10 Queen's Terrace,
Aberdeen AB10 1YG.




Aberdeen Asset Management PLC
Secretaries
31 July 2006











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