Half Yearly Report
04 November 2010 - 9:15PM
UK Regulatory
TIDMBRWV
RNS Number : 6151V
Bedford Row VCT PLC
04 November 2010
FOR IMMEDIATE RELEASE
4 November 2010
Bedford Row VCT plc
Unaudited Interim results
For the six months ended 31 August 2010
The directors of Bedford Row VCT plc are pleased to announce their unaudited
interim results for the six months ended 31 August 2010.
Chairman's Statement - Interim management report
Overview
Although there continues to be a recovery in the valuations of listed stocks,
this has not yet been reflected in the value of Snacktime plc despite its good
progress.
During the period the management of the key three portfolio companies, Rainbow
Rewards, Snacktime plc and M2FX, have reported positive news flow. Snacktime has
reported increased profits and has made another significant acquisition doubling
the size of the company. This acquisition completed post the interim year end.
Rainbow Rewards continues to plan for an IPO though it has moved out to 2011.
M2FX continues to make steady sales progress. These three companies are
currently well funded and provide the core assets of the Company.
There have been no further failures within the portfolio, although we remain
cautious on Dateline, where cash resources to grow the company are limited. Post
the interim accounting date Click Now has been sold for shares to an AIM listed
company, The Weather Lottery plc. This has resulted in a drop in valuation for
which full provision has been taken in these interim results to 31st August
2010.
The result of the sale of ClickNow together with the continued share price
depression of Snacktime has seen a reduction in the Company's NAV to 20.68p from
26.07p as at February 2010.
The Company has continued to be more than 70%-invested in qualifying stocks and
to meet the other qualifying tests set by HMRC.
Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is now required in
the Company's half year results, to report on principal risks and uncertainties
facing the Company over the remainder of the financial year.
The Board has concluded that the key risks facing the Company over the remainder
of the financial period are as follows:
i. investment risk associated with investing in small and immature
businesses;
ii. investment risk arising from volatile stockmarket conditions and their
potential effect on investment valuation; and
iii. failure to maintain approval as a VCT.
In the case of (i) the Board is satisfied with the Company's approach. It
follows a rigorous process in vetting and careful structuring of new investments
and, after an investment is made, close monitoring of the business. In respect
of (ii), the Company seeks to hold a diversified portfolio. However, the
Company's ability to manage the risk is quite limited, primarily due to the
restrictions arising from the VCT regulations.
The Company's compliance with the VCT regulations is continually monitored by
the Company Secretary, who reports regularly to the Board on the current
position. The Company also retains James Cowper, Accountants, to provide
regular reviews and advice in this area. The Board considers that this approach
reduces the risk of a breach of the VCT regulations to a minimal level.
Outlook
The company's future remains hard to predict. The directors closely monitor the
remaining investments but external forces can take matters outside their
control. Thus, whilst the Board believes that the current portfolio valuation
is realistic, it hopes not to make further provisions in the next audited
accounts and remains hopeful that certain well-performing investments may lead
to an upward revaluation in the relatively near future.
Planning for the future
The Board continues to monitor the cash resources of the company which are very
limited. Regrettably, there are fixed costs relating to a company listed on the
London Stock Exchange which cannot be reduced. The definition of which markets
qualify for a listing is due to change in the future. These new proposals to be
announced in the next Finance Act will require only that VCTs are listed on an
EU Regulated Stock Exchange. It may be possible to list the Company on an
alternative exchange and reduce the current costs. However, the directors,
Company Secretary and the Investment Manager have all agreed to continue to
defer their fees for the foreseeable future to preserve the Company's cash
resources.
Your Board is conscious of the need to maintain the Inland Revenue qualifying
status of the Company and to maximise the value of the remaining portfolio.
We shall keep you informed of developments.
Richard Hargreaves, Chairman
3 November 2010
Investment Portfolio at 31 August 2010
+--------------------------------+------------+-----------+---------+
| Security | Cost | Valuation | % of |
| | | | |
+--------------------------------+------------+-----------+---------+
| | GBP | GBP | Net |
| | | | assets |
+--------------------------------+------------+-----------+---------+
| Quoted investments | 201,681 | 178,881 | 33.07 |
+--------------------------------+------------+-----------+---------+
| Unquoted investments | 1,424,902 | 410,325 | 75.84 |
+--------------------------------+------------+-----------+---------+
| Gilts | 25,920 | 26,666 | 4.93 |
+--------------------------------+------------+-----------+---------+
| | 1,652,503 | 615,872 | 113.84 |
+--------------------------------+------------+-----------+---------+
| Net Current assets | (74,876) | (74,876) | (13.84) |
+--------------------------------+------------+-----------+---------+
| | 1,577,627 | 540,996 | 100.00 |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| AIM/PLUS Listed Investments | | | |
+--------------------------------+------------+-----------+---------+
| Snacktime plc | 175,236 | 178,290 | 32.96 |
+--------------------------------+------------+-----------+---------+
| Vicorp Group plc | 26,445 | 591 | 0.11 |
+--------------------------------+------------+-----------+---------+
| | 201,681 | 178,881 | 33.07 |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| Unquoted Investments | | | |
+--------------------------------+------------+-----------+---------+
| Aquario plc | 175,000 | - | - |
+--------------------------------+------------+-----------+---------+
| Clicknow Holdings Ltd | 150,000 | 5,080 | 0.94 |
+--------------------------------+------------+-----------+---------+
| Consolidated Asset Management | 74,260 | 2,539 | 0.47 |
| (Holdings) plc | | | |
+--------------------------------+------------+-----------+---------+
| Dateline Holdings plc | 150,900 | 18,715 | 3.46 |
+--------------------------------+------------+-----------+---------+
| Famous Retail Ltd | 100,000 | - | - |
+--------------------------------+------------+-----------+---------+
| M2FX plc | 258,295 | 194,728 | 35.99 |
+--------------------------------+------------+-----------+---------+
| Rainbow Rewards Holdings | 166,447 | 189,263 | 34.98 |
| Limited | | | |
+--------------------------------+------------+-----------+---------+
| Sarah Arnett Limited | 200,000 | - | - |
+--------------------------------+------------+-----------+---------+
| Smart Implants Holdings plc | 150,000 | - | - |
+--------------------------------+------------+-----------+---------+
| | 1,424,902 | 410,325 | 75.84 |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| | | | |
+--------------------------------+------------+-----------+---------+
| Gilts | | | |
+--------------------------------+------------+-----------+---------+
| 4.00% Treasury Stock | 25,920 | 26,666 | 4.93 |
+--------------------------------+------------+-----------+---------+
Income Statement for the 6 months ended 31 August 2010
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| | 6 | | 6 months ended | | Year ended |
| | months | | | | |
| | ended | | | | |
+---------------------+----------------+---+-------------------------------+---+------------------------------------+
| | 31-Aug-10 | | 31-Aug-09 | | 28-Feb-10 |
+---------------------+----------------+---+-------------------------------+---+------------------------------------+
| | | Ord. | | Ord. | "C" | | | | Ord. |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| | | Shares | | Shares | Shares | Total | | | Shares |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| | | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | | GBP'000 |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Realised (loss) / | | (1) | | 1 | (1) | - | | | (1) |
| profit on fair | | | | | | | | | |
| value of | | | | | | | | | |
| investments | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Unrealised (loss) / | | (82) | | (304) | (13) | (317) | | | (260) |
| gain on fair value | | | | | | | | | |
| of investments | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Other income | | 1 | | - | (2) | (2) | | | - |
| | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Investment Manager | | (23) | | (20) | (3) | (23) | | | (45) |
| fees | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Other expenses | | (36) | | (21) | (3) | (24) | | | (61) |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Loss on ordinary | | (141) | | (344) | (22) | (366) | | | (367) |
| activities before | | | | | | | | | |
| tax | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Tax charge on | | - | | - | - | - | | | - |
| ordinary activities | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Loss on ordinary | | (141) | | (344) | (22) | (366) | | | (367) |
| activities after | | | | | | | | | |
| tax | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Return per share | | (5.39p) | | (19.44p) | (8.36p) | (17.99p) | | | (14.02p) |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Historic Profit / | | | | | | | | | |
| (Loss) Note | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Loss for the year | | (141) | | (344) | (22) | (366) | | | (367) |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Unrealised loss / | | 82 | | 304 | 13 | 317 | | | 260 |
| (gain) on fair | | | | | | | | | |
| value of | | | | | | | | | |
| investments | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Realisation of | | - | | - | (3) | (3) | | | 465 |
| prior year's net | | | | | | | | | |
| loss | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Historical cost | | (59) | | (40) | (12) | (52) | | | 358 |
| loss before tax | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Tax charge on | | - | | - | - | - | | | - |
| ordinary activities | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
| Historical cost | | (59) | | (40) | (12) | (52) | | | 358 |
| loss after tax | | | | | | | | | |
+---------------------+------+---------+---+----------+---------+----------+---+-------------------------+----------+
Reconciliation of movements in shareholders' funds for the 6 months ended 31
August 2010
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| | 6 months ended | | 6 months ended | | Year ended |
+--------------------+--------------------+---+------------------------------+---+--------------------+
| | 31-Aug-10 | | 31-Aug-09 | | 28-Feb-10 |
+--------------------+--------------------+---+------------------------------+---+--------------------+
| | Ordinary Shares | | Ordinary | "C" | Total | | Ordinary Shares |
| | | | Shares | Shares | | | |
+--------------------+--------------------+---+----------+---------+---------+---+--------------------+
| | | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | | GBP'000 |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| Shareholders' | | | | | | | | | |
| funds at 1 Mar | | | | | | | | | |
| 2010 | | | | | | | | | |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| Ordinary shares | | 682 | | 805 | 244 | 1,049 | | | 805 |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| Former C shares converted to ordinary | | | | | | 244 |
| shares | | | | | | |
+---------------------------------------------+----------+---------+---------+---+----------+---------+
| | | | | | | | | | 1,049 |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| Total gains and | | (141) | | (344) | (22) | (366) | | | (367) |
| losses recognised | | | | | | | | | |
| in period | | | | | | | | | |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
| Shareholders' | | 541 | | 461 | 222 | 683 | | | 682 |
| funds at 31 August | | | | | | | | | |
| 2010 | | | | | | | | | |
+--------------------+----------+---------+---+----------+---------+---------+---+----------+---------+
Balance Sheet as at 31 August 2010
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | 31-Aug-10 | | 31-Aug-09 | | 28-Feb-10 |
+------------------+-----------------------+--+-----------------------------+-----+-----------------------+
| | | Ord. | | Ord. | "C" | | | | Ord. |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | Shares | | Shares | Shares | Total | | | Shares |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | | GBP'000 |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Fixed asset | | 616 | | 579 | 99 | 678 | | | 720 |
| investments | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Current assets | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Debtors | | 10 | | | | 12 | | | 1 |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Cash and cash | | 1 | | | | 3 | | | 3 |
| equivalents | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | 11 | | | | 15 | | | 4 |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Current | | | | | | | | | |
| Liabilities | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Creditors | | (86) | | | | (10) | | | (42) |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Net current | | (75) | | (118) | 123 | 5 | | | (38) |
| assets | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Net assets | | 541 | | 461 | 222 | 683 | | | 682 |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Called up equity | | 262 | | 177 | 133 | 310 | | | 262 |
| share capital | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Capital | | 48 | | 1,375 | 117 | 1,492 | | | 48 |
| redemption | | | | | | | | | |
| reserve | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Special | | 1,492 | | | | - | | | 1,492 |
| distributable | | | | | | | | | |
| reserve | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Revaluation | | (1,037) | | (1,469) | (11) | (1,480) | | | (955) |
| reserve | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Revenue reserve | | (224) | | 378 | (17) | 361 | | | (165) |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Total equity | | 541 | | 461 | 222 | 683 | | | 682 |
| shareholders' | | | | | | | | | |
| funds | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
| Net Assets per | | 20.68p | | 45.54p | 91.31p | 51.55p | | | 26.07p |
| share | | | | | | | | | |
+------------------+-------------+---------+--+---------+---------+---------+-----+-------------+---------+
Cash Flow Statement for the 6 months ended 31 August 2010
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| | 6 months ended | | 6 months | | Year ended | |
| | | | ended | | | |
+---------------------+------------------+---+-----------------------------+---+----------------+----------+
| | 31-Aug-10 | | 31-Aug-09 | | 28-Feb-10 | |
+---------------------+------------------+---+-----------------------------+---+----------------+----------+
| | | Ord. | | Ord. | "C" | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| | | Shares | | Shares | Shares | Total | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| | | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Net cash inflow from operating | | | | | | | | |
| activities | | | | | | | | |
+----------------------------------------+---+---------+---------+---------+---+--------+-------+----------+
| Return on ordinary | | (141) | | (344) | (22) | (366) | | | (367) | |
| activities before | | | | | | | | | | |
| tax | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Adjusted for: | | | | | | - | | | | |
| | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Realised gains on | | 1 | | (1) | 1 | - | | | 1 | |
| investment | | | | | | | | | | |
| disposals | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Unrealised | | 82 | | 304 | 13 | 317 | | | 260 | |
| appreciation in | | | | | | | | | | |
| investment values | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Decrease (increase) | | (9) | | - | - | - | | | 11 | |
| in debtors | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| (Decrease) / | | 44 | | - | (17) | (17) | | | 15 | |
| increase in | | | | | | | | | | |
| creditors | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Net cash generated | | (23) | | (41) | (25) | (66) | | | (80) | |
| from operating | | | | | | | | | | |
| activities | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Taxation | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Corporation tax | | - | | - | - | - | | | - | |
| paid | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Cash flows from | | | | | | | | | | |
| investing | | | | | | | | | | |
| activities | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Purchases of | | (35) | | - | - | - | | | - | |
| investments | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Sales proceeds of | | 56 | | - | 65 | 65 | | | 79 | |
| investments | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Net cash generated | | 21 | | - | 65 | 65 | | | 79 | |
| from investing | | | | | | | | | | |
| activities | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Equity Dividend | | - | | - | - | - | | | - | |
| | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Cash flows from | | | | | | | | | | |
| financing | | | | | | | | | | |
| activities | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Issue of own shares | | - | | - | - | - | | | | |
| | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Share issue | | - | | - | - | - | | | | |
| expenses | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Net cash generated | | - | | - | - | - | | | - | |
| from financing | | | | | | | | | | |
| activities | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Net (decrease) / | | (2) | | (41) | 40 | (1) | | | (1) | |
| increase in cash | | | | | | | | | | |
| and cash | | | | | | | | | | |
| equivalents | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Reconciliation of net cash flow to | | | | | | | | |
| movements in cash and cash equivalents | | | | | | | | |
+----------------------------------------+---+---------+---------+---------+---+--------+-------+----------+
| Net increase in | | (2) | | (41) | 40 | (1) | | | (1) | |
| cash and cash | | | | | | | | | | |
| equivalents | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Cash and cash | | 3 | | (63) | 67 | 4 | | | 4 | |
| equivalents at 1 | | | | | | | | | | |
| Mar 2010 | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
| Cash and cash | | 1 | | (104) | 107 | 3 | | | 3 | |
| equivalents at 31 | | | | | | | | | | |
| August 2010 | | | | | | | | | | |
+---------------------+--------+---------+---+---------+---------+---------+---+--------+-------+----------+
1. The unaudited interim results cover the six months to 31 August 2010 and
have been drawn up in accordance with the Accounting Standard Board's (ASB)
Statement on Half-yearly Financial Reports (July 2007) and adopting the
accounting policies set out in the statutory accounts for the year ended 29
February 2010 which were prepared under UK GAAP and in accordance with the
Statement of Recommended Practice for investment companies issued by the
Association of Investment Trust Companies in January 2003, revised December
2005.
2. The financial information set out in this report has not been audited and
does not comprise full financial statements within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 29 February 2009,
which were unqualified, have been lodged with the Registrar of Companies. No
statutory accounts in respect of any period after 29 February 2010 have been
reported on by the Company's auditors or delivered to the Registrar of
Companies.
3. Copies of the Interim Report to Shareholders have been sent to shareholders
and are available at the Company's Registered Office: 4th Floor, 150-152
Fenchurch Street, London EC3M 6BB
4. During the period under review, the Company did not issue any new Ordinary
Shares of 10 pence each or "C" Shares of 50 pence each.
5 The revenue return per share is based on loss from ordinary activities after
tax of GBP141,000 and on 2,615,781 ordinary shares of 10p each and being the
weighted average number of shares in issue during the period. The net assets
per share is based on total net assets of GBP541,000 and 2,615,781 ordinary
shares of 10p each in issue at the period end.
6. Related party transactions
There are no related party transactions that have materially affected the
financial position or performance of the company during the period and there
have not been any changes to the related part transactions described in the
statutory accounts to 29 February 2010 that could do so.
Responsibility statement of the Directors in respect of the half-yearly
financial report
We confirm to the best of our knowledge:
· the condensed set of financial statements have been prepared in
accordance with the Statement Half-yearly financial reports issued by the UK
Accounting Standards Board;
· the interim management report includes a fair review of the information
required by:
o DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
the important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining six
months of the year; and
o DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that may have materially effected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
By Order of the Board
Graham Urquhart FCIS
Secretary
3 November 2010
Enquiries : Graham Urquhart, FCIS, Company Secretary on 020 3216 2000
Roland Cornish, Beaumont Cornish Limited
on 020 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMMGMGDDGGZM
Bedford Row (LSE:BRWV)
Historical Stock Chart
From May 2024 to Jun 2024
Bedford Row (LSE:BRWV)
Historical Stock Chart
From Jun 2023 to Jun 2024
