TIDMTP5
RNS Number : 8823W
TP5 VCT PLC
12 November 2014
TP5 VCT plc
Interim Results
The directors of TP5 VCT plc are pleased to announce its Interim
results for the six months to 30 September 2014.
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989.
The Interim report will be available in full at
www.triplepoint.co.uk
Financial Summary
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2014 31 March 2014 30 September 2013
--------------------------------- -------------------------------- --------------------------------
Ord. Ord. Ord.
Shares B Shares Total Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net assets 9,642 1,234 10,876 15,480 3,107 18,587 15,173 3,027 18,200
Net profit
before
tax 30 (14) 16 362 123 485 56 43 99
---------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Movement in
net asset
value per
share (p)
Opening net
asset
value per
share 82.50p 90.07p 85.57p 86.54p 85.57p 86.54p
Dividend per
share
paid during
the year (31.27p) (53.90p) (5.00p) - (5.00p) -
Earnings per
share 0.15p (0.38p) 1.93p 3.53p 0.29p 1.25p
Closing net
asset
value per
share 51.38p 35.79p 82.50p 90.07p 80.86p 87.79p
---------- ---------- --------- ---------- --------- ----------
Cumulative
return
to
shareholders
(p)
Net asset
value per
share 51.38p 35.79p 82.50p 90.07p 80.86p 87.79p
Total
dividends
paid 40.78p 53.90p 9.51p - 9.51p -
--------- ----------
Net asset
value plus
dividends
paid 92.16p 89.69p 92.01p 90.07p 90.37p 87.79p
---------- ---------- --------- ---------- --------- ----------
TP5 VCT plc ("the Company") is a Venture Capital Trust ("VCT").
The Investment Manager is Triple Point Investment Management LLP
("TPIM"). The Company was launched in September 2008 and raised
GBP17.8 million (net of expenses) through an offer for
subscription. In September 2009 it acquired the assets and
liabilities of TP70 2009 VCT plc with a net asset value of GBP3.3
million in exchange for the issue of B Shares in the Company to the
shareholders in TP70 2009 VCT plc.
Chairman's Statement
I am writing to you to present the results for the Company for
the six month period ended 30 September 2014.
Exit Programme
Firstly we are pleased to report that in line with the Company's
investment strategy to provide investors with an exit swiftly after
the fifth anniversary of the VCT which occurred on 30 June 2014,
the Company paid its first exit dividends on 1 August 2014. For the
Ordinary Share Class this represented 38% of the Net Asset Value,
and for the B Share Class 60%.
Portfolio
The Company's remaining funds are 98% invested in a portfolio of
qualifying unquoted investments which comprises companies which
generate renewable electricity from solar PV and anaerobic
digestion and a residual holding in companies which provide cinema
digitisation services. The Company thus maintains its VCT
qualifying status by satisfying the test of being at least 70%
invested in VCT qualifying investments. More information on the
Company's investment portfolio is given in the Investment Manager's
Review.
Net Asset Value
During the period the Company made a profit before tax of
GBP16,000 of which GBP30,000 was a profit for Ordinary Shares and
GBP14,000 was a loss for B Shares.
At 30 September 2014 the Net Asset Value ("NAV") per Ordinary
Share stood at 51.38p. Adding back the total dividends paid of
40.78p share the total return to the Ordinary Share Class holders
is 92.16p per share.
At 30 September 2014 the NAV per B Share stood at 35.79p. Adding
back the dividend paid of 53.90p per share the total return to the
B Share Class holders is 89.69p per share.
Dividend
On 1 August 2014 the Company paid dividends of 31.27p per share
to Ordinary Class Shareholders and 53.90p per share to B Class
Shareholders. The dividends were funded from the cash generated
from the realisation of GBP6.5 million of loans in Cinema
Digitisation companies and for the B Share Fund GBP1.1 million
realised from GAM Diversity.
Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with undertaking VCT qualifying investments;
-- risk of failure to continue to satisfy the requirements to qualify as a VCT; and
-- risk of ability to realise investments in order to return funds to investors.
The Board continues to work closely with the Investment Manager
to minimise either the likelihood or potential impact of these
risks, within the scope of the Company's established investment
strategy.
Outlook
Over the coming months we will continue to work closely with
Triple Point to fulfil the Company's target of returning funds to
shareholders within the next three to nine months. In line with
this aim, this Interim Financial Report has been prepared on a
break up basis to reflect the intention to realise the assets of
the Company within this timeframe.
If you have any queries or comments, please do not hesitate to
telephone Triple Point on 020 7201 8989.
Sir John Lucas-Tooth
Chairman
12 November 2014
Investment Manager's Review
At 30 September 2014, qualifying investments represented 98% of
net assets, ensuring that the Company continues to satisfy the
requirement to be 70% invested in qualifying investments.
In the first few months of this period, the first investment
realisations were made as part of the programme to return funds to
investors following the end of the five year VCT holding period.
The first tranche of investments to be realised was the majority of
its holdings in the cinema digitisation companies. The remaining
portfolio of small, unquoted investments is split between 15
companies across two sectors: cinema digitisation and renewable
electricity generation both from solar PV and anaerobic
digestion.
Sector Analysis
The unquoted investment portfolio can be analysed as
follows:
Electricity Generation
Anaerobic Total Unquoted
Industry Sector Cinema Digitisation Solar PV Digestion Investments
------------------------------ --------------------- ----------- ------------- ----------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ----------------
Investments at 31 March
2014 6,691 7,469 3,079 17,239
--------------------- ----------------
Investments revalued during
the period 27 - (1) 26
--------------------- ----------------
Investments disposed of
during the period (6,459) - (3) (6,462)
--------------------- ----------- ------------- ----------------
Investments at 30 September
2014 259 7,469 3,075 10,803
--------------------- ----------- ------------- ----------------
Unquoted Investments % 2.40% 69.14% 28.46% 100.00%
------------------------------ --------------------- ----------- ------------- ----------------
VCT Sector Portfolio
Cinema Digitisation
The Company retains a small holding in four cinema digitisation
companies, the majority of these investments having been realised
as part of the exit programme to return funds to shareholders on 1
August 2014. The residual holdings are expected to be realised in
the coming months.
Solar PV
The portfolio includes investments in 8 businesses in the solar
PV sector which generate renewable electricity from residential
solar PV panels. Over the last six months these businesses have
continued to deliver results in line with expectations, generating
revenues for the Company. Over the last year the average roof
mounted system has generated an output of 3.3 MWhs. All of these
businesses derive their income from the receipt of index-linked
Feed-in Tariffs (FiTs). Our portfolio monitoring team continues to
work closely with these companies to ensure the effective running
of their operations until they can be realised.
Anaerobic Digestion
In April 2012 the Company invested in three renewable energy
businesses, GreenTec Energy Ltd, Katharos Organic Ltd and Biomass
Future Generation Ltd. These businesses each operate a 1 MW on-farm
anaerobic digestion plant, which generates green electricity
attracting both FiTs and power export revenues. FITs provide for a
long term RPI-linked revenue stream, consistent with the objectives
of the Company. The good 2014 season maize harvest should enable
the plants to continue to operate in line with expectations and
facilitate a realisation.
Outlook
In line with the Company's strategy of returning funds to
shareholders within six to twelve months after 30 June 2014 when it
passed its fifth anniversary we will continue to work to realise
the remainder of the investment portfolio.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
12 November 2014
Investment Portfolio
Unaudited Audited
6 months ended Year ended
30 September 2014 31 March 2014
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Qualifying Holdings 12,463 98.58 10,803 98.37 16,875 95.45 17,235 95.83
Unquoted Non Qualifying
Holdings - - - - 60 0.34 4 0.02
Financial assets at fair
value through profit
or loss 12,463 98.58 10,803 98.37 16,935 95.79 17,239 95.85
Cash and cash equivalents 180 1.42 180 1.63 747 4.21 747 4.15
12,643 100.00 10,983 100.00 17,682 100.00 17,986 100.00
========= ======== ========= ======== ========= ======== ========= ========
Unquoted Qualifying Holdings
Electricity Generation:
Solar
Campus Link Ltd 1,310 10.36 1,445 13.16 1,310 7.41 1,445 8.03
Convertibox Services
Ltd 1,000 7.91 950 8.65 1,000 5.66 950 5.28
Flowers Power Ltd 1,000 7.91 1,077 9.81 1,000 5.66 1,077 5.99
Green Energy for Education
Ltd 1,310 10.36 1,282 11.67 1,310 7.41 1,282 7.13
Helioflair Ltd 200 1.58 199 1.81 200 1.13 199 1.11
New Energy Network Ltd 1,000 7.91 1,063 9.68 1,000 5.66 1,063 5.91
Ranmore Environmental
Ltd 375 2.97 374 3.41 375 2.12 374 2.08
September Star Energy
Ltd 1,000 7.91 1,079 9.82 1,000 5.66 1,079 6.00
Anaerobic Digestion
Biomass Future Generation
Ltd 1,300 10.28 1,300 11.84 1,300 7.35 1,300 7.23
GreenTec Energy Ltd 500 3.95 500 4.55 500 2.83 500 2.78
Katharos Organic Ltd 1,275 10.08 1,275 11.61 1,275 7.21 1,275 7.09
Cinema Digitisation :
Cinematic Services Ltd 600 4.75 29 0.26 2,000 11.31 1,964 10.92
Digima Ltd 600 4.75 48 0.44 1,647 9.31 1,648 9.16
Digital Screen Solutions
Ltd 600 4.75 47 0.43 1,648 9.32 1,662 9.24
DLN Digital Ltd 393 3.11 135 1.23 1,310 7.41 1,417 7.88
12,463 98.58 10,803 98.37 16,875 95.45 17,235 95.83
========= ======== ========= ======== ========= ======== ========= ========
Cost Valuation Cost Valuation
Unquoted Non Qualifying
Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Anaerobic digestion
Drumnahare Biogas Ltd - - - - 60 0.34 4 0.02
- - - - 60 0.34 4 0.02
========= ======== ========= ======== ========= ======== ========= ========
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period
to 30 September 2014, the Directors confirm that to the best of
their knowledge:
a) the Interim Financial Report has been prepared in accordance
with International Accounting Standard IAS34, "Interim Financial
Reporting" issued by the International Accounting Standards
Board;
b) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of principal risks and
uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of
related party transactions and changes therein. There are no
related party transactions; and
e) the Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
After the completion of the shareholders' five year holding
period on 30 June 2014, steps have been taken to realise the
Company's investments. In the circumstances this Interim Financial
Report has been prepared on a break-up basis taking into account
the expected costs of the Company's liquidation.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Sir John Lucas-Tooth
Chairman
12 November 2014
Non-Statutory Analysis - The Ordinary Share Fund
Unaudited Audited
6 months ended Year ended
Statement of Comprehensive
Income Note 30 September 2014 31 March 2014
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 4 228 - 228 585 - 585
Realised gain on investments - 23 23 - - -
Unrealised gain on investments - - - - 303 303
Investment return 228 23 251 585 303 888
Investment management
fees 5 (127) (41) (168) (290) (97) (387)
Other expenses (53) - (53) (139) - (139)
Profit/(loss) before taxation 48 (18) 30 156 206 362
Taxation 7 (20) 20 - (31) 31 -
Profit after taxation 28 2 30 125 237 362
--------- --------- --------- --------- --------- ---------
Total comprehensive profit
for the period 28 2 30 125 237 362
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings
per share 8 0.14p 0.01p 0.15p 0.67p 1.26p 1.93p
--------- --------- --------- --------- --------- ---------
Balance Sheet Note 30 September 2014 31 March 2014
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 9,615 15,343
--------- ---------
Current assets
Receivables 51 115
Cash and cash equivalents 9 119 101
170 216
--------- ---------
Current liabilities
Payables (143) (79)
--------- ---------
Net assets 9,642 15,480
--------- ---------
Equity attributable to equity
holders 9,642 15,480
--------- ---------
Net asset value per share 11 51.38p 82.50p
--------- ---------
Statement of Changes in
Shareholders' Equity
30 September 2014 31 March 2014
GBP'000 GBP'000
Opening shareholders'
funds 15,480 16,097
Purchase of own shares - (38)
Profit for the period 30 362
Dividend paid (5,868) (941)
Closing shareholders'
funds 9,642 15,480
--------- ---------
Non-Statutory Analysis - The B Share Fund
Unaudited Audited
6 months ended Year ended
Statement of Comprehensive
Income Note 30 September 2014 31 March 2014
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 4 28 - 28 72 - 72
Realised gain on investments - 3 3 - 123 123
Unrealised gain on investments - - - - 37 37
--------- ---------
Investment return 28 3 31 72 160 232
Investment management
fees 5 (23) (8) (31) (57) (19) (76)
Other expenses (14) - (14) (33) - (33)
(Loss)/profit before taxation (9) (5) (14) (18) 141 123
Taxation 7 - - - - - -
(Loss)/profit after taxation (9) (5) (14) (18) 141 123
--------- --------- --------- --------- --------- ---------
Total comprehensive (loss)/profit
for the year (9) (5) (14) (18) 141 123
--------- --------- --------- --------- --------- ---------
Basic and diluted (loss)/earnings
per share 8 (0.24p) (0.14p) (0.38p) (0.56p) 4.09p 3.53p
--------- --------- --------- --------- --------- ---------
Balance Sheet
Note 30 September 2014 31 March 2014
Non-current assets GBP'000 GBP'000
Financial assets at fair
value through profit or
loss 1,188 1,896
--------- ---------
Current assets
Receivables 7 576
Cash and cash equivalents 9 61 646
68 1,222
--------- ---------
Current liabilities
Payables (22) (11)
--------- ---------
Net assets 1,234 3,107
--------- ---------
Equity attributable to
equity holders 1,234 3,107
--------- ---------
Net asset value per share 11 35.79p 90.07p
--------- ---------
Statement of Changes in
Shareholders' Equity
30 September 2014 31 March 2014
GBP'000 GBP'000
Opening shareholders'
funds 3,107 2,984
Profit for the period (14) 123
Dividends paid (1,859) -
Closing shareholders'
funds 1,234 3,107
--------- ---------
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2014 31 March 2014 30 September 2013
------------------------------- ------------------------------- -------------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment
income 4 256 - 256 657 - 657 337 - 337
Gain arising on
the disposal
of investments
during
the period - 26 26 - 123 123 - 50 50
Gain arising on
the
revaluation
of investments
at the
period end - - - - 340 340 - 8 8
Investment
return 256 26 282 657 463 1,120 337 58 395
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Expenses
Investment
management
fees 5 151 49 200 347 116 463 176 58 234
Financial and
regulatory
costs 10 - 10 27 - 27 17 - 17
General
administration 6 - 6 13 - 13 6 - 6
Legal and
professional
fees 30 - 30 92 - 92 19 - 19
Directors'
remuneration 6 20 - 20 40 - 40 20 - 20
Operating
expenses 217 49 266 519 116 635 238 58 296
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
before
taxation 39 (23) 16 138 347 485 99 - 99
Taxation 7 (20) 20 - (31) 31 - (21) 21 -
Profit/(loss)
after taxation 19 (3) 16 107 378 485 78 21 99
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and
comprehensive
income/(loss)
for the
period 19 (3) 16 107 378 485 78 21 99
--------- --------- --------- --------- --------- --------- --------- --------- ---------
The Total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary Revenue Return and Capital columns have been prepared
under guidance published by the Association of Investment
Companies.
All revenue and capital items in the above statement derive from
continuing operations.
This Statement of Comprehensive Income includes all recognised
gains and losses.
The accompanying notes are an integral part of this
statement.
Unaudited Consolidated Balance Sheet
Unaudited Audited Unaudited
30 September 31 March 30 September
Notes 2014 2014 2013
GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets
at fair value through
profit or loss 10,803 17,239 17,967
-------------- ---------- --------------
Current assets
Receivables 58 691 119
Cash and cash equivalents 9 180 747 134
238 1,438 253
-------------- ---------- --------------
Total assets 11,041 18,677 18,220
-------------- ---------- --------------
Current liabilities
Payables (165) (90) (20)
-------------- ---------- --------------
Net assets 10,876 18,587 18,200
-------------- ---------- --------------
Equity attributable
to equity holders
Share capital 10 221 221 221
Capital redemption
reserve 2 2 2
Share premium - 3,230 3,230
Special distributable
reserve 11,546 15,936 16,007
Capital reserve (912) (909) (1,266)
Revenue reserve 19 107 6
Total equity 10,876 18,587 18,200
-------------- ---------- --------------
The accompanying notes are an integral part of this
statement.
Statement of Changes in Shareholders' Equity
6 months ended 30 Capital Special
September Share Redemption Share Distributable Capital Revenue
2014 Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 221 2 3,230 15,936 (909) 107 18,587
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Cancellation of share
premium - (3,230) 3,230 - - -
Dividend paid - - (7,620) (107) (7,727)
Transactions with owners - - (3,230) (4,390) - (107) (7,727)
---------- ------------- ---------- ---------------- ---------- ---------- ---------
(Loss)/profit for the
year - - - - (3) 19 16
---------- ------------- ---------- ---------------- ---------- ----------
Total comprehensive
(loss)/income for the
period - - - (3) 19 16
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Balance at 30 September
2014 221 2 - 11,546 (912) 19 10,876
========== ============= ========== ================ ========== ========== =========
Capital reserve consists
of: Investment holding gains 360
Other realised
losses (1,272)
(912)
==========
Capital Special
Year ended 31 March Share Redemption Share Distributable Capital Revenue
2014 Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 222 1 3,230 16,827 (1,287) 88 19,081
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Purchase of own shares (1) 1 - (38) - - (38)
Dividends paid - - - (853) - (88) (941)
Transactions with owners (1) 1 - (891) - (88) (979)
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Profit for the year - - - - 378 107 485
---------- ------------- ---------- ---------------- ---------- ----------
Total comprehensive
income for the year - - - - 378 107 485
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Balance at 31 March
2014 221 2 3,230 15,936 (909) 107 18,587
========== ============= ========== ================ ========== ========== =========
Capital reserve consists
of: Investment holding gains 360
Other realised losses (1,269)
(909)
==========
Capital Special
Share Redemption Share Distributable Capital Revenue
Capital Reserve Premium Reserve Reserve Reserve Total
6 months ended 30
September
2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 222 1 3,230 16,827 (1,287) 88 19,081
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Purchase of own shares (1) 1 - (39) - - (39)
Dividends paid - - - (781) - (160) (941)
Transactions with owners (1) 1 - (820) - (160) (980)
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Profit for the period - - - - 21 78 99
---------- ------------- ---------- ---------------- ---------- ----------
Total comprehensive
profit for the period - - - - 21 78 99
---------- ------------- ---------- ---------------- ---------- ---------- ---------
Balance at 30 September
2013 221 2 3,230 16,007 (1,266) 6 18,200
========== ============= ========== ================ ========== ========== =========
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
capital reserve is not distributable. The special distributable
reserve was created on court cancellation of the share premium
account. The revenue and special distributable reserve are
distributable by way of dividend.
The accompanying notes are an integral part of this
statement.
Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September
2014 31 March 2014 30 September 2013
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit before tax 16 485 99
(Gain) arising on the disposal
of investments during the period (26) (123) (50)
(Gain) arising on the revaluation
of investments at the period
end - (340) (8)
Cash (absorbed)/generated by
operations (10) 22 41
Decrease/(increase) in receivables 72 (60) (49)
Increase/(decrease) in payables 75 62 (8)
Net cash flows from operating
activities 137 24 (16)
---------------- --------------- -------------------
Cash flow from investing activities
Purchase of financial assets
at fair value through profit
or loss - (2,000) -
Proceeds of sale of financial
assets at fair value through
profit or loss 7,023 3,467 895
Net cash flows from investing
activities 7,023 1,467 895
---------------- --------------- -------------------
Cash flow from financing activities
Purchase of own shares - (38) (39)
Dividends paid (7,727) (941) (941)
Net cash flow from financing (7,727) (979) (980)
---------------- --------------- -------------------
Net cash (decrease)/increase
in cash and cash equivalents (567) 512 (101)
---------------- --------------- -------------------
Reconciliation of net cash
flow to movements in cash and
cash equivalents
Cash and cash equivalents brought
forward 747 235 235
Net cash (decrease)/increase
in cash and cash equivalents (567) 512 (101)
Cash and cash equivalents 180 747 134
---------------- --------------- -------------------
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2014 was authorised for issue in
accordance with a resolution of the Directors on 12 November
2014.
The Company is listed on the London Stock Exchange.
TP5 VCT plc is incorporated and domiciled in Great Britain. The
address of TP5 VCT plc's registered office, which is also its
principal place of business, is 18 St. Swithin's Lane, London EC4N
8AD.
TP5 VCT plc's Unaudited Interim Financial Report is presented in
Pounds Sterling (GBP) which is also the functional currency of the
Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy has been different for each share
class. The B Share Fund offered combined exposure to GAM Diversity
2.5XL and venture capital investments focused on companies with
contractual revenues from financially secure counterparties. The
Ordinary Share Fund focused on venture capital investments in
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2014 has been prepared in accordance with
IAS 34: "Interim Financial Reporting". It does not include all of
the information required for full Financial Statements and should
be read in conjunction with the Financial Statements for the year
ended 31 March 2014.
Estimates
The preparation of the Unaudited Interim Financial Report
requires the Board to make judgements, estimates and assumptions
that reflect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenditure.
However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment
activity. All revenues and assets are generated and held in the
UK.
4. Investment income
Unaudited Audited
6 months ended Year ended
30 September 2014 31 March 2014
-------------------------------- --------------------------------
Ord. Ord.
Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loan Stock Interest 226 28 254 584 72 656
Bank interest 2 - 2 1 - 1
228 28 256 585 72 657
--------- ---------- --------- --------- ---------- ---------
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective
14 November 2008. The agreement provides for an administration and
investment management fee of 2.5% per annum of net assets for both
Ordinary and B Shares, calculated and payable quarterly in arrear
and runs for the period up to 1 October 2014 and may be terminated
at any time thereafter by not less than twelve months' notice given
by either party. Should such notice be given, the Investment
Manager would perform its duties under the Investment Management
Agreement and receive its contractual fee during the notice
period.
6. Directors' remuneration
Unaudited Audited
6 months ended Year ended
30 September 2014 31 March 2014
-------------------------------- --------------------------------
Ord. Ord.
Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sir John Lucas-Tooth
(Chairman) 7 1 8 13 2 15
Robert Reid 5 1 6 11 2 13
Christopher Harris 5 1 6 10 2 12
17 3 20 34 6 40
--------- ---------- --------- --------- ---------- ---------
7. Taxation
Unaudited Audited
6 months ended Year ended
30 September 2014 31 March 2014
------------------------------------ ------------------------------------
Ord. Shares B Shares Total Ord. Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) before
taxation 30 (14) 16 362 123 485
------------- ---------- --------- ------------- ---------- ---------
Corporation tax at
20% 5 (3) 2 72 24 96
Effect of:
Capital gains not taxable (4) (1) (5) (60) (32) (92)
Utilisation of tax
losses brought forward (1) - (1) (12) 8 (4)
Unrelieved tax losses
arising in the year - 4 4 - - -
Tax charge in the period - - - - - -
------------- ---------- --------- ------------- ---------- ---------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share for Ordinary Shares is based on the
profit after tax of GBP30,000 and on the weighted average number of
shares in issue during the period of 18,761,011
The earnings per share for the B Shares is based on a loss after
tax of GBP14,000, and on the weighted average number of shares in
issue during the period of 3,448,044.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
10. Share capital
Unaudited Audited
30 September 31 March
2014 2014
Ordinary Shares of GBP0.01
each
Authorised
Number of shares 55,000,000 55,000,000
Par Value GBP'000 550 550
Issued & Fully Paid
Number of shares 18,761,011 18,761,011
Par Value GBP'000 187 187
B Shares of GBP0.01 each
Authorised
Number of shares 5,000,000 5,000,000
Par Value GBP'000 50 50
Issued & Fully Paid
Number of shares 3,448,044 3,448,044
Par Value GBP'000 34 34
11. Net asset value per share
The calculation of the Company's net asset value per share for
Ordinary Shares is based on the Company's net assets attributable
to the Ordinary Shares of GBP9,642,000 divided by the 18,761,011
Ordinary Shares in issue.
The calculation of the Company's net asset value per share for B
Shares is based on the Company's net assets attributable to the B
Shares of GBP1,234,000 divided by the 3,448,044 B Shares in
issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30
September 2014
13. Relationship with Investment Manager
During the period, TPIM received GBP200,158 which has been
expensed, for providing management and administrative services to
the Company. At 30 September 2014 GBP86,150 was owing to TPIM.
14. Related party transactions
There are no related party transactions.
15. Post balance sheet events
There were no post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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