Albion Prime VCT Albion Prime VCT PLC : Annual -6-
28 Juin 2012 - 7:24PM
UK Regulatory
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.
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.
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 Directors have considered the requirements of FRS 19 and do not believe that
any provision for deferred tax should be made.
Reserves
Share premium reserve
This reserve accounts for the difference between the price paid for the
Company's shares and the nominal value of the shares, less issue costs and
transfers to the special reserve.
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.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year end,
against cost, are included in this reserve.
Special reserve
The cancellation of the share premium account, capital redemption reserve and
the reduction in share capital have created a special reserve that can be used
to fund market purchases and subsequent cancellation of the Company's own
shares, to cover gross realised losses, to pay dividends and for other
distributable purposes.
Treasury shares reserve
This reserve accounts for amounts by which the distributable reserves of the
Company are diminished through the purchase 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.
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
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
Unrealised gains on fixed asset investments held
at fair value through profit or loss 104 54
Unrealised impairments on fixed asset investments
held at amortised cost (469) (32)
----------------------------
Unrealised (losses)/gains sub total (365) 22
----------------------------
Realised gains on investments held at fair value
through profit or loss 156 11
Realised losses on investments held at amortised
cost - (6)
----------------------------
Realised gains sub total 156 5
----------------------------
(209) 27
----------------------------
Investments measured at amortised cost are unquoted loan stock investments
(excluding discounted and convertible bonds) as described in note 2.
4. Investment income
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
Income recognised on investments held at fair
value through profit or loss
Dividend income - 4
Income from discounted debt 15 -
----------------------------
15 4
----------------------------
Income recognised on investments held at amortised
cost
Return on loan stock investments 693 681
Bank deposit interest 22 20
----------------------------
715 701
----------------------------
730 705
----------------------------
Interest income earned on impaired investments at 31 March 2012 amounted to
GBP185,000 (2011: GBP96,000). These investments are all held at amortised cost.
5. Investment management fees
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
Investment management fee charged to revenue 68 67
Investment management fee charged to capital 204 201
--------------------------------
272 268
--------------------------------
Further details of the management agreement under which the investment
management fee is paid are given in the Directors' report in the full Annual
Report and Financial Statements.
6. Other expenses
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
Secretarial and administration fee 28 28
Directors' fees (including NI/VAT) 65 65
Auditor's remuneration for statutory audit
services 23 22
Other 67 96
----------------------------
183 211
----------------------------
7. Directors' fees
The amounts paid to Directors during the year are as follows:
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=---------------------------------------------------------------
Directors' fees 60 60
National Insurance and/or VAT 5 5
--------------------------------
65 65
--------------------------------
Further information regarding Directors' remuneration can be found in the
Directors' remuneration report in the full Annual Report and Financial
Statements.
8. Tax (charge)/credit on ordinary activities
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