Albion Prime VCT Albion Prime VCT PLC : Annual -7-
28 Juin 2012 - 7:24PM
UK Regulatory
Year ended Year ended
31 March 2012 31 March 2011
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=------------------------------------------------------------------------------
UK corporation tax in respect of
current year (109) 54 (55) (100) 53 (47)
UK corporation tax in respect of
prior periods 19 - 19 83 - 83
--------------------------------------------
Total (90) 54 (36) (17) 53 36
--------------------------------------------
The tax (charge)/charge for the year shown in the Income statement is lower than
the small companies rate of corporation tax in the UK of 20 per cent. (2011: 21
per cent.). The differences are explained below:
Factors affecting the tax charge:
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=-------------------------------------------------------------------------
Profit on ordinary activities before taxation 66 253
----------------------------
Tax on profit at the small companies rate (13) (53)
Factors affecting the charge:
Consortium relief in respect of prior years 19 83
Non-taxable (losses)/gains (42) 5
Non-taxable income - 1
----------------------------
(36) 36
----------------------------
Notes
(i) Venture Capital Trusts are not subject to corporation tax on capital gains.
(ii) Tax relief on expenses charged to capital has been determined by allocating
tax relief to expenses by reference to the applicable corporation tax rate and
allocating the relief between the revenue and capital in accordance with the
SORP.
(iii) No deferred tax asset or liability has arisen in the year.
9. Dividends
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
First dividend paid on 9 July 2010 - 1.5 pence
per share - 309
Second dividend paid on 28 February 2011 - 1.5
pence per share - 310
First dividend paid on 31 August 2011 - 1.5 pence
per share 321 -
Second dividend paid on 29 February 2012 - 1.5
pence per share 317 -
Unclaimed dividends (10) -
----------------------------
628 619
----------------------------
In addition to the dividends summarised above, the Board has declared a first
dividend for the year ending 31 March 2013 of 1.5 pence per share. This dividend
will be paid on 31 August 2012 to shareholders on the register as at 3 August
2012. The total dividend will be approximately GBP333,000.
During the year, unclaimed dividends older than twelve years of GBP10,000 (2011:
GBPnil) were returned to the Company in accordance with the terms of the Articles
of Association.
10. Basic and diluted return/(loss) per share
The return/(loss) per share has been based on the following figures:
Year ended Year ended
31 March 2012 31 March 2011
Revenue Capital Total Revenue Capital Total
=------------------------------------------------------------------------------
Return/(loss) attributable
to equity shares ( GBP'000) 389 (359) 30 410 (121) 289
Weighted average shares
(excluding treasury shares) 21,298,987 20,469,014
Basic and diluted
return/(loss) per share
(pence) 1.8 (1.7) 0.1 2.0 (0.6) 1.4
The weighted average number of shares is calculated excluding treasury shares of
2,341,500 (2011: 2,242,955).
There are no convertible instruments, derivatives or contingent share agreements
in issue, and therefore no dilution affecting the return per share. The basic
return per share is therefore the same as the diluted return per share.
11. Fixed asset investments
The classification of investments by nature of instruments is as follows:
31 March 2012 31 March 2011
GBP'000 GBP'000
=-----------------------------------------------------------------------------
Unquoted equity investments at fair value
through profit or loss 3,489 3,250
Unquoted convertible loan stock investments and
discounted bonds valued at fair value through
profit or loss 803 71
Unquoted preference share investments at fair
value through profit or loss - 236
Unquoted loan stock investments measured at
amortised cost 9,206 9,956
-----------------------------
13,498 13,513
-----------------------------
GBP'000
=------------------------------------------------------------------------------
Opening valuation as at 1 April 2011 13,513
Purchases at cost 1,492
Disposal proceeds (1,321)
Realised gains 156
Movement in loan stock accrued income 23
Unrealised losses (365)
------------------------------
Closing valuation as at 31 March 2012 13,498
------------------------------
Movement in loan stock accrued income
Opening accumulated movement in loan stock
accrued income 117
Movement in loan stock accrued income 23
------------------------------
Closing accumulated movement in loan stock
accrued income 140
------------------------------
Movement in unrealised losses
Opening accumulated unrealised losses (2,854)
Transfer of previously unrealised losses to
realised reserve on disposal of investments 67
Movement in unrealised losses (365)
------------------------------
Closing accumulated unrealised losses (3,152)
------------------------------
Historic cost basis
Opening book cost 16,250
Purchases at cost 1,492
Sales at cost (1,232)
------------------------------
Closing book cost 16,510
------------------------------
The amount shown for the purchase of fixed assets included in the cash flow
statement differs from the amount shown above, due to an investment settlement
creditor in the prior year.
The Directors believe that the carrying value of loan stock measured at
amortised cost is not materially different to fair value. The Company does not
hold any assets as the result of the enforcement of security during the period,
and believes that the carrying values for both impaired and past due assets are
covered by the value of security held for these loan stock investments.
The amended FRS 29 'Financial Instruments: Disclosures' requires the Company to
disclose the valuation methods applied to its investments measured at fair value
through profit or loss in a fair value hierarchy according to the following
definitions;
Fair value hierarchy Definition of valuation method
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