Downing Three VCT Downing Three Vct 3 Plc : Final -4-
28 Avril 2014 - 7:58PM
UK Regulatory
Fresh Green Power Limited 200 200 - 2.3%
Green Energy Production UK
Limited 100 100 - 1.2%
Cheers Dumbarton Limited 48 17 (31) 0.3%
Lochrise Limited 13 - - 0.0%
3,978 3,780 (104) 43.7%
Non-qualifying investments
Aminghurst Limited 1,110 1,110 - 12.8%
Pub People Limited 500 500 - 5.8%
Baron House Developments LLP 481 481 - 5.5%
Hoole Hall Hotel Limited 265 265 - 3.1%
Dominions House Limited 107 107 - 1.2%
Retallack Surfpods Limited 98 98 - 1.1%
3D Pub Company Limited 55 55 - 0.6%
Southampton Hotel Developments
Limited 300 - (300) 0.0%
2,916 2,616 (300) 30.1%
6,894 6,396 (404) 73.8%
Cash at bank and in hand 2,272 26.2%
Total investments 8,668 100%
* Part-qualifying investment
Summary of investment movements
Additions
Cost
GBP'000
VCT qualifying and partially qualifying investments
Pearce and Saunders Limited* 644
Redmed Limited* 311
Augusta Pub Company 290
Pabulum Pubs Limited 200
Vulcan Renewables Limited 28
Non-qualifying investments
Pub People Limited 500
Dominions House Limited 107
Retallack Surfpods Limited 77
Total 'F' Share pool 2,157
Disposals
Total
MV at Gain realised
01/02/13 Disposal against gain during
Cost ** proceeds cost the period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non-qualifying
investments
Clareville St LLP 500 500 500 - -
West Tower Holdings
Limited 290 290 290 - -
Retallack Surfpods
Limited 228 228 228 - -
Baron House
Developments LLP 144 144 144 - -
Redmed Limited 35 35 35 - -
1,197 1,197 1,197 - -
** Adjusted for additions in the period
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, The
Report of the Directors, the Directors' remuneration report and the
financial statements in accordance with applicable law and regulations.
They are also responsible for ensuring that the annual report includes
information required by the Listing Rules of the Financial Conduct
Authority.
Company law requires the directors to prepare financial statements for
each financial year. Under that law the directors have elected to
prepare the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom accounting
standards and applicable law). Under company law the directors must not
approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the company and of
the profit or loss of the company for that period.
In preparing these financial statements the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements; and
-- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions, to
disclose with reasonable accuracy at any time the financial position of
the company and to enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
In addition, each of the Directors considers that the Annual Report,
taken as a whole, is fair, balanced and understandable and provides the
information necessary for Shareholders to assess the Company's
performance, business model and strategy.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company's website.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information included
in annual reports may differ from legislation in other jurisdictions.
Directors' statement pursuant to the Disclosure and
Transparency Rules
Each of the Directors, confirms that, to the best of each person's
knowledge:
-- that the financial statements, which have been prepared in accordance
with UK Generally Accepted Accounting Practice, give a true and fair view
of the assets, liabilities, financial position and profit or loss of the
company; and
-- the management report included within the Strategic Report, Report of the
Directors, Chairman's Statement, Investment Manager's Report and Review
of Investments includes a fair review of the development and performance
of the business and the position of the company together with a
description of the principal risks and uncertainties that it faces.
By order of the Board
Grant Whitehouse
Company Secretary
10 Lower Grosvenor Place
London SW1W 0EN
INCOME STATEMENT
for the period ended 31 December 2013
Period ended 31 December 2013 Year ended 31 January 2013
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 1,066 - 1,066 1,149 - 1,149
(Loss)/gain on
investments - (462) (462) - 175 175
1,066 (462) 604 1,149 175 1,324
Investment
management
fees (334) - (334) (308) - (308)
Other expenses (206) (35) (241) (238) - (238)
Return/(loss)
on ordinary
activities
before tax 526 (497) 29 603 175 778
Tax on
ordinary
activities (128) - (128) (152) - (152)
Return/(loss)
attributable
to equity
shareholders 398 (497) (99) 451 175 626
Basic and
diluted
return/(loss)
per:
'C' Share 2.3p (1.2p) 1.1p 4.0p 4.2p 8.2p
'A' Share - - - - - -
'D' Share 2.2p (0.1p) 2.1p 1.7p (0.2p) 1.5p
'E' Share - - - - - -
'F' Share 0.1p (3.7p) (3.6p) (0.1p) (1.2p) (1.3p)
All Revenue and Capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
during the period. The total column within the Income Statement
represents the profit and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared
as all gains and losses are recognised in the Income Statement noted
above.
Other than revaluation movements arising on investments held at fair
value through the profit and loss, there were no differences between the
return/loss as stated above and at historical cost.
INCOME STATEMENT (ANALYSED BY SHARE POOL) for the period ended 31
December 2013
'C' Share pool
Period ended 31 December 2013 Year ended 31 January 2013
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 351 - 351 537 - 537
(Loss)/gain on
investments - (52) (52) - 299 299
351 (52) 299 537 299 836
Investment
management
fees (82) - (82) (89) - (89)
Other expenses (58) (35) (93) (75) - (75)
Return/(loss)
on ordinary
activities
before tax 211 (87) 124 373 299 672
Tax on
ordinary
activities (49) - (49) (87) - (87)
Return/(loss)
attributable
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