Final Results
May 09 2002 - 6:51AM
UK Regulatory
RNS Number:6784V
Oxford Technology Vent Cap Tst PLC
9 May 2002
Preliminary Announcement for Oxford Technology Venture Capital Trust plc for the
year ended 28 February 2002
Chairman's Statement
As is to be expected with investments in early stage and start-up technology
companies, the results have been mixed, with some companies doing very well and
others running into difficulties of one sort or another. As at the year end, 28
February 2002, net assets per share were £1.22, which compares to £1.19 at 28
February 2001, and £1.12 at 31 August 2001. These investments are described in
the periodic newsletters.
Net revenue return after taxation and management expenses was a deficit of
£136,000 and revenue return per share for the period was a loss of 2.80p.
Capital return was 6.12p per share.
John Jackson
Chairman
8 May 2002
Statement Of Total Return (Incorporating the Revenue Account)*
For The Year Ended 28 February 2002
2002 2001
Audited Audited
Revenue £000 Capital Total £000 Revenue Capital Total £000
£000 £000 £000
Gains on investments - 297 297 - 623 623
Income 4 - 4 23 - 23
Investment management fee (82) - (82) (79) - (79)
Other expenses (58) - (58) (58) - (58)
_____ _____ _____ _____ _____ _____
Net return on ordinary (136) 297 161 (114) 623 509
activities before taxation
Tax on ordinary activities - - - 4 - 4
_____ _____ _____ _____ _____ _____
Return attributable to equity (136) 297 161 (110) 623 513
shareholders and transfers to/
(from) reserves
====== ====== ====== ====== ====== ======
Return per ordinary share (2.80p) 6.12p 3.32p (2.27p) 12.84p 10.57p
====== ====== ====== ====== ====== ======
* The revenue column of this statement is the profit and loss account of the
company.
All revenue and capital items in the above statement derive from continuing
operations. There were no recognised gains or losses for the year other than
those shown above.
Balance Sheet At 28 February 2002
28 February 2002 28 February 2001 Audited
Audited
£000 £000 £000 £000
Fixed assets
Investments 5,898 5,540
Current assets
Debtors 2 -
Cash at bank 20 228
_____ _____
22 228
Creditors: amounts falling due (6) (15)
within one year
_____ _____
Net current assets 16 213
_____ _____
Net assets 5,914 5,753
===== =====
Capital and reserves
Called up share capital 485 485
Share premium account 4,107 4,107
Other reserves:
Capital reserve - realised (916) (775)
Capital reserve - unrealised 2,513 2,075
Revenue reserve (275) (139)
_____ _____
Shareholders' funds 5,914 5,753
===== =====
Net asset value per share 122p 119p
===== =====
Cash Flow Statement For The Year Ended 28 February 2002
2002 2001
Audited Audited
£000 £000
Net cash inflow / (outflow) from (147) (96)
operating activities
Taxation recovered - 4
Capital expenditure and financial
investment
Purchase of investments (83) (800)
Redemption/disposal of investments 22 1,019
______ ______
Net cash outflow for capital (61) 219
expenditure and financial
investment
______ ______
Increase/(decrease) in cash (208) 127
====== ======
Notes:
1. Basis of preparation
The preliminary announcement has been prepared in accordance with applicable
accounting standards up to and including FRS 19 and with the Statement of
Recommended Practice 'Financial statements of investment trust companies' and
under the historical cost convention, modified to include the revaluation of
investments. The principal accounting policies have remained unchanged from
those set out in the company's 2001 financial statements.
2. Return per Ordinary Share
The calculation of revenue return per share is based on the net deficit for the
financial period of £136,000 (2000: deficit of £110,000) divided by the weighted
average number of ordinary shares of 4,852,900 (2001: 4,852,900) in issue during
the year.
The calculation of capital return per share is based on the net capital return
for the financial period of £297,000 (2000:£623,000) divided by the weighted
average number of ordinary shares of 4,852,900 (2000: 4,852,900) in issue during
the year.
3. General
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 28 February 2002 and the statement of total return,
cash flow statement and associated notes for the year then ended have been
extracted from the company's 2002 statutory financial statements on which the
auditors' opinion is unqualified and does not include any statement under
section 237 of the Companies Act 1985.
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