British Smaller Companies VCT2 Plc Half Yearly -3-
August 03 2011 - 8:48AM
UK Regulatory
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
At 31 December
2010 1,785 810 5,525 90 3,587 (4,763) 4,463 332 11,829
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Statement of Changes in Equity
For the 6 months ended 30 June 2011 (unaudited) (continued)
Investment
holding
Share gains
Share premium Merger *Other Capital (losses) Special Revenue Total
capital account reserve reserves reserve reserve reserve reserve equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 December
2010 1,785 810 5,525 90 3,587 (4,763) 4,463 332 11,829
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Revenue Loss
for the
period - - - - (110) - - 2 (108)
Capital
expenses - - - - - - - - -
Investment
holding gain
on
investments
held at fair
value - - - - - 576 - - 576
Gain on
disposal of
investments
in the
period - - - - 7 - - - 7
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
comprehensive
income for
the period - - - - (103) 576 - 2 475
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Issue of
ordinary
share
capital 627 3,582 - - - - - - 4,209
Issue costs of
Ordinary
shares - (46) - - - - - - (46)
Purchase of
own shares - - - - - - (111) - (111)
Dividends - - - - (468) - - - (468)
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
transactions
with
shareholders 627 3,536 - - (468) - (111) - 3,584
Realisation of
prior year
investment
holding
gains - - - - (52) 52 - - -
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
At 30 June
2011 2,412 4,346 5,525 90 2,964 (4,135) 4,352 334 15,888
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
* Other reserves include the capital redemption reserve and
treasury reserve, which are non-distributable.
Statement of Cash Flows
For the 6 months ended 30 June 2011
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended 31
30 June 30 June December
2011 2010 2010
GBP000 GBP000 GBP000
Net cash (outflow) inflow from operating
activities (40) (207) (312)
---------------------------------------------------- ------------- ---------- ---------
Cash flows from investing
activities
Purchase of financial assets at fair
value through profit or loss (2,352) (1,767) (3,135)
Proceeds from sale of financial assets at fair
value through profit or loss 2,307 932 1,525
Deferred consideration - - 301
Net cash (used in) from investing activities (45) (835) (1,309)
---------------------------------------------------- ------------- ---------- ---------
Cash flows from (used in)
financing activities
Issue of Ordinary shares 4,210 908 913
Cost of Ordinary shares (46) (15) (51)
Purchase of own shares (111) - (323)
Dividends paid (468) (356) (713)
Net cash from (used in) financing activities 3,585 537 (174)
---------------------------------------------------- ------------- ---------- ---------
Net increase (decrease) in cash and
cash equivalents 3,500 (505) (1,795)
Cash and cash equivalents at the beginning
of the period 509 2,304 2,304
Cash and cash equivalents at the end
of the period 4,009 1,799 509
---------------------------------------------------- ------------- ---------- ---------
Notes to the Unaudited Financial Statements
1. General information, basis of preparation and principal
accounting policies
These half year statements have been approved by the directors
whose names appear at note 7, each of whom has confirmed that to
the best of his knowledge:
-- The Interim Management Report includes a fair review of the
information required by rules 4.2.7 and 4.2.8 of the Disclosure
Rules and the Transparency Rules.
-- The half year statements comply with IAS 34 'Interim
financial reporting' and the Disclosure and Transparency Rules of
the Financial Services Authority.
The half year statements are unaudited and have not been
reviewed by the auditors pursuant to the Auditing Practices Board
(APB) guidance on Review of Interim Financial Information. They do
not constitute full financial statements as defined in section 435
of the Companies Act 2006. The comparative figures for the year
ended 31 December 2010 do not constitute full financial statements
and have been extracted from the Company's financial statements for
the year ended 31 December 2010. Those accounts were reported upon
without qualification by the auditors and have been delivered to
the Registrar of Companies.
The accounting policies and methods of computation followed in
the half year statements are the same as those adopted in the
preparation of the audited financial statements for the year ended
31 December 2010.
The financial statements for the year ended 31 December 2010
were prepared in accordance with the International Financial
Reporting Standards (IFRSs) as adopted by the European Union and
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. Where guidance set out in the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' issued by the Association of
Investment Companies in January 2009 ("SORP") is consistent with
the requirements of IFRS, the financial statements have been
prepared in compliance with the recommendations of the SORP.
Other standards and interpretations which have been issued and
are effective for this accounting period but are not currently
relevant for the Company are IFRS 1 (Revised), IFRS 2 (Amendment),
IFRS 3 (Revised), IFRS 5 (amendment), IAS 27 (Revised), IAS 32
(Amendment) and IFRICs 17 and 18.
Notes to the Unaudited Financial Statements
2. Income
Unaudited Unaudited
6 months 6 months
ended ended
30 June 30 June
2011 2010
GBP000 GBP000
Income from investments
- Dividends from unquoted companies 3 3
- Dividends from AIM quoted companies 20 13
-------------------------------------------- ---------- ----------
23 16
- Interest on loans to unquoted companies 77 57
- Fixed interest Government securities 69 83
Income from investments held at fair value
through profit or loss 169 156
Interest on bank deposits 9 7
178 163
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