British Smaller Companies VCT2 Plc Half Yearly -2-
August 03 2011 - 8:48AM
UK Regulatory
For the 6 months ended 30 June 2011
Unaudited Unaudited
6 months ending 6 months ending 30
30 June 2011 June 2010
Revenue Capital Total Revenue Capital Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on
disposal of
investments - 7 7 - 35 35
Gains (Losses)
on investments
held at fair
value - 576 576 - (41) (41)
Income 2 178 - 178 163 - 163
Administrative
expenses:
-------- -------- -------- -------- -------- --------
Fund Management
fee (36) (110) (146) (38) (113) (151)
Other expenses (140) - (140) (115) - (115)
-------- -------- -------- -------- -------- --------
(176) (110) (286) (153) (113) (266)
Profit (loss)
before
taxation 2 473 475 10 (119) (109)
Taxation 3 - - - - - -
Profit (loss)
for the period
attributable
to equity
Shareholders 2 473 475 10 (119) (109)
---------------- ------ -------- -------- -------- -------- -------- --------
Total
comprehensive
income for the
period
attributable
to equity
Shareholders 2 473 475 10 (119) (109)
---------------- ------ -------- -------- -------- -------- -------- --------
Basic and
diluted
earnings
(loss) per
Ordinary
share 5 0.01p 2.32p 2.33p 0.06p (0.67)p (0.62)p
---------------- ------ -------- -------- -------- -------- -------- --------
The Total column of this statement represents the Company's
Statement of Comprehensive Income, prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ('IFRSs'). The supplementary Revenue and Capital
columns are prepared under the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture
Capital Trusts' ('SORP') 2009 published by the Association of
Investment Companies.
Balance Sheet
As at 30 June 2011
Unaudited Unaudited Audited
6 months 6 months year
ended 30 ended ended
June 30 June 31 December
2011 2010 2010
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Investments 8,684 6,300 6,939
Fixed income government securities 2,839 4,044 3,980
--------------------------------------- ---------- ---------- -------------
Financial assets at fair value
through profit or loss 11,524 10,344 10,919
Trade and other receivables 281 237 259
--------------------------------------- ---------- ---------- -------------
11,805 10,581 11,178
Current assets
Trade and other receivables 173 196 193
Cash and cash equivalents 4,009 1,799 509
4,182 1,995 702
Liabilities
Current liabilities
Trade and other payables (98) (78) (51)
Net current assets 4,084 1,917 651
Net assets 15,888 12,498 11,829
--------------------------------------- ---------- ---------- -------------
Shareholders' equity
Share capital 2,412 1,784 1,785
Share premium 4,346 806 810
Capital redemption reserve 88 88 88
Merger reserve 5,525 5,525 5,525
Other reserve 2 2 2
Capital reserve 2,964 4,471 3,587
Investment holding losses (4,135) (4,950) (4,763)
Special reserve 4,352 4,786 4,463
Revenue reserve 334 (14) 332
Total Shareholders' equity 15,888 12,498 11,829
--------------------------------------- ---------- ---------- -------------
Net Asset Value per Ordinary 6 68.02p 70.1p 68.4p
share
------------------------------ ------- ---------- ---------- -------------
Signed on behalf of the Board
Richard Last
Chairman
3 August 2011
Statement of Changes in Equity
For the 6 months ended 30 June 2011 (unaudited)
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
2009 1,664 69 5,525 90 4,442 (4,802) 4,786 332 12,106
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Revenue return
for the
period - - - - - - - 10 10
Capital
expenses - - - - (113) - - - (113)
Investment
holding loss
on
investments
held at fair
value - - - - - (41) - - (41)
Realisation of
investments
in the
period - - - - 35 - - - 35
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
comprehensive
income for
the period - - - - (78) (41) - 10 (109)
Issue of share
capital 120 788 - - - - - - 908
Issue costs - (51) - - - - - - (51)
Dividends - - - - - - - (356) (356)
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
transactions
with
shareholders 120 737 - - - - - (356) 501
Realisation of
prior year
investment
holding
gains - - - - 107 (107) - - -
At 30 June
2010 1,784 806 5,525 90 4,471 (4,950) 4,786 (14) 12,498
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Revenue return
for the
period - - - - - - - - -
Capital
expenses - - - - (118) - - - (118)
Investment
holding loss
on
investments
held at fair
value - - - - - (211) - - (211)
Gain on
disposal of
investments
in the
period - - - - 335 - - - 335
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
comprehensive
income for
the period - - - - 217 (211) - - 6
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Issue of share
capital 1 4 - - - - - - 5
Issue costs - - - - - - - - -
Purchase of
own shares - - - - - - (323) - (323)
Dividends - - - - (703) - - 346 (357)
--------------- -------- -------- -------- --------- -------- ----------- -------- -------- -------
Total
transactions
with
shareholders 1 4 - - (703) - (323) 346 (675)
Realisation of
prior year
investment
holding
gains - - - - (398) 398 - - -
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