British Smaller Companies VCT2 Plc Half Yearly -4-

3. Taxation

 
                                                     Unaudited 6 months 
                       Unaudited 6 months                   ended 
                        ended 30 June 2011               30 June 2010 
                   Revenue   Capital     Total   Revenue   Capital     Total 
                    GBP000    GBP000    GBP000    GBP000    GBP000    GBP000 
 
 Profit (loss) 
  before 
  taxation               2       473       475        10     (119)     (109) 
----------------  --------  --------  --------  --------  --------  -------- 
 Profit (loss) 
  before 
  taxation 
  multiplied by 
  standard small 
  company rate 
  of corporation 
  tax in UK of 
  20% (2010: 
  21%)                   -        95        95         2      (25)      (23) 
 Effect of: 
 UK dividends 
  received             (5)         -       (5)       (3)         -       (3) 
 Non taxable 
  profits on 
  investments            -     (117)     (117)         -         1         1 
 Excess 
  management 
  expenses               5        22        27         1        24        25 
 
 Tax (credit)/           -         -         -         -         -         - 
  charge

The Company has no provided, or unprovided, deferred tax liability in either year.

Deferred tax assets in respect of losses have not been recognised as management do not currently believe that it is probable that sufficient taxable profits will be available against which the assets can be recovered.

Due to the Company's status as a venture capital trust, and the continued intention to meet the conditions required to comply with Chapter 3 Part 6 of the Income Tax Act 2007, the Company has not provided deferred tax on any capital gains or losses arising on the revaluation or realisation of investments.

4. Dividends

Amounts recognised as distributions to equity holders in the period:

 
                                                                                        Audited 
                          Unaudited                      Unaudited                     Year ended 
                        6 months ended                 6 months ended                 31 December 
                         30 June 2011                   30 June 2010                      2010 
                  Revenue   Capital     Total   Revenue   Capital     Total   Revenue   Capital     Total 
                   GBP000    GBP000    GBP000    GBP000    GBP000    GBP000    GBP000    GBP000    GBP000 
 Final paid - 
  2.0p per 
  share paid 
  10 June 2011 
  (2010: 
  2.0p)                 -       467       467         -       356       356         -       356       356 
 Interim paid 
  - 2.0p per 
  share paid 
  30 September 
  2010                  -         -         -         -         -         -        10       347       357 
 
                        -       467       467         -       356       356        10       703       713

An interim dividend of 2.0 pence per Ordinary Share, amounting to GBP467,185, is proposed. The dividend has not been recognised in these half year financial statements as the obligation did not exist at the balance sheet date.

5. Basic and Diluted Earnings (loss) per Ordinary Share

The basic and diluted earnings per Ordinary Share is based on the profit attributable to equity Shareholders of GBP475,000 (30 June 2010: loss of GBP109,000) and 20,367,889 (30 June 2010: 17,705,179) shares being the weighted average number of shares in issue during the period.

The basic and diluted revenue return per Ordinary Share is based on the revenue profit attributable to equity Shareholders of GBP2,000 (30 June 2010: GBP10,000) and 20,367,889 (30 June 2010: 17,705,179) shares being the weighted average number of shares in issue during the period.

The basic and diluted capital return per Ordinary Share is based on the capital gain attributable to equity Shareholders of GBP473,000 (30 June 2010: loss of GBP119,000) and 20,367,889 (30 June 2010: 17,705,179) shares being the weighted average number of shares in issue during the period.

The Company has no securities that would have a dilutive effect and hence basic and diluted earnings (loss) per Ordinary Share are the same.

6. Net Asset Value per Ordinary Share

The basic and diluted Net Asset Value per Ordinary Share is calculated on attributable assets of GBP15,888,000 (30 June 2010 and 31 December 2010: GBP12,498,000 and GBP11,829,000 respectively) and 23,359,278 (30 June 2010 and 31 December 2010: 17,837,519 and 17,278,696 respectively) shares in issue at the period end.

The Company has no securities that would have a dilutive effect and hence basic and diluted Net Asset Value per Ordinary Share are the same.

7. Directors

The directors of the Company are: Mr R Last, Mr R M Pettigrew, and Mr P C Waller.

8. Other Information

Copies of the interim report can be obtained from the Company's registered office: Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ or from the fund manager's website: www.yfmep.com

For further information please contact:

David Bell YFM Private Equity Tel: 0207 887 7522

Jeff Keating Singer Capital Markets Tel: 0203 205 7500

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR DMGGRZFMGMZM

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