Downing Three VCT Downing Three Vct 3 Plc : Final -5-
April 28 2014 - 1:58PM
UK Regulatory
to equity
shareholders 162 (87) 75 286 299 585
'D' 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 458 - 458 433 - 433
Loss on
investments - (6) (6) - (24) (24)
458 (6) 452 433 (24) 409
Investment
management
fees (98) - (98) (110) - (110)
Other expenses (68) - (68) (88) - (88)
Return/(loss)
on ordinary
activities
before tax 292 (6) 286 235 (24) 211
Tax on
ordinary
activities (71) - (71) (60) - (60)
Return/(loss)
attributable
to equity
shareholders 221 (6) 215 175 (24) 151
'F' 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 257 - 257 179 - 179
Loss on
investments - (404) (404) - (95) (95)
257 (404) (147) 179 (95) 84
Investment
management
fees (154) - (154) (109) - (109)
Other expenses (80) - (80) (75) - (75)
(Loss)/return
on ordinary
activities
before tax 23 (404) (381) (5) (95) (100)
Tax on
ordinary
activities (8) - (8) (5) - (5)
(Loss)/return
attributable
to equity
shareholders 15 (404) (389) (10) (95) (105)
BALANCE SHEET as at 31 December 2013
As at 31 December 2013 As at 31 January 2013
'C' 'D' 'F' 'C' 'D' 'F'
Share Share Share Share Share Share
pool pool pool Total pool pool pool Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments 5,768 7,554 6,396 19,718 6,741 8,027 5,841 20,609
Current assets
Debtors 23 93 53 169 157 90 73 320
Cash at bank and in
hand 809 173 2,272 3,254 35 6 3,740 3,781
832 266 2,325 3,423 192 96 3,813 4,101
Creditors: amounts
falling due within
one year (95) (132) (77) (304) (144) (139) (80) (363)
Net current
assets/(liabilities) 737 134 2,248 3,119 48 (43) 3,733 3,738
Net assets 6,505 7,688 8,644 22,837 6,789 7,984 9,574 24,347
Capital and reserves
Called up share
capital 18 25 11 54 18 25 11 54
Capital redemption
reserve 106 - - 106 106 - - 106
Special reserve 5,940 8,061 - 14,001 5,977 8,384 - 14,361
Share premium reserve - - 10,160 10,160 - - 10,160 10,160
Revaluation reserve 403 (421) (499) (517) 566 (427) (95) 44
Capital reserve -
realised - - (1,033) (1,033) 53 - (492) (439)
Revenue reserve 38 23 5 66 69 2 (10) 61
Total equity
shareholders' funds 6,505 7,688 8,644 22,837 6,789 7,984 9,574 24,347
Basic and diluted net asset
value per
'C'/'D'/'F' Share 90.7p 76.9p 79.9p 94.7p 79.7p 88.5p
'A'/'E' Share 0.1p 0.1p n/a 0.1p 0.1p n/a
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the period ended 31 December 2013
Period ended 31 December 2013 Year ended 31 January 2013
'C' 'D' 'F' 'C' 'D' 'F'
Share Share Share Share Share Share Total
pool pool pool Total pool pool pool (Incl. Ord Shares)
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening
Shareholders'
funds 6,789 7,984 9,574 24,347 6,574 8,333 1,178 16,090
Issue of shares - - - - - - 10,763 10,763
Share issue
costs - - - - - - (592) (592)
Purchase of own
shares - (11) - (11) (12) - - (12)
Share capital to
be issued - - - - - - (1,178) (1,178)
Total recognised
(loss)/return
for the year 75 215 (389) (99) 585 151 (105) 626
Dividends
paid 7 (359) (500) (541) (1,400) (358) (500) (492) (1,350)
Closing
Shareholders'
funds 6,505 7,688 8,644 22,837 6,789 7,984 9,574 24,347
The Ordinary Share pool had opening Shareholders funds of GBP5,000 at 1
February 2012. These were eliminated when the class was cancelled in the
prior year.
CASH FLOW STATEMENT for the period ended 31 December 2013
Period ended 31 December 2013 Year ended 31 January 2013
'C' 'D' 'F' 'C' 'D' 'F'
Share Share Share Share Share Share
pool pool pool Total pool pool pool Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash inflow/(outflow)
from operating
activities 301 273 38 612 327 251 (3) 575
Taxation
Corporation tax paid (89) (63) (5) (157) (48) (33) - (81)
Capital expenditure
Purchase of investments (83) (136) (2,157) (2,376) (80) (1,477) (6,497) (8,054)
Sale of investments 1,004 604 1,197 2,805 27 1,272 561 1,860
Net cash inflow/(outflow)
from capital expenditure 921 468 (960) 429 (53) (205) (5,936) (6,194)
Equity dividends paid (359) (500) (541) (1,400) (358) (500) (492) (1,350)
Net cash (outflow)/inflow
before financing 774 178 (1,468) (516) (132) (487) (6,431) (7,050)
Financing
Proceeds from share issue - - - - - - 10,763 10,763
Share issue costs - - - - - - (592) (592)
Purchase of own shares - (11) - (11) (12) - - (12)
Net cash (outflow)/inflow
from financing - (11) - (11) -- (12) - 10,171 10,159
(Decrease)/increase in
cash 774 167 (1,468) (527) (144) (487) 3,740 3,109
There were no cash flow movements with respect to the Ordinary Share
pool in either year.
NOTES TO THE ACCOUNTS
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally
Accepted Accounting Practice ("UK GAAP") and in accordance with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" revised January 2009
("SORP").
The financial statements are prepared under the historical cost
convention except for certain financial instruments measured at fair
value and on the basis that it is not necessary to prepare consolidated
accounts as explained in note 9.
The Company implements new Financial Reporting Standards ("FRS") issued
by the Financial Reporting Council when required.
Presentation of Income Statement
In order to better reflect the activities of a venture capital trust and
in accordance with the SORP, supplementary information which analyses
the Income Statement between items of a revenue and capital nature has
been presented alongside the Income Statement. The net revenue is the
measure the Directors believe appropriate in assessing the Company's
compliance with certain requirements set out in Part 6 of the Income Tax
Act 2007.
Investments
Venture capital investments are designated as "fair value through profit
or loss" assets due to investments being managed and performance
evaluated on a fair value basis. A financial asset is designated within
this category if it is both acquired and managed on a fair value basis,
with a view to selling after a period of time, in accordance with the
Company's documented investment policy. The fair value of an investment
upon acquisition is deemed to be cost. Thereafter investments are
measured at fair value in accordance with the International Private
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