Final Results
May 09 2002 - 6:51AM
UK Regulatory
RNS Number:6786V
Oxford Technology 2 VCT PLC
9 May 2002
Preliminary Announcement for Oxford Technology 2 Venture Capital Trust plc for
the period ended 28 February 2002
Chairman's Statement
Oxford Technology 2 VCT is now fully invested in the sense that it will make no
further investments in new companies, but it retains some capital with which to
support existing investees. Net assets per share were £1.42 at 28 February 2002,
compared to £0.99 as at 28 February 2001, and £1.48 at 31 August 2001. These
investments are described in the periodic newsletters.
Interest on government stocks and bank deposits produced gross revenue of
£123,000 in the year. Net revenue return after taxation and management expenses
was a deficit of £54,000 and revenue return per share for the period was a loss
of 0.90p. Capital return was 43.95p per share.
John Jackson
Chairman
8 May 2002
Statement Of Total Return (Incorporating the Revenue Account)*
For The Period Ended 28 February 2001
2002 Audited 2001
Audited
Revenue Capital Total £000 Revenue Capital Total £000
£000 £000 £000 £000
Gains on investments - 2,637 2,637 - 117 117
Income 123 - 123 260 - 260
Investment management fee (120) - (120) (110) - (110)
Other expenses (59) - (59) (58) - (58)
_____ _____ _____ _____ _____ _____
Net return on ordinary activities before (56) 2,637 2,581 92 117 209
taxation
Tax on ordinary activities 2 - 2 (22) - (22)
_____ _____ _____ _____ _____ _____
Return attributable to equity shareholders (54) 2,637 2,583 70 117 187
Dividends in respect of equity shares - - - (60) - (60)
_____ _____ _____ _____ _____ _____
Transfers to reserves (54) 2,637 2,583 10 117 127
==== ==== ==== ==== ==== ====
Return per ordinary share (0.90p) 43.95p 43.05p 1.17p 1.97p 3.14p
==== ==== ==== ==== ==== ====
* 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 period 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 7,630 4,329
Current assets
Debtors 5 95
Cash at bank 907 1,616
_____ _____
912 1,711
Creditors: amounts falling due within (11) (92)
one year
_____ _____
Net current assets 901 1,619
_____ _____
Net assets 8,531 5,948
===== =====
Capital and reserves
Called up share capital 600 600
Share premium account 5,221 5,221
Capital reserve - realised 8 -
Capital reserve - unrealised 2,746 117
Revenue reserve (44) 10
_____ _____
Shareholders' funds 8,531 5,948
===== =====
Net asset value per share 142p 99p
===== =====
Cash Flow Statement For The Period Ended 28 February 2002
2002 2001
Audited Audited
£000 £000
Net cash inflow from operating 35 234
activities
Taxation paid (20) -
Capital expenditure and financial
investment
Purchase of investments (2,679) (6,918)
Redemption / disposal of 2,015 2,479
government stocks
_____ _____
Net cash outflow for capital (664) (4,439)
expenditure and financial
investment
Dividends paid (60) -
_____ _____
Net cash outflow before financing (709) (4,205)
Financing
Issue of shares - 6,000
Expenses paid in connection with - (179)
share issue
_____ _____
Net cash inflow from financing - 5,821
_____ _____
Increase / (decrease) in cash (709) 1,616
===== =====
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 £54,000 (2001: profit of £70,000) divided by the weighted
average number of ordinary shares of 6,000,000 (2001: 5,954,117) in issue during
the period.
The calculation of capital return per share is based on the net capital return
for the financial period of £2,637,000 (2001: £117,000) divided by the weighted
average number of ordinary shares of 6,000,000 (2001: 5,954,117) in issue during
the period.
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 period 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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