Oxford Technology VCT plc : Annual Financial Report
May 30 2012 - 11:31AM
UK Regulatory
TIDMOXT
Preliminary Announcement for
Oxford Technology Venture Capital Trust PLC
For the year ended 29 February 2012
Statement on behalf of the Board
The net asset value per share on 29 February 2012 was 25p compared to 26p on 28
February 2011. The earnings per share in the year to 29 February 2012 showed a
loss of 1.1p. Oxford Technology VCT (OT1) has paid cumulative dividends to date
of 42.7p.
While there have been some disappointments over the years, several companies in
the portfolio continue to have the potential to deliver good returns to
investors, and these companies are described in the review of the investment
portfolio.
Investment Policy & Fundraising
The Company has built a balanced portfolio of investments with the following
characteristics:
· unlisted, UK based, science, technology and engineering businesses
· investments typically in the range of GBP100,000 to GBP500,000
· generally located within approximately 60 miles of Oxford
Results for the year
Interest on bank deposits and investee loans produced gross income of GBP4,000
(2011: GBP4,000) in the year. The loss for the year was GBP60,000 (2011: loss of
GBP271,000) and earnings per share for the year showed a loss of 1.1p (2011: loss
of 5.0p). The graph on page 13 shows the historical Net Current Assets and
other investments per share. Together, these two figures make up the total Net
Asset Value per share. The graph also shows cumulative dividends paid to date.
AGM
Shareholders should note that the AGM for Oxford Technology VCT (OT1) will be
held on Wednesday 4th July 2012, at the Magdalen Centre, Oxford Science Park,
starting at 12.00 noon and will include presentations by some of the companies
in which the Oxford Technology VCTs have invested. A formal Notice of AGM has
been included at the back of these Accounts together with a Form of Proxy for
those not attending.
John Jackson
Chairman
28 May 2012
Profit and loss account
for the year ended 29 February 2012
Year ended 29 Year ended 28
February 2012 February 2011
Note GBP'000 GBP'000
(Loss) on disposal of investments held at fair value - (105)
Unrealised (loss)/gain on fair value
of investments (18) (106)
Other income 4
4
Investment management fees (21) (32)
Other expenses (25)
(32)
(Loss)/profit on ordinary activities before tax (60) (271)
Taxation on (loss)/profit on ordinary activities - -
(Loss)/profit on ordinary activities after tax (60) (271)
Earnings per share (basic and diluted) 6 (1.1)p (5.0)p
Historic cost profits and losses note
2012 2011
(Loss)/profit for the year (60)
(271)
Unrealised loss/(gain) on fair value of investment 18 106
Loss/(profit) on disposal of investments held at
fair value -
105
Profit/(loss) on disposal of investments held at
historical value (112)
164
Historical cost (loss)/profit before tax (154)
104
Historical cost (loss)/profit after tax (154)
104
Balance sheet at 29 February 2012
29 February 2012 28
February 2011
GBP000 GBP000
GBP000 GBP000
Fixed assets
Investments at fair value 1,097
1,115
Current assets
Other debtors & prepayments 16
8
Cash at bank 243
292
259
300
Creditors: amounts falling
due within one year (6)
(5)
Net current assets 253
295
Net assets 1,350
1,410
Capital and reserves
Called up share capital 543
543
Share premium 176
176
Profit and loss account 556
710
Unrealised capital reserve 75
(19)
Shareholders' funds 1,350
1,410
Net asset value per share 25p
26p
These financial statements were approved by the directors on 28 May 2012.
JLA Cary - Director
28 May 2012
Cash flow statement
for the period ended 29 February 2012
2012 2011
Note GBP000 GBP000
Net cash (outflow) from operating 13 (49) (66)
activities
Capital expenditure and financial
investment
Purchase of investments - (110)
Disposal of investments - 835
Net cash (outflow) from capital
expenditure
and financial investment - 725
Net cash outflow before financing (49) 659
Financing
Issue of Shares - 58
Expenses paid in connection with share - (3)
issue
Net cash inflow from financing - 55
Dividends Paid - (543)
(Decrease)/Increase in cash (49) 171
Notes:
1. Basis of preparation
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of investments. The financial
statements have been prepared in accordance with applicable accounting standards
and with the Statement of Recommended Practice 'Financial statements of
investment trust companies' issued in 2009.
2. Earnings per Ordinary Share
The calculation of earnings per share for the period is based on the profit
attributable to shareholders divided by the weighted average number of shares in
issue during the period.
3. Valuation of Investments
Quoted investments are stated at the bid price. Unquoted investments are stated
at fair value, where fair value is estimated after following the guidelines laid
down by the International Private Equity and Venture Capital Guidelines. The
Directors' policy is to initially state investments at cost and then to review
the valuation every three months. The Directors' may then apply an appropriate
methodology which, as far as possible, draws on external, objective market data
such as where fair value is indicated by:
· a material arms length transaction by a third party in the shares of the
company, with discounting for more junior asset classes, and reviewed for
impairment; or
· a suitable revenue or earnings multiple where the company is well
established and generating maintainable profits. The multiple will be based on
comparable listed companies but may be discounted to reflect a lack of
marketability; or
· the net assets of the business.
Where such objective data is not available the Directors' may choose to maintain
the value of the company as previously stated or to discount this where
indicated by underperformance against plan.
The directors consider that this basis of valuation of unquoted investments is
consistent with the International Private Equity and Venture Capital Guidelines.
4. General
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 434(3) of the Companies Act
2006. The balance sheet at 29 February 2012 and the profit and loss account,
cash flow statement and associated notes for the year then ended have been
extracted from the company's 2012 statutory financial statements.
Those financial statements have been delivered to the Registrar of Companies,
contain an auditors' opinion that is unqualified and do not include any
statement under section 498(2) or (3) of the Companies Act 2006.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Oxford Technology VCT plc via Thomson Reuters ONE
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