Half-yearly report
ProVen VCT plc
Half Yearly Financial Report
for the Six Months Ended 31 August 2008
RECENT PERFORMANCE SUMMARY
31 Aug 2008 29 Feb 2008 31 Aug 2007
pence Pence pence
Net asset value per Ordinary share 77.60 88.50 96.60
Cumulative distributions per 77.95 74.20 68.20
Ordinary share
Total return per Ordinary share 155.55 162.70 164.80
Net asset value per 'C' share 81.00 89.60 95.60
Cumulative distributions per 'C' 2.75 1.00 -
share
Total return per 'C' share 83.75 90.60 95.60
CHAIRMAN'S STATEMENT
As Shareholders will be aware, economic conditions have worsened
significantly in recent months to such an extent that even major
financial institutions are now vulnerable. With the accompanying
unprecedented stockmarket volatility and the fact that the Company's
investment valuations are heavily influenced by market comparables,
it is not surprising that both share classes have seen some falls in
their net asset values over the six months ended 31 August 2008.
Net Asset Value
Ordinary Shares
As at 31 August 2008, the Company's Ordinary share net asset value
per share ("NAV") stood at 77.6p, a decrease of 7.15p per share or
8.1% since the year end (after adjusting for the dividends of 3.75p
paid in the period).
'C' Shares
The net asset value per 'C' Share stood at 81.0p at 31 August 2008, a
decrease of 6.85p per share or 7.6% since the year end (after
adjusting for the dividends of 1.75p paid in the period).
Venture Capital Investments
Ordinary Share pool
The Company made one significant realisation during the period. The
investment in ILG Digital Limited was sold as part of a private
equity transaction generating proceeds of £4.4 million against an
original cost of £1.3 million. The investment was first made in
November 2005. The Board congratulates the Investment Manager on
achieving another highly profitable disposal, which is even more
impressive considering the short length of time between investment
and exit.
The Ordinary share pool remained active throughout the period in
making new investments, investing a total cost of £1.4 million across
several companies.
The Board reviewed the valuations of the investments held at the
period end and made a number of adjustments. The largest adjustment
was to the investment in Espresso Group, being a reduction of £1.5
million to £4.5 million. The decline in valuation results from
slowing growth in the company's UK primary school business. The
Company is however expanding its secondary school and international
businesses and remains a good prospect.
The net unrealised movement on the portfolio over the period was a
decrease of £3.4 million. Further details are included in the
Investment Manager's Report.
C Share pool
The C Share pool is still in the process of building its initial
investment portfolio and has therefore been an active investor
throughout the six months. The pool made four new investments and
two significant follow-on investments at a total cost of 1.9 million.
In reviewing the investment valuations at the year end the Board made
two significant provisions against investments in businesses which
have not been performing to plan. The net unrealised movement on the
portfolio was a decrease of £1.2 million for the period.
Further details of the investments and investment management
activities are included in the Investment Manager's Report below.
Liquidity Fund Investments
The Company holds a proportion of its surplus funds in AAA rated
liquidity funds. At 31 August 2008, the Company held £11.3 million
in four such funds. £4.1 million of these funds were in respect of
the Ordinary Share pool and £7.2million in respect of the C Share
pool. The Board expects to continue to hold these investments until
funds are needed for venture capital investments.
Results
The Income Statement shows a loss on ordinary activities after
taxation for the Company for the period of £2,740,000 (£385,000
revenue return and £3,125,000 capital loss).
Dividend
Ordinary Shares
In view of the profitable realisation of ILG Digital, the Board
intends to distribute these gains to Ordinary shareholders. An
interim dividend of 14.5p per Ordinary share, comprising of 1.0p
revenue and 13.5p capital, will be paid on 31 October 2008 to
Ordinary Shareholders on the register at 17 October 2008.
Following the payment of this dividend, original Ordinary
Shareholders will have received 92.45p per share in dividends on an
investment with a net of tax relief cost of 80p per share.
Assuming other targets are also met at the Company's year end, the
payment of the above dividend will trigger a performance incentive
fee to the Investment Manager and the original promoter, Downing
Corporate Finance Limited, of 2.7p per Ordinary Share.
'C' Shares
The Company will also pay an interim dividend of 1.0p per C Share,
comprising wholly of revenue. The dividend will be paid on 31
October to C Shareholders on the register at 17 October 2008. This
will bring total dividends paid to C Shareholders to 2p per share.
Fundraising
As reported previously, the small top-up fundraising to the Company's
Ordinary Share offer closed on 7 April 2008 having raised £1.1
million net of costs. 1,338,126 Ordinary Share were issued at a
price of approximately 90.48p per share.
Shares buybacks
The Company continues to have a policy of purchasing its own shares
that become available in the market in order to help provide
liquidity to those Shareholders that need it. The Company currently
buys in shares at approximately a 10% discount to the last published
net asset value.
During the period, the Company purchased 314,928 Ordinary Shares at
an average price of 82.0p per share. These shares were subsequently
cancelled. No 'C' Shares were purchased in the period.
Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is now
required in the Company's half year results, to report on principal
risks and uncertainties facing the Company over the remainder of the
financial year.
The Board has concluded that the key risks facing the Company over
the remainder of the financial period are as follows:
(i) investment risk associated with a large proportion of the
Company's assets being invested in a single investment;
(ii) investment risk associated with investing in small and
immature businesses;
(iii) investment risk arising from extremely volatile stockmarket
conditions and their potential effect on investment valuation; and
(iv) failure to maintain approval as a VCT.
Although having a large proportion of the Company's assets invested
in a single investment involves additional risks, this situation is
not unusual within the venture capital industry and has arisen as a
result of strong growth in the value of one investment. The Board
regularly reviews the position to ensure that the potential benefits
of continuing to hold this investment outweighs the additional risk.
In the case of (ii), the Board is also satisfied with the Company's
approach. The Investment Manager follows a rigorous process in
vetting and careful structuring of new investments and, after an
investment is made, close monitoring of the business. In respect of
(iii), the Company seeks to hold a diversified portfolio however the
Company's is ability to manage this risk is quite limited, primarily
due to the restrictions arising from the VCT regulations.
The Company's compliance with the VCT regulations is continually
monitored by the Administrator, who reports regularly to the Board on
the current position. The Company also retains
PricewaterhouseCoopers to provide regular reviews and advice in this
area. The Board considers that this approach reduces the risk of a
breach of the VCT regulations to a minimal level.
Outlook
The uncertain outlook for the economy and severe lack of investor
confidence creates a challenging environment for your Company. In
order to meet the targets set by the VCT regulations, the Company
needs to continue to achieve a good rate of new investment, with the
C Share pool having a significant level of funds to invest by 28
February 2010.
The Investment Manager reports that dealflow remains strong and that
further opportunities may arise as a result of the lack of funds
available from banks and other sources of finance. Although
investing in this type of climate is more risky than in more stable
times, the ultimate rewards can be greater.
Andrew Davison
Chairman
INVESTMENT MANAGER'S REPORT
Introduction
The six month period to 31 August 2008 and from 1 September 2008 to
the date of this report has seen some of the most volatile and
notable stockmarket movements in recent memory. Continued concerns
over global liquidity and the financial stability of banks and other
financial institutions has seen the radical transformation of the US
investment banking industry and government and global central bank
intervention in the capital markets on a massive scale. The general
economic outlook is increasingly uncertain and, in the UK, economic
growth slowed to a standstill in the second quarter of 2008.
The performance of the Company over the period has not escaped these
events. The total returns attributable to the ordinary shares and C
shares fell by 4.4% and 7.6% respectively in the six month period to
31 August 2008. This compares to a fall in the total return on the
FTSE All Share Index of 2.3% over the same period.
The Company has, however, continued its excellent distribution record
with dividends of 3.75p per ordinary share and 1.75p per C share paid
during the period and further dividends of 14.50p per ordinary share
(largely from the profit on the sale of ILG Digital) and 1p per C
share to be paid to shareholders on 31 October 2008.
Portfolio Activity
Ordinary Share Pool
The Company invested a further £1.4 million during the period.
Investments of more than £50,000 comprised:
Acquisitions Cost Description
£'000
New
Optic Vision 500 Security systems
Isango 400 Travel experiences aggregator
Follow on
SPC International 473 IT repair/refurbishment
1,373
The Company also realised its investment in ILG Digital for £4.3
million, 3.2 times the original cost of the investment.
C Share Pool
Further progress was made on investing the proceeds of the C Share
funds raised in 2007. A total of £1.9 million was invested in four
new investments and two existing investments:
Acquisitions Cost Description
£'000
New
Optic Vision 400 Security systems
Isango 200 Travel experiences aggregator
SPC International * 403 IT repair/refurbishment
Chess Technologies 600 Design/manufacture of defence industry
components
Follow on
Heritage Partners 100 Image rights ownership,
management and distribution
Charterhouse Leisure 165 Restaurants
1,868
*SPC International new to the C Share portfolio
Portfolio Valuation
Ordinary Share pool
At 31 August 2008, the Company's unquoted and quoted Ordinary Share
portfolio comprised seventeen investments with a cost of £12.5
million and a valuation of £10.3 million. In addition, the Ordinary
Share pool held cash and liquidity funds of £7.9 million.
Espresso Group continues to account for a significant proportion of
the Net Asset Value ("NAV") of the Ordinary Share fund, approximately
24% at 31 August 2008. Espresso has consolidated its position as the
leading provider of educational content to the primary school sector
with a UK market share of over 60%. The company launched a product
for secondary schools in September 2007. This has been well received
and in its first year has been purchased by over 10% of UK secondary
schools.
The company has also started to expand into international markets.
The decline in valuation since 29 February 2008 reflects slowing
growth in the UK primary school business. The UK secondary school
market and international sales have taken over as the engines of the
company's growth.
SPC International now accounts for 9% of the Ordinary Share NAV
following an additional investment at the beginning of the financial
year. The new investment in SPC was made alongside the ProVen VCT 'C'
Share fund and ProVen Growth & Income VCT ("the ProVen funds"). This
enabled SPC to refinance its existing bank facilities, with the
ProVen funds taking a charge over the company's freehold properties.
The company has established an operation in Slovakia which is
expected to increase overall group profitability.
The Company's investments in Campden Media, Optima Data Intelligence
Services and Donatantonio have suffered declines in valuation
relative to the investment cost. These reductions are due to a
combination of challenging trading conditions and/or a fall in market
comparables.
C Share pool
At 31 August 2008, the unquoted and quoted 'C' share investment
portfolio comprised twelve investments valued at £4.5 million against
an original investment cost of £6.5 million. In addition, the C share
pool held cash and liquidity funds of £7.3 million.
The majority of the investments are valued at or above cost, either
having been made recently and meeting investment expectations or, as
in the case of Steak Media, performing better than our initial
expectations. The overall decline in valuation relative to investment
cost is due largely to the decrease in valuations for The Vending
Corporation ("TVC"), Donatantonio and Heritage Partners. Full
provision was made against TVC in the last financial year.
Donatantonio is a long established business but, shortly after the
Company's investment, was hit by rising commodity prices and adverse
exchange rate movements which impacted trading. Following significant
input from our investment managers and the company's management team,
the position has now stabilised. Heritage Partners has struggled to
achieve its forecast revenues and is seeking to reduce its cost base
before developing new revenue streams.
Outlook
General economic uncertainty means that trading conditions are likely
to remain challenging for many businesses for some time. During this
period our investment managers will be working closely with existing
portfolio companies to provide additional support where necessary.
Periods of economic stress can, however, create opportunities for
alert investors and we expect to see some attractive propositions
over the next 12 months. We continue to see a good flow of attractive
investment opportunities and more realism in the pricing.
We continue to adopt the same rigorous investment decision making
process and investment management procedures which have made the
performance of the Ordinary Shares one of the best of all VCT funds.
Beringea Limited
INCOME STATEMENT
for the six months ended 31 August 2008
Six months ended
31 Aug 2008
Revenue Capital Total
£'000 £'000 £'000
Company Total
Income 801 - 801
Gains on investments - (2,917) (2,917)
801 (2,917) (2,116)
Investment management fees (73) (218) (291)
Performance incentive fees (56) (121) (177)
Other expenses (142) (14) (156)
Return on ordinary activities 530 (3,270) (2,740)
Taxation (145) 145 -
Return attributable to equity 385 (3,125) (2,740)
shareholders
Return per Ordinary share 0.9p (8.1p) (7.2p)
Return per "C" share 1.1p (8.1p) (7.0p)
Ordinary Shares
Income 451 - 451
Gains on investments - (1,763) (1,763)
451 (1,763) (1,312)
Investment management fees (42) (127) (169)
Performance incentive fees (56) (121) (177)
Other expenses (62) (9) (71)
Return on ordinary activities before 291 (2,020) (1,729)
taxation
Taxation (73) 73 -
Return attributable to equity 218 (1,947) (1,729)
shareholders
'C' Shares
Income 350 - 350
Gains on investments - (1,154) (1,154)
350 (1,154) (804)
Investment management fees (31) (91) (122)
Other expenses (80) (5) (85)
Return on ordinary activities before 239 (1,250) (1,011)
taxation
Taxation (72) 72 -
Return attributable to equity 167 (1,178) (1,011)
shareholders
Six months ended Year ended
31 Aug 2007 29 Feb 2008
Revenue Capital Total Total
£'000 £'000 £'000 £'000
Company Total
Income 583 - 583 1,406
Gains on investments - 1,531 1,531 285
583 1,531 2,114 1,691
Investment management fees (103) (308) (411) (871)
Performance incentive fees (46) (653) (699) (929)
Other expenses (99) (2) (101) (204)
Return on ordinary activities 335 568 903 (313)
Taxation (101) 101 - -
Return attributable to equity 234 669 903 (313)
shareholders
Return per Ordinary share 0.2p 3.0p 3.2p 1.0p
Return per "C" share 1.4p (0.2p) 1.2p (3.9p)
Ordinary Shares
Income 249 - 249 695
Gains on investments - 1,531 1,531 1,190
249 1,531 1,780 1,885
Investment management fees (67) (202) (269) (573)
Performance incentive fees (46) (653) (699) (929)
Other expenses (61) (2) (63) (127)
Return on ordinary activities 75 674 749 256
before taxation
Taxation (23) 23 - -
Return attributable to equity 52 697 749 256
shareholders
'C' Shares
Income 334 - 334 711
Gains on investments - - - (905)
334 - 334 (194)
Investment management fees (36) (106) (142) (298)
Other expenses (38) - (38) (77)
Return on ordinary activities 260 (106) 154 (569)
before taxation
Taxation (78) 78 - -
Return attributable to equity 182 (28) 154 (569)
shareholders
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 August 2008
As at As at
31 Aug 29 Feb
As at 31 Aug 2008 2007 2008
Ordinary 'C'
Shares Shares Total Total Total
£'000 £'000 £'000 £'000 £'000
Investments 10,275 4,456 14,731 18,664 18,773
Net current assets 8,463 7,377 15,840 17,707 14,796
Net assets 18,738 11,833 30,571 36,371 33,569
Capital and reserves
Called up share capital 1,208 3,654 4,862 4,814 4,811
Capital redemption reserve 156 1 157 138 141
Special reserve 6,308 - 6,308 12,863 8,836
Share premium account 4,836 10,159 14,995 13,920 13,918
Capital reserve - realised 8,198 (97) 8,101 2,214 3,567
Capital reserve - (2,244) (2,059) (4,303) 2,097 1,668
unrealised
Revenue reserve 276 175 451 325 628
Equity shareholder's funds 18,738 11,833 30,571 36,371 33,569
Net asset value per:
Ordinary Share 77.6p - 77.6p 96.6p 88.5p
'C' Share - 81.0p 81.0p 95.6p 89.6p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31 Aug 29 Feb
31 Aug 2008 2007 2008
Ordinary 'C'
Shares Shares Total Total Total
£'000 £'000 £'000 £'000 £'000
Opening Shareholders' 20,469 13,100 33,569 25,249 25,249
funds
Issue of shares 1,210 - 1,210 14,620 14,621
Share issue costs (66) - (66) (804) (804)
Repurchase of own shares (260) - (260) (100) (150)
Total recognised
(losses)/gains for the (1,729) (1,011) (2,740) 903 (313)
period
Distributions paid in (886) (256) (1,142) (3,497) (5,034)
period
Closing Shareholders' 18,738 11,833 30,571 36,371 33,569
funds
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 August 2008
Six months Six
ended months Year
31 Aug 2008 ended ended
31 Aug 29 Feb
2007 2008
Note £'000 £'000 £'000
Cash outflow from operating
activities and returns on 1
investments (174) (758) (660)
Capital expenditure
Purchase of investments (3,274) (4,422) (7,443)
Sale of investments 4,366 2,918 4,985
Net cash inflow /(outflow) 1,092 (1,504) (2,458)
from capital expenditure
Equity distributions paid (1,142) (3,497) (5,034)
Management of liquid
resources
Purchase of current investments - (11,250) (14,550)
held as liquidity funds
Withdrawal from liquidity 1,100 2,500 6,950
funds
Net cash inflow/(outflow) 1,100 (8,750) (7,600)
from liquid resources
Net cash inflow/(outflow) 876 (14,509) (15,752)
before financing
Financing
Proceeds from share issue 1,004 10,130 10,336
Share issue costs (66) (804) (804)
Purchase of own shares (309) (118) (118)
Net cash inflow from 629 9,208 9,414
financing
Increase/(decrease) in cash 2 1,505 (5,301) (6,338)
Notes to the cash flow
statement:
1 Cash flow from
operating activities and
returns on investments
Revenue return on ordinary 530 335 956
activities before taxation
Expenses charged to capital (353) (963) (1,554)
Decrease/(increase) in 1 (85) (290)
prepayments and accrued
income
(Decrease)/increase in (352) (45) 228
accruals and deferred income
Net cash outflow from (174) (758) (660)
operating activities
2 Analysis of net funds
Beginning of period 2,371 8,709 8,709
Net cash inflow/(outflow) 1,505 (5,301) (6,338)
End of period 3,876 3,408 2,371
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 August 2008
Movement
% of in the
Cost Valuation portfolio period
£'000 £'000 by value £'000
Ordinary Share pool
Top ten venture capital
investments
Espresso Group Limited 2,048 4,513 24.9% (1,502)
SPC International Limited 1,619 1,707 9.4% 223
Eagle Rock Entertainment 420 648 3.6% 82
Limited
Ashford Colour Press Limited 875 605 3.3% (223)
Optic Vision Limited 500 500 2.8% -
Saffron Media Group Limited 480 480 2.6% -
Optima Data Intelligence 900 417 2.3% (483)
Services Limited
Isango Limited 400 400 2.2% -
UBC Media plc* 1,101 311 1.7% -
Campden Media Limited 975 272 1.5% (700)
9,318 9,853 54.3% (2,603)
Other venture capital 3,202 422 2.3% (800)
investments
Total investments 12,520 10,275 56.7% (3,403)
Net current assets (including cash
and liquidity funds) 7,857 43.3%
Ordinary Share pool - Total 18,132 100.0%
'C' Share pool
Path Group Limited 1,000 1,000 8.5% -
Chess Technologies Limited 600 600 5.1% -
Charterhouse Leisure Limited 535 535 4.6% -
SPC International Limited 403 418 3.6% 15
Optic Vision Limited 400 400 3.4% -
Steak Media Limited 275 368 3.1% (17)
Heritage Partners Limited 900 329 2.8% (571)
Donatantonio Limited 885 274 2.4% (612)
Isango Limited 200 200 1.7% -
Breeze Tech Limited 175 175 1.5% -
Dianomi Limited 126 157 1.3% 31
The Vending Corporation 1,016 - - -
Limited
6,515 4,456 38.0% (1,154)
Net current assets (including cash 7,269 62.0%
and liquidity funds)
'C' Share pool - Total 11,725 100.0%
Company Total 29,857
All venture capital investments are unquoted unless otherwise stated.
* Quoted on AIM
SUMMARY OF INVESTMENT MOVEMENTS
For the six months ended 31 August 2008
Additions
£'000
Ordinary Share Portfolio
Optic Vision Limited 500
Isango Limited 400
SPC International Limited 472
Coolabi plc 17
Donatantonio Limited 7
1,396
"C" Share Portfolio
Chess Technologies Limited 600
Optic Vision Limited 400
SPC International Limited 403
Isango Limited 200
Charterhouse Leisure Limited 165
Heritage Partners Limited 100
Donatantonio Limited 10
1,878
Disposals
Market
value at Realised
1 March Disposal Gain/(loss) gain/(loss )
Cost 2008 Proceeds against cost in period
£'000 £'000 £'000 £'000 £'000
Ordinary Share
Portfolio
ILG Digital 2,760
Limited 1,345 4,400 3,055 1,640
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The unaudited half yearly results cover the six months to 31
August 2008 and have been prepared in accordance with the accounting
policies set out in the statutory accounts for the year ended 29
February 2008 which were prepared under UK Generally Accepted
Accounting Practice ("UK GAAP") and in accordance with the Statement
of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP").
2. All revenue and capital items in the Income Statement derive from
continuing operations.
3. There are no recognised gains or losses other than those disclosed
in the Income Statement.
4. The Company has only one class of business and derives its income
from investments made in shares, securities and bank deposits.
5. The comparative figures were in respect of the period ended 31
August 2007 and the year ended 29 February 2008 respectively.
6. Net Asset Value per share calculations are based on the following:
Ordinary Shares 'C' Shares
Net Assets (£'000) 18,738 11,833
Number of shares in issue at period end 24,161,446 14,617,777
7. Return per share calculations are based on the following:
Ordinary Shares 'C' Shares
Revenue return per share based on:
Net revenue profit after taxation 218 167
(£'000)
Weighted average number of shares in 24,104,436 14,617,777
issue
Capital return per share based on:
Net capital loss after taxation (£'000) (1,947) (1,178)
Weighted average number of shares in 24,104,436 14,617,777
issue
8. Dividends
31 Aug 2008 31 Aug 2007 29 Feb
2008
Revenue Capital Total Revenue Capital Total Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Ordinary share
dividends
Paid in period
2008 Final 306 - 306 - - - -
2008 Second - 580 580 - - - -
interim
2008 First - - - - - - 1,391
interim
2007 Second - - - 233 3,264 3,497 3,497
interim
2007 First - - - - - - -
interim
306 580 886 233 3,264 3,497 4,888
'C' share dividends
Paid in period
2008 Final 256 - 256 - - - -
2008 Interim - - - - - - 146
256 - 256 - - - 146
9. Reserves
Capital Special Share Capital Capital Revenue
redemption reserve premium reserve reserve - reserve
reserve account - unrealised
realised
£'000 £'000 £'000 £'000 £'000 £'000
At 1 March 141 8,836 13,918 3,567 1,668 628
2008
Issue of new - - 1,143 - - -
shares
Share issue - - (66) - - -
costs
Shares 16 (260) - - - -
repurchased
Expenses - - - (353) - -
capitalised
Tax relief on
capital - - - 145 - -
expenses
Gains/(losses)
on investments - - - 1,640 (4,557) -
Realisation of
revaluations - - - 1,414 (1,414) -
from previous
years
Distributions - - - (580) - (562)
paid
Transfer - (2,268) - 2,268 - -
between
reserves
Retained net - - - - - 385
revenue
At 31 August 157 6,308 14,995 8,101 (4,303) 451
2008
Capital Special Share Capital Capital Revenue
Analysed as: redemption reserve premium reserve reserve - reserve
reserve account - unrealised
realised
Ordinary £'000 £'000 £'000 £'000 £'000 £'000
shares
At 1 March 140 8,836 3,759 3,640 2,573 364
2008
Issue of new - - 1,143 - - -
shares
Share issue - - (66) - - -
costs
Shares 16 (260) - - - -
repurchased
Expenses - - - (257) - -
capitalised
Tax relief on
capital - - - 73 - -
expenses
Gains/(losses)
on investments - - - 1,640 (3,403) -
Realisation of
revaluations - - - 1,414 (1,414) -
from previous
years
Distributions - - - (580) - (306)
paid
Transfer - (2,268) - 2,268 - -
between
reserves
Retained net - - - - 218
revenue
At 31 August 156 6,308 4,836 8,198 (2,244) 276
2008
'C' shares £'000 £'000 £'000 £'000 £'000 £'000
At 1 March 1 - 10,159 (73) (905) 264
2008
Expenses - - - (96) - -
capitalised
Tax relief on
capital - - - 72 - -
expenses
Losses on - - - - (1,154) -
investments
Distributions - - - - - (256)
paid
Retained net - - - - - 167
revenue
At 31 August 1 - 10,159 (97) (2,059) 175
2008
The Special Reserve, Capital Reserve - realised and Revenue Reserve
are all distributable reserves.
10. Contingent liability
The Company has guaranteed bank borrowings of one of its investments,
Donatantonio Limited, amounting to £225,000. A third party has
provided a guarantee to the Company amounting to £112,500 in respect
of the above guarantee such that the Company's net exposure is
£125,000.
11. The unaudited financial statements set out herein do not
constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985 and have not been delivered to the Registrar
of Companies. The figures for the year ended 29 February 2008 have
been extracted from the financial statements for that year, which
have been delivered to the Registrar of Companies; the auditors'
report on those financial statements was unqualified.
12. The Directors confirm that, to the best of their knowledge, the
half-yearly financial statements have been prepared in accordance
with the "Statement: Half-Yearly Financial Reports" issued by the UK
Accounting Standards Board and the half-yearly financial report
includes a fair review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal risks
and uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of
the current financial year and that have materially affected the
financial position or performance of the entity during that period,
and any changes in the related party transactions described in the
last annual report that could do so.
13. Copies of the unaudited half yearly results will be sent to
shareholders shortly. Further copies can be obtained from the
Company's Registered Office and will be available for download from
www.provencts.com and www.downing.co.uk.
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Monday, 20th May 2024
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