TIDMBRWV
RNS Number : 3239B
Bedford Row VCT PLC
23 October 2009
?
FOR IMMEDIATE RELEASE 23 October 2009
Bedford Row VCT plc
Unaudited Interim results
For the six months ended 31 August 2009
The directors of Bedford Row VCT plc are pleased to announce their
unaudited interim results for the six months ended
31 August 2009.
Chairman's Statement
Overview
The appointment of the new Investment Manager, Elderstreet Investments Limited,
on 1st December 2008 has resulted in a thorough review of the investment
portfolio, strategy and operational costs.
Although there has been some recovery in world Stock Markets and the valuations
of listed stocks on AIM and PLUS, the aftermath of the worldwide financial
crisis last year continues to have negative effects on the general economy and
unquoted investments continue to suffer.
During the period, the Company suffered further, not unanticipated, investment
failures, with the appointment of administrators at both Sarah Arnett and
Aquario after further fund-raising efforts failed to materialise. The failure at
Aquario was particularly annoying as it had been caused by a large overseas
investor failing to honour promises on several occasions over a period of
months. Full provisions have been taken in these interim results to 31st August
2009.
However, Snacktime has performed well and has made a significant acquisition,
whilst prospects at Rainbow Rewards have improved dramatically with an IPO
planned to take place in the second quarter of 2010.
The outcome of these actions, together with the continued share price depression
of the AIM-Listed holdings, has seen a reduction in the Company's NAV to 33.56p
per share,
In the light of the current investment climate, your Board has taken a very
cautious view on the use of the C Issue funds. A second investment, of
GBP25,000 in Snacktime plc, has been made.
However, the Company has continued to be more than 70%-invested in qualifying
stocks and met the other qualifying tests set by HMRC.
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:
* investment risk associated with investing in small and immature businesses;
ii. investment risk arising from extremely volatile stockmarket conditions
and their potential effect on investment
valuation; and
iii. failure to maintain approval as a VCT.
In the case of (i) the Board is satisfied with the Company's approach. It
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 (ii), the Company seeks to hold a diversified portfolio. However, the
Company's ability to manage the 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 Company Secretary, who reports regularly to the Board on the current
position. The Company also retains James Cowper 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
With the continuing fragility of world markets, despite recent heartening signs
of recovery, the future remains unpredictable. The directors are diligently
monitoring the remaining investments but realise that external forces can take
matters outside their control. Thus, whilst the Board believes that the current
portfolio valuation is realistic, it hopes not to make further provisions in the
next audited accounts and remains hopeful that certain well-performing
investments may lead to an upward revaluation in the relatively near future.
Planning for the future
Earlier this year, as well as appointing a new Investment Manager, the number
of directors was reduced and the remaining directors reduced their respective
fees by 50% and Woodside Secretaries Limited reduced its annual fees for
administrative services by GBP6,000 to GBP15,000 plus VAT with effect from 1st
December 2008..
More recently, the Board has reviewed all costs incurred by the Company.
Regrettably, there are fixed costs relating to a company listed on the London
Stock Exchange which cannot be reduced. However, the directors, Company
Secretary and the Investment Manager have all agreed to defer their fees for the
foreseeable future from 1st October 2009 to preserve the Company's cash
resources.
Your Board also announces its decision to merge the two classes of shares into
one class and a specific Circular to all shareholders explaining the merger will
be sent out in due course. The board is also working on proposals to raise
further funds in an economic and innovative way to reduce the effective costs
borne by the existing shareholders.
We shall keep you informed of developments.
Richard Hargreaves,
Chairman
23 October 2009
Bedford Row VCT plc
Bedford Row VCT plc
Investment Portfolio at 31 August 2009
+---------------------------+------------+-----------+----------+----------+---------+
| | | Valuation at | | % of |
+---------------------------+------------+----------------------+----------+---------+
| | Cost | 31 August 2009 | Net assets |
+---------------------------+------------+----------------------+--------------------+
| | GBP | | GBP | | |
+---------------------------+------------+-----------+----------+----------+---------+
| Qualifying investments | 1,800,060 | | 404,119 | | 59.20 |
+---------------------------+------------+-----------+----------+----------+---------+
| Non-qualifying | 355,525 | | 273,803 | | 40.10 |
| investments | | | | | |
+---------------------------+------------+-----------+----------+----------+---------+
| Net Current assets | 4,795 | | 4,795 | | 0.70 |
+---------------------------+------------+-----------+----------+----------+---------+
| | 2,160,380 | | 682,717 | | 100.00 |
+---------------------------+------------+-----------+----------+----------+---------+
| | | | | | |
+---------------------------+------------+-----------+----------+----------+---------+
| | | | | | |
+---------------------------+------------+-----------+----------+----------+---------+
| | | Valuation at 31 August 2009 | % of |
+---------------------------+------------+---------------------------------+---------+
| Security | Cost | Ord | C | Total | Net |
| | | Shares | Shares | | assets |
+---------------------------+------------+-----------+----------+----------+---------+
| | GBP | GBP | GBP | GBP | |
+---------------------------+------------+-----------+----------+----------+---------+
| AIM/PLUS Listed | | | | | |
| Investments | | | | | |
+---------------------------+------------+-----------+----------+----------+---------+
| Arc Fund Management | 74,260 | 7,236 | - | 7,236 | 1.06 |
| Holdings plc | | | | | |
+---------------------------+------------+-----------+----------+----------+---------+
| Consolidated Vending plc | 164,400 | - | - | - | - |
+---------------------------+------------+-----------+----------+----------+---------+
| Snacktime plc | 175,020 | 138,282 | 36,905 | 175,187 | 25.66 |
+---------------------------+------------+-----------+----------+----------+---------+
| Vicorp Group plc | 26,445 | 591 | - | 591 | 0.09 |
+---------------------------+------------+-----------+----------+----------+---------+
| | 440,125 | 146,109 | 36,905 | 183,014 | 26.81 |
+---------------------------+------------+-----------+----------+----------+---------+
Bedford Row VCT plc
Investment Portfolio at 31 August 2009 (continued)
+---------------------------+------------+------------+----------+----------+---------+
| | | Valuation at 31 August 2009 | % of |
+---------------------------+------------+----------------------------------+---------+
| Security | Cost | Ord Shares | C Shares | Total | Net |
| | | | | | assets |
+---------------------------+------------+------------+----------+----------+---------+
| | GBP | GBP | GBP | GBP | |
+---------------------------+------------+------------+----------+----------+---------+
| Unquoted Investments | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| Aquario plc | 175,000 | - | - | - | - |
+---------------------------+------------+------------+----------+----------+---------+
| B Fresh Limited Loan | 54,000 | - | - | - | - |
| Stock | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| Clicknow Holdings Ltd | 150,000 | 75,000 | - | 75,000 | 10.99 |
+---------------------------+------------+------------+----------+----------+---------+
| Dateline Holdings plc | 150,900 | 75,450 | - | 75,450 | 11.05 |
+---------------------------+------------+------------+----------+----------+---------+
| Famous Retail Ltd | 100,000 | - | - | - | - |
+---------------------------+------------+------------+----------+----------+---------+
| Global E Networks plc | 100,000 | - | - | - | - |
+---------------------------+------------+------------+----------+----------+---------+
| Laser Broadcasting Ltd | 150,000 | - | - | - | - |
+---------------------------+------------+------------+----------+----------+---------+
| M2FX plc | 258,295 | 77,891 | - | 77,891 | 11.41 |
+---------------------------+------------+------------+----------+----------+---------+
| Rainbow Rewards Holdings | 166,447 | 203,827 | - | 203,827 | 29.86 |
| Limited | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| Sarah Arnett Limited | 200,000 | - | - | - | - |
+---------------------------+------------+------------+----------+----------+---------+
| Smart Implants Holdings | 150,000 | - | - | - | - |
| plc | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| | 1,654,642 | 432,168 | - | 432,168 | 63.31 |
+---------------------------+------------+------------+----------+----------+---------+
| | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| Gilts | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| 4.75% Treasury Stock | 60,818 | - | 62,740 | 62,740 | 9.19 |
+---------------------------+------------+------------+----------+----------+---------+
| | | | | | |
+---------------------------+------------+------------+----------+----------+---------+
| Total Investments | 2,155,585 | 578,277 | 99,645 | 677,922 | 99.31 |
+---------------------------+------------+------------+----------+----------+---------+
| Net Current Assets | | | | 4,795 | 0.69 |
+---------------------------+------------+------------+----------+----------+---------+
| Shareholders Funds | | | | 682,717 | 100.00 |
+---------------------------+------------+------------+----------+----------+---------+
Bedford Row VCT plc
Income Statement for the 6 months ended 31 August 2009
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| | 6 Months ended 31 | 6 Months ended 31 August | Year ended 28 February |
| | August 2009 | 2008 | 2009 |
+--------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | Ord. | "C" | | Ord. | "C" | | Ord. | "C" | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| | Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| (Loss) / profit on investments | 1 | (1) | - | (3) | - | (3) | (13) | 1 | (12) |
| held at fair value | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Unrealised (loss) / gain on | (304) | (13) | (317) | (270) | - | (270) | (738) | 5 | (733) |
| fair value of investments | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Other income | - | (2) | (2) | (2) | 2 | - | (2) | 8 | 6 |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Investment Manager fees | (20) | (3) | (23) | 27 | 4 | 31 | 13 | 2 | 15 |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Other expenses | (21) | (3) | (24) | (82) | (11) | (93) | (148) | (22) | (170) |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Loss on ordinary activities | (344) | (22) | (366) | (330) | (5) | (335) | (888) | (6) | (894) |
| before tax | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Tax charge on ordinary | - | - | - | - | - | - | - | - | - |
| activities | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Loss on ordinary activities | (344) | (22) | (366) | (330) | (5) | (335) | (888) | (6) | (894) |
| after tax | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Return per share | (19.44p) | (8.36p) | (17.99p) | (18.67p) | (2.03p) | (18.67p) | (50.28p) | (2.59p) | (44.32p) |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Historic Profit / (Loss) Note | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Loss for the year | (344) | (22) | (366) | (330) | (5) | (335) | (888) | (6) | (894) |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Unrealised loss / (gain) on | 304 | 13 | 317 | 270 | - | 270 | 738 | (5) | 733 |
| fair value of investments | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Realisation of prior year's | - | (3) | (3) | - | - | - | (9) | (1) | (10) |
| net loss | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Historical cost loss before | (40) | (12) | (52) | (60) | (5) | (65) | (159) | (12) | (171) |
| tax | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Tax charge on ordinary | - | - | - | - | - | - | - | - | - |
| activities | | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
| Historical cost loss after tax | (40) | (12) | (52) | (60) | (5) | (65) | (159) | (12) | (171) |
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+
Bedford Row VCT plc
Reconciliation of movements in shareholders' funds for the 6 months ended 31
August 2009
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| | 6 Months ended 31 August 2009 | 6 Months ended 31 August | Year ended 28 February |
| | | 2008 | 2009 |
+----------------------------+-----------------------------------+------------------------------+------------------------------+
| | Ordinary | "C" | Total | Ordinary | "C" | Total | Ordinary | "C" | Total |
| | Shares | Shares | | Shares | Shares | | Shares | Shares | |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| Shareholders' funds at 1 | 805 | 244 | 1,049 | 1,810 | - | 1,810 | 1,810 | - | 1,810 |
| Mar 2009 | | | | | | | | | |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| Total gains and losses | (344) | (22) | (366) | (330) | (5) | (335) | (888) | (6) | (894) |
| recognised in period | | | | | | | | | |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| Net proceeds of share | - | - | - | - | 250 | 250 | - | 250 | 250 |
| issue | | | | | | | | | |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| Dividends paid | - | - | - | (117) | - | (117) | (117) | - | (117) |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
| Shareholders' funds at 31 | 461 | 222 | 683 | 1,363 | 245 | 1,608 | 805 | 244 | 1,049 |
| August 2009 | | | | | | | | | |
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+
Bedford Row VCT plc
Balance Sheet as at 31 August 2009
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | 31 August 2009 | | 31 August 2008 | | 28 February 2009 |
+------------------------+-------------------------------+---+-----------------------------+--+-----------------------------+
| | Ord. | "C" | | | Ord. | "C" | | | Ord. | "C" | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | Shares | Shares | Total | | Shares | Shares | Total | | Shares | Shares | Total |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Fixed asset | 579 | 99 | 678 | | 1,359 | 175 | 1,534 | | 881 | 179 | 1,060 |
| investments | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Current assets | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Debtors | | | 12 | | | | 84 | | | | 12 |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Cash and cash | | | 3 | | | | 153 | | | | 4 |
| equivalents | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | | | 15 | | | | 237 | | | | 16 |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Current Liabilities | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Creditors | | | (10) | | | | (163) | | | | (27) |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Net current assets | (118) | 123 | 5 | | 4 | 70 | 74 | | (76) | 65 | (11) |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Net assets | 461 | 222 | 683 | | 1,363 | 245 | 1,608 | | 805 | 244 | 1,049 |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Called up equity share | 177 | 133 | 310 | | 177 | 133 | 310 | | 177 | 133 | 310 |
| capital | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Special distributable | 1,375 | 117 | 1,492 | | 1,375 | 117 | 1,492 | | 1,375 | 117 | 1,492 |
| reserve | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Capital Reserve | | | | | (90) | - | (90) | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Revaluation Reserve | (1,469) | (11) | (1,480) | | - | - | - | | (1,165) | 5 | (1,160) |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Revenue reserve | 378 | (17) | 361 | | (99) | (5) | (104) | | 418 | (11) | 407 |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Total equity | 461 | 222 | 683 | | 1,363 | 245 | 1,608 | | 805 | 244 | 1,049 |
| shareholders' funds | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
| Net Assets per share | 26.10p | 82.94p | 33.56p | | 77.16p | 91.94p | 79.10p | | 45.54p | 91.31p | 51.55p |
| | | | | | | | | | | | |
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+
Bedford Row VCT plc
Cash Flow Statement for the 6 months ended 31 August 2009
+-----------------------------------+---------+------+--+------+--+--+--+--+------+---------+---------+--+---------+---------+----------+
| | 6 Months ended 31 | | 6 Months ended 31 August | | Year ended 28 February |
| | August 2009 | | 2008 | | 2009 |
+-----------------------------------+-----------------------------+--+--------------------------------+--+------------------------------+
| | Ord. | "C" | | | Ord. | "C" | | | Ord. | "C" | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| | Shares | Shares | Total | | Shares | Shares | Total | | Shares | Shares | Total |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Net cash inflow from operating | | | | | | | | | | | |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Return on ordinary activities | (344) | (22) | (366) | | (330) | (5) | (335) | | (888) | (6) | (894) |
| before tax | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Adjusted for: | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Realised gains on investment | (1) | 1 | - | | 3 | - | 3 | | 13 | (1) | 12 |
| disposals | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Unrealised appreciation in | 304 | 13 | 317 | | 270 | - | 270 | | 738 | (5) | 733 |
| investment values | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Decrease (increase) in debtors | - | - | - | | 16 | (11) | 5 | | 79 | (2) | 77 |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| (Decrease) / increase in | - | (17) | (17) | | (17) | 22 | 5 | | (135) | 4 | (131) |
| creditors | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Net cash generated from operating | (41) | (25) | (66) | | (58) | 6 | (52) | | (193) | (10) | (203) |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Taxation | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Corporation tax paid | - | - | - | | - | - | - | | - | - | - |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Cash flows from investing | | | | | | | | | | | |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Purchases of investments | - | - | - | | (13) | (225) | (238) | | (14) | (249) | (263) |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Sales proceeds of investments | - | 65 | 65 | | 95 | 50 | 145 | | 96 | 76 | 172 |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Net cash generated from investing | - | 65 | 65 | | 82 | (175) | (93) | | 82 | (173) | (91) |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Equity Dividend | - | - | - | | (117) | - | (117) | | (117) | - | (117) |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Cash flows from financing | | | | | | | | | | | |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Issue of own shares | - | - | - | | - | 265 | 265 | | - | 265 | 265 |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Share issue expenses | - | - | - | | - | (15) | (15) | | - | (15) | (15) |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Net cash generated from financing | - | - | - | | - | 250 | 250 | | - | 250 | 250 |
| activities | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Net (decrease) / increase in cash | (41) | 40 | (1) | | (93) | 81 | (12) | | (228) | 67 | (161) |
| and cash equivalents | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| | | | | | | | | | | | |
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+
| Reconciliation of net cash flow to movements in cash and | | | | | | | |
| cash equivalents | | | | | | | |
+--------------------------------------------------------------------+------------+---------+---------+--+---------+---------+----------+
| Net increase in cash and cash | (41) | 40 | (1) | | (93) | 81 | (12) | | (228) | 67 | (161) |
| equivalents | | | | | | | | | | | |
+-----------------------------------+----------------+---------+--------+--+------+---------+---------+--+---------+---------+----------+
| Cash and cash equivalents at 1 | (63) | 67 | 4 | | 165 | - | 165 | | 165 | - | 165 |
| Mar 2009 | | | | | | | | | | | |
+-----------------------------------+----------------+---------+--------+--+------+---------+---------+--+---------+---------+----------+
| Cash and cash equivalents at 31 | (104) | 107 | 3 | | 72 | 81 | 153 | | (63) | 67 | 4 |
| August 2009 | | | | | | | | | | | |
+-----------------------------------+---------+------+--+------+--+--+--+--+------+---------+---------+--+---------+---------+----------+
Bedford Row VCT plc
Notes to the accounts for the six months ended 31 August 2009
1. The unaudited interim results cover the six months to 31 August 2009 and
have been drawn up in accordance with the
Accounting Standard Board's
(ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the
accounting
policies set out in the statutory accounts for the year
ended 29 February 2009 which were prepared under UK GAAP and in
accordance with the Statement of Recommended Practice for investment companies
issued by the Association of Investment
Trust Companies in January
2003, revised December 2005.
2. The financial information set out in this report has not been audited and
does not comprise full financial statements within
the meaning of
Section 240 of the Companies Act 1985. Statutory accounts for the year ended 29
February 2009, which were
unqualified, have been lodged with the
Registrar of Companies. No statutory accounts in respect of any period after 29
February 2009 have been reported on by the Company's auditors or
delivered to the Registrar of Companies.
3.Copies of the Interim Report to Shareholders have been sent to shareholders
and are available at the Company's Registered
Office: 4th Floor,
150-152 Fenchurch Street, London EC3M 6BB
4. During the period under review, the Company did not issue any new Ordinary
Shares of 10 pence each or "C" Shares of 50
pence each.
5. The revenue return per share is based on loss from ordinary
activities after tax of GBP344,759 and on 1,767,557 ordinary shares
of 10p each and 238,698 C Shares of 50p each being the
weighted average number of shares in issue during the period.
The net assets per share is based on total net assets of GBP1,609,160 and
1,767,557 ordinary shares of 10p and 266,905
C Shares of
50p each in issue at the period end.
6. Related party transactions
There are no related party transactions that have materially effected the
financial position or performance of the company
during the period
and there have not been any changes to the related part transactions described
in the statutory accounts to
29 February 2009 that could do so.
Responsibility statement of the Directors in respect of the half-yearly
financial report
We confirm to the best of our knowledge:
· the condensed set of financial statements have been prepared in accordance
with the Statement Half-yearly financial reports issued by the UK Accounting
Standards Board;
· the interim management report includes a fair review of the information
required by:
o DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
the 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
o 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 may have materially effected 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.
By Order of the Board
Graham Urquhart FCIS
Secretary
23 October2009
Enquiries : Graham Urquhart, FCIS, Company Secretary on 020 3216 2000
Roland Cornish, Beaumont Cornish Limited
on 020 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGMZGKFNGLZM
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