Octopus VCT 3 plc
Interim Results
Unaudited Interim Report for the Period Ended 31 May 2018
21 June 2018
Octopus VCT 3 plc, managed by Octopus Investments Limited, today announces its interim results for the period ended 31 May 2018.
Financial Summary
| Period ended 31 May 2018 | Year to 28 February 2018 | |
| Net assets (£'000s) | 7,342 | 7,558 |
| Net return on ordinary activities after tax (£'000s) | (216) | 1,366 |
| Net asset value per share ("NAV") | 89.0p | 91.7p |
| Cumulative dividends paid since launch | 20.0p | 20.0p |
| NAV plus cumulative dividends paid | 109.0p | 111.7p |
Income Statement
| Unaudited Period ended 31 May 2018 | Audited Year to 28 February 2018 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| (Loss)/gain on valuation of fixed asset investments | - | (227) | (227) | - | 1,377 | 1,377 |
| Investment income | 35 | - | 35 | 478 | - | 478 |
| Investment management fees | 5 | 15 | 20 | (18) | (54) | (72) |
| Other expenses | (42) | - | (42) | (306) | (111) | (417) |
| Net Return on ordinary activities before tax | (2) | (212) | (214) | 154 | 1,212 | 1,366 |
| Taxation | (2) | - | (2) | - | - | - |
| Net Return on ordinary activities after tax | (4) | (212) | (216) | 154 | 1,212 | 1,366 |
| Earnings per share - basic and diluted | (0.1)p | (2.5)p | (2.6)p | 1.9p | 14.7p | 16.6p |
- The 'Total' column of this statement is the profit and loss account of the Company; the revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
- All revenue and capital items in the above statement derive from continuing operations.
- The Company has only one class of business and derives its income from investments made in shares and securities.
- The company has no other comprehensive income for the period.
Balance Sheet | |||||
| Unaudited Period ended 31 May 2018 | Audited Year to 28 February 2018 | ||||
| £'000 | £'000 | £'000 | £'000 | ||
| Current assets: | |||||
| Current asset investments | 6 | 7,554 | |||
| Debtors | 7 | 195 | |||
| Cash at bank | 7,617 | 78 | |||
| 7,624 | 273 | ||||
| Creditors: amounts falling due within one year | (288) | (269) | |||
| Net current assets | 7,366 | 4 | |||
| Net assets | 7,342 | 7,558 | |||
| Called up equity share capital | 82 | 82 | |||
| Share Premium | 99 | 99 | |||
| Special Distributable Reserve | 6,490 | 6,490 | |||
| Capital Redemption Reserve | 2 | 2 | |||
| Capital Reserve - Realised | 671 | (210) | |||
| Capital Reserve - Unrealised | 2 | 1,095 | |||
| Revenue Reserve | (4) | - | |||
| Total equity shareholders' funds | 7,342 | 7,558 | |||
| Net asset value per share | 89.0p | 91.7p | |||
The statements were approved by the Directors and authorised for issue on 21 June 2018 and are signed on their behalf by:
Gregor Michie
Chairman
Company Number: 07744056
Statement of Changes in Equity
| Share Capital | Share Premium | Special distributable reserves | Capital redemption reserve | Capital reserve realised | Capital reserve unrealised | Revenue reserve | Total | ||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||||
| As at 1 September 2016 | 82 | 99 | 6,749 | 2 | (156) | (171) | - | 6,605 | |||||||||||||||
| Management fee allocated as capital expenditure | - | - | - | - | (54) | - | - | (54) | |||||||||||||||
| Current period gain on fair value of investments | - | - | - | - | - | 1,377 | - | 1,377 | |||||||||||||||
| Capitalised expenses on sale | - | - | - | - | - | (111) | - | (111) | |||||||||||||||
| Profit on ordinary activities after tax | - | - | - | - | - | - | 154 | 154 | |||||||||||||||
| Contributions by and distributions to owners | |||||||||||||||||||||||
| Dividends paid | - | - | (259) | - | - | - | (154) | (413) | |||||||||||||||
| Balance as at 28 February 2018 | 82 | 99 | 6,490 | 2 | (210) | 1,095 | - | 7,558 | |||||||||||||||
| As at 1 March 2018 | 82 | 99 | 6,490 | 2 | (210) | 1,095 | - | 7,558 | |||||||||||||||
| Management fee allocated as capital expenditure | - | - | - | - | 15 | - | - | 15 | |||||||||||||||
| Current period losses on fair value of investments | - | - | - | - | - | (227) | - | (227) | |||||||||||||||
| Prior years' holding gains/losses now realised | 866 | (866) | - | ||||||||||||||||||||
| Loss on ordinary activities after tax | - | - | - | - | - | - | (4) | (4) | |||||||||||||||
| Contributions by and distributions to owners | |||||||||||||||||||||||
| Dividends paid | - | - | - | - | - | - | - | - | |||||||||||||||
| Balance as at 31 May 2018 | 82 | 99 | 6,490 | 2 | 671 | 2 | (4) | 7,342 | |||||||||||||||
Cash Flow Statement
| Unaudited Period ended 31 May 2018 £'000 | Audited Year to 28 February 2018 £'000 | |||
| Cash flows from operating activities | ||||
| Return on ordinary activities before tax | (216) | 1,366 | ||
| Adjustments for: | ||||
| Decrease in debtors | 188 | 20 | ||
| Increase in creditors | 19 | 178 | ||
| Loss/(gain) on valuation of fixed asset investments | 227 | (1,377) | ||
| Cash from operations | 218 | 187 | ||
| Income tax paid | - | (11) | ||
| Net cash generated from operating activities | 218 | 176 | ||
| Cash flows from investing activities | ||||
| Purchase of fixed asset investments | - | (4) | ||
| Receipt of loan note principal | 7,321 | 294 | ||
| Total cash flows from investing activities | 7,321 | 290 | ||
| Cash flows from financing activities | ||||
| Dividends paid | - | (413) | ||
| Total cash flows from financing activities | - | (413) | ||
| Increase in cash and cash equivalents | 7,539 | 53 | ||
| Opening cash and cash equivalents | 78 | 25 | ||
| Closing cash and cash equivalents | 7,617 | 78 | ||
| Cash and cash equivalents comprise | ||||
| Cash at bank | 7,617 | 78 | ||
| 7,617 | 78 | |||