Company Registration Number: 3928569
Oxford Technology 2 Venture Capital Trust PLC
Interim Accounts
For the period 1 March 2015 to 30 November 2015
These interim statements have been prepared to comply with s836 and s838 of The Companies Act 2006.
Financial Headlines
| Nine month Period Ended 30 November 2015 | Year Ended 28 February 2015 | |
| Net Assets at Period End | £2.08m | £1.89m |
| Net Asset Value per Share | 30.6p | 27.8p |
| Cumulative Dividend | 10.5p | 10.5p |
| Total NAV Return | 41.1p | 38.3p |
| Share Price (mid market) | 20.0p | 11.0p |
| Earnings per Share | 2.8p | 1.4p |
Statement on behalf of the Board
These interim accounts have been prepared following the disposal of Telegesis and provide details of the results for the 9 month period to 30 November 2015. They have been prepared with the purpose of publishing a set of accounts which state the latest updated distributable reserves. Once these accounts have been received at Companies House, the Directors intend to declare an interim dividend for the year to 29 February 2016.
On behalf of the Board
Richard Roth - Chairman
Unaudited Financial Information
| Income Statement for the Period | Nine months to 30 Nov 15 £'000 | Six months to 31 Aug 15 £'000 | Year to 28 Feb 15 £'000 |
| Gain/(loss) on disposal of assets held at fair value | 142 | - | - |
| Unrealised gain/(loss) on fair value of investments | 101 | 187 | 157 |
| Expenses | (54) | (32) | (58) |
| Profit/(loss) on ordinary activities before tax | _____ 189 | _____ 155 | _____ 99 |
| Tax on profit/(loss) on ordinary activities | - | - | - |
| _____ | _____ | _____ | |
| Return on ordinary activities after tax | 189 | 155 | 99 |
| _____ | _____ | _____ | |
| Earnings per Share | 2.8p | 2.3p | 1.4p |
| _____ | _____ | _____ |
| Statement of Changes in Equity for the Period | Nine months to 30 Nov 15 £'000 | Six months to 31 Aug 15 £'000 | Year to 28 Feb 15 £'000 |
| Shareholders' funds at the start of period | 1,890 | 1,890 | 1,791 |
| Return on ordinary activities after tax | 189 _____ | 155 _____ | 99 _____ |
| Shareholders' funds at the end of period | 2,079 | 2,045 | 1,890 |
| _____ | _____ | _____ |
| Summarised Balance Sheet | 30 Nov 15 £'000 | 31 Aug 15 £'000 | 28 Feb 15 £'000 |
| Investments held at fair value | 1,608 | 1,907 | 1,720 |
| Net current assets | 494 | 165 | 205 |
| Creditors: amounts falling due > 1 year | (22) | (27) | (35) |
| Net assets | _____ 2,079 | _____ 2,045 | _____ 1,890 |
| _____ | _____ | _____ |
| Capital and Reserves | 30 Nov 15 £'000 | 31 Aug 15 £'000 | 28 Feb 15 £'000 |
| Called up share capital | 679 | 679 | 679 |
| Share premium | 376 | 376 | 376 |
| Profit and loss account | 1,424 | 0 | 32 |
| Revaluation reserve | (400) | 990 | 803 |
| Shareholders' funds | _____ 2,079 | _____ 2,045 | _____ 1,890 |
| _____ | _____ | _____ | |
| Net asset value per share | 30.6p | 30.1p | 27.8p |
| _____ | _____ | _____ |
Richard Roth
Chairman
6th January 2016
| Cash Flow Statement for the Period | Nine months to 30 Nov 15 £'000 | Six months to 31 Aug 15 £'000 | Year to 28 Feb 15 £'000 |
| Net cash inflow/(outflow) from operating activities | (76) | (53) | (53) |
| Capital expenditure and financial investment Purchase of investments Disposal of investments | - 355 _____ | - - _____ | (86) - _____ |
| Net cash inflow/(outflow) from capital expenditure and financial investment | 355 | - | (86) |
| Increase/(decrease) in cash | 279 | (53) | (139) |
| _____ | _____ | _____ |
Notes to the Unaudited Financial Information
1. The unaudited financial information for the nine months to 30 November 2015 has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" and in accordance with the accounting policies and principles that will be adopted in the next financial statements which are to be prepared under Financial Reporting Standard 102 for the first time. No restatement of prior periods has been necessary. The unaudited financial information for the nine months to 30 November 2015 does not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 28 February 2015 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements was unqualified.
2. The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
3. Listed investments are stated at market value based upon bid prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
4. The operating profit is stated after charging:
| Interim Period Ended 30 November 2015 £'000 | Year Ended 28 February 2015 £'000 | |
| Directors' remuneration | 8 | 3 |
| Auditors' remuneration | 5 | 6 |
| Total | 13 | 9 |
5. No liability to UK corporation tax arose during the period.
6. Investments
| Unquoted investments (Level 3) £'000 | Total investments £'000 | |
| Valuation and net book amount: | ||
| Book cost as at 1 March 2015 | 2,014 | 2,014 |
| Cumulative revaluation | (294) | (294) |
| Valuation at 1 March 2015 | 1,720 | 1,720 |
| Movement in the year: | ||
| Purchases at cost | - | - |
| Cost of disposal | (7) | (7) |
| Revaluation on disposal | (207) | (207) |
| Revaluation in year | 101 | 101 |
| Valuation at 30 November 2015 | 1,607 | 1,607 |
| Book cost at 30 November 2015 | 2,007 | 2,007 |
| Revaluation to 30 November 2015 | (400) | (400) |
| Valuation at 30 November 2015 | 1,607 | 1,607 |
7. Share Capital
| 30 November 2015 £'000 | 28 February 2015 £'000 | |
| Authorised: | ||
| 10,000,000 ordinary shares of 10p each | 1,000 | 1,000 |
| Total Authorised | 1,000 | 1,000 |
| Allotted, called up and fully paid: | ||
| 6,792,923 (28 Feb 2015: 6,792,923) ordinary shares of 10p each | 679 | 679 |
8. Reserves
| Share Premium Account £'000 | Capital Reserve Unrealised £'000 | Profit and Loss Account Reserve £'000 | |
| At 1 March 2015 | 376 | 803 | 32 |
| Profit/(loss) for period | 0 | 101 | 88 |
| Movement on Revaluation Reserve | 0 | (207) | 207 |
| Reserve Transfer | 0 | (1,097) | 1,097 |
| As at 30 November 2015 | 376 | (400) | 1,424 |
The distributable reserves at 30 November 2015 are £1,024,000
9. Copies of the Interim Statement have been lodged at Companies House and published on the website. Further copies can be obtained from the Company's Registered Office at:
The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA
Board Directors : Richard Roth, Robin Goodfellow, David Livesley and Alex Starling
Company Secretary: James Gordon - Gordons Partnership LLP
Investment Manager : OT2 Managers Ltd with services contracted to
Oxford Technology Management Ltd