Albion Venture Regulatory News (AAVC)

27 Nov 2007 17:58

Close Brothers Venture Cap Tst PLC27 November 2007 27 November 2007 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC Announcement of half-yearly results for the six months ended 30 September 2007. Close Brothers Venture Capital Trust PLC ("the Company"), managed by CloseVentures Limited, today announces the results for the six months ended 30September 2007. The announcement has been approved by the Board of Directors on27 November 2007. FINANCIAL HIGHLIGHTS The following is an analysis of dividends paid in respect of each class ofshares since their respective launches, together with net asset value. Six months ended Six months ended 30 September 2007 30 September 2006 Dividends paid per ordinary share (pence) 5.00 5.00Revenue return per ordinary share (pence) 1.93 2.38Capital return per ordinary share (pence) (1.11) 3.63Net asset value per ordinary share (pence) 116.00 117.46 Ordinary shares C sharesShareholder value created per share since launch: (pence) (pence) Gross revenue dividends paid during the year ended 31 March 1997 2.00 -Gross revenue dividends paid during the year ended 31 March 1998 5.20 2.00Gross interim dividends and net final dividend paid during the year ended31 March 1999 11.05 8.75Net revenue and capital dividends paid during the year ended 31 March 2000 3.00 2.70Net revenue and capital dividends paid during the year ended 31 March 2001 8.55 4.80Net revenue and capital dividends paid during the year ended 31 March 2002 7.60 7.60Net revenue and capital dividends paid during the year ended 31 March 2003 7.70 7.70Net revenue and capital dividends paid during the year ended 31 March 2004 8.20 8.20Net revenue and capital dividends paid during the year ended 31 March 2005 9.75 9.75Net revenue and capital dividends paid during the year ended 31 March 2006 11.75 11.75Net revenue and capital dividends paid during the year ended 31 March 2007 10.00 10.00Net revenue and capital dividends paid during the period ended 30September 2007 5.00 5.00 Total dividends paid to date 89.80 78.25 Net asset value as at 30 September 2007 116.00 116.00 Total shareholder net asset value return to 30 September 2007 205.80 194.25 In addition to the above dividends, the Directors have declared a seconddividend of 5.00 pence per Share (2.50 pence revenue and 2.50 pence paid out ofrealised gains). This dividend will be paid on 4 January 2008 to shareholders onthe register on 7 December 2007. Notes: i) Dividends paid before 5 April 1999 were paid toqualifying shareholders inclusive of the associated tax credit. The dividendsfor the year to 31 March 1999 were maximised in order to take advantage of thistax credit. ii) A capital dividend of 2.55 pence in the year to 31 March2000 enabled the Ordinary Shares and the 'C' Shares to merge on an equal basis. iii) All dividends paid by the Company are free of income tax.It is an Inland Revenue requirement that dividend vouchers indicate the taxelement should dividends have been subject to income tax. Investors shouldignore this figure on their dividend voucher and need not disclose any incomethey receive from a VCT on their tax return. iv) The net asset value of the Company is not its share price asquoted on the official list of the London Stock Exchange. The share price ofthe Company can be found in the Investment Companies section of the FinancialTimes on a daily basis. v) The apparent dividend reduction is due to the change in theaccounting treatment of dividends, which was fully explained in last year'sReport and Accounts. INTERIM MANAGEMENT REPORT Introduction I am pleased to say that at the Annual General Meeting in July of this year,approximately 99.7% of those voting approved the continuation of the Company fora further 5 years. In addition, the Company's strong record and stable,substantial dividend policy have led to it being one of the very few VCTs withan established secondary market in its shares. Investment progress The Company's investment portfolio continues to progress. Some £4.6 million wereinvested or committed for investment into new and existing asset based investeecompanies. The biggest investment was an investment and commitment to invest atotal of £3.2 million in Sky Hotel Heathrow Limited to purchase The StanwellHall Hotel, a 19 bedroom hotel close to Heathrow's Terminal Five and to extendit to 50 bedrooms. We also disposed of our investment in The Bold Pub CompanyLimited, realising a profit of £589,000 on the investment of £1.39 million inaddition to a running yield of over 10% on funds invested. Our existing investment portfolio continues to trade well with furtherimprovements in the performance of our hotels and the build up of membership inour health and fitness club investments. Our residential developmentinvestments, however, have seen sales slow in line with the general housingmarket, which in turn has resulted in a decline in income over the period. Risks and uncertainties As required under the new Listing Rules under which your Company operates, weare required to comment on the potential risks and uncertainties which couldhave a material impact on the Company's performance over the remaining sixmonths of the financial period. The key risk is the outlook for the UK economywhich, while currently still growing, could be affected by the current unease inthe wholesale financial and housing markets. While this could give rise toadditional investment opportunities for a cash rich fund like ourselves, adownturn could affect existing investee companies and make it harder for theManager to assess the prospects of new investment opportunities, as well aspotentially affecting asset values. Results and Dividends As at 30 September 2007, the net asset value was £41.6 million or 116.0 penceper Share compared to £43.1 million or 120.17 pence per share as at 31 March2007. Revenue return before taxation was £992,000 for the period compared to£1.2 million for the six months to September 2006, the reduction being dueprincipally to the slow down in residential sales referred to above. The Boardnow declares a second dividend of 5 pence per Share, of which 2.5 pence is fromrevenue reserves and 2.5 pence from realised capital reserves. The dividendwill be paid on 4 January 2008 to shareholders on the register on 7 December2007. This is in line with the Board's policy of paying out a dividend of 10pence per share per annum for the foreseeable future, subject to theavailability of realised capital and revenue reserves. David WatkinsChairman 27 November 2007 INVESTMENT PORTFOLIO SUMMARY A summary of the Company's qualifying investments at 30 September 2007 is setout below: Investment Cumulative Total at cost movement in carrying/ carrying/ fair value fair value (i) £'000 £'000 £'000HotelsKew Green VCT (Stansted) Limited 5,000 4,335 9,335The Crown Hotel Harrogate Limited 2,900 (458) 2,442The Bear Hungerford Limited 2,088 (484) 1,604The Place Sandwich VCT Limited 1,250 24 1,274Sky Hotel Heathrow Limited 1,000 8 1,008Churchill Taverns (Hotel) VCT Limited 850 23 873The Rutland Pub Company (Hotels) Limited 1,138 (267) 871 Total investment in the hotel sector 14,226 3,181 17,407 LeisureCity Screen (Cambridge) Limited 1,210 470 1,680The Weybridge Club Limited 1,330 101 1,431Kensington Health Club Limited 1,100 19 1,119CS (Greenwich) Limited 1,005 (88) 917Churchill Taverns VCT Limited 455 38 493Bravo Inns Limited 450 (1) 449Tower Bridge Health Club Limited 344 70 414City Screen (Liverpool) Limited 200 113 313Premier Leisure (Suffolk) Limited 380 (84) 296CS (Brixton) Limited 250 16 266The Pelican Inn Limited (formerly The Independent Pub Company (VCT) 359 (122) 237Limited)GB Pub Company Limited 240 (49) 191The Dunedin Pub Company VCT Limited 215 (34) 181Novello Limited (formerly The Independent Beer Company Limited) 184 (61) 123The Rutland Pub Company Limited 160 (41) 119CS (Exeter) Limited 100 7 107River Bourne Limited 70 2 72CS (Norwich) Limited 50 - 50 Total investment in the leisure sector 8,102 356 8,458 Residential property development Country and Metropolitan VCT Limited 3,000 - 3,000Prime VCT Limited 2,200 (100) 2,100Chase Midland VCT Limited 1,600 - 1,600Youngs VCT Limited 1,200 - 1,200 Total investment in the residential property development sector 8,000 (100) 7,900 Total qualifying investments 30,328 3,437 33,765 (1) Included in this movement is capital appreciation of equityinstruments of £3,069,000 and movement in carrying value of loans andreceivables of £368,000. INVESTMENT PORTFOLIO SUMMARY A summary of the Company's non-qualifying investments at 30 September 2007 isset out below: Investment Cumulative Total at cost movement in carrying/ carrying/ fair value fair value (i) £'000 £'000 £'000Non-qualifying investmentsNationwide Building Society FRN 1,497 - 1,497 Total non-qualifying investments 1,497 - 1,497 RESPONSIBILITY STATEMENT The Directors have chosen to prepare this Half-yearly Financial Report for theCompany in accordance with United Kingdom Generally Accepted Accounting Practice("UK GAAP"). In preparing these summarised financial statements for the period to 30September 2007, we the Directors, confirm that to the best of our knowledge: (a) the summarised set of financial statements has been prepared inaccordance with pronouncement on interim reporting issued by AccountingStandards Board; (b) the interim management report includes a fair review of theinformation required by DTR 4.2.7R (indication of important events during thefirst six months and description of principal risks and uncertainties for theremaining six months of the year); (c) the summarised set of financial statements give a true and fairview in accordance with UK GAAP of the state of affairs of the Company and ofthe profit and loss of the Company for that period and comply with UK GAAP andCompanies Act 1985; and (d) the interim management report includes a fair review of theinformation required by DTR 4.2.8R (disclosure of related parties' transactionsand changes therein). This Half-yearly Financial Report has not been audited nor reviewed by theauditors. By order of the Board David WatkinsChairman27 November 2007 SUMMARY INCOME STATEMENT Unaudited Unaudited Audited Six months to Six months to Year to 30 September 2007 30 September 2006 31 March 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments 3 - (125) (125) - 1,548 1,548 - 3,374 3,374 Investment income 4 1,266 - 1,266 1,433 - 1,433 2,997 - 2,997 Investment management fees (131) (393) (524) (117) (351) (468) (232) (678) (910) Other expenses (143) - (143) (116) - (116) (220) - (220) Return/(loss) on ordinary activities before tax 992 (518) 474 1,200 1,197 2,397 2,545 2,696 5,241 Tax (charge)/credit on ordinary activities 5 (297) 118 (179) (359) 105 (254) (535) 203 (332) Return/(loss) attributable to shareholders 695 (400) 295 841 1,302 2,143 2,010 2,899 4,909 Basic and diluted return/ (loss) per share (pence) 7 1.9 (1.1) 0.8 2.4 3.6 6.0 5.6 8.1 13.7 The accompanying notes are an integral part of this Half-yearly FinancialReport. The total column of this Summary Income Statement represents the profit and lossaccount of the Company. All of the Company's activities derive from continuing operations. The Company has no recognised gains or losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. Comparative figures have been extracted from the interim accounts for the periodended 30 September 2006 and the statutory accounts for the year ended 31 March2007. SUMMARY BALANCE SHEET Unaudited Unaudited Audited 30 September 2007 30 September 2006 31 March 2007 Note £'000 £'000 £'000 Fixed asset investmentsQualifying investments 33,765 35,918 32,264Non-qualifying investments 1,497 2 - Total fixed asset investments 9 35,262 35,920 32,264 Current assetsDebtors 98 138 180Cash at bank 12 6,793 6,601 11,066 6,891 6,739 11,246 Creditors: amounts falling due within (536) (515) (394)one year Net current assets 6,355 6,224 10,852 Total assets less current liabilities 41,617 42,144 43,116 Capital and reservesCalled up share capital 11 17,939 17,939 17,939Special reserve 14,110 14,110 14,110Capital redemption reserve 1,914 1,914 1,914Realised capital reserve 3,210 2,135 4,021Unrealised capital reserve 3,018 4,923 3,737Revenue reserve 1,426 1,123 1,395 Total equity shareholders' funds 41,617 42,144 43,116 Net asset value per share (pence) 116.0 117.5 120.2 Comparative figures have been extracted from the interim accounts for the periodended 30 September 2006 and the statutory accounts for the year ended 31 March2007. The half-yearly financial information was approved by the Board of Directors on27 November 2007. Signed on behalf of the Board of Directors by David WatkinsChairman SUMMARY (UNAUDITED) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 31 March 2007 17,939 14,110 1,914 4,021 3,737 1,395 43,116 Net realised gains oninvestments in the period - - - 594 - - 594 Capitalised investmentmanagement and performance fees - - - (393) - - (393) Tax relief on costs chargedto capital - - - 118 - - 118 Movement in unrealisedappreciation - - - - (719) - (719) Revenue return attributable to shareholders - - - - - 695 695 Dividends - - - (1,130) - (664) (1,794) As at 30 September 2007 17,939 14,110 1,914 3,210 3,018 1,426 41,617 AS at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains on investments in the period - - - 1,074 - - 1,074 Capitalised investmentmanagement and performance - - - (351) - - (351)fees Tax relief on costs chargedto capital - - - 105 - - 105 Movement in unrealisedappreciation - - - - 474 - 474 Revenue return attributableto shareholders - - - - - 841 841 Dividends - - - (897) - (897) (1,794) As at 30 September 2006 17,939 14,110 1,914 2,135 4,923 1,123 42,144 SUMMARY (UNAUDITED) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains oninvestments in the period - - - 4,086 - - 4,086 Capitalised investmentmanagement and performance - - - (678) - - (678)fees Tax relief on costs chargedto capital - - - 203 - - 203 Movement in unrealisedappreciation - - - - (712) - (712) Revenue return attributableto shareholders - - - - - 2,010 2,010 Dividends - - - (1,794) - (1,794) (3,588) As at 31 March 2007 17,939 14,110 1,914 4,021 3,737 1,395 43,116 SUMMARY CASHFLOW STATEMENT Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Operating activitiesInvestment income 917 1,079 2,410Dividend income - 4 4Interest 230 167 302Investment management fees paid (537) (399) (798)Administrative expenses paid (125) (155) (235)Net cash inflow from operating activities 13 485 696 1,683 TaxationUK corporation tax credit/(paid) 64 (170) (447)VAT paid (13) (3) - Capital expenditure and financialinvestmentPurchase of investments (4,994) (3,255) (5,343)Disposal of investments 1,979 5,285 12,919Net cash (outflow)/inflow from (3,015) 2,030 7,576investing activities Equity dividends paidDividends paid on Ordinary shares (1,794) (1,794) (3,588) (Decrease)/increase in cash 12 (4,273) 759 5,224 NOTES TO THE SUMMARISED SET OF FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2007 1. Accounting convention The financial statements have been prepared in accordance with the historicalcost convention, modified to include the revaluation of investments, inaccordance with applicable United Kingdom law and accounting standards and withthe Statement of Recommended Practice "Financial Statements of Investment TrustCompanies" ("SORP") issued by the Association of Investment Trust Companies ("AITC") in January 2003 and revised in December 2005. True and fair override The Company is no longer an investment company within the meaning of s266 of theCompanies Act 1985. However, it conducts its affairs as a venture capital trustfor taxation purposes under s842AA of the Income and Corporation Taxes Act 1988. The absence of Section 266 status does not preclude the Company from presentingits accounts in accordance with the AITC's SORP and furthermore the Directorsconsider it appropriate to continue to present the accounts in accordance withthe SORP. Under the SORP, the financial performance of the Company ispresented in an Income Statement in which the total column is the profit andloss account of the Company. In the opinion of the Directors the presentation adopted enables the Company toreport in a manner consistent with the sector within which it operates. TheDirectors therefore consider that these departures from the specific provisionsof Schedule 4 of the Companies Act relating to the form and content of accountsfor companies other than investment companies and these departures fromaccounting standards are necessary to give a true and fair view. The departureshave no effect on the total return or balance sheet. 2. Accounting policies The accounting policies used in this Half-Yearly Financial report are consistentwith the accounting policies adopted at the year end. The principal accounting policies are described below. Investments In accordance with FRS 26 "Financial Instruments Measurement", equityinvestments are designated as fair value through profit or loss ("FVTPL"). Thetotal column of the Income Statement represents the Company's profit and lossaccount. Investments listed on recognised exchanges are valued at the closing bid pricesat the end of the accounting period. Unquoted investments' fair value isdetermined by the Directors in accordance with the International Private Equityand Venture Capital Valuation Guidelines. Fair value movements on equityinvestments and gains and losses arising on the disposal of investments arereflected in the capital column of the Income Statement in accordance with theAITC SORP. Unquoted loan stock is classified as loans and receivables in accordance withFRS 26 and carried at amortised cost using the Effective Interest Rate method ("EIR"). Movements in the amortised cost relating to interest income arereflected in the revenue column of the Income Statement and movements in respectof capital provisions are reflected in the capital column of the IncomeStatement. Loan stock accrued interest is recognised in the Balance Sheet aspart of the carrying value of the loans and receivables at the end of eachreporting period. Investments are recognised as financial assets on legal completion of theinvestment contract and are de-recognised on legal completion of the sale of aninvestment. It is not the Company's policy to exercise control or significant influence overinvestee companies. Therefore in accordance with the exemptions under FRS 9 "Associates and joint ventures", those undertakings in which the Company holdsmore than 20% of the equity are not regarded as associated undertakings. Investment income Dividends receivable on equity investments are taken to revenue on anex-dividend basis. Fixed returns on debt securities are recognised on a timeapportionment basis using an effective interest rate over the life of thefinancial instrument. Investment management fees and other expenses All expenses have been accounted for on an accruals basis. Expenses are chargedthrough the Income Statement except the following which are charged through therealised capital reserve: • 75% of Management fees and performance fees, net of corporation taxis allocated to the capital account, to the extent that these relate to anenhancement in the value of the investments and in line with the Board'sexpectation that over the long term 75% of the Company's investment returns willbe in the form of capital gains; and • expenses which are incidental to the purchase or disposal of aninvestment are charged through the realised capital reserve. Debtors and creditors • Debtors are non-interest bearing and are short term in natureand are accordingly stated at their nominal value as reduced by appropriateallowances for estimated irrecoverable amounts. The Directors consider that thecarrying amount of debtors approximates their fair value. • Taxation and creditors are non-interest bearing and are statedat their nominal value. The Directors consider that the carrying amount ofcreditors approximates their fair value. Taxation Taxation is applied on a current basis in accordance with FRS 16 "Current tax".Taxation associated with capital expenses is applied in accordance with theSORP. In accordance with FRS 19 "Deferred tax", deferred taxation is providedin full on timing differences that result in an obligation at the balance sheetdate to pay more tax or a right to pay less tax, at a future date, at ratesexpected to apply when they crystallise based on current tax rates and law.Timing differences arise from the inclusion of items of income and expenditurein taxation computations in periods different from those in which they areincluded in the financial statements. Deferred tax assets are recognised to theextent that it is regarded as more likely than not that they will be recovered.The specific nature of taxation of venture capital trusts mean that it isunlikely that any deferred tax will arise. The Directors have considered therequirements of FRS 19 and do not believe that any provision should be made. Reserves Realised capital reserves The following are disclosed in this reserve: • gains and losses on the realisation of investments;• dividends paid; and• capitalised management and performance fees together with the relatedtaxation effect, charged in accordance with the above policies. Unrealised capital reserves Increases and decreases in the valuation of investments held at the end of theaccounting period are accounted for in this reserve. Special reserve This reserve is distributable and is primarily used for the cancellation of theCompany's share capital. Dividends In accordance with FRS 21 "Events after the balance sheet date", interimdividends are not accounted for until paid, and final dividends are accountedfor when approved by shareholders at an annual general meeting. 3. (Losses)/gains on investments Unaudited Unaudited Audited Six months to 30 Six months to 30 Year ended 31 September 2007 September 2006 March 2007 £'000 £'000 £'000 Realised gains 594 1,074 4,111 Unrealised (losses)/gains (719) 474 (712)Costs of disposal - - (25) Total (125) 1,548 3,374 4. Investment Income Unaudited Unaudited Audited Six months to 30 Six months to 30 Year ended 31 September 2007 September 2006 March 2007 £'000 £'000 £'000 Dividend income - 4 5Loan stock income 965 1,207 2,546Bank deposit interest 224 176 318FRN interest 10 - -Other income 67 46 128 Total income 1,266 1,433 2,997 5. Tax (charge)/credit on ordinary activities The tax charge for the half-year is £179,420 (30 September 2006: £254,000) basedon an estimated effective tax rate of 30% for the year ending 31 March 2008. 6. Dividends The amounts recognised as distributions to equity shareholders in the periodwere as follows: Unaudtied Unaudited Audited Six months to 30 September Six months to 30 September Year end to 31 March 2007 2006 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 First dividend of 5 pence per share paid on 5 April2007 664 1,130 1,794 - - - - - - Second dividendof 5 pence per share paid on 5January 2007 - - - - - - 897 897 1,794 Dividend of 5pence per share paid on 4 August2006 - - - 897 897 1,794 897 897 1,794 664 1,130 1,794 897 897 1,794 1,794 1,794 3,588 The Board has approved the second dividend of 5 pence per Ordinary Share (2.5pence revenue and 2.5 pence capital), amounting to £1,793,911 (2006: 5 pence pershare or £1,793,911) which will be paid on 4 January 2008 to shareholdersregistered on 7 December 2007. 7. Basic and diluted return per share Return per share has been calculated on 35,878,228 Ordinary Shares (2006:35,878,228), being the weighted number of shares in issue for the period. Thereare no convertible instruments, derivatives or contingent share agreements inissue for Close Brothers Venture Capital Trust PLC hence there are no dilutioneffects to the return per share. The basic return per share is therefore thesame as the diluted return per share. 8. Management fee and performance incentive fee A change to the calculation of the management fee and performance incentive feewas approved by shareholders at the Annual General Meeting on 6 August 2007 andbecame effective from 1 April 2007. 9. Fixed Asset Investments As at 30 September 2007, investments held at fair value through profit or lossaccount total £14,629,000 (30 September 2006: £14,418,000) and investments heldat amortised cost total £20,633,000 (30 September 2006: £21,503,000). 10. Contingencies, guarantees and financial commitments As at 30 September 2007 the Company has granted a debenture to the Royal Bank ofScotland plc, the current amount outstanding is £nil. The Company has given twoguarantees to the Royal Bank of Scotland plc and National Westminster Bank plcsecured on deposit bank accounts. As at 30 September 2007, the maximum exposureunder these guarantees amounted to £nil (30 September 2006: £500,000 to NationalWestminster Bank plc). 11. Called up share capital Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000Authorised68,000,000 shares of 50p each (2006: 68,000,000) 34,000 34,000 34,000 Allotted, called up and fully paid35,878,228 shares of 50p each (2006: 35,878,228) 17,939 17,939 17,939 12. Analysis of change in cash during the year Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Opening cash balances 11,066 5,842 5,842Net cash (outflow)/inflow (4,273) 759 5,224 Closing cash balances 6,793 6,601 11,066 13. Reconciliation of return on ordinary activities before tax to netcash inflow from operating activities Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Revenue return before tax 992 1,200 2,545Investment management fees charged to capital (393) (299) (585)Performance incentive fees charged to capital - (52) (93)(Increase) in operating debtors (76) (219) (278)(Decrease)/increase in operating creditors (38) 66 94 Net cash inflow from operating activities 485 696 1,683 14. Related party transactions Close Ventures Limited, as Manager of the Company is considered to be a relatedparty by virtue of its management contract with the Company. During thehalf-year, services of a total value of £524,000 (30 September 2006: £468,000)were purchased by the Company from Close Ventures Limited. At 30 September2007, the amount due to Close Ventures Limited disclosed under creditors was£255,262. 15. Other information The information set out in this half-yearly financial report does not constitutestatutory accounts within the terms of section 240 of the Companies Act 1985 forthe six months to 30 September 2007 and 30 September 2006, and are unaudited.The information for the year ended 31 March 2007 does not constitute statutoryaccounts within the terms of section 240 of the Companies Act 1985 and isderived from the statutory accounts for that financial year, which have beendelivered to the Registrar of Companies. The auditors reported on theseaccounts; their report was unqualified and did not contain a statement undersection 237(2) or (3) of the Companies Act 1985. 16. Publication This Half-yearly Financial Report is being sent to shareholders and copies willbe made available electronically to the public at www.closeventures.co.uk, andon the London Stock Exchange RNS service. The Half-yearly Financial Report willalso be made available to the public at the registered office of the Company andat Companies House. This information is provided by RNS The company news service from the London Stock Exchange