REG - Edinburgh Dragon Tst - Annual Financial Report <Origin Href="QuoteRef">ABF.L</Origin> <Origin Href="QuoteRef">EDDR.L</Origin> - Part 3
04/11/2014 08:05
- Part 3: For the preceding part double click ID:nRSD0278Wb
6 738 (83) 2 (81)
______ ______ ______ ______ ______ ______
(b) Factors affecting the tax charge for the year
The tax assessed for the year is lower than the effective rate of corporation tax in the UK.
2014 2013
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Return on ordinary activities before taxation 7,469 50,298 57,767 6,642 28,153 34,795
______ ______ ______ ______ ______ ______
Effective rate of corporation tax at 22.17% (2013 - 23.58%) 1,656 11,151 12,807 1,566 6,639 8,205
Effects of:
UK dividend income (200) - (200) (427) - (427)
Gains on investments not taxable - (11,161) (11,161) - (6,665) (6,665)
Currency losses not taxable - 10 10 - 26 26
Other non-taxable income (3,568) - (3,568) (3,473) - (3,473)
Increase in excess expenses and loan relationship deficit 2,112 - 2,112 2,334 - 2,334
Net overseas tax suffered 732 6 738 (83) 2 (81)
______ ______ ______ ______ ______ ______
Current tax charge for year 732 6 738 (83) 2 (81)
______ ______ ______ ______ ______ ______
(c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year or in the prior year.
The Company has not provided for deferred tax on capital gains or losses arising on the revaluation or disposal of investments as it is exempt from tax on these items because of its status as an investment trust company.
(d) Factors that may affect future tax charges
The Company has not recognised a deferred tax asset £8,464,000 (2013 - £6,887,000) arising as a result of excess management expenses and non-trading loan relationship deficits (CULS interest). These expenses will only be utilised if the Company has profits chargeable to corporation tax in the future.
7. Dividends
In order to comply with the requirements of Sections 1158 -1159 of the Corporation Tax Act 2010 and with company law, the Company is required to make a final dividend distribution.
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
The table below sets out the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of Sections 1158 - 1159 are considered. The revenue available for distribution by way of dividend for the year is £6,737,000 (2013 - £6,725,000).
2014 2013
£'000 £'000
Proposed final dividend for 2014 - 2.20p per Ordinary share (2013 - 2.20p) 4,320 4,320
______ ______
The amounts reflected above for the cost of the proposed final dividend for 2014 is based on 196,368,689 Ordinary shares in issue, being the number of Ordinary shares in issue at the date of this Report.
The final dividend will be paid on 19 December 2014 to shareholders on the register at the close of business on 21 November 2014.
2014 2013
8. Return per Ordinary share £'000 pence £'000 pence
Basic
Revenue return 6,737 3.43 6,725 3.42
Capital return 50,292 25.61 28,151 14.34
______ ______ ______ ______
Total return 57,029 29.04 34,876 17.76
______ ______ ______ ______
Weighted average Ordinary shares in issue 196,371,896 196,363,142
__________ __________
2014 2013
Diluted £'000 pence £'000 pence
Revenue return 9,218 n/a 9,148 n/a
Capital return 50,292 23.32 28,151 13.05
______ ______ ______ ______
Total return 59,510 27.59 37,299 17.29
______ ______ ______ ______
Weighted average Ordinary shares in issue{A} 215,656,495 215,656,504
__________ __________
{A} The calculation of the diluted total, revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard 22, "Earnings
per Share". For the purpose of calculating total, revenue and capital returns per
Ordinary share, the number of Ordinary shares used is the weighted average number
used in the basic calculation plus the number of Ordinary shares deemed to be issued
for no consideration on exercise of all 3.5% Convertible Unsecured Loan Stock 2018
(CULS). The calculations indicate that the exercise of CULS would result in an
increase in the weighted average number of Ordinary shares of 19,284,599 (2013 -
19,293,362) to 215,656,495 (2013 - 215,656,504) Ordinary shares.
For the years ended 31 August 2014 and 31 August 2013 there was no dilution to the
revenue return per Ordinary share. Where dilution occurs, the net returns are
adjusted for items relating to the CULS. Total earnings for the period are tested for
dilution. Once dilution has been determined individual revenue and capital earnings
are adjusted. Accrued CULS finance costs for the period and unamortised issues
expenses are reversed.
Listed Listed
overseas in UK Total
9. Investments £'000 £'000 £'000
Fair value through profit or loss:
Opening book cost 341,450 18,527 359,977
Opening fair value gains on investments held 243,182 246 243,428
__________ __________ __________
Opening fair value 584,632 18,773 603,405
Movements in year:
Purchases at cost 40,704 1,064 41,768
Sales - proceeds (48,842) - (48,842)
Sales - gains on sales 23,523 - 23,523
Current year fair value gains/(losses) on investments held 29,821 (3,003) 26,818
__________ __________ __________
Closing fair value 629,838 16,834 646,672
__________ __________ __________
Listed Listed
overseas in UK Total
£'000 £'000 £'000
Closing book cost 356,835 19,591 376,426
Closing fair value gains/(losses) on investments held 273,003 (2,757) 270,246
__________ __________ __________
Closing fair value 629,838 16,834 646,672
__________ __________ __________
2014 2013
£'000 £'000
Listed on a recognised overseas investment exchange 629,838 584,632
Listed in the UK 16,834 18,773
__________ __________
646,672 603,405
__________ __________
2014 2013
Gains on investments held at fair value through profit or loss £'000 £'000
Realised gains on sales 23,523 17,717
Increase in fair value gains on investments held 26,818 10,547
__________ __________
50,341 28,264
__________ __________
Transaction costs
During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Income Statement. The total costs were as follows:
2014 2013
£'000 £'000
Purchases 58 68
Sales 101 103
__________ __________
159 171
__________ __________
2014 2013
10. Debtors and prepayments £'000 £'000
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