REG - Trinity Capital - Annual Financial Report <Origin Href="QuoteRef">TRC.L</Origin> - Part 2

Revel CollectiveAnnouncement

09/11/2017 08:02

- Part 2: For the preceding part double click  ID:nRSI9778Va 

                          £'000              £'000      £'000            £'000      £'000        £'000                £'000   
                                                                                                                                                       
 Financial assets                                                                                                                                      
 Investments at fair value through profit or loss  -                  -          -                -          -            8,272                8,272   
 Trade and other receivables                       -                  -          -                -          -            1                    1       
 Cash and cash equivalents                         5,656              -          -                -          -            -                    5,656   
 Prepayments                                       -                  -          -                -          -            30                   30      
 Total financial assets                            5,656              -          -                -          -            8,303                13,959  
                                                                                                                                                       
 Financial liabilities                                                                                                                                 
 Provision for legal costs                         -                  -          -                -          -            2,000                2,000   
 Trade and other payables                          -                  -          -                -          -            342                  342     
 Total financial liabilities                                                                                              2,342                2,342   
 Total interest rate sensitivity gap               5,656              -          -                -          -            5,961                11,617  
 
 
(b) Credit risk 
 
Credit risk arises on investments, cash balances and debtor balances. The
amount of credit risk is equal to the amounts stated in the statement of
financial position for each of these assets. Cash balances are limited to
high-credit-quality financial institutions. There are no impairment provisions
as at 31 March 2017 (2016: nil). 
 
(c)        Liquidity risk 
 
Prudent liquidity risk management implies maintaining sufficient cash and
marketable securities, the availability of funding through an adequate amount
of committed credit facilities and the ability to close out market positions.
The Company aims to maintain flexibility in funding. 
 
Residual undiscounted contractual maturities of financial liabilities: 
 
 31 March 2017                Less than1 month  1-3months  3 monthsto 1 year  1-5     Over 5Years  No stated maturity    
                                                                              years                                      
                              £'000             £'000      £'000              £'000   £'000        £'000                 
 Financial liabilities                                                                                                   
 Provision for run-off costs  -                 -          550                -       -                                  
 Trade and other payables     105               -          -                  -       -            -                     
                              105               -          550                -       -                                  
                                                                                                                         
 31 March 2016                Less than1 month  1-3months  3 monthsto 1 year  1-5     Over 5Years  No stated maturity    
                                                                              years                                      
                              £'000             £'000      £'000              £'000   £'000        £'000                 
 Financial liabilities                                                                                                   
 Provision for legal costs    -                 -          -                  -       -            2,000                 
 Trade and other payables     342               -          -                  -       -            -                     
                              342               -          -                  -       -            2,000                 
                                                                                                                         
 
 
19.     Provision for run-off costs 
 
A provision has been made for the estimated unavoidable costs that are
expected to be incurred in respect of the winding up of the Company. It is
estimated that these costs, consisting of regular administration costs from 31
March 2017 up to the date of liquidation, disposal costs associated with the
transaction described in note 11, and liquidation costs associated with the
closure of the Company and the remaining subsidiaries, are in the region of
£550,000. 
 
20.     Related party transactions 
 
Graham Smith is a Director of the Company, and a Director of the
Administrator. He has received no Directors' fees from the Company during the
year (2016: nil). The fees paid by the Company to the Administrator (excluding
VAT) for the year amounted to £0.1 million (2016: £0.1 million). 
 
Details of other Directors' remuneration during the year are given in note 6. 
 
21.     Subsequent events 
 
On 27 August 2017 the Company announced that it is offering TCML for sale at
auction. The deadline for receipt of unconditional bids under the auction has
been extended to 10 November 2017. In the meantime, on 17 October 2017, TC-10
entered into a sale and purchase agreement with DB Realty Limited in relation
to all of the CCPS held by TC-10 (the "Transaction"). Under the terms of the
Transaction, TC-10 will receive the equivalent of INR149.6 million
(approximately £1.7 million at current exchange rates). Completion of the
Transaction is subject to TC-10 obtaining all final regulatory approvals in
India, currently expected before the auction deadline. If the Transaction
completes as envisaged before the auction deadline, the auction of TCML will
be cancelled. Under the terms of an agreement with the Immobilien Funds
entered into at the same time as the agreement referred to in note 10, TC-10
will pay the proceeds received from the Transaction to TCML. TCML will then
remit those proceeds to Trinity. 
 
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