REG - Tavistock Investment - Results For The Year Ended 31 March 2017 <Origin Href="QuoteRef">TAVI.L</Origin> - Part 3
01/08/2017 07:06
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Ordinary shares
Weighted
average price
(pence) Number
Outstanding at the beginning of the year 4.84 18,450,000
Granted during the yearLapsed during the year 5.254.08 7,720,000 (4,950,000)
-------------------
Outstanding at the end of the period 5.18 21,220,000
=========
The exercise price of options outstanding at the end of the year, 1,500,000 of
which had vested and were exercisable, was 5.18p and their weighted
contractual life was 8.64 years.
There were no options over Ordinary shares exercised in the period. The
weighted average fair value of each option granted during the current period
was assessed as being 2.78p and their weighted average contractual life was
7.08 years.
The Company had previously also issued EMI options over 100,000 G Ordinary
Shares for which the performance criteria has now been met and these options
were exercised in the year. These options were valued by reference to an
assessment of the Company's future market capitalisation.
17. LEASING COMMITMENTS 31 March 2017 31 March 2016
£'000 £'000
The Group's future minimum lease payments fall due as follows:
Within one year 252 170
Between one and two years 171 116
Between two and five years 153 129
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576 415
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18. RELATED PARTY TRANSACTIONS
Payments of £56,232 (2016: 14,825) were made to threesixty Support LLP, a firm
in which Philip Young is Managing Director, in relation to compliance
services.
During the period, Tavistock Wealth Limited received fees of £1,162,530 (2016:
£567,744) under the terms of an agreement entered into with Investment Fund
Services Limited ("IFSL"). IFSL is a company of which Andrew Staley, a
significant shareholder in Tavistock Investments Plc, is a director.
TAVISTOCK INVESTMENTS PLC
Company number 05066489
COMPANY BALANCE SHEET
AS AT 31 MARCH 2017 - PREPARED UNDER UK GAAP
At 31 March 2017 At 31 March 2016
£'000 £'000 £'000 £'000
Fixed assets
Investments III 22,360 11,697
Tangible fixed assets IV 281 216
Intangible fixed assets V 474 275
----------------- -----------------
23,115 12,188
Current assets
Debtors VI 1,377 1,450
Cash at bank and in hand VIII 1,089 591
----------------- -----------------
2,466 2,041
Creditors: amounts falling due within
one year IX (4,738) (6,069)
---------------- ----------------
Net current liabilities (2,272) (4,028)
Debtors: amounts falling due after one year VII 299 -
Creditors: amounts falling due after one year X (3,100) -
--------------- ---------------
Total assets less total liabilities 18,042 8,160
======= =======
Capital and reserves
Called up share capital XI 12,685 10,262
Share premium account 27,818 20,688
Retained losses (22,461) (22,790)
------------------ ------------------
Shareholders' funds 18,042 8,160
========= =========
=========
=========
The Company's loss for the year is £671,000 (2016: Loss of £2,206,000).
The financial statements were approved by the Board and authorised for issue
on 31 July 2017.
Oliver Cooke
Chairman
The notes below form part of the Company financial statements.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017 - PREPARED UNDER UK GAAP
ShareCapital SharePremium Retained deficit Shareholderfunds
£'000 £'000 £'000 £'000
31 March 2015 10,245 20,576 (20,584) 10,237
Issue of shares 17 112 - 129
Loss before and after tax - - (2,206) (2,206)
------------- -------------- --------------- --------------
31 March 2016 10,262 20,688 (22,790) 8,160
------------- -------------- -------------- -------------
Issue of shares 2,423 7,130 - 9,553
Loss after tax - - (671) (671)
Dividends received - - 1,000 1,000
------------- -------------- --------------- --------------
31 March 2017 12,685 27,818 (22,461) 18,042
------------- -------------- -------------- -------------
I. ACCOUNTING POLICIES
The principal accounting policies applied are summarised below.
Basis of preparation
The financial statements have been prepared under the historical cost
convention as modified by the revaluation of Tangible Assets and in accordance
with Financial Reporting Standard 102, the Financial Reporting Standard
applicable in the United Kingdom and the Republic of Ireland and the Companies
Act 2006.
FRS 102 is mandatory for accounting periods beginning on or after 1 January
2015.
The preparation of financial statements in compliance with FRS 102 requires
the use of certain critical accounting estimates. It also requires management
to exercise judgment in applying the company's accounting policies (see note 2
in the Group financial statements).
These accounts do not include a Cashflow Statement or a Financial Instruments
note as these are disclosed in the Group financial statements.
All accounting policies that are not unique to the company are listed on pages
19 -21. All additional accounting policies have been applied as follows:
Going concern
The Directors' are of the opinion that the Company has sufficient working
capital for the foreseeable future and on this basis, consider it appropriate
that the accounts have been prepared on a going concern basis.
Valuation of investments
Investments held as fixed assets are stated at cost less any provision for
impairment in value.
II. LOSS FOR THE FINANCIAL PERIOD
The Company has taken advantage of the exemption allowed under s408 of the
Companies Act 2006 and has not presented its own profit and loss account in
these financial statements. The Company's loss for the year was £671,000
(2016: Loss of £2,206,000).
The average number of employees of the company during the year was 8 (2016: 4)
and total staff costs were £1,209,000 (2016: £603,000).
III. FIXED ASSET INVESTMENTS 31 March 2017 31 March 2016
£'000 £'000
Subsidiary undertakings
Cost
Balance at 1 April 2016 12,024 11,034
Additions 10,663 990
-------------- --------------
Balance at 31 March 2017 22,687 12,024
Provisions
Balance at 1 April 2016 (327) (100)
Provision for impairment - (227)
-------------- --------------
Balance at 31 March 2017 (327) (327)
-------------- --------------
Carrying value of investments 22,360 11,697
======= =======
Name Holding Registered Office Address
Tavistock Wealth Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Tavistock Partners Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Sterling McCall Limited Indirect 1, The Cornerstone Market Place, Kegworth, Derby DE74 2EE
Tavistock Financial Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Cornerstone Asset Holdings Limited Direct 1, The Cornerstone Market Place, Kegworth, Derby DE74 2EE
Duchy Independent Financial Advisers Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Abacus Associates Financial Services Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Price Bailey Financial Services Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
PB Financial Planning Limited Indirect 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Cheviot Financial Planning Limited Indirect 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
The Tavistock Partnership Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
Tavistock Direct Limited Direct 1 Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW
IV. TANGIBLE FIXED ASSETS Office fixtures
Computer fittings and
equipment equipment Total
£'000 £'000 £'000
Cost
Balance at 1 April 2016 56 199 255
Additions 44 80 124
--------- -------------- ---------------
Balance at 31 March 2017 100 279 379
--------- -------------- ---------------
Accumulated depreciation
Balance at 1 April 2016 32 7 39
Depreciation charge 13 46 59
--------- -------------- ---------------
Balance at 31 March 2017 45 53 98
--------- -------------- ---------------
Net Book Value
At 31 March 2017 55 226 281
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At 31 March 2016 24 192 216
===== ===== ======
V. INTANGIBLE FIXED ASSETS
Intangible fixed assets relate to the capitalisation of software, amounting to
£199,000 (2016: £275,000) during the year ended 31 March 2017, there has been
no amortisation in the year.
VI. DEBTORS: due within one year 31 March 2017 31 March 2016
£'000 £'000
Amounts owed by subsidiary undertakings 1,150 610
Trade debtors 74 48
Other debtors 52 683
Prepayments 101 109
------------ ------------
1,377 1,450
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VII. DEBTORS: due after one year 31 March 2017 31 March 2016
£'000 £'000
Deferred tax asset 299 -
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299 -
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VIII. CASH AND CASH EQUIVALENTS
31 March 2017 31 March 2016
£'000 £'000
Cash at bank and in hand 1,089 591
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1,089 591
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IX. CREDITORS: amounts falling due within one year
31 March 2017 31 March 2016
£'000 £'000
Term loan 250 250
Trade creditors 202 245
Accruals 167 172
Other tax and social security 76 37
Other creditors 233 1,022
Deferred consideration 2,002 4,343
Amounts owed to subsidiary undertakings 1,808 -
------------ ------------
4,738 6,069
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X. CREDITORS: amounts falling due after one year
31 March 2017 31 March 2016
£'000 £'000
Term loansDeferred consideration 2,0001,100 --
------------ ------------
3,100 -
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XI. SHARE CAPITAL
Details of the Company's share capital and the movements in the period can be
found in Note 15 to the consolidated financial statements.
XII. SHARE OPTIONS
EMI Share Option Scheme
Details of the share options outstanding at 31 March 2017 can be found in Note
16.
XIII. RELATED PARTY TRANSACTIONS
Advantage has been taken by the Company of the exemptions provided by Section
33.1A of FRS102 not to disclose group transactions in respect of wholly owned
subsidiaries.
This information is provided by RNS
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