+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
| Interest payable on bank borrowings | | 1,276,537 | | 322,064 | | 690,543 | | 322,064 |
+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
| Break costs | | 5,626,517 | | - | | 2,791,754 | | - |
+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
| | | 6,903,054 | | 322,064 | | 3,482,297 | | 322,064 |
+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
| | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
| Net finance cost (income) | | 4,655,782 | | (1,921,252) | | 2,513,401 | | (1,921,252) |
+--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+
9 Income taxes
The income tax charge represents UK corporation tax at a standard rate of 30
percent chargeable on the profits arising in ACP Capital (UK) Limited, the
controlling partner of the Group's adviser, ACP Capital UK LLP.
The Company and a number of the subsidiaries are registered in Jersey as exempt
companies and are, therefore, not liable to Jersey income tax on profits derived
outside Jersey. Confirmation has been obtained from the Comptroller of Income
Tax in Jersey that, by concession, the companies will be liable to tax in Jersey
only in respect of income, other than bank interest income, arising in Jersey.
During the year no income, other than bank interest income, arose in Jersey.
With effect from the 2009 year of assessment Jersey abolished the exempt company
regime for existing companies. Profits arising in the Group for the 2009 year of
assessment and future periods will be subject to tax at the rate of 0%. In the
prior year the Group was exempt from taxation under the provisions of Article
123A of the Income Tax (Jersey) Law 1961 as amended.
10 Investments measured at fair value through profit or loss
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| | | Group | | Group | | Company | | Company |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| | | 2008 | | 2007 | | 2008 | | 2007 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| | | GBP | | GBP | | GBP | | GBP |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Opening balance | | 165,522,198 | | 62,281,436 | | 165,522,198 | | 62,281,436 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Additions | | 8,498,225 | | 218,497,716 | | 46,946,526 | | 218,497,716 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Interest income accrued | | 199,966 | | - | | - | | - |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Fair value of investments of | | 46,600,479 | | - | | - | | - |
| subsidiary on acquisition | | | | | | | | |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Write back of brought forward parent | | (31,054,816) | | - | | - | | - |
| company investment in subsidiary on | | | | | | | | |
| acquisition | | | | | | | | |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Disposals | | (3,306,858) | | (102,578,606) | | (2,871,701) | | (102,578,606) |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Movement in fair value of | | (70,487,188) | | (12,678,348) | | (102,901,782) | | (12,678,348) |
| investments | | | | | | | | |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Closing balance | | 115,972,005 | | 165,522,198 | | 106,695,241 | | 165,522,198 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| | | | | | | | | |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Disclosed in current assets | | 2,228,496 | | 845,927 | | 1,507,955 | | 845,927 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| Disclosed in non-current assets | | 113,743,509 | | 164,676,271 | | 105,187,286 | | 164,676,271 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
| | | 115,972,005 | | 165,522,198 | | 106,695,241 | | 165,522,198 |
+--------------------------------------+---+--------------+--+---------------+--+---------------+--+---------------+
The fair value of listed investments is based on quoted market price at the
balance sheet date. The fair value of unlisted investments is determined by
using indicative prices or valuation techniques.
11 Loans and receivables
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| | | Group | | Group | | Company | | Company |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| | | 2008 | | 2007 | | 2008 | | 2007 |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| | | GBP | | GBP | | GBP | | GBP |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Opening balance | | 15,912,561 | | 13,588,149 | | 15,912,561 | | 13,588,149 |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Additions | | - | | 15,436,209 | | - | | 15,436,209 |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Fair value of loans and | | 40,916,553 | | - | | - | | - |
| receivables of subsidiary on | | | | | | | | |
| acquisition | | | | | | | | |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Repayments | | - | | (13,465,066) | | - | | (13,465,066) |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Interest income accrued | | - | | 24,261 | | - | | 24,261 |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Impairment of loans and | | (9, 412,454) | | 329,008 | | (9, 412,454) | | 329,008 |
| receivables | | | | | | | | |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Transfer to Available-for-sale | | (47,416,660) | | - | | (6,500,107) | | - |
| investments | | | | | | | | |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
| Closing balance | | - | | 15,912,561 | | - | | 15,912,561 |
+------------------------------------+---+--------------+--+--------------+--+--------------+--+--------------+
Loans and receivables are carried at amortised cost using the effective interest
rate method, less provision for impairment. Impairment provisions are recognised
when there is objective evidence (such as significant financial difficulties on
the part of the counterparty or default or significant delay in payment) that
ACP Capital (LSE:APL)
Historical Stock Chart
From Jun 2024 to Jul 2024
ACP Capital (LSE:APL)
Historical Stock Chart
From Jul 2023 to Jul 2024
