DOW JONES INDUSTRIAL for the year ended 30 April 2021
Year ended 2021 Period ended 2020
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income - - - - - -
- 630 630 - 607 607
Provision for contribution from SDV regarding the
capital entitlement of the ZDP shares
Return before finance costs and taxation - 630 630 - 607 607
Appropriations in respect of ZDP shares - (630) (630) - (607) (607)
- - - -
Net return after finance costs and before taxation - -
Taxation on ordinary activities 2 - - - - - -
Net return after taxation - - - - - -
Return per ZDP share 4 - 4.34p 4.34p - 4.19p
4.19p The total column of this statement is the Statement of Comprehensive Income of the Company, prepared in accordance with IFRSs, as adopted by the EU. All revenue and capital return columns in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All of the net return for the year is attributable to the shareholders of the Company. The supplementary revenue and capital columns are presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.
The notes on pages 22 to 27 form part of these financial statements.
Statement of Changes in Net Equity
for the year ended 30 April 2021
Share Capital Total
GBP'000 GBP'000
Year ended 30 April 2021
1 May 2020 13 13
Total comprehensive income for the year - -
30 April 2021 13 13
Year ended 30 April 2020
1 May 2019 13 13 13
13 Total comprehensive income for the year - -
30 April 2020 13 13
The notes on pages 22 to 27 form part of these financial statements.
Balance Sheet
as at 30 April 2021
Note 2021 2020
GBP'000 GBP'000
Non-current assets
Loans and receivables 5 16,532 15,902
Current assets
Trade and other receivables 6 13 13
Total assets 16,545 15,915
Current liabilities
ZDP shares 8 (16,532) (15,902)
Net assets 13 13
Represented by:
Share capital 7 13 13
Equity shareholders' funds 13 13
The notes on pages 22 to 27 form part of these financial statements.
These financial statements were approved by the Board of SDV 2025 ZDP PLC and authorised for issue on 24 June 2021 and were signed on behalf of the Company by:
Howard Myles,
Chairman
24 June 2021
Company Registered No: 11031268
Notes to the Financial Statements
as at 30 April 2021
1. General information
SDVP is a public company incorporated and registered in England and Wales on 25 October 2017 with limited liability under the Companies Act 2006. All of its Ordinary shares are held by SDV. It is not regulated by the Financial Conduct Authority or any commission.
The financial information of the Company for the year ended 30 April 2021 has also been consolidated into the results of SDV. 2. Accounting policies
Basis of preparation
The financial statements of the Company have been prepared in conformity with IFRSs issued by the International Accounting Standards Board (as adopted by the United Kingdom), and Interpretations issued by the International Financial Reporting Interpretations Committee, and applicable requirements of UK company law, and reflect the following policies which have been adopted and applied consistently.
New standards, interpretations and amendments adopted by the Company
There are no amendments to standards effective this year, being relevant and applicable to the Company.
Critical accounting judgments and uses of estimation
The preparation of financial statements in conformity with IFRS requires management to make judgments, estimate and assumptions that affect the application of policies and the amounts reported in the Balance Sheet and the Statement of Comprehensive Income. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimate are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods. There were no significant accounting estimates or significant judgments in the current year.
Convention
The financial statements are presented in Sterling, rounded to the nearest GBP'000. The financial statements have been prepared on a going concern basis. Where presentational guidance set out in the Statement of Recommended Practice regarding the 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP'), issued by the Association of Investment Companies (dated April 2021) is consistent with the requirements of IFRSs, the Directors have sought to prepare the financial statements on a consistent basis compliant with the recommendations of the SORP.
Segmental reporting
The Company does not engage in any business activities from which it can earn revenues and therefore segmental reporting does not apply. 2. Accounting policies (continued)
Loans and receivables
The Company holds a non-interest bearing secured loan in SDV. Under IAS 39 'Financial Instruments: Recognition and Measurement' the loan is carried at amortised cost using the effective interest method. Amortised cost represents the initial cost of the loan plus a proportion of the expected surplus on redemption. The expected surplus on redemption is allocated to capital at a constant rate over the life of the loan.
Expenses
All operating expenses (including the auditors remuneration) of the Company are borne by SDV.
ZDP shares
ZDP shares issued by the Company are treated as a liability under IAS 32 'Financial Instruments: Disclosure and Presentation', and are shown in the Balance Sheet at their redemption value at the Balance Sheet date. The appropriations in respect of the ZDP shares necessary to increase the Company's liabilities to the redemption values are allocated to capital in the Statement of Comprehensive Income. This treatment reflects the Board's long-term expectations that the entitlements of the ZDP shareholders will be satisfied out of gains arising on SDV investments held primarily for capital growth. Cash flow statement
The Company is a wholly-owned subsidiary of SDV and the cash flows of the Company are included in the consolidated cash flow statement of the parent undertaking. During the prior period the receipt of loan funding from the issue of ZDP shares was received directly by SDV.
There were no cash flows during the year ended 30 April 2021 therefore no cash flow statement is presented within the financial statements. Taxation
There is no charge to UK income taxation as the Company does not have any income. There are no deferred tax assets in respect of unrelieved excess expenses as all expenses are borne by SDV.
3. Directors' remuneration/Management fee
The Directors and Manager are remunerated by SDV and the amounts in respect of their services as Directors and Manager of SDVP are not separately identifiable.
4. Return per share
ZDP shares
The capital return per ZDP share is based on appropriations of GBP630,000 (2020: GBP607,000) and on 14,500,000 shares (2020: 14,500,000), being the weighted average number of ZDP shares in issue during the year.
5. Loans and receivables
The Company has entered into a contribution agreement agreement with SDV whereby the Company lent SDV the gross proceeds of GBP12,782,000 raised from the conversion of SVC ZDP shares of 10,977,747 and the placing on 8 January 2018 of 1,802,336 ZDP shares at 100p.
On 11 April 2018, the Company lent SDV the gross proceeds of GBP1,462,514 raised from the additional placing of 1,419,917 ZDP shares at 103p each.
On 10 May 2018, the Company lent SDV the gross proceeds of GBP104,500 raised from the additional placing of 100,000 ZDP shares at 104p each.
On 15 May 2018, the Company lent SDV the gross proceeds of GBP208,500 raised from the additional placing of 200,000 ZDP shares at 105p each.
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