Annual Report 2006 - Tamar European Industrial Fund

Income Statements Balance Sheets
For the period from 25 August 2006 to 31 December 2006
Revenue
Notes Company Group
£’000 £’000
Rental income - 5,193
Other income - 522
Gains on investments
Unrealised gains on revaluation of investment properties 8 - 5,072
Total income - 10,787
Expenditure
Other expenses 2a, 3 (170) (3,001)
Total expenditure (170) (3,001)
Net operating profit/(loss) before finance costs (170) 7,786
Net finance costs
Interest revenue receivable 2,029 677
Finance costs 4 (720) (762)
1,309 (85)
Net profit from ordinary activities before taxation 1,139 7,701
Taxation on profit on ordinary activities 5 - (2,804)
Net profit for the period 1,139 4,897
Basic earnings per share 3.5p
The accompanying notes are an integral part of this statement.
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As at 31 December 2006
Notes Company Group
£’000 £’000
Non-current assets
Property, plant and equipment - 3
Investment properties 8 - 283,010
Investment in subsidiary undertakings 9 682 -
Trade and other receivables 11a 143,554 2,135
Deferred tax assets 10 - 159
144,236 285,307
Current assets
Trade and other receivables 11b 18 16,723
Cash and cash equivalents 12 25,294 33,581
25,312 50,304
Total assets 169,548 335,611
Current liabilities
Trade and other payables 13 (32,924) (20,617)
Non-current liabilities
Loans and borrowings 14 - (172,002)
Deferred tax liabilities 10 - (2,583)
- (174,585)
Total liabilities (32,924) (195,202)
Net assets 136,624 140,409
Represented by:
Share capital 15 - -
Share premium 15 2,985 2,985
Special distributable reserve 15 132,500 132,500
Translation reserve 15 - 27
Revenue reserve 15 1,139 4,897
Equity shareholders’ funds 136,624 140,409
Net asset value per share 100.3p
The accounts on pages 18 to 32 were approved by the Board of Directors on 27 February 2007 and signed
on its behalf by:
J J Gamble H F Green
Director Director
The accompanying notes are an integral part of this statement.
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