Annual report and financial statements - NVM Private Equity Ltd.

Notes to the Financial Statements
for the year ended 31 October 2006
31 October 2006 31 October 2005
15 Called-up equity share capital £000 £000
Authorised:
51,000,000 (2005 51,000,000) ordinary shares of 5p 2,550 2,550
Allotted and fully paid:
23,006,241 (2005 23,706,789) ordinary shares of 5p 1,150 1,185
During the year the company issued 105,910 ordinary shares of 5p for cash at an average premium of 53.1p per
share in connection with the dividend investment scheme. 806,458 shares were repurchased for cancellation at a cost
of £431,000.
Capital Capital Capital
Share redemption reserve reserve Revenue
premium reserve - realised - unrealised reserve
16 Reserves £000 £000 £000 £000 £000
At 1 November 2005
- as previously reported 11,846 72 729 164 55
- prior year adjustment (Note 2) — — 332 (217) 142
- as re-stated 11,846 72 1,061 (53) 197
Premium on issue of ordinary shares 56 — — — —
Share issue expenses (6) — — — —
Shares purchased for cancellation — 40 (431) — —
Gain on disposal of investments — — 70 — —
Previously recognised losses now realised — — (44) 44 —
Unrealised adjustments to fair value of investments — — — (123) —
Management fee capitalised net of associated tax — — (251) — —
Revenue return on ordinary activities after tax — — — — 94
Dividends recognised in the year — — (331) — (141)
At 31 October 2006 11,896 112 74 (132) 150
The realised capital reserve and the revenue reserve are distributable reserves.
17 Net asset value per share
The calculation of the net asset value per share as at 31 October 2006 is based on net assets of £13,250,000
(2005 £14,308,000) divided by the 23,006,241 (2005 23,706,789) ordinary shares in issue at that date.
18 Financial instruments
The company's financial instruments comprise equity and fixed-interest investments, cash balances and liquid
resources.
Investments are made in a combination of equity and loan investments so as to enable the company to achieve
its objective of providing high long-term tax-free returns to shareholders through a combination of dividend
yield and capital growth. Surplus funds are held on bank deposit or in listed money market instruments.
The company has no derivative financial instruments and has no financial asset or liability for which hedge
accounting has been used. All financial assets are held in sterling, hence there is no foreign currency exchange
rate exposure.
PAGE 38 Northern AIM VCT PLC Annual Report and Accounts 2006