Annual report and financial statements - NVM Private Equity Ltd.

Fifteen Largest Venture Capital Investments
JELF GROUP PLC
Cost £297,000
Valuation £728,000
Basis of valuation Bid price (AIM)
Equity held 1.1%
Business/location Provider of commercial insurance,
corporate healthcare and financial
services, Bristol
History
The company floated on AIM in October
2004. A further share issue took place in
February 2006, raising £4 million
Other NVM funds None
investing
Income in year Nil
PILAT MEDIA GLOBAL PLC
Cost £301,000
Valuation £661,000
Basis of valuation Bid price (AIM)
Equity held 2.5%
Business/location Provision of software for the broadcasting
industry, London
History
The company de-merged from Pilat
Technology International in February 2002
and raised £3.4 million of expansion
finance on AIM
Other NVM funds None
investing
Income in year Nil
JOHN LAING PARTNERSHIP LIMITED
Cost £229,000
Valuation £642,000
Basis of valuation Earnings multiple
Equity held 3.9%
Business/location Builder of private and social housing, Elstree
History
Management buy-out from John Laing plc,
September 2003, led by NVM
Other NVM funds Northern Investors Company,
investing
Northern Venture Trust, Northern 2 VCT,
Northern 3 VCT
Income in year Dividends £19,000, loan stock
interest £14,000
DEVELOP TRAINING LIMITED
Cost £424,000
Valuation £614,000
Basis of valuation Earnings multiple
Equity held 6.3%
Business/location Provision of training services, Morpeth
History
Management buy-out from public sector
ownership, December 2002, led by NVM.
De-merged from Longhirst Group in May 2007
Other NVM funds Northern Investors Company, Northern 2
investing
VCT, Northern 3 VCT
Income in year Dividends £13,000,
loan stock interest
£15,000
Audited financial information:
Year ended 30 September 2006 2005
£m £m
Sales 25.1 11.5
Profit before tax 2.1 1.0
Profit after tax 1.2 0.7
Net assets 16.3 4.4
Audited financial information:
Year ended 31 December 2006 2005
£m £m
Sales 19.4 13.0
Profit before tax 3.7 2.3
Profit after tax 2.6 1.6
Net assets 17.9 11.0
Audited financial information:
Year ended 31 December 2006 2005
£m £m
Sales 76.0 57.9
Profit before tax 2.5 1.0
Profit after tax 1.8 0.7
Net assets 3.0 1.5
Audited financial information:
First audited accounts will be for the period to
31 March 2008
14 Northern AIM VCT PLC Annual Report and Accounts 2007