Annual report and financial statements - NVM Private Equity Ltd.

More documents

Recommendations

Info

Fifteen Largest Venture Capital Investments BRITSPACE HOLDINGS LIMITED Cost £443,000 Valuation £443,000 Basis of valuation Cost Equity held 7.0% Business/location Manufacturer of modular buildings and steel fabrications, Hull History Management buy-out, September 2002, led by NVM. De-merged from GB Industries in September 2007 Other NVM funds Northern Investors Company, investing Northern 2 VCT, Northern 3 VCT Income in year Nil Audited financial information: First audited accounts will be for the period to 31 March 2008 CELLO GROUP PLC Cost £301,000 Valuation £400,000 Basis of valuation Bid price (AIM) Equity held 0.8% Business/location AIM-quoted marketing and communication services provider, London History The company floated on AIM in November 2004 Other NVM funds Northern 2 VCT, Northern 3 VCT investing Income in year Dividends £3,000 Audited financial information: Year ended 31 December 2006 2005 £m £m Sales 74.7 52.1 Profit before tax 4.2 3.0 Profit after tax 3.0 2.0 Net assets 39.6 34.1 IG DOORS LIMITED Cost £315,000 Valuation £399,000 Basis of valuation Earnings multiple Equity held 3.2% Business/location Manufacturer of steel and GRP composite doors, Cwmbran History Management buy-out from Expamet International, November 2003, led by NVM Other NVM funds Northern Investors Company, investing Northern Venture Trust, Northern 2 VCT, Northern 3 VCT Income in year Dividends £7,000, loan stock interest £20,000 Audited financial information: Year ended 31 December 2006 2005 £m £m Sales 18.3 18.0 Profit before tax 0.4 0.6 Profit after tax 0.4 0.5 Net assets 0.8 0.4 16 Northern AIM VCT PLC Annual Report and Accounts 2007
Directors’ Report The directors have managed the affairs of the company with the intention of maintaining its status as an appoved venture capital trust. The directors present their report and the audited financial statements for the year ended 31 October 2007. Activities and status The principal activity of the company during the year was the making of long term equity and loan investments, mainly in AIM-quoted companies. The company was an investment company as defined in Section 266 of the Companies Act 1985 until 29 June 2004 when investment company status was revoked in order to permit the distribution of capital profits, and its shares have been listed on the London Stock Exchange since January 2001. The directors have managed the affairs of the company with the intention of maintaining its status as an approved venture capital trust for the purposes of Section 274 of the Income Tax Act 2007. The directors consider that the company was not at any time up to the date of this report a close company within the meaning of Section 414 of the Income and Corporation Taxes Act 1988. The directors are required by the articles of association to propose an ordinary resolution at the company’s annual general meeting in 2012 that the company should continue as a venture capital trust for a further five year period and at each fifth subsequent annual general meeting thereafter. If any such resolution is not passed, the directors shall within four months convene an extraordinary general meeting to consider proposals for the reorganisation or winding-up of the company. Business review The directors are required by Section 234ZZB of the Companies Act 1985 to include a business review in their report to shareholders. The business review is set out on pages 6 to 11 and is included in the directors’ report by reference. Results and dividend The return on ordinary activities after tax for the year of £1,606,000 has been transferred to reserves. The final dividend of 1.0p per share in respect of the year ended 31 October 2006 was paid during the year at a cost of £228,000 and has been charged to reserves. The proposed final dividend of 3.0p per share in respect of the year ended 31 October 2007 will, if approved by shareholders, be paid on 7 March 2008 to shareholders on the register on 8 February 2008. Provision of information to auditors The directors who held office at the date of approval of this directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the company’s auditors are unaware; and each director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information. Table 1: Directors’ shareholdings Directors The directors of the company during the year and their interests in the ordinary shares of 5p of the company were as shown in Table 1. All of the directors’ share interests were held beneficially. There have been no changes in the directors’ share interests between 31 October 2007 and the date of this report. Brief biographical notes on the directors are given on page 4. Mr C J P Dawnay and Mr J W J Moxon retire from the board by rotation in accordance with the articles of association and offer themselves for re-election. None of the directors has a contract of service with the company and, except as mentioned below under the heading “Management”, no contract or arrangement subsisted during or at the end of the year in which any director was materially interested and which was significant in relation to the company’s business. Directors’ and officers’ liability insurance The company has, as permitted by Section 310(3) of the Companies Act 1985, maintained insurance cover on behalf of the directors and secretary indemnifying them against certain 31 October 2007 1 November 2006 C J P Dawnay (Chairman) 102,800 102,800 S D Bullock 78,081 78,081 A M Conn 178,044 145,195 I A Macdonald 102,900 102,900 J W J Moxon 28,719 28,719 Northern AIM VCT PLC Annual Report and Accounts 2007 17
Page 1 and 2: 2007 31 Northern AIM VCT PLC Annual
Page 3 and 4: Financial Summary Year ended 31 Oct
Page 5 and 6: James Dawnay Chairman The current u
Page 7 and 8: Secretary and Registered Office Chr
Page 9 and 10: maturity in the corporate developme
Page 11 and 12: Industry sector analysis as at 31 O
Page 13 and 14: Total expense ratio: the following
Page 15 and 16: Fifteen Largest Venture Capital Inv
Page 17: RCG HOLDINGS LIMITED Cost £236,000
Page 21 and 22: meeting of the company (expected to
Page 23 and 24: company setting out the terms of th
Page 25 and 26: esponsible for organising the busin
Page 27 and 28: details of which have been reviewed
Page 29 and 30: Financial Statements Northern AIM V
Page 31 and 32: Balance Sheet as at 31 October 2007
Page 33 and 34: Notes to the Financial Statements f
Page 35 and 36: 5 Tax on return on ordinary activit
Page 37 and 38: 9 Investment disposals Disposals of
Page 39 and 40: 10 Unquoted investments continued 3
Page 41 and 42: 17 Financial instruments continued
Page 43 and 44: Notice of Annual General Meeting No
Page 45 and 46: Form of Proxy NORTHERN AIM VCT PLC
Page 48: Northern AIM VCT PLC Northumberland

Annual report and financial statements - NVM Private Equity Ltd.

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?