Annual report and financial statements - NVM Private Equity Ltd.

Profit and Loss Accountfor the year ended 30 September 2003Year ended 30 September 2003 Year ended 30 September 2002Revenue Capital Total Revenue Capital TotalNotes £000 £000 £000 £000 £000 £000Losses on realisation of investments — (1,460) (1,460) — (1,928) (1,928)Revaluation losses previously recognised — 2,113 2,113 — 1,902 1,902Profit/(loss) recognised in the year onrealisation of investments 12 — 653 653 — (26) (26)Income 3 1,269 — 1,269 1,299 — 1,299Investment management fee 4 (185) (556) (741) (223) (670) (893)Other expenses 5 (214) — (214) (207) — (207)Profit/(loss) on ordinary activities before interest and tax 870 97 967 869 (696) 173Interest payable 6 (47) — (47) (23) — (23)Profit/(loss) on ordinary activities before tax 823 97 920 846 (696) 150Tax on profit/(loss) on ordinary activities 7 (118) 118 — (126) 126 —Profit/(loss) on ordinary activities after tax 705 215 920 720 (570) 150Dividends 8 (678) (1,309) (1,987) (817) — (817)Retained profit/(loss) for the year 27 (1,094) (1,067) (97) (570) (667)Earnings/(loss) per share 9 1.8p 0.5p 2.3p 1.8p (1.4)p 0.4pDividend per share 8 1.7p 3.3p 5.0p 2.0p — 2.0pThe accompanying notes are an integral part of this statementAll items in the above statement derive from continuing operationsStatement of Total Recognised Gains and Lossesfor the year ended 30 September 2003Year ended 30 September 2003 Year ended 30 September 2002Revenue Capital Total Revenue Capital TotalNotes £000 £000 £000 £000 £000 £000Profit/(loss) on ordinary activities after tax 705 215 920 720 (570) 150Unrealised gains/(losses) on revaluation of investments 17 — 3,015 3,015 — (3,853) (3,853)Total recognised gains and losses during the year 705 3,230 3,935 720 (4,423) (3,703)PAGE 22 Northern Venture Trust PLC Annual Report and Accounts 2003