Annual report and financial statements - NVM Private Equity Ltd.

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Cash Flow Statementfor the year ended 30 September 2003Year endedYear ended30 September 2003 30 September 2002£000 £000 £000 £000Cash flow statementNet cash inflow/(outflow) from operating activities 383 (82)TaxationCorporation tax recovered — 211Financial investmentPurchase of investments (3,063) (7,484)Sale/repayment of investments 9,165 4,499Net cash inflow/(outflow) from financial investment 6,102 (2,985)Equity dividends paid (688) (822)Net cash inflow/(outflow) before financing 5,797 (3,678)FinancingIssue of ordinary shares — 30Purchase of ordinary shares for cancellation (580) (368)Net cash outflow from financing (580) (338)Increase/(decrease) in cash at bank 5,217 (4,016)Reconciliation of profit before taxto net cash flow from operating activitiesProfit on ordinary activities before tax 920 150Decrease/(increase) in debtors 123 (217)Decrease in creditors (7) (41)(Profit)/loss recognised on realisation of investments (653) 26Net cash inflow/(outflow) from operating activities 383 (82)Reconciliation of movement in net funds1 October 2002 Cash flows 30 September 2003£000 £000 £000Cash at bank 256 4,244 4,500Bank overdraft (973) 973 —Net funds (717) 5,217 4,500PAGE 24 Northern Venture Trust PLC Annual Report and Accounts 2003
Notes to the Financial Statementsfor the year ended 30 September 20031 Accounting policiesA summary of the principal accounting policies, all of which have been applied consistently throughout the yearand with the preceding year, is set out below.aBasis of accountingThe financial statements have been prepared under the historical cost convention, modified to include therevaluation of fixed asset investments, and in accordance with applicable accounting standards (see Note 2).bInvestmentsListed investments are stated at middle market prices, discounted where necessary to reflect lack of liquidity.Unlisted investments are stated at directors’ valuation. The directors’ policy in valuing unlisted investments is tocarry them at fair value. The determination of fair value is initially based on cost but will be modified in thefollowing circumstances:where a company’s under-performance against plan indicates an impairment in the value of the investment:provision against cost is made as appropriate. Normally this will be in bands of 25%.where a company is well-established and profitable: the shares may be valued by applying a suitable priceearningsratio to the company’s historic post-tax earnings. The ratio used is based on a comparable listedcompany or sector but discounted by 25-50% to reflect unmarketability.where a value is indicated by a material arm’s length transaction by a third party in the shares of a company.Unlisted investments will not normally be revalued upwards for a period of at least twelve months from the dateof acquisition.Realised profits and losses on investments and permanent diminutions in value are dealt with in the profit and lossaccount.Unrealised gains and losses on investments are dealt with in the revaluation reserve.cIncomeInvestment income includes income tax withheld at source. Dividend income is shown net of any related tax credit.Dividends receivable on listed equity shares are brought into account on the ex-dividend date. Dividendsreceivable on unlisted equity shares are brought into account when the company’s right to receive payment isestablished and there is no reasonable doubt that payment will be received. Fixed returns on non-equity sharesand debt securities are recognised on a time apportionment basis so as to reflect the effective yield, providedthere is no reasonable doubt that payment will be received in due course.dExpensesAll expenses are accounted for on an accruals basis. Expenses are charged wholly to the profit and loss accountwith the exception of expenses incidental to the acquisition or disposal of an investment, which are includedwithin the cost of the investment or deducted from the disposal proceeds as appropriate. Within the profit andloss account the investment management fee is allocated 25% to revenue and 75% to capital.eTaxationDeferred tax is recognised in respect of all timing differences which have originated but not yet reversed by thebalance sheet date.PAGE 25 25 Northern Venture Trust PLC Annual Report and Accounts 2003
Page 1 and 2: 2003Northern Venture Trust PLCAnnua
Page 3 and 4: Financial SummaryYear ended 30 Sept
Page 5 and 6: Chairman’s StatementAt 30 Septemb
Page 7: AdvisersSecretary and Registered Of
Page 10 and 11: Investment Manager’s Review£233,
Page 12 and 13: Investment Portfolioas at 30 Septem
Page 14 and 15: Fifteen Largest Venture Capital Inv
Page 16 and 17: Fifteen Largest Venture Capital Inv
Page 18 and 19: Directors’ ReportThe directors pr
Page 20 and 21: Directors’ Remuneration ReportThi
Page 22 and 23: Corporate GovernanceThe company is
Page 24 and 25: Profit and Loss Accountfor the year
Page 28 and 29: Notes to the Financial Statementsfo
Page 36 and 37: Independent Auditors’ ReportTo th
Page 38 and 39: Notice of Annual General MeetingNot

Annual report and financial statements - NVM Private Equity Ltd.

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