Annual report and financial statements - NVM Private Equity Ltd.

Notes to the Financial Statementsfor the year ended 30 September 200330 September 2003 30 September 200214 Debtors £000 £000Corporation tax recoverable 7 7Prepayments and accrued income 306 429313 43630 September 2003 30 September 200215 Creditors (amounts falling due within one year) £000 £000Trade creditors and accruals 83 90Proposed dividend 1,706 407Bank overdraft — 9731,789 1,47030 September 2003 30 September 200216 Called-up equity share capital £000 £000Authorised:50,000,000 (2002 50,000,000) ordinary shares of 25p 12,500 12,500Allotted and fully paid:39,687,541 (2002 40,733,428) ordinary shares of 25p 9,922 10,1831,045,887 shares were repurchased for cancellation during the year, at an average cost of 55.5p per share.Under the terms of a Subscription Rights Agreement dated 5 October 1995, certain executives of NorthernVenture Managers Limited may become entitled to subscribe for new ordinary shares provided that a performancetarget is achieved, i.e. if the mid-market price of an ordinary share on 31 October in 2003 or a subsequent yearexceeds an amount equal to 100p less the cumulative gross amount of distributions and adjusted in line with themovement in the FTSE Actuaries All-Share index (total return) since 1 November 1995. The number of new shareswill be calculated according to a formula contained in the Agreement such that the benefit to the executives willbe equivalent to 10% of the total return to subscribers. The Agreement contains similar provisions in respect ofsubsequent share issues.Share Capital redemption Revaluation Profit and losspremium reserve reserve account17 Reserves £000 £000 £000 £000At 1 October 2002 14,286 263 (4,326) 12,226Shares purchased for cancellation — 261 — (580)Net increase in unrealised appreciation — — 3,015 —Previously recognised losses now realised — — 2,113 (2,113)Retained loss for the year — — — (1,067)At 30 September 2003 14,286 524 802 8,466PAGE 32 Northern Venture Trust PLC Annual Report and Accounts 2003