Northern 2 VCT PLC Annual Financial Report -2-
May 30 2014 - 5:45AM
UK Regulatory
- 6,665 6,665 - 7,546 7,546
Income 2,517 - 2,517 1,669 - 1,669
Investment
management
fee (343) (1,391) (1,734) (286) (1,339) (1,625)
Other
expenses (396) (15) (411) (306) - (306)
---------- ---------- ---------- ---------- ---------- ----------
Return on
ordinary
activities
before tax 1,778 5,259 7,037 1,077 6,207 7,284
Tax on
return on
ordinary
activities (328) 328 - (195) 195 -
---------- ---------- ---------- ---------- ---------- ----------
Return on
ordinary
activities
after tax 1,450 5,587 7,037 882 6,402 7,284
---------- ---------- ---------- ---------- ---------- ----------
Return per 1.8p 6.8p 8.6p 1.2p 9.1p 10.3p
share
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 31 March 2014
Year ended Year ended
31 March 2014 31 March 2013
GBP000 GBP000
Equity shareholders' funds at 1 April 2013 62,844 55,128
Return on ordinary activities after tax 7,037 7,284
Dividends recognised in the year (7,608) (3,845)
Net proceeds of share issues 15,149 4,923
Shares re-purchased for cancellation (834) (646)
---------- ----------
Equity shareholders' funds at 31 March 2014 76,588 62,844
---------- ----------
BALANCE SHEET
as at 31 March 2014
31 March 2014 31 March 2013
GBP000 GBP000
Fixed assets:
Investments 51,836 45,402
---------- ----------
Current assets:
Debtors 363 557
Cash and deposits 25,417 18,088
---------- ----------
25,780 18,645
Creditors (amounts falling due within one year) (1,028) (1,203)
---------- ----------
Net current assets 24,752 17,442
---------- ----------
Net assets 76,588 62,844
---------- ----------
Capital and reserves:
Called-up equity share capital 4,562 3,700
Share premium 377 27,618
Capital redemption reserve 7 767
Capital reserve 62,007 22,636
Revaluation reserve 9,298 7,351
Revenue reserve 337 772
---------- ----------
Total equity shareholders' funds 76,588 62,844
---------- ----------
Net asset value per share 83.9p 84.9p
CASH FLOW STATEMENT
for the year ended 31 March 2014
Year ended Year ended
31 March 2014 31 March 2013
GBP000 GBP000 GBP000 GBP000
Cash flow statement
Net cash inflow/(outflow) from
operating activities 391 (573)
Taxation:
Corporation tax paid - (74)
Financial investment:
Purchase of
investments (9,933) (9,730)
Sale/repayment of investments 10,164 12,917
---------- ----------
Net cash inflow from financial
investment 231 3,187
Equity dividends paid (7,608) (3,845)
---------- ----------
Net cash outflow before financing (6,986) (1,305)
Financing:
Issue of shares 15,505 5,086
Share issue expenses (356) (163)
Shares re-purchased for
cancellation (834) (646)
---------- ----------
Net cash inflow from financing 14,315 4,277
---------- ----------
Increase in cash and
deposits 7,329 2,972
---------- ----------
Reconciliation of return before tax
to net cash flow from operating
activities
Return on ordinary activities
before tax 7,037 7,284
Gain on disposal of
investments (2,695) (2,497)
Movements in fair
value of
investments (3,970) (5,049)
(Increase)/decrease
in debtors 194 (246)
Decrease in creditors (175) (65)
---------- ----------
Net cash inflow/(outflow) from
operating activities 391 (573)
---------- ----------
Reconciliation of
movement in net
funds
1 April 2013 Cash flows 31 March 2014
GBP000 GBP000 GBP000
Cash and deposits 18,088 7,329 25,417
---------- ---------- ----------
INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2014
% of
Cost Valuation net assets
GBP000 GBP000 by value
Venture capital investments:
Kerridge Commercial Systems 1,593 7,605 9.9
Volumatic Holdings 2,095 3,187 4.2
Advanced Computer Software Group* 382 2,691 3.5
Wear Inns 1,868 2,386 3.1
Silverwing 1,388 2,025 2.6
Tinglobal Holdings 1,812 1,941 2.5
No 1 Traveller 1,629 1,629 2.1
Arleigh Group 619 1,573 2.1
Intuitive Holding 1,508 1,533 2.0
Buoyant Upholstery 1,509 1,509 2.0
Control Risks Group Holdings 746 1,363 1.8
Cawood Scientific 1,031 1,348 1.8
Kitwave One 1,246 1,288 1.7
It's All Good 1,145 1,145 1.5
Haystack Dryers 1,497 1,103 1.4
---------- ---------- --------
Fifteen largest venture capital
investments 20,068 32,326 42.2
Other venture capital investments 14,567 11,117 14.5
---------- ---------- --------
Total venture capital investments 34,635 43,443 56.7
Listed equity investments 4,048 4,567 6.0
Listed fixed-interest investments 3,855 3,826 5.0
---------- ---------- --------
Total fixed asset investments 42,538 51,836 67.7
----------
Net current assets 24,752 32.3
---------- --------
Net assets 76,588 100.0
---------- --------
*Quoted on AIM
BUSINESS RISKS
The board carries out a regular review of the risk environment in which
the company operates. The main areas of risk identified by the board
are as follows:
Investment risk: Many of the company's investments are in small and
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