TIDMSURE
RNS Number : 8366U
Sure Ventures PLC
08 December 2021
Sure Ventures plc
Unaudited Interim Report and Financial Statements
For the six months ended 30 September 2021
Company Number: 10829500
Table of Contents
1 Chairman's Statement
2 Investment Manager's Report
3 Interim Management Report
4 Alternative Performance Measures (APMs)
5 Financial Statements
Condensed Statement of Comprehensive Income
Condensed Statement of Financial Position
Condensed Statement of Changes in Equity
Condensed Statement of Cash Flows
Notes to the Condensed Interim Financial Statements
1 Chairman's Statement
Chairman's Statement
Dear Shareholders.
On behalf of my fellow directors, I am delighted to present the
interim results of Sure Ventures plc (the 'Company') for the six
months ended 30 September 2021.
FINANCIAL PERFORMANCE
The Company's performance for the half year to 30 September 2021
returned an impressive net asset value ('NAV') total return per
share of +16.47% (31 September 2020 +3.43%). This positive
performance was due to a combination of an uplift in the valuation
of VividQ Limited ("VividQ"), that completed its seed extension
funding round during the period, and is held both as a direct and
an indirect investment, a Series A funding round uplift for
Ambisense Limited, and the continued improvement in the share price
performance of the two listed investments of ENGAGE XR Holdings plc
(formerly known as VR Education Holdings plc) ("ENGAGE") and
Immotion Group plc ("Immotion"). Other contributory factors to the
strong performance in the period include the realised gain from the
sale of a part of the ENGAGE shareholding, a position that has been
strategically reduced to the value of the Company's original
investment in ENGAGE and also the receipt of final escrow funds
from the Company's first successful exit of Artomatix Limited, a
transaction that closed in December 2019 and which realised a x5
gain on the initial investment in a 14-month timeframe.
In the period to 30 September 2021 the Company's NAV
attributable to shareholders grew steadily to GBP6.45m with only a
limited marketing strategy being employed by the Investment
Manager. During recent weeks the Company's share price has dipped
to trade at small discount to its last published NAV, however the
Company considers this to be a temporary anomaly and believes in
the growth potential of its investment portfolio and that further
positive news in the coming one to two quarters will see a
normalisation of the share price premium to its NAV.
Portfolio Update
The Company's holdings comprise its 25.9% investment in Sure
Valley Ventures. This is a Sub-Fund of Suir Valley Fund ICAV (the
'Fund') to which the Company has made a total commitment of EUR7m
(increasing its initial commitment from EUR4.5m in September 2019).
As well as these investments the Company directly holds - Immotion,
which is a listed immersive virtual reality ('VR") entertainment
group and VividQ, a privately owned deep technology company
pioneering the application of holography in augmented reality
('AR') and VR. The Fund portfolio includes one listed entity,
ENGAGE a developer of VR software and immersive experiences with a
specific focus on education, and as at the year end, a further
thirteen privately held companies in the AR, VR, internet of things
('IoT') and artificial intelligence ('AI') space, having concluded
its first successful portfolio company exit in December 2019 for x5
return of the original investment.
During the period the Fund announced one additional investment
in Zefone Limted t/a Smarttech247 (September 2021), an
award-winning managed detection and response company and a market
leader in security operations , adding to the diverse and
well-balanced composition of the Fund's portfolio of investee
companies.
Further information on the investment portfolio is provided in
the report of the Investment Manager which follows this
statement.
COMMITMENTS AND FUNDING
As previously mentioned, in 2019 the Company announced an
increase in subscription to the Fund of EUR2.5m taking its total
commitment to EUR7m, thereby increasing its share in the Fund from
21.6% to 25.9%. This commitment was made shortly before the Fund
closed to new subscribers validating the Company's belief that the
Fund portfolio is at a mature stage and, with several investee
companies preparing for further funding rounds, there is
demonstrable potential for further uplifts to occur from initial
valuations.
Several of these funding rounds are currently in the negotiation
stage and the Company expects to announce further updates in the
next one or two quarters and, in a post interim results event, on
27 October 2021 the Company was pleased to announce the completion
of the Series B funding round raising US$25m for Admix Limited at a
significant uplift to its initial investment in this exciting
company which is on track to generate an impressive tenfold
increase in revenue growth.
The Company believes that it will have sufficient access to
funding to meet its commitments to the Fund over the term of the
Fund's investment cycle, through a combination of available cash,
anticipated subscriptions and access to undrawn facilities.
Investment Environment
The Company is impressed by how the Investment Manager has
navigated through the past eighteen months in a challenging
investment environment as it has steadily grown the investment
portfolio with other complimentary businesses in diverse sectors.
Its experienced team continues to provide advice and guidance to
its investee companies and it is a validation of Investment
Manager's comprehensive investment filter processes that the
performance of the portfolio has largely been unaffected to the
downside by COVID-19, and certain companies such as Buymie, Admix
and Ambisense have benefitted from accelerated growth as a
consequence of the COVID-19 environment. However, whilst the
portfolio has largely been insulated by the effects of COVID-19,
the Company and the Investment Manger continue to remain vigilant
of the risks associated with the pandemic.
It is anticipated that the latest development in VR/AR
technology, the metaverse will narrow the gap even further between
the physical and digital world. As new communal spaces are created
and are able not only to provoke social relationships, but provide
a greater dependency on remote working, the replicated office
setting, accessible from home engineers an engaging environment for
professional communications. Perhaps with a newfound acceptance for
telecommuting, this is the start of a mass consensus forming around
VR/AR, and its further benefits within business.
Dividend
During the year to 30 September 2021, the Company has not
declared a dividend (30 September 2020: GBPnil). Pursuant to the
Company's dividend policy the directors intend to manage the
Company's affairs to achieve shareholder returns through capital
growth rather than income. The Company does not expect to receive a
material amount of dividends or other income from its direct or
indirect investments. It should not be expected that the Company
will pay a significant annual dividend, if any.
Gearing
The Company may deploy gearing of up to 20% of net asset value
(calculated at the time of borrowing) to seek to enhance returns
and for the purposes of capital flexibility and efficient portfolio
management. The Company's gearing is expected to primarily comprise
bank borrowings but may include the use of derivative instruments
and such other methods as the Board may determine. During the
period to 31 March 2021 the Company did not employ any borrowing
(31 March 2020: GBPnil).
The Board will continue to review the Company's borrowing, in
conjunction with the Investment Manager on a regular basis pursuant
with the Company's overall cash management and investment
strategy.
CAPITAL RAISING
On 8 June 2021, the Company announced a placing of 662,500
ordinary shares that were admitted to trading on the Specialist
Fund Segment of the London Stock Exchange on 14 June 2021, under
the existing ISIN: GB00BYWYZ460, taking the total shares in
admission as at 30 September 2021 to 6,013,225.
The Investment Manager's Report following this Statement gives
further detail on the affairs of the Company. The Board is
confident of the long-term prospects for the Company in pursuit of
its investment objectives.
Outlook
The announcement of the Admix funding round in October is a
particularly pleasing development which will positively impact the
December 2021 NAV given the significant uplift in valuation.
Additionally, there are further funding rounds in negotiation which
we anticipate will translate into an excellent calendar year for
the Company and the Investment Manager. And as the chosen
investment verticals attract a greater following, the Company, as
an early mover into this space, believes that the diverse and
seasoned portfolio it has created is extremely well placed to
benefit from an increased investor focus on this sector, which in
turn it believes will bring deserved rewards to its
shareholders.
Perry Wilson
Chairman
1 December 2021
2 Investment Manager's Report
Investment Manager's Report
The company
Sure Ventures plc (the "Company") was established to enable
investors to gain access to early stage technology companies in the
three exciting and expansive market verticals of augmented reality
and virtual reality (AR/VR), artificial intelligence (AI) and the
internet of things (IoT).
The Company gains access to deal flow ordinarily reserved for
venture capital funds and ultra-high net worth angel investors,
establishing a diversified software-centric portfolio with a clear
strategy. Listing the fund on the London Stock Exchange offers
investors:
-- Relative liquidity
-- A quoted share price
-- A high level of corporate governance.
It is often too expensive, too risky and too labour intensive
for investors to build a portfolio of this nature themselves. We
are leveraging the diverse skillsets of an experienced management
team who have the industry network to gain access to quality deal
flow, the expertise to complete extensive due diligence in target
markets and the entrepreneurial skills to help these companies to
mature successfully. Those investing in the Company will get
exposure to Sure Valley Ventures which in turn makes direct
investments in the above sectors in the UK & Ireland.
Augmented Reality & Virtual Reality
The AR/VR market is evolving at a rapid pace. Significant
investment in hardware capability and headset development has been
made by major industry players such as Facebook (through its Oculus
division), Microsoft, Sony (through its PlayStation division), HTC,
Samsung and others. This investment has ignited a new and exciting
industry within the technology sector. Hardware manufacturers and
AR/VR users are now searching for software capabilities/support and
content, and we believe that exposure to this industry via the Fund
and direct investment into software companies in the space will
offer significant upside potential for investors. Through our
network of technology accelerators, angel investor partners and
industry contacts in the AR/VR space, we expect to have a strong
chance of discovering the industry leaders of tomorrow.
Internet of Things
The Internet of Things (IoT) as a segment of the market is a
broad investment area; it is defined as the interconnection, via
the internet, of computing devices embedded in everyday objects,
enabling them to send and receive data. The global growth and
advancement of internet coverage, the increased speed and
capability of connectivity and the mass market penetration of
smartphones/tablet sales has created significant opportunities for
software companies. Businesses from many industries are embracing
the efficiencies, cost savings and the "direct to consumer"
penetration this technological advancement has offered. We see
continued growth in this area and believe that investor returns
will benefit from exposure to the space.
Artificial Intelligence
According to the market research firm Tractica, the global
artificial intelligence software market is expected to experience
massive growth in the coming years, with revenues increasing from
around US$9.5 billion in 2018 to an expected US$118.6 billion by
2025[1]. The overall AI market includes a wide array of
applications such as natural language processing, robotic process
automation, and machine learning. McKinsey did an analysis
comparing the value created by advanced analytics versus AI and
machine learning across common enterprise use cases. McKinsey found
that 82% of enterprises adopting machine learning and AI have
gained a financial return from their investments. For companies
across all industries, the median return on investment from
cognitive technologies is 17%.
[1] Tractica 2019
PORTFOLIO BREAKDOWN
On 6 February 2018 the Company entered into a EUR4.5m commitment
to Sure Valley Ventures (the "Fund"), the sole sub-fund of Suir
Valley Funds ICAV and its investment was equalised into the Fund at
that date. On 31 August 2019 a further EUR2.5m was committed to the
Fund, taking the total investment in Sure Valley Ventures to EUR7m.
The first drawdown was made on 5 March 2018 and as at 30 September
2021, a total of EUR4,754,357 had been drawn down against this
commitment.
On 26 April 2019 the Company made a direct investment of
GBP500,000 into VividQ Limited, a deep tech start up with world
leading expertise in 3D holography. This investment represents the
second direct investment of the Company, alongside Immotion Group
PLC, which was announced on 24th April 2018. As detailed in the
Statement of Position included in the following financial
statements, these two investments alongside the Fund investment
represent the entire portfolio of Sure Ventures plc as at 30
September 2021.
On 8 June 2021, the Company announced a placing of 662,500
ordinary shares. The ordinary shares were admitted to trading on
the Specialist Fund Segment of the London Stock Exchange on 14 June
2021, under the existing ISIN: GB00BYWYZ460, taking the total
shares in admission as at 30 September 2021 to 6,013,225.
suir valley Funds ICAV
Suir Valley Funds ICAV (the "ICAV") is a close-ended Irish
collective asset-management vehicle with segregated liability
between sub-funds incorporated in Ireland pursuant to the Irish
Collective Asset-management Vehicles Act 2015 and constituted as an
umbrella fund insofar as the share capital of the ICAV is divided
into different series with each series representing a portfolio of
assets comprising a separate sub-fund.
The ICAV was registered on 18 October 2016 and authorised by the
Central Bank of Ireland as a qualifying investor alternative
investment fund ("QIAIF") on 10 January 2017. The initial sub-fund
of the ICAV is Sure Valley Ventures, or ("the Fund"), which had an
initial closing date of 1 March 2017. The Fund invests in a broad
range of software companies with a focus on companies in the AR/VR,
AI and IoT sectors.
As at 30 September 2021 the Fund had commitments totaling EUR27m
and had made sixteen direct investments into companies spanning the
AR/VR, AI and IoT sectors. One of these investments was sold in
2019, giving the Fund its first realised gain on exit of around 5X
return on investment. On 12 March 2018, Immersive VR Education
Limited, the Fund's first investment, completed a flotation on the
London Stock Exchange (AIM) and the Dublin Stock Exchange (ESM).
The public company is now called VR Education Holdings PLC - ticker
VRE. VRE was the first software company to list on the ESM since
that market's inception. In July 2020, following an improvement in
share price, the sub-Fund decided to sell sufficient shares to
recover its initial investment. This resulted in a realised gain of
EUR73k being payable to Sure Ventures PLC, along with its share of
the initial investment, and some Escrow Funds from the
aforementioned exit. The final Escrow payment from the sale was
settled in July 2021, seeing another EUR151k flowing to the PLC.
Total distributions from the sub-Fund to the PLC as at 30 September
2021 was EUR1,759,630.
performance
In the period to 30 September 2021 the Company's performance
continued to improve, as it returned a net asset value of
GBP1.07/unit, representing a 16% uplift from the audited March-21
NAV of 92p. The NAV improvement is largely a result of the ICAV NAV
seeing similar gains, as more portfolio companies complete
follow-on funding rounds at increased valuations, and hence large
unrealised gains being booked. The two direct investments have also
improved, with Immotion Group PLC, closing the period at 6,7p, up
from 5.05p at year end, and VividQ closing a new funding round to
give Sure Ventures PLC an unrealised gain of 59% on its initial
holding. Given the lack of revenue to support the ongoing
operational costs of the PLC, these unrealised gains are key to
maintaining a steady NAV, until the point that we see more exits
and realised gains.
FutuRe Investment OUTLOOK
The Fund has achieved one very positive realised gain, recovered
its full investment in its listed portfolio company, as well as
seeing number a of unrealised gains across the portfolio. The Fund
continues to have access to quality deals in our chosen high growth
sectors. The portfolio of current investments is continuing to
mature, with more companies completing series A funding rounds,
which has started to provide the NAV growth that was set out to
achieve from inception.
We remain confident in the future outlook of the Company in the
forthcoming financial year and in line with the prospectus, reserve
the right to make further direct investments provided there is
sufficient working capital to do so.
Shard Capital AIFM LLP
Investment Manager
18 November 2021
3 Interim Management Report
Interim Management Report
The report below together with the Chairman's Statement,
Investment Manager's report and related party disclosures in the
notes to the financial statements constitute the Interim Management
Report for the six months ended 30 September 2021.
Principal risks and uncertainties
The principal risks and uncertainties associated with the
Company's business are divided into the following main areas:
-- Operational risks, including risks associated with reliance
on third party service providers, reliance on key individuals at
the Investment Manager and fluctuations in the market price of the
Company's shares;
-- Investment risks, including risks associated with the
investment objective, borrowing and liquidity of investments;
and
-- Regulatory risks, including risks associated with maintenance
of investment trust status and compliance with applicable
legislative obligations.
The above risks are described further in the Company's Annual
Report for the year ended 31 March 2021 together with measures that
have been put in place to mitigate and manage those risks.
In the view of the directors, the principal risks and
uncertainties reported in the latest Annual Report for the year
ended 31 March 2021 remain unchanged and will be applicable to the
remaining six months of the financial year.
COVID-19 pandemic
The effects of COVID-19 continue to cause some market volatility
and have had an effect on the Company through price volatility of
the Company's investments. The ongoing economic and broader impacts
of COVID-19 will have an effect on the financial statements and
operations in the future, though it is not possible to quantify
likely impacts at this stage.
The Board and the Investment Manager continue to closely monitor
developments on a regular basis and have invoked internal controls
and risk management procedures to mitigate any related risk that
may arise.
Going concern
The Board and the Investment Manager believe that the
operational viability and going concern status of the Company
remains intact and will continue for the next financial 12 months
ahead and foreseeable future. The Board has no concerns in regards
to the ongoing existence of the Company.
The Board is also satisfied that the key service providers have
the ability to continue to operate efficiently in a remote or
virtual working environment.
Statement of Directors' Responsibilities
The directors confirm that, to the best of their knowledge
that:
a) the condensed set of unaudited financial statements contained
within the half-yearly financial report have been prepared in
accordance with International Accounting Standard ("IAS") 34,
Interim Financial Reporting as required by the Disclosure and
Transparency Rule 4.2.4R, and give a true and fair view of the
assets, liabilities and financial position of the Company;
b) the Interim Management Report includes a fair review, as
required by Disclosure and Transparency Rule 4.2.7R, of important
events that have occurred during the first six months of the
financial year, their impact on the condensed set of unaudited
financial statements, and a description of the principal risks and
perceived uncertainties for the remaining six months of the
financial year; and
c) the Interim Management Report includes a fair review of the
information concerning related parties' transactions as required by
Disclosure and Transparency Rule 4.2.8R.
For and on behalf of the board of directors
Perry Wilson
Chairman
1 December 2021
4 Alternative Performance Measures (APMs)
Alternative Performance Measures (APMs)
APMS are often used to describe the performance of investment
companies although they are not specifically defined under IFRS.
Calculations for APMs used by the Company are shown below.
Ongoing charges
A measure expressed as a percentage of average net assets, of
the regular, recurring annual costs of running an investment
company, calculated in accordance with the AIC methodology.
Year ended 31 September 2021
Average NAV (GBP'000) a GBP6,484
----- ---------
Recurring costs b GBP452
----- ---------
b/a 6.96%
------------------------------------ ---------
Premium
The amount, expressed as a percentage, by which the share price
is more than the NAV per share.
As at 30 September 2021
NAV per ordinary share a 107.22p
--------- --------
Share price b 103p
--------- --------
(b-a)/a (3.94%)
----------------------------------- --------
Total return
A measure of performance that includes both income and capital
returns. This takes into account capital gains and reinvestment of
any dividends paid out by the Company, with reinvestment on
ex-dividend date
Year ended 31 March 2021 NAV Share price
Opening as at 31 March 2021
(p) A 92.06 105.00
----------- ------- ------------
Closing at 30 September 2021
(p) B 107.22 103.00
----------- ------- ------------
Dividend reinvestment factor C 1 1
----------- ------- ------------
Adjusted closing (d = b x c
) D 107.22 103.00
----------- ------- ------------
Total return (d-a) / a 16.47% (1.90%)
----------- ------- ------------
5 Financial Statements
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2021 (unaudited)
Revenue Capital Total
GBP GBP GBP
========== ==========
Income
=========================================== ========== ========== ==========
Other net changes in fair value
on financial assets at fair value
through profit or loss - 912,687 912,687
============================================ ========== ========== ==========
Other income - 128,800 128,800
============================================ ========== ========== ==========
Total net income - 1,041,487 1,041,487
============================================ ========== ========== ==========
Expenses
=========================================== ========== ========== ==========
Custodian, secretarial and administration
fees (48,259) - (48,259)
============================================ ========== ========== ==========
Other expenses (101,100) - (101,100)
============================================ ========== ========== ==========
Total operating expenses (149,359) - (149,359)
============================================ ========== ========== ==========
Profit / (Loss) before Taxation
and after finance costs (149,359) 1,041,487 892,128
============================================ ========== ========== ==========
Taxation - - -
=========================================== ========== ========== ==========
Profit / (Loss) after taxation (149,359) 1,041,487 892,128
============================================ ========== ========== ==========
Earnings per share (2.48) 17.32 14.84
============================================ ========== ========== ==========
For the six months ended 30 September 2020 (unaudited)
Revenue Capital Total
GBP GBP GBP
============= ========
Income
=========================================== ============= ======== =============
Other net changes in fair value
on financial assets at fair value
through profit or loss - 231,188 231,188
============================================ ============= ======== =============
Other income - 79,883 79,883
============================================ ============= ======== =============
Total net income - 311,071 311,071
============================================ ============= ======== =============
Expenses
=========================================== ============= ======== =============
Custodian, secretarial and administration
fees (43,095) - (43,095)
============================================ ============= ======== =============
Other expenses (103,819.98) - (103,819.98)
============================================ ============= ======== =============
Total operating expenses (146,915) - (146,915)
============================================ ============= ======== =============
Profit / (Loss) before Taxation
and after finance costs (146,915) 311,071 164,156
============================================ ============= ======== =============
Taxation - - -
=========================================== ============= ======== =============
Profit / (Loss) after taxation (146,915) 311,071 164,156
============================================ ============= ======== =============
Earnings per share (2.74) 5.81 3.07
============================================ ============= ======== =============
The total comprehensive income and expense for the period is
attributable to shareholders of the Company. The accompanying notes
on pages 18 to 20 form part of these condensed interim financial
statements.
Condensed Statement of Financial Position
As at 30 September 2020
Notes 30 September 31 March 2021
2021
(unaudited) (audited)
GBP GBP
====== =============
Non-current assets
======================================= ====== ============= ==============
Investments held at fair value
through profit or loss 7 5,269,757 3,724,611
======================================= ====== ============= ==============
5,269,757 3,724,611
======================================= ====== ============= ==============
Current assets
======================================= ====== ============= ==============
Cash and cash equivalents 1,213,838 1,255,199
======================================= ====== ============= ==============
1,213,838 1,255,199
======================================= ====== ============= ==============
Total assets 6,483,595 4,979,810
======================================= ====== ============= ==============
Current liabilities
======================================= ====== ============= ==============
Other payables (36,328) (54,046)
======================================= ====== ============= ==============
(36,328) (54,046)
======================================= ====== ============= ==============
Total assets less current liabilities 6,447,267 4,925,764
======================================= ====== ============= ==============
Total net assets 6,447,267 4,925,764
======================================= ====== ============= ==============
Shareholders' funds
======================================= ====== ============= ==============
Ordinary share capital 8 60,132 53,507
======================================= ====== ============= ==============
Share premium 5,768,780 5,146,030
======================================= ====== ============= ==============
Revenue reserves (1,175,869) (1,026,510)
======================================= ====== ============= ==============
Capital reserves 1,794,224 752,737
======================================= ====== ============= ==============
Total shareholders' funds 6,447,267 4,925,764
======================================= ====== ============= ==============
Net asset value per share 107.22p 92.06p
======================================= ====== ============= ==============
The accompanying notes on pages 18 to 20 form part of these
condensed interim financial statements.
The financial statements on pages 14 to 17 were approved by the
board of directors and authorised for issue on 1 December 2021.
They were signed on its behalf by:
Perry Wilson , Chairman
Condensed Statement of Changes in Equity
For the six months ended 30 September 2021 (unaudited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital GBP GBP GBP GBP GBP
GBP
========= ========== ============ ========== ==========
For the year
ended 31 March
2021 53,507 5,146,030 (1,026,510) 752,737 (273,773) 4,925,764
================= ========= ========== ============ ========== ========== ==========
Ordinary shares
issued 6,625 655,875 - - - 662,500
================= ========= ========== ============ ========== ========== ==========
Ordinary shares
issue costs - (33,125) - - - (33,125)
================= ========= ========== ============ ========== ========== ==========
Profit / (Loss)
after taxation - - (149,359) 1,041,487 892,128 892,128
================= ========= ========== ============ ========== ========== ==========
Dividends paid - - - - - -
in the period
================= ========= ========== ============ ========== ========== ==========
Balance at 30
September 2021 60,132 5,768,780 (1,175,869) 1,794,224 618,355 6,447,267
================= ========= ========== ============ ========== ========== ==========
For the six months ended 30 September 2020 (unaudited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital GBP GBP GBP GBP GBP
GBP
========= =========== ========== =========== ===========
For the year
ended 31 March
2020 48,699 4,699,588 223,375 (461,743) (238,368) 4,509,919
================= ========= =========== ========== =========== =========== ===========
Ordinary shares
issued 4,750 470,250 - - - 475,000
================= ========= =========== ========== =========== =========== ===========
Ordinary shares
issue costs - (23,750) - - - (23,750)
================= ========= =========== ========== =========== =========== ===========
Profit / (Loss)
after taxation - - (146,915) 311,071 164,156 164,156
================= ========= =========== ========== =========== =========== ===========
Dividends paid - - - - - -
in the period
================= ========= =========== ========== =========== =========== ===========
Balance at 30
September 2020 53,449 5,146,088 76,460 (150,672) (74,212) 5,125,325
================= ========= =========== ========== =========== =========== ===========
The accompanying notes on pages 18 to 20 form part of these
condensed interim financial statements.
Condensed Statement of Cash Flows
For the six months ended 30 September 2021
30 September 30 September
2021 2020
(unaudited) (unaudited)
GBP GBP
==== =============
Cash flows from operating activities:
============================================= ==== ============= =============
Profit / (Loss) after taxation 892,128 164,156
=================================================== ============= =============
Adjustments for:
============================================= ==== ============= =============
Decrease in receivables - 5,330
=================================================== ============= =============
Decrease in payables (17,718) (264,932)
=================================================== ============= =============
Unrealised Profit on foreign exchange (23,856) (66,576)
=================================================== ============= =============
(Profit) / Loss on sale of investment (2,773) 1,790
=================================================== ============= =============
Net changes in fair value on financial
assets at fair value through profit
or loss (885,336) (156,338)
=================================================== ============= =============
Net cash (outflow) from operating
activities (37,555) (316,570)
=================================================== ============= =============
Cash flows from investing activities:
============================================= ==== ============= =============
Purchase of investments (894,541) (424,828)
=================================================== ============= =============
Sale of investments 261,360 66,913
=================================================== ============= =============
Net cash (outflow) from investing
activities (633,181) (357,915)
=================================================== ============= =============
Cash flows from financing activities:
============================================= ==== ============= =============
Proceeds from issue of ordinary shares 662,500 475,000
=================================================== ============= =============
Share issue costs (33,125) -23,750
=================================================== ============= =============
Net cash inflow from financing activities 629,375 451,250
=================================================== ============= =============
Net change in cash and cash equivalents (41,361) (223,235)
=================================================== ============= =============
Cash and cash equivalents at the beginning
of the period 1,255,199 1,700,601
=================================================== ============= =============
Net cash and cash equivalents 1,213,838 1,477,366
=================================================== ============= =============
The accompanying notes on pages 18 to 20 form part of these
condensed interim financial statements.
Notes to the Condensed Interim Financial Statements
1) General information
Sure Ventures plc (the "Company") is a company incorporated in
England and Wales (registration number: 10829500) on 21 June 2017,
commencing trading on 19 January 2018 upon listing. The registered
office of the Company is 23rd Floor, 20 Fenchurch Street, London,
United Kingdom, EC3M 3BY.
The Company is an investment company within the meaning of
section 833 of the Companies Act 2006.
The Company operates as an investment trust in accordance with
Chapter 4 of Part 24 of the Corporation Tax Act 2010 and the
Investment Trust (Approved Company) (Tax) Regulations 2011. In the
opinion of the directors, the Company has conducted its affairs so
that it is able to maintain its status as an investment trust.
Approval of The Company's application for approval as an investment
trust was received from HMRC on 22 November 2018, applicable from
the accounting period commencing 1 April 2018.
The Company is an externally managed closed-ended investment
company with an unlimited life and has no employees.
The information set out in these unaudited condensed interim
financial statements for the period ended 30 September 2021 does
not constitute statutory accounts as defined in section 435 of
Companies Act 2006. Comparative figures 31 March 2021 are derived
from the financial statements for that period. The financial
statements for the period ended 31 March 2021 have been delivered
to the Registrar of Companies and contain an unqualified audit
report and did not contain a statement under emphasis of matter or
statements under section 498(2) or (3) of the Companies Act 2006.
The financial statements of the Company for the year ended 31 March
2021 are available upon request from the Company's registered
office at 23(rd) Floor, 20 Fenchurch Street, London, United
Kingdom, EC3M 3BY.
2) Basis of accounting
The financial statements of the Company have been prepared in
accordance with International Financial Reporting Standards (IFRS)
and IFRIC interpretations (IFRS IC) as adopted by the European
Union. They do not include all the information required for the
full annual financial statements, and should be read in conjunction
with the annual financial statements of the Company for the period
ended 31 March 2021. The principal accounting policies adopted in
the preparation of the financial information in these unaudited
condensed interim financial statements are unchanged from those
used in the Company's financial statements for the year ended 31
March 2021. This report does not itself contain sufficient
information to comply with IFRS.
3) Estimates
The preparation of the unaudited condensed interim financial
statements requires management to make judgement, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
In preparing these unaudited condensed interim financial
statements, the significant judgement made by management in
applying the Company's accounting policies and the key sources of
estimation were the same as those that applied to the Company
financial statements as at and for the period ended 31 March
2021.
4) Financial risk management
The Company's financial risk management objectives and policies
are consistent with those disclosed in the Company financial
statements as at and for the year ended 31 March 2021.
5) Taxation
As an investment trust the Company is exempt from corporation
tax on capital gains. The Company's revenue income is subject to
tax, but offset by any interest distribution paid, which has the
effect of reducing that corporation tax to nil. This means the
interest distribution may be taxable in the hands of the Company's
shareholders.
6) Earnings per Share
For the six months period ended Revenue Capital Total
30 September 2021 pence pence pence
======== ========
Earnings per ordinary share (2.48)p 17.32p 14.84p
================================= ======== ======== ========
For the financial period ended 31 from March 2021
Earnings per ordinary share (5.21)p 4.55p (0.66)p
================================= ======== ======== ========
The calculation of the above is based on revenue return loss of
(GBP149,359) (31 March 2021: loss (GBP278,639)), capital return
profit of GBP1,041,487 (31 March 2021: profit GBP243,234) and total
return profit of GBP892,128 (31 March 2021: loss (GBP35,405)) and
weighted average number of ordinary shares of 6,013,225 (31 March
2021: 5,350,725) as at 30 September 2021.
7) INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
As at 30 September As at 31
2021 March 2021
GBP GBP
===================
Opening cost
============================================ =================== ============
Opening fair value 3,724,611 3,078,560
============================================ =================== ============
Purchases at cost 894,541 534,171
============================================ =================== ============
Sale (261,360) (66,913)
============================================ =================== ============
Cost at fair value measurement
============================================ =================== ============
Realised gain/(loss) 2,773 (1,790)
============================================ =================== ============
Unrealised gain 885,336 300,079
============================================ =================== ============
Unrealised gain/(loss) on foreign exchange 23,856 (119,496)
============================================ =================== ============
Closing fair value 5,269,757 3,724,611
============================================ =================== ============
8) Ordinary Share Capital
The table below details the issued share capital of the Company
as at the date of the Financial Statements.
Issued and allotted No. of shares No. of shares Ordinary Share Ordinary
30 September 31 March Capital Share Capital
2021 2021 30 September 31 March
2021 2021
GBP GBP
============== ============== ===============
Ordinary shares of
1 penny each 6,013,225 5,350,725 60,132 53,507
===================== ============== ============== =============== ===============
On incorporation, the issued share capital of the Company was
GBP0.01 represented by one ordinary share of GBP0.01. Redeemable
preference shares of 50,000 were also issued with a nominal value
of GBP1 each, of which 25% were paid. The redeemable shares were
issued to enable the Company to obtain a certificate of entitlement
to conduct business and to borrow under section 761 of the
Companies Act 2006. The redeemable shares were redeemed on listing
from the proceeds of the issue of the new ordinary shares upon
admission on 19 January 2018.
The following table details the subscription activity for the
period ended 30 September 2021.
30 September 31 March
2021 2021
=============================================
Balance as at 31 March 2021 5,350,725 4,869,956
================================== ========== ==========
Ordinary shares issued 662,500 480,769
================================== ========== ==========
Balance as at 30 September 2021 6,013,225 5,350,725
================================== ========== ==========
During the period ended 30 September 2021, all proceeds from
this issue was received (31 March 2021 all proceeds from this issue
was received)
9) Related Party Transactions and Transactions with the
Manager
Directors - There were no contracts subsisting during or at the
end of the period in which a director of the Company is or was
interested and which are or were significant in relation to the
Company's business. There were no other transactions during the
period with the directors of the Company. The directors do not hold
any ordinary shares of the Company.
At 30 September 2021, there was GBP1,437 (31 March 2021:
GBP1,441) payable in respect of directors fees and expenses.
Manager - Shard Capital AIFM LLP (the 'Manager'), a UK-based
company authorised and regulated by the Financial Conduct
Authority, has been appointed the Company's manager and authorised
investment fund manager for the purposes of the Alternative
Investment Fund Managers Directive. Details of the services
provided by the manager and the fees paid are given in the
prospectus dated 17 November 2017.
During the period the Company incurred GBP40,673 and was rebated
the full amount (31 March 2021 GBP63,311) of fees and at 30
September 2021, there was GBPnil (31 March 2021: nil) payable to
the manager.
During the period the Company paid GBP33,125 (31 March 2021:
GBP23,750) of placement fees to Shard Capital Partners LLP.
During the period the Company paid GBP6,000 (31 March 2020:
GBP12,000) of advisory fees to Shard Capital Partners LLP.
10) SubsequENT EVENTS
There was no subsequent events which would require disclosure in
the financial statements.
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9918
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. Sure Ventures
is focusing on companies in the UK, Republic of Ireland and other
European countries, making seed and series A investments in
companies with first rate management teams, products which benefit
from market validation with target revenue run rates of at least
GBP400,000 over the next 12 months. Website:
https://www.sureventuresplc.com/
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END
IR DKOBPKBDDQBK
(END) Dow Jones Newswires
December 08, 2021 02:59 ET (07:59 GMT)
Sure Ventures (LSE:SURE)
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Sure Ventures (LSE:SURE)
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から 1 2024 まで 1 2025
