XLON:NTN ESEF Annual Report
NORTHERN 3 VCT PLC (XLON:NTN)
ESEF Annual Report
2025-08-21
For: 2025-03-31
View Original
Added on
September 22, 2026
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| £000 | £000 | |
| Investment income: | ||
| Dividends from unquoted companies | 23 | 370 |
| Dividends from quoted companies | 304 | 311 |
| Money market funds* | 1,123 | 1,103 |
| Bank deposits* | 352 | 443 |
| Loans to unquoted companies | 890 | 363 |
| 2,692 | 2,590 |
| Year ended 31 March 2025 | Year ended 31 March 2024 | |||||
| Revenue £000 | Capital £000 | Total £000 | Revenue £000 | Capital £000 | Total £000 | |
| Investment management fee | ||||||
| Basic | 582 | 1,745 | 2,327 | 528 | 1,585 | 2,113 |
| Performance-related | – | 65 | 65 | – | – | – |
| 582 | 1,810 | 2,392 | 528 | 1,585 | 2,113 | |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | |
| Administrative and secretarial services | 72 | 73 |
| Directors’ remuneration | 134 | 134 |
| National Insurance contributions | 12 | 13 |
| Auditor’s remuneration | ||
| – audit services | 76 | 63 |
| – non-audit services | – | – |
| Legal and professional expenses | 36 | 49 |
| Share issue promoter’s commission | 30 | 35 |
| Other expenses | 185 | 239 |
| 545 | 606 |
| Year ended 31 March 2025 | Year ended 31 March 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | |
| (a) Analysis of charge / (credit) for the year | ||||||
| UK corporation tax payable / (recoverable) on the return for the year | 585 | (585) | – | (82) | 82 | – |
| (b) Tax reconciliation | ||||||
| Return before tax | 1,565 | 5,391 | 6,956 | 1,456 | 1,582 | 3,038 |
| Return multiplied by the standard rate of UK corporation tax of 25.0% (2023: 19.0%) | 391 | 1,348 | 1,739 | 364 | 396 | 760 |
| Effect of: | ||||||
| Dividends not subject to tax | (82) | – | (82) | (446) | – | (446) |
| Capital returns not subject to tax | – | (726) | (726) | – | (216) | (216) |
| Movements in fair value of investments not subject to tax | – | (1,075) | (1,075) | – | (576) | (576) |
| Increase in surplus management expenses | – | 144 | 144 | – | 478 | 478 |
| Adjustment in respect of previous year | 276 | (276) | – | – | – | – |
| Tax (credit) / charge for the year | 585 | (585) | – | (82) | 82 | – |
| Year ended 31 March 2025 | Year ended 31 March 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | |
| (a) Recognised as distributions in the financial statements for the year | ||||||
| Previous year’s final dividend | 736 | 2,502 | 3,238 | – | 3,229 | 3,229 |
| Current year’s first interim dividend | 437 | 2,478 | 2,915 | 689 | 2,066 | 2,755 |
| 1,173 | 4,980 | 6,153 | 689 | 5,295 | 5,984 | |
| (b) Paid and proposed in respect of the year | ||||||
| Interim paid – 2.0p (2023: 2.0p) per share | 437 | 2,478 | 2,915 | 689 | 2,066 | 2,755 |
| Final proposed – 2.5p (2024: 2.2p) per share | 434 | 3,179 | 3,613 | 686 | 2,332 | 3,018 |
| 871 | 5,657 | 6,528 | 1,375 | 4,398 | 5,773 | |
| Year ended 31 March 2025 £000 | Year ended 31 March 2024 £000 | |
| Level 1 | ||
| Quoted venture capital investments | 3,490 | 4,521 |
| Listed equity investment funds | 12,112 | 12,835 |
| Level 3 | ||
| Unquoted venture capital investments | 87,629 | 73,645 |
| 103,231 | 91,001 |
| Venture capital – unquoted Level 3 £000 | Venture capital – quoted Level 1 £000 | Listed equity Level 1 £000 | Total £000 | |
| Book cost at 31 March 2024 | 75,061 | 2,952 | 10,314 | 88,327 |
| Fair value adjustment at 31 March 2024 | (1,416) | 1,569 | 2,521 | 2,674 |
| Fair value at 31 March 2024 | 73,645 | 4,521 | 12,835 | 91,001 |
| Movements in the year: | ||||
| Purchases at cost | 14,881 | – | 1,245 | 16,126 |
| Disposals – proceeds | (8,631) | (1,258) | (1,208) | (11,097) |
| – net realised gains on disposal | 2,432 | 374 | 96 | 2,902 |
| Movements in fair value | 5,302 | (147) | (856) | 4,299 |
| Fair value at 31 March 2025 | 87,629 | 3,490 | 12,112 | 103,231 |
| Comprising: | ||||
| Book cost at 31 March 2025 | 82,582 | 2,223 | 10,794 | 95,599 |
| Fair value adjustment at 31 March 2025 | 5,047 | 1,267 | 1,318 | 7,632 |
| 87,629 | 3,490 | 12,112 | 103,231 | |
| Equity shares | 69,742 | 3,490 | 12,112 | 85,344 |
| Preference shares | 8,099 | – | – | 8,099 |
| Interest-bearing securities | 9,788 | – | – | 9,788 |
| 87,629 | 3,490 | 12,112 | 103,231 |
| Original cost | Carrying value at 31 March 2024 | Disposal proceeds | Realised gain against carrying value | |
| £000 | £000 | £000 | £000 | |
| Gentronix – disposal of entire holding | 805 | 2,531 | 3,568 | 1,037 |
| Grip-UK (t/a The Climbing Hangar) – disposal of entire holding | 3,492 | 2,343 | 2,494 | 151 |
| Intuitive Holding – disposal of entire holding | 1,293 | 573 | 1,563 | 990 |
| Eckoh – disposal of entire holding | 528 | 629 | 918 | 289 |
| Pure Pet Food – partial disposal | 133 | 331 | 520 | 189 |
| Buoyant Upholstery – partial disposal | 387 | 387 | 387 | – |
| musicMagpie – disposal of entire holding | 201 | 255 | 340 | 85 |
| Mojo Mortgages – deferred proceeds | – | – | 53 | 53 |
| Fresh Approach (UK) Holdings – partial disposal | 34 | 34 | 34 | – |
| Evotix – deferred proceeds | – | – | 9 | 9 |
| Axial Systems Holdings – deferred proceeds | – | – | 3 | 3 |
| Nutshell – in liquidation | 665 | – | – | – |
| Ablatus Therapeutics – in liquidation | 551 | – | – | – |
| 8,089 | 7,083 | 9,889 | 2,806 |
| Company | Registered office address | Investment type | Equity £000 | Debt £000 | Total investment cost £000 |
| Biological Preparations Group | Unit 12 A-C Pantglas Industrial Estate, Bedwas, Caerphilly CF83 8DR | Unquoted | 504 | 1,411 | 1,915 |
| Volumatic Holdings | Taurus House, Endemere Road, Coventry CV6 5PY | Unquoted | 216 | – | 216 |
| 31 March 2025 | 31 March 2024 | |
| £000 | £000 | |
| Accrued income | 115 | 200 |
| Due from investment sales | 2,148 | 698 |
| Prepayments | 32 | 29 |
| 2,295 | 927 |
| 31 March 2025 | 31 March 2024 | |
| £000 | £000 | |
| Cash at bank | 7,862 | 8,726 |
| Money market funds | 17,000 | 22,000 |
| 24,862 | 30,726 |
| 31 March 2025 | 31 March 2024 | |
| £000 | £000 | |
| Accruals and deferred income | 279 | 158 |
| 279 | 158 |
| 31 March 2025 | 31 March 2024 | |
| £000 | £000 | |
| Allotted and fully paid: | ||
| 144,514,326 (2024: 137,164,335) ordinary shares of 5.0p | 7,226 | 6,858 |
| Share premium | Capital redemption reserve | Capital reserve | Revaluation reserve | Revenue reserve | |
| £000 | £000 | £000 | £000 | £000 | |
| At 31 March 2024 | 51,738 | 934 | 58,846 | 2,674 | 1,446 |
| Premium on issue of ordinary shares | 11,027 | – | – | – | – |
| Share issue expenses | (497) | – | – | – | – |
| Shares purchased for cancellation | – | 258 | (4,346) | – | – |
| Realised on disposal of investments | – | – | 2,902 | – | – |
| Transfer on disposal of investments | – | – | (659) | 659 | – |
| Movements in fair value of investments | – | – | – | 4,299 | – |
| Management fee charged to capital net of associated tax | – | – | (1,225) | – | – |
| Revenue return aſter tax | – | – | – | – | 980 |
| Dividends recognised in the year | – | – | (4,980) | – | (1,173) |
| At 31 March 2025 | 62,268 | 1,192 | 50,538 | 7,632 | 1,253 |
| Fair value of | Impact: increase* | Impact: decrease* | ||||
| As at 31 March 2025 Valuation basis | unquoted investments £000 | Variable input sensitivity | % of net £000* | assets | % of net £000* | assets |
| Earnings / revenue multiple | ||||||
| Higher sensitivity | 29,222 | +/– 20% | 4,469 | 3.4% | 4,479 | 3.4% |
| Lower sensitivity | 33,033 | +/– 10% | 2,168 | 1.7% | 1,734 | 1.3% |
| Price of a recent investment subsequently calibrated as appropriate | ||||||
| Higher sensitivity | 8,328 | +/– 20% | 703 | 0.5% | 203 | 0.2% |
| Lower sensitivity | 17,046 | +/– 10% | 1,340 | 1.0% | 566 | 0.4% |
| Total unquoted investments | 87,629 | 8,680 | 6.6% | 6,982 | 5.3% | |
| As at 31 March 2024 | ||||||
| Valuation basis | ||||||
| Earnings / revenue multiple | ||||||
| Higher sensitivity | 19,424 | + / – 20% | 3,533 | 2.9% | 3,154 | 2.6% |
| Lower sensitivity | 24,461 | + / – 10% | 1,746 | 1.4% | 1,887 | 1.5% |
| Price of a recent investment subsequently calibrated as appropriate | ||||||
| Higher sensitivity | 13,818 | + / – 20% | 1,560 | 1.3% | 644 | 0.5% |
| Lower sensitivity | 15,942 | + / – 10% | 707 | 0.6% | 650 | 0.5% |
| Total unquoted investments | 73,645 | 7,546 | 6.2% | 6,335 | 5.1% | |
| 31 March 2025 | 31 March 2024 | |||||
| Total fixed rate portfolio £000 | Weighted average interest rate % | Weighted average period for which rate is fixed Years | Total fixed rate portfolio £000 | Weighted average interest rate % | Weighted average period for which rate is fixed Years | |
| Fixed rate investments in unquoted companies | 9,788 | 10.4% | 1.9 | 8,327 | 10.3% | 1.5 |
| 31 March 2025 £000 | 31 March 2024 £000 | |
| Floating rate loans to unquoted companies | – | 781 |
| Cash and cash equivalents | 24,862 | 30,726 |
| 24,862 | 31,507 |
| 31 March 2025 £000 | 31 March 2024 £000 | |
| Fixed rate investments in unquoted companies (above) | 9,788 | 8,327 |
| Floating rate loans to unquoted companies (above) | – | 781 |
| Cash and cash equivalents | 24,862 | 30,726 |
| Accrued dividends and interest receivable | 115 | 200 |
| 34,765 | 40,034 |
