Interim Results - ended 30 September 2025
15/12/2025 07:00
RNS Number : 5492L
Sure Ventures PLC
15 December 2025
Sure Ventures plc
Unaudited Interim Report and Financial Statements
For the six months ended 30 September 2025
Company Number: 10829500
Table of Contents
1 Chairman's Statement 2
2 Investment Manager's Report 5
3 Interim Management Report 10
4 Alternative Performance Measures ("APMs") 12
5 Financial Statements 14
Condensed Statement of Comprehensive Income 15-16
Condensed Statement of Financial Position
Condensed Statement of Changes in Equity
Condensed Statement of Cash Flows
Notes to the Condensed Interim Financial Statements 20
1 Chairman's Statement
Chairman's Statement
Dear Shareholders,
On behalf of my fellow Directors, I am pleased to present Sure Ventures plc's interim results for the six months ended 30 September 2025.
Financial Performance
During the period, the Company reported a net asset value (NAV) per share of £1.70 (March 2025: £1.76), representing a modest 3% decrease over the six months. This outcome is in line with expectations, reflecting normal short-term market fluctuations while the Funds continue to deploy capital and mature their portfolio companies.
The Company benefited from a significant liquidity event during the period following the sale of Visibility Blockchain Limited (t/a Getvisibility) from Fund I to US-based Forcepoint. The transaction delivered a 4.4x cash multiple and resulted in a €1.77m distribution to the Company in April 2025. This distribution has strengthened the Company's liquidity position, allowing it to meet obligations and maintain optionality for further investment.
Since its inception in 2017, the Company has created a balanced portfolio of early-stage technology companies in the rapidly evolving sectors of AI, AR/VR, IoT, and Cybersecurity. Fund I is now firmly in its realisation phase, with notable exits such as Getvisibility and prior successful exits reinforcing the value of the investment strategy. Fund II continues to progress in line with expectations, building a diversified portfolio of early-stage UK and Irish software companies.
Investment Environment
Technology markets have continued to defy conventional valuation logic. Despite recurring warnings about overpricing, the sector has shown remarkable resilience. Equity markets remain near record highs, and venture valuations-especially in artificial intelligence, cybersecurity, and data infrastructure-have held firm or even expanded through 2025.
Several factors explain this apparent paradox. First, technology remains the primary driver of global productivity growth, and capital is still seeking exposure to that long-term structural trend. Second, corporate balance sheets remain unusually strong, fuelling continued M&A activity and secondary market demand. Third, public investment in AI infrastructure and cybersecurity-from both governments and sovereign wealth funds-has provided a durable floor under valuations by signalling strategic importance rather than speculative exuberance.
Venture investors have become more selective rather than more cautious. Global deal flow has fallen sharply from the record levels of 2021, with the number of completed transactions down by approximately 35-40% across the US and Europe. However, the total capital deployed has remained strong, as investors concentrate on fewer, larger rounds at sustained or higher valuations. Capital continues to favour companies with demonstrable commercial traction, strong unit economics, and proprietary AI capabilities. The result is a market where quality assets command premium multiples, while less differentiated propositions struggle to raise funding or face valuation pressure.
In this environment, the Company's exposure to artificial intelligence, cybersecurity, and immersive technology continues to look well positioned. These are among the few segments where valuation multiples are increasingly justified by tangible adoption and consistent revenue growth, rather than by speculative narrative.
Portfolio Update - Fund I
The Company committed €7 million to the Sure Valley Ventures Sub-Fund of Suir Valley Fund ICAV ("Fund I"), of which €6.9 million has been drawn as at 30 September 2025.
The two most significant developments remain the Landvault and Getvisibility exits, which validated the Company's early-stage investment strategy. The Landvault position was sold in July 2024 to Infinite Reality in an all-share transaction. Since that time, Infinite Reality has expanded rapidly through strategic acquisitions and multiple funding rounds, reaching a reported valuation more than US$12 billion at the March 2025 year-end. While a liquidity opportunity has not yet materialised, this position remains a potentially transformative event for Fund I. The AIFM continues to explore avenues to crystallise value in due course.
In March 2025, the sale of Getvisibility to Forcepoint was announced, closing shortly thereafter. The transaction generated approximately €1.77 million for the Company and delivered a 4.4x return on investment reinforcing confidence in the Fund I model and exit potential.
Cameramatics,Fund I's leading telematics and fleet management company, has continued to perform strongly during the period. The business has expanded across Europe and North America, supported by recurring SaaS revenues and strategic partnerships with vehicle manufacturers. It remains one of the most advanced candidates for a liquidity event within the remaining portfolio.
No portfolio companies were written off during the period, and the AIFM continues to pursue exit opportunities across the remaining Fund I investments. Following the repayment of the Company's loan facility in April 2025, Fund I is now positioned as a maturing portfolio with multiple value-realisation prospects and a clear path toward further distributions.
Portfolio Update - Fund II
Fund II, the Sure Valley Ventures Enterprise Capital Fund, is in its investment phase, with a total commitment of £5m and £1,352,670 drawn down as at 30 September 2025. The Fund has made fourteen investments to date. Recently, this includes:
· Literal Labs - Newcastle-based software company (June 2025)
· Elelem AI - Derbyshire-based AI developer (June 2025)
· Complimind AI - London-based AI company (July 2025)
The Fund continues to evaluate additional opportunities, with a healthy deal pipeline expected to support further investments during the coming months. Fund II's portfolio strategy remains focused on early-stage companies with high growth potential in AI, AR/VR, IoT, and cybersecurity.
Commitments and Funding
The Company has approximately €100k remaining on its Fund I commitment and continues to meet staged commitments to Fund II. These obligations are expected to be funded from existing cash reserves, liquid investments, anticipated new subscriptions, and access to available facilities.
Dividend
No dividend was declared for the six months ended 30 September 2025 (30 September 2024: £nil). The Company's strategy remains focused on capital growth rather than income. Special dividends may be considered in the future as liquidity events allow.
Gearing
The Company may utilise gearing of up to 20% of NAV to enhance liquidity and manage capital efficiently. As of 30 September 2025, no borrowings were outstanding following repayment of the previous facility in April 2025. The Board and Investment Manager continue to monitor market conditions and liquidity needs closely.
Capital Raising
During the period, no new share issuance occurred. The total shares in issue remain 7,948,130. Previous placements, including those in June and August 2024, and January 2025, were completed at the prevailing mid-market price, reflecting continued investor confidence.
Outlook
The Company remains well positioned to capitalise on its investment strategy. Fund I's remaining portfolio is maturing, with exits being pursued to realise additional gains. Fund II continues to deploy capital across a diversified set of early-stage technology companies, with the potential for substantial value creation over the coming years.
Despite broader market volatility and geopolitical uncertainty, the underlying strength of AI, AR/VR, IoT, and cybersecurity markets provides confidence in the Company's long-term strategy. The Board and Investment Manager remain committed to delivering sustainable growth and exploring opportunities to create liquidity for shareholders when market conditions allow.
Perry Wilson,
Chairman
9 December 2025
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 four exciting and expansive market verticals of artificial intelligence (AI), augmented reality and virtual reality (AR/VR), Cybersecurity 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.
AI, AR/VR, IoT, and Cybersecurity Market Update 2025
Sure Ventures PLC faces an unique investment opportunity across four converging technology sectors valued at over $1.7 trillion globally. While market conditions have created selective investor behaviour, the artificial intelligence revolution is driving exceptional growth with AI companies capturing 37% of all venture capital funding in 2024. The regulatory landscape is reshaping cybersecurity investments, enterprise adoption is accelerating IoT deployment, and immersive technology markets are pivoting toward enterprise applications after consumer disappointments.
Artificial Intelligence (AI)
AI continues to dominate global technology investment. As of September 2025, the global AI market is on track to reach $308-$320 billion in 2025, up from $233 billion in 2024. The long‑term forecast toward $1.77 trillion by 2032 remains intact, supported by sustained enterprise adoption. Total VC funding into AI reached $86 billion YTD (Jan-Sep 2025), slightly below 2024's record levels but still representing over one‑third of all global VC deployment.
Key 2025 Developments:
· Agentic AI deployment has accelerated, with over 40% of large enterprises implementing early-stage autonomous agent workflows.
· AI infrastructure spending has surged, driven by demand for compute‑efficient models and on‑premise LLM deployments.
· Regulatory momentum: Several countries, including the UK, have introduced 2025 AI governance frameworks requiring greater transparency and model risk reporting.
Enterprise adoption has reached new highs, with 71% of organisations now using generative AI tools weekly, and over 50% reporting measurable ROI from automation and knowledge‑worker augmentation.
Cybersecurity
Cybersecurity remains resilient and regulation‑driven, with global spending forecast at $218-225bn in 2025. Funding remains steady at $7.4bn YTD, ahead of 2024's pace. Zero Trust architectures are now mainstream, being used in 75% of new remote‑access deployments. AI‑enhanced cybersecurity tools deliver 98-99% threat detection accuracy, significantly reducing incident‑response times.
The sector benefits from compliance cycles tied to the EU AI Act and the UK's forthcoming Cybersecurity & Resilience Bill.
Immersive Technology
AR/VR continues its shift from consumer entertainment to enterprise applications. Market size in 2025: $65-70bn, with long‑term growth forecast to exceed $200bn by 2030.
Funding remains muted but stabilising, reaching $92m YTD. Enterprise training shows exceptional traction, with 80% of Fortune 500 companies deploying VR‑based training solutions.
Training and simulation platforms in manufacturing, aviation, and healthcare remain the fastest‑growing segment, contributing to a training market projected to reach $250+ billion by 2032.
Engagement rates and retention improvements consistently exceed those of traditional learning systems, reinforcing the commercial opportunity.
Internet of Things
IoT adoption continues to expand with strong industrial uptake. The global IoT market is expected to reach $720-750bn in 2025. Connected devices surpassed 20bn in mid‑2025, on track for 40bn by 2030.
Industrial IoT leads adoption, driven by measurable gains in operational efficiency. 5G edge computing reached $6.2bn in 2025, reinforcing demand for real‑time analytics and AI‑enabled sensor networks.
Manufacturers report 20-35% productivity improvements from predictive‑maintenance and edge‑AI deployments.
Conclusion
The convergence of AI, AR/VR, IoT, and cybersecurity represents a $1.7+ trillion investment opportunity through 2032, driven by enterprise adoption, regulatory compliance, and technology integration trends. Success requires identifying platform companies mastering multi-sector integration while leveraging geographic advantages in the UK-Ireland technology corridor.
The window for foundational investments is narrowing as market leaders consolidate capabilities through strategic acquisitions, making cross-sector platform strategies essential for capturing exponential value creation in the emerging technology landscape.
The benefit of investing in companies in these four key sectors at a Seed stage are that:
Sure Valley Ventures can invest in these companies at attractive valuations of between £2 to £10m and get up to 20% of the company for initial investment amounts of between £0.75m to £1.5m.
· The investment sectors (AI, AR/VR, IoT, and Cybersecurity) have massive growth potential ahead of them which creates a tailwind behind the companies that are creating these new markets.
· These sectors are also ones that have the potential of creating the next big European Companies and build on Europe's existing technology strengths.
· These companies have the potential to get to exponential growth and of achieving an IPO or being acquired by one of the Silicon Valley giants who are all investing in these sectors.
· The Sure Valley Ventures Platform and Network can help fast-track the development of these companies across the chasm to the Series A investment round, which in turn increases the potential for an outsized return and also reduces the risk of the failure of a portfolio company.
In summary, Sure Ventures PLC continues to gain exposure to all these benefit through its participation in the Sure Valley Ventures Funds, at what is a very exciting time to be investing in this space.
PORTFOLIO BREAKDOWN
On 6 February 2018 the Company entered into a €4.5m commitment to Sure Valley Ventures ("Fund I"), the sole sub-fund of Suir Valley Funds ICAV and its investment was equalised into Fund I at that date. On 31 August 2019 a further €2.5m was committed to Fund I, taking the total investment in Sure Valley Ventures to €7m. The first drawdown was made on 5 March 2018 and as at 30 September 2025, a total of €6,886,894 (98.4%) had been drawn down against this commitment.
On 25 February 2022, Sure Ventures PLC committed to invest £5m into the second fund of Sure Valley Ventures ("Fund II"). Fund II completed the £85m close of UK software technology fund, which aims to increase the supply of equity capital to high-potential, early-stage UK companies. The first drawdown was made on 23 February 2022 and as at 30 September, a total of £1,352,670 (27.04%) had been drawn down against this commitment.
As detailed in the Statement of Position included in the following financial statements, these two Sure Valley Ventures Fund investments alongside a residual listed holding represent the entire portfolio of Sure Ventures PLC as at 30 September 2025.
During the period to 30 September 2025, there was no additional issuance of equity. The total shares in admission as at 30 September 2025 remains 7,948,130.
SURE 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 Fund I, which had an initial closing date of 1 March 2017. Fund I 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 2025 Fund I had commitments totaling €27m and had made seventeen direct investments into companies spanning the AR/VR, AI and IoT sectors. One of these investments was sold in 2019, giving Fund I its first realised gain on exit of around 5X return on investment.
In March 2018, Immersive VR Education Limited, Fund I's first investment, completed a flotation on the London Stock Exchange (AIM) and the Dublin Stock Exchange (ESM). In July 2020, following an improvement in share price, Fund I decided to sell sufficient shares to recover its initial investment. This resulted in a realised gain of €73k 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 €151k flowing to the PLC. The Fund also exited its investment in Smarttech 247 PLC for a 1.07X return on capital in April 2024, this was retained by the Fund to cover subsequent capital call requirements.
In March 2025, SVV Fund I agreed the sale of Visibility Blockchain Limited (t/a Getvisibility) to Forecepoint, a US-based global leader in data and cloud security. The Fund received €10.55m from this sale, which represented a 4.4X cash multiple. In April 2025, the cash was received by the Fund and a distribution of €1.77m was made to Sure Ventures Plc.
Total distributions from Fund I to the PLC as at 30 September 2025 were €3,529,581 which represents 51.25% of the paid in capital.
SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND
Sure Valley Ventures Enterprise Capital Fund is a closed-ended UK based GP/LP Fund which completed its first close on 1st March 2022. The British Business Bank are the cornerstone investor of this Fund, committing £50m of the initial £85m, with Sure Ventures PLC committing a total of £5m.
Fund II has a similar investment strategy to the first Fund, being a seed capital investor in high growth software companies that are focused on bringing a disruptive innovation to market. It plans to invest into 25 software companies from across the UK through its new fund. As well as being based in London, Dublin, and Cambridge, the Sure Valley team has recently opened an office in Manchester to help access deals in the significant and exciting innovation clusters that have developed around creative technologies in the North of England and in AI opportunities in cities such as Manchester, Leeds, Sheffield and Newcastle.
SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (continued)
As at 30 September 2025 the Fund had drawn down a total of £22.05m and has made fourteen investments. In the six month period to 30 September 2025, the Fund has invested £500k into a Newcastle based company called Literal Labs in June 25; £300k into a Derbyshire based company called Elelem AI, also in June 25; and finally, £500k into London based Complimind AI in July 25. The total invested capital to date for Sure Ventures PLC was £1,352,670.
PERFORMANCE
In the year to 30 September 2025 the Company returned a net asset value of £1.70/unit, representing a 3% decrease from the audited March-25 NAV of £1.76.
The investment in Sure Valley Venture Enterprise Capital Fund has returned a NAV of £0.70 (March 25: £0.71). This performance is considered in line with expectation as the Fund continues to build out the portfolio and would be unlikely to see any immediate gains given the infancy of the Fund.
Given the lack of revenue to support the ongoing operational costs of the PLC, the recent exit and subsequent distribution from SVV Fund I has provided a welcome increase in liquidity to the PLC. Further unrealised gains in the two Sure Valley Funds are key to maintaining a steady NAV, until the point that there are more exits and returns of capital, which we hope to see in the near future.
FUTURE INVESTMENT OUTLOOK
Fund I has achieved two very positive realised gains, recovered its full investment in two listed portfolio companies, as well as seeing number a of unrealised gains across the portfolio. The portfolio of current investments is continuing to mature, with most companies having now completed series A funding rounds, which provided the previous NAV growth that was set out to achieve from inception. The focus continues to be on finding exit opportunities as we look to realise some further gains across the portfolio. As the investment period of this Fund has now closed, there are no more new investments to be made.
In addition to this, having more exposure to the UK market for early-stage high growth software companies through the commitment into the Sure Valley Ventures Enterprise Capital Fund will yield exciting opportunities as the Fund continues to deploy capital across the landscape with a view to generating significant returns for investors throughout its lifecycle. The last six months have been extremely active for this Fund, with three additional companies added to the portfolio, and several more in the pipeline under evaluation.
We remain confident in the future outlook of the Company for the remainder of the financial year, particularly with the recent significant liquidity event coupled with the exciting pipeline of deals that can been seen from the Enterprise Capital Fund and the increasing maturity of the first Sure Valley Ventures Fund portfolio. Whilst the Funds provide great exposure to a wealth of expertise and a larger suite of portfolio companies, we also reserve the right to make further direct investments provided there is sufficient working capital to do so.
Shard Capital AIFM LLP
Investment Manager
7 November 2025
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 of Sure Ventures plc (the "Company") for the six months ended 30 September 2025.
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 2025 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 2025 remain unchanged and will be applicable to the remaining six months of the financial year.
GOING CONCERN
The Board of Directors 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 of Directors has no concerns in regard to the ongoing existence of the Company.
The Board of Directors 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 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
9 December 2025
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 UK-adopted international accounting standards. Calculations for APMs used by the Company are shown below.
ONGOING CHARGES
A measure expressed as a percentage of average Net Asset Value ("NAV"), of the regular, recurring annual costs of running an investment company, calculated using a methodology consistent with that published by the Association of Investment Companies ("AIC").
| For the six months ended 30 September 2025 | ||
| Average NAV (£'000) | a | £13,460 |
| Recurring costs (£'000) | b | £400 |
| b/a | 2.97% |
| As at 30 September 2025 | ||
| NAV per ordinary share | a | 170.03p |
| Share price | b | 82.50p |
| (b-a)/a | (51.48%) |
| For the six months ended 30 September 2025 | NAV | Share price | |
| Opening as at 31 March 2025 (p) | a | 175.79 | 85.51 |
| Closing as at 30 September 2025 (p) | b | 170.03 | 82.50 |
| Dividend reinvestment factor | C | 1 | 1 |
| Adjusted closing (d = b x c) | D | 170.03 | 82.50 |
| Total return | (d-a) / a | (3.28%) | (3.52%) |
| Note | Revenue £ | Capital £ | Total £ | |
| Income | ||||
| Other net changes in fair value on financial assets at fair value through profit or loss | 7 | - | (185,531) | (185,531) |
| Rebate management fee | 9 | 82,733 | - | 82,733 |
| Total net income/(loss) | 82,733 | (185,531) | (102,798) | |
| Expenses | ||||
| Management fee | 9 | (109,622) | - | (109,622) |
| Custodian, secretarial and administration fees | (65,995) | - | (65,995) | |
| Other expenses | (177,807) | - | (177,807) | |
| Total operating expenses | (353,424) | - | (353,424) | |
| Finance costs | ||||
| Interest expense | (1,254) | - | (1,254) | |
| Total finance costs | (1,254) | - | (1,254) | |
| Loss before taxation and after finance costs | (271,945) | (185,531) | (457,476) | |
| Taxation | - | - | - | |
| Loss after taxation | (271,945) | (185,531) | (457,476) | |
| Deficit per share | 6 | (3.42) | (2.33) | (5.75) |
| Note | Revenue £ | Capital £ | Total £ | |
| Income | ||||
| Other net changes in fair value on financial assets at fair value through profit or loss | 7 | - | 4,515,070 | 4,515,070 |
| Rebate management fee | 9 | 68,333 | - | 68,333 |
| Total net income | 68,333 | 4,515,070 | 4,583,403 | |
| Expenses | ||||
| Management fee | 9 | (93,333) | - | (93,333) |
| Custodian, secretarial and administration fees | (62,462) | - | (62,462) | |
| Other expenses | (102,849) | - | (102,849) | |
| Total operating expenses | (258,644) | - | (258,644) | |
| Finance costs | ||||
| Interest expense | (16,956) | - | (16,956) | |
| Total finance costs | (16,956) | - | (16,956) | |
| (Loss)/Profit before taxation and after finance costs | (207,267) | 4,515,070 | 4,307,803 | |
| Taxation | - | - | - | |
| (Loss)/Profit after taxation | (207,267) | 4,515,070 | 4,307,803 | |
| (Deficit)/Surplus per share | 6 | (2.83) | 61.74 | 58.91 |
| Note | 30 September 2025 (unaudited) £ | 31 March 2025 (audited) £ | |
| Non - current assets | |||
| Investments held at fair value through profit or loss | 7 | 13,460,352 | 14,741,288 |
| 13,460,352 | 14,741,288 | ||
| Current assets | |||
| Receivables | 2,750 | - | |
| Due from broker | 3,600 | 3,600 | |
| Cash and cash equivalents | 173,107 | 5,754 | |
| 179,457 | 9,354 | ||
| Total assets | 13,639,809 | 14,750,642 | |
| Non - current liabilities | |||
| Interest payable | - | (63,746) | |
| Loan payable | - | (440,000) | |
| - | (503,746) | ||
| Current liabilities | |||
| Management fee payable | 9 | (1,889) | - |
| Due to broker | (78,000) | (160,500) | |
| Other payables | (45,354) | (114,354) | |
| (125,243) | (274,854) | ||
| Total assets less current liabilities | 13,514,566 | 14,475,788 | |
| Total net assets | 13,514,566 | 13,972,042 | |
| Shareholders' funds | |||
| Ordinary share capital | 8 | 79,479 | 79,479 |
| Share premium | 7,498,183 | 7,498,183 | |
| Revenue reserves | (2,689,219) | (2,417,274) | |
| Capital reserves | 8,626,123 | 8,811,654 | |
| Total shareholders' funds | 13,514,566 | 13,972,042 | |
| Net asset value per share | 170.03p | 175.79p |
| Ordinary Share Capital £ | Share Premium £ | Revenue Reserves £ | Capital Reserves £ | Total Reserves £ | Total Equity £ | |
| As at 31 March 2025 | 79,479 | 7,498,183 | (2,417,274) | 8,811,654 | 6,394,380 | 13,972,042 |
| Ordinary shares issued | - | - | - | - | - | - |
| Ordinary shares issue costs | - | - | - | - | - | - |
| Loss after taxation | - | - | (271,945) | (185,531) | (457,476) | (457,476) |
| Balance as at 30 September 2025 | 79,479 | 7,498,183 | (2,689,219) | 8,626,123 | 5,936,904 | 13,514,566 |
| Ordinary Share Capital £ | Share Premium £ | Revenue Reserves £ | Capital Reserves £ | Total Reserves £ | Total Equity £ | |
| As at 31 March 2024 | 70,514 | 6,782,648 | (2,013,466) | 980,034 | (1,033,432) | 5,819,730 |
| Ordinary shares issued | 5,917 | 494,083 | - | - | - | 500,000 |
| Ordinary shares issue costs | - | (13,000) | - | - | - | (13,000) |
| (Loss)/Profit after taxation | - | - | (207,260) | 4,515,063 | 4,307,803 | 4,307,803 |
| Balance as at 30 September 2024 | 76,431 | 7,263,731 | (2,220,726) | 5,495,097 | 3,274,371 | 10,614,533 |
| Note | 30 September 2025 (unaudited) £ | 30 September 2024 (unaudited) £ | |
| Cash flows from operating activities: | |||
| (Loss)/Profit after taxation | (457,476) | 4,307,803 | |
| Adjustments for: | |||
| (Increase)/decrease in receivables | (2,750) | 5,649 | |
| Decrease in payables | (132,746) | (626) | |
| Increase in management fee payable | 1,889 | - | |
| Decrease in due to broker | (82,500) | - | |
| Gain on sale of investments | (932,615) | - | |
| Unrealised (gain)/loss on foreign exchange | 7 | (233,656) | 147,672 |
| Net changes in fair value on financial assets at fair value through profit or loss | 7 | 1,351,802 | (4,662,742) |
| Net cash (outflow) from operating activities | (488,052) | (202,244) | |
| Cash flows from investing activities: | |||
| Purchase of investments | 7 | (437,516) | (376,700) |
| Sale of investments | 7 | 1,532,921 | - |
| Net cash inflow/(outflow) from investing activities | 1,095,405 | (376,700) | |
| Cash flows from financing activities: | |||
| Proceeds from issue of ordinary shares | - | 500,000 | |
| Proceed from loans | - | 40,000 | |
| Repayment of loans | (440,000) | - | |
| Ordinary share issue costs | - | (13,000) | |
| Net cash (outflow)/inflow from financing activities | (440,000) | 527,000 | |
| Net change in cash and cash equivalents | 167,353 | (51,944) | |
| Cash and cash equivalents at the beginning of the period | 5,754 | 65,209 | |
| Net cash and cash equivalents | 173,107 | 13,265 |
| For the six months period ended 30 September 2025 | Revenue (pence) | Capital (pence) | Total (pence) |
| Earnings per ordinary share | (3.42)p | (2.33)p | (5.75)p |
| For the financial year ended 31 March 2025 | Revenue (pence) | Capital (pence) | Total (pence) |
| Earnings per ordinary share | (5.36)p | 103.87p | 98.51p |
| As at 30 September 2025 £ | As at 31 March 2025 £ | |
| Opening cost | ||
| Opening fair value | 14,741,288 | 6,236,446 |
| Purchases at cost | 437,516 | 673,222 |
| Sales | (1,532,921) | - |
| Realised gain | 932,615 | - |
| Unrealised (loss)/gain | (1,351,802) | 7,940,984 |
| Unrealised gain/(loss) on foreign exchange | 233,656 | (109,364) |
| Closing fair value | 13,460,352 | 14,741,288 |
| Issued and allotted | No. of shares 30 September 2025 | No. of shares 31 March 2025 | Ordinary Share Capital 30 September 2025 £ | Ordinary Share Capital 31 March 2025 £ |
| Ordinary shares of 1 penny each | 7,948,130 | 7,948,130 | 79,479 | 79,479 |
| 30 September 2025 | 31 March 2025 | ||
| Opening balance as at 1 April | 7,948,130 | 7,051,600 | |
| Ordinary shares issued | - | 896,530 | |
| Closing balance as at period/year end | 7,948,130 | 7,948,130 | |