REG - Sure Ventures PLC - Interim Results - ended 30 September 2025
15/12/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251215:nRSO5492La&default-theme=true
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%
PREMIUM/DISCOUNT
The amount, expressed as a percentage, by which the share price is less than
the NAV per ordinary share.
As at 30 September 2025
NAV per ordinary share a 170.03p
Share price b 82.50p
(b-a)/a (51.48%)
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.
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%)
5 Financial Statements
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2025 (unaudited)
Note Revenue Capital Total
£
£
£
Income
Other net changes in fair value on financial assets at fair value through 7 - (185,531) (185,531)
profit or loss
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)
The total comprehensive income and expense for the period is attributable to
shareholders of the Company. The accompanying notes on pages 20 to 22 form
part of these condensed interim financial statements.
Condensed Statement of Comprehensive Income (continued)
For the six months ended 30 September 2024 (unaudited)
Note Revenue Capital Total
£
£
£
Income
Other net changes in fair value on financial assets at fair value through 7 - 4,515,070 4,515,070
profit or loss
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
The total comprehensive income and expense for the period is attributable to
shareholders of the Company. The accompanying notes on pages 20 to 22 form
part of these condensed interim financial statements.
Condensed Statement of Financial Position
As at 30 September
2025
Note 30 September 2025 31 March 2025
(unaudited) (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
The accompanying notes on pages 20 to 22 form part of these condensed interim
financial statements.
The financial statements on pages 15 to 19 were approved by the board of
directors and authorised for issue on 9 December 2025. The financial
statements were signed on its behalf by:
Perry Wilson
Chairman
Condensed Statement of Changes in Equity
For the six months ended 30 September 2025 (unaudited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital
£ £ £ £ £ £
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 79,479 7,498,183 (2,689,219) 8,626,123 5,936,904 13,514,566
30 September 2025
For the six months ended 30 September 2024 (unaudited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital
£ £ £ £ £ £
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 76,431 7,263,731 (2,220,726) 5,495,097 3,274,371 10,614,533
30 September 2024
The accompanying notes on pages 20 to 22 form part of these condensed interim
financial statements.
Condensed Statement of Cash Flows
For the six months ended 30 September 2025
Note 30 September 2025 30 September 2024
(unaudited) (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 7 1,351,802 (4,662,742)
loss
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
The accompanying notes on pages 20 to 22 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 and commencing trading
on 19 January 2018 upon listing. The registered office of the Company is
International House, 36-38 Cornhill, London, EC3V 3NG, United Kingdom.
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 Her Majesty's Revenue and Customs ("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 2025 does not constitute
statutory accounts as defined in section 435 of Companies Act 2006. The
Statement of Financial Position comparative figures and the comparative
figures stated in the notes to the condensed interim financial statements as
at 31 March 2025 are derived from the audited financial statements for that
year. The financial statements for the year ended 31 March 2025 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 2025 are available upon
request from the Company's registered office.
2) Basis of accounting
The financial statements of the Company have been prepared in accordance with
UK-adopted international accounting standards in accordance with the
requirements of the Companies Act 2006. 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 year ended 31 March 2025. 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 2025. 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 judgements, 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 year ended 31 March
2025.
4) Financial risk management
The Company's financial risk management objectives and policies are consistent
with those disclosed in the Company's financial statements as at and for the
year ended 31 March 2025.
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 30 September 2025 Revenue Capital Total
(pence)
(pence)
(pence)
Earnings per ordinary share (3.42)p (2.33)p (5.75)p
The calculation of the above is based on revenue returns of (£271,945),
capital returns of (£185,531) and total returns of (£457,476) and weighted
average number of ordinary shares of 7,948,130 as at 30 September 2025.
For the financial year ended 31 March 2025 Revenue Capital Total
(pence)
(pence)
(pence)
Earnings per ordinary share (5.36)p 103.87p 98.51p
The calculation of the above is based on revenue returns of (£403,808),
capital returns of £7,831,620 and total returns of £7,427,812 and weighted
average number of ordinary shares of 7,540,033 as at 31 March 2025.
7) INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
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
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 Capital Ordinary Share Capital
31 March
30 September
30 September 31 March
2025
2025
2025 2025
£ £
Ordinary shares of 1 penny each 7,948,130 7,948,130 79,479 79,479
The following table details the subscription activity for the period ended 30
September 2025.
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
During the period ended 30 September 2025, no ordinary shares were issued (31
March 2025: all proceeds from the issues were 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 in 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.
As at 30 September 2025, there was £1,419 (31 March 2025: £1,287) payable to
HMRC for the taxes on the 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 as 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 £109,622 (30 September 2024:
£93,333) of management fees and as at
30 September 2025, there was £14,389 (31 March 2025: £25,000) payable to the
Manager. During the period, the Company received a rebate management fee of
£82,733 (30 September 2024: £68,333) from the Manager.
During the period, the Company paid £Nil (30 September 2024: £13,000) of
placement fees to Shard Capital Partners LLP.
During the period, the Company paid corporate broking retainer fees of £6,580
(30 September 2024: £6,530) (excluding VAT) to Shard Capital Partners LLP.
The Company has investments in Sure Valley Ventures, the sub-fund of Suir
Valley Funds ICAV, and Sure Valley Ventures Enterprises Capital LP, amounting
to £12,339,682 (31 March 2025: £13,920,570) and £941,705 (31 March 2025:
£815,138) respectively. These funds are also managed by the Manager.
10) Significant EVENTS
On 14 July 2025, the company has made direct investment into MySafeDrive
Limited (trading as Cameramatics) amounting to €200,000.
11) Subsequent EVENTS
The Company had anticipated a major liquidity event to occur during 2025
through a tender offer of Infinite Reality shares, however based on recent
reports this event is no longer expected to materialise. The Company is
working closely with Sure Valley Ventures to monitor this development, and the
impact on the valuation of the Infinite Reality position, and it will issue a
further update when it is in a position to do so.
There were no other subsequent events which would require disclosure in the
financial statements.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR GPGGUPUPAUAA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Sure Ventures
See all newsREG - Sure Ventures PLC - Q3 NAV and portfolio update
AnnouncementREG - Sure Ventures PLC - Interim Results - ended 30 September 2025
AnnouncementREG - Sure Ventures PLC - Results of AGM 2025
AnnouncementREG - Sure Ventures PLC - Q2 NAV Calculation and portfolio update
AnnouncementREG - Sure Ventures PLC - Annual General Meeting notification
Announcement