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}, "Fxbrl_20230616024537962": { "value": "-23000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20250616112030553": { "value": "28601000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20230616024518826": { "value": "18199000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20250614044123732": { "value": "\n The Financial Statements of the Company for the year ended 28 February 2025 were authorised for issue in accordance with a resolution of the Directors on 13 June 2025.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043402636": { "value": "\n Triple Point Venture VCT plc is a public limited company, incorporated and domiciled in the United Kingdom and registered in England and Wales. The Company\u2019s registered office is situated at The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF. The principal place of business is the office of the Investment Manager whose address is 1 King William Street, London, EC4N 7AF. The functional and reporting currency is pounds sterling (\u00a3), reflecting the primary economic environment in which the Company operates. \n \n The principal activity of the Company is investment. The Company\u2019s investment strategy is to offer exposure to venture capital investments and to maintain liquidity in cash or cash-based funds. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043525744": { "value": "Triple Point Venture VCT plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043457388": { "value": "Triple Point Venture VCT plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043424445": { "value": "Triple Point Venture VCT plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250620194109411": { "value": "The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043708123": { "value": "London", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043738603": { "value": "London", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043807224": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043932019": { "value": "\n The principal activity of the Company is investment. The Company\u2019s investment strategy is to offer exposure to venture capital investments and to maintain liquidity in cash or cash-based funds. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614043937667": { "value": "Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614044214778": { "value": "\n Basis of Preparation The Financial Statements of the Company for the year to 28 February 2025 have been prepared in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d) and the applicable legal requirements of the Companies Act 2006 and comply with the Statement of Recommended Practice (\u201cSORP\u201d): \u201cFinancial Statements of Investment Trust Companies and Venture Capital Trusts\u201d issued by the Association of Investment Companies (\u201cAIC\u201d) in July 2022. The Financial Statements are prepared on a historical cost basis except that investments are shown at fair value through profit or loss (\u201cFVTPL\u201d). The Company presents its Income Statement in a tri-columnar format to give Shareholders additional detail of the performance of the Company, split between items of a revenue or capital nature as required by the SORP. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614044305404": { "value": "\n Going Concern \n \n The Company\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Review. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next five years. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.\n The Financial Risk Management objectives and policies of the Company, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 19 to the \ufb01nancial statements. The Company continues to meet day-to-day liquidity needs through its cash resources on hand. The Company\u2019s revenue comes predominantly from interest earned on its cash and liquid resources and to a lesser extent from the investments in Shenval (Hydroelectric power) and Modern Power Generation (\u201cMPG\u201d), a small lending business. The Company takes an active approach to manage liquidity and increase the return on cash held. The Company continues to raise funds via new share issues to investors, and at the reporting date the Company had cash of \u00a328.6 million and net current assets of \u00a331.2 million (2024: \u00a318.1 million). A further \u00a38.1 million of net proceeds has been raised since the reporting date, further strengthening the Company\u2019s liquidity position. This cash is more than sufficient to enable the Company to continue as a going concern for the foreseeable future. The major cash out\ufb02ows of the Company continue to be the payment of dividends to Shareholders, costs relating to the funding of investments and management fees due to the Investment Manager. Dividends and, for the most part, new investments are discretionary and, in a time of stress the Investment Manager may allow the Company to defer payment of management fees. The Directors have reviewed cash flow projections, including various scenarios comprising a plausible downside scenario and a severe downside scenario, whereby the Company does not raise any future capital. In both downside scenarios, the Company has sufficient financial resources to meet its obligations for at least 12 months from the date of this report, being June 2026. Accordingly, the Directors continue to adopt the going concern basis in preparing the \ufb01nancial statements.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614045610521": { "value": "\n The Company\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Review. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next five years. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614044435633": { "value": "\n Critical Accounting Judgements and Estimates \n \n The preparation of Financial Statements in conformity with UK-adopted international accounting standards requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. \n The estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these judgements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities relate to: \u2022 the valuation of unlisted financial investments held at fair value through profit or loss, which are valued on the basis noted below (under the heading Non-Current Asset Investments) and in note 12; and \u2022 whether fair value losses represent a permanent diminution in value. The key estimates made by Directors are in the valuation of non-current assets and the assessment of unrealised gains and losses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period or in the period of revision and future periods if the revision affects both current and future periods. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614044600532": { "value": "\n The preparation of Financial Statements in conformity with UK-adopted international accounting standards requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. \n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614044740106": { "value": "\n Material Accounting Policies These accounting policies have been applied consistently in preparing these Financial Statements. \n \n New and amended standards and interpretations A number of amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. The Board do not expect that these new or amended standards will have a material impact on the Company\u2019s financial statements. The most significant of these standards are set out below: New standards and amendments \u2013 applicable 1 January 2024 a) Classification of Liabilities as Current or Non-current liabilities with covenants \u2013 Amendments to IAS 1; b) Lease Liability in Sale and Leaseback \u2013 Amendment to IFRS 16; and c) Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. Forthcoming Requirements The following standards and interpretations had been published but were not mandatory for annual reporting periods ending on or before 28 February 2025 and have not been adopted early by the Company. These forthcoming requirements are not expected to have a material effect on the period to 28 February 2026. a) Amendments to IAS 21, Lack of Exchangeability (effective for annual periods beginning on or after 1 January 2025); b) Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026); c) IFRS 19, Subsidiaries without Public Accountability: Disclosures (effective for annual period beginning on or after 1 January 2027); and d) IFRS 18, Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027). No new standards coming into force during the year or future standards that come into effect after the year-end have a material impact on these financial statements. The Company has carried out an assessment of accounting standards, amendments and interpretations that have been issued by the International Accounting Standards Board and that are effective for the current reporting period. The Company has determined that the transitional effects of the standards do not have a material impact. \n \n \n \n \n Income Investment income includes interest earned on bank balances, money market funds and investment loans and includes income tax withheld at source where appropriate. Dividend income is shown net of any related tax credit and is brought into account on the ex- dividend date. Fixed returns on investment loans and debt are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course.\n \n \n \n \n \n \n \n Expenses All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment management fee which is charged 10% to the revenue account and 90% to the capital account recognising the significant increase to the Venture investments and the expected nature of returns from them. The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur. \n \n \n \n \n Taxation Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate in accordance with IAS 12, Income Taxes. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue on the \u201cmarginal\u201d basis as recommended by the SORP. \n \n In accordance with IAS 12, deferred tax is recognised using the balance sheet method providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. The Directors have considered the requirements of IAS 12 and do not believe that any provision for deferred tax should be made.\n \n \n \n Financial Instruments The Company\u2019s principal financial assets are its investments and the accounting policies in relation to those assets are set out above. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Financial assets and financial liabilities are recognised in the Company\u2019s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. At 29 February 2025 and 29 February 2024, the carrying amounts of cash and cash equivalents, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. \n \n Financial Assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Company became party to the contractual requirements of the \ufb01nancial asset. The Company\u2019s \ufb01nancial assets principally comprise investments held at fair value and loans and receivables. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. The Company\u2019s loan and equity investments are held at fair value. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation date. Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Derecognition of \ufb01nancial assets (in whole or in part) takes effect: \u2022 when the Company has transferred substantially all the risks and rewards of ownership; or \u2022 when the contractual right to receive cash \ufb02ow has expired.\n \n \n \n \n \n Financial Liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the \ufb01nancial liability. \n \n All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. \n The Company\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. \n \n \n \n Non-Current Asset Investments The Company invests in financial assets with a view to profiting from their total return through capital growth. Consistent with the business model, these investments are managed, and their performance is evaluated on a fair value basis. Accordingly, upon initial recognition the investments are classified by the Company as \u201cat fair value through profit or loss\u201d in accordance with IFRS 9. Non-current asset investments are included initially at fair value, which is taken to be their cost (excluding expenses incidental to the acquisition which are written off in the Statement of Comprehensive Income and allocated to \u201ccapital\u201d at the time of acquisition). Subsequently the investments are valued at \u201cfair value\u201d which is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. In the case of unquoted investments, fair value is established by using measures of value such as price of recent transaction, earnings or revenue-based multiples, discounted cash flows and net assets. This is consistent with IPEV guidelines. Where price of recent transaction is used, the valuation is calibrated to a valid methodology. The Board believe that those investments valued based on the transaction price adjusted for business performance and market indicators are done so because the transaction price is still representative of fair value. Where securities are classified upon initial recognition at fair value through profit or loss, gains and losses arising from changes in fair value are included in the Statement of Comprehensive Income for the year as capital items in accordance with the SORP. The profit or loss on disposal is calculated net of transaction costs of disposal. Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment. The Company has taken the exemption permitted by IAS 28, Investments in Associates and Joint Ventures and IFRS 11, Joint Arrangements for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Company has signi\ufb01cant in\ufb02uence, through an ownership of between 20% and 50%. The Company\u2019s associates and joint ventures are disclosed in note 13.\n \n \n Issued Share Capital The Company has one class of Shares, being the Venture Shares. Venture Shares are classified as equity because they do not contain an obligation to transfer cash or another financial asset and each share has full voting, dividend, and capital distribution rights. Issue costs associated with the allotment of Shares have been deducted from the Share premium account in accordance with IAS 32. The Company had no external debt at the reporting date; consequently, all capital is represented by the value of Share capital, distributable, and other reserves. Total Shareholder equity at 28 February 2025 was \u00a383.6 million (2024: \u00a362.2 million). \n \n \n Cash and Cash Equivalents Cash and cash equivalents representing cash available at less than three months\u2019 notice are classified as Financial Assets at amortised cost under IFRS 9. Cash and cash equivalents comprises cash at bank and other highly liquid short-term investments redeemable or with a maturity of three months or less at the date of acquisition and subject to insignificant changes in fair value. For the purpose of the Cash Flow Statement, cash and cash equivalents comprises cash at bank and Money Market funds, for which carrying amount approximates to fair value.\n \n \n Reserves The revenue reserve (retained earnings) and capital reserve reflect the guidance in the SORP. The capital reserve represents the proportion of Investment Management fees charged against capital and any realised/unrealised gains or losses on the disposal/revaluation of investments. The special distributable reserve was created on court cancellations of the Share premium account on 16 August 2022 in respect of the Venture Share Class. The revenue reserve, the portion of the capital reserve representing realised capital profits and losses less unrealised gains, and the special distributable reserve are distributable by way of dividend. \n \n Foreign Currencies Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income under the Revenue or Capital column, where applicable. \n \n \n Dividends Dividends payable are recognised as distributions in the \ufb01nancial statements when the Company\u2019s obligation to make payment has been established. Typically, this is not until payment is made as the Company usually declares interim dividends as opposed to final dividends. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052006644": { "value": "\n New and amended standards and interpretations A number of amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. The Board do not expect that these new or amended standards will have a material impact on the Company\u2019s financial statements. The most significant of these standards are set out below: New standards and amendments \u2013 applicable 1 January 2024 a) Classification of Liabilities as Current or Non-current liabilities with covenants \u2013 Amendments to IAS 1; b) Lease Liability in Sale and Leaseback \u2013 Amendment to IFRS 16; and c) Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. Forthcoming Requirements The following standards and interpretations had been published but were not mandatory for annual reporting periods ending on or before 28 February 2025 and have not been adopted early by the Company. These forthcoming requirements are not expected to have a material effect on the period to 28 February 2026. a) Amendments to IAS 21, Lack of Exchangeability (effective for annual periods beginning on or after 1 January 2025); b) Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026); c) IFRS 19, Subsidiaries without Public Accountability: Disclosures (effective for annual period beginning on or after 1 January 2027); and d) IFRS 18, Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027). No new standards coming into force during the year or future standards that come into effect after the year-end have a material impact on these financial statements. The Company has carried out an assessment of accounting standards, amendments and interpretations that have been issued by the International Accounting Standards Board and that are effective for the current reporting period. The Company has determined that the transitional effects of the standards do not have a material impact. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052115196": { "value": "\n \n \n Income Investment income includes interest earned on bank balances, money market funds and investment loans and includes income tax withheld at source where appropriate. Dividend income is shown net of any related tax credit and is brought into account on the ex- dividend date. Fixed returns on investment loans and debt are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052334787": { "value": "\n \n Income Investment income includes interest earned on bank balances, money market funds and investment loans and includes income tax withheld at source where appropriate. Dividend income is shown net of any related tax credit and is brought into account on the ex- dividend date. Fixed returns on investment loans and debt are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course.\n \n \n \n \n Expenses All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment management fee which is charged 10% to the revenue account and 90% to the capital account recognising the significant increase to the Venture investments and the expected nature of returns from them. The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur. \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053141986": { "value": "\n Income Investment income includes interest earned on bank balances, money market funds and investment loans and includes income tax withheld at source where appropriate. Dividend income is shown net of any related tax credit and is brought into account on the ex- dividend date. Fixed returns on investment loans and debt are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course.\n \n Expenses All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment management fee which is charged 10% to the revenue account and 90% to the capital account recognising the significant increase to the Venture investments and the expected nature of returns from them. The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052446460": { "value": "\n \n Expenses All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment management fee which is charged 10% to the revenue account and 90% to the capital account recognising the significant increase to the Venture investments and the expected nature of returns from them. The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052158157": { "value": "\n Taxation Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate in accordance with IAS 12, Income Taxes. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue on the \u201cmarginal\u201d basis as recommended by the SORP. \n \n In accordance with IAS 12, deferred tax is recognised using the balance sheet method providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. The Directors have considered the requirements of IAS 12 and do not believe that any provision for deferred tax should be made.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052243772": { "value": "\n In accordance with IAS 12, deferred tax is recognised using the balance sheet method providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. The Directors have considered the requirements of IAS 12 and do not believe that any provision for deferred tax should be made.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052543587": { "value": "\n Financial Instruments The Company\u2019s principal financial assets are its investments and the accounting policies in relation to those assets are set out above. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Financial assets and financial liabilities are recognised in the Company\u2019s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. At 29 February 2025 and 29 February 2024, the carrying amounts of cash and cash equivalents, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. \n \n Financial Assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Company became party to the contractual requirements of the \ufb01nancial asset. The Company\u2019s \ufb01nancial assets principally comprise investments held at fair value and loans and receivables. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. The Company\u2019s loan and equity investments are held at fair value. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation date. Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Derecognition of \ufb01nancial assets (in whole or in part) takes effect: \u2022 when the Company has transferred substantially all the risks and rewards of ownership; or \u2022 when the contractual right to receive cash \ufb02ow has expired.\n \n \n \n Financial Liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the \ufb01nancial liability. \n \n All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. \n The Company\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052721035": { "value": "\n Financial Assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Company became party to the contractual requirements of the \ufb01nancial asset. The Company\u2019s \ufb01nancial assets principally comprise investments held at fair value and loans and receivables. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. The Company\u2019s loan and equity investments are held at fair value. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation date. Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Derecognition of \ufb01nancial assets (in whole or in part) takes effect: \u2022 when the Company has transferred substantially all the risks and rewards of ownership; or \u2022 when the contractual right to receive cash \ufb02ow has expired.\n \n Non-Current Asset Investments The Company invests in financial assets with a view to profiting from their total return through capital growth. Consistent with the business model, these investments are managed, and their performance is evaluated on a fair value basis. Accordingly, upon initial recognition the investments are classified by the Company as \u201cat fair value through profit or loss\u201d in accordance with IFRS 9. Non-current asset investments are included initially at fair value, which is taken to be their cost (excluding expenses incidental to the acquisition which are written off in the Statement of Comprehensive Income and allocated to \u201ccapital\u201d at the time of acquisition). Subsequently the investments are valued at \u201cfair value\u201d which is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. In the case of unquoted investments, fair value is established by using measures of value such as price of recent transaction, earnings or revenue-based multiples, discounted cash flows and net assets. This is consistent with IPEV guidelines. Where price of recent transaction is used, the valuation is calibrated to a valid methodology. The Board believe that those investments valued based on the transaction price adjusted for business performance and market indicators are done so because the transaction price is still representative of fair value. Where securities are classified upon initial recognition at fair value through profit or loss, gains and losses arising from changes in fair value are included in the Statement of Comprehensive Income for the year as capital items in accordance with the SORP. The profit or loss on disposal is calculated net of transaction costs of disposal. Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment. The Company has taken the exemption permitted by IAS 28, Investments in Associates and Joint Ventures and IFRS 11, Joint Arrangements for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Company has signi\ufb01cant in\ufb02uence, through an ownership of between 20% and 50%. The Company\u2019s associates and joint ventures are disclosed in note 13.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052857453": { "value": "\n Financial Liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the \ufb01nancial liability. \n \n All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. \n The Company\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614052946868": { "value": "\n All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053713307": { "value": "\n Issued Share Capital The Company has one class of Shares, being the Venture Shares. Venture Shares are classified as equity because they do not contain an obligation to transfer cash or another financial asset and each share has full voting, dividend, and capital distribution rights. Issue costs associated with the allotment of Shares have been deducted from the Share premium account in accordance with IAS 32. The Company had no external debt at the reporting date; consequently, all capital is represented by the value of Share capital, distributable, and other reserves. Total Shareholder equity at 28 February 2025 was \u00a383.6 million (2024: \u00a362.2 million). \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053559076": { "value": "\n Cash and Cash Equivalents Cash and cash equivalents representing cash available at less than three months\u2019 notice are classified as Financial Assets at amortised cost under IFRS 9. Cash and cash equivalents comprises cash at bank and other highly liquid short-term investments redeemable or with a maturity of three months or less at the date of acquisition and subject to insignificant changes in fair value. For the purpose of the Cash Flow Statement, cash and cash equivalents comprises cash at bank and Money Market funds, for which carrying amount approximates to fair value.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053437601": { "value": "\n Foreign Currencies Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income under the Revenue or Capital column, where applicable. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053327634": { "value": "\n Dividends Dividends payable are recognised as distributions in the \ufb01nancial statements when the Company\u2019s obligation to make payment has been established. Typically, this is not until payment is made as the Company usually declares interim dividends as opposed to final dividends. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614053900450": { "value": "\n 3. Segmental Reporting The Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054005898": { "value": "\n \n 5. Investment Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 Year ended 29 February 2024
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on bank balances 1 183
Interest receivable on Money Market funds 1,023 403
Loan interest 72 96
Total investment income 1,096 682
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054226322": { "value": "\n 5. Investment Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 Year ended 29 February 2024
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on bank balances 1 183
Interest receivable on Money Market funds 1,023 403
Loan interest 72 96
Total investment income 1,096 682
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054110882": { "value": "\n 6. Investment Management Fees \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 Year ended 29 February 2024
Revenue \u00a3\u2019000 Capital \u00a3\u2019000 Total \u00a3\u2019000 Revenue \u00a3\u2019000 Capital \u00a3\u2019000 Total \u00a3\u2019000
Investment management fees 139 1,250 1,389 102 922 1,024
\n TPIM provides investment management services to the Company under an Investment Management Agreement dated 12 September 2023. From this date, the Investment Manager was appointed AIFM and continues to be responsible for risk and portfolio management. The Investment Manager has full discretion under the Investment Management Agreement to make investments in accordance with the Company\u2019s Investment Policy from time-to-time. The agreement provides for an investment management fee of 2% per annum of net assets, payable quarterly in arrears. The Investment Management Agreement may be terminated by either the Investment Manager or the Company by providing the other party with no less than 12 calendar months\u2019 written notice. The total amount accrued and due to TPIM at the year-end was \u00a3380,000 (2024: \u00a3320,000). Performance Fee TPIM earns a performance fee if the total return (net asset value plus distributions made) to holders of the Venture Shares exceeds their net initial subscription price by an annual threshold of 3% per annum, calculated on a compound basis. To the extent that the total return exceeds the threshold over the relevant period then a performance incentive fee of 20% of the excess is payable to TPIM. Performance fees are assessed based on the VCT\u2019s audited year-end valuations (i.e. in February of each year) and will be accrued in the accounts of the Company. High water marks apply. No performance fees have been earned by TPIM in the current or prior year. Fees paid to companies related to the Investment Manager for administrative and other services during the year were \u00a353,000 (2024: \u00a3142,000). The Investment Manager did not receive fees for services to investee companies in the current or prior year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054545904": { "value": "\n \n 7. Operating Expenses All expenses are accounted for on an accruals basis. Expenses are charged wholly to revenue with the exception of management fees which are charged 90% to capital and 10% to revenue; any performance fees incurred are charged wholly to capital. Transaction costs incurred when selling assets are written off to the Income Statement in the period in which they occur. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Financial and regulation costs 193 133
General administration 29 56
Fees payable to the Company\u2019s auditor for audit services 84 75
Company secretarial services 24 24
Other professional fees 465 344
Directors\u2019 fees 75 71
Interest payable \u2013 1
Total operating expenses 870 704
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101854988": { "value": "\n 7. Operating Expenses All expenses are accounted for on an accruals basis. Expenses are charged wholly to revenue with the exception of management fees which are charged 90% to capital and 10% to revenue; any performance fees incurred are charged wholly to capital. Transaction costs incurred when selling assets are written off to the Income Statement in the period in which they occur. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Financial and regulation costs 193 133
General administration 29 56
Fees payable to the Company\u2019s auditor for audit services 84 75
Company secretarial services 24 24
Other professional fees 465 344
Directors\u2019 fees 75 71
Interest payable \u2013 1
Total operating expenses 870 704
\n \n \n 8. Auditor Remuneration Fees paid to the Company\u2019s auditors are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Fees payable to the Company\u2019s auditor:
for the audit of the Financial Statements 84 75
for other services \u2013 \u2013
Total Auditor remuneration 84 75
\n For the year ended 28 February 2025, fees (excluding VAT) payable to the Company\u2019s auditor for audit services were \u00a383,750 (2024: \u00a374,890). Deloitte LLP were not appointed to provide any non-audit services to the Company during the year. \n \n \n 9. Directors\u2019 Remuneration \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Julian Bartlett 22 22
Jamie Brooke* 23 15
Sam Smith** 20 1
Chad Murrin*** \u2013 8
Jane Owen**** 10 25
Total Directors\u2019 fees 75 71
\n * Appointed as a Director effective 8 June 2023 ** Appointed as a Director effective 8 February 2024 *** Resigned as a Director effective 19 July 2023 **** Resigned as a Director effective 23 July 2024 The only remuneration received by the Directors was their Directors\u2019 fees. \n \n The Company has no employees other than the\n \n \n Non-Executive Directors.\n The average number of Non-Executive Directors in the year was three (2024: three). Detailed disclosure of Directors\u2019 remuneration is included in the Directors\u2019 Remuneration report.\n \n \n 21. Relationship with Investment Manager Management and administration services for the period amounted to \u00a31.6 million (2024: \u00a31.2 million) (which has been expensed by the Company), of which \u00a30.4 million remained outstanding at the year end. A company related to the Investment Manager charged \u00a353,000 (2024: \u00a3142,000) for the provision of company secretarial and other services. In addition, TPIM received \u00a3412,866 (2024: \u00a3352,245) of arrangement fees on Venture Share allotments during the year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054433284": { "value": "\n 8. Auditor Remuneration Fees paid to the Company\u2019s auditors are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Fees payable to the Company\u2019s auditor:
for the audit of the Financial Statements 84 75
for other services \u2013 \u2013
Total Auditor remuneration 84 75
\n For the year ended 28 February 2025, fees (excluding VAT) payable to the Company\u2019s auditor for audit services were \u00a383,750 (2024: \u00a374,890). Deloitte LLP were not appointed to provide any non-audit services to the Company during the year. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101651983": { "value": "\n 9. Directors\u2019 Remuneration \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Julian Bartlett 22 22
Jamie Brooke* 23 15
Sam Smith** 20 1
Chad Murrin*** \u2013 8
Jane Owen**** 10 25
Total Directors\u2019 fees 75 71
\n * Appointed as a Director effective 8 June 2023 ** Appointed as a Director effective 8 February 2024 *** Resigned as a Director effective 19 July 2023 **** Resigned as a Director effective 23 July 2024 The only remuneration received by the Directors was their Directors\u2019 fees. \n \n The Company has no employees other than the\n \n \n Non-Executive Directors.\n The average number of Non-Executive Directors in the year was three (2024: three). Detailed disclosure of Directors\u2019 remuneration is included in the Directors\u2019 Remuneration report.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616094716641": { "value": "\n The Company has no employees other than the\n \n Non-Executive Directors.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054649873": { "value": "\n 10. Taxation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Pro\ufb01t/(loss) on ordinary activities before tax 636 (785)
Corporation tax @ 25% 159 (196)
Effect of:
Capital gains not taxable (449) (65)
Disallowed expenditure 28 21
Excess management expenses on which deferred tax not recognised 262 240
Tax charge/(credit) for the period \u2013 \u2013
\n\n \n Capital gains and losses are exempt from corporation tax due to the Company\u2019s status as a Venture Capital Trust.\n Investment companies which have been approved by HM Revenue & Customs under section 1158 of the Corporation Tax Act 2010 are exempt from tax on capital gains. The Directors are of the opinion that the Company has complied with the requirements for maintaining investment trust status for the purposes of section 1158 of the Corporation Tax Act 2010. \n \n The Company has not provided for deferred tax on any capital gains or losses arising on the revaluation of investments. Deferred tax asset of \u00a31.4 million (2024: \u00a31.1 million) has not been recognised as it is unlikely that the Company will generate sufficient taxable profits in the future to utilise this. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101751531": { "value": "\n Capital gains and losses are exempt from corporation tax due to the Company\u2019s status as a Venture Capital Trust.\n \n The Company has not provided for deferred tax on any capital gains or losses arising on the revaluation of investments. Deferred tax asset of \u00a31.4 million (2024: \u00a31.1 million) has not been recognised as it is unlikely that the Company will generate sufficient taxable profits in the future to utilise this. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250614054750147": { "value": "\n 11. Earnings per Share The earnings per Venture Share is 0.86p (2024: loss of 1.46p) and is based on a profit from ordinary activities after tax of \u00a30.6 million (2024: \u00a30.8 million loss) and on the weighted average number of Venture Shares in issue during the period of 74,217,239 (2024: 53,729,274). There is no difference between basic or diluted Earnings per Share as the Company has no convertible securities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616094825076": { "value": "\n 12. Financial Assets at Fair Value through Profit or Loss Investments \n \n Fair Value Hierarchy: IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following three levels: Level 1: quoted prices on active markets for identical assets or liabilities. The fair value of financial instruments traded on active markets is based on quoted market prices at the date of the Statement of Financial Position. A market is regarded as active where the market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The quoted market price used for financial assets held by the Company is the current bid price. Level 2: the fair value of financial instruments that are not traded on active markets is determined by using valuation techniques. These valuation techniques maximise the use of observable inputs including market data where it is available either directly or indirectly and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. Level 3: the fair value of financial instruments that are not traded on an active market (for example, investments in unquoted companies) is determined by using valuation techniques such as discounted cash flows. If one or more of the significant inputs is based on unobservable inputs including market data, the instrument is included in Level 3. There have been no transfers between these classifications in the period. Any change in fair value is recognised through the Statement of Comprehensive Income. \n \n \n \n All items held at fair value through profit or loss were designated as such upon initial recognition. Movements in investments at fair value through profit or loss during the year to 28 February 2025 are summarised below. The most critical estimates, assumptions, and judgements relate to the determination of the carrying value of investments at \u201cfair value through profit and loss\u201d (FVTPL). All investments held by the Company are classified as FVTPL and measured in accordance with the International Private Equity and Venture Capital Valuation (IPEV) guidelines, as updated in December 2022. For investments actively traded on organised financial markets, fair value is generally determined by reference to Stock Exchange market quoted bid prices at the close of business on the date of the Statement of Financial Position. The Company does not have any quoted investments at the reporting date. Unquoted investments are stated at fair value by the Directors at each measurement date in accordance with appropriate valuation techniques, which are consistent with the IPEV guidelines: i) the price of a recent investment, if resulting from an orderly transaction, is assumed to represent fair value as of the transaction date. At every subsequent measurement date, the recent investment price may remain an appropriate indicator of fair value, however as its validity is eroded over time, adequate consideration will be given to the current facts and circumstances, including, but not limited to, changes in the market or changes in the performance of the portfolio company. We may solely rely on the most recent price for certain investments where other valuation methodologies may not be possible, notably where there are no current or short-term future revenues expected; ii) where a recent transaction is not deemed to be representative of fair value, a market approach may be considered. This technique involves the application of an appropriate multiple to a performance measure (typically revenue, but potentially also EBITDA) in order to derive the value of the business. Appropriate multiples are usually derived by reference to a current market-based multiple, as reflected in market valuations of comparable quoted companies or the price at which comparable companies have changed ownership, to the extent this information is publicly available. It must be acknowledged that as we invest in companies looking to disrupt their respective sectors or enter new technologies, direct comparators often do not exist. In the absence of relevant comparators, calibration to the recent investment price validates that the valuation techniques using contemporaneous market inputs generate fair value at the investment date and that the same valuation techniques using updated market inputs as of each subsequent reporting date will generate fair value at each such date. This approach will notably help capture any risks associated with a lack of liquidity in the minority holding of an unquoted investment and may be further adjusted to reflect the trading performance of the portfolio company versus expectations as at the investment date; iii) for investments in early or development stages, where there are no current or short-term future revenues expected, the most appropriate valuation approach to measure fair value may be based on calibrating the latest pricing round using qualitative milestones. These milestones provide a directional indication of the movement in fair value; iv) where a number of discreet outcomes can be expected for an investment, a simplified probability-weighted expected return model may be used to determine fair value; and v) where appropriate, an income approach may be used. Capital gains and losses on investments, whether realised or unrealised, are dealt with in the capital reserve, with movements in the period shown in the Income Statement. All figures are shown net of any applicable transaction costs incurred. All investments are initially recognised at transaction price and subsequently measured at fair value. Changes in fair value are recognised in the Income Statement. A key judgement made in applying the above accounting policy relates to investments that are permanently written off. Where the value of an investment has fallen permanently below the price of investment, the loss is treated as a realised loss, even if the investment is still held. The Board assesses the portfolio for such investments and, after agreement with the Investment Manager, will agree the values that represent the extent to which an investment loss has become realised. This is based upon an assessment of objective evidence of that investment\u2019s future prospects, to determine whether there is potential for the investment to recover in value.\n \n \n Movements in Level 3 investments held at fair value through profit or loss during the year to 28 February 2025 were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cost Cumulative Gains Fair Value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 28 February 2025:
Opening cost 38,896 \u2013 38,896
Opening investment holding gains \u2013 4,928 4,928
Opening value at 1 March 2024 38,896 4,928 43,824
Purchases at cost* 9,905 \u2013 9,905
Net gains on held investments \u2013 1,373 1,373
Less: investments disposed of during the period
Original cost (4,010) \u2013 (4,010)
Derecognition of unrealised net cumulative losses \u2013 1,219 1,219
Closing value at 28 February 2025 44,791 7,520 52,311
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cost Cumulative Gains Fair Value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 29 February 2024:
Opening Cost 27,762 \u2013 27,762
Opening investment holding gains \u2013 4,217 4,217
Opening fair value at 1 March 2023 27,762 4,217 31,979
Purchases at cost 11,884 \u2013 11,884
Net gains on held investments \u2013 261 261
Less: investments disposed of during the period
Original cost (750) \u2013 (750)
Derecognition of unrealised net cumulative losses \u2013 450 450
Closing value at 29 February 2024 38,896 4,928 43,824
\n * Purchases at cost in the year ended 28 February 2025 includes \u00a32.2 million relating to the non-cash, share-for-share acquisition of Vyne Technologies by Tarabut Gateway. Given the nature of the Company\u2019s venture capital investments, the changes in fair values of such investments recognised in these Financial Statements are not considered to be readily convertible to cash in full at the Statement of Financial Position date and accordingly any gains or losses on these items are treated as unrealised. Unquoted investments in the portfolio are considered Level 3 assets, such that their values are not directly observable but are estimated using a combination of valuation methodologies which notably extrapolate from observable market data for comparable assets. The sensitivity of these valuations to a reasonable possible change in such assumptions is given in note 19. Further details of the types of investments are provided in the Investment Manager\u2019s review and investment portfolio on pages 24 to 27 and 28 to 34, and details of entities over which the VCT has significant influence are included in note 13.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095023963": { "value": "\n Fair Value Hierarchy: IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following three levels: Level 1: quoted prices on active markets for identical assets or liabilities. The fair value of financial instruments traded on active markets is based on quoted market prices at the date of the Statement of Financial Position. A market is regarded as active where the market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The quoted market price used for financial assets held by the Company is the current bid price. Level 2: the fair value of financial instruments that are not traded on active markets is determined by using valuation techniques. These valuation techniques maximise the use of observable inputs including market data where it is available either directly or indirectly and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. Level 3: the fair value of financial instruments that are not traded on an active market (for example, investments in unquoted companies) is determined by using valuation techniques such as discounted cash flows. If one or more of the significant inputs is based on unobservable inputs including market data, the instrument is included in Level 3. There have been no transfers between these classifications in the period. Any change in fair value is recognised through the Statement of Comprehensive Income. \n \n All items held at fair value through profit or loss were designated as such upon initial recognition. Movements in investments at fair value through profit or loss during the year to 28 February 2025 are summarised below. The most critical estimates, assumptions, and judgements relate to the determination of the carrying value of investments at \u201cfair value through profit and loss\u201d (FVTPL). All investments held by the Company are classified as FVTPL and measured in accordance with the International Private Equity and Venture Capital Valuation (IPEV) guidelines, as updated in December 2022. For investments actively traded on organised financial markets, fair value is generally determined by reference to Stock Exchange market quoted bid prices at the close of business on the date of the Statement of Financial Position. The Company does not have any quoted investments at the reporting date. Unquoted investments are stated at fair value by the Directors at each measurement date in accordance with appropriate valuation techniques, which are consistent with the IPEV guidelines: i) the price of a recent investment, if resulting from an orderly transaction, is assumed to represent fair value as of the transaction date. At every subsequent measurement date, the recent investment price may remain an appropriate indicator of fair value, however as its validity is eroded over time, adequate consideration will be given to the current facts and circumstances, including, but not limited to, changes in the market or changes in the performance of the portfolio company. We may solely rely on the most recent price for certain investments where other valuation methodologies may not be possible, notably where there are no current or short-term future revenues expected; ii) where a recent transaction is not deemed to be representative of fair value, a market approach may be considered. This technique involves the application of an appropriate multiple to a performance measure (typically revenue, but potentially also EBITDA) in order to derive the value of the business. Appropriate multiples are usually derived by reference to a current market-based multiple, as reflected in market valuations of comparable quoted companies or the price at which comparable companies have changed ownership, to the extent this information is publicly available. It must be acknowledged that as we invest in companies looking to disrupt their respective sectors or enter new technologies, direct comparators often do not exist. In the absence of relevant comparators, calibration to the recent investment price validates that the valuation techniques using contemporaneous market inputs generate fair value at the investment date and that the same valuation techniques using updated market inputs as of each subsequent reporting date will generate fair value at each such date. This approach will notably help capture any risks associated with a lack of liquidity in the minority holding of an unquoted investment and may be further adjusted to reflect the trading performance of the portfolio company versus expectations as at the investment date; iii) for investments in early or development stages, where there are no current or short-term future revenues expected, the most appropriate valuation approach to measure fair value may be based on calibrating the latest pricing round using qualitative milestones. These milestones provide a directional indication of the movement in fair value; iv) where a number of discreet outcomes can be expected for an investment, a simplified probability-weighted expected return model may be used to determine fair value; and v) where appropriate, an income approach may be used. Capital gains and losses on investments, whether realised or unrealised, are dealt with in the capital reserve, with movements in the period shown in the Income Statement. All figures are shown net of any applicable transaction costs incurred. All investments are initially recognised at transaction price and subsequently measured at fair value. Changes in fair value are recognised in the Income Statement. A key judgement made in applying the above accounting policy relates to investments that are permanently written off. Where the value of an investment has fallen permanently below the price of investment, the loss is treated as a realised loss, even if the investment is still held. The Board assesses the portfolio for such investments and, after agreement with the Investment Manager, will agree the values that represent the extent to which an investment loss has become realised. This is based upon an assessment of objective evidence of that investment\u2019s future prospects, to determine whether there is potential for the investment to recover in value.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095150623": { "value": "\n \n 13. Unconsolidated Associates and Joint Ventures The principal undertakings in which the Company\u2019s interest at the year-end is 20% or more are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name Registered address Holding
Green Highland Shenval Limited Q Court, 3 Quality Street, Edinburgh, EH4 5BP 22.2%
\n \u2022 The investment is a combination of debt and equity. \u2022 Equity holding is equal to the voting rights. \u2022 The investment is held in the UK.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095217375": { "value": "\n 13. Unconsolidated Associates and Joint Ventures The principal undertakings in which the Company\u2019s interest at the year-end is 20% or more are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name Registered address Holding
Green Highland Shenval Limited Q Court, 3 Quality Street, Edinburgh, EH4 5BP 22.2%
\n \u2022 The investment is a combination of debt and equity. \u2022 Equity holding is equal to the voting rights. \u2022 The investment is held in the UK.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095249287": { "value": "\n 14. Receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Accrued income 38 23
Prepaid expenses 33 42
Other debtors 2,308 291
Total receivables 2,379 356
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095324186": { "value": "\n \n 15. Cash and Cash Equivalents \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Cash at bank 7,988 18
Money Market funds 20,613 18,181
Total cash and cash equivalents 28,601 18,199
\n Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to a lower risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months or less from the date of acquisition.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095409240": { "value": "\n 15. Cash and Cash Equivalents \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Cash at bank 7,988 18
Money Market funds 20,613 18,181
Total cash and cash equivalents 28,601 18,199
\n Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to a lower risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months or less from the date of acquisition.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095441008": { "value": "\n \n 16. Payables and Accrued Expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Trade Creditors 46 88
Other taxation and social security 5 6
Accrued expenses 537 389
Total payables and accrued expenses 588 483
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095529814": { "value": "\n 16. Payables and Accrued Expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Trade Creditors 46 88
Other taxation and social security 5 6
Accrued expenses 537 389
Total payables and accrued expenses 588 483
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095627678": { "value": "\n \n 17. Share Capital Ordinary shares of \u00a30.01. Year ended 28 February 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
No. of Venture Shares Amount \u00a3'000
As at 1 March 2024 63,113,620 631
Allotted during the period
5 March 2024 879,639 9
18 March 2024 (DRIS) 241,772 2
2 April 2024 3,769,252 38
4 April 2024 1,954,264 20
5 April 2024 1,285,315 13
27 June 2024 1,365,747 14
31 July 2024 705,100 7
29 October 2024 3,451,232 34
12 November 2024 1,818,892 18
2 December 2024 (DRIS) 278,603 3
19 December 2024 3,537,826 35
10 February 2025 3,183,619 32
26 February 2025 2,465,470 25
Shares bought back and cancelled
4 July 2024 (367,609) (4)
9 August 2024 (55,800) (1)
18 November 2024 (84,409) (1)
Ordinary Share Capital 28 February 2025 87,542,533 875
\n Year ended 29 February 2024 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
No. of Venture Shares No. of A Shares No. of B Shares Total Shares Amount \u00a3'000
As at 1 March 2023 42,720,246 9,777,285 6,758,795 59,256,326 593
Allotted during the period
20 March 2023 5,831,295 \u2013 \u2013 5,831,295 58
4 April 2023 2,093,574 \u2013 \u2013 2,093,574 21
5 April 2023 464,579 \u2013 \u2013 464,579 5
24 April 2023 161,021 \u2013 \u2013 161,021 2
6 July 2023 1,138,499 \u2013 \u2013 1,138,499 11
28 July 2023 1,347,801 \u2013 \u2013 1,347,801 13
4 September 2023 (DRIS) 210,732 \u2013 \u2013 210,732 2
27 October 2023 1,124,122 \u2013 \u2013 1,124,122 11
30 November 2023 2,118,892 \u2013 \u2013 2,118,892 21
21 December 2023 1,673,802 \u2013 \u2013 1,673,802 17
13 February 2024 4,247,195 \u2013 \u2013 4,247,195 42
Shares bought back and cancelled
10 March 2023 \u2013 (9,777,285) \u2013 (9,777,285) (97)
10 March 2023 \u2013 \u2013 (6,758,795) (6,758,795) (68)
4 August 2023 (6,958) \u2013 \u2013 (6,958) \u2013
3 November 2023 (10,306) \u2013 \u2013 (10,306) \u2013
12 December 2023 (874) \u2013 \u2013 (874) \u2013
Ordinary Share Capital 29 February 2024 63,113,620 \u2013 \u2013 63,113,620 631
\n At the reporting date, the Company had one class of share, being the Venture Shares which have full voting, dividend, and capital distribution rights. As at 28 February 2025, the number of authorised and issued shares of the Company was 87,542,533 (2024: 63,113,620). During the year ended 28 February 2025, 24,416,356 new Venture Shares were issued at an average price per share of \u00a30.99. The gross consideration received was \u00a324.2 million (net \u00a323.5 million). 520,375 additional Venture Shares were issued by way of a Dividend Reinvestment Scheme at an average price of \u00a30.93, and the Company repurchased 507,818 Venture Shares at an average price per share of \u00a30.91.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095705497": { "value": "\n 17. Share Capital Ordinary shares of \u00a30.01. Year ended 28 February 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
No. of Venture Shares Amount \u00a3'000
As at 1 March 2024 63,113,620 631
Allotted during the period
5 March 2024 879,639 9
18 March 2024 (DRIS) 241,772 2
2 April 2024 3,769,252 38
4 April 2024 1,954,264 20
5 April 2024 1,285,315 13
27 June 2024 1,365,747 14
31 July 2024 705,100 7
29 October 2024 3,451,232 34
12 November 2024 1,818,892 18
2 December 2024 (DRIS) 278,603 3
19 December 2024 3,537,826 35
10 February 2025 3,183,619 32
26 February 2025 2,465,470 25
Shares bought back and cancelled
4 July 2024 (367,609) (4)
9 August 2024 (55,800) (1)
18 November 2024 (84,409) (1)
Ordinary Share Capital 28 February 2025 87,542,533 875
\n Year ended 29 February 2024 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
No. of Venture Shares No. of A Shares No. of B Shares Total Shares Amount \u00a3'000
As at 1 March 2023 42,720,246 9,777,285 6,758,795 59,256,326 593
Allotted during the period
20 March 2023 5,831,295 \u2013 \u2013 5,831,295 58
4 April 2023 2,093,574 \u2013 \u2013 2,093,574 21
5 April 2023 464,579 \u2013 \u2013 464,579 5
24 April 2023 161,021 \u2013 \u2013 161,021 2
6 July 2023 1,138,499 \u2013 \u2013 1,138,499 11
28 July 2023 1,347,801 \u2013 \u2013 1,347,801 13
4 September 2023 (DRIS) 210,732 \u2013 \u2013 210,732 2
27 October 2023 1,124,122 \u2013 \u2013 1,124,122 11
30 November 2023 2,118,892 \u2013 \u2013 2,118,892 21
21 December 2023 1,673,802 \u2013 \u2013 1,673,802 17
13 February 2024 4,247,195 \u2013 \u2013 4,247,195 42
Shares bought back and cancelled
10 March 2023 \u2013 (9,777,285) \u2013 (9,777,285) (97)
10 March 2023 \u2013 \u2013 (6,758,795) (6,758,795) (68)
4 August 2023 (6,958) \u2013 \u2013 (6,958) \u2013
3 November 2023 (10,306) \u2013 \u2013 (10,306) \u2013
12 December 2023 (874) \u2013 \u2013 (874) \u2013
Ordinary Share Capital 29 February 2024 63,113,620 \u2013 \u2013 63,113,620 631
\n At the reporting date, the Company had one class of share, being the Venture Shares which have full voting, dividend, and capital distribution rights. As at 28 February 2025, the number of authorised and issued shares of the Company was 87,542,533 (2024: 63,113,620). During the year ended 28 February 2025, 24,416,356 new Venture Shares were issued at an average price per share of \u00a30.99. The gross consideration received was \u00a324.2 million (net \u00a323.5 million). 520,375 additional Venture Shares were issued by way of a Dividend Reinvestment Scheme at an average price of \u00a30.93, and the Company repurchased 507,818 Venture Shares at an average price per share of \u00a30.91.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616095801991": { "value": "\n 18. Dividends \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 \u00a3\u2019000 Year ended 29 February 2024 \u00a3\u2019000
Year ended 29 Feb 2024 interim dividend: 2.00p per share \u2013 1,075
Year ended 28 Feb 2025 interim dividend: 2.00p per share 1,262 \u2013
Year ended 28 Feb 2025 interim dividend: 2.00p per share 1,563 \u2013
Total dividend paid: 4.00p per share (2024: 2.00p) 2,825 1,075
\n The Board announced an interim dividend of two pence per Share, equivalent to \u00a31.75 million, to Shareholders on 6 January 2025. The dividend was paid on 17 March 2025 to Shareholders on the register at the close of business on 28 February 2025 and as a result is not included in the table above.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616134333442": { "value": "0.04", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "Fxbrl_20250616134317523": { "value": "0.02", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "Fxbrl_20250616100457247": { "value": "\n \n 19. Financial Instruments and Risk Management The Company\u2019s financial instruments comprise equity and fixed-interest investments, cash balances and liquid resources including debtors and creditors. The Company holds financial assets in accordance with its investment policy of investing mainly in a portfolio of VCT qualifying unquoted securities whilst holding a proportion of its assets in cash or near-cash investments in order to provide a reserve of liquidity. The Investment Manager reports to the Board on a quarterly basis and provides information to the Board which allows it to monitor and manage \ufb01nancial risks relating to its operations. The Company\u2019s activities expose it to a variety of \ufb01nancial risks including market risk (comprising price risk, interest rate risk, and foreign currency risk), credit risk, and liquidity risk. Classification of Financial Instruments The following table discloses the financial assets and liabilities of the Company in the categories defined by IFRS 9, Financial Instruments. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Total value Financial Assets at amortised cost Financial Liabilities at amortised cost Fair value through pro\ufb01t or loss
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 28 February 2025
Assets:
Financial assets at fair value through pro\ufb01t or loss 52,311 \u2013 \u2013 52,311
Receivables 2,379 2,379 \u2013 \u2013
Cash and cash equivalents 28,601 28,601 \u2013 \u2013
83,291 30,980 \u2013 52,311
Liabilities:
Other Payables 588 \u2013 588 \u2013
588 \u2013 588 \u2013
Year ended 29 February 2024
Assets:
Financial assets at fair value through pro\ufb01t or loss 43,824 \u2013 \u2013 43,824
Receivables 356 356 \u2013 \u2013
Cash and cash equivalents 18,199 18,199 \u2013 \u2013
62,379 18,555 \u2013 43,824
Liabilities:
Other Payables 483 \u2013 483 \u2013
483 \u2013 483 \u2013
\n \n \n \n Fixed and current asset investments (see note 12) are valued at fair value. Unquoted investments are carried at fair value as determined by the Directors in accordance with IPEV guidelines as detailed within the Investment Manager\u2019s Review and note 12. The fair value of all other financial assets and liabilities are represented by their carrying value in the Statement of Financial Position. The Directors believe that the fair value of the assets held at the year-end is equal to their carrying value. The Company\u2019s creditors and debtors are initially recognised at fair value, which is usually transaction cost, and subsequently measured at amortised cost using the effective interest method. In carrying on its investment activities, the Company is exposed to various types of risk associated with the financial instruments and markets in which it invests. The most significant types of financial risk facing the Company are market risk, interest rate risk, credit risk, and liquidity risk. The Company\u2019s approach to managing these risks is set out below together with a description of the nature and amount of the financial instruments held at the date of the Statement of Financial Position. \n \n Market Risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment policy, as outlined on page 12. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Directors\u2019 Report on pages 56 to 59, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in smaller companies, by their nature, usually involve a higher degree of risk than investments in larger companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is regularly monitored by the Board. Details of the Company\u2019s investment portfolio as at 28 February 2025 can be found on page 28. 62.6% (2024: 70.5%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. In the context of continued market uncertainties caused by macroeconomic factors, we have used a sensitivity analysis of 20%. A 20% overall decrease in the valuation of the unquoted investments at 28 February 2025 would have decreased net assets and the total profit for the year by \u00a310.5 million (2024: \u00a38.8 million). An equivalent change in the opposite direction would have increased net assets and the total profit for the year by the same amount. 11.2% of net assets (17.9% of portfolio value) are exposed to changes in the foreign exchange rate. An increase in the foreign exchange rate of 5% would decrease the net asset value by 0.5% (\u00a30.4 million) (2024: 0.5%; \u00a30.3 million). A decrease in the foreign exchange rate of 5% would have the opposite effect, increasing the net asset value by 0.6% (\u00a30.5 million) (2024: 0.5%; \u00a30.3 million). The 5% sensitivity used provides the most meaningful impact of average foreign exchange rate changes across the portfolio. 20.1% of the VCT\u2019s net assets (32.1% of portfolio value) are valued after assessing the developments of the investee company against performance milestone (e.g. cash or revenue targets) including PRI calibration. An increase in the average multiple used by 15% would increase the net asset value by 3.0%. A decrease in the average multiple used by 15% would decrease the net asset value by 3.0%. The 15% sensitivity used provides the most meaningful impact of average multiple changes across the portfolio. 42.5% of net assets (67.9% of portfolio value) is valued using Price of Recent Investment (PRI), and an increase in the average PRI used by 15% would increase the net asset value by 6.4%. A decrease in the average PRI used by 15% would decrease the asset value by 6.4%. However, the impact on the portfolio value might be less given that most investments have some downside protection in the form of liquidation preference. The 15% sensitivity used provides the most meaningful impact of average PRI changes across the portfolio.\n Interest Rate Risk Some of the Company\u2019s financial assets are interest-bearing, of which some are at fixed rates and some at variable rates. As a result, the Company is exposed to interest rate risk arising from fluctuations in the prevailing levels of market interest rates. Fixed Rate The table below summarised the weighted average effective interest rates for its fixed interest-bearing financial instruments: The Company has two fixed interest investment loans, one in relation to its investment in Modern Power Generation and the other in relation to its investment in Green Highland Shenval. The weighted average interest rate applicable to these loans is 19.2% (2024: 19.2%). Floating Rate The Company\u2019s floating rate investments as at 28 February 2025 comprised interest-bearing Money Market funds. The Company\u2019s cash held at bank earns no interest due to the HMRC VCT rule which prohibits a VCT from earning more than 30% of its income from non-VCT qualifying income, and interest earned on bank balances constitutes non-qualifying income.\n \n \n \n The benchmark rate which determines the rate of interest receivable on its Money Market investment is the Bank of England base rate, which was 4.5% at 28 February 2025. The amounts held in floating rate investments at the Statement of Financial Position date were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Cash on Deposit 7,988 19
Money Market funds 20,613 18,180
28,601 18,199
\n A 1% change in the base rate would increase/decrease income receivable from these investments and the net assets for the year by \u00a3286,000 (2024: \u00a3182,000). Foreign Currency Risk Foreign currency risk is de\ufb01ned as the risk that the fair values of future cash \ufb02ows will \ufb02uctuate because of changes in foreign exchange rates. With the exception of Realforce, whose investment is denominated in Swedish Kroner (\u201cSEK\u201d), Digital Therapeutics Inc (trading as Pelago), Airly Inc, Degreed Inc, and Tarabut Gateway which are denominated in US dollars (\u201cUSD\u201d), and Knok LDA, and Nory whose investments are denominated in Euros, the Company\u2019s financial assets and liabilities are in GBP. Substantially all of its revenues and expenses are also denominated in GBP, save the aforementioned exceptions. The Company\u2019s investments denominated in foreign currency comprise 17.9% (2024: 14.1%) of the Company\u2019s Investment Portfolio, not including cash. As a result, the Company does not consider the investments in Realforce, Digital Therapeutics Inc (t/a Pelago), Airly Inc, Degreed Inc, Tarabut Gateway, Knok LDA and Nory to materially expose the Company to foreign currency risk. \n \n Credit Risk Credit risk is the risk that a counterparty will fail to discharge an obligation or commitment that it has entered into with the Company. The Investment Manager and the Board carry out a regular review of counterparty risk. The carrying value of the financial assets represent the maximum credit risk exposure at the Statement of Financial Position date. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Non-Qualifying investment loans 172 172
Qualifying investment loans 2,444 1,076
Cash on Deposit 7,988 19
Money Market funds 20,613 18,180
Receivables 2,379 356
33,596 19,803
\n The Company\u2019s bank accounts are maintained with The Royal Bank of Scotland plc (\u201cRBS\u201d). Should the credit quality or financial position of RBS deteriorate significantly, the Investment Manager will move the cash holdings to another bank. Credit risk relating to listed money market funds is mitigated by investing in a portfolio of investment instruments of high credit quality, comprising securities issued by major UK companies and institutions. Credit risk relating to loans to, and preference shares in, unquoted companies is considered to be part of market risk. \n \n \n Liquidity Risk Liquidity risk is the risk that the Company may not be able to meet its \ufb01nancial obligations as they fall due. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing, and investing activities to consider payment of dividends, repayment of trade and other payables or funding further investing activities. The Company ensures it maintains adequate reserves and will put in place banking facilities and it will continuously monitor forecast and actual cash \ufb02ows to seek to match the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Further analysis on the Company\u2019s liquidity is included within the Going Concern assessment. The Company\u2019s listed Money Market funds are considered to be readily realisable as they are of high credit quality as outlined above. Liquidity risk is managed on a continuing basis by the Investment Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient\n \n \n \n \n \n investments in cash and readily realisable securities to pay accounts payable and accrued expenses. At 28 February 2025, these investments were valued at \u00a320.6 million (2024: \u00a318.2 million). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 46 46 \u2013 \u2013 \u2013 \u2013
Other taxation 5 5 \u2013 \u2013 \u2013 \u2013
Accruals 537 \u2013 537 \u2013 \u2013 \u2013
588 51 537 \u2013 \u2013 \u2013
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
29 February 2024 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 88 88 \u2013 \u2013 \u2013 \u2013
Other taxation 6 6 \u2013 \u2013 \u2013 \u2013
Accruals 389 \u2013 389 \u2013 \u2013 \u2013
483 94 389 \u2013 \u2013 \u2013
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616100801746": { "value": "\n 19. Financial Instruments and Risk Management The Company\u2019s financial instruments comprise equity and fixed-interest investments, cash balances and liquid resources including debtors and creditors. The Company holds financial assets in accordance with its investment policy of investing mainly in a portfolio of VCT qualifying unquoted securities whilst holding a proportion of its assets in cash or near-cash investments in order to provide a reserve of liquidity. The Investment Manager reports to the Board on a quarterly basis and provides information to the Board which allows it to monitor and manage \ufb01nancial risks relating to its operations. The Company\u2019s activities expose it to a variety of \ufb01nancial risks including market risk (comprising price risk, interest rate risk, and foreign currency risk), credit risk, and liquidity risk. Classification of Financial Instruments The following table discloses the financial assets and liabilities of the Company in the categories defined by IFRS 9, Financial Instruments. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Total value Financial Assets at amortised cost Financial Liabilities at amortised cost Fair value through pro\ufb01t or loss
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 28 February 2025
Assets:
Financial assets at fair value through pro\ufb01t or loss 52,311 \u2013 \u2013 52,311
Receivables 2,379 2,379 \u2013 \u2013
Cash and cash equivalents 28,601 28,601 \u2013 \u2013
83,291 30,980 \u2013 52,311
Liabilities:
Other Payables 588 \u2013 588 \u2013
588 \u2013 588 \u2013
Year ended 29 February 2024
Assets:
Financial assets at fair value through pro\ufb01t or loss 43,824 \u2013 \u2013 43,824
Receivables 356 356 \u2013 \u2013
Cash and cash equivalents 18,199 18,199 \u2013 \u2013
62,379 18,555 \u2013 43,824
Liabilities:
Other Payables 483 \u2013 483 \u2013
483 \u2013 483 \u2013
\n \n Fixed and current asset investments (see note 12) are valued at fair value. Unquoted investments are carried at fair value as determined by the Directors in accordance with IPEV guidelines as detailed within the Investment Manager\u2019s Review and note 12. The fair value of all other financial assets and liabilities are represented by their carrying value in the Statement of Financial Position. The Directors believe that the fair value of the assets held at the year-end is equal to their carrying value. The Company\u2019s creditors and debtors are initially recognised at fair value, which is usually transaction cost, and subsequently measured at amortised cost using the effective interest method. In carrying on its investment activities, the Company is exposed to various types of risk associated with the financial instruments and markets in which it invests. The most significant types of financial risk facing the Company are market risk, interest rate risk, credit risk, and liquidity risk. The Company\u2019s approach to managing these risks is set out below together with a description of the nature and amount of the financial instruments held at the date of the Statement of Financial Position. \n \n Market Risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment policy, as outlined on page 12. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Directors\u2019 Report on pages 56 to 59, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in smaller companies, by their nature, usually involve a higher degree of risk than investments in larger companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is regularly monitored by the Board. Details of the Company\u2019s investment portfolio as at 28 February 2025 can be found on page 28. 62.6% (2024: 70.5%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. In the context of continued market uncertainties caused by macroeconomic factors, we have used a sensitivity analysis of 20%. A 20% overall decrease in the valuation of the unquoted investments at 28 February 2025 would have decreased net assets and the total profit for the year by \u00a310.5 million (2024: \u00a38.8 million). An equivalent change in the opposite direction would have increased net assets and the total profit for the year by the same amount. 11.2% of net assets (17.9% of portfolio value) are exposed to changes in the foreign exchange rate. An increase in the foreign exchange rate of 5% would decrease the net asset value by 0.5% (\u00a30.4 million) (2024: 0.5%; \u00a30.3 million). A decrease in the foreign exchange rate of 5% would have the opposite effect, increasing the net asset value by 0.6% (\u00a30.5 million) (2024: 0.5%; \u00a30.3 million). The 5% sensitivity used provides the most meaningful impact of average foreign exchange rate changes across the portfolio. 20.1% of the VCT\u2019s net assets (32.1% of portfolio value) are valued after assessing the developments of the investee company against performance milestone (e.g. cash or revenue targets) including PRI calibration. An increase in the average multiple used by 15% would increase the net asset value by 3.0%. A decrease in the average multiple used by 15% would decrease the net asset value by 3.0%. The 15% sensitivity used provides the most meaningful impact of average multiple changes across the portfolio. 42.5% of net assets (67.9% of portfolio value) is valued using Price of Recent Investment (PRI), and an increase in the average PRI used by 15% would increase the net asset value by 6.4%. A decrease in the average PRI used by 15% would decrease the asset value by 6.4%. However, the impact on the portfolio value might be less given that most investments have some downside protection in the form of liquidation preference. The 15% sensitivity used provides the most meaningful impact of average PRI changes across the portfolio.\n Interest Rate Risk Some of the Company\u2019s financial assets are interest-bearing, of which some are at fixed rates and some at variable rates. As a result, the Company is exposed to interest rate risk arising from fluctuations in the prevailing levels of market interest rates. Fixed Rate The table below summarised the weighted average effective interest rates for its fixed interest-bearing financial instruments: The Company has two fixed interest investment loans, one in relation to its investment in Modern Power Generation and the other in relation to its investment in Green Highland Shenval. The weighted average interest rate applicable to these loans is 19.2% (2024: 19.2%). Floating Rate The Company\u2019s floating rate investments as at 28 February 2025 comprised interest-bearing Money Market funds. The Company\u2019s cash held at bank earns no interest due to the HMRC VCT rule which prohibits a VCT from earning more than 30% of its income from non-VCT qualifying income, and interest earned on bank balances constitutes non-qualifying income.\n \n The benchmark rate which determines the rate of interest receivable on its Money Market investment is the Bank of England base rate, which was 4.5% at 28 February 2025. The amounts held in floating rate investments at the Statement of Financial Position date were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Cash on Deposit 7,988 19
Money Market funds 20,613 18,180
28,601 18,199
\n A 1% change in the base rate would increase/decrease income receivable from these investments and the net assets for the year by \u00a3286,000 (2024: \u00a3182,000). Foreign Currency Risk Foreign currency risk is de\ufb01ned as the risk that the fair values of future cash \ufb02ows will \ufb02uctuate because of changes in foreign exchange rates. With the exception of Realforce, whose investment is denominated in Swedish Kroner (\u201cSEK\u201d), Digital Therapeutics Inc (trading as Pelago), Airly Inc, Degreed Inc, and Tarabut Gateway which are denominated in US dollars (\u201cUSD\u201d), and Knok LDA, and Nory whose investments are denominated in Euros, the Company\u2019s financial assets and liabilities are in GBP. Substantially all of its revenues and expenses are also denominated in GBP, save the aforementioned exceptions. The Company\u2019s investments denominated in foreign currency comprise 17.9% (2024: 14.1%) of the Company\u2019s Investment Portfolio, not including cash. As a result, the Company does not consider the investments in Realforce, Digital Therapeutics Inc (t/a Pelago), Airly Inc, Degreed Inc, Tarabut Gateway, Knok LDA and Nory to materially expose the Company to foreign currency risk. \n \n Credit Risk Credit risk is the risk that a counterparty will fail to discharge an obligation or commitment that it has entered into with the Company. The Investment Manager and the Board carry out a regular review of counterparty risk. The carrying value of the financial assets represent the maximum credit risk exposure at the Statement of Financial Position date. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Non-Qualifying investment loans 172 172
Qualifying investment loans 2,444 1,076
Cash on Deposit 7,988 19
Money Market funds 20,613 18,180
Receivables 2,379 356
33,596 19,803
\n The Company\u2019s bank accounts are maintained with The Royal Bank of Scotland plc (\u201cRBS\u201d). Should the credit quality or financial position of RBS deteriorate significantly, the Investment Manager will move the cash holdings to another bank. Credit risk relating to listed money market funds is mitigated by investing in a portfolio of investment instruments of high credit quality, comprising securities issued by major UK companies and institutions. Credit risk relating to loans to, and preference shares in, unquoted companies is considered to be part of market risk. \n \n \n Liquidity Risk Liquidity risk is the risk that the Company may not be able to meet its \ufb01nancial obligations as they fall due. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing, and investing activities to consider payment of dividends, repayment of trade and other payables or funding further investing activities. The Company ensures it maintains adequate reserves and will put in place banking facilities and it will continuously monitor forecast and actual cash \ufb02ows to seek to match the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Further analysis on the Company\u2019s liquidity is included within the Going Concern assessment. The Company\u2019s listed Money Market funds are considered to be readily realisable as they are of high credit quality as outlined above. Liquidity risk is managed on a continuing basis by the Investment Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient\n \n \n \n investments in cash and readily realisable securities to pay accounts payable and accrued expenses. At 28 February 2025, these investments were valued at \u00a320.6 million (2024: \u00a318.2 million). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 46 46 \u2013 \u2013 \u2013 \u2013
Other taxation 5 5 \u2013 \u2013 \u2013 \u2013
Accruals 537 \u2013 537 \u2013 \u2013 \u2013
588 51 537 \u2013 \u2013 \u2013
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
29 February 2024 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 88 88 \u2013 \u2013 \u2013 \u2013
Other taxation 6 6 \u2013 \u2013 \u2013 \u2013
Accruals 389 \u2013 389 \u2013 \u2013 \u2013
483 94 389 \u2013 \u2013 \u2013
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616100956904": { "value": "\n Market Risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment policy, as outlined on page 12. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Directors\u2019 Report on pages 56 to 59, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in smaller companies, by their nature, usually involve a higher degree of risk than investments in larger companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is regularly monitored by the Board. Details of the Company\u2019s investment portfolio as at 28 February 2025 can be found on page 28. 62.6% (2024: 70.5%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. In the context of continued market uncertainties caused by macroeconomic factors, we have used a sensitivity analysis of 20%. A 20% overall decrease in the valuation of the unquoted investments at 28 February 2025 would have decreased net assets and the total profit for the year by \u00a310.5 million (2024: \u00a38.8 million). An equivalent change in the opposite direction would have increased net assets and the total profit for the year by the same amount. 11.2% of net assets (17.9% of portfolio value) are exposed to changes in the foreign exchange rate. An increase in the foreign exchange rate of 5% would decrease the net asset value by 0.5% (\u00a30.4 million) (2024: 0.5%; \u00a30.3 million). A decrease in the foreign exchange rate of 5% would have the opposite effect, increasing the net asset value by 0.6% (\u00a30.5 million) (2024: 0.5%; \u00a30.3 million). The 5% sensitivity used provides the most meaningful impact of average foreign exchange rate changes across the portfolio. 20.1% of the VCT\u2019s net assets (32.1% of portfolio value) are valued after assessing the developments of the investee company against performance milestone (e.g. cash or revenue targets) including PRI calibration. An increase in the average multiple used by 15% would increase the net asset value by 3.0%. A decrease in the average multiple used by 15% would decrease the net asset value by 3.0%. The 15% sensitivity used provides the most meaningful impact of average multiple changes across the portfolio. 42.5% of net assets (67.9% of portfolio value) is valued using Price of Recent Investment (PRI), and an increase in the average PRI used by 15% would increase the net asset value by 6.4%. A decrease in the average PRI used by 15% would decrease the asset value by 6.4%. However, the impact on the portfolio value might be less given that most investments have some downside protection in the form of liquidation preference. The 15% sensitivity used provides the most meaningful impact of average PRI changes across the portfolio.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101044271": { "value": "\n Credit Risk Credit risk is the risk that a counterparty will fail to discharge an obligation or commitment that it has entered into with the Company. The Investment Manager and the Board carry out a regular review of counterparty risk. The carrying value of the financial assets represent the maximum credit risk exposure at the Statement of Financial Position date. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 \u00a3\u2019000 29 February 2024 \u00a3\u2019000
Non-Qualifying investment loans 172 172
Qualifying investment loans 2,444 1,076
Cash on Deposit 7,988 19
Money Market funds 20,613 18,180
Receivables 2,379 356
33,596 19,803
\n The Company\u2019s bank accounts are maintained with The Royal Bank of Scotland plc (\u201cRBS\u201d). Should the credit quality or financial position of RBS deteriorate significantly, the Investment Manager will move the cash holdings to another bank. Credit risk relating to listed money market funds is mitigated by investing in a portfolio of investment instruments of high credit quality, comprising securities issued by major UK companies and institutions. Credit risk relating to loans to, and preference shares in, unquoted companies is considered to be part of market risk. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101219630": { "value": "\n Liquidity Risk Liquidity risk is the risk that the Company may not be able to meet its \ufb01nancial obligations as they fall due. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing, and investing activities to consider payment of dividends, repayment of trade and other payables or funding further investing activities. The Company ensures it maintains adequate reserves and will put in place banking facilities and it will continuously monitor forecast and actual cash \ufb02ows to seek to match the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Further analysis on the Company\u2019s liquidity is included within the Going Concern assessment. The Company\u2019s listed Money Market funds are considered to be readily realisable as they are of high credit quality as outlined above. Liquidity risk is managed on a continuing basis by the Investment Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient\n \n investments in cash and readily realisable securities to pay accounts payable and accrued expenses. At 28 February 2025, these investments were valued at \u00a320.6 million (2024: \u00a318.2 million). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
28 February 2025 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 46 46 \u2013 \u2013 \u2013 \u2013
Other taxation 5 5 \u2013 \u2013 \u2013 \u2013
Accruals 537 \u2013 537 \u2013 \u2013 \u2013
588 51 537 \u2013 \u2013 \u2013
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
29 February 2024 Total 1-3 months 3-12 months 1-2 years 2-5 years More than 5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade creditors 88 88 \u2013 \u2013 \u2013 \u2013
Other taxation 6 6 \u2013 \u2013 \u2013 \u2013
Accruals 389 \u2013 389 \u2013 \u2013 \u2013
483 94 389 \u2013 \u2013 \u2013
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101313767": { "value": "\n 20. Net Asset Value per Share \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 28 February 2025 Year ended 29 February 2024
Net asset value per Venture Share (p) 95.44 98.55
\n The net asset value per Venture Share is 95.44p (2024: 98.55p) and is calculated based on net assets of \u00a383.547 million (2024: \u00a362.196 million) divided by the 87,542,533 Venture Shares in issue.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101534126": { "value": "\n 23. Related Party Transactions The Directors Remuneration Report on pages 51 to 55 discloses the Directors\u2019 remuneration and shareholdings and transactions with the Investment Manager are disclosed in note 21.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101411625": { "value": "\n \n \n 24. Commitments and Contingencies There were no commitments or contingencies in place at the end of the financial year (2024: \u00a3Nil).\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101441796": { "value": "\n \n 24. Commitments and Contingencies There were no commitments or contingencies in place at the end of the financial year (2024: \u00a3Nil).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101508636": { "value": "\n 24. Commitments and Contingencies There were no commitments or contingencies in place at the end of the financial year (2024: \u00a3Nil).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "Fxbrl_20250616101559514": { "value": "\n 25. Post Balance Sheet Events The following events occurred between the balance sheet date and the signing of these financial statements: The Company paid an interim dividend of two pence per Share equivalent to \u00a31.75 million on 17 March 2025. The Company issued 8,884,514 shares and bought back 389,041 shares following the year-end. At the date of this report, the Company had 96,038,006 shares in issue. Of the 8,884,514 new shares issued, 310,830 were issued via DRIS, with the other 8,573,684 shares issued raising net proceeds of \u00a38.1 million. The Company has made eight investments since the period end: a \u00a32.0m new investment into Newton\u2019s Tree; a \u00a3750k follow-on investment into AeroCloud; a \u00a3100k follow-on investment into Kohort (formerly Ramp); a \u00a31.5m follow-on investment into Treefera; a \u00a3700k new investment into Falkin; a \u00a32.0m new investment into Jigcar; a \u00a3900k new investment into Lateral; and a \u00a32.0m follow-on investment into Paloma Health.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800AOOAQA5XQDEA89", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "FN20250616122848074": { "value": "Net of Share issue costs.", "dimensions": { "concept": "xbrl:note", "noteId": "FN20250616122848074", "language": "en" } } } }