Accounting Restatement

RNS Number : 8671T

Sure Ventures PLC

30 March 2021

 

Sure Ventures plc ('Sure Ventures' or 'the Company')

Accounting Restatement

Sure Ventures is a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality (AR), Virtual reality (VR), Internet of Things (IoT) and Artificial Intelligence (AI).

The Board of Sure Ventures would like to communicate an adjustment to the classification of Income within the Financial Statements for the year ending 31 March 2020. Sure Ventures owns units in Sure Valley Ventures (SVV) which is an Irish fund. SVV sold its stake in Artomatix for EUR 6.2m, with an initial cash payment of EUR 5.65m on completion, resulting in a capital distribution of EUR 1.4m payable to Sure Ventures.

An amount of £946,817 in respect of the above capital distribution was allocated to the revenue column of the Income Statement contained in the audited financial statements of the Company for the year ended 31 March 2020. Following a review of the position, the Board considers that this treatment does not accurately reflect the capital nature of the Artomatix distribution.  In the forthcoming Financial Statements for the year ending 31 March 2021, the comparative figures for the year ended 31 March 2020 will be restated   to reflect the above distribution as capital rather than revenue.

The Board of Sure Ventures confirms that the above restatement has no impact on the Net Asset Value of the Company.

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	[phone]

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds.  Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least £400,000 over the next 12 months.  Website: https://www.sureventuresplc.com/

 

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