Directors	P Jefferson	(Appointed 2 June 2023)
	S McArthur	(Appointed 2 June 2023)
	E Scott	(Appointed 2 June 2023)

Secretary	R Hargreaves

Company number	14525115

Registered office	Level 8 Bauhaus
	27 Quay Street
	Manchester
	M3 3GY

	Page

Strategic report	1

Directors' report	2

Statement of comprehensive income	3

Balance sheet	4

Statement of changes in equity	5

Statement of cash flows	6

Notes to the financial statements	7 - 11

The directors present the strategic report for the period ended 31 January 2024.

Fair review of the business

As at the reporting date the Praetura Growth VCT had not begun trading. In April 2024 (after the balance sheet date) the company issued shares and was admitted for trading on the London Stock Exchange main market.

The objective of the Company is to rise to the UK Government's levelling up agenda by providing growth funding to scalable businesses predominantly based in the North of England. The Company will invest in growth companies that require scale-up capital across a range of sectors including technology and healthcare but focused predominantly in the North of England.

The technology and life sciences sectors in the North of England have grown rapidly over the last decade and continue to gain recognition on a global stage. Manchester is at the heart of this momentum, being home to over 10,000 technology businesses and now boasting a £5 billion digital economy. Recently dubbed the 'UKs Top Digital Tech City', it is celebrated for its leading position in established and emerging digital sectors, having produced break-out businesses such as AO Group, ANS, AutoTrader, Matillion, Peak and TalkTalk.

Closely connected to other flourishing economic ecosystems, Manchester is flanked by Liverpool and Leeds both of which have pioneered their own technology sector success stories in recent years. Leeds is home to the UK's largest technology event, Leeds Digital Festival, and has established a thriving technology industry with strong sub sectors in fintech, health and gaming. Liverpool's digital economy has also made advancements in both health and creative technology recently. These accomplishments have largely been due to a number of 'start up friendly' characteristics found in the North including proximity to large corporate buyers, low operating costs, extensive transport links, robust infrastructure and access to world-class talent created by highly rated local universities.

Due to the region's growing technology economy and funding opportunities, Praetura Ventures, the Manager of the VCT's, existing investment funds carry a bias towards opportunities in the North, targeting a two-thirds allocation-to-deals ratio in favour of deals based outside of London. The Directors believe that this strategy will provide investors with access to the best of Northern founders at more attractive valuations for growth opportunities than are available in London and the South-East of England, where VCT investments are traditionally focussed and where competition between venture capital investors can create inflated valuations.

On behalf of the board

S McArthur

Director

30 May 2024

The directors present their annual report and financial statements for the period ended 31 January 2024.

Principal activities
The company has been established to be a Venture Capital Trust, During the period of these financial statements it had not commenced this trade. In April 2024 (after the balance sheet date) the entity issued shares and was admitted for trading on the London Stock Exchange main market, it then began trading. See note 7 for further detail.

Results and dividends
The results for the period are set out on page 3.

No preference dividends were paid.

Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:

P Jefferson	(Appointed 2 June 2023)
S McArthur	(Appointed 2 June 2023)
E Scott	(Appointed 2 June 2023)
S Heinemann	(Appointed 6 December 2023 and resigned 2 June 2023)
HK Nominees Limited	(Appointed 6 December 2022 and resigned 2 June 2023)

On behalf of the board

S McArthur
Director

30 May 2024

			Period
			ended
			31 January
			2024
			£
Profit before taxation			-

Tax on profit			-



Profit for the financial period			-



The profit and loss account has been prepared on the basis that all operations are continuing operations.

				2024
	Notes	£		£

Current assets
Debtors	4	50,127
Cash at bank and in hand		283,873



		334,000
Creditors: amounts falling due within one year	5		(284,000)



Net current assets				50,000



Capital and reserves
Called up share capital	6			50,000



For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2024 and are signed on its behalf by:

S McArthur
Director

Company Registration No. 14525115

		Share capital
	Notes	£

Balance at 6 December 2022		-
Period ended 31 January 2024:
Profit and total comprehensive income for the period		-
Issue of share capital	6	50,000



Balance at 31 January 2024		50,000

			2024
	Notes	£	£

Cash flows from operating activities

Cash generated from/(absorbed by) operations	8		233,873

Financing activities
Proceeds from issue of shares		50,000



Net cash generated from/(used in) financing activities			50,000



Net increase in cash and cash equivalents			283,873

Cash and cash equivalents at beginning of period			-



Cash and cash equivalents at end of period			283,873

1	Accounting policies

	Company information
	Praetura Growth VCT PLC is a public company limited by shares incorporated in England and Wales. The registered office is Level 8 Bauhaus, 27 Quay Street, Manchester, M3 3GY.

1.1	Accounting convention
	These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

	The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

	The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2	Going concern
	At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3	Reporting period
	These financial statements are the first produced and therefore cover the period from incorporation, 6 December 2022 to 31 January 2024.

1.4	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.5	Financial instruments
	The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	*Basic financial assets*
	Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1	Accounting policies

	*Other financial assets*
	Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

	*Impairment of financial assets*
	Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

	*Derecognition of financial assets*
	Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

	*Classification of financial liabilities*
	Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

	*Basic financial liabilities*
	Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1	Accounting policies

	*Other financial liabilities*
	Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

	*Derecognition of financial liabilities*
	Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6	Equity instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7	Foreign exchange
	Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2	Judgements and key sources of estimation uncertainty

	In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3	Employees

	The average monthly number of persons (including directors) employed by the company during the period was:

		2024
		Number



	Total	-

4	Debtors
			2024
	Amounts falling due within one year:		£

	Other debtors		50,127



5	Creditors: amounts falling due within one year
			2024
			£

	Other creditors		284,000



	The cash held by the Company is pursuant to subscriptions submitted under the offer for Ordinary Shares in the Company under the Prospectus dated 14 June 2023.

6	Share capital
		2024	2024
	Ordinary share capital	Number	£
	Ordinary Shares of 1p each	1	-

		2024	2024
	Preference share capital	Number	£
	Preference shares of £1 each	50,000	50,000



	Preference shares classified as equity		50,000



	Total equity share capital		50,000



	Preference shares are one quarter paid.

7	Events after the reporting date

	On 05 April 2024 2,973,217 ordinary shares were issued for consideration of £2,973,217.00 On 09 April 2024 44,700 ordinary shares were issued for consideration of £44,700.00 On 10 April 2024 the Praetura Growth VCT PLC was admitted for trading on the London Stock Exchange main market.

8	Cash generated from/(absorbed by) operations
				2024
				£

	Profit for the period after tax			-

	Movements in working capital:
	Increase in debtors				(50,127)
	Increase in creditors			284,000



	Cash generated from/(absorbed by) operations			233,873



9	Analysis of changes in net funds
		6 December 2022	Cash flows	31 January 2024
		£	£	£

	Cash at bank and in hand	-	283,873	283,873