AIM:SEED · Financials · AIM-listed, Guernsey-domiciled closed-ended investment company investing in early-stage/growth technology, life sciences, cannabinoid and fintech businesses (venture capital / investment trust-style vehicle)

Seed Innovations Limited

SEED Innovations Limited is a Guernsey-incorporated, AIM-listed closed-ended investment company (not an operating trading business). It invests in disruptive early-stage and growth technology, life sciences, cannabinoid, wellness and fintech companies, principally in North America and Europe, combining a longer-term venture capital approach with a tactical short-term trading strategy to capture liquidity. It is self-managed (no external investment manager) with day-to-day recommendations made by Executive Directors.

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8 annual reports read, FY2018 to FY2025

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FY2026Next report expected 3 Jul 2026
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Sixty seconds on the FY2025 report
SEED Innovations invests in young technology, life sciences, cannabis-related and financial technology companies. It has no sales to customers, so its results depend mainly on changes in the value of its investments. For the year to 31 March 2025 it made a profit of £367k, compared with a loss of £2.1m the year before. Running costs fell to £744k from £952k. A loan it had made was written off as unrecoverable, and its holding in Northern Leaf was valued at nil after a failed stock market listing and an unsuccessful merger. The report describes difficult markets and muted investor interest. Cash at the year end was £3.4m, with no borrowings. The company paid a one-off special dividend totalling £2.0m and bought back some of its shares. No final dividend is proposed. The board says it remains optimistic but will look at other strategic options if new investments are not made. The shares ended the year 73.8% below the company's asset value per share. The auditor's opinion was clean, but 93% of the investments' value rests on judgement-based estimates for companies not traded on a market.
From the reportevery line sits on the page it names
What drove revenue
Not applicable — the Company has no trading revenue; returns derive from investment gains/losses and bank interest on cash held
The Company receives no revenues from external customers (Segmental Information)
page 34
What moved the margintailwind
Operating costs remained stable despite inflationary pressures
Chairman's Statement: SEED's operating costs have remained stable despite ongoing inflationary pressures
page 4
Andtailwind
Total expenses fell year on year
Total expenses £744k (2025) vs £952k (2024)
page 21
One-offs in the year
£108k charge: Provision for loss on receivables / write-off of loan note issued to 'SWB'
page 38
What management said
Chairman: the board remains optimistic and views the current disconnect between market value and intrinsic value of the portfolio as a compelling investment opportunity; if new investments are not made, the board will look at other strategic options.
page 4
After the year end
Following publication of the Financial Statements, Ian Burns resigned as Non-Executive Chairman; Luke Cairns, non-executive director, assumed the role of Interim Chairman. No other material events subsequent to year end requiring disclosure.
page 45
The dividend
On 16 April 2024 the Company declared a special dividend of 1.0 pence (£0.01) per Ordinary Share (2024: £Nil), totalling £1,998,000 paid in the year. The Directors do not propose a final dividend for the year ended 31 March 2025 (2024: £Nil)
page 12
Going concern and the audit
Directors adopted the going concern basis, having reasonable expectation the Company has adequate resources (sufficient cash and cash equivalent resources to meet obligations for at least one year after approval). Auditor Grant Thornton Limited issued an unqualified (unmodified) 'true and fair' opinion dated 19 June 2025; engagement partner Wynand Pretorius. Sole key audit matter: valuation of unquoted investments (93% of carrying value, 2024: 92%), on which the auditor reported no material matters arising
page 13
The risks it names first
Valuation risk on unquoted (Level 3) investments — 93% of carrying value, subjective and judgement-based, key audit matterp.17
Market/price risk on private equity and quoted holdings — a 30% move in fair value of investments would move NAV by £172,168p.43
Liquidity risk — private equity investments are illiquid by nature; Company would need to issue equity or sell market-traded securities if additional cash requiredp.43
Credit risk on cash, receivables and loan notes to investees — a £108,314 loan note was written off in the year; another was impaired to £nilp.42
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