NICOVENTURES TRADING LIMITED
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Cash
£286k
-92.4% lowest in 3 filed years
Net assets
£1.1bn
+27.3% vs 2024
Employees
585
+5.6% highest in 3 filed years
Profit before tax
-£506m
+39.6% highest in 3 filed years
Watch the reel
Our short-form breakdown of NICOVENTURES TRADING LIMITED's latest filing
British American Tobacco's vape and modern oral subsidiary is growing its top line, but the losses are still massive. 🚬
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
3 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,303,278,000 | £1,455,367,000 | £1,633,734,000 | +12.3% | |
| Operating profit | -£870,992,000 | -£889,971,000 | -£532,046,000 | +40.2% | |
| Profit before tax | -£825,742,000 | -£838,433,000 | -£506,216,000 | +39.6% | |
| Net profit | -£558,508,000 | -£648,250,000 | -£366,887,000 | +43.4% | |
| Cash | £3,397,000 | £3,759,000 | £286,000 | -92.4% | |
| Total assets less current liabilities | £1,542,319,000 | £896,569,000 | £1,120,705,000 | +25% | |
| Net assets | £1,499,909,000 | £867,439,000 | £1,103,938,000 | +27.3% | |
| Equity | £1,499,909,000 | £867,439,000 | £1,103,938,000 | +27.3% | |
| Average employees | 525 | 554 | 585 | +5.6% | |
| Wages | £76,265,000 | £74,866,000 | £92,873,000 | +24.1% | |
| Directors' remuneration | — | £841,359 | £877,289 | +4.3% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -66.8% | -61.2% | -32.6% | |
| Net margin | -42.9% | -44.5% | -22.5% | |
| Return on capital employed | -56.5% | -99.3% | -47.5% | |
| Gearing (liabilities / total assets) | 32.1% | 51.8% | 42.1% | |
| Current ratio | 2.71x | 1.43x | 1.72x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- NICOVENTURES TRADING LIMITED 2014-11-10 → present
- CN CREATIVE LIMITED 2008-08-06 → 2014-11-10
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Company therefore continues to adopt the going concern basis in preparing its financial statements.”
Group structure
- NICOVENTURES TRADING LIMITED · parent
- Nicoventures U.S. Limited 100%
- British American (Shanghai) Enterprise Development Co., Ltd 100%
- British American Nico Business Consulting (Shanghai) Co., Ltd 100%
Significant events
- “Subsequent to the year end, during July 2026, the Company issued 700,000,000 ordinary shares with a nominal value of £1.00 per share to Nicoventures Holdings Limited, the Company's parent company.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 34 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HALBERT, Zoe Victoria | Secretary | 2026-04-30 | — | — |
| HU, Irene | Director | 2025-10-08 | Jul 1982 | Australian |
| KHAN, Zafar Aslam | Director | 2023-09-01 | Jan 1973 | Pakistani |
| KINDTS, Annick Madeleine Denise Ghislaine | Director | 2026-01-01 | Jan 1968 | Belgian |
| MURPHY, James | Director | 2023-03-01 | Jan 1976 | Irish |
| SCOTT, Sara Louise | Director | 2024-08-01 | Nov 1984 | British |
Show 34 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CORDESCHI, Richard | Secretary | 2012-12-18 | 2013-05-03 |
| ELLIS, Sallie | Secretary | 2013-08-20 | 2015-09-11 |
| HAYNES, Jessica | Secretary | 2018-07-26 | 2020-04-03 |
| KERR, Sophie Louise Edmonds | Secretary | 2015-10-09 | 2018-04-13 |
| MARTIN, Oliver James | Secretary | 2020-03-27 | 2020-09-25 |
| MARTIN, Oliver James | Secretary | 2018-04-13 | 2018-07-26 |
| MEHTA, Shital | Secretary | 2020-09-25 | 2026-04-30 |
| AHR, Danika | Director | 2019-05-15 | 2021-05-18 |
| AMYAGA, Stanislav | Director | 2018-04-13 | 2019-05-15 |
| ASHTON, Simon Dudley Keith Shaw | Director | 2021-09-01 | 2023-03-31 |
| BARTLE, Timothy James | Director | 2018-04-13 | 2021-08-31 |
| BURTON, Steven James | Director | 2012-12-18 | 2013-08-22 |
| CAVALCANTI, Joana Bezerra | Director | 2021-09-01 | 2025-10-01 |
| CLEVERLY, Peter Simon Charles | Director | 2013-08-20 | 2015-02-27 |
| COPTY, Anthony | Director | 2023-04-01 | 2024-04-30 |
| DIJANOSIC, Mihovil James | Director | 2019-01-30 | 2020-09-25 |
| GOOSSENS, Robert Arthur Marie | Director | 2020-11-02 | 2021-08-31 |
| LAFFERTY, Douglas James | Director | 2013-08-20 | 2015-10-09 |
| LAGEWEG, Paul Rutger | Director | 2019-05-15 | 2023-06-30 |
| LORD, Christopher John | Director | 2008-08-06 | 2014-09-08 |
| MAHMOOD, Saiyed Kaasim, Dr | Director | 2011-07-27 | 2012-12-18 |
| MONTEIRO, Frederico Pinto | Director | 2015-02-27 | 2019-05-15 |
| MORAES MACHADO, Renata | Director | 2016-12-12 | 2018-04-13 |
| NAUGHTON, Desmond John | Director | 2013-08-20 | 2015-02-27 |
| NEWNS, David Thomas | Director | 2008-08-06 | 2014-09-08 |
| O'REILLY, David, Dr | Director | 2018-04-26 | 2023-02-28 |
| PAASCH, Hauke | Director | 2015-10-09 | 2016-11-11 |
| PFOST, Dale, Dr | Director | 2011-08-21 | 2012-12-18 |
| RODWELL, Marcus | Director | 2021-08-23 | 2024-08-01 |
| SHILOV, Vladimir | Director | 2019-05-15 | 2021-08-31 |
| TRANI, Marina | Director | 2015-02-27 | 2019-03-07 |
| WHEATON, Kingsley | Director | 2015-02-27 | 2017-12-31 |
| WITTENBERG, Ralf | Director | 2023-09-01 | 2025-12-31 |
| ZELL, Philippe | Director | 2012-12-18 | 2015-02-27 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Nicoventures Holdings Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 160 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-23 | AA | accounts | Accounts with accounts type full | |
| 2026-07-28 | SH01 | capital | Capital allotment shares | |
| 2026-07-08 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-05-01 | AP03 | officers | Appoint person secretary company with name date | |
| 2026-05-01 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-01-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-06 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-26 | SH01 | capital | Capital allotment shares | |
| 2025-10-10 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-06 | AA | accounts | Accounts with accounts type full | |
| 2025-10-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-30 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-24 | AA | accounts | Accounts with accounts type full | |
| 2024-08-06 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-06 | TM01 | officers | Termination director company with name termination date | |
| 2024-06-27 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-05-02 | TM01 | officers | Termination director company with name termination date | |
| 2023-12-22 | SH01 | capital | Capital allotment shares | |
| 2023-10-09 | AA | accounts | Accounts with accounts type full | |
| 2023-09-06 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 11
- Capital events
- 2
- Officers appointed
- 3
- Officers resigned
- 3
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.