27 Oct 2017 15:53
New Century AIM VCT plc
For the six months to 31st August 2017
Chairman’s Statement
In the six months to 31st August 2017, the net asset value (NAV) of your fund increased by 8.33% to 91p. The FSTE AIM Allshare index gained 11.43% over the same period. This index encompasses all sectors and includes many mining, oil and gas companies that have performed well in the year. Your fund is constrained from investing in these types of businesses as part of the VCT rules.
The fund went ex-dividend to the amount of 3.3p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 12.26%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid-market price of 69p for its shares, the fund has a dividend yield of 4.78%.
We made six further VCT qualifying investments in the period, Infrastrata, Anglo African Oil and Gas, Audioboom, Escape Hunt, Modern Water Group and Proxama. Four of these are new investments to the portfolio, whilst the other two, Audioboom and Modern Water are additional investments to our existing holdings.
We top sliced or exited seven qualifying investments and one non-qualifying.
We continue to see potential new qualifying issues, but remain cautious in our approach. The uncertainty regarding the BREXIT negotiations following the General election results may cause increased volatility in the months ahead, but to date the Market has taken it in its stride with the index currently remaining near its highs. The majority of our investee companies continue to trade well which bodes well and gives us some optimism for the remainder of the year.
Geoff Gamble27 October 2017
New Century AIM VCT plc
For the six months to 31st August 2017
Unaudited Balance Sheet
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||||
| as at 31 August 2017 | as at 28 February 2017* | as at 31 August 2016 | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||
| Fixed Assets | |||||||||||||||
| Investments | 6,915 | 6,571 | 6,416 | ||||||||||||
| Current Assets | |||||||||||||||
| Uninvested cash | 279 | 93 | 292 | ||||||||||||
| 279 | 93 | 292 | |||||||||||||
| Current Liabilities | |||||||||||||||
| Creditors: amounts due | |||||||||||||||
| within one year | (18) | (31) | (17) | ||||||||||||
| 7,176 | 6,633 | 6,691 | |||||||||||||
| Capital and Reserves | |||||||||||||||
| Share capital | 786 | 786 | 873 | ||||||||||||
| Share premium | 682 | 682 | 681 | ||||||||||||
| Capital reserve - realised | 540 | 356 | 1,136 | ||||||||||||
| Capital reserve - unrealised | 3,714 | 3,368 | 1,688 | ||||||||||||
| Capital redemption reserve | 400 | 400 | 313 | ||||||||||||
| Revenue reserve | 1,054 | 1,041 | 2,000 | ||||||||||||
| 7,176 | 6,633 | 6,691 | |||||||||||||
| Asset Value per share | 91p | 84p | 77p | ||||||||||||
| *Audited accounts | |||||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2017
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
| 6 month period ended 31 August 2017 | Year to 28 February 2017* | 6 month period ended 31 August 2016 | |||||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||||
| Gains on investments | |||||||||||||||||||||||
| Realised | - | 117 | 117 | - | 514 | 514 | - | 58 | 58 | ||||||||||||||
| Unrealised | - | 440 | 440 | - | 639 | 639 | - | 180 | 180 | ||||||||||||||
| Income | 51 | - | 51 | 118 | - | 118 | 59 | - | 59 | ||||||||||||||
| Investment management fees | (9) | (27) | (36) | (17) | (52) | (69) | (13) | (39) | (52) | ||||||||||||||
| Other expenses | (29) | - | (29) | (54) | - | (54) | (22) | - | (22) | ||||||||||||||
| Return on ordinary activities | 13 | 530 | 543 | 47 | 1,101 | 1,148 | 24 | 199 | 223 | ||||||||||||||
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Return on ordinary activities | |||||||||||||||||||||||
| after taxation | 13 | 530 | 543 | 47 | 1,101 | 1,148 | 24 | 199 | 223 | ||||||||||||||
| Return per ordinary share in pence | 0.16 | 6.74 | 6.90 | 0.55 | 12.64 | 13.19 | 0.28 | 2.29 | 2.57 | ||||||||||||||
| *Audited Accounts | |||||||||||||||||||||||
| All revenue and capital items in the above statement derive from continuing operations. | |||||||||||||||||||||||
| The company has only one class of business and derives its income from investments in shares and securities, and | |||||||||||||||||||||||
| from bank and money market funds. | |||||||||||||||||||||||
| The weighted average number of shares in issue during the period was 7,860,937 | |||||||||||||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2017
Unaudited Consolidated Statement of Changes in Equity
|
|
| Capital | |||||||||||
| Share Capital | Share Premium | Redemption | Capital | Capital | Revenue | ||||||||
| account | account | Reserve | realised | unrealised | reserve | ||||||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||||||||
| As at 1 March 2017 | 786 | 682 | 400 | 356 | 3,368 | 1,041 | |||||||
| Share issue | - | - | - | - | - | - | |||||||
| Realised gains on disposals | - | - | - | 117 | - | - | |||||||
| Unrealised gains | - | - | - | - | 440 | - | |||||||
| Transfer of unrealised loss to realised on disposal of investment | - | - | - | 94 | (94) | - | |||||||
| Net revenue before tax | - | - | - | - | - | 13 | |||||||
| Investment management fee | - | - | - - | (27) | - | - | |||||||
| ________ | ________ | _________ | ________ | ________ | ________ | ||||||||
| At 31 August 2017 | 786 | 682 | 400 | 540 | 3,714 | 1,054 | |||||||
| As at 1 March 2016 | 863 | 611 | 313 | 1,140 | 1,483 | 1,976 | |||||||
| Share issue | 10 | 70 | |||||||||||
| Realised gains on disposals | - | - | - | 59 | - | - | |||||||
| Unrealised gains | - | - | - | - | 180 | - | |||||||
| Transfer of unrealised loss to realised on disposal of investment | - | - | - | (24) | 25 | - | |||||||
| Net revenue before tax | - | - | - | - | - | 24 | |||||||
| Investment management fee | - | - | - | (39) | - | - | |||||||
| ________ | ________ | _________ | ________ | ________ | ________ | ||||||||
| At 31 August 2016 | 873 | 681 | 313 | 1,136 | 1,688 | 2,000 | |||||||
New Century AIM VCT plc
For the six months to 31st August 2017
Unaudited Cash Flow Statement
| 6 month period ended | Year to 28 February | 6 month period ended | |||||||||||
| 31 August 2017 | 2017* | 31 August 2016 | |||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||
| Net cash generated from operating activities | (77) | (119) | (83) | ||||||||||
| Cash flows from investing activities | |||||||||||||
| Interest received | - | - | 1 | ||||||||||
| Investment income | 51 | 118 | 58 | ||||||||||
| Net cash from investing activities | 51 | 118 | 59 | ||||||||||
| Taxation | - | - | - | ||||||||||
| Cash flows from investing activities | |||||||||||||
| Sale of investments | 446 | 1,140 | 236 | ||||||||||
| Purchase of investments | (234) | (587) | (443) | ||||||||||
| Share Issue | - | 80 | 80 | ||||||||||
| Dividends paid | - | (280) | - | ||||||||||
| Share cancellation | - | (702) | - | ||||||||||
| Net cash generated from / (used) in financing activities | 212 | (349) | (127) | ||||||||||
| Net increase / (decrease) in cash and cash equivalents | 186 | (350) | (151) | ||||||||||
| Cash and cash equivalents at beginning of period | 93 | 443 | 443 | ||||||||||
| Cash and cash equivalents at end of period | 279 | 93 | 292 | ||||||||||
| *Audited Accounts | |||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2017
Investment Portfolio
| Security | Cost | Valuation | % | % | |||||
| 31 August 2017 | Cost | Valuation | |||||||
| Qualifying Investments | 6,702,744 | 6,378,642 | 87.85 | 88.67 | |||||
| Non-qualifying Investments | 648,237 | 536,394 | 8.49 | 7.45 | |||||
| 7,350,981 | 6,915,036 | 96.34 | 96.12 | ||||||
| Uninvested funds | 279,059 | 279,059 | 3.66 | 3.88 | |||||
| 7,630,040 | 7,194,095 | 100.00 | 100.00 | ||||||
| Qualifying Investments | |||||||||
| AIM Quoted | |||||||||
| Tristel plc | 104,375 | 815,570 | 1.37 | 11.34 | |||||
| PHSC plc | 182,910 | 33,250 | 2.40 | 0.46 | |||||
| DCD Media plc | 562,800 | 1,955 | 7.38 | 0.03 | |||||
| K3 Business Technology Group plc | 90,360 | 143,856 | 1.18 | 2.00 | |||||
| Touchstar plc | 281,400 | 121,250 | 3.69 | 1.69 | |||||
| Progility plc | 624,536 | 7,249 | 8.18 | 0.10 | |||||
| Lighthouse Group plc | 203,513 | 270,000 | 2.67 | 3.75 | |||||
| Vianet Group plc | 40,175 | 33,475 | 0.53 | 0.46 | |||||
| HML Holdings plc | 280,672 | 386,100 | 3.68 | 5.37 | |||||
| Cyanconnode Holdings plc | 376,755 | 208,187 | 4.94 | 2.89 | |||||
| Marechale Capital plc | 133,828 | 13,249 | 1.75 | 0.18 | |||||
| Lombard Risk Mgt plc | 24,120 | 64,500 | 0.32 | 0.90 | |||||
| M.Winkworth plc | 72,360 | 85,500 | 0.95 | 1.19 | |||||
| Bango plc | 7,563 | 41,125 | 0.10 | 0.57 | |||||
| Coretx Holdings plc | 52,763 | 28,875 | 0.69 | 0.40 | |||||
| Tax Systems plc | 250,020 | 1,270 | 3.28 | 0.02 | |||||
| TP Group plc | 109,278 | 45,301 | 1.43 | 0.63 | |||||
| Brady plc | 41,805 | 47,940 | 0.55 | 0.67 | |||||
| Inspired Energy plc | 51,370 | 350,071 | 0.67 | 4.87 | |||||
| Microsaic Systems plc | 114,163 | 13,318 | 1.50 | 0.18 | |||||
| Venn Life Sciences plc | 115,581 | 69,575 | 1.51 | 0.97 | |||||
| DP Poland plc | 20,113 | 54,694 | 0.26 | 0.76 | |||||
| Modern Water plc | 75,382 | 33,545 | 0.99 | 0.47 | |||||
| Quixant plc | 11,559 | 105,000 | 0.15 | 1.46 | |||||
| Blur Group plc | 4,991 | 132 | 0.06 | 0.00 | |||||
| Keywords Studios plc | 24,725 | 284,800 | 0.32 | 3.96 | |||||
| Cloudbuy plc | 58,483 | 3,819 | 0.77 | 0.05 | |||||
| EU Supply plc | 15,333 | 12,488 | 0.20 | 0.17 | |||||
| Plastics Capital plc | 30,153 | 32,700 | 0.40 | 0.45 | |||||
| Sysgroup plc | 99,177 | 69,069 | 1.30 | 0.96 | |||||
| Brighton Pier Group plc | 50,253 | 33,125 | 0.66 | 0.46 | |||||
| Property Franchise Group plc | 100,503 | 135,000 | 1.32 | 1.88 | |||||
| Solid State plc | 40,134 | 78,375 | 0.53 | 1.09 | |||||
| Audioboom Group plc | 103,023 | 86,950 | 1.35 | 1.21 | |||||
|
| |||||||||
| Qualifying Investments (continued) | |||||||||
| AIM Quoted (continued) | |||||||||
| Scholium Group plc | 50,253 | 22,500 | 0.66 | 0.31 | |||||
| Rosslyn Data plc | 27,037 | 4,891 | 0.35 | 0.07 | |||||
| Coral Products plc | 118,095 | 108,333 | 1.55 | 1.50 | |||||
| SRT Marine Systems plc | 27,139 | 51,000 | 0.36 | 0.71 | |||||
| ULS Technology plc | 52,261 | 154,700 | 0.68 | 2.15 | |||||
| Collagen Solutions plc | 20,757 | 14,013 | 0.27 | 0.19 | |||||
| Gfinity plc | 43,925 | 66,250 | 0.57 | 0.92 | |||||
| Ideagen plc | 28,430 | 74,874 | 0.37 | 1.04 | |||||
| Premier Technical Services Group plc | 104,834 | 330,980 | 1.37 | 4.60 | |||||
| Angle plc | 125,880 | 69,369 | 1.65 | 0.96 | |||||
| Bilby plc | 156,673 | 155,886 | 2.05 | 2.17 | |||||
| Hunters Property plc | 251,256 | 240,000 | 3.29 | 3.34 | |||||
| Satellite Solutions Worldwide Group plc | 239,452 | 383,847 | 3.14 | 5.34 | |||||
| Tekcapital plc | 157,671 | 191,750 | 2.07 | 2.67 | |||||
| Falanx Group Ltd | 51,460 | 21,029 | 0.67 | 0.29 | |||||
| Gear4Music Holdings lc | 32,011 | 181,021 | 0.42 | 2.52 | |||||
| Premaitha Health plc | 69,349 | 29,325 | 0.91 | 0.41 | |||||
| Belvoir Lettings plc | 23,320 | 21,000 | 0.30 | 0.29 | |||||
| Photonstar LED group plc | 35,179 | 14,000 | 0.46 | 0.19 | |||||
| Yu Group plc | 27,893 | 68,250 | 0.37 | 0.95 | |||||
| Maxcyte Inc | 25,128 | 85,714 | 0.33 | 1.19 | |||||
| Scancell Holdings plc | 54,877 | 44,965 | 0.72 | 0.63 | |||||
| Medaphor Group plc | 75,373 | 23,330 | 0.99 | 0.32 | |||||
| Imaginatik plc | 40,207 | 24,000 | 0.53 | 0.33 | |||||
| Faron Pharmaceuticals Ltd | 30,153 | 82,800 | 0.40 | 1.15 | |||||
| Cloudcall Group plc | 20,230 | 38,500 | 0.26 | 0.54 | |||||
| Creo Medical Group plc | 37,691 | 37,993 | 0.49 | 0.53 | |||||
| Anglo African Oil & Gas plc | 45,229 | 52,875 | 0.59 | 0.73 | |||||
| Escape Hunt plc | 31,006 | 32,904 | 0.41 | 0.46 | |||||
| Proxama plc | 27,410 | 27,270 | 0.36 | 0.38 | |||||
| 6,384,355 | 6,364,682 | 83.67 | 88.47 | ||||||
| Unlisted Investments | |||||||||
| Litebulb Ltd | 102,266 | 0 | 1.34 | 0.00 | |||||
| Syqic plc | 19,943 | 4,960 | 0.26 | 0.07 | |||||
| Outsourcery plc | 45,027 | 0 | 0.59 | 0.00 | |||||
| Invocas plc | 100,400 | 9,000 | 1.32 | 0.13 | |||||
| Optare plc | 50,753 | 0 | 0.67 | 0.00 | |||||
| 318,389 | 13,960 | 4.18 | 0.20 | ||||||
| Total Qualifying Investments | 6,702,744 | 6,378,642 | 87.85 | 88.67 | |||||
| Non Qualifying Investments | |||||||||
| AIM Quoted | |||||||||
| Sanderson Group plc | 37,008 | 66,000 | 0.49 | 0.92 | |||||
| Rotala plc | 60,796 | 97,350 | 0.80 | 1.35 | |||||
| Tristel plc | 60 | 305 | 0.00 | 0.00 | |||||
| K3 Business Technology Group plc | 131 | 144 | 0.00 | 0.00 | |||||
| Bango plc | 291 | 470 | 0.00 | 0.01 | |||||
| Numis Corp plc | 16,570 | 56,600 | 0.22 | 0.79 | |||||
| Lombard Risk Mgt plc | 131 | 108 | 0.00 | 0.00 | |||||
| Coretx Holdings plc | 218 | 33 | 0.00 | 0.00 | |||||
| Brady plc | 106 | 67 | 0.00 | 0.00 | |||||
| Cyanconnode Holdings plc | 131 | 36 | 0.00 | 0.00 | |||||
| Driver Group plc | 8,992 | 4,900 | 0.12 | 0.07 | |||||
| TLA Worldwide plc | 29,118 | 15,544 | 0.38 | 0.22 | |||||
| Mar City plc | 10,053 | 4,500 | 0.13 | 0.06 | |||||
| Tyratech Inc | 10,204 | 1,450 | 0.13 | 0.02 | |||||
| Audioboom Group plc | 1,163 | 185 | 0.02 | 0.00 | |||||
| Be Heard Group plc | 18,186 | 14,500 | 0.24 | 0.20 | |||||
| Gateley Holdings plc | 14,627 | 24,600 | 0.19 | 0.34 | |||||
| Yolo Leisure and Tech plc | 22,367 | 6,875 | 0.29 | 0.10 | |||||
| 230,152 | 293,667 | 3.01 | 4.08 | ||||||
| Non Qualifying Investments (continued) | |||||||||
| UK Listed | |||||||||
| Investec plc | 202,821 | 108,374 | 2.66 | 1.51 | |||||
| Aviva plc | 22,268 | 26,150 | 0.29 | 0.36 | |||||
| HSBC Holdings plc | 21,955 | 26,250 | 0.29 | 0.37 | |||||
| Imperial Brands plc | 23,763 | 32,000 | 0.31 | 0.44 | |||||
| Greene King plc | 9,964 | 8,625 | 0.13 | 0.12 | |||||
| Centrica plc | 10,074 | 5,970 | 0.13 | 0.08 | |||||
| Twentyfour Income Fund Ltd | 9,852 | 9,900 | 0.13 | 0.14 | |||||
| Vodafone Group plc | 20,590 | 20,498 | 0.27 | 0.28 | |||||
| 321,287 | 237,767 | 4.21 | 3.30 | ||||||
| Unlisted Investments | |||||||||
| China Food Co plc | 65,969 | 2,300 | 0.86 | 0.03 | |||||
| Gable Holdings Inc | 12,112 | 0 | 0.16 | 0.00 | |||||
| Sorbic International plc | 18,717 | 2,660 | 0.25 | 0.04 | |||||
| 96,798 | 4,960 | 1.27 | 0.07 | ||||||
| Total Non-qualifying Investments | 648,237 | 536,394 | 8.49 | 7.45 | |||||
New Century AIM VCT plc
For the six months to 31st August 2017
Notes to the Accounts
| 1 | This interim financial information and the unaudited interim accounts for the six months to 31 August 2017 from | ||
| which it has been extracted, are the responsibility of the directors and were approved by them on 27 October 2017, | |||
| do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have | |||
| not been delivered to the Registrar of Companies. | |||
| 2 | The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited | ||
| interim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial | |||
| Reporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practice | |||
| for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in January 2017. | |||
| The unaudited interim accounts have been prepared using accounting policies that the company applied in the | |||
| accounts for the year ending 28 February 2017, incorporating FRS 102 The Financial Reporting Standard applicable | |||
| in the UK and Republic of Ireland. The company consider these accounting policies will be used in the accounts for | |||
| the year ending 28 February 2018. | |||
| 3 | Listed, AIM or NEX Markets-traded investments are stated at market value, which is based upon market bid prices | ||
| at the balance sheet date. These would all meet tier 1 of the fair value hierarchy. | |||
| 4 | 7,860,937 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted | ||
| average 7,860,937 shares). | |||
| 5 | Net Asset Value per share at 31 August 2017 was 91p (at 28 February 2017: 84p; 31 August 2016: 77p). | ||
| 6 | No dividend was paid in the period. | ||
| 7 | There have not been any significant events since the balance sheet date. | ||
| 8 | New Century AIM VCT plc is managed by M D Barnard & Co. Limited (‘MDB’), a company controlled by Michael | ||
| Barnard who is a non-executive director of the company. Under the terms of the management agreement MDB are | |||
| entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period the | |||
| management fee was £36k (the year ended 28 February 2017: £69k, the period ended 31 August 2016: £52k). | |||
| 9 | Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s | ||
| Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR. | |||
| 10 | Bearing in mind that the assets of the company consist mainly of marketable securities, the directors are of the | ||
| opinion that at the time of approving this interim financial information, the company has adequate resources to | |||
| continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going | |||
| concern basis in preparing this interim financial information. | |||
New Century AIM VCT plc
For the six months to 31st August 2017
| Directors, Investment Manager and Advisors | |||
| Directors | Geoffrey Charles Gamble (Chairman) | ||
| Michael David Barnard | |||
| Peter William Riley | |||
| Ian Cameron-Mowat | |||
| Secretary | Tricor Secretaries Ltd | ||
| and registered office | 4th Floor, 50 Mark Lane | ||
| London EC3R 7QR | |||
| Investment Manager and Broker | MD Barnard & Co Ltd | ||
| 17-21 New Century Road | |||
| Laindon | |||
| Essex SS15 6AG | |||
| Registrars | Neville Registrars | ||
| 18 Laurel Lane | |||
| Halesowen | |||
| B63 3DA | |||
| Auditor and VCT status advisors | UHY Hacker Young LLP | ||
| Quadrant House | |||
| 4 Thomas More Square | |||
| London E1W 1YW | |||
| Bankers | Bank of Scotland | ||
| New Uberior House | |||
| 11 Earl Grey Street | |||
| Edinburgh EH3 9BN | |||
LEI: 213800DEURQTGUXXPY18
Classification: 1.2. Half yearly financial reports and audit reports/limited reviews
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