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Half-yearly Report

29 Oct 2015 11:41

New Century AIM VCT plc

For the six months to 31st August 2015

Chairman’s Statement

In the six months to 31st August 2015, the FTSE AIM All Share index gained 2.85% and the net asset value of your fund increased from 73p to 81p an increase of 10.96%.

£72,000 was received through a new share subscription.

We invested in the following qualifying investments Bilby, Satellite Solutions Worldwide, TekCapital, Gear4Music, Coral Products, Hunters Property, Falanx, Cyan holdings, Imaginatik, Premaitha Health and Venn Life Sciences.

We also purchased shares in INTU Property, Revolution Bars Group, Easyjet, Matchtech, Alliance Pharma, Gateley holdings, Latham (James), Vodafone, Yolo Leisure and Technology, Oakley Capital Investments, Armstrong Ventures, Produce Investments and EKF Diagnostics.

We sold or top sliced API Group, Learning Technology, Easyjet, Eco Animal Healthcare, STM Group, ULS Technology, Sinclair IS Pharma, Revolution Bars Group, Alliance Pharma, Marechale Capital, Advanced Computer Software Group, Produce Investments and Imaginatik.

Dividends and interest received over the period totalled £61,000 which is up from £35,000 at this time last year.

The Stock Market has continued to be volatile as investors assess the political tensions in different parts of the world, the economic problems within Greece, the falling Chinese Stock Market and the possibility of an interest rate rise in the USA. We therefore continue to take a cautious approach regarding new investments.

Geoff Gamble

28 October 2015

Unaudited Balance Sheet


	Interim Accounts		Final Accounts		Interim Accounts
	as at 31 August 2015		as at 28 February 2015*		as at 31 August 2014
	£'000	£'000	£'000	£'000	£'000	£'000
Fixed Assets
Investments		6,849		6,269		6,208

Current Assets
Uninvested cash	986		661		1,581
		986		661		1,581

Current Liabilities
Creditors: amounts due
within one year		(30)		(28)		(25)

		7,805		6,902		7,764
Capital and Reserves

Share capital		959		950		1,055
Share premium		612		549		549
Capital reserve - realised		1,235		193		1,793
Capital reserve - unrealised		1,787		2,023		257
Capital redemption reserve		217		217		111
Revenue reserve		2,995		2,970		3,999

		7,805		6,902		7,764

Asset Value per share		81p		73p		74p
			*Audited accounts

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)


	6 month period ended 31 August 2015			Year to 28 February 2015*			6 month period ended 31 August 2014
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue		Capital		Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000		£'000
Gains on investments
Realised	-	212	212	-	118	118	-		52		52
Unrealised	-	623	623	-	187	187	-		58		58
Income	61	-	61	84	-	84	35		-		35
Investment management fees	(10)	(29)	(39)	(19)	(57)	(76)	(10)		(29)		(39)
Other expenses	(26)	-	(26)	(47)	-	(47)	(24)		-		(24)
Return on ordinary activities	25	806	831	18	248	266	1		81		82
Tax on ordinary activities	-	-	-	-	-	-	-		-		-
Return on ordinary activities
after taxation	25	806	831	18	248	266	1		81		82
Return per ordinary share in pence	0.26	8.41	8.67	0.18	2.42	2.60	0.01		0.78		0.79

				*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, andfrom bank and money market funds.

The weighted average number of shares in issue during the period was 9,579,622

Unaudited Consolidated Statement of Changes in Equity

	Share Capital account £’000	Share Premiumaccount£’000	CapitalRedemptionReserve£’000	Capitalrealised£’000	Capital unrealised £’000	Revenuereserve£’000

As at 1 March 2015	950	549	217	193	2,023	2,970

Share issue	9	63
Realised gains on disposals	-	-	-	212	-	-
Unrealised gains	-	-	-	-	623	-
Transfer of unrealised loss to realised on disposal ofinvestment	-	-	-	859	(859)	-
Net revenue before tax	-	-	-	-	-	25
Investment management fee	-	-	- -	(29)	-	-
	________	________	_________	________	________	________
At 31 August 2015	959	612	217	1,235	1,787	2,995
At 31 August 2015	959	612	217	1,235	1,787	2,995
As at 1 March 2014	1,002	198	111	1,335	633	3,998

Share issue	53	351
Realised gains on disposals	-	-	-	52	-	-
Unrealised gains	-	-	-	-	58	-
Transfer of unrealised loss to realised on disposal ofinvestment	-	-	-	434	(434)	-
Net revenue before tax	-	-	-	-	-	1
Investment management fee	-	-	-	(29)	-	-
	________	________	_________	________	________	________
At 31 August 2014	1,055	549	111	1,792	257	3,999

Unaudited Cash Flow Statement


	6 month period ended31 August 2015		Year to 28 February2015*		6 month period ended31 August 2014
	£'000	£'000	£'000	£'000	£'000	£'000

Operating activity: Net cash outflow		(64)		(123)		(67)

Returns on investments
Interest received	4		3		2
Investment income	57		81		34
		61		84		36

Taxation		-		-		-

Dividend paid		-		(317)		-

Financial investment
Sale of investments	1,797		1,518		794
Purchase of investments	(1,541)		(1,059)		(469)
		256		459		325
Net cash inflow before financing		253		103		294
Net proceeds of share issue		72		405		405
Purchase and cancellation of shares		-		(729)		-
		325		(221)		699

Increase / (decrease) in uninvested cash with broker		325		(221)		699

			*Audited Accounts

Investment Portfolio


Security	Cost	Valuation	%	%
		31 August 2015	Cost	Valuation

Qualifying Investments	8,124,828	5,835,382	79.67	74.50
Non-qualifying Investments	1,087,190	1,013,778	10.66	12.92
	9,212,018	6,849,160	90.33	87.42
Uninvested funds	985,913	985,913	9.67	12.58
	10,197,931	7,835,073	100.00	100.00
Qualifying Investments
AIM Quoted
Tristel plc	163,901	394,706	1.61	5.04
PHSC plc	182,910	91,000	1.79	1.16
DCD Media plc	562,800	2,678	5.52	0.03
Legion Group plc	175,875	-	1.72	0.00
K3 Business Technology Group	90,360	269,730	0.89	3.44
Belgravium Technologies	281,400	80,000	2.76	1.02
Progility	753,750	26,250	7.39	0.33
Lighthouse Group plc	203,513	90,000	2.00	1.15
Invocas Group plc	100,400	8,100	0.99	0.10
Jelf Group plc	157,132	334,825	1.54	4.27
Relax Group	135,675	-	1.33	0.00
Vianet Group	40,175	30,550	0.39	0.39
HML Holdings plc	351,549	508,400	3.45	6.49
Welby Holdings lc	502,500	-	4.93	0.00
Sport Media Group	125,625	-	1.23	0.00
Kurawood plc	150,750	-	1.48	0.00
Optare plc	50,753	-	0.50	0.00
Cyan Holdings plc	307,201	154,430	3.02	1.97
Marechale Capital plc	133,828	33,125	1.31	0.42
Lombard Risk Mgt	24,120	72,000	0.24	0.92
M.Winkworth plc	72,360	139,500	0.71	1.78
APC Technology plc	100,628	444	0.99	0.01
Bango plc	7,563	16,275	0.07	0.21
Castle Street Investments	82,913	46,750	0.81	0.60
Kennedy Ventures	70,350	500	0.69	0.01
Eco City Vehicles	187,763	3,231	1.84	0.04
TP Group plc	109,278	28,993	1.07	0.37
Brady plc	41,805	69,090	0.41	0.88
Angel Biotech	101,533	-	1.00	0.00
Music Festivals plc	68,090	-	0.67	0.00
Inspired Energy	51,370	177,048	0.50	2.26
Microsaic Systems plc	78,978	80,790	0.77	1.03
Venn Life Sciences plc	115,581	100,763	1.13	1.29
DP Poland plc	20,113	25,346	0.20	0.32
Modern Water	50,253	10,000	0.49	0.12
Quixant plc	11,559	38,500	0.11	0.49
Litebulb	102,266	53,550	1.00	0.68
Blur Group	4,991	629	0.05	0.01
Keywords Studios	30,907	37,500	0.30	0.48
Cloudbuy	58,483	29,023	0.57	0.37
EU Supply	15,333	5,400	0.15	0.07
Plastics Capital	30,153	31,200	0.30	0.40
Daily Internet	50,256	60,000	0.49	0.77
Eclectic Bar	50,253	21,250	0.49	0.27
Kalibrate Technologies	31,761	41,200	0.31	0.53
Syqic	19,943	12,160	0.20	0.16
Outsourcery plc	45,027	6,800	0.44	0.09
Martinco	100,503	145,000	0.99	1.85
Solid State	40,134	134,475	0.39	1.72
Audioboom Group	22,615	60,000	0.22	0.77
Scholium Group	50,253	14,500	0.49	0.19
Rosslyn Data	27,037	12,227	0.27	0.16
Coral Products	118,095	125,000	1.16	1.60
Software Radio Technology plc	27,139	40,500	0.27	0.52
ULS Technology plc	135,679	168,750	1.33	2.15
Nostra Terra Oil & Gas plc	12,667	4,200	0.13	0.05
Mountfield Group plc	18,482	11,000	0.18	0.14
Collagen Solutions plc	20,757	32,450	0.20	0.41
Gfinity plc	70,907	107,900	0.70	1.38
Ideagen plc	28,430	37,437	0.28	0.48
Premier Technical	130,964	160,380	1.28	2.05
Angle plc	125,880	159,934	1.23	2.04
Bilby plc	156,673	260,706	1.54	3.33
Hunters Property plc	251,257	430,000	2.46	5.49
Satellite Solutions Group	276,388	244,444	2.71	3.12
Tekcapital plc	135,683	317,250	1.33	4.05
Falanx Group Ltd	51,460	21,943	0.50	0.28
Gear4Music Holdings	150,754	150,000	1.48	1.91
Premaitha Health plc	69,349	65,550	0.68	0.84

Total Qualifying Investments	8,124,828	5,835,382	79.67	74.50

Non Qualifying Investments
AIM Quoted
Sanderson Group	37,007	64,000	0.36	0.81
Eco City Vehicles	62,257	434	0.61	0.01
Rotala plc	70,008	125,400	0.69	1.60
Tristel plc	60	94	0.00	0.00
K3 Business Technology	131	270	0.00	0.00
Bango plc	291	186	0.00	0.00
China Food Co plc	65,969	2,300	0.65	0.03
Renew Hldgs	20,764	96,300	0.20	1.23
Numis Corp	16,570	48,600	0.16	0.62
Gable Holdings	12,112	12,500	0.12	0.16
Lombard Risk Mgt	131	120	0.00	0.00
Castle Street Investments	218	34	0.00	0.00
Brady plc	106	98	0.00	0.00
Cyan Hldgs	131	40	0.00	0.00
Sorbic International plc	18,717	2,660	0.18	0.03
DDD Group plc	16,647	3,050	0.17	0.04
Driver Group plc	8,992	6,800	0.09	0.09
TLA Worldwide plc	29,118	55,375	0.28	0.71
Sweett Group plc	7,578	4,400	0.07	0.06
Mobile Tornado Group plc	10,124	3,500	0.10	0.04
APC Technology plc	10,053	2,535	0.10	0.03
Mar City plc	10,053	4,500	0.10	0.06
Minds + Machines Ltd	12,063	8,000	0.12	0.10
Tyratech Inc	10,204	5,800	0.10	0.07
Audioboom Group plc	1,163	400	0.01	0.00
Mithril Capital plc	18,186	17,500	0.18	0.22
Intu Properties plc	15,446	14,535	0.15	0.18
EKF Diagnostics plc	10,255	11,000	0.10	0.14
Matchtech Group	13,697	13,875	0.13	0.18
Gateley Holdings plc	14,627	14,850	0.14	0.19
Latham(James) plc	18,815	20,440	0.18	0.26
Yolo Leisure and Tech plc	22,367	22,500	0.22	0.29
Oakley Capital Investments Ltd	14,038	13,870	0.14	0.18
Armstrong Ventures plc	20,106	10,000	0.20	0.13
	568,004	585,966	5.55	7.46

UK Listed
Investec plc	202,822	107,313	1.99	1.37
Premier Farnell plc	44,542	46,680	0.44	0.60
Aviva plc	22,268	24,150	0.22	0.30
HSBC Holdings plc	21,955	18,130	0.22	0.23
Imperial Tobacco Group plc	23,763	31,590	0.23	0.40
Marstons plc	15,054	22,800	0.15	0.29
National Express plc	20,295	29,600	0.20	0.38
Greene King plc	9,964	10,263	0.10	0.13
Waterman Group plc	9,926	12,075	0.10	0.15
Centrica plc	10,074	7,290	0.10	0.09
Twentyfour Inc	9,852	9,800	0.10	0.13
Easy Jet plc	32,700	33,660	0.32	0.43
Vodafone Group plc	20,590	20,961	0.20	0.27

	443,805	374,312	4.37	4.77
Unlisted Investments
Merchant House	25,128	4,500	0.25	0.06
Litebulb Group loan	50,253	49,000	0.49	0.63
	75,381	53,500	0.74	0.69

Total Non-qualifying Investments	1,087,190	1,013,778	10.66	12.92

Notes to the Accounts

1		This interim financial information and the unaudited interim accounts for the six months to 31 August 2015 fromwhich it has been extracted, are the responsibility of the directors and were approved by them on 28 October 2015,do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and havenot 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 unauditedinterim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) FinancialReporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practicefor Investment Companies re-issued by the Association of Investment Companies in November 2014.The unaudited interim accounts have been prepared using accounting policies that the company consider will beused in the accounts for the year ending 28 February 2016, incorporating FRS 102 The Financial ReportingStandard applicable in the UK and Republic of Ireland. The company have considered the impact of the financialreporting standards and do not consider there will be any material changes to previously reported results as a resultof adopting FRS 102.

3		Listed, AIM or ISDX Markets-traded investments are stated at market value, which is based upon market bid pricesat the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

4		9,593,748 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weightedaverage 9,579,622 shares).

5		Net Asset Value per share at 31 August 2015 was 81p (at 28 February 2015: 73p; 31 August 2014: 74p).

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 MichaelBarnard who is a non-executive director of the company. Under the terms of the management agreement MDB areentitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period themanagement fee was £39k (the year ended 28 February 2015: £76k, the period ended 31 August 2014: £39k).

9		Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’sRegistered Office: Woodside Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors

Directors		Geoffrey Charles Gamble (Chairman)
		Michael David Barnard
		Peter William Riley
		Ian Cameron-Mowat

Secretary		Woodside 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

View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005714/en/

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