NCA.L Regulatory News (NCA)

30 Oct 2014 10:22

New Century AIM VCT plc

For the six months to 31st August 2014

Chairman’s Statement

In the six months to 31st August 2014, the FTSE AIM All Share Index fell by 12.76% whilst the value of your fund increased by 1.37%.

£404,000 was received through a new share subscription.

We invested in the following qualifying investments, Coral Products, ULS Technology, Software Radio Technology, Audioboom, Scholium and Rosslyn Data Technology.

We also purchased shares in Sirius Minerals, Centrica, Alliance Pharma, Global Invacom, Tyratech and Learning Technology.

We sold or top sliced Inspired Energy, Probability, Tristel, Advanced Computer Software Group, and EU Supply which were qualifying holdings. We also sold British American Tobacco, Sirius Minerals and Global Invacom.

Dividends and interest over the period totalled £35,000 which is down from £43,000 at this time last year.

The Stock Market is proving to be volatile at the moment as investors assess the political tensions in different parts of the World, the slowing down of the European economy and the worrying effect of the outbreak of Ebola. We therefore continue to take a cautious approach regarding new investments.

Geoff Gamble

30 October 2014 New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Balance Sheet

				Interim Accounts						Final Accounts						Interim Accounts
				as at 31 August 2014						as at 28 February 2014*						as at 31 August 2013
				£'000		£'000				£'000		£'000				£'000		£'000
Fixed Assets
		Investments				6,208						6,423						5,673
Current Assets
		Sundry debtors		-						-						-
		Uninvested cash		1,581		1,581				882		882				588		588
Current Liabilities
		Creditors: amounts due
		within one year				(25)						(28)						(16)
						7,764						7,277						6,245
Capital and Reserves
		Share capital				1,055						1,002						1,002
		Share premium				549						198						197
		Capital reserve - realised				1,793						1,335						742
		Capital reserve - unrealised				257						633						(38)
		Capital redemption reserve				111						111						111
		Revenue reserve				3,999						3,998						4,231
						7,764						7,277						6,245
Asset Value per share						74p						73p						62p
										*Audited accounts

New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Income Statement

(incorporating the revenue account)

						6 month period ended 31 August 2014						Year to 28 February 2014*						6 month period ended 31 August 2013
						Revenue		Capital		Total		Revenue		Capital		Total		Revenue		Capital		Total
						£'000		£'000		£'000		£'000		£'000		£'000		£'000		£'000		£'000
Gains on investments
Realised						-		52		52		-		202		202		-		28		28
Unrealised						-		58		58		-		1,139		1,139		-		21		21
Income						35		-		35		79		-		79		43		-		43
Investment management fees						(10)		(29)		(39)		(17)		(51)		(68)		(8)		(24)		(32)
Other expenses						(24)		-		(24)		(47)		-		(47)		(28)		-		(28)
Return on ordinary activities						1		81		82		15		1,290		1,305		7		25		32
Tax on ordinary activities						-		-		-		-		-		-		-		-		-
Return on ordinary activities after taxation						1		81		82		15		1,290		1,305		7		25		32
Return per ordinary share in pence						0.01		0.78		0.79		0.15		12.44		12.59		0.07		0.23		0.30
												*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 10,380,339

New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Cash Flow Statement

		6 month period ended 31 August 2014								Year to 28 February 2014*								6 month period ended 31 August 2013
		£'000				£'000				£'000				£'000				£'000				£'000
Operating activity: Net cash outflow						(67)								(123)								(81)
Returns on investments
Interest received		2								2								1
Investment income		34				36				77				79				42				43
Taxation						-								-								-
Dividend paid						-								(240)								-
Financial investment
Sale of investments		794								1,618								362
Purchase of investments		(469)				325				(1,109)				509				(395)				(33)
Net cash inflow / (outflow) before financing						294								225								(71)
Net proceeds of share issue						405								236								237
Purchase and cancellation of shares						-								(653)								(653)
						699								(192)								(487)
Increase / (decrease) in uninvested cash with broker						699								(192)								(487)
										*Audited Accounts

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio

		Security		Cost		Valuation		%		%
						31 August 2014		Cost		Valuation
		Qualifying Investments		8,638,202		5,081,279		73.94		65.24
		Non-qualifying Investments		1,462,260		1,126,496		12.52		14.46
				10,100,462		6,207,775		86.46		79.70
		Uninvested funds		1,581,204		1,581,204		13.54		20.30
				11,681,666		7,788,979		100.00		100.00
		Qualifying Investments
		AIM Quoted
		Tristel plc		163,901		348,517		1.40		4.47
		PHSC plc		182,910		105,000		1.57		1.35
		DCD Media plc		562,800		1,403		4.82		0.02
		Legion Group plc		175,875		-		1.51		0.00
		K3 Business Technology Group		90,360		208,791		0.77		2.68
		Belgravium Technologies		281,400		100,000		2.41		1.28
		Progility		753,750		78,750		6.45		1.01
		Lighthouse Group plc		203,513		52,500		1.74		0.67
		AT Communications Group		422,100		-		3.61		0.00
		Invocas Group plc		100,400		8,100		0.86		0.10
		Jelf Group plc		157,132		178,475		1.35		2.29
		Relax Group		135,675		-		1.16		0.00
		Vianet Group		40,175		25,025		0.34		0.32
		HML Holdings plc		351,549		384,400		3.01		4.94
		Sinclair Pharma		211,050		225,691		1.81		2.90
		Western & Oriental plc		502,500		-		4.30		0.00
		Sport Media Group		125,625		-		1.08		0.00
		Environ Group plc		704,900		-		6.03		0.00
		Kurawood plc		150,750		-		1.29		0.00
		Fishworks plc		180,900		-		1.55		0.00
		Optare plc		50,753		505		0.43		0.01
		Advanced Computer Software		181,101		1,208,400		1.55		15.51
		Cyan Holdings plc		231,822		119,145		1.98		1.53
		Marechale Capital plc		202,005		40,000		1.73		0.51
		Lombard Risk Mgt		24,120		72,000		0.21		0.92
		M.Winkworth plc		72,360		144,000		0.62		1.85
		Green Compliance plc		100,628		1,750		0.86		0.02
		Bango plc		7,563		17,500		0.06		0.22
		Cupid plc		82,913		52,250		0.71		0.67
		Kennedy Ventures		70,350		400		0.60		0.01
		Eco City Vehicles		187,763		35,898		1.61		0.46
		Corac Group plc		109,278		50,738		0.94		0.65
		Brady plc		41,805		52,170		0.36		0.67
		Angel Biotech		101,533		15,460		0.87		0.20
		Music Festivals plc		68,090		-		0.58		0.00
		Inspired Energy		51,370		193,143		0.44		2.48

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

		Qualifying Investments (continued)
		AIM Quoted (continued)
		Microsaic Systems plc		48,749		53,488		0.42		0.69
		Venn Life Sciences		65,328		34,667		0.56		0.45
		DP Poland plc		20,113		13,340		0.17		0.17
		Eden Research		9,651		7,467		0.08		0.10
		Modern Water		50,253		28,000		0.43		0.36
		Quixant plc		11,559		36,250		0.10		0.47
		Litebulb		102,266		157,500		0.88		2.02
		Blur Group		4,991		2,681		0.04		0.03
		Keywords Studios		30,907		35,500		0.26		0.46
		Cloudbuy		24,880		31,500		0.21		0.40
		EU Supply		15,333		17,550		0.13		0.23
		Plastics Capital		30,153		34,500		0.26		0.44
		Daily Internet		50,256		53,333		0.43		0.68
		Eclectic Bar		50,253		58,438		0.43		0.75
		Kalibrate Technologies		31,761		50,000		0.27		0.64
		Syqic		19,943		18,560		0.17		0.24
		Outsourcery plc		45,027		8,000		0.39		0.10
		Martinco		100,503		116,000		0.86		1.49
		Solid State		40,134		85,800		0.34		1.10
		Audioboom Group		30,153		180,000		0.26		2.31
		Scholium Group		50,253		39,000		0.43		0.50
		Rosslyn Data		27,037		21,194		0.23		0.27
		Coral Products		67,842		70,000		0.58		0.90
		Software Radio Tech		27,139		36,000		0.23		0.46
		ULS Technology		150,754		172,500		1.29		2.21
				8,185,952		5,081,279		70.08		65.24
		ISDX Markets Quoted
		Air Touring		201,000		-		1.72		0.00
				201,000		-		1.72		0.00
		Unlisted Investments
		Air Touring Group plc		251,250		-		2.15		0.00
				251,250		-		2.15		0.00
		Total qualifying investments		8,638,202		5,081,279		73.95		65.24

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

		Non Qualifying Investments
		AIM Quoted
		Commodity Growth plc		150,750		42,000		1.29		0.54
		STM Group plc		43,658		24,625		0.37		0.32
		Sanderson Group		37,008		62,000		0.32		0.80
		Eco City Vehicles		62,257		4,820		0.53		0.06
		Rotala plc		70,008		108,300		0.60		1.39
		Tristel plc		60		83		0.00		0.00
		K3 Business Technology		131		209		0.00		0.00
		Bango plc		291		200		0.00		0.00
		China Food Co plc		65,969		11,500		0.56		0.15
		MXC Capital		33,639		6,500		0.29		0.08
		Learning Technologies		209,214		166,940		1.79		2.14
		Renew Hldgs		20,764		84,600		0.18		1.09
		Numis Corp		7,881		25,400		0.07		0.33
		Numis Corp		8,689		25,400		0.07		0.33
		Hightex		21,676		2,900		0.19		0.04
		Nature Group plc		26,637		13,000		0.23		0.17
		Gable Holdings		5,874		18,750		0.05		0.24
		Gable Holdings		6,238		18,750		0.05		0.24
		Lombard Risk Mgt		131		120		0.00		0.00
		Cupid plc		218		38		0.00		0.00
		Brady plc		106		74		0.00		0.00
		Cyan Hldgs		131		60		0.00		0.00
		Sorbic Int		18,717		15,960		0.16		0.20
		DDD Group		16,647		7,625		0.14		0.10
		Driver Group		8,992		9,500		0.08		0.12
		TLA Worldwide		29,118		36,917		0.25		0.47
		Sweett Group		7,578		7,200		0.06		0.09
		Mobile Torndo		10,124		5,000		0.09		0.06
		API Group		15,063		14,070		0.13		0.18
		Green Compliance		10,053		10,000		0.09		0.13
		ECO Animal Healthcare		19,098		16,200		0.16		0.21
		Mar City		10,053		14,375		0.09		0.18
		Minds & Machines		12,063		12,000		0.10		0.15
		Alliance Pharma		16,669		16,500		0.14		0.21
		Tyratech Inc		10,204		11,600		0.09		0.15
				955,709		793,216		8.18		10.18

	UK Listed
	Investec	202,821	108,375	1.74	1.39
	Premier Farnell	44,542	47,400	0.38	0.61
	4Imprint Group	3,851	18,500	0.03	0.24
	Aviva plv	22,268	25,900	0.19	0.33
	HSBC	21,955	22,645	0.19	0.29
	Imperial Tobacco	23,763	25,890	0.20	0.33
	Marstons plc	15,054	22,350	0.13	0.29

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

		Non Qualifying Investments (continued)
		UK Listed (continued)
		National Express		20,295		25,300		0.17		0.32
		Greene King		9,964		10,250		0.09		0.13
		Waterman Group		9,926		9,450		0.08		0.12
		Future		6,453		3,120		0.06		0.04
		Centrica		10,074		9,600		0.09		0.12
				390,967		328,780		3.35		4.22
		Unlisted Investments
		Merchant House Group		45,228		-		0.39		0.00
		Merchant House		45,228		-		0.39		0.00
		Merchant House		25,128		4,500		0.22		0.06
				115,584		4,500		0.99		0.06
		Total Non-qualifying Investments		1,462,260		1,126,496		12.52		14.46

New Century AIM VCT plc

For the six months to 31st August 2014

Notes to the Accounts

1		This interim financial information and the unaudited interim accounts for the six months to 31 August 2014 from
		which it has been extracted, are the responsibility of the directors and were approved by them on 31 October 2014,
		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 accounts
		have been prepared under the historical cost convention, modified to include the revaluation of fixed
		asset investments, and in accordance with applicable accounting standards in the UK and with the Statement
		of Recommended Practice “Financial statements and investment trust companies”.
3		Listed, AIM or ISDX Markets-traded investments are stated at market value, which is based upon market bid prices
		at the balance sheet date.
4		10,552,754 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted
		average 10,380,339 shares).
5		Net Asset Value per share at 31 August 2013 was 74p (at 28 February 2014: 73p; 31 August 2013 62p).
6		No dividend was paid in the period.
7		Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s
		Registered Office: from Woodside Securities Limited, 4th Floor, 50 Mark Lane, London EC3R 7QR.

New Century AIM VCT plc

For the six months to 31st August 2014

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

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