Last checked at 
7 Sep 2023 07:00
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Chairman’s Statement
The Net Asset Value (NAV) of your fund declined by 16.8% to 39.6p, compared to the FSTE AIM Allshare index which declined by 9.4% over the same period.
We made two further investments in the period, investing in Cordel Group plc and Light Science Technologies plc. These new investments have either a healthcare or technology bias where we have seen an increased amount of interest from investors.
We made four sales where we either exited or top-sliced a holding.
It has a been a particularly tricky period for the fund as investors continued to be nervous of inflationary pressures, interest rate rises, as well as the cost of living crisis, in addition to constrained supply chains and the war in Ukraine that all caused a general lack of appetite and liquidity in many small companies. There have also been many redemptions across small and micro-cap institutional funds which has had a negative effect on share prices. Whilst we acknowledge the performance of the fund has been disappointing, the second half of the year has started positively with the NAV increasing by 3.2% when adjusting for the 2.5p dividend being paid. Indeed, over the past 3 years, from 20 July 2020 to 20 July 2023, it is the best performing AIM VCT fund measured by NAV as well as share price. (source: Citywire).
We continue to have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will perform over the rest of the year, we are mindful that we could see further volatility in the months ahead.
Geoffrey Gamble
Chairman
6 September 2023
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Balance Sheet
|
| Interim Accounts |
| Final Accounts |
| Interim Accounts | |||
|
| as at 30 June 2023 |
| as at 31 December 2022* |
| as at 30 June 2022 | |||
|
| £'000 | £'000 |
| £'000 | £'000 |
| £'000 | £'000 |
Fixed Assets |
|
|
|
|
|
|
|
| |
| Investments |
| 1,838 |
|
| 2,190 |
|
| 2,679 |
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
| |
| Uninvested cash | 405 | 405 |
| 354 | 354 |
| 356 | 356 |
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
| |
| Creditors: amounts due |
|
|
|
|
|
|
|
|
| within one year |
| (34) |
|
| (131) |
|
| (7) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,209 |
|
| 2,413 |
|
| 3,028 |
Capital and Reserves |
|
|
|
|
|
|
|
| |
| Share capital |
| 557 |
|
| 507 |
|
| 507 |
| Share premium |
| 547 |
|
| 382 |
|
| 382 |
| Capital redemption reserve |
| 171 |
|
| 171 |
|
| 171 |
| Special distributable reserve |
| 2,915 |
|
| 2,915 |
|
| 3,118 |
| Capital reserve - realised |
| (281) |
|
| (62) |
|
| (24) |
| Capital reserve - unrealised |
| (1,487) |
|
| (1,345) |
|
| (1,007) |
| Revenue reserve |
| (213) |
|
| (155) |
|
| (119) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,209 |
|
| 2,413 |
|
| 3,028 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value per share |
| 39.6p |
|
| 47.6p |
|
| 59.7p | |
|
|
|
|
| *Audited |
|
|
| |
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
|
|
| 6 month period ended 30 June 2023 | Year to 31 December 2022* | 6 month period ended 30 June 2022 | ||||||||||
|
|
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||||
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||
Gains/(losses) on investments |
|
|
|
|
|
|
|
|
|
| |||||
Realised |
| - | 27 | 27 | - | (2) | (2) | - | 37 | 37 | |||||
Unrealised |
| - | (381) | (381) | - | (1,481) | (1,481) | - | (1,154) | (1,154) | |||||
Income |
|
| 11 | - | 11 | 27 | - | 27 | 15 | - | 15 | ||||
Investment management fees | (3) | (8) | (11) | (7) | (22) | (29) | (4) | (12) | (16) | ||||||
Other expenses |
| (66) | - | (66) | (110) | - | (110) | (65) | - | (65) | |||||
Return on ordinary activities | (58) | (362) | (420) | (90) | (1,505) | (1,595) | (54) | (1,129) | (1,183) | ||||||
Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||||||
Return on ordinary activities |
|
|
|
|
|
|
|
|
| ||||||
after taxation |
| (58) | (362) | (420) | (90) | (1,505) | (1,595) | (54) | (1,129) | (1,183) | |||||
Return per ordinary share in pence | (1.14) | (7.06) | (8.20) | (1.80) | (30.21) | (32.01) | (1.09) | (23.07) | (24.16) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| *Audited |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
All revenue and capital items in the above statement are from continuing operations in the current six month period. No operations were acquired or discontinued in the current period. Other than that shown above, the Company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period.
|
|
|
|
| |||||||||||
The weighted average number of shares in issue during the period was 5,118,039.
|
|
|
|
|
| ||||||||||
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity
|
Called-up share capital £’000 | Share Premium account £’000 | Capital Redemption reserve £’000 | Special distributable reserve £’000 | Capital realised £’000 | Capital unrealised £’000 | Revenue reserve £’000 |
Total £’000 | ||||||
|
|
|
|
|
|
|
|
| ||||||
As at 1 January 2023 | 507 | 382 | 171 | 2,915 | (62) | (1,345) | (155) | 2,413 | ||||||
|
|
|
|
|
|
|
|
| ||||||
Realised gains on disposals in period | - | - | - | - | 27 | - | - | 27 | ||||||
Unrealised losses | - | - | - | - | - | (381) | - | (381) | ||||||
Transfer of unrealised gain to realised on disposal of investment |
- | - |
- | - | (238) | 238 | - |
- | ||||||
Net revenue before tax | - | - | - | - | - | - | (58) | (58) | ||||||
New shares issued | 51 | 165 | - | - | - | - | - | 216 | ||||||
Capital element of investment management fee | - | - | - | - | (8) | - | - | (8) | ||||||
| ________ | ________ | _________ | _________ | _______ | ________ | ________ | ________ | ||||||
At 30 June 2023 | 557 | 547 | 171 | 2,915 | (281) | (1,487) | (213) | 2,209 | ||||||
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||||
As at 1 January 2022 | 461 | 57 | 171 | 3,118 | (236) | 334 | (65) | 3,840 | ||||||
|
|
|
|
|
|
|
|
| ||||||
Realised loss on disposals | - | - | - | - | (2) | - | - | (2) | ||||||
Unrealised losses | - | - | - | - | - | (1,481) | - | (1,481) | ||||||
Transfer of unrealised gain to realised on disposal of investment |
- | - | - | - | 199 | (199) | - |
- | ||||||
Net revenue before tax | - | - | - | - | - | - | (90) | (90) | ||||||
New shares issued | 46 | 325 | - | - | - | - | - | 371 | ||||||
Capital element of investment management fee | - | - | - | - | (22) | - | - | (22) | ||||||
Dividends paid | - | - | - | (203) | - | - | - | (203) | ||||||
| ________ | ________ | _________ | _________ | ________ | ________ | ________ | ________ | ||||||
At 31 December 2022 | 507 | 382 | 171 | 2,915 | (62) | (1,345) | (155) | 2,413 | ||||||
|
|
|
|
|
|
|
|
| ||||||
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity (continued)
|
Called-up share capital £’000 | Share Premium account £’000 | Capital Redemption reserve £’000 | Special distributable reserve £’000 | Capital realised £’000 | Capital unrealised £’000 | Revenue reserve £’000 |
Total £’000 |
|
|
|
|
|
|
|
|
|
As at 1 January 2022 | 461 | 57 | 171 | 3,118 | (236) | 334 | (65) | 3,840 |
|
|
|
|
|
|
|
|
|
Realised gains on disposals | - | - | - | - | 37 | - | - | 37 |
Unrealised gains | - | - | - | - | - | (1,154) | - | (1,154) |
Transfer of unrealised loss to realised on disposal of investment |
- | - | - | - | 187 | (187) | - |
- |
Net revenue before tax | - | - | - | - | - | - | (54) | (54) |
New shares issued | 46 | 325 | - | - | - | - | - | 371 |
Capital element of investment management fee | - | - | - | - | (12) | - | - | (12) |
| ________ | ________ | _________ | _________ | ________ | ________ | ________ | ________ |
At 30 June 2022 | 507 | 382 | 171 | 3,118 | (24) | (1,007) | (119) | 3,028 |
|
|
|
|
|
|
|
|
|
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Investment Portfolio
| Security | Cost | Valuation | % | % |
|
|
| 30 June 2023 | Cost | Valuation |
|
|
|
|
|
|
| Qualifying Investments | 3,253,173 | 1,819,493 | 87.20 | 81.12 |
| Non-qualifying Investments | 72,787 | 18,959 | 1.95 | 0.84 |
| Uninvested funds | 404,562 | 404,562 | 10.85 | 18.04 |
|
| 3,730,522 | 2,243,014 | 100.00 | 100.00 |
| Qualifying Investments |
|
|
|
|
| AIM Quoted |
|
|
|
|
| Abingdon Health plc | 35,218 | 4,198 | 0.94 | 0.19 |
| Access Intelligence plc | 10,053 | 17,750 | 0.27 | 0.79 |
| Actual Experience plc | 63,174 | 356 | 1.69 | 0.02 |
| AFC Energy plc | 50,254 | 39,438 | 1.35 | 1.76 |
| Arecor Therapeutic plc | 12,818 | 12,412 | 0.34 | 0.55 |
| Audioboom Group plc | 41,758 | 34,983 | 1.12 | 1.56 |
| Belluscura plc | 52,263 | 38,018 | 1.40 | 1.69 |
| Blackbird plc | 18,845 | 22,500 | 0.51 | 1.00 |
| Brighton Pier Group plc | 35,379 | 12,540 | 0.95 | 0.56 |
| C4X Discovery Holdings plc | 35,179 | 45,325 | 0.94 | 2.02 |
| Clean Power Hydrogen plc | 50,253 | 27,944 | 1.35 | 1.25 |
| Cloudbuy plc | 41,896 | 0 | 1.12 | 0.00 |
| Coral Products plc | 25,104 | 27,750 | 0.67 | 1.24 |
| Cordel Group plc | 30,656 | 31,517 | 0.82 | 1.41 |
| Creo Medical Group plc | 20,504 | 9,368 | 0.55 | 0.42 |
| CyanConnode Holdngs plc | 204,219 | 11,248 | 5.47 | 0.50 |
| Deepverge plc | 93,203 | 235 | 2.50 | 0.01 |
| Destiny Pharma plc | 175,882 | 86,962 | 4.71 | 3.88 |
| Diaceutics plc | 10,314 | 11,340 | 0.28 | 0.51 |
| DP Poland plc | 25,631 | 12,920 | 0.69 | 0.58 |
| ECSC Group plc | 20,104 | 18,546 | 0.54 | 0.83 |
| Falanx Group Ltd | 85,234 | 9,740 | 2.28 | 0.43 |
| Feedback plc | 100,511 | 59,933 | 2.69 | 2.67 |
| Fusion Antibodies plc | 7,540 | 746 | 0.20 | 0.03 |
| Gfinity plc | 33,229 | 971 | 0.89 | 0.04 |
| I-Nexus Global plc | 30,153 | 1,473 | 0.81 | 0.07 |
| Inspired plc | 33,641 | 107,100 | 0.90 | 4.77 |
| Intelligent Ultrasound Group plc | 134,808 | 108,957 | 3.61 | 4.86 |
| Kinovo plc | 52,465 | 36,270 | 1.41 | 1.62 |
| Let's Explore plc | 33,420 | 12,218 | 0.90 | 0.54 |
| Libertine Holdings plc | 125,628 | 43,750 | 3.37 | 1.95 |
| Light Science Technologies plc | 50,254 | 47,500 | 1.35 | 2.12 |
| Location Sciences Group plc | 72,643 | 4,044 | 1.95 | 0.18 |
| Loopup Group plc | 15,078 | 269 | 0.40 | 0.01 |
| Security | Cost | Valuation | % | % |
|
|
| 30 June 2023 | Cost | Valuation |
| Lunglife AI Inc | 20,104 | 2,875 | 0.54 | 0.13 |
| M.Winkworth plc | 56,280 | 98,700 | 1.51 | 4.40 |
| Marechale Capital plc | 75,752 | 11,925 | 2.03 | 0.53 |
| Microsaic Systems plc | 142,261 | 158 | 3.81 | 0.01 |
| Mirriad Advertising plc | 30,154 | 1,849 | 0.81 | 0.08 |
| MyHealthChecked plc | 103,202 | 63,963 | 2.77 | 2.85 |
| N4 Pharma plc | 40,204 | 6,000 | 1.08 | 0.27 |
| Nexteq plc | 8,091 | 28,000 | 0.22 | 1.25 |
| Pelatro plc | 25,128 | 3,200 | 0.67 | 0.14 |
| PHSC plc | 50,256 | 24,000 | 1.35 | 1.07 |
| Polarean Imaging plc | 7,539 | 12,075 | 0.20 | 0.54 |
| Property Franchise Group plc | 45,482 | 115,721 | 1.22 | 5.16 |
| Rosslyn Data Technologies plc | 23,219 | 455 | 0.62 | 0.02 |
| Scancell Holdings plc | 45,233 | 42,900 | 1.21 | 1.91 |
| SEEEN plc | 100,511 | 26,444 | 2.69 | 1.18 |
| Solid State plc | 35,248 | 170,994 | 0.94 | 7.62 |
| SRT Marine Systems plc | 4,523 | 13,000 | 0.12 | 0.58 |
| Strip Tinning plc | 15,890 | 5,127 | 0.43 | 0.23 |
| Sysgroup plc | 45,232 | 21,975 | 1.21 | 0.98 |
| Trellus Health plc | 25,128 | 3,438 | 0.67 | 0.15 |
| Tristel plc | 1,651 | 14,160 | 0.04 | 0.63 |
| Verici Dx plc | 101,505 | 42,354 | 2.72 | 1.89 |
| XP Factory plc | 31,006 | 4,216 | 0.83 | 0.19 |
| Yourgene Health plc | 40,204 | 388 | 1.08 | 0.02 |
| Yu Group plc | 20,504 | 67,589 | 0.55 | 3.01 |
|
|
|
|
|
|
|
| 2,921,616 | 1,679,824 | 78.32 | 74.89 |
| Qualifying Investments |
|
|
|
|
| AQSE Quoted |
|
|
|
|
| Sulnox Grp plc | 135,786 | 108,522 | 3.64 | 4.84 |
| Truspine Technology plc | 100,283 | 13,500 | 2.69 | 0.60 |
|
| 236,069 | 122,022 | 6.33 | 5.44 |
| Qualifying Investments |
|
|
|
|
| Unlisted Investments |
|
|
|
|
| Anglo African Oil & Gas plc | 65,329 | 0 | 1.75 | 0.00 |
| LightwaveRF plc | 30,158 | 17,647 | 0.81 | 0.79 |
|
| 95,487 | 17,647 | 2.56 | 0.79 |
|
|
|
|
|
|
| Total qualifying investments | 3,253,173 | 1,819,493 | 87.20 | 81.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security | Cost | Valuation | % | % |
|
|
| 30 June 2023 | Cost | Valuation |
|
|
|
|
|
|
| Non Qualifying Investments |
|
|
|
|
| AIM Quoted |
|
|
|
|
| Audioboom Group plc | 1,163 | 207 | 0.03 | 0.01 |
| Rotala plc | 9,907 | 11,098 | 0.27 | 0.49 |
| Tristel plc | 60 | 354 | 0.00 | 0.02 |
|
| 11,130 | 11,659 | 0.30 | 0.52 |
|
|
|
|
|
|
| Non Qualifying Investments |
|
|
|
|
| UK Listed |
|
|
|
|
| Twentyfour Income Fund Ltd | 9,852 | 7,300 | 0.26 | 0.32 |
|
| 9,852 | 7,300 | 0.26 | 0.32 |
| Non Qualifying Investments |
|
|
|
|
| Unlisted Investments |
|
|
|
|
| China Food Co plc | 31,547 | 0 | 0.85 | 0.00 |
| Sorbic International plc | 10,205 | 0 | 0.27 | 0.00 |
| Mar City plc | 10,053 | 0 | 0.27 | 0.00 |
|
| 51,805 | 0 | 1.39 | 0.00 |
|
|
|
|
|
|
| Total non-qualifying investments | 72,787 | 18,959 | 1.95 | 0.84 |
New Century AIM VCT 2 plc
Notes to the Accounts
For the six months to 30 June 2023
This interim financial information and the unaudited interim accounts for the six months to 30 June 2023 from which it has been extracted, are the responsibility of the directors and were approved by them on 31 August 2023, 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.
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 (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ended 31 December 2022, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Company considers these accounting policies will be used in the accounts for the year ending 31 December 2023.
Listed, AIM or AQUIS Markets - traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.
5,067,643 Ordinary Shares of 10 pence each were in issue from 1 January 2023 until 12 June 2023. On the 13 June 2023 the Company issued 506,760 new shares at a price of 42.55p per share. At the 30 June 2023 there were 5,574,403 shares in issue. The average weighted number of shares in issue in the period was 5,118,039.
Net Asset Value per share at 30 June 2023 was 39.6p (at 31 December 2022: 47.6p; 30 June 2022: 59.7p).
No dividend was paid in the period, but a final dividend for the year ended 31 December 2022, of 2.5p per share (totaling £139,360) was paid on 21 July 2023.
There have not been any other significant events since the balance sheet date.
New Century AIM VCT 2 plc is managed by Oberon Investments Limited (‘OIL’). Under the terms of the management agreement, OIL is 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 £10.7k (the year ended 31 December 2022, £28.8k; the period ended 30 June 2022, £16.3k).
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.
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.
New Century AIM VCT 2 plc
Directors, Investment Managers and Advisors
| |
|
|
Directors | Geoffrey Charles Gamble (Chairman) |
| Michael David Barnard |
| Ian Cameron-Mowat Simon Like |
|
|
Secretary | Tricor Secretaries Ltd |
and registered office | 4th Floor, 50 Mark Lane |
| London EC3R 7QR
|
Registrar
|
Neville Registrars Limited Neville House Steelpark Road Halesowen West Midlands B62 8HD
|
Solicitors
|
Dundas & Wilson 5th Floor, Northwest Wing Bush House Aldwych London WC2B 4EZ
|
Investment Manager and Broker | Oberon Investments Limited |
| 1st Floor 12 Hornsby Square Southfields Business Park |
| Basildon Essex SS15 6SD |
|
|
Auditor | Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230906924338/en/
Copyright Business Wire 2023