Last checked at 
28 Aug 2013 11:34
New Century AIM VCT2 plc
For the six months to 30th June 2013
Chairman’s Statement
In the six month period to the 30th June, 2013, the net asset value of your fund remained at 44p per share. This was a slight improvement over the performance of the FTSE Aim Index over the same period.
In May, 2013, the company bought back 10% of its shares at a price of 46.1p, thus giving shareholders the opportunity to dispose of some of their holding at a price that more fully reflects the underlying asset value. It is the Board’s wish to carry out further buy backs, where possible, in the future.
Since June, the Aim market has been recovering and we are pleased to announce that as at the 19th August, 2013, the net asset value of your fund had recovered to 47.9p per share.
Geoff Gamble
28 August 2013
New Century AIM VCT2 plc
For the six months to 30th June 2013
Unaudited Balance Sheet
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||||
| as at 30 June 2013 | as at 31 December 2012* | as at 30 June 2012 | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||
| Fixed Assets | |||||||||||||||
| Investments | 2,484 | 2,457 | 2,371 | ||||||||||||
| Current Assets | |||||||||||||||
| Sundry debtors | - | - | - | ||||||||||||
| Uninvested cash | 318 | 318 | 355 | 355 | 125 | 125 | |||||||||
| Current Liabilities | |||||||||||||||
| Creditors: amounts due | |||||||||||||||
| within one year | (7) | (8) | (4) | ||||||||||||
| 2,795 | 2,804 | 2,492 | |||||||||||||
| Capital and Reserves | |||||||||||||||
| Share capital | 632 | 632 | 631 | ||||||||||||
| Share premium | 57 | 5,307 | 5,309 | ||||||||||||
| Capital reserve - realised | (1,358) | (1,946) | (662) | ||||||||||||
| Capital reserve - unrealised | 1,689 | (1,167) | (2,763) | ||||||||||||
| Revenue reserve | 1,775 | (22) | (23) | ||||||||||||
| 2,795 | 2,804 | 2,492 | |||||||||||||
| Asset Value per share | 44p | 44p | 40p | ||||||||||||
|
| *Audited accounts | ||||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2013
Unaudited Income Statement
(incorporating the revenue account)
| 6 month period ended 30 June 2013 | Year to 31 December 2012* | 6 month period ended 30 June 2012 | |||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||
| Gains on investments | |||||||||||||||||||||
| Realised | - | 17 | 17 | - | 128 | 128 | - | 50 | 50 | ||||||||||||
| Unrealised | - | - | - | - | 218 | 218 | - | (25) | (25) | ||||||||||||
| Income | 14 | - | 14 | 46 | - | 46 | 22 | - | 22 | ||||||||||||
| Investment management fees | (4) | (11) | (15) | (7) | (21) | (28) | (3) | (10) | (13) | ||||||||||||
| Other expenses | (26) | - | (26) | (34) | - | (34) | (16) | - | (16) | ||||||||||||
| Return on ordinary activities | (16) | 6 | (10) | 5 | 325 | 330 | 3 | 15 | 18 | ||||||||||||
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||||||||||||
| Return on ordinary activities | |||||||||||||||||||||
| after taxation | (16) | 6 | (10) | 5 | 325 | 330 | 3 | 15 | 18 | ||||||||||||
| Return per ordinary share in pence | (0.25) | 0.10 | (0.15) | 0.07 | 5.17 | 5.24 | 0.05 | 0.24 | 0.29 | ||||||||||||
| *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 6,319,550 | |||||||||||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2013
Unaudited Cash Flow Statement
| 6 month period ended 30 June 2013 | Year to 31 December 2012* | 6 month period ended 30 June 2012 | ||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||
| Operating activity: Net cash outflow | (41) | (62) | (33) | |||||||||||
| Returns on investments | ||||||||||||||
| Interest received | 2 | 10 | 2 | |||||||||||
| Investment income | 12 | 14 | 36 | 46 | 20 | 22 | ||||||||
| Taxation | - | - | - | |||||||||||
| Dividend paid | - | - | - | |||||||||||
| Financial investment | ||||||||||||||
| Sale of investments | 286 | 829 | 232 | |||||||||||
| Purchase of investments | (296) | (10) | (689) | 140 | (327) | (95) | ||||||||
| Net cash (outflow) / inflow before financing | (37) | 124 | (106) | |||||||||||
| Net proceeds of share issue | - | 73 | 74 | |||||||||||
| (37) | 197 | (32) | ||||||||||||
| (Decrease) / increase in uninvested cash with broker | (37) | 197 | (32) | |||||||||||
| *Audited Accounts | ||||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2013
Investment Portfolio
| Security | Cost | Valuation | % | % | ||||||
| 30 June 2013 | Cost | Valuation | ||||||||
| Qualifying Investments | 2,742,675 | 1,909,818 | 70.31 | 68.16 | ||||||
| Non-qualifying Investments | 840,466 | 574,397 | 21.55 | 20.50 | ||||||
| Uninvested funds | 317,683 | 317,683 | 8.14 | 11.34 | ||||||
| 3,900,824 | 2,801,898 | 100.00 | 100.00 | |||||||
| Qualifying Investments | ||||||||||
| AIM Quoted | ||||||||||
| Marechale Capital plc | 151,504 | 15,000 | 3.88 | 0.54 | ||||||
| Sinclair Pharma plc | 183,285 | 182,000 | 4.70 | 6.50 | ||||||
| HML Holdings plc | 271,350 | 140,000 | 6.96 | 5.00 | ||||||
| Sport Media Group plc | 125,625 | - | 3.22 | 0.00 | ||||||
| Environ Group plc | 334,125 | - | 8.57 | 0.00 | ||||||
| Kurawood plc | 150,750 | - | 3.86 | 0.00 | ||||||
| Corac Group plc | 160,062 | 82,273 | 4.10 | 2.94 | ||||||
| Tristel plc | 204,303 | 99,000 | 5.24 | 3.53 | ||||||
| Advanced Computer Sofware | 98,239 | 517,500 | 2.52 | 18.47 | ||||||
| Cyan Holdngs plc | 204,219 | 106,730 | 5.24 | 3.81 | ||||||
| Savile Group | 126,254 | 13,125 | 3.24 | 0.47 | ||||||
| M.Winkworth plc | 72,360 | 96,300 | 1.85 | 3.44 | ||||||
| Green Compliance plc | 33,668 | 1,340 | 0.86 | 0.05 | ||||||
| Bango plc | 28,090 | 118,300 | 0.72 | 4.22 | ||||||
| Angel Biotech Holdings | 57,781 | - | 1.48 | 0.00 | ||||||
| Music Festivals plc | 45,730 | - | 1.17 | 0.00 | ||||||
| Inspired Energy plc | 76,895 | 108,000 | 1.97 | 3.85 | ||||||
| Microsaic Systems | 36,690 | 41,115 | 0.94 | 1.47 | ||||||
| Eco City Vehicles | 34,675 | 46,000 | 0.89 | 1.64 | ||||||
| Venn Life Sciences | 125,628 | 116,667 | 3.22 | 4.16 | ||||||
| DP Poland | 25,631 | 34,000 | 0.66 | 1.21 | ||||||
| Probability | 61,814 | 49,008 | 1.58 | 1.75 | ||||||
| Eden Research | 18,094 | 20,000 | 0.46 | 0.71 | ||||||
| Modern Water | 50,256 | 41,000 | 1.29 | 1.46 | ||||||
| Quixant | 20,806 | 35,100 | 0.53 | 1.25 | ||||||
| Versarien | 25,241 | 24,600 | 0.65 | 0.88 | ||||||
| Blur Group | 19,600 | 22,750 | 0.50 | 0.81 | ||||||
| 2,742,675 | 1,909,818 | 70.31 | 68.16 | |||||||
| Total qualifying investments | 2,742,675 | 1,909,818 | 70.31 | 68.16 | ||||||
New Century AIM VCT2 plc
For the six months to 30th June 2013
Investment Portfolio (continued)
| Non Qualifying Investments | |||||||||||||
| AIM Quoted | |||||||||||||
| DCD Media | 60,300 | 1,050 | 1.55 | 0.04 | |||||||||
| Eco City Vehicles | 15,671 | 6,100 | 0.40 | 0.22 | |||||||||
| Sanderson Group | 37,434 | 42,300 | 0.96 | 1.51 | |||||||||
| Rotala plc | 47,884 | 50,400 | 1.23 | 1.80 | |||||||||
| Tristel plc | 60 | 20 | 0.00 | 0.00 | |||||||||
| Advanced Computer Sofware | 168 | 270 | 0.00 | 0.01 | |||||||||
| Green Compliance plc | 2 | - | 0.00 | 0.00 | |||||||||
| Bango plc | 299 | 364 | 0.01 | 0.01 | |||||||||
| China Food Co plc | 31,547 | 12,100 | 0.81 | 0.43 | |||||||||
| 2Ergo Group | 17,932 | 750 | 0.46 | 0.03 | |||||||||
| In-Deed Online | 66,906 | 14,265 | 1.72 | 0.51 | |||||||||
| Networkers Int | 7,110 | 7,400 | 0.18 | 0.26 | |||||||||
| Motivcom | 14,376 | 22,659 | 0.37 | 0.81 | |||||||||
| Hightex | 18,922 | 12,350 | 0.49 | 0.44 | |||||||||
| Nature Group | 26,637 | 18,500 | 0.68 | 0.66 | |||||||||
| Alliance Pharma | 15,712 | 21,000 | 0.40 | 0.75 | |||||||||
| Avingtrans | 9,548 | 17,400 | 0.24 | 0.62 | |||||||||
| Gable Holdings | 12,080 | 26,500 | 0.31 | 0.95 | |||||||||
| Netplay plc | 8,999 | 12,750 | 0.23 | 0.46 | |||||||||
| Litebulb Group | 21,897 | 45,000 | 0.56 | 1.61 | |||||||||
| Hydrodec Group | 11,114 | 9,000 | 0.28 | 0.32 | |||||||||
| Sorbic International | 10,205 | 11,600 | 0.26 | 0.41 | |||||||||
| TLA Worldwide plc | 13,942 | 15,000 | 0.36 | 0.54 | |||||||||
| 448,745 | 346,778 | 11.50 | 12.38 | ||||||||||
| UK Listed | |||||||||||||
| Investec | 169,416 | 63,900 | 4.34 | 2.28 | |||||||||
| 4Imprint Group | 16,173 | 53,025 | 0.41 | 1.89 | |||||||||
| British American Tobacco | 22,104 | 33,670 | 0.57 | 1.20 | |||||||||
| Tullett Prebon plc | 14,407 | 12,760 | 0.37 | 0.46 | |||||||||
| Imperial Tobacco | 23,759 | 22,800 | 0.61 | 0.81 | |||||||||
| Vodafone | 25,249 | 28,050 | 0.65 | 1.00 | |||||||||
| Primary Health Properties | 10,054 | 10,414 | 0.26 | 0.37 | |||||||||
| 281,162 | 224,619 | 7.21 | 8.02 | ||||||||||
| Unlisted Investments | |||||||||||||
| Merchant House14% | 45,228 | - | 1.16 | 0.00 | |||||||||
| Merchant House14% | 45,228 | - | 1.16 | 0.00 | |||||||||
| Merchant House 10% | 20,103 | 3,000 | 0.52 | 0.11 | |||||||||
| 110,559 | 3,000 | 2.84 | 0.11 | ||||||||||
| Total non-qualifying investments | 840,466 | 574,397 | 21.55 | 20.50 | |||||||||
New Century AIM VCT2 plc
Notes to the Accounts
| 1 | This interim financial information and the unaudited interim accounts for the six months to 30 June 2013 from which it has been extracted, are the responsibility of the directors and were approved by them on 28 August 2013, 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 | 6,319,550 Ordinary Shares of 10 pence each were in issue throughout the period under review. | |
| 5 | Net Asset Value per share at 30 June 2013 was 44p (at 31 December 2012: 44p; 30 June 2012: 40p). | |
| 6 | On 23 January 2013, approval was given by the Court of the special resolution to cancel the balance on the Share Premium account as at 31 December 2011. Accordingly the Share Premium balance as at 31 December 2011 has been cancelled realising a corresponding credit against the Realised Capital and Unrealised Capital Reserves as at that date with the remaining balance being credited against the Revenue Reserve. | |
| 7 | No dividend was paid in the period. | |
| 8 | Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s Registered Office: Woodside Secretaries Ltd, 7th Floor, 52-54 Gracechurch Street, London EC3V 0EH. | |
New Century AIM VCT plc
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 | 7th Floor, 52-54 Gracechurch Street | |
| London EC3V 0EH | ||
| Investment Manager and Broker | MD Barnard & Co Ltd | |
| 17-21 New Century Road | ||
| Laindon | ||
| Essex SS15 6AG | ||
| Registrars | Neville Registrars Ltd | |
| 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 | ||
Copyright Business Wire 2013