Last checked at 
30 Aug 2012 11:40
| New Century AIM VCT2 plc | |
| For the six months to 30 June 2012 | |
Chairman's Statement
During the interim period to the 30th June 2012, the net asset value of the fund remained unchanged at 40p despite a 2.6% decline in the FTSE Aim Index.
The second half has started well and as at the 21st August, 2012, the net asset value per share had increased to 43.5p
Geoff Gamble
Chairman
30th August 2012
| Unaudited Balance Sheet. | |||||||||||||||||||||||||||||||||
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||||||||||||||||||||||
| as at 30 June 2012 | as at 31 December 2011* | as at 30 June 2011 | |||||||||||||||||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||||||||||||||||
| Fixed Assets | |||||||||||||||||||||||||||||||||
| Investments | 2,371 | 2,251 | 2,680 | ||||||||||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||||||||||||
| Sundry Debtors | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
| Uninvested cash | 125 | 125 | 158 | 158 | 89 | 89 | |||||||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||||||||||||
| Creditors: amounts due | |||||||||||||||||||||||||||||||||
| within one year | -4 | -8 | 0 | ||||||||||||||||||||||||||||||
| 2,492 | 2,401 | 2,769 | |||||||||||||||||||||||||||||||
| Capital and Reserves | |||||||||||||||||||||||||||||||||
| Share Capital | 631 | 615 | 615 | ||||||||||||||||||||||||||||||
| Share Premium | 5,309 | 5,251 | 5,251 | ||||||||||||||||||||||||||||||
| Capital reserve - realised | -662 | -586 | -487 | ||||||||||||||||||||||||||||||
| Capital reserve - unrealised | -2,763 | -2,852 | -2,593 | ||||||||||||||||||||||||||||||
| Revenue reserve | -23 | -27 | -17 | ||||||||||||||||||||||||||||||
| 2,492 | 2,401 | 2,769 | |||||||||||||||||||||||||||||||
| Asset Value per share in pence | 40p |
| 40p |
| 47p | ||||||||||||||||||||||||||||
| *Audited accounts | |||||||||||||||||||||||||||||||||
| Unaudited Income Statement | |||||||||||||||||||||||
| (incorporating the revenue account) | |||||||||||||||||||||||
| 6 mth period ended 30 June 2012 | Year to 31 December 2011* | 6 mth period ended 30 June 2011 | |||||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||||
| Gains on investments | |||||||||||||||||||||||
| Realised | 0 | 50 | 50 | 0 | 110 | 110 | 0 | 9 | 9 | ||||||||||||||
| Unrealised | 0 | -25 | -25 | 0 | -589 | -589 | 0 | -138 | -138 | ||||||||||||||
| Income | 22 | 0 | 22 | 34 | 0 | 34 | 18 | 0 | 18 | ||||||||||||||
| Investment management fees | -3 | -10 | -13 | -7 | -20 | -27 | -4 | -10 | -14 | ||||||||||||||
| Other expenses | -16 | 0 | -16 | -35 | 0 | -35 | -14 | 0 | -14 | ||||||||||||||
| Return on ordinary activities | 3 | 15 | 18 | -8 | -499 | -507 | 0 | -139 | -139 | ||||||||||||||
| Tax on ordinary activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
| Return on ordinary activities | |||||||||||||||||||||||
| after taxation | 3 | 15 | 18 | -8 | -499 | -507 | 0 | -139 | -139 | ||||||||||||||
| Return per ordinary share in pence | 0.05 | 0.24 | 0.29 | -0.12 | -8.30 | -8.42 | .01 | -2.37 | -2.36 | ||||||||||||||
| *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 of ordinary shares in issue in the six months to 30 June 2012 was 6239641; for the year to 31 December 2011: 6032006; for the six months to 30 June 2011: 5909632. | |||||||||||||||||||||||
|
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| Unaudited Cash Flow Statement | |||||||||||||||||||||||
| 6 month period ended 30 June | Year to 31 December | 6 month period ended 30 June | |||||||||||||||||||||
| 2012 | 2011* | 2011 | |||||||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||||||
| Operating activity: Net cash outflow | -33 | -67 | -41 | ||||||||||||||||||||
| Returns on investments | |||||||||||||||||||||||
| Interest received | 2 | 4 | 3 | ||||||||||||||||||||
| Investment income | 20 | 22 | 30 | 34 | 15 | 18 | |||||||||||||||||
| Taxation | 0 | 0 | 0 | ||||||||||||||||||||
| Dividend paid | 0 | 0 | 0 | ||||||||||||||||||||
| Financial investment | |||||||||||||||||||||||
| Sale of investments | 232 | 748 | 243 | ||||||||||||||||||||
| Purchase of investments | -327 | -95 | -830 | -82 | -404 | -161 | |||||||||||||||||
| Net cash inflow/(outflow) before financing | -106 | -115 | -184 | ||||||||||||||||||||
| Share Issue | 74 | 192 | 192 | ||||||||||||||||||||
| Increase/-decrease in uninvested cash with broker | -32 | 77 | 8 | ||||||||||||||||||||
| *Audited Accounts | |||||||||||||||||||||||
| Investment Portfolio | |||||||||
| Security | Cost | Valuation | % | % | |||||
| 30/06/2012 | Cost | Valuation | |||||||
| Qualifying Investments | 3628830 | 1582868 | 69.86 | 63.40 | |||||
| Non-qualifying Investments | 1439680 | 787992 | 27.72 | 31.57 | |||||
| Uninvested funds | 125635 | 125635 | 2.42 | 5.03 | |||||
| 5194145 | 2496495 | 100.00 | 100.00 | ||||||
| Qualifying Investments | |||||||||
| AIM Listed | |||||||||
| Marechale Capital plc | 151504 | 18750 | 2.92 | 0.75 | |||||
| Sinclair Pharma plc | 220136 | 222796 | 4.24 | 8.92 | |||||
| EBTM plc | 471420 | 0 | 9.08 | 0.00 | |||||
| HML Holdings plc | 271350 | 170000 | 5.22 | 6.81 | |||||
| Sport Media Group plc | 125625 | 0 | 2.42 | 0.00 | |||||
| Environ Group plc | 334125 | 0 | 6.43 | 0.00 | |||||
| Kurawood plc | 150750 | 0 | 2.90 | 0.00 | |||||
| Boomerang Plus plc | 238185 | 75000 | 4.59 | 3.00 | |||||
| Corac Group plc | 160062 | 63575 | 3.08 | 2.55 | |||||
| Tristel plc | 204363 | 138628 | 3.93 | 5.55 | |||||
| Advanced Computer Sofware | 102607 | 321107 | 1.97 | 12.86 | |||||
| Cyan Holdngs plc | 204219 | 70606 | 3.93 | 2.83 | |||||
| Savile Group | 126254 | 18750 | 2.43 | 0.75 | |||||
| M.Winkworth plc | 72360 | 74700 | 1.39 | 2.99 | |||||
| Green Compliance plc | 33670 | 11390 | 0.65 | 0.46 | |||||
| Bango plc | 28389 | 112796 | 0.55 | 4.52 | |||||
| Angel Biotech Holdings | 125506 | 93150 | 2.42 | 3.73 | |||||
| In-Deed Online | 66906 | 58645 | 1.29 | 2.35 | |||||
| Music Festivals plc | 45731 | 19600 | 0.88 | 0.79 | |||||
| Inspired Energy plc | 76895 | 78000 | 1.48 | 3.12 | |||||
| Microsaic Systems | 15079 | 15375 | 0.29 | 0.62 | |||||
| 3225134 | 1562869 | 62.09 | 62.60 | ||||||
| Plus Markets Listed | |||||||||
| General Medical Clinics plc | 37371 | 20000 | 0.72 | 0.80 | |||||
| CKS Group plc | 366323 | 0 | 7.05 | 0.00 | |||||
| 403694 | 20000 | 7.77 | 0.80 | ||||||
| Total qualifying investments | 3628828 | 1582869 | 69.86 | 63.40 |
| Non-qualifying Investments | |||||||||
| AIM Listed | |||||||||
| NetDimensions Ltd | 31155 | 16500 | 0.60 | 0.66 | |||||
| Ashley House plc | 86558 | 11250 | 1.67 | 0.45 | |||||
| DCD Media | 60300 | 1875 | 1.16 | 0.08 | |||||
| Eco City Vehicles | 15530 | 5100 | 0.30 | 0.20 | |||||
| ILX Group | 30099 | 5000 | 0.58 | 0.20 | |||||
| Sanderson Group | 58231 | 54600 | 1.12 | 2.19 | |||||
| Pactolus Hungarian Prop | 10616 | 5000 | 0.20 | 0.20 | |||||
| Rotala plc | 47884 | 44400 | 0.92 | 1.78 | |||||
| 2Ergo Group | 17932 | 12500 | 0.35 | 0.50 | |||||
| Stadium Group | 7036 | 6300 | 0.14 | 0.25 | |||||
| May Gurney | 6687 | 5825 | 0.13 | 0.23 | |||||
| Merchant House Group | 19448 | 14000 | 0.37 | 0.56 | |||||
| Sportingbet | 9614 | 9300 | 0.19 | 0.37 | |||||
| Randall & Quilter | 24497 | 25000 | 0.47 | 1.00 | |||||
| Motivcom | 7173 | 8900 | 0.14 | 0.36 | |||||
| Hightex | 18922 | 14203 | 0.36 | 0.57 | |||||
| Nature Group | 26637 | 12500 | 0.51 | 0.50 | |||||
| Quindell Portfolio | 27139 | 20000 | 0.52 | 0.80 | |||||
| Alliance Pharma | 9901 | 8050 | 0.19 | 0.32 | |||||
| Avingtrans | 10185 | 11360 | 0.20 | 0.46 | |||||
| API Group | 10078 | 10150 | 0.19 | 0.41 | |||||
| 32 RED | 16380 | 16560 | 0.32 | 0.66 | |||||
| 552002 | 318373 | 10.63 | 12.75 | ||||||
|
|
| ||||||||
| UK listed | |||||||||
| Investec | 443821 | 148800 | 8.54 | 5.96 | |||||
| 4Imprint Group | 20024 | 37700 | 0.39 | 1.51 | |||||
| British American Tobacco | 22104 | 32410 | 0.43 | 1.30 | |||||
| China Food Co plc | 22101 | 12650 | 0.43 | 0.51 | |||||
| Hansard Global plc | 16486 | 12800 | 0.32 | 0.51 | |||||
| Astrazeneca | 21440 | 19971 | 0.41 | 0.80 | |||||
| Chemring Group | 26254 | 10960 | 0.50 | 0.44 | |||||
| HSBC Holdings | 18881 | 16830 | 0.36 | 0.68 | |||||
| Networkers | 12443 | 12250 | 0.24 | 0.49 | |||||
| Microsaic Systems | 24951 | 38950 | 0.48 | 1.56 | |||||
| Renew Hldgs | 11379 | 16200 | 0.22 | 0.65 | |||||
| Tullett Prebon | 14407 | 11360 | 0.28 | 0.46 | |||||
| Wm Hill | 11350 | 14100 | 0.22 | 0.57 | |||||
| Imperial Tobacco | 23759 | 24550 | 0.46 | 0.98 | |||||
| Clarke T | 7643 | 6975 | 0.15 | 0.28 | |||||
| IMI | 9825 | 8310 | 0.19 | 0.33 | |||||
| Carillion | 13654 | 13800 | 0.26 | 0.55 | |||||
| Primary Health Properties | 14609 | 15248 | 0.28 | 0.61 | |||||
| Lonrho | 14665 | 10050 | 0.28 | 0.40 | |||||
| Barclays | 7226 | 5705 | 0.14 | 0.23 | |||||
| 757022 | 469619 | 14.58 | 18.82 | ||||||
| Unlisted Investments | |||||||||
| Environ Group plc | 40200 | 0 | 0.77 | 0.00 | |||||
| Merchant House Ln Notes | 45228 | 0 | 0.87 | 0.00 | |||||
| Merchant House CULS | 45228 | 0 | 0.87 | 0.00 | |||||
| 130656 | 0 | 2.51 | 0.00 | ||||||
| Total non-qualifying investments | 1439680 | 787992 | 27.72 | 31.57 |
| 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 2012 from | ||
| which it has been extracted, are the responsibility of the directors and were approved by them on 30 August | |||
| 2012, 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 financial | ||
| statements 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" issued in January 2003 | |||
| and revised in December 2005. | |||
| 3 | Listed, AIM or Plus Markets -traded investments are stated at market value, which is based upon market bid prices at the balance sheet date. | ||
| 4 | 6,152,384 Ordinary Shares of 10 pence each were in issue at the beginning of the period under review. During the period 167,166 Ordinary Shares were issued for a premium of 34 pence per share leaving 6,319,550 Ordinary Shares outstanding at the end of the period. The weighted average number of shares in issue was 6,239,641. | ||
| 5 | Net Asset Value per share at 30 June 2012 was 40p (at 31 December 2011: 40p; 30 June 2011 47p). | ||
| 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 at 17/21 New Century Road Laindon SS15 6AG or from Woodside Corporate Services, 4th Floor 150-152 Fenchurch Street London EC2M 6BB. |
| New Century AIM VCT2 plc | |||||
| Directors, Investment Manager and Advisors | |||||
| Directors | Geoffrey Charles Gamble (Chairman) | ||||
| Michael David Barnard | |||||
| Peter William Riley | |||||
| Ian Cameron-Mowat | |||||
| Secretary | Graham Urquhart | ||||
| and registered office | Woodside Secretaries Ltd | ||||
| 4th Floor, 150-152 Fenchurch Street | |||||
| London EC2M 6BB | |||||
| 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 | |||||
| Auditors 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 2012