Last checked at 
29 Aug 2014 11:51
New Century AIM VCT2 plc
For the six months to 30th June 2014
Chairman’s Statement
In the six month period to the 30th June, 2014, the net asset value of your fund increased to 59p per share. This was an improvement of 7.27% over the period, whereas the FTSE AIM Allshare declined by 7.68%.
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 declined further as the Market digested news of the tensions in the Ukraine and Russia, and Israel and Gaza. Whilst the IPO frenzy at the start of the year started to wane due to too many new and secondary issues coming to the market at ever more stretching valuations.
That said, your fund has remained steady with the net asset value increasing slightly to 60.25p as of 27th August 2014. This increase is after paying a 1.25p dividend.
We remain cautious in our approach and hope to report further progress at the time of the preliminary results.
Geoff Gamble
27 August 2014
New Century AIM VCT2 plc
For the six months to 30th June 2014
Unaudited Balance Sheet
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||||
| as at 30 June 2014 | as at 31 December 2013* | as at 30 June 2013 | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||
| Fixed Assets | |||||||||||||||
| Investments | 2,991 | 3,028 | 2,484 | ||||||||||||
| Current Assets | |||||||||||||||
| Sundry debtors | - | - | - | ||||||||||||
| Uninvested cash | 413 | 413 | 129 | 129 | 318 | 318 | |||||||||
| Current Liabilities | |||||||||||||||
| Creditors: amounts due | |||||||||||||||
| within one year | (8) | (17) | (7) | ||||||||||||
| 3,396 | 3,140 | 2,795 | |||||||||||||
| Capital and Reserves | |||||||||||||||
| Share capital | 569 | 569 | 632 | ||||||||||||
| Share premium | 57 | 57 | 57 | ||||||||||||
| Capital Redemption Reserve | 63 | 63 | - | ||||||||||||
| Capital reserve - realised | (968) | (1,032) | (1,358) | ||||||||||||
| Capital reserve - unrealised | 2,273 | 2,075 | 1,689 | ||||||||||||
| Revenue reserve | 1,402 | 1,408 | 1,775 | ||||||||||||
| 3,396 | 3,140 | 2,795 | |||||||||||||
| Asset Value per share | 59p | 55p | 44p | ||||||||||||
| *Audited accounts | |||||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2014
Unaudited Income Statement
(incorporating the revenue account)
| 6 month period ended 30 June 2014 | Year to 31 December 2013* | 6 month period ended 30 June 2013 | |||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||
| Gains on investments | |||||||||||||||||||||
| Realised | - | 117 | 117 | - | 240 | 240 | - | 17 | 17 | ||||||||||||
| Unrealised | - | 158 | 158 | - | 500 | 500 | - | - | - | ||||||||||||
| Income | 10 | - | 10 | 30 | - | 30 | 14 | - | 14 | ||||||||||||
| Investment management fees | (4) | (13) | (17) | (8) | (22) | (30) | (4) | (11) | (15) | ||||||||||||
| Other expenses | (12) | - | (12) | (56) | - | (56) | (26) | - | (26) | ||||||||||||
| Return on ordinary activities | (6) | 262 | 256 | (34) | 718 | 684 | (16) | 6 | (10) | ||||||||||||
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||||||||||||
| Return on ordinary activities | |||||||||||||||||||||
| after taxation | (6) | 262 | 256 | (34) | 718 | 684 | (16) | 6 | (10) | ||||||||||||
| Return per ordinary share in pence | (0.11) | 4.61 | 4.50 | (0.56) | 11.95 | 11.39 | (0.25) | 0.10 | (0.15) | ||||||||||||
| *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 5,687,595 | |||||||||||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2014
Unaudited Cash Flow Statement
| 6 month period ended 30 June 2014 | Year to 31 December 2013* | 6 month period ended 30 June 2013 | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Operating activity: Net cash outflow | (38) | (77) | (41) | |||||||||
| Returns on investments | ||||||||||||
| Interest received | - | 2 | 2 | |||||||||
| Investment income | 10 | 10 | 28 | 30 | 12 | 14 | ||||||
| Taxation | - | - | - | |||||||||
| Dividend paid | - | (57) | - | |||||||||
| Financial investment | ||||||||||||
| Sale of investments | 416 | 1,179 | 286 | |||||||||
| Purchase of investments | (104) | 312 | (1,010) | 169 | (296) | (10) | ||||||
| Net cash inflow / (outflow) before financing | 284 | 65 | (37) | |||||||||
| Share repurchase | - | (291) | - | |||||||||
| 284 | (226) | (37) | ||||||||||
| Increase / (decrease) in uninvested cash with broker | 284 | (226) | (37) | |||||||||
| *Audited Accounts | ||||||||||||
New Century AIM VCT2 plc
For the six months to 30th June 2014
Investment Portfolio
| Security | Cost | Valuation | % | % | ||||||
| 30 June 2014 | Cost | Valuation | ||||||||
| Qualifying Investments | 2,806,485 | 2,438,830 | 71.62 | 71.63 | ||||||
| Non-qualifying Investments | 698,555 | 552,375 | 17.83 | 16.22 | ||||||
| Uninvested funds | 413,495 | 413,495 | 10.55 | 12.15 | ||||||
| 3,918,535 | 3,404,700 | 100.00 | 100.00 | |||||||
| Qualifying Investments | ||||||||||
| AIM Quoted | ||||||||||
| Marechale Capital plc | 151,504 | 30,000 | 3.87 | 0.88 | ||||||
| Sinclair Pharma plc | 183,285 | 217,000 | 4.68 | 6.37 | ||||||
| HML Holdings plc | 271,350 | 330,000 | 6.92 | 9.69 | ||||||
| Sport Media Group plc | 125,625 | - | 3.21 | 0.00 | ||||||
| Environ Group plc | 334,125 | - | 8.53 | 0.00 | ||||||
| Kurawood plc | 150,750 | - | 3.85 | 0.00 | ||||||
| Corac Group plc | 160,062 | 52,356 | 4.08 | 1.54 | ||||||
| Tristel plc | 82,547 | 158,000 | 2.11 | 4.64 | ||||||
| Advanced Computer Sofware | 55,526 | 373,750 | 1.42 | 10.98 | ||||||
| Cyan Holdngs plc | 204,219 | 32,840 | 5.21 | 0.96 | ||||||
| M.Winkworth plc | 56,280 | 112,000 | 1.44 | 3.29 | ||||||
| Green Compliance plc | 33,668 | 670 | 0.86 | 0.02 | ||||||
| Angel Biotech Holdings | 57,782 | - | 1.47 | 0.00 | ||||||
| Music Festivals plc | 45,731 | - | 1.17 | 0.00 | ||||||
| Inspired Energy plc | 50,462 | 189,000 | 1.29 | 5.55 | ||||||
| Microsaic Systems | 36,690 | 43,750 | 0.94 | 1.28 | ||||||
| Eco City Vehicles | 34,676 | 23,000 | 0.88 | 0.68 | ||||||
| Venn Life Sciences | 125,628 | 79,167 | 3.21 | 2.33 | ||||||
| DP Poland | 25,631 | 17,000 | 0.65 | 0.50 | ||||||
| Modern Water | 50,256 | 31,000 | 1.28 | 0.91 | ||||||
| Quixant | 9,247 | 33,600 | 0.24 | 0.99 | ||||||
| Blur Group | 6,785 | 4,005 | 0.17 | 0.12 | ||||||
| Keywords Studios | 25,162 | 31,950 | 0.64 | 0.94 | ||||||
| Sanderson Group | 15,204 | 18,975 | 0.39 | 0.56 | ||||||
| Cloudbuy plc | 33,168 | 37,000 | 0.85 | 1.09 | ||||||
| PHSC | 50,256 | 56,000 | 1.28 | 1.64 | ||||||
| EU Supply | 19,422 | 27,360 | 0.50 | 0.80 | ||||||
| Plastics Capital | 33,168 | 44,550 | 0.85 | 1.31 | ||||||
| Daily Internet | 30,153 | 40,000 | 0.77 | 1.17 | ||||||
| Litebulb Group | 51,008 | 72,500 | 1.30 | 2.13 | ||||||
| Eclectic Bar | 35,379 | 38,500 | 0.90 | 1.13 | ||||||
| Kalibrate Technologies | 27,975 | 39,106 | 0.71 | 1.15 | ||||||
| Syqic | 26,546 | 26,836 | 0.68 | 0.79 | ||||||
| Outsourcery | 28,143 | 7,000 | 0.72 | 0.21 | ||||||
| Martinco | 50,253 | 62,500 | 1.28 | 1.84 |
New Century AIM VCT2 plc
For the six months to 30th June 2014
Investment Portfolio (continued)
| Solid State | 35,248 | 56,515 | 0.90 | 1.66 | ||||||
| Audioboom Group | 30,153 | 100,000 | 0.77 | 2.94 | ||||||
| Scholium Group | 40,203 | 34,000 | 1.03 | 1.00 | ||||||
| Rosslyn Data | 23,219 | 18,900 | 0.59 | 0.56 | ||||||
| Total qualifying investments | 2,806,485 | 2,438,830 | 71.62 | 71.63 | ||||||
| Non Qualifying Investments | ||||||||||
| AIM Quoted | ||||||||||
| Eco City Vehicles | 15,671 | 3,050 | 0.40 | 0.09 | ||||||
| Sanderson Group | 18,717 | 31,050 | 0.48 | 0.91 | ||||||
| Rotala plc | 47,884 | 63,600 | 1.22 | 1.87 | ||||||
| Tristel plc | 60 | 79 | 0.00 | 0.00 | ||||||
| Advanced Computer Sofware | 168 | 345 | 0.00 | 0.01 | ||||||
| Green Compliance plc | 2 | 0 | 0.00 | 0.00 | ||||||
| China Food Co plc | 31,547 | 5,500 | 0.81 | 0.16 | ||||||
| Learning Technologies | 88,162 | 82,530 | 2.25 | 2.42 | ||||||
| Nature Group | 21,309 | 12,000 | 0.54 | 0.35 | ||||||
| Gable Holdings | 6,238 | 20,750 | 0.16 | 0.61 | ||||||
| Litebulb Group | 21,897 | 45,000 | 0.56 | 1.32 | ||||||
| Sorbic International | 10,205 | 8,700 | 0.26 | 0.26 | ||||||
| TLA Worldwide plc | 26,975 | 39,000 | 0.69 | 1.15 | ||||||
| Driver Group | 8,992 | 10,400 | 0.23 | 0.31 | ||||||
| Mobile Tornado | 10,124 | 8,500 | 0.26 | 0.25 | ||||||
| API Group | 8,070 | 8,100 | 0.21 | 0.24 | ||||||
| Eco Animal | 11,460 | 10,020 | 0.29 | 0.29 | ||||||
| Mar City | 10,053 | 14,875 | 0.26 | 0.44 | ||||||
| Minds & Machines | 10,254 | 8,500 | 0.26 | 0.25 | ||||||
| 347,788 | 371,999 | 8.88 | 10.93 | |||||||
| UK Listed | ||||||||||
| Investec | 169,416 | 88,750 | 4.32 | 2.61 | ||||||
| British American Tobacco | 22,104 | 34,780 | 0.56 | 1.02 | ||||||
| Imperial Tobacco | 23,759 | 26,300 | 0.61 | 0.77 | ||||||
| Greene King | 9,964 | 10,538 | 0.25 | 0.31 | ||||||
| Waterman Group | 9,926 | 9,100 | 0.25 | 0.27 | ||||||
| Servelec | 5,040 | 7,308 | 0.13 | 0.21 | ||||||
| 240,208 | 176,776 | 6.13 | 5.19 | |||||||
| Unlisted Investments | ||||||||||
| Merchant House14% | 45,228 | - | 1.15 | 0.00 | ||||||
| Merchant House14% | 45,228 | - | 1.15 | 0.00 | ||||||
| Merchant House 10% | 20,103 | 3,600 | 0.52 | 0.11 | ||||||
| 110,559 | 3,600 | 2.82 | 0.11 | |||||||
| Total non-qualifying investments | 698,555 | 552,375 | 17.83 | 16.22 |
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 2014 from | |
| which it has been extracted, are the responsibility of the directors and were approved by them on 27 August 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 | 5,687,595 Ordinary Shares of 10 pence each were in issue throughout the period under review. | |
| 5 | Net Asset Value per share at 30 June 2014 was 59p (at 31 December 2013: 55p; 30 June 2013: 44p). | |
| 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: Woodside Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR. |
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 | 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 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 2014