Last checked at 
27 Sep 2010 15:14
New Century AIM VCT2 plc
Unaudited Interim Report
For the six months to 30 June 2010
| New Century AIM VCT2 plc | ||||||||||||||||||||||||||||||||||||||||
| For the six months to 30 June 2010 | ||||||||||||||||||||||||||||||||||||||||
| Chairman's Statement
During the interim period to the 30th June, 2010, the FTSE AIM index marginally increased by 1.2%. Unfortunately, your fund slipped in value by 5%. The main reason for the underperformance was sharp falls in the share prices of Cyan and Southern Bear following open offers at discounted share prices. The shares of IS Pharma were also weak but recently have been recovering following better than expected results. Political uncertainties were behind disappointing results from Ashley House and Savile. On a more encouraging note, the shares of Coolabi recovered by 60% and new addition, Bango, increased by 55%. There were relatively few transactions during the six months. China Eastsea was taken over at a small loss to book value and a small profit was realised on Lipoxen. The second half has commenced slowly though the net asset value has shown a small increase to 46.2p per share as at the 27th September. The current year is likely to remain difficult as increased taxation and Government spending cuts take effect. As a result we are taking a cautious approach towards new investments and maintaining a wide spread of investments.
Geoff Gamble Chairman
27th September, 2010 | ||||||||||||||||||||||||||||||||||||||||
| New Century AIM VCT2 plc | ||||||||||||||||||||||||||||||||||||||||
| For the six months to 30 June 2010 | ||||||||||||||||||||||||||||||||||||||||
| Unaudited Balance Sheet. | ||||||||||||||||||||||||||||||||||||||||
| Interim Accounts | Final Accounts | Interim Accounts | ||||||||||||||||||||||||||||||||||||||
| as at 30 June 2010 | as at 31 December 2009* | as at 30 June 2009 | ||||||||||||||||||||||||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||||||||||||||||||||||||
| Fixed Assets | ||||||||||||||||||||||||||||||||||||||||
| Investments | 2,438 | 2,937 | 2,186 | |||||||||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||||||||||||
| Sundry Debtors | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
| Uninvested cash | 129 | 129 | 6 | 6 | 564 | 564 | ||||||||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||||||||||||||
| Creditors: amounts due | ||||||||||||||||||||||||||||||||||||||||
| within one year | -6 | -62 | -9 | |||||||||||||||||||||||||||||||||||||
| 2,561 | 2,881 | 2,741 | ||||||||||||||||||||||||||||||||||||||
| Capital and Reserves | ||||||||||||||||||||||||||||||||||||||||
| Share Capital | 574 | 574 | 574 | |||||||||||||||||||||||||||||||||||||
| Share Premium | 5,100 | 5,100 | 5,100 | |||||||||||||||||||||||||||||||||||||
| Capital reserve - realised | -487 | -173 | -10 | |||||||||||||||||||||||||||||||||||||
| Capital reserve - unrealised | -2,641 | -2623 | -2,969 | |||||||||||||||||||||||||||||||||||||
| Revenue reserve | 15 | 3 | 46 | |||||||||||||||||||||||||||||||||||||
| 2,561 | 2,881 | 2,741 | ||||||||||||||||||||||||||||||||||||||
| Asset Value per share | 45p | 50p | 48p | |||||||||||||||||||||||||||||||||||||
| *Audited accounts | ||||||||||||||||||||||||||||||||||||||||
|
New Century AIM VCT2 plc | ||||||||||||||||||||||||||||||||||||||||
| For the six months to 30 June 2010 | ||||||||||||||||||||||||||||||||||||||||
| Unaudited Income Statement | ||||||||||||||||||||||||||||||||||||||||
| (incorporating the revenue account) | ||||||||||||||||||||||||||||||||||||||||
| 6 mth period ended 30 June 2010 | Year to 31 December 2009* | 6 mth period ended 30 June 2009 | ||||||||||||||||||||||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||||||||||||||||||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||||||||||||||||||||
| Gains on investments | ||||||||||||||||||||||||||||||||||||||||
| Realised | 0 | 22 | 22 | 0 | 108 | 108 | 0 | -58 | -58 | |||||||||||||||||||||||||||||||
| Unrealised | 0 | -304 | -304 | 0 | 244 | 244 | 0 | 232 | 232 | |||||||||||||||||||||||||||||||
| Income | 9 | 0 | 9 | 50 | 0 | 50 | 15 | 0 | 15 | |||||||||||||||||||||||||||||||
| Investment management fees | -3 | -10 | -13 | -7 | -22 | -29 | -3 | -10 | -13 | |||||||||||||||||||||||||||||||
| Other expenses | -16 | 0 | -16 | -33 | 0 | -33 | -16 | 0 | -16 | |||||||||||||||||||||||||||||||
| Return on ordinary activities | -10 | -292 | -302 | 10 | 330 | 340 | -4 | 164 | 160 | |||||||||||||||||||||||||||||||
| Tax on ordinary activities | 0 | 0 | 0 | -2 | 9 | 7 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
| Return on ordinary activities | ||||||||||||||||||||||||||||||||||||||||
| after taxation | -10 | -292 | -302 | 8 | 339 | 347 | -4 | 164 | 160 | |||||||||||||||||||||||||||||||
| Return per ordinary share in pence | -0.19 | -5.09 | -5.28 | 0.14 | 5.91 | 6.05 | -0.07 | 2.86 | 2.79 | |||||||||||||||||||||||||||||||
| *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. | ||||||||||||||||||||||||||||||||||||||||
| There were 5,745,530 ordinary shares in issue throughout the period. | ||||||||||||||||||||||||||||||||||||||||
|
New Century AIM VCT2 plc | |||||||||||
| For the six months to 30 June 2010 | |||||||||||
| Unaudited Cash Flow Statement | |||||||||||
| 6 month period ended 30 June | Year to 31 December | 6 month period ended 30 June | |||||||||
| 2010 | 2009* | 2009 | |||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||
| Operating activity: Net cash outflow | -31 | -54 | -32 | ||||||||
| Returns on investments | |||||||||||
| Interest received | 0 | 6 | 12 | ||||||||
| Investment income | 9 | 9 | 45 | 51 | 3 | 15 | |||||
| Taxation | 0 | -6 | 0 | ||||||||
| Dividend paid | 0 | -48 | 0 | ||||||||
| Financial investment | |||||||||||
| Sale of investments | 403 | 1,071 | 799 | ||||||||
| Purchase of investments | -203 | 200 | -1,102 | -31 | -256 | 543 | |||||
| Net cash inflow/(outflow) before financing | 178 | -88 | 526 | ||||||||
| Increase in univested cash with broker | 178 | -88 | 526 | ||||||||
| *Audited Accounts | |||||||||||
|
New Century AIM VCT2 plc | |||||||||
| Investment Portfolio Summary | |||||||||
| Security | Cost | Valuation | % | % | |||||
| As at 30 June 2010 | £ | £ | Cost | Valuation | |||||
| Qualifying Investments | 3765272 | 1788164 | 73.09 | 69.65 | |||||
| Non-qualifying Investments | 1256587 | 649852 | 24.39 | 25.31 | |||||
| Uninvested funds | 129402 | 129402 | 2.52 | 5.04 | |||||
| 5151261 | 2567418 | 100.00 | 100.00 | ||||||
| Qualifying Investments | |||||||||
| AIM Listed | |||||||||
| Marechale Capital plc | 151504 | 15000 | 2.94 | 0.58 | |||||
| Coolabi plc | 394694 | 300000 | 7.66 | 11.65 | |||||
| IS Pharma plc | 301500 | 265714 | 5.85 | 10.32 | |||||
| EBTM plc | 471420 | 0 | 9.15 | 0.00 | |||||
| HML Holdings plc | 271350 | 100000 | 5.27 | 3.88 | |||||
| Sport Media Group plc | 125625 | 2500 | 2.44 | 0.10 | |||||
| Southern Bear | 301500 | 30000 | 5.85 | 1.17 | |||||
| Kurawood plc | 150750 | 0 | 2.93 | 0.00 | |||||
| Boomerang Plus plc | 238185 | 105000 | 4.62 | 4.08 | |||||
| Corac Group plc | 73868 | 30625 | 1.43 | 1.39 | |||||
| Tristel plc | 235258 | 290700 | 4.57 | 11.29 | |||||
| Advanced Computer Software | 102510 | 219000 | 1.99 | 8.51 | |||||
| Cyan Holdngs plc | 157862 | 55000 | 3.06 | 2.14 | |||||
| Savile Group | 126254 | 61875 | 2.45 | 2.40 | |||||
| M. Winkworth plc | 72360 | 72000 | 1.40 | 2.80 | |||||
| Green Compliance plc | 33668 | 67000 | 0.65 | 2.60 | |||||
| Bango plc | 32411 | 65250 | 0.63 | 2.53 | |||||
| Lipoxen plc | 35175 | 38750 | 0.68 | 1.50 | |||||
| 3275894 | 1718414 | 63.59 | 66.94 | ||||||
| UK Listed | |||||||||
| Chime Communications plc | 85684 | 43750 | 1.66 | 1.70 | |||||
| Plus Markets Listed | |||||||||
| General Medical Clinics plc | 37371 | 26000 | 0.73 | 1.01 | |||||
| CKS Group plc | 366323 | 0 | 7.11 | 0.00 | |||||
| 403694 | 26000 | 7.84 | 1.01 | ||||||
| Total qualifying investments | 3765272 | 1788164 | 73.09 | 69.65 | |||||
| Security | Cost | Valuation | % | % | |||||||||||||||
| As at 30 June 2010 | £ | £ | Cost | Valuation | |||||||||||||||
| Non-qualifying Investments | |||||||||||||||||||
| AIM Listed | |||||||||||||||||||
| K3 Business Technology | 27978 | 23000 | 0.54 | 0.89 | |||||||||||||||
| NetDimensions Ltd | 31155 | 10500 | 0.60 | 0.41 | |||||||||||||||
| Ashley House plc | 96176 | 35000 | 1.87 | 1.36 | |||||||||||||||
| Microemissive Displays | 49046 | 0 | 0.95 | 0.00 | |||||||||||||||
| DCD Media | 60300 | 6750 | 1.17 | 0.26 | |||||||||||||||
| Neutrahealth plc | 30459 | 9375 | 0.59 | 0.36 | |||||||||||||||
| Eco City Vehicles | 15530 | 15750 | 0.30 | 0.61 | |||||||||||||||
| ILX Group | 30099 | 9500 | 0.58 | 0.37 | |||||||||||||||
| Sanderson Group | 58231 | 30800 | 1.13 | 1.20 | |||||||||||||||
| Pactolus Hungarian Prop | 10616 | 6000 | 0.21 | 0.23 | |||||||||||||||
| Fishworks plc | 30150 | 0 | 0.59 | 0.00 | |||||||||||||||
| AT Communications Group | 41815 | 0 | 0.81 | 0.00 | |||||||||||||||
| Shed Media plc | 16463 | 20500 | 0.32 | 0.80 | |||||||||||||||
| Norcon plc | 19695 | 21000 | 0.60 | 0.82 | |||||||||||||||
| STM Group | 35852 | 21000 | 0.60 | 0.82 | |||||||||||||||
| Alliance Pharma | 25251 | 62000 | 0.39 | 2.41 | |||||||||||||||
| Colliers Int plc | 20200 | 15000 | 0.39 | 0.58 | |||||||||||||||
| Rotala plc | 35351 | 36750 | 0.69 | 1.43 | |||||||||||||||
| Tristel plc | 60 | 51 | 0.00 | 0.00 | |||||||||||||||
| Advanced Computer Software | 41 | 37 | 0.00 | 0.00 | |||||||||||||||
| Green Compliance plc | 2 | 2 | 0.00 | 0.00 | |||||||||||||||
| Bango plc | 100 | 87 | 0.00 | 0.00 | |||||||||||||||
| Motivcom | 23787 | 24000 | 0.46 | 0.93 | |||||||||||||||
| 658357 | 347102 | 12.78 | 13.52 | ||||||||||||||||
| UK listed | |||||||||||||||||||
| Superglass Hldgs plc | 45225 | 5000 | 0.88 | 0.19 | |||||||||||||||
| Investec | 443821 | 190650 | 8.62 | 7.40 | |||||||||||||||
| 4Imprint Group | 20024 | 26000 | 0.38 | 1.01 | |||||||||||||||
| 509070 | 221650 | 9.88 | 8.61 | ||||||||||||||||
| Unlisted Investments | |||||||||||||||||||
| DCD Media loan notes 2012 | 30868 | 31350 | 0.60 | 1.22 | |||||||||||||||
| Southern Bear plc loan notes | 40200 | 28000 | 0.78 | 1.09 | |||||||||||||||
| 71068 | 59350 | 1.38 | 2.31 | ||||||||||||||||
| Plus Markets quoted | |||||||||||||||||||
| AH Medical Properties plc | 18091 | 21750 | 0.35 | 0.84 | |||||||||||||||
| Total non-qualifying investments | 1256587 | 649852 | 24.39 | 25.53 | |||||||||||||||
| 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 2010 from | ||||||||||||||||||
| which it has been extracted, are the responsibility of the directors and were approved by them on 22 September | |||||||||||||||||||
| 2010, 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 | 5,745,530 Ordinary Shares of 10 pence each were in issue throughout the period under review. | ||||||||||||||||||
| 5 | Net Asset Value per share at 30 June 2010 was 45p (at 31 December 2009: 50p; 30 June 2009 48p). | ||||||||||||||||||
| 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: 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 | ||||
| Solicitors | Dundas & Wilson LLP | |||
| 5th Floor Northwest Wing | ||||
| Bush House | ||||
| London WC2B 4EZ | ||||
| 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 | ||||
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