Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

Unaudited Interim Report

Six months to 31st August 2011

New Century AIM VCT plc

For the six months to 31st August 2011

Chairman’s Statement

During the 6 month period to the 31st August 2011, the fund made a relatively good showing. Against a 17% fall in the FTSE Aim Index, the fund declined by just 3.3%.

Net revenue reached £15,000 against £20,000 for the whole of the previous year which augurs well for the dividend prospects in the current year.

Qualifying investments have shown a slight increase to 82.3%.

The main feature of the period was the strength of the shareholding in Cupid which more than doubled on increasingly upgraded profits forecasts. Other useful gains were achieved by Belgravium, Coolabi, which received a bid approach, Advanced Computer, and Green Compliance.

A profit of just over £76,000 was realised on Educational Developments following a bid for the company. A large profit was also realised on Alliance Pharmaceuticals. Partial profits were taken on Cupid.

We decided to exit at a loss from Chime, Superglass and Record all of which did not live up to expectations.

Since August, the AIM market has fallen by a further 8%. We are pleased that the fund has continued to show resilience with the net asset value per share declining by just 2.9% to 56.3p.

Geoff Gamble

19 November 2010

New Century AIM VCT plc

For the six months to 31st August 2011

Balance Sheet

    Interim Accounts as at 31 August 2011   Final Accounts as at 28 February 2011*   Interim Accounts as at 31 August 2010
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 5,929 6,009 5,138
 
Current Assets
Sundry debtors 0 0 0
Uninvested cash on deposit with broker 320 320 332 332 462 462
 
Current Liabilities
Creditors: amounts due
within one year 0 (25) (19)
     
6,249 6,316 5,581
Capital and Reserves
 
Share capital 1,073 1,053 1,053
Share premium 9,003 8,912 8,913
Capital reserve - realised 2,287 2,241 2,162
Capital reserve - unrealised (6,149) (5,910) (6,629)
Revenue reserve 35 20 82
     
6,249 6,316 5,581
 
Asset value per share 58p 60p 53p

 

*Audited accounts

New Century AIM VCT plc

For the six months to 31st August 2011

Unaudited Income Statement

(incorporating the revenue account)

  6 month period ended 31 August 2011   Year to 28 February 2011*   6 month period ended 31 August 2010
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 71 71 0 146 146 0 24 24
Unrealised 0 (239) (239) 0 (82) (82) 0 (819) (819)
Income 39 0 39 71 0 71 32 0 32
Investment management fees (8) (24) (32) (15) (47) (62) (7) (22) (29)
Other expenses   (16) 0 (16) (36) 0 (36) (25) 0 (25)
Return on ordinary activities 15 (192) (177) 20 17 37 0 (817) (817)
Tax on ordinary activities 0 0 0 0 0 0 0 0 0
Return on ordinary activities
after taxation   15 (192) (177) 20 17 37 0 (817) (817)
Return per ordinary share in pence 0.14 (1.80) (1.66) 0.19 0.16 0.35 0.00 (7.83) (7.83)
 
*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 10,697,768.

New Century AIM VCT plc

For the six months to 31st August 2011

Unaudited Cash Flow Statement

  6 month period ended 31 August 2011   Year to 28 February 2011*   6 month period ended 31 August 2010
£'000   £'000 £'000   £'000 £'000   £'000
     
Operating activity: Net cash outflow (73) (96) (60)
 
Returns on investments
Interest received 2 4 2
Investment income 37 39 67 71 30 32
 
 
Taxation 0 0 0
 
Dividend paid 0 (58) 0
 
Financial investment
Sale of investments 468 1,009 296
Purchase of investments (557) (88) (1,412) (403) (625) (329)
     
Net cash inflow/(outflow) before financing (122) (486) (357)
Net proceeds of share issue 110 484 484
     
(12) (2) 127
 
Increase/(decrease) in uninvested cash with broker (12) (2) 127
 
*Audited Accounts
New Century AIM VCT plc    
Investment Portfolio: Qualifying    
Security   Cost   Valuation % %
    31 Aug 2011 Cost Valuation
Qualifying Investments 9,952,550 4,461,715 80 71
Non-qualifying Investments 2,131,290 1,467,967 17 24
Uninvested funds 319,926 319,926 3 5
  12,403,767 6,249,609 100 100
 

AIM Quoted

Tristel plc 253,678 259,960 2.05 4.16
PHSC plc 182,910 70,000 1.47 1.12
DCD Media plc 555,263 23,375 4.48 0.37
Legion Group plc 175,875 0 1.42 0.00
K3 Business Technology Group 140,198 271,250 1.13 4.34
Belgravium Technologies 281,400 120,000 2.27 1.92
ILX Group 753,750 218,750 6.08 3.50
Lighthouse Group plc 203,513 101,250 1.64 1.62
AT Communications Group 422,100 0 3.40 0.00
Invocas Group plc 100,400 8,100 0.81 0.13
Jelf Group plc 157,132 87,025 1.27 1.39
Relax Group 135,675 0 1.09 0.00
Brulines (Hldgs) plc 40,175 29,900 0.32 0.48
HML Holdings plc 351,549 124,000 2.83 1.98
CBG Group plc 99,947 26,325 0.81 0.42
Coolabi plc 237,071 203,206 1.91 3.25
Sinclair Pharma 211,050 199,495 1.70 3.19
Western & Oriental plc 502,500 0 4.05 0.00
EBTM plc 640,888 0 5.17 0.00
Sport Media Group 125,625 0 1.01 0.00
Environ Group plc 704,900 81,375 5.68 1.30
Kurawood plc 150,750 0 1.22 0.00
Boomerang Plus plc 238,185 79,500 1.92 1.27
Fishworks plc 180,900 0 1.46 0.00
Optare plc 50,753 2,946 0.41 0.05
Advanced Computer Software 354,514 788,500 2.86 12.62
Cyan Holdings plc 150,737 108,323 1.22 1.73
Marechale Capital plc 202,005 20,000 1.63 0.32
Lombard Risk Mgt 24,120 42,000 0.19 0.67
Savile Group 126,254 24,375 1.02 0.39
Winkworth plc 72,360 75,600 0.58 1.21
Green Compliance plc 100,628 104,564 0.81 1.67
Bango plc 43,215 71,000 0.35 1.14
Cupid plc 172,942 705,533 1.39 11.29
Managed Support Group 70,350 16,000 0.57 0.26
Eco City Vehicles 76,683 56,220 0.62 0.90
Corac Group plc 109,278 72,483 0.88 1.16
Brady plc 59,594 69,345 0.48 1.11
Angel Biotech 73,080 51,936 0.59 0.83
In-Deed Online 133,812 145,820 1.08 2.33
Music Festivals plc 68,090 65,660 0.55 1.05
Angle plc 10,053 10,000 0.08 0.16
Networkers International 25,014 25,900 0.20 0.41
8,768,912 4,359,715 70.70 69.76
 

 

New Century AIM VCT plc

Investment Portfolio: Qualifying    
Security   Cost Valuation % %
    31 Aug 2011 Cost Valuation
 
 
Plus Markets Quoted
CKS Group plc 526,369 0 4.31 0.00
Air Touring 201,000 0 1.65 0.00
General Medical Clinics plc 205,020 102,000 1.68 1.63
932,389 102,000 7.64 1.63
 
Unlisted Investments
Air Touring Group plc 251,250 0 2.03 0.00
251,250 0 2.03 0.00
       
Total qualifying investments 9,952,550 4,461,715 80.24 71.39

New Century AIM VCT plc

Investment Portfolio: Non-qualifying

Security   Cost   Valuation 31 Aug 2011   % Cost   %

Valuation

AIM Quoted

 
Arbuthnot Banking Group 45,207 30,875 0.36 0.49
Commodity Growth plc 150,750 42,000 1.22 0.67
DCD Media plc 40,200 1,375 0.32 0.02
Impact Holdings (UK) plc 26,160 2,250 0.21 0.04
STM Group plc 54,739 22,230 0.44 0.36
NetDimensions Ltd 31,155 11,500 0.25 0.18
Ashley House plc 116,975 18,000 0.94 0.29
Sanderson Group 92,521 85,000 0.75 1.36
Eco City Vehicles 62,116 42,000 0.5 0.67
Pactolus Hungarian Prop. 49,749 19,500 0.4 0.31
Burford Capital 25,250 30,250 0.2 0.48
Colliers CRE plc 20,200 8,000 0.16 0.13
Rotala plc 54,046 55,500 0.44 0.89
Motivcom 19,732 23,500 0.16 0.38
First Derivatives plc 19,797 31,500 0.16 0.5
Tristel plc 60 40 0 0
K3 Business Technology 131 175 0 0
Bango plc 291 142 0 0
Hydrodec Group plc 70,350 87,500 0.57 1.4
Interior Services 9,393 8,900 0.08 0.14
China Food Co plc 20,204 15,000 0.16 0.24
Hansard Global plc 24,727 25,815 0.2 0.41
Abbey Protection plc 27,224 28,000 0.22 0.45
2Ergo Group 37,879 25,673 0.31 0.41
Bezant Resources plc 15,078 11,850 0.12 0.19
Merchant House Group 45,228 49,950 0.36 0.8
Geong International 9,802 7,250 0.08 0.12
Spectra Systems 24,886 24,332 0.2 0.39
1,093,847 708,106 8.82 11.33
 

UK listed

 
Investec 477,227 200,000 3.85 3.2
Premier Farnell 44,542 40,500 0.36 0.65
Diploma plc 35,927 59,800 0.29 0.96
4Imprint Group 30,806 46,000 0.25 0.74
Tesco plc 25,625 23,660 0.21 0.38
British American Tobacco 44,189 54,480 0.36 0.87
Astrazeneca 61,213 57,300 0.49 0.92
G4S plc 19,464 19,500 0.16 0.31
Greggs plc 30,775 29,340 0.25 0.47
Aviva plc 22,268 16,450 0.18 0.26
Chemring Group 39,379 32,460 0.32 0.52
Cineworld Group 32,799 29,796 0.26 0.48
HSBC 21,955 18,375 0.18 0.29
886,170 627,661 7.14 10.04
 

Unlisted Investments

 
DCD Media plc 101,023 97,200 0.81 1.56
Southern Bear plc 50,250 35,000 0.41 0.56
151,273 132,200 1.22 2.12
       

Total non-qualifying investments

2,131,290 1,467,967 17.18 23.49

New Century AIM VCT plc

Notes to the Accounts

1   This interim financial information and the unaudited interim accounts for the six months to 31 August 2011 from
which it has been extracted, are the responsibility of the directors and were approved by them on 22nd November
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 10,534,329 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review.
32,834 additional shares were issued on 18th March 2011, 130,272 were issued on 1st April 2011, 24,150 were issued
on 13th April 2011, and 12,744 were issued on 10th May 2011.
 
The weighted average shares in issue during the period was 10,697,768 (10,434,260 for the year to 28/02/11;
10,355,823 for the six months to 31/08/10).
 
5 Net Asset Value per share at 31 August 2011 was 58p (at 28 February 2011: 60p; 31 August 2010 53p).

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 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, 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
 
Auditor and VCT status advisors UHY Hacker Young LLP
Quadrant House
4 Thomas More Street
Thomas More Square
London E1W 1YW
 
Bankers Bank of Scotland
New Uberior House
11 Earl Grey Street
Edinburgh EH3 9BN

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