Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

Unaudited Interim Report

Six months to 31st August 2010

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2010

Chairman’s Statement

In the 6 months to 31st August, 2010, the net asset value of your fund decreased by 4.6% to 53p per share. Qualifying investments accounted for 81% of the fund, ie. well above the minimum requirement of 70%.

The ruthless actions of banks were largely responsible for the failure of Air Touring during the period while an outstanding tax liability caused the demise of Legion Group. Heavy losses at Environ [formerly Southern Bear] have been stemmed following a change of management and fund raising exercise and the outlook for this company is now greatly improved. Western and Oriental was adversely affected by the cancellation of flights caused by the volcanic dust. Profit taking resulted in a setback for the shares of Advanced Computer, despite the excellent progress being made by the company.

On a positive note, our three latest purchases, Green Compliance, Bango and Easydate have all made substantial gains.

Since August, the AIM market has been very quiet with the net asset value, as at the 24th November 2010, increasing to 61.3p per share.

Geoff Gamble

19 November 2010

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2010

Balance Sheet

  Interim Accounts   Final Accounts   Interim Accounts
as at 31 August 2010 as at 28 February 2010* as at 31 August 2009
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 5,138 5,542 5,477
 
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 462 462 334 334 617 617
 
Current Liabilities
Creditors: amounts due
within one year -19 -24 0
     
5,581 5,852 6,094
Capital and Reserves
 
Share Capital 1,053 975 975
Share Premium 8,913 8,506 8,506
Capital reserve - realised 2,162 2,124 2,774
Capital reserve - unrealised -6,629 -5811 -6,178
Revenue reserve 82 58 17
     
5,581 5,852 6,094
 
Asset Value per share 53p 60p 63p

 

*Audited accounts

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2010

Unaudited Income Statement

(incorporating the revenue account)

  6 month period ended 31 August 2010   Year to 28 February 2010*   6 month period ended 31 August 2009
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 24 24 0 210 210 0 -32 -32
Unrealised 0 -819 -819 0 548 548 0 1,022 1,022
Income 32 0 32 85 0 85 29 0 29
Investment management fees -7 -22 -29 -16 -49 -65 -8 -24 -32
Other expenses   -25 0 -25 -37 0 -37 -22 0 -22
Return on ordinary activities 0 -817 -817 32 709 741 -1 966 965
Tax on ordinary activities 0 0 0 26 -26 0 0 0 0
Return on ordinary activities 0
after taxation   0 -817 -817 58 683 741 -1 966 965
Return per ordinary share in pence 0.00 -7.83 -7.83 .60 7.03 7.63 -0.01 9.99 9.98
 
*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 10,434,260

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2010

Unaudited Cash Flow Statement

6 month period ended 31 August 2010   Year to 28 February 2010*   6 month period ended 31 August 2009
£'000   £'000 £'000   £'000 £'000   £'000
     
Operating activity: Net cash outflow -60 -92 -68
 
Returns on investments
Interest received 2 4 3
Investment income 30 32 81 85 25 28
 
 
Taxation 0 0 0
 
Dividend paid 0 -18 0
 
Financial investment
Sale of investments 296 1,249 614
Purchase of investments -625 -329 -2,264 -237 -553 61
     
Net cash inflow/(outflow) before financing -357 -262 21
Net proceeds of share issue 484 330 330
     
127 68 351
 
Increase/ -decrease in univested cash with broker 127 68 351
 
*Audited Accounts
  New Century AIM VCT plc    
Investment Portfolio: Qualifying    
Security   Cost   Valuation % %
    31 Aug 2010 Cost Valuation
Qualifying Investments 9885275.53 3971350.24 81.04 71.06
Non-qualifying Investments 1863627.20 1166566.50 15.18 20.69
Uninvested funds 461765.85 461765.85 3.78 8.25
12210668.58 5599682.59 100.00 100.00
 
AIM Quoted
Tristel plc 312267.50 376000.00 2.56 6.71
PHSC plc 182910.00 73500.00 1.50 1.31
DCD Media plc 555262.50 76500.00 4.55 1.37
Legion Group plc 175875.00 0.00 1.44 0.00
K3 Business Technology Group 180900.00 230000.00 1.48 4.11
Belgravium Technologies 281400.00 44000.00 2.30 0.79
ILX Group 753750.00 201250.00 6.17 3.59
Lighthouse Group plc 203512.50 127500.00 1.67 2.28
AT Communications Group 422100.00 0.00 3.46 0.00
Invocas Group plc 100399.50 7200.00 0.82 0.13
Jelf Group plc 157131.75 75225.00 1.29 1.34
Relax Group 135675.00 0.00 1.11 0.00
Brulines (Hldgs) plc 40174.88 37700.00 0.33 0.67
HML Holdings plc 351549.00 136400.00 2.88 2.44
CBG Group plc 99947.25 29250.00 0.82 0.52
Coolabi plc 237071.00 118950.00 1.94 2.12
IS Pharma 241200.00 212571.34 1.98 3.80
Western & Oriental plc 502500.00 50000.00 4.12 0.89
Lipoxen plc 56146.62 39240.00 0.46 0.70
Lipoxen plc 139845.74 119271.42 1.15 2.13
Alliance Pharma plc 34719.44 103125.00 0.28 1.84
EBTM plc 640887.50 0.00 5.25 0.00
Chime Communications plc 155776.00 97717.50 1.28 1.75
Sport Media Group 125624.50 1999.99 1.03 0.04
Southern Bear plc 633150.00 43000.00 5.19 0.77
Kurawood plc 150750.00 0.00 1.23 0.00
Boomerang Plus plc 238185.00 85500.00 1.95 1.53
Fishworks plc 180900.00 0.00 1.48 0.00
Optare plc 50752.59 7574.99 0.42 0.14
Advanced Computer Software 354513.75 643250.00 2.90 11.49
Cyan Holdings plc 100500.00 80000.00 0.82 1.43
Marechale Capital plc 202005.00 15000.00 1.65 0.27
Lombard Risk Mgt 180900.00 135000.00 1.48 2.41
Savile Group 126254.13 58125.00 1.03 1.04
Winkworth plc 72360.00 67500.00 0.59 1.21
Green Compliance plc 100625.63 175000.00 0.82 3.13
Bango plc 43215.00 120000.00 0.35 2.14
Easydate plc 180900.00 222000.00 1.48 3.96
8701636.78 3890350.24 71.26 68.03
New Century AIM VCT plc
Investment Portfolio: Qualifying    
Security   Cost Valuation % %
    31 Aug 2010 Cost Valuation
 
 
Plus Markets Quoted
CKS Group plc 526368.75 0.00 4.31 0.00
Air Touring 201000.00 0.00 1.65 0.00
General Medical Clinics plc 205020.00 162000.00 1.68 2.89
932388.75 162000.00 7.64 2.89
 
Unlisted Investments
Air Touring Group plc 251250.00 0.00 2.06 0.00
251250.00 0.00 2.06 0
 
Total qualifying investments 9885275.53 3971350.24 80.96 70.92
  New Century AIM VCT plc    
Investment Portfolio: Non-qualifying    
Security   Cost   Valuation % %
    31 Aug 2010 Cost Valuation
AIM Quoted
Arbuthnot Banking Group 45207.33 38475.00 0.37 0.69
Commodity Growth plc 150750.00 37500.00 1.23 0.67
DCD Media plc 40200.00 47500.00 0.33 0.85
Education Development Int 3665.22 36800.00 0.03 0.66
Impact Holdings (UK) plc 26160.00 1950.00 0.21 0.03
STM Group plc 50250.00 20000.00 0.41 0.36
NetDimensions Ltd 31155.00 10500.00 0.26 0.19
Ashley House plc 116974.50 34000.00 0.96 0.61
Microemissive Displays 56067.12 0.00 0.46 0.00
Neutrahealth plc 30458.81 10000.00 0.25 0.18
Sanderson Group 92521.02 55000.00 0.76 0.98
Eco City Vehicles 62116.00 60000.00 0.51 1.07
Pactolus Hungarian Prop. 49748.50 26500.00 0.41 0.47
Shed Media plc 19755.08 33900.00 0.16 0.61
Norcon plc 19695.00 20100.00 0.16 0.36
Burford Capital 25250.00 26500.00 0.21 0.47
Colliers CRE plc 20200.00 15000.00 0.17 0.27
Rotala plc 35351.00 34125.00 0.29 0.61
Motivcom 55249.00 63700.00 0.45 1.14
Johnson Service Group 9716.20 8000.00 0.08 0.14
First Derivatives plc 19797.00 21700.00 0.16 0.39
Tristel plc 59.79 47.00 0.00 0.00
K3 Business Technology 131.36 115.00 0.00 0.00
Green Compliance plc 2.26 2.00 0.00 0.00
Bango plc 91.93 120.00 0.00 0.00
960572.12 601534.00 7.87 10.74
UK Listed
Superglass Hldgs 45225.00 5500.00 0.37 0.10
Investec 477227.00 192500.00 3.91 3.44
Premier Farnell 44542.00 39000.00 0.36 0.70
Record plc 30150.00 8062.50 0.25 0.14
Diploma plc 35926.72 50000.00 0.29 0.89
4Imprint Group 30806.00 41400.00 0.25 0.74
Tesco plc 25625.37 26390.00 0.21 0.47
British American Tobacco 44188.50 44480.00 0.36 0.79
733690.59 407332.50 6.01 7.27
Plus Markets Quoted
AH Medical Properties plc 18091.00 25500.00 0.15 0.46
18091.00 25500.00 0.15 0.46
Unlisted Investments
DCD Media plc 101023.49 97200.00 0.83 1.74
Southern Bear plc 50250.00 35000.00 0.41 0.63
151273.49 132200.00 1.24 2.36
 
Total Non qualifying investments 1863627.20 1166566.50 15.26 20.83

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 2010 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 9,757,199 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review.
777,130 additional shares were issued on 16th April 2010.
The weighted average shares in issue during the period was 10,434,260 (9,713,747 year to 28/02/10;
9,671,003 six months to 31/08/09).
5 Net Asset Value per share at 31 August 2010 was 53p (at 28 February 2010: 60p; 31 August 2009 63p).

6

No diviend 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
 
Auditors and VCT status advisors UHY Hacker Young LLP
Quadrant House
17 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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