Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

Unaudited Interim Report

Six months to 31st August 2009

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2009

Chairman’s Statement

In the 6 months to 31st August, 2009, the AIM markrt recovered sharply with a 52.4% gain.

Your fund benefited from this recovery in sentiment. The shares of Healthcare Locums, Net Dimensions, Superglass, Bond International and Lipoxen all improved in value by over 80%. Essentially, HML and Velosi all more than doubled in price. Progressive Digital trebled and Cyan went up nearly five fold. The banking preference shares also showed a big recovery with LLoyds Bank preference up by over 80% while Investec preference doubled.

Unfortunately, shortage of bank credit led to the demise of EBTM and AT Communications and we have had to write off these investments. Air Touring was also a victim of the credit crisis and were forced to close their UK operations although the company is still trading overseas. The onerous economic conditions led to profit warnings or downgrades which were responsible for falls in the share prices of eServe Global, Private and Commercial, Relax, Vyke, Boomerang, CBG and Invocas.

Sadly, the loss of the investments in AT Communications and EBTM, together with those investments hit by profits warnings, restricted the growth in the net asset value of your fund to 18.9%.

Since August, the AIM market has continued to strengthen and as at the 29th October, 2009, the net asset value of your fund had advanced by a further 13% to 71.2p per share.

Geoff Gamble

29th October 2009

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2009

Balance Sheet

    Interim Accounts   Final Accounts   Interim Accounts
as at 31 August 2009 as at 29 February 2009* as at 31 August 2008
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 5,477 4,547 7,966
 
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 617 617 266 266 0 0
 
Current Liabilities
Creditors: amounts due
within one year 0 -14 -39
     
6,094 4,799 7,927
Capital and Reserves
 
Share Capital 975 915 915
Share Premium 8,506 8,236 8,237
Capital reserve - realised 2,774 2,831 2,719
Capital reserve - unrealised -6,178 -7201 -4,071
Revenue reserve 17 18 127
     
6,094 4,799 7,927
 
Asset Value per share 63p 115p 89p

 

*Audited accounts

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2009

Unaudited Income Statement

(incorporating the revenue account)

  6 month period ended 31 August 2009   Year to 29 February 2009*   6 month period ended 31 August 2008
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
        £'000   £'000   £'000   £'000   £'000   £'000   £'000   £'000   £'000
Gains on investments
Realised 0 -32 -32 0 177 177 0 51 51
Unrealised 0 1,022 1,022 0 -5,852 -5852 0 -2,697 -2,697
Income 29 0 29 206 0 206 95 0 95
Investment management fees -8 -24 -32 -17 -51 -68 -12 -36 -48
Other expenses     -22   0   -22   -33   0   -33   -17   0   -17
Return on ordinary activities -1 966 965 156 -5,726 -5570 66 -2,682 -2,616
Tax on ordinary activities   0   0   0   -5   1   -4   0   0   0
Return on ordinary activities 0
after taxation     -1   966   965   151   -5,725   -5574   66   -2,682   -2,616
Return per ordinary share in pence   -0.01   9.99   9.98   1.67   -63.26   -61.59   0.73   -29.95   -29.21
 
*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 9,671,003

New Century AIM VCT plc
For the six months to 31For the six months to 31st August 2009

Unaudited Cash Flow Statement

 

6 month period ended

31 August 2009

 

Year to 29 February

2009*

 

6 month period ended

31 August 2008

£'000   £'000 £'000   £'000 £'000   £'000
     
Operating activity: Net cash outflow -68 -61 -54
 
Returns on investments
Interest received 3 18 13
Investment income 25 28 136 154 82 95
 
 
Taxation 0 0 0
 
Dividend paid 0 -174 0
 
Financial investment
Sale of investments 614 1,249 517
Purchase of investments -553 61 -2,264 -1,015 -1,923 -1,406
     
Net cash inflow/(outflow) before financing 21 -1,096 -1,365
Net proceeds of share issue 330 771 771
Sundry Creditors 0   -24
351 -325 -618
 
Increase/ -decrease in univested cash with broker 351 -1937 -618
 
*Audited Accounts

New Century AIM VCT plc
Investment Portfolio SummaryInvestment Portfolio Summary

Security   Cost   Valuation   %   %
    £   31/08/2009   Cost   Valuation
Qualifying Investments 9,540,347 4,510,415 77.69 74.00
Non-qualifying Investments 2,122,909 967,101 17.29 15.87
Uninvested funds 617,346   617,346   5.03   10.13
12,280,602   6,094,862   100.00   100.00
Qualifying Investments
AIM Quoted
Tristel plc 312267.50 384000.00 2.54 6.30
PHSC plc 182910.00 56000.00 1.49 0.92
DCD Media plc 555262.50 85000.00 4.52 1.39
SectorGuard plc 175875.00 75000.00 1.43 1.23
K3 Business Technology Group 180900.00 180000.00 1.47 2.95
Belgravium Technologies 281400.00 55000.00 2.29 0.90
Progressive Digital Media 213311.25 54495.35 1.74 0.89
Healthcare Locums plc 52511.25 207575.00 0.43 3.41
ILX Group 753750.00 315000.00 6.14 5.17
Lighthouse Group plc 203512.50 150000.00 1.66 2.46
AT Communications Group 422100.00 0.00 3.44 0.00
Invocas Group plc 100399.50 24300.00 0.82 0.40
Jelf Group plc 157131.75 85550.00 1.28 1.40
Relax Group 289440.00 25600.00 2.36 0.42
Brulines (Hldgs) plc 40174.88 35100.00 0.33 0.58
HML Holdings plc 351549.00 155000.00 2.86 2.54
CBG Group plc 99947.25 54112.50 0.81 0.89
Coolabi plc 164711.00 102837.50 1.34 1.69
IS Pharma 241200.00 291428.45 1.96 4.78
Western & Oriental plc 502500.00 187500.00 4.09 3.08
Lipoxen plc 72114.93 130200.00 0.59 2.14
Alliance Pharma plc 50501.00 67000.00 0.41 1.10
EBTM plc 640887.50 0.00 5.22 0.00
Essentially Group plc 155776.00 65000.00 1.27 1.07
Cantono plc 351750.00 0.00 2.86 0.00
Sport Media Group 125624.50 7499.97 1.02 0.12
Southern Bear plc 633150.00 430000.00 5.16 7.06
Kurawood plc 150750.00 3000.00 1.23 0.05
Boomerang Plus plc 238185.00 113250.00 1.94 1.86
Fishworks plc 180900.00 0.00 1.47 0.00
Optare plc 50752.59 13466.64 0.41 0.22
Advanced Computer Software 354513.75 664000.00 2.89 10.89
Cyan Holdings plc 100500.00 270000.00 0.82 4.43
Norcon plc 19695.00 25500.00 0.16 0.42
St Helens Capital plc 202005.00   30000.00   1.64   0.49
8,607,959   4,342,415   70.09   71.25

New Century AIM VCT plc
Investment Portfolio SummaryInvestment Portfolio Summary

Security   Cost   Valuation   %   %
    £   31/08/2009   Cost   Valuation
Plus Markets Listed
CKS Group plc 526368.75 0.00 4.29 0.00
Air Touring 201000.00 0.00 1.64 0.00
General Medical Clinics plc 205020.00   168000.00   1.67   2.76
932,389   168,000   7.59   2.76
Total Qualifying Investments 9,540,347 4,510,415 77.69 74.00
Non Qualifying Investments
AIM Quoted
Hallin Marine Subsea Int 19296.00 30300.00 0.16 0.50
Eservglobal Ltd 46230.00 30000.00 0.38 0.49
Arbuthnot Banking Group 45207.33 34675.00 0.37 0.57
Commodity Growth plc 150750.00 37500.00 1.23 0.62
DCD Media plc 40200.00 5000.00 0.33 0.08
Education Development Int 3665.22 43200.00 0.03 0.71
Bond Intl. Software 14070.10 9556.59 0.11 0.16
Velosi Ltd 22612.50 21625.00 0.18 0.35
Impact Holdings (UK) plc 26160.00 2100.00 0.21 0.03
STM Group plc 50250.00 34000.00 0.41 0.56
NetDimensions Ltd 31155.00 7000.00 0.25 0.11
Ashley House plc 79286.00 39000.00 0.65 0.64
Microemissive Displays 56067.12 0.00 0.46 0.00
Premier Farnell 44542.00 30000.00 0.36 0.49
Private & Commercial 17688.00 6400.00 0.14 0.11
Neutrahealth plc 30458.81 9375.00 0.25 0.15
Sanderson Group 92521.02 37500.00 0.75 0.62
Eco City Vehicles 62116.00 37800.00 0.51 0.62
Pactolus Hungarian Prop. 49748.50 27000.00 0.41 0.44
Shed Media plc 19755.08 25200.00 0.16 0.41
Vyke Communications plc 27877.00 7200.00 0.23 0.12
Clerkenwell Ventures 0.00 6399.84 0.00 0.11
China Eastsea Bus. Software 40200.00   32000.00   0.33   0.53
969,856   512,831   7.90   8.41
UK Listed
EAGA plc 22800.81 19500.00 0.19 0.32
Lloyds Banking Group 143734.90 77000.00 1.17 1.26
Superglass Hldgs 45225.00 8250.00 0.37 0.14
Norcros plc 31356.00 3100.00 0.26 0.05
Investec 477227.00 185000.00 3.89 3.04
Record plc 30150.00   16875.00   0.25   0.28
750,494   309,725   6.11   5.08
Unlisted Investments
Air Touring Group plc 251250.00 0.00 2.05 0.00
Cantono plc 50285.68 47344.68 0.41 0.78
DCD Media plc 101023.49   97200.00   0.83   1.60
402,559   144,545   3.29   2.38
Total Non Qualifying Investments 2,122,909 967,101 17.29 15.87

New Century AIM VCT plc
Notes to the AccountsNotes to the Accounts

1     This interim financial information and the unaudited interim accounts for the six months to 31 August 2009 from
which it has been extracted, are the responsibility of the directors and were approved by them on 2nd November
2009, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies.
 
2 The Company is an investment company as defined in Section 266 of the Companies Act 1985. 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 or AIM-traded investments are stated at market value, which is based upon market bid prices
at the balance sheet date.
 
4 9,147,199 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review.
610,000 additional shares were issued on 20th. March 2009.
The weighted average shares in issue during the period was 9,671,003 (9,050,248 year to 28/02/09;
8,954,878 six months to 31/08/08)
 
5 Net Asset Value per share at 31 August 2009 was 63p (at 29 February 2009: 53p; 31 August 2008 89p).
 
6 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 Managers and Advisors

Directors, Investment Manager and Advisors
     
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Robin William Kirby
Peter William Riley
 
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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