Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

For the six months to 31st August 2013

Chairman’s Statement

In the six months to 31st August 2013, there was very little movement in the Aim market with the FTSE Aim All Share Index showing a marginal 1.45% gain and the net asset value of the fund remaining unchanged at 62p per share.

Your fund bought back shares at a cost of £653,000.

£237,000 was received through a new share subscription.

We invested in Versarien, Microsaic Systems plc, Quixant plc, Blur Group, Keywords Studios and Litebulb Group. Each of these companies’ shares were qualifying for VCT purposes. The Qualifying Investments stood at 80% which is above the 70% required under VCT rules.

Dividends and Interest over the period totalled £43,000 which is down from £60,000 at this time last year.

We continue to take a cautious approach with smaller investments made in investments as this helps to diversify the portfolio and spread the risk.

Geoff Gamble

31 October 2013 New Century AIM VCT plc
For the six months to 31st August 2013

Unaudited Balance Sheet

      Interim Accounts       Final Accounts       Interim Accounts
as at 31 August 2013 as at 28 February 2013* as at 31 August 2012
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 5,673 5,591 5,743
 
Current Assets
Sundry debtors - - -
Uninvested cash 588 588 1,074 1,074 386 386
 
Current Liabilities
Creditors: amounts due
within one year (16) (36) (25)
     
6,245 6,629 6,104
Capital and Reserves
 
Share capital 1,002 1,073 1,073
Share premium 197 - 9,003
Capital reserve - realised 742 682 2,016
Capital reserve - unrealised (38) (3) (6,067)
Capital redemption reserve 111 - -
Revenue reserve 4,231 4,877 79
     
6,245 6,629 6,104
 
Asset Value per share 62p 62p 57p
*Audited accounts

New Century AIM VCT plc

For the six months to 31st August 2013

Unaudited Income Statement
(incorporating the revenue account)

      6 month period ended 31 August 2013   Year to 28 February 2013*   6 month period ended 31 August 2012
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised - 28 28 - 277 277 - 105 105
Unrealised - 21 21 - 239 239 - (177) (177)
Income 43 - 43 102 - 102 60 - 60
Investment management fees (8) (24) (32) (16) (49) (65) (8) (23) (31)
Other expenses   (28) - (28) (45) - (45) (17) - (17)
Return on ordinary activities 7 25 32 41 467 508 35 (95) (60)
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation   7 25 32 41 467 508 35 (95) (60)
Return per ordinary share in pence 0.07 0.23 0.30 0.38 4.35 4.73 0.33 (0.89) (0.56)
 
*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 10,712,291.

New Century AIM VCT plc

For the six months to 31st August 2013
Unaudited Cash Flow Statement

  6 month period ended 31 August 2013       Year to 28 February 2013*       6 month period ended 31 August 2012
£'000       £'000 £'000       £'000 £'000       £'000
     
Operating activity: Net cash outflow (81) (99) (48)
 
Returns on investments
Interest received 1 10 6
Investment income 42 43 92 102 54 60
 
 
Taxation - - -
 
Dividend paid - (43) -
 
Financial investment
Sale of investments 362 1,727 562
Purchase of investments (395) (33) (728) 999 (303) 259
     
Net cash (outflow)/ inflow before financing (71) 959 271
Net proceeds of share issue 237 - -
Purchase and cancellation of shares (653) - -
(487) 959 271
 
(Decrease)/ increase in uninvested cash with broker (487) 959 271
 
*Audited Accounts

New Century AIM VCT plc
For the six months to 31st August 2013

Investment Portfolio

    Security   Cost   Valuation   %   %
    31 August 2013 Cost Valuation
 
Qualifying Investments 8,350,622 4,426,763 79.92 70.71
Non-qualifying Investments 1,510,915 1,246,442 14.45 19.91
9,861,537 5,673,205 94.37 90.62
Uninvested funds 587,654 587,654 5.63 9.38
10,449,191 6,260,859 100.00 100.00
Qualifying Investments
AIM Quoted
Tristel plc 245,870 176,372 2.35 2.82
PHSC plc 182,910 105,000 1.76 1.68
DCD Media plc 562,800 6,800 5.40 0.11
Legion Group plc 175,875 - 1.68 0.00
K3 Business Technology Group 90,360 122,877 0.86 1.96
Belgravium Technologies 281,400 70,000 2.69 1.12
ILX Group 753,750 96,250 7.21 1.54
Lighthouse Group plc 203,513 56,250 1.95 0.90
AT Communications Group 422,100 - 4.04 0.00
Invocas Group plc 100,400 8,100 0.96 0.13
Jelf Group plc 157,132 123,900 1.51 1.98
Relax Group 135,675 - 1.30 0.00
Vianet Group 40,175 21,775 0.38 0.35
HML Holdings plc 351,549 248,000 3.36 3.96
Sinclair Pharma 211,050 225,691 2.02 3.60
Western & Oriental plc 502,500 - 4.81 0.00
Sport Media Group 125,625 - 1.20 0.00
Environ Group plc 704,900 - 6.75 0.00
Kurawood plc 150,750 - 1.44 0.00
Fishworks plc 180,900 - 1.73 0.00
Optare plc 50,753 505 0.49 0.01
Advanced Computer Software 263,963 1,297,800 2.53 20.73
Cyan Holdings plc 250,792 171,860 2.40 2.74
Marechale Capital plc 202,005 20,000 1.93 0.32
Lombard Risk Mgt 24,120 72,000 0.23 1.15
Savile Group 126,254 20,625 1.21 0.33
M.Winkworth plc 72,360 199,800 0.69 3.19
Green Compliance plc 100,628 2,625 0.96 0.04
Bango plc 43,215 176,000 0.41 2.81
Cupid plc 143,213 147,250 1.37 2.35
Kennedy Ventures 70,350 140 0.67 0.00
Eco City Vehicles 187,764 164,235 1.80 2.62
Corac Group plc 109,278 79,732 1.05 1.27
Brady plc 41,805 50,760 0.40 0.81
Angel Biotech 101,533 15,460 0.97 0.25
Music Festivals plc 68,090 - 0.65 0.00
Inspired Energy 131,161 369,857 1.26 5.91

New Century AIM VCT plc

For the six months to 31st August 2013
Investment Portfolio (continued)

    Qualifying Investments (continued)        
AIM Quoted (continued)
Microsaic Systems plc 48,749 53,488 0.47 0.85
Venn Life Sciences 65,328 54,167 0.63 0.87
DP Poland plc 20,113 24,012 0.19 0.38
Eden Research 10,555 16,333 0.10 0.26
Modern Water 50,253 40,000 0.48 0.64
Litebulb Group 51,257 68,000 0.49 1.09
Quixant plc 16,922 34,038 0.16 0.54
Versarien 25,241 22,550 0.24 0.36
Blur Group 12,529 25,761 0.12 0.41
Keywords Studios 30,907 38,750 0.30 0.62
7,898,372 4,426,763 75.60 70.71
 
Plus Markets Quoted
Air Touring 201,000 - 1.92 0.00
201,000 - 1.92 0.00
 
Unlisted Investments
Air Touring Group plc 251,250 - 2.40 0.00
251,250 - 2.40 0.00
 
Total qualifying investments 8,350,622 4,426,763 79.92 70.71
 
Non Qualifying Investments
AIM Quoted
Commodity Growth plc 150,750 37,500 1.45 0.60
STM Group plc 43,658 25,610 0.43 0.41
Sanderson Group 37,008 56,000 0.35 0.89
Eco City Vehicles 62,257 22,052 0.60 0.35
Rotala plc 70,008 89,300 0.67 1.43
Motivcom 19,890 36,851 0.19 0.59
First Derivatives plc 8,484 20,550 0.08 0.33
Tristel plc 60 28 0.00 0.00
K3 Business Technology 131 123 0.00 0.00
Bango plc 291 352 0.00 0.00
China Food Co plc 65,970 27,600 0.63 0.44
2Ergo Group 33,639 13,269 0.32 0.21
In-Deed Online 133,812 28,530 1.28 0.46
Networkers International 25,014 26,600 0.24 0.42
Renew Hldgs 20,764 37,500 0.20 0.60
Numis Corp 16,570 43,000 0.16 0.68
Hightex 21,676 18,850 0.21 0.30
Nature Group plc 26,637 17,500 0.25 0.28
Probability plc 14,952 7,400 0.14 0.12
Alliance Pharma 21,368 28,000 0.20 0.45

New Century AIM VCT plc

For the six months to 31st August 2013
Investment Portfolio (continued)

    Non Qualifying Investments (continued)        
AIM Quoted (continued)
Gable Holdings 12,112 32,500 0.12 0.52
Lombard Risk Mgt 131 120 0.00 0.00
Cupid plc 218 62 0.00 0.00
Brady plc 106 72 0.00 0.00
Cyan Hldgs 131 80 0.00 0.00
Litebulb Group 18,810 32,000 0.18 0.51
Hydrodec Group 11,114 8,000 0.11 0.13
Sorbic Int 18,717 18,620 0.18 0.30
DDD Group 10,988 5,800 0.11 0.09
ISG plc 13,633 17,237 0.13 0.28
Plus500 11,561 13,100 0.11 0.21
Driver Group 8,992 11,200 0.09 0.18
Cambria Automobiles 15,850 15,000 0.15 0.24
Mountfield Group 7,174 5,000 0.07 0.08
TLA Worldwide 9,571 10,031 0.09 0.16
Sweett Group 7,578 8,800 0.07 0.14
919,625 714,237 8.80 11.41
 
UK Listed
Investec 202,823 80,750 1.95 1.29
Premier Farnell 44,542 46,740 0.43 0.75
Diploma plc 31,436 105,000 0.30 1.68
4Imprint Group 26,955 94,500 0.26 1.51
British American Tobacco 44,189 65,100 0.42 1.04
Aviva plv 22,268 19,300 0.21 0.31
HSBC 21,955 23,660 0.21 0.38
BP 22,426 22,285 0.21 0.36
Imperial Tobacco 23,763 21,320 0.23 0.34
Marstons plc 15,054 23,400 0.14 0.37
National Express 20,295 26,400 0.19 0.42
475,706 528,455 4.55 8.44
 
Unlisted Investments
Merchant House 45,228 - 0.43 0.00
Merchant House 45,228 - 0.43 0.00
Merchant House 25,128 3,750 0.24 0.06
115,584 3,750 1.10 0.06
 
Total non-qualifying investments 1,510,915 1,246,442 14.45 19.91

New Century AIM VCT plc
For the six months to 31st August 2013

Notes to the Accounts

1   This interim financial information and the unaudited interim accounts for the six months to 31 August 2013 from
which it has been extracted, are the responsibility of the directors and were approved by them on 31 October 2013,
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”.
 
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 10,016,292 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted average 10,712,291 shares).
 
5 Net Asset Value per share at 31 August 2013 was 62p (at 28 February 2013: 62p; 31 August 2012 57p).
 
6 On 14 May 2013 the Company completed a share buy-back for 1,112,921 ordinary shares at a price of 58.67 pence per share. Those ordinary shares that were bought back were cancelled and in accordance with Section 733 of the Companies Act 2006 a capital redemption reserve was established in respect of the nominal value of the ordinary share capital being cancelled.
7 No dividend was paid in the period.
8 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s
Registered Office: from Woodside Corporate Services, 7th Floor, 52-54 Gracechurch Street, London EC3V 0EH.

New Century AIM VCT plc

For the six months to 31st August 2013

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 7th Floor, 52-54 Gracechurch Street
London EC3V 0EH
 
Investment Manager and Broker MD Barnard & Co Ltd
17-21 New Century Road
Laindon
Essex SS15 6AG
 
Registrars Neville Registrars
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

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