Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

For the six months to 31st August 2014

Chairman’s Statement

In the six months to 31st August 2014, the FTSE AIM All Share Index fell by 12.76% whilst the value of your fund increased by 1.37%.

£404,000 was received through a new share subscription.

We invested in the following qualifying investments, Coral Products, ULS Technology, Software Radio Technology, Audioboom, Scholium and Rosslyn Data Technology.

We also purchased shares in Sirius Minerals, Centrica, Alliance Pharma, Global Invacom, Tyratech and Learning Technology.

We sold or top sliced Inspired Energy, Probability, Tristel, Advanced Computer Software Group, and EU Supply which were qualifying holdings. We also sold British American Tobacco, Sirius Minerals and Global Invacom.

Dividends and interest over the period totalled £35,000 which is down from £43,000 at this time last year.

The Stock Market is proving to be volatile at the moment as investors assess the political tensions in different parts of the World, the slowing down of the European economy and the worrying effect of the outbreak of Ebola. We therefore continue to take a cautious approach regarding new investments.

Geoff Gamble

30 October 2014 New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Balance Sheet

      Interim Accounts       Final Accounts       Interim Accounts
as at 31 August 2014 as at 28 February 2014* as at 31 August 2013
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 6,208 6,423 5,673
 
Current Assets
Sundry debtors - - -
Uninvested cash 1,581 1,581 882 882 588 588
 
Current Liabilities
Creditors: amounts due
within one year (25) (28) (16)
     
7,764 7,277 6,245
Capital and Reserves
 
Share capital 1,055 1,002 1,002
Share premium 549 198 197
Capital reserve - realised 1,793 1,335 742
Capital reserve - unrealised 257 633 (38)
Capital redemption reserve 111 111 111
Revenue reserve 3,999 3,998 4,231
     
7,764 7,277 6,245
 
Asset Value per share 74p 73p 62p
*Audited accounts
 

New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Income Statement

(incorporating the revenue account)

          6 month period ended 31 August 2014   Year to 28 February 2014*   6 month period ended 31 August 2013
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised - 52 52 - 202 202 - 28 28
Unrealised - 58 58 - 1,139 1,139 - 21 21
Income 35 - 35 79 - 79 43 - 43
Investment management fees (10) (29) (39) (17) (51) (68) (8) (24) (32)
Other expenses (24) - (24) (47) - (47) (28) - (28)
Return on ordinary activities 1 81 82 15 1,290 1,305 7 25 32
Tax on ordinary activities - - - - - - - - -

Return on ordinary activities after taxation

1 81 82 15 1,290 1,305 7 25 32
Return per ordinary share in pence 0.01 0.78 0.79 0.15 12.44 12.59 0.07 0.23 0.30
 
*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 10,380,339
 

New Century AIM VCT plc

For the six months to 31st August 2014

Unaudited Cash Flow Statement

  6 month period ended 31 August 2014       Year to 28 February 2014*       6 month period ended 31 August 2013
£'000       £'000 £'000       £'000 £'000       £'000
     
Operating activity: Net cash outflow (67) (123) (81)
 
Returns on investments
Interest received 2 2 1
Investment income 34 36 77 79 42 43
 
 
Taxation - - -
 
Dividend paid - (240) -
 
Financial investment
Sale of investments 794 1,618 362
Purchase of investments (469) 325 (1,109) 509 (395) (33)
     
Net cash inflow / (outflow) before financing 294 225 (71)
Net proceeds of share issue 405 236 237
Purchase and cancellation of shares - (653) (653)
699 (192) (487)
 
Increase / (decrease) in uninvested cash with broker 699 (192) (487)
 
*Audited Accounts

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio

    Security   Cost   Valuation   %   %
    31 August 2014 Cost Valuation
 
Qualifying Investments 8,638,202 5,081,279 73.94 65.24
Non-qualifying Investments 1,462,260 1,126,496 12.52 14.46
10,100,462 6,207,775 86.46 79.70
Uninvested funds 1,581,204 1,581,204 13.54 20.30
11,681,666 7,788,979 100.00 100.00
Qualifying Investments
AIM Quoted
Tristel plc 163,901 348,517 1.40 4.47
PHSC plc 182,910 105,000 1.57 1.35
DCD Media plc 562,800 1,403 4.82 0.02
Legion Group plc 175,875 - 1.51 0.00
K3 Business Technology Group 90,360 208,791 0.77 2.68
Belgravium Technologies 281,400 100,000 2.41 1.28
Progility 753,750 78,750 6.45 1.01
Lighthouse Group plc 203,513 52,500 1.74 0.67
AT Communications Group 422,100 - 3.61 0.00
Invocas Group plc 100,400 8,100 0.86 0.10
Jelf Group plc 157,132 178,475 1.35 2.29
Relax Group 135,675 - 1.16 0.00
Vianet Group 40,175 25,025 0.34 0.32
HML Holdings plc 351,549 384,400 3.01 4.94
Sinclair Pharma 211,050 225,691 1.81 2.90
Western & Oriental plc 502,500 - 4.30 0.00
Sport Media Group 125,625 - 1.08 0.00
Environ Group plc 704,900 - 6.03 0.00
Kurawood plc 150,750 - 1.29 0.00
Fishworks plc 180,900 - 1.55 0.00
Optare plc 50,753 505 0.43 0.01
Advanced Computer Software 181,101 1,208,400 1.55 15.51
Cyan Holdings plc 231,822 119,145 1.98 1.53
Marechale Capital plc 202,005 40,000 1.73 0.51
Lombard Risk Mgt 24,120 72,000 0.21 0.92
M.Winkworth plc 72,360 144,000 0.62 1.85
Green Compliance plc 100,628 1,750 0.86 0.02
Bango plc 7,563 17,500 0.06 0.22
Cupid plc 82,913 52,250 0.71 0.67
Kennedy Ventures 70,350 400 0.60 0.01
Eco City Vehicles 187,763 35,898 1.61 0.46
Corac Group plc 109,278 50,738 0.94 0.65
Brady plc 41,805 52,170 0.36 0.67
Angel Biotech 101,533 15,460 0.87 0.20
Music Festivals plc 68,090 - 0.58 0.00
Inspired Energy 51,370 193,143 0.44 2.48
 

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

    Qualifying Investments (continued)        
AIM Quoted (continued)
Microsaic Systems plc 48,749 53,488 0.42 0.69
Venn Life Sciences 65,328 34,667 0.56 0.45
DP Poland plc 20,113 13,340 0.17 0.17
Eden Research 9,651 7,467 0.08 0.10
Modern Water 50,253 28,000 0.43 0.36
Quixant plc 11,559 36,250 0.10 0.47
Litebulb 102,266 157,500 0.88 2.02
Blur Group 4,991 2,681 0.04 0.03
Keywords Studios 30,907 35,500 0.26 0.46
Cloudbuy 24,880 31,500 0.21 0.40
EU Supply 15,333 17,550 0.13 0.23
Plastics Capital 30,153 34,500 0.26 0.44
Daily Internet 50,256 53,333 0.43 0.68
Eclectic Bar 50,253 58,438 0.43 0.75
Kalibrate Technologies 31,761 50,000 0.27 0.64
Syqic 19,943 18,560 0.17 0.24
Outsourcery plc 45,027 8,000 0.39 0.10
Martinco 100,503 116,000 0.86 1.49
Solid State 40,134 85,800 0.34 1.10
Audioboom Group 30,153 180,000 0.26 2.31
Scholium Group 50,253 39,000 0.43 0.50
Rosslyn Data 27,037 21,194 0.23 0.27
Coral Products 67,842 70,000 0.58 0.90
Software Radio Tech 27,139 36,000 0.23 0.46
ULS Technology 150,754 172,500 1.29 2.21
8,185,952 5,081,279 70.08 65.24
 
ISDX Markets Quoted
Air Touring 201,000 - 1.72 0.00
201,000 - 1.72 0.00
 
Unlisted Investments
Air Touring Group plc 251,250 - 2.15 0.00
251,250 - 2.15 0.00
       
Total qualifying investments 8,638,202 5,081,279 73.95 65.24
 

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

    Non Qualifying Investments        
AIM Quoted
Commodity Growth plc 150,750 42,000 1.29 0.54
STM Group plc 43,658 24,625 0.37 0.32
Sanderson Group 37,008 62,000 0.32 0.80
Eco City Vehicles 62,257 4,820 0.53 0.06
Rotala plc 70,008 108,300 0.60 1.39
Tristel plc 60 83 0.00 0.00
K3 Business Technology 131 209 0.00 0.00
Bango plc 291 200 0.00 0.00
China Food Co plc 65,969 11,500 0.56 0.15
MXC Capital 33,639 6,500 0.29 0.08
Learning Technologies 209,214 166,940 1.79 2.14
Renew Hldgs 20,764 84,600 0.18 1.09
Numis Corp 7,881 25,400 0.07 0.33
Numis Corp 8,689 25,400 0.07 0.33
Hightex 21,676 2,900 0.19 0.04
Nature Group plc 26,637 13,000 0.23 0.17
Gable Holdings 5,874 18,750 0.05 0.24
Gable Holdings 6,238 18,750 0.05 0.24
Lombard Risk Mgt 131 120 0.00 0.00
Cupid plc 218 38 0.00 0.00
Brady plc 106 74 0.00 0.00
Cyan Hldgs 131 60 0.00 0.00
Sorbic Int 18,717 15,960 0.16 0.20
DDD Group 16,647 7,625 0.14 0.10
Driver Group 8,992 9,500 0.08 0.12
TLA Worldwide 29,118 36,917 0.25 0.47
Sweett Group 7,578 7,200 0.06 0.09
Mobile Torndo 10,124 5,000 0.09 0.06
API Group 15,063 14,070 0.13 0.18
Green Compliance 10,053 10,000 0.09 0.13
ECO Animal Healthcare 19,098 16,200 0.16 0.21
Mar City 10,053 14,375 0.09 0.18
Minds & Machines 12,063 12,000 0.10 0.15
Alliance Pharma 16,669 16,500 0.14 0.21
Tyratech Inc 10,204 11,600 0.09 0.15
955,709 793,216 8.18 10.18
 
  UK Listed
Investec 202,821 108,375 1.74 1.39
Premier Farnell 44,542 47,400 0.38 0.61
4Imprint Group 3,851 18,500 0.03 0.24
Aviva plv 22,268 25,900 0.19 0.33
HSBC 21,955 22,645 0.19 0.29
Imperial Tobacco 23,763 25,890 0.20 0.33
Marstons plc 15,054 22,350 0.13 0.29

New Century AIM VCT plc

For the six months to 31st August 2014

Investment Portfolio (continued)

    Non Qualifying Investments (continued)        
UK Listed (continued)
National Express 20,295 25,300 0.17 0.32
Greene King 9,964 10,250 0.09 0.13
Waterman Group 9,926 9,450 0.08 0.12
Future 6,453 3,120 0.06 0.04
Centrica 10,074 9,600 0.09 0.12
390,967 328,780 3.35 4.22
Unlisted Investments
Merchant House Group 45,228 - 0.39 0.00
Merchant House 45,228 - 0.39 0.00
Merchant House 25,128 4,500 0.22 0.06
115,584 4,500 0.99 0.06
       
Total Non-qualifying Investments 1,462,260 1,126,496 12.52 14.46
 

New Century AIM VCT plc

For the six months to 31st August 2014

Notes to the Accounts

1   This interim financial information and the unaudited interim accounts for the six months to 31 August 2014 from
which it has been extracted, are the responsibility of the directors and were approved by them on 31 October 2014,
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 accounts
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 10,552,754 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted
average 10,380,339 shares).
 
5 Net Asset Value per share at 31 August 2013 was 74p (at 28 February 2014: 73p; 31 August 2013 62p).
 
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: from Woodside Securities Limited, 4th Floor, 50 Mark Lane, London EC3R 7QR.
 

New Century AIM VCT plc

For the six months to 31st August 2014

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, 50 Mark Lane
London EC3R 7QR
 
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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