Half-yearly Report

Half-yearly Report

New Cent. Aim Vct 2

New Century AIM VCT2 plc

For the six months to 30th June 2013

Chairman’s Statement

In the six month period to the 30th June, 2013, the net asset value of your fund remained at 44p per share. This was a slight improvement over the performance of the FTSE Aim Index over the same period.

In May, 2013, the company bought back 10% of its shares at a price of 46.1p, thus giving shareholders the opportunity to dispose of some of their holding at a price that more fully reflects the underlying asset value. It is the Board’s wish to carry out further buy backs, where possible, in the future.

Since June, the Aim market has been recovering and we are pleased to announce that as at the 19th August, 2013, the net asset value of your fund had recovered to 47.9p per share.

Geoff Gamble

28 August 2013

New Century AIM VCT2 plc

For the six months to 30th June 2013

Unaudited Balance Sheet

    Interim Accounts     Final Accounts     Interim Accounts
as at 30 June 2013 as at 31 December 2012* as at 30 June 2012
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 2,484 2,457 2,371
 
Current Assets
Sundry debtors - - -
Uninvested cash 318 318 355 355 125 125
 
Current Liabilities
Creditors: amounts due
within one year (7) (8) (4)
     
2,795 2,804 2,492
Capital and Reserves
 
Share capital 632 632 631
Share premium 57 5,307 5,309
Capital reserve - realised (1,358) (1,946) (662)
Capital reserve - unrealised 1,689 (1,167) (2,763)
Revenue reserve 1,775 (22) (23)
     
2,795 2,804 2,492
 
Asset Value per share 44p 44p 40p

 

*Audited accounts

New Century AIM VCT2 plc

For the six months to 30th June 2013

Unaudited Income Statement

(incorporating the revenue account)

  6 month period ended 30 June 2013   Year to 31 December 2012*   6 month period ended 30 June 2012
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised - 17 17 - 128 128 - 50 50
Unrealised - - - - 218 218 - (25) (25)
Income 14 - 14 46 - 46 22 - 22
Investment management fees (4) (11) (15) (7) (21) (28) (3) (10) (13)
Other expenses   (26) - (26) (34) - (34) (16) - (16)
Return on ordinary activities (16) 6 (10) 5 325 330 3 15 18
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation   (16) 6 (10) 5 325 330 3 15 18
Return per ordinary share in pence (0.25) 0.10 (0.15) 0.07 5.17 5.24 0.05 0.24 0.29
 
*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 6,319,550

New Century AIM VCT2 plc

For the six months to 30th June 2013

Unaudited Cash Flow Statement

  6 month period ended 30 June 2013     Year to 31 December 2012*     6 month period ended 30 June 2012
£'000   £'000 £'000   £'000 £'000   £'000
     
Operating activity: Net cash outflow (41) (62) (33)
 
Returns on investments
Interest received 2 10 2
Investment income 12 14 36 46 20 22
 
 
Taxation - - -
 
Dividend paid - - -
 
Financial investment
Sale of investments 286 829 232
Purchase of investments (296) (10) (689) 140 (327) (95)
     
Net cash (outflow) / inflow before financing (37) 124 (106)
Net proceeds of share issue - 73 74
     
(37) 197 (32)
 
(Decrease) / increase in uninvested cash with broker (37) 197 (32)
 
*Audited Accounts
 

New Century AIM VCT2 plc

For the six months to 30th June 2013

Investment Portfolio

  Security   Cost   Valuation   %   %
    30 June 2013 Cost Valuation
 
Qualifying Investments 2,742,675 1,909,818 70.31 68.16
Non-qualifying Investments 840,466 574,397 21.55 20.50
Uninvested funds 317,683 317,683 8.14 11.34
3,900,824 2,801,898 100.00 100.00
Qualifying Investments
AIM Quoted
Marechale Capital plc 151,504 15,000 3.88 0.54
Sinclair Pharma plc 183,285 182,000 4.70 6.50
HML Holdings plc 271,350 140,000 6.96 5.00
Sport Media Group plc 125,625 - 3.22 0.00
Environ Group plc 334,125 - 8.57 0.00
Kurawood plc 150,750 - 3.86 0.00
Corac Group plc 160,062 82,273 4.10 2.94
Tristel plc 204,303 99,000 5.24 3.53
Advanced Computer Sofware 98,239 517,500 2.52 18.47
Cyan Holdngs plc 204,219 106,730 5.24 3.81
Savile Group 126,254 13,125 3.24 0.47
M.Winkworth plc 72,360 96,300 1.85 3.44
Green Compliance plc 33,668 1,340 0.86 0.05
Bango plc 28,090 118,300 0.72 4.22
Angel Biotech Holdings 57,781 - 1.48 0.00
Music Festivals plc 45,730 - 1.17 0.00
Inspired Energy plc 76,895 108,000 1.97 3.85
Microsaic Systems 36,690 41,115 0.94 1.47
Eco City Vehicles 34,675 46,000 0.89 1.64
Venn Life Sciences 125,628 116,667 3.22 4.16
DP Poland 25,631 34,000 0.66 1.21
Probability 61,814 49,008 1.58 1.75
Eden Research 18,094 20,000 0.46 0.71
Modern Water 50,256 41,000 1.29 1.46
Quixant 20,806 35,100 0.53 1.25
Versarien 25,241 24,600 0.65

0.88

Blur Group 19,600 22,750 0.50 0.81
2,742,675 1,909,818 70.31 68.16
 
Total qualifying investments 2,742,675 1,909,818 70.31 68.16
 

New Century AIM VCT2 plc

For the six months to 30th June 2013

Investment Portfolio (continued)

 

Non Qualifying Investments

             
AIM Quoted
DCD Media 60,300 1,050 1.55 0.04
Eco City Vehicles 15,671 6,100 0.40 0.22
Sanderson Group 37,434 42,300 0.96 1.51
Rotala plc 47,884 50,400 1.23 1.80
Tristel plc 60 20 0.00 0.00
Advanced Computer Sofware 168 270 0.00 0.01
Green Compliance plc 2 - 0.00 0.00
Bango plc 299 364 0.01 0.01
China Food Co plc 31,547 12,100 0.81 0.43
2Ergo Group 17,932 750 0.46 0.03
In-Deed Online 66,906 14,265 1.72 0.51
Networkers Int 7,110 7,400 0.18 0.26
Motivcom 14,376 22,659 0.37 0.81
Hightex 18,922 12,350 0.49 0.44
Nature Group 26,637 18,500 0.68 0.66
Alliance Pharma 15,712 21,000 0.40 0.75
Avingtrans 9,548 17,400 0.24 0.62
Gable Holdings 12,080 26,500 0.31 0.95
Netplay plc 8,999 12,750 0.23 0.46
Litebulb Group 21,897 45,000 0.56 1.61
Hydrodec Group 11,114 9,000 0.28 0.32
Sorbic International 10,205 11,600 0.26 0.41
TLA Worldwide plc 13,942 15,000 0.36 0.54
448,745 346,778 11.50 12.38
 
UK Listed
Investec 169,416 63,900 4.34 2.28
4Imprint Group 16,173 53,025 0.41 1.89
British American Tobacco 22,104 33,670 0.57 1.20
Tullett Prebon plc 14,407 12,760 0.37 0.46
Imperial Tobacco 23,759 22,800 0.61 0.81
Vodafone 25,249 28,050 0.65 1.00
Primary Health Properties 10,054 10,414 0.26 0.37
281,162 224,619 7.21 8.02
 
Unlisted Investments
Merchant House14% 45,228 - 1.16 0.00
Merchant House14% 45,228 - 1.16 0.00
Merchant House 10% 20,103 3,000 0.52 0.11
       
110,559 3,000 2.84 0.11
 
Total non-qualifying investments 840,466 574,397 21.55 20.50
 

New Century AIM VCT2 plc

Notes to the Accounts

1   This interim financial information and the unaudited interim accounts for the six months to 30 June 2013 from which it has been extracted, are the responsibility of the directors and were approved by them on 28 August 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 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 6,319,550 Ordinary Shares of 10 pence each were in issue throughout the period under review.
 
5 Net Asset Value per share at 30 June 2013 was 44p (at 31 December 2012: 44p; 30 June 2012: 40p).
 
6 On 23 January 2013, approval was given by the Court of the special resolution to cancel the balance on the Share Premium account as at 31 December 2011. Accordingly the Share Premium balance as at 31 December 2011 has been cancelled realising a corresponding credit against the Realised Capital and Unrealised Capital Reserves as at that date with the remaining balance being credited against the Revenue Reserve.
 
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: Woodside Secretaries Ltd, 7th Floor, 52-54 Gracechurch Street, London EC3V 0EH.
 

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 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 Ltd
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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