Half-yearly Report

Half-yearly Report

New Cent. Aim Vct 2

New Century AIM VCT2 plc

For the six months to 30 June 2011

Chairman’s Statement

During the interim period to the 30th June 2011, the FTSE AIM index declined in value by 8.1% and the fund slipped in value by 1.55%.

During the period we made three further qualifying investments. We bought Angel Biotech, In-Deed and Music Festivals.

We continue to take a cautious approach towards new investments and maintaining a wide spread of investments.

Geoff Gamble
Chairman
30th August 2011
New Century AIM VCT2 plc
 

New Century AIM VCT2 plc

For the six months to 30 June 2011
                     
Unaudited Balance Sheet.
       
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2011 as at 31 December 2010* as at 30 June 2010
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 2,680 2,648 2,438
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 89 89 81 81 129 129
Current Liabilities
Creditors: amounts due
within one year 0 -13 -6
2,769 2,716 2,561
Capital and Reserves

Share Capital

615 574 574
Share Premium 5,252 5,100 5,100
Capital reserve - realised -487 -485 -487
Capital reserve - unrealised -2,593 -2,454 -2,641
Revenue reserve -18 -19 15
2,769 2,716 2,561
 
Asset Value per share 47p 47p 45p
*Audited accounts
 

 

 

 

 

New Century AIM VCT2 plc

                 
For the six months to 30 June 2011
Unaudited Income Statement
(incorporating the revenue account)
 
6 mth period ended 30 June 2011 Year to 31 December 2010* 6 mth period ended 30 June 2010
Revenue Capital Total Revenue Capital Total Revenue Capital Total
  £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 9 9 0 -299 -299 0 22 22
Unrealised 0 -138 -138 0 177 177 0 -304 -304
Income 18 0 18 36 0 36 9 0 9
Investment management fees -4 -10 -14 -7 -21 -28 -3 -10 -13
Other expenses -14 0 -14 -38 0 -38 -16 0 -16
Return on ordinary activities 0 -139 -139 -9 -143 -152 -10 -292 -302
Tax on ordinary activities 0 0 0 0 0 0 0 0 0
Return on ordinary activities
after taxation 0 -139 -139 -9 -143 -152 -10 -292 -302
Return per ordinary share in pence -0.01 -2.37 -2.36 -0.17 -2.48 -2.65 -0.19 -5.09 -5.28
 
*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 of ordinary shares in issue throughout the period was 5909632 (5745550 shares in prior periods)
 

New Century AIM VCT2 plc

For the six months to 30 June 2011
Unaudited Cash Flow Statement
         
6 month period ended 30 June Year to 31 December 6 month period ended 30 June
2011 2010* 2010
£'000   £'000 £'000   £'000 £'000   £'000
 
Operating activity: Net cash outflow -41 -61 -31
 
Returns on investments
Interest received 3 1 0
Investment income 15 18 35 36 9 9
 
 
Taxation 0 0 0
 
Dividend paid 0 -13 0
 
Financial investment
Sale of investments 243 593 403
Purchase of investments -404 -161 -425 168 -203 200
     
Net cash inflow/(outflow) before financing -184 130 178

Share Issue

192
 
Increase in univested cash with broker 8 130 178
 
*Audited Accounts
 
Investment Portfolio
       
Security Cost Valuation % %
    30/06/2011 Cost Valuation
 
Qualifying Investments 3941397 1919768 74.41 69.33
Non-qualifying Investments 1266287 760254 23.91 27.46
Uninvested funds 88945 88945 1.68 3.21
5296629 2768967 100.00 100.00
Qualifying Investments
AIM Listed
Marechale Capital plc 151504 11250 2.86 0.41
Coolabi plc 394694 225000 7.45 8.13
Sinclair Pharma plc 301500 322416 5.69 11.64
EBTM plc 471420 0 8.90 0.00
HML Holdings plc 271350 95000 5.12 3.43
Sport Media Group plc 125625 0 2.37 0.00
Environ Group plc 334125 40000 6.31 1.44
Kurawood plc 150750 0 2.85 0.00
Boomerang Plus plc 238185 82500 4.50 2.98
Corac Group plc 160062 102842 3.02 3.71
Tristel plc 204303 227700 3.86 8.22
Advanced Computer Sofware 102510 240000 1.94 8.67
Cyan Holdngs plc 204219 147780 3.86 5.34
Savile Group 126254 37500 2.38 1.35
M.Winkworth plc 72360 77400 1.37 2.80
Green Compliance plc 33668 41875 0.64 1.51
Bango plc 32411 77250 0.61 2.79
Angel Biotech Holdings 50127 42750 0.95 1.54
In-Deed Online 66906 84005 1.26 3.03
Music Festivals plc 45731 45500 0.86 1.64
3537703 1900768 66.79 68.65
Plus Markets Listed
General Medical Clinics plc 37371 19000 0.71 0.69
CKS Group plc 366323 0 6.92 0.00
403694 19000 7.62 0.69
 
Total qualifying investments 3941397 1919768 74.41 69.33
 
 
Security Cost Valuation % %
    30/06/2011 Cost Valuation
 
Non-qualifying Investments
AIM Listed
NetDimensions Ltd 31155 12000 0.59 0.43
Ashley House plc 86558 13500 1.63 0.49
DCD Media 60300 3000 1.14 0.11
Eco City Vehicles 15530 12000 0.29 0.43
ILX Group 30099 16000 0.57 0.58
Sanderson Group 58231 39200 1.10 1.42
Pactolus Hungarian Prop 10616 4750 0.20 0.17
Fishworks plc 30150 0 0.57 0.00
AT Communications Group 41815 0 0.79 0.00
STM Group 35855 21000 0.68 0.76
Colliers Int plc 20200 10000 0.38 0.36
Rotala plc 35351 30625 0.67 1.11
Tristel plc 60 46 0.00 0.00
Advanced Computer Sofware 41 40 0.00 0.00
Green Compliance plc 2 1 0.00 0.00
Bango plc 299 206 0.01 0.01
Hydrodec Group plc 12060 15000 0.23 0.54
Alliance Pharma plc 35985 34375 0.68 1.24
2Ergo Group 17932 18000 0.34 0.65
522238 229743 9.86 8.30
UK listed
Investec 443821 209250 8.38 7.56
4Imprint Group 20024 34840 0.38 1.26
British American Tobacco 22104 27310 0.42 0.99
China Food Co plc 12629 10500 0.24 0.38
Abbey Protection plc 23335 24300 0.44 0.88
Hansard Global plc 16486 16600 0.31 0.60
Astrazeneca 21440 21756 0.40 0.79
Greggs plc 10228 10480 0.19 0.38
Chemring Group 26254 25600 0.50 0.92
Cineworld Group 31432 30525 0.59 1.10
627753 411161 11.85 14.85
Unlisted Investments
DCD Media loan notes 2012 30868 29700 0.58 1.07
Environ Group plc 40200 28000 0.76 1.01
Merchant House Group 45228 61650 0.85 2.23
116296 119350 2.20 4.31
       
Total non-qualifying investments 1266287 760254 23.91 27.46
 

Notes to the Accounts

1 This interim financial information and the unaudited interim accounts for the six months to 30 June 2011 from which it has been extracted, are the responsibility of the directors and were approved by them on 30 August 2011, 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 5,745,530 Ordinary Shares of 10 pence each were in issue at the beginning of the period under review. The weighted average of shares in issue was 5909632

5 Net Asset Value per share at 30 June 2011 was 47p (at 31 December 2010: 47p; 30 June 2010 45p).

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: 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 VCT2 plc
Directors, Investment Manager and Advisors
Directors       Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
 
Secretary Graham Urquhart
and registered office Woodside Secretaries Ltd
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
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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