Half-yearly Report

Half-yearly Report

New Cent. Aim Vct 2

New Century AIM VCT2 plc

For the six months to 30th June 2014

Chairman’s Statement

In the six month period to the 30th June, 2014, the net asset value of your fund increased to 59p per share. This was an improvement of 7.27% over the period, whereas the FTSE AIM Allshare declined by 7.68%.

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 declined further as the Market digested news of the tensions in the Ukraine and Russia, and Israel and Gaza. Whilst the IPO frenzy at the start of the year started to wane due to too many new and secondary issues coming to the market at ever more stretching valuations.

That said, your fund has remained steady with the net asset value increasing slightly to 60.25p as of 27th August 2014. This increase is after paying a 1.25p dividend.

We remain cautious in our approach and hope to report further progress at the time of the preliminary results.

Geoff Gamble

27 August 2014

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Balance Sheet

    Interim Accounts     Final Accounts     Interim Accounts
as at 30 June 2014 as at 31 December 2013* as at 30 June 2013
£'000   £'000 £'000   £'000 £'000   £'000
Fixed Assets
Investments 2,991 3,028 2,484
 
Current Assets
Sundry debtors - - -
Uninvested cash 413 413 129 129 318 318
 
Current Liabilities
Creditors: amounts due
within one year (8) (17) (7)
     
3,396 3,140 2,795
Capital and Reserves
Share capital 569 569 632
Share premium 57 57 57
Capital Redemption Reserve 63 63 -
Capital reserve - realised (968) (1,032) (1,358)
Capital reserve - unrealised 2,273 2,075 1,689
Revenue reserve 1,402 1,408 1,775
     
3,396 3,140 2,795
 
Asset Value per share 59p 55p 44p
*Audited accounts

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Income Statement

(incorporating the revenue account)

  6 month period ended 30 June 2014   Year to 31 December 2013*   6 month period ended 30 June 2013
Revenue   Capital   Total Revenue   Capital   Total Revenue   Capital   Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised - 117 117 - 240 240 - 17 17
Unrealised - 158 158 - 500 500 - - -
Income 10 - 10 30 - 30 14 - 14
Investment management fees (4) (13) (17) (8) (22) (30) (4) (11) (15)
Other expenses   (12) - (12) (56) - (56) (26) - (26)
Return on ordinary activities (6) 262 256 (34) 718 684 (16) 6 (10)
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation   (6) 262 256 (34) 718 684 (16) 6 (10)
Return per ordinary share in pence (0.11) 4.61 4.50 (0.56) 11.95 11.39 (0.25) 0.10 (0.15)
 
*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 5,687,595

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Cash Flow Statement

  6 month period ended 30 June 2014   Year to 31 December 2013*   6 month period ended 30 June 2013
£'000   £'000 £'000   £'000 £'000   £'000
     
Operating activity: Net cash outflow (38) (77) (41)
 
Returns on investments
Interest received - 2 2
Investment income 10 10 28 30 12 14
 
 
Taxation - - -
 
Dividend paid - (57) -
 
Financial investment
Sale of investments 416 1,179 286
Purchase of investments (104) 312 (1,010) 169 (296) (10)
     
Net cash inflow / (outflow) before financing 284 65 (37)
Share repurchase - (291) -
     
284 (226) (37)
 
Increase / (decrease) in uninvested cash with broker 284 (226) (37)
 
*Audited Accounts

New Century AIM VCT2 plc

For the six months to 30th June 2014

Investment Portfolio

  Security   Cost   Valuation   %   %
    30 June 2014 Cost Valuation
 
Qualifying Investments 2,806,485 2,438,830 71.62 71.63
Non-qualifying Investments 698,555 552,375 17.83 16.22
Uninvested funds 413,495 413,495 10.55 12.15
3,918,535 3,404,700 100.00 100.00
Qualifying Investments
AIM Quoted
Marechale Capital plc 151,504 30,000 3.87 0.88
Sinclair Pharma plc 183,285 217,000 4.68 6.37
HML Holdings plc 271,350 330,000 6.92 9.69
Sport Media Group plc 125,625 - 3.21 0.00
Environ Group plc 334,125 - 8.53 0.00
Kurawood plc 150,750 - 3.85 0.00
Corac Group plc 160,062 52,356 4.08 1.54
Tristel plc 82,547 158,000 2.11 4.64
Advanced Computer Sofware 55,526 373,750 1.42 10.98
Cyan Holdngs plc 204,219 32,840 5.21 0.96
M.Winkworth plc 56,280 112,000 1.44 3.29
Green Compliance plc 33,668 670 0.86 0.02
Angel Biotech Holdings 57,782 - 1.47 0.00
Music Festivals plc 45,731 - 1.17 0.00
Inspired Energy plc 50,462 189,000 1.29 5.55
Microsaic Systems 36,690 43,750 0.94 1.28
Eco City Vehicles 34,676 23,000 0.88 0.68
Venn Life Sciences 125,628 79,167 3.21 2.33
DP Poland 25,631 17,000 0.65 0.50
Modern Water 50,256 31,000 1.28 0.91
Quixant 9,247 33,600 0.24 0.99
Blur Group 6,785 4,005 0.17 0.12
Keywords Studios 25,162 31,950 0.64 0.94
Sanderson Group 15,204 18,975 0.39 0.56
Cloudbuy plc 33,168 37,000 0.85 1.09
PHSC 50,256 56,000 1.28 1.64
EU Supply 19,422 27,360 0.50 0.80
Plastics Capital 33,168 44,550 0.85 1.31
Daily Internet 30,153 40,000 0.77 1.17
Litebulb Group 51,008 72,500 1.30 2.13
Eclectic Bar 35,379 38,500 0.90 1.13
Kalibrate Technologies 27,975 39,106 0.71 1.15
Syqic 26,546 26,836 0.68 0.79
Outsourcery 28,143 7,000 0.72 0.21
Martinco 50,253 62,500 1.28 1.84

New Century AIM VCT2 plc

For the six months to 30th June 2014

Investment Portfolio (continued)

  Solid State   35,248   56,515   0.90   1.66
Audioboom Group 30,153 100,000 0.77 2.94
Scholium Group 40,203 34,000 1.03 1.00
Rosslyn Data 23,219 18,900 0.59 0.56
Total qualifying investments 2,806,485 2,438,830 71.62 71.63
 
Non Qualifying Investments
AIM Quoted
Eco City Vehicles 15,671 3,050 0.40 0.09
Sanderson Group 18,717 31,050 0.48 0.91
Rotala plc 47,884 63,600 1.22 1.87
Tristel plc 60 79 0.00 0.00
Advanced Computer Sofware 168 345 0.00 0.01
Green Compliance plc 2 0 0.00 0.00
China Food Co plc 31,547 5,500 0.81 0.16
Learning Technologies 88,162 82,530 2.25 2.42
Nature Group 21,309 12,000 0.54 0.35
Gable Holdings 6,238 20,750 0.16 0.61
Litebulb Group 21,897 45,000 0.56 1.32
Sorbic International 10,205 8,700 0.26 0.26
TLA Worldwide plc 26,975 39,000 0.69 1.15
Driver Group 8,992 10,400 0.23 0.31
Mobile Tornado 10,124 8,500 0.26 0.25
API Group 8,070 8,100 0.21 0.24
Eco Animal 11,460 10,020 0.29 0.29
Mar City 10,053 14,875 0.26 0.44
Minds & Machines 10,254 8,500 0.26 0.25
347,788 371,999 8.88 10.93
 
UK Listed
Investec 169,416 88,750 4.32 2.61
British American Tobacco 22,104 34,780 0.56 1.02
Imperial Tobacco 23,759 26,300 0.61 0.77
Greene King 9,964 10,538 0.25 0.31
Waterman Group 9,926 9,100 0.25 0.27
Servelec 5,040 7,308 0.13 0.21
240,208 176,776 6.13 5.19
Unlisted Investments
Merchant House14% 45,228 - 1.15 0.00
Merchant House14% 45,228 - 1.15 0.00
Merchant House 10% 20,103 3,600 0.52 0.11
       
110,559 3,600 2.82 0.11
       
Total non-qualifying investments 698,555 552,375 17.83 16.22

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 2014 from
which it has been extracted, are the responsibility of the directors and were approved by them on 27 August 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 5,687,595 Ordinary Shares of 10 pence each were in issue throughout the period under review.
 
5 Net Asset Value per share at 30 June 2014 was 59p (at 31 December 2013: 55p; 30 June 2013: 44p).
 
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: Woodside Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

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 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 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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