Interim Results

NEW CENTURY AIM VCT PLC
                  





         New Century Aim VCT plc

         Unaudited Interim Report

         For the period to 30 September 2005



 Chairman's Statement

 I would like to welcome all the shareholders who supported us in our
  flotation earlier in the year.

 Despite only £8.465 million being raised, we commenced with a
  relatively high net asset value of just under 99p per
 share.  This was made possible by an absence  of marketing costs and
  by doing much of the floatation work ourselves.
 Managing a VCT of such a small size has distinct advantages.  As you
  are probably aware, to maintain its VCT status,
 at least 70% of the fund must be in qualifying stocks within three
  years of the issue of the fund.  With a relatively small
 amount to invest, we can afford to be selective in the issues we
  subscribe for. We can also keep the holdings in each
 investment relatively small, which improves the liquidity of the
  constituents of the fund, thus making disposals easier.
 As at the 30th September 2005, the fund was already 26.7% invested in
  VCT qualifying stocks.

 All the Directors have shown a high level of commitment to the fund
  as can be seen by their shareholdings and I feel
 sure that you will appreciate that none of the Directors is taking a
  salary or fee.

 We are also keeping costs down by charging only 1% annual management
  fee and there will be no performance fees
 to dilute shareholders' gains.  Even this report  that you are
  reading is printed as cheaply as possible as one of the
 measures to keep the company's costs down which, at the end of the
  day, are borne by the shareholder.

 Due to the loss of tax benefits when shareholders sell within the
  first three years of the fund's life, we anticipate little,
 if any, selling of the shares.  However, should a sale be necessary,
  there are currently two market makers making
 a quote of 10,000 shares with a 10p spread between the bid and
  offered price.

 To ensure that the share price remains at around its asset value, we
  have in place a facility for the fund to buy in its own
 shares at a discount of 5% to net asset value.

 With regard to dividends, we propose to pay out at least 85% of net
  revenue and substantially all net realised gains but we
 appreciate that shareholders may wish to retain their dividends
  within the VCT and for this reason, we have implemented a
 dividend reinvestment scheme.

 By carrying out these measures, we hope we have answered many of the
  criticisms laid at VCTs.

 We have a strong experienced team of analysts managing your fund and
  they will make great efforts to try to ensure that
 your fund acquits itself well.

 John Brice
 Chairman

 1 November 2005


 Unaudited Balance Sheet

  Fixed Assets
   Investments                                2842740.00

  Current Assets
   Sundry Debtors                  55916.00
   Cash at Banks                 5896265.07   5952181.07
                               -------------

  Current Liabilities
   Creditors                                    98188.72

                                            -------------
                                              8696732.35
                                            =============


  Capital and Reserves

   Share Capital                               846450.00
   Share Premium                              7534049.08
   Capital reserve-realised                     17495.75
   Capital reserve-unrealised                  221655.60
   Revenue reserve                              77081.92


                                            -------------
                                              8696732.35
                                            =============

  Asset Value per share                           1.0274


   Unaudited Statement of Total
    Return

   -------------------------------------------------------------------
                                     Period ended 30 September 2005
                                      Revenue  Capital      Total
   -------------------------------------------------------------------

   Gains on investments                     0   276528         276528
   Income                              136592        0         136592
   Investment management fees          -12459   -37377         -49836
   Other expenses                      -26051        0         -26051

   -------------------------------------------------------------------
   Return on ordinary activities        98082   239151         337233
   Tax on ordinary activities          -21000        0         -21000
   -------------------------------------------------------------------

   Return on ordinary activities
   after taxation                       77082   239151         316233
   Dividends                                0        0              0

   -------------------------------------------------------------------
   Transfer to reserves                 10081   239151         249232
   -------------------------------------------------------------------
   Return per ordinary share in pence  0.1191   2.8253         2.9444
   -------------------------------------------------------------------


   There were 8464500 ordinary shares in issue throughout the period


    Unaudited Cash Flow Statement

                                              --------------
                                               period ended
                                                 30/09/2005
                                              --------------
    Operating activity
    Investment income                                   528
    Bank Interest                                    136064
    Investment management                            -49836
    Administrative and other expenses                -26051

    Net cash inflow from operating activities         60705

    Investment activity
    Sales of investments                             262255
    Purchases of investments                       -2828466

    Net cash outflow before use of
     liquid
    resources and share issue                      -2505506

    Sources of finance
    Creditors                                         77188
    Debtors                                          -55916
    Net proceeds of share issue                     8380499


    Cash resources                                  5896265


           Investment Portfolio Summary

           ----------------------   -----------   -----------   -------
                  Security             Cost        Valuation          %
                                                  30/09/2005
           ----------------------   -----------   -----------   -------
           AIM Listed
           Invox plc                  22726.00       9000.00      0.32
           Talarius plc               80400.00     115000.00      4.05
           Aero Inventory plc         54672.00      77600.00      2.73
           Hallin Marine Subsea
            Int                       25728.00      26000.00      0.91
           Inspicio plc*             100500.00     100000.00      3.52
           RDF Media Group Ltd        31838.40      34540.00      1.22
           Global Oceanic
            Carriers Ltd              21106.00      16200.00      0.57
           Tristel plc               167332.50     184500.00      6.49
           PHSC plc                  182910.00     245000.00      8.62
           Debtmatters Group plc     195975.00     324000.00     11.40
           System C Healthcare
            plc                      407025.00     420000.00     14.77
           London Asia Capital        30151.00      27500.00      0.97
           Digital Classics           40200.00      32500.00      1.14
           Stadium Group              20832.26      21750.00      0.77
           Betonsports plc            19180.90      21750.00      0.77
           Legend Communications
            plc                      205020.00     159000.00      5.59
           Hyder Consulting           29634.40      32250.00      1.13
           SectorGuard plc           175875.00     162500.00      5.72
           GTL Resources plc          31406.25      42500.00      1.50
           XKO Group                  25627.50      31800.00      1.12
           Oakdene Homes plc          33533.00      30000.00      1.06
           SMC Group plc              25251.00      32500.00      1.14
           K3 Business Technology
            Group                    180900.00     180000.00      6.33
           Torex Retail               23433.00      21200.00      0.75
           Broker Network Hldgs       25831.76      27900.00      0.98
           Smart Focus Group plc      27352.82      27750.00      0.98
                                    -----------   -----------   -------
                                    2184441.79    2402740.00     84.52
                                    -----------   -----------   -------
           OFEX Traded
           CKS Group plc             402000.00     440000.00     15.48

                                    -----------   -----------   -------
                                    2586441.79    2842740.00    100.00
                                    ===========   ===========   =======
           * Suspended


Top Ten Investments


------------------------- --------- ----------- ------- --------- ------------------------------------
        Security            Cost     Valuation        %                          Notes
                                    31/03/2005
------------------------- --------- ----------- ------- --------- ------------------------------------

CKS Group plc               402000      440000   15.48  Computer disposal experts

System C Healthcare plc     407025      420000   14.77  Provides information services and IT
                                                        systems to the Healthcare Sector.
Debtmatters Group plc       195975      324000   11.40  Advises on and administers domestic
                                                        and commercial debt.
PHSC plc                    182910      245000    8.62  Health and safety consultants.

Tristel plc                 167333      184500    6.49  Healthcare business specialising in
                                                        infection control.
K3 Business Technology                                  Supplier of Microsoft based supply chain
 Group                      180900      180000    6.33
                                                        management solutions.
SectorGuard plc             175875      162500    5.72  Provides security solutions within the UK.

Legend Communications plc   205020      159000    5.59  A converged communications provider
                                                        offering ISP and telecommunications services.
Talarius plc                                            Leading high street Adult Gaming Centres
                             80400      115000    4.05   operator
                                                        in  the UK with 142 sites.
Inspicio plc*               100500      100000    3.52  A shell company

                          --------- ----------- -------
                           2097938     2330000   81.96
                          ========= =========== =======
* Suspended


 Notes to the Accounts

 1. Accounting Policies
 These Interim Statements have been prepared under the historical cost
  convention except that the
 investments have been revalued at a fair value in accordance with
  Financial Reporting Standard 26:
 'Financial Instruments: Measurement' and with specific reference to
  the Statement of Recommended
 Practice 'Financial Statements of Investment Trust Companies'. Fair
  value for listed investments,
 including those traded on AIM and OFEX, is deemed to be the bid
  price. Fair value for unlisted investments
 will be determined by the directors following the guidelines of the
  British Venture Capital Association.

 2. Shares in issue
 A total of 8464500 ordinary shares were issued following the offer
  for subscription.

 3. Net Asset Value per share
 Net Asset Value per share at 30 September 2005 was £1.0274

 4. Earnings for the period ended 30 September 2005 should not be
  taken as representative of the results
 for the full year.

 5. These interim statements have not been audited and are not full
  financial statements within the
 meaning of section 240 of the Companies Act 1985.


           Directors, Investment Manager and
            Advisors

           Directors                               John Roger Simpson
                                                    Brice (Chairman)
                                                   Michael David Barnard
                                                   Geoffrey Charles Gamble
                                                   Robin William Kirby
                                                   Peter William Riley

           Secretary                               Woodside Secretaries
                                                    Ltd
           and registered office                   21-22 Grosvenor Street
                                                   London W1K 4QJ

           Investment Manager and Administrator    MD Barnard & Co Ltd
                                                   17-21 New Century Road
                                                   Laindon
                                                   Essex SS15 6AG

           Broker                                  Teather & Greenwood Ltd
                                                   15 St Botolph Street
                                                   London EC3A 7QR

           Solicitors                              Dundas & Wilson LLP
                                                   5th Floor Northwest
                                                    Wing
                                                   Bush House
                                                   London WC2B 4EZ

           Registrars                              Park Circus Registrars
                                                   2nd Floor
                                                   144 West George Street
                                                   Glasgow G2 2HG

           Auditors and VCT status advisors        UHY Hacker Young
                                                   St Alphage House
                                                   2 Fore Street
                                                   London EC2Y 5DH

           Bankers                                 Bank of Scotland
                                                   New Uberior House
                                                   11 Earl Grey Street
                                                   Edinburgh EH3 9BN