Half-yearly Report

Half-yearly Report

New Cent. Aim Vct 2

New Century AIM VCT2 plc

Unaudited Interim Report

For the six months to 30 June 2010

New Century AIM VCT2 plc                
For the six months to 30 June 2010  
             
Chairman’s Statement

 

During the interim period to the 30th June, 2010, the FTSE AIM index marginally increased by 1.2%. Unfortunately, your fund slipped in value by 5%. The main reason for the underperformance was sharp falls in the share prices of Cyan and Southern Bear following open offers at discounted share prices. The shares of IS Pharma were also weak but recently have been recovering following better than expected results. Political uncertainties were behind disappointing results from Ashley House and Savile. On a more encouraging note, the shares of Coolabi recovered by 60% and new addition, Bango, increased by 55%. There were relatively few transactions during the six months. China Eastsea was taken over at a small loss to book value and a small profit was realised on Lipoxen.

The second half has commenced slowly though the net asset value has shown a small increase to 46.2p per share as at the 27th September. The current year is likely to remain difficult as increased taxation and Government spending cuts take effect. As a result we are taking a cautious approach towards new investments and maintaining a wide spread of investments.

 

Geoff Gamble

Chairman

 

27th September, 2010

 

New Century AIM VCT2 plc

For the six months to 30 June 2010
 
Unaudited Balance Sheet.
     
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2010 as at 31 December 2009* as at 30 June 2009
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 2,438 2,937 2,186
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 129 129 6 6 564 564
Current Liabilities
Creditors: amounts due
within one year -6 -62 -9
2,561 2,881 2,741
Capital and Reserves
Share Capital 574 574 574
Share Premium 5,100 5,100 5,100
Capital reserve - realised -487 -173 -10
Capital reserve - unrealised -2,641 -2623 -2,969
Revenue reserve 15 3 46
2,561 2,881 2,741
 
Asset Value per share 45p 50p 48p
*Audited accounts

 

 

 

 

New Century AIM VCT2 plc

For the six months to 30 June 2010
Unaudited Income Statement
(incorporating the revenue account)    
 
6 mth period ended 30 June 2010 Year to 31 December 2009* 6 mth period ended 30 June 2009
Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 22 22 0 108 108 0 -58 -58
Unrealised 0 -304 -304 0 244 244 0 232 232
Income 9 0 9 50 0 50 15 0 15
Investment management fees -3 -10 -13 -7 -22 -29 -3 -10 -13
Other expenses   -16 0 -16 -33 0 -33 -16 0 -16
Return on ordinary activities -10 -292 -302 10 330 340 -4 164 160
Tax on ordinary activities   0 0 0 -2 9 7 0 0 0
Return on ordinary activities
after taxation   -10 -292 -302 8 339 347 -4 164 160
Return per ordinary share in pence -0.19 -5.09 -5.28 0.14 5.91 6.05 -0.07 2.86 2.79
 
*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.

There were 5,745,530 ordinary shares in issue throughout the period.
       

 

 

 

 

New Century AIM VCT2 plc

For the six months to 30 June 2010
Unaudited Cash Flow Statement
                 
6 month period ended 30 June Year to 31 December 6 month period ended 30 June
2010 2009* 2009
£'000   £'000 £'000   £'000 £'000   £'000
 
Operating activity: Net cash outflow -31 -54 -32
 
Returns on investments
Interest received 0 6 12
Investment income 9 9 45 51 3 15
 
 
Taxation 0 -6 0
 
Dividend paid 0 -48 0
 
Financial investment
Sale of investments 403 1,071 799
Purchase of investments -203 200 -1,102 -31 -256 543
     
Net cash inflow/(outflow) before financing 178 -88 526
 
Increase in univested cash with broker 178 -88 526
 
*Audited Accounts

 

 

New Century AIM VCT2 plc

     
Investment Portfolio Summary          
Security Cost Valuation % %
As at 30 June 2010 £ £ Cost Valuation
Qualifying Investments 3765272 1788164 73.09 69.65
Non-qualifying Investments 1256587 649852 24.39 25.31
Uninvested funds 129402 129402 2.52 5.04
5151261 2567418 100.00 100.00
Qualifying Investments
AIM Listed
Marechale Capital plc 151504 15000 2.94 0.58
Coolabi plc 394694 300000 7.66 11.65
IS Pharma plc 301500 265714 5.85 10.32
EBTM plc 471420 0 9.15 0.00
HML Holdings plc 271350 100000 5.27 3.88
Sport Media Group plc 125625 2500 2.44 0.10
Southern Bear 301500 30000 5.85 1.17
Kurawood plc 150750 0 2.93 0.00
Boomerang Plus plc 238185 105000 4.62 4.08
Corac Group plc 73868 30625 1.43 1.39
Tristel plc 235258 290700 4.57 11.29
Advanced Computer Software 102510 219000 1.99 8.51
Cyan Holdngs plc 157862 55000 3.06 2.14
Savile Group 126254 61875 2.45 2.40
M. Winkworth plc 72360 72000 1.40 2.80
Green Compliance plc 33668 67000 0.65 2.60
Bango plc 32411 65250 0.63 2.53
Lipoxen plc 35175 38750 0.68 1.50
3275894 1718414 63.59 66.94
UK Listed
Chime Communications plc 85684 43750 1.66 1.70
 
Plus Markets Listed
General Medical Clinics plc 37371 26000 0.73 1.01
CKS Group plc 366323 0 7.11 0.00
403694 26000 7.84 1.01
 
Total qualifying investments 3765272 1788164 73.09 69.65
       
Security Cost Valuation % %
As at 30 June 2010 £ £ Cost Valuation
Non-qualifying Investments
AIM Listed
K3 Business Technology 27978 23000 0.54 0.89
NetDimensions Ltd 31155 10500 0.60 0.41
Ashley House plc 96176 35000 1.87 1.36
Microemissive Displays 49046 0 0.95 0.00
DCD Media 60300 6750 1.17 0.26
Neutrahealth plc 30459 9375 0.59 0.36
Eco City Vehicles 15530 15750 0.30 0.61
ILX Group 30099 9500 0.58 0.37
Sanderson Group 58231 30800 1.13 1.20
Pactolus Hungarian Prop 10616 6000 0.21 0.23
Fishworks plc 30150 0 0.59 0.00
AT Communications Group 41815 0 0.81 0.00
Shed Media plc 16463 20500 0.32 0.80
Norcon plc 19695 21000 0.60 0.82
STM Group 35852 21000 0.60 0.82
Alliance Pharma 25251 62000 0.39 2.41
Colliers Int plc 20200 15000 0.39 0.58
Rotala plc 35351 36750 0.69 1.43
Tristel plc 60 51 0.00 0.00
Advanced Computer Software 41 37 0.00 0.00
Green Compliance plc 2 2 0.00 0.00
Bango plc 100 87 0.00 0.00
Motivcom 23787 24000 0.46 0.93
658357 347102 12.78 13.52
UK listed
Superglass Hldgs plc 45225 5000 0.88 0.19
Investec 443821 190650 8.62 7.40
4Imprint Group 20024 26000 0.38 1.01
509070 221650 9.88 8.61
Unlisted Investments
DCD Media loan notes 2012 30868 31350 0.60 1.22
Southern Bear plc loan notes 40200 28000 0.78 1.09
71068 59350 1.38 2.31
Plus Markets quoted
AH Medical Properties plc 18091 21750 0.35 0.84
 
Total non-qualifying investments 1256587 649852 24.39 25.53
 
 
  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 2010 from
which it has been extracted, are the responsibility of the directors and were approved by them on 22 September
2010, 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 throughout the period under review.
 
5 Net Asset Value per share at 30 June 2010 was 45p (at 31 December 2009: 50p; 30 June 2009 48p).
 
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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