Half-yearly Report

Half-yearly Report

New Cent. Aim Vct 2

New Century AIM VCT2 plc
For the six months to 30 June 2012

Chairman’s Statement

During the interim period to the 30th June 2012, the net asset value of the fund remained unchanged at 40p despite a 2.6% decline in the FTSE Aim Index.

The second half has started well and as at the 21st August, 2012, the net asset value per share had increased to 43.5p

Geoff Gamble

Chairman

30th August 2012

Unaudited Balance Sheet.                      
                         
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2012 as at 31 December 2011* as at 30 June 2011
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets    
Investments 2,371 2,251 2,680
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 125 125 158 158 89 89
Current Liabilities
Creditors: amounts due
within one year -4 -8 0
2,492 2,401 2,769
Capital and Reserves
Share Capital 631 615 615
Share Premium 5,309 5,251 5,251
Capital reserve - realised -662 -586 -487
Capital reserve - unrealised -2,763 -2,852 -2,593
Revenue reserve -23 -27 -17
2,492 2,401 2,769
 
Asset Value per share in pence

40p

 

40p

 

47p
*Audited accounts
Unaudited Income Statement                
(incorporating the revenue account)      
           
6 mth period ended 30 June 2012 Year to 31 December 2011* 6 mth period ended 30 June 2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 50 50 0 110 110 0 9 9
Unrealised 0 -25 -25 0 -589 -589 0 -138 -138
Income 22 0 22 34 0 34 18 0 18
Investment management fees -3 -10 -13 -7 -20 -27 -4 -10 -14
Other expenses   -16 0 -16 -35 0 -35 -14 0 -14
Return on ordinary activities 3 15 18 -8 -499 -507 0 -139 -139
Tax on ordinary activities   0 0 0 0 0 0 0 0 0
Return on ordinary activities
after taxation   3 15 18 -8 -499 -507 0 -139 -139
Return per ordinary share in pence 0.05 0.24 0.29 -0.12 -8.30 -8.42 .01 -2.37 -2.36
 
*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 in the six months to 30 June 2012 was 6239641; for the year to 31 December 2011: 6032006; for the six months to 30 June 2011: 5909632.

 

                             
Unaudited Cash Flow Statement
                 
6 month period ended 30 June Year to 31 December 6 month period ended 30 June
2012 2011* 2011
£'000   £'000 £'000   £'000 £'000   £'000
 
Operating activity: Net cash outflow -33 -67 -41
 
Returns on investments
Interest received 2 4 3
Investment income 20 22 30 34 15 18
 
 
Taxation 0 0 0
 
Dividend paid 0 0 0
 
Financial investment
Sale of investments 232 748 243
Purchase of investments -327 -95 -830 -82 -404 -161
     
Net cash inflow/(outflow) before financing -106 -115 -184

Share Issue

74 192 192
 
Increase/-decrease in uninvested cash with broker -32 77 8
 
*Audited Accounts
Investment Portfolio        
         
Security Cost Valuation % %
    30/06/2012 Cost Valuation
 
Qualifying Investments 3628830 1582868 69.86 63.40
Non-qualifying Investments 1439680 787992 27.72 31.57
Uninvested funds 125635 125635 2.42 5.03
5194145 2496495 100.00 100.00
Qualifying Investments
AIM Listed
Marechale Capital plc 151504 18750 2.92 0.75
Sinclair Pharma plc 220136 222796 4.24 8.92
EBTM plc 471420 0 9.08 0.00
HML Holdings plc 271350 170000 5.22 6.81
Sport Media Group plc 125625 0 2.42 0.00
Environ Group plc 334125 0 6.43 0.00
Kurawood plc 150750 0 2.90 0.00
Boomerang Plus plc 238185 75000 4.59 3.00
Corac Group plc 160062 63575 3.08 2.55
Tristel plc 204363 138628 3.93 5.55
Advanced Computer Sofware 102607 321107 1.97 12.86
Cyan Holdngs plc 204219 70606 3.93 2.83
Savile Group 126254 18750 2.43 0.75
M.Winkworth plc 72360 74700 1.39 2.99
Green Compliance plc 33670 11390 0.65 0.46
Bango plc 28389 112796 0.55 4.52
Angel Biotech Holdings 125506 93150 2.42 3.73
In-Deed Online 66906 58645 1.29 2.35
Music Festivals plc 45731 19600 0.88 0.79
Inspired Energy plc 76895 78000 1.48 3.12
Microsaic Systems 15079 15375 0.29 0.62
3225134 1562869 62.09 62.60
Plus Markets Listed
General Medical Clinics plc 37371 20000 0.72 0.80
CKS Group plc 366323 0 7.05 0.00
403694 20000 7.77 0.80
 
Total qualifying investments 3628828 1582869 69.86 63.40
Non-qualifying Investments        
AIM Listed
NetDimensions Ltd 31155 16500 0.60 0.66
Ashley House plc 86558 11250 1.67 0.45
DCD Media 60300 1875 1.16 0.08
Eco City Vehicles 15530 5100 0.30 0.20
ILX Group 30099 5000 0.58 0.20
Sanderson Group 58231 54600 1.12 2.19
Pactolus Hungarian Prop 10616 5000 0.20 0.20
Rotala plc 47884 44400 0.92 1.78
2Ergo Group 17932 12500 0.35 0.50
Stadium Group 7036 6300 0.14 0.25
May Gurney 6687 5825 0.13 0.23
Merchant House Group 19448 14000 0.37 0.56
Sportingbet 9614 9300 0.19 0.37
Randall & Quilter 24497 25000 0.47 1.00
Motivcom 7173 8900 0.14 0.36
Hightex 18922 14203 0.36 0.57
Nature Group 26637 12500 0.51 0.50
Quindell Portfolio 27139 20000 0.52 0.80
Alliance Pharma 9901 8050 0.19 0.32
Avingtrans 10185 11360 0.20 0.46
API Group 10078 10150 0.19 0.41
32 RED 16380 16560 0.32 0.66
552002 318373 10.63 12.75

 

 

 

   
UK listed
Investec 443821 148800 8.54 5.96
4Imprint Group 20024 37700 0.39 1.51
British American Tobacco 22104 32410 0.43 1.30
China Food Co plc 22101 12650 0.43 0.51
Hansard Global plc 16486 12800 0.32 0.51
Astrazeneca 21440 19971 0.41 0.80
Chemring Group 26254 10960 0.50 0.44
HSBC Holdings 18881 16830 0.36 0.68
Networkers 12443 12250 0.24 0.49
Microsaic Systems 24951 38950 0.48 1.56
Renew Hldgs 11379 16200 0.22 0.65
Tullett Prebon 14407 11360 0.28 0.46
Wm Hill 11350 14100 0.22 0.57
Imperial Tobacco 23759 24550 0.46 0.98
Clarke T 7643 6975 0.15 0.28
IMI 9825 8310 0.19 0.33
Carillion 13654 13800 0.26 0.55
Primary Health Properties 14609 15248 0.28 0.61
Lonrho 14665 10050 0.28 0.40
Barclays 7226 5705 0.14 0.23
757022 469619 14.58 18.82
Unlisted Investments
Environ Group plc 40200 0 0.77 0.00
Merchant House Ln Notes 45228 0 0.87 0.00
Merchant House CULS 45228 0 0.87 0.00
130656 0 2.51 0.00
 
Total non-qualifying investments 1439680 787992 27.72 31.57
  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 2012 from
which it has been extracted, are the responsibility of the directors and were approved by them on 30 August
2012, 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 6,152,384 Ordinary Shares of 10 pence each were in issue at the beginning of the period under review. During the period 167,166 Ordinary Shares were issued for a premium of 34 pence per share leaving 6,319,550 Ordinary Shares outstanding at the end of the period. The weighted average number of shares in issue was 6,239,641.
 
5 Net Asset Value per share at 30 June 2012 was 40p (at 31 December 2011: 40p; 30 June 2011 47p).
 
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 at 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
 
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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