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 2009

New Century AIM VCT2 plc                  
For the six months to 30 June 2009
           
Chairman’s Statement
 
The interim period to the 30th June, 2009 saw the FTSE AIM Index decline from 394.32 to 375.49 during the first nine weeks of the year and then
sharply rebound to 530.23.
 
Many of your fund's investments showed substantial gains over the period. In particular, Corac shares increased in value by 2.5 times while those of
Cyan nearly doubled. Shares of Advanced Computer Systems, Lipoxen, Pure Circle, Net Dimensions and Tristel all appreciated by more than 50%.
However, the difficult economic climate proved too much for EBTM and Fishworks which both went into receivership while the shares of Boomerang
suffered a setback following a profits warning. The effect of these negative factors was to contain the increase in the net asset value of the fund
to 6%.
 
Qualifying investments now represent 63.6% of the total at cost. The fund is required to be at least 70% invested in qualifying investments by March
2010.
 
The price of AIM shares has continued to rise and since the end of June 2009, this has been reflected in a rise in the net asset value of the fund
from 47.7p per share to 55.6p per share as at 25th September 2009.
 
Geoff Gamble
Chairman
 
25th September, 2009
 

New Century AIM VCT2 plc

 
For the six months to 30 June 2009
 
Unaudited Balance Sheet.
   
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2009 as at 31 December 2008* as at 30 June 2008
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 2,186 2,555 3,829
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 564 564 39 39 346 346
Current Liabilities
Creditors: amounts due
within one year -9 -13 -16
2,741 2,581 4,159
Capital and Reserves
Share Capital 574 574 574
Share Premium 5,100 5,100 5,100
Capital reserve - realised -10 48 32
Capital reserve - unrealised -2,969 -3191 -1,545
Revenue reserve 46 50 -2
2,741 2,581 4,159
 
Asset Value per share 48p 45p 72p
*Audited accounts

 

 

 

 

New Century AIM VCT2 plc

For the six months to 30 June 2009
Unaudited Income Statement
(incorporating the revenue account)
     
6 mth period ended 30 June 2009 Year to 31 December 2008* 6 mth period ended 30 June 2008
Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 -58 -58 0 77 77 0 53 53
Unrealised 0 232 232 0 -2,800 -2800 0 -1,163 -1,163
Income 15 0 15 95 0 95 24 0 24
Investment management fees -3 -10 -13 -10 -29 -39 -7 -21 -28
Other expenses   -16 0 -16 -31 0 -31 -14 0 -14
Return on ordinary activities -4 164 160 54 -2,752 -2698 3 -1,131 -1,128
Tax on ordinary activities   0 0 0 2 -9 -7 0 0 0
Return on ordinary activities 0
after taxation   -4 164 160 56 -2,761 -2705 3 -1,131 -1,128
Return per ordinary share in pence -0.07 2.86 2.79 0.98 -48.07 -47.09 0.06 -19.69 -19.63
 
*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 2009
Unaudited Cash Flow Statement
 
30/06/2009 31/12/2008* 30/06/2008
£'000   £'000 £'000   £'000 £'000   £'000
 
Operating activity: Net cash outflow -32 -62 -42
 
Returns on investments
Interest received 12 22 14
Investment income 3 15 66 88 10 24
 
 
Taxation 0 -10 0
 
Dividend paid 0 -46 -45
 
Financial investment
Sale of investments 799 1,159 1,034
Purchase of investments -256 543 -1,114 45 -650 384
     
Net cash inflow/(outflow) before financing 526 15 321
 
Increase in univested cash with broker 526 15 321
 
*Audited Accounts
 

 

 

New Century AIM VCT2 plc

     
Investment Portfolio Summary  
 
         
Security Cost Valuation % %
  £ 30/06/2009 Cost Valuation
 
Qualifying Investments 3606574 1587469 63.64 57.71
Non-qualifying Investments 1495984 599006 26.40 21.78
Uninvested funds 564325 564325 9.96 20.51
5666883 2750800 100.00 100.00
 
Qualifying Investments
AIM Listed
St Helens Capital plc 151504 33750 2.67 1.23
Coolabi plc 193694 125000 3.42 4.54
IS Pharma plc 301500 347143 5.32 12.62
EBTM plc 471420 0 8.32 0.00
Essentially Group plc 145726 30403 2.57 1.11
Cantono plc 301500 0 5.32 0.00
HML Holdings plc 271350 85000 4.79 3.09
Sport Media Group plc 125625 5833 2.22 0.21
Southern Bear 301500 93750 5.32 3.41
Kurawood plc 150750 5250 2.66 0.19
Boomerang Plus plc 238185 109500 4.20 3.98
Corac Group plc 73868 70000 1.30 2.54
Tristel plc 247640 252000 4.37 9.16
Advanced Computer Sofware 102510 192000 1.81 6.98
Cyan Holdngs plc 48843 92340 0.86 3.36
Lipoxen plc 77266 117000 1.36 4.25
3202881 1558969 56.52 56.67
Plus Markets Listed
General Medical Clinics plc 37371 28500 0.66 1.04
CKS Group plc 366323 0 6.46 0.00
403694 28500 7.12 1.04
 
Total qualifying investments 3606574 1587469 63.64 57.71
 
 
Security   Cost   Valuation   %   %
 

£

30/06/2009 Cost Valuation
Non-qualifying Investments
AIM Listed
K3 Business Technology 34972 18750 0.62 0.68
NetDimensions Ltd 31155 6000 0.55 0.22
Ashley House plc 39644 19000 0.70 0.69
Microemissive Displays 49046 800 0.87 0.03
Western & Oriental plc 30150 8250 0.53 0.30
Private & Commercial 17688 8000 0.31 0.29
DCD Media 60300 8250 1.06 0.30
Neutrahealth plc 30459 10000 0.54 0.36
Eco City Vehicles 15530 12000 0.27 0.44
ILX Group 30099 13500 0.53 0.49
Sanderson Group 58231 13300 1.03 0.48
Pactolus Hungarian Prop 10616 7500 0.19 0.27
Fishworks plc 30150 0 0.53 0.00
AT Communications Group 41815 3450 0.74 0.13
Shed Media plc 19755 19500 0.35 0.71
China Eastsea Business Software 12564 3250 0.22 0.12
Vyke Communications plc 24746 10000 0.44 0.36
Clerkenwell Ventures 0 5333 0.00 0.19
Norcon plc 19695 21600 0.35 0.79
STM Group 35855 40000 0.63 1.45
592468 228483 10.45 8.31
UK listed
EAGA plc 22801 19688 0.40 0.72
Lloyds 215602 105000 3.80 3.82
Norcros plc 31356 3200 0.55 0.12
Superglass Hldgs plc 45225 6750 0.80 0.25
Investec 477227 145000 8.42 5.27
Record plc 30150 10688 0.53 0.39
822361 290325 14.51 10.55
 
Unlisted Investments
Cantono plc 50287 49838 0.89 1.81
DCD Media loan notes 2012 30868 30360 0.54 1.10
81155 80198 1.43 2.92
 
Total non-qualifying investments 1495984 599006 26.40 21.78
 
 
  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
2009 from which it has been extracted, are the responsibility of the directors and were approved by
them on 22 September 2009, do not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985 and have not been delivered to the Registrar of Companies.
 
2 The Company is an investment company as defined in Section 266 of the Companies Act 1985. 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 or AIM-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 2009 was 48p (at 31 December 2008: 45p; 30 June 2008 72p).
 
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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