TIDMNCA2
New Century AIM VCT 2 plc
For the six months to 30th June 2018
Chairman's Statement
In the six months to 30th June 2018, the net asset value (NAV)
of your fund increased by 1.47% to 69p. The FTSE AIM Allshare index
gained 3.7% over the same period. This index encompasses all
sectors and includes many mining, oil and gas companies that have
performed well in the year. Your fund as mentioned in previous
reports is constrained from investing in most of these types of
businesses as part of the VCT rules.
The fund went ex dividend of 3.3p per share in June which falls
within the accounting period under review. If we add that back to
the NAV the fund increased by 6.32%. The Board continues to realise
the importance of income for its shareholders as well as trying to
achieve an increase in its NAV, and based on a current mid market
price of 62p for its shares, the fund has a dividend yield of
5.32%.
Although the Stock Market has continued to rise, we feel this
has masked some of the volatility we have seen with certain
companies' share prices. If a company issues a cautious outlook or
disappoints the Market on its expectations, its shares are hit hard
with the fall in share price far outweighing the level of downgrade
in earnings expectations. It is for this reason that we have kept
to our strategy of holding a diverse portfolio with some smaller
holdings rather than be more concentrated with fewer shares.
We made six further VCT qualifying investments in the period,
Access Intelligence, Forbidden Technologies, i-Nexus Global,
Microsaic Systems, Polarean Imaging and Scancell, and we also
committed to make an investment in Audioboom.
We made four sales where we either top sliced our holding or
sold completely.
We have seen fewer qualifying investments in the period, however
we still remain cautious in our approach. There is still
uncertainty regarding the outcome of the BREXIT negotiations with
Market commentators stating the likelihood of a no deal becoming
more likely. Whilst this may cause more volatility in the Markets
we have a diversified portfolio with companies from a variety of
sectors that continue to trade well which gives us optimism for the
remainder of the year.
Geoff Gamble
Chairman
29 August 2018
New Century AIM VCT2 plc
For the six months to 30th June 2018
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2018 as at 31 December 2017* as at 30 June 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
Assets
Investments 3,124 3,127 2,979
Current
Assets
Sundry debtors - - -
Uninvested cash 67 67 37 37 70 70
Current
Liabilities
Creditors: amounts due
within one year (8) (18) (17)
3,183 3,146 3,032
Capital and
Reserves
Share capital 461 461 461
Share premium 57 57 57
Capital redemption reserve 171 171 171
Capital reserve-distributable 3,440 3,440 3,440
Capital reserve - realised (1,406) (1,537) (1,602)
Capital reserve - unrealised 103 187 1
Revenue reserve 357 367 504
3,183 3,146 3,032
Asset Value 69p 68p 66p
per share
*Audited accounts
New Century AIM VCT2 plc
For the six months to 30th June 2018
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 June 2018 Year to 31 December 2017* 6 month period ended 30 June 2017
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on investments
Realised - 82 82 - 122 122 - 60 60
Unrealised - (22) (22) - 403 403 - 203 203
Income 14 - 14 37 - 37 12 - 12
Investment management fees (4) (13) (17) (8) (23) (31) (4) (12) (16)
Other expenses (20) - (20) (52) - (52) (32) - (32)
Return on ordinary activities (10) 47 37 (23) 502 479 (24) 251 227
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation (10) 47 37 (23) 502 479 (24) 251 227
Return per ordinary share in pence (0.22) 1.02 0.80 (0.50) 10.88 10.38 (0.52) 5.45 4.93
*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 4,606,953.
New Century AIM VCT2 plc
For the six months to 30th June 2018
Unaudited Consolidated Statement of Changes in Equity
Called-up share Share Premium Capital Capital Capital realised Capitalunrealised Revenue reserveGBP'000
capitalGBP'000 accountGBP'000 Redemptionreserve Reserve-distributable GBP'000 GBP'000 TotalGBP'000
GBP'000 GBP'000
As at 1 January 461 57 171 3,440 (1,537) 187 367 3,146
2018
Realised gains - - - - 82 - - 82
on disposals
in period
Unrealised gain - - - - - (22) - (22)
Transfer of - - - - 62 (62) - -
unrealised
gain to realised
on disposal of
investment
Net revenue - - - - - - (10) (10)
before tax
Investment - - - - (13) (10) - - (13)
management - (10)
fee -
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 2018 461 57 171 3,440 (1,406) 103 357 3,183
As at 1 January 461 57 171 3,440 (1,725) (127) 528 2,805
2017
Realised gains - - - - 60 - - 60
on disposals
Unrealised gains - - - - - 203 - 203
Transfer of - - - - 75 (75) - -
unrealised
loss to realised
on disposal of
investment
Net revenue - - - - - - (24) (24)
before tax
Investment - - - - (12) - - (12)
management
fee
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 2017 461 57 171 3,440 (1,602) 1 504 3,032
New Century AIM VCT2 plc
For the six months to 30th June 2018
Unaudited Cash Flow Statement
6 month period ended30 June 2018 Year to 31 December2017* 6 month period ended30 June 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash generated from (47) (82) (47)
operating activities
Cash flow from
investing
activities
Interest received - - -
Investment income 14 37 12
14 37 12
Cash flows from
financing
activities
Sale of investments 249 426 237
Purchase of investments (186) (303) (229)
Dividend paid - (138) -
63 (15) 8
Net increase / 30 (60) (27)
(decrease) in
cash and cash
equivalents
Cash and cash 37 97 97
equivalents
at beginning of period
Cash and cash 67 37 70
equivalents
at end of period
*Audited Accounts
New Century AIM VCT2 plc
For the six months to 30th June 2018
Investment Portfolio
Security Cost Valuation % %
30 June 2018 Cost Valuation
Qualifying Investments 2,621,197 2,863,090 86.71 89.70
Non-qualifying Investments 334,501 261,273 11.06 8.19
Uninvested funds 67,494 67,494 2.23 2.11
3,023,192 3,191,857 100.00 100.00
Qualifying Investments
AIM Quoted
Marechale Capital plc 75,752 9,000 2.51 0.28
HML Holdings plc 108,540 136,000 3.59 4.26
TP Group plc 160,062 52,356 5.29 1.64
Tristel plc 18,779 143,325 0.62 4.49
Cyanconnode Holdngs plc 204,219 8,210 6.76 0.26
M.Winkworth plc 56,280 88,900 1.86 2.79
Inspired Energy plc 41,651 253,499 1.38 7.94
Microsaic Systems plc 142,260 60,020 4.71 1.88
Venn Life Sciences 155,184 37,789 5.13 1.18
Holdings plc
DP Poland plc 25,630 49,300 0.85 1.54
Modern Water plc 75,385 24,545 2.49 0.77
Quixant plc 8,091 72,625 0.27 2.28
Maistro plc 6,785 162 0.22 0.01
Keywords Studios plc 17,391 250,076 0.58 7.83
Sanderson Group plc 15,203 29,150 0.50 0.91
Cloudbuy plc 41,896 3,802 1.39 0.12
PHSC plc 50,256 22,000 1.66 0.69
EU Supply plc 19,422 10,517 0.64 0.33
Plastics Capital plc 33,168 35,640 1.10 1.12
Sysgroup plc 45,232 29,250 1.50 0.92
Brighton Pier Group plc 35,379 22,000 1.17 0.69
Property Franchise 50,253 70,000 1.66 2.19
Group plc
Solid State plc 35,248 44,922 1.17 1.41
Audioboom Group plc 72,868 66,500 2.41 2.08
Scholium Group plc 40,203 19,200 1.33 0.60
Rosslyn Data Technologies 23,219 3,010 0.77 0.09
plc
Coral Products plc 25,104 17,575 0.83 0.55
SRT Marine Systems plc 18,093 31,000 0.60 0.97
ULS Technology plc 18,091 58,050 0.60 1.82
Premier Technical Services 52,420 190,570 1.73 5.97
Group plc
Angle plc 75,128 62,100 2.49 1.95
Bilby plc 52,465 94,500 1.74 2.96
Hunters Property plc 50,253 55,000 1.66 1.72
Bigblu Broadband plc 55,027 94,089 1.82 2.95
Security Cost Valuation % %
30 June 2018 Cost Valuation
Tekcapital plc 82,292 47,125 2.72 1.48
Falanx Group Ltd 23,923 7,650 0.79 0.24
Premaitha Health plc 40,204 15,000 1.33 0.47
Photonstar LED Group plc 15,079 1,500 0.50 0.05
Yu Group plc 20,504 91,516 0.68 2.87
Scancell Holdings plc 45,233 41,650 1.50 1.30
Medaphor Group plc 25,129 6,389 0.83 0.20
Imaginatik plc 20,104 4,000 0.66 0.13
Loopup Group plc 20,104 92,000 0.66 2.88
Faron Pharmaceuticals Ltd 20,103 5,600 0.66 0.18
Cloudcall Group plc 20,230 58,800 0.67 1.84
Creo Medical Group plc 37,691 60,197 1.25 1.89
Anglo African Oil & Gas plc 65,329 29,250 2.16 0.92
Escape Hunt plc 31,006 25,821 1.03 0.81
Velocity Composites plc 9,425 7,169 0.31 0.22
Location Sciences Group plc 27,410 27,270 0.91 0.85
Fusion Antibodies plc 22,113 33,536 0.73 1.05
Pelatro plc 25,128 33,200 0.83 1.04
Polarean Imaging plc 20,104 22,667 0.66 0.71
Access Intelligence plc 10,053 12,500 0.33 0.39
Forbidden Technologies plc 50,254 55,000 1.66 1.72
I-Nexus Global plc 30,153 34,178 1.00 1.07
2,566,508 2,856,700 84.90 89.50
Unlisted Investments
Outsourcery plc 28,143 0.93 0.00
Syqic plc 26,546 6,390 0.88 0.20
54,689 6,390 1.81 0.20
Total qualifying 2,621,197 2,863,090 86.71 89.70
investments
Non Qualifying Investments
AIM Quoted
Sanderson Group plc 10,398 26,500 0.34 0.83
Rotala plc 27,683 38,500 0.92 1.20
Tristel plc 60 315 0.00 0.01
TLA Worldwide plc 26,975 21,000 0.89 0.66
Audioboom Group plc 1,163 190 0.04 0.01
Be Heard Group plc 10,040 5,300 0.33 0.17
EVR Holdings plc 5,469 39,385 0.18 1.23
Yolo Leisure & 12,799 6,563 0.42 0.21
Technology plc
94,587 137,753 3.12 4.32
Security Cost Valuation % %
30 June 2018 Cost Valuation
UK Listed
Investec plc 169,416 95,850 5.61 3.00
British American 8,841 15,320 0.29 0.48
Tobacco plc
Twentyfour Income Fund Ltd 9,852 9,800 0.33 0.31
188,109 120,970 6.23 3.79
Unlisted Investments
China Food Co plc 31547 1,100 1.04 0.03
Sorbic International plc 10,205 1,450 0.34 0.05
Mar City plc 10,053 0 0.33 0.00
51,805 2,550 1.71 0.08
Total non-qualifying 334,501 261,273 11.06 8.19
investments
New Century AIM VCT2 plc
Notes to the Accounts
For the six months to 30th June 2018
This interim financial information and the unaudited interim
accounts for the six months to 30 June 2018 from
which it has been extracted, are the responsibility of the
directors and were approved by them on 29 August 2018, 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.
The Company is an investment company as defined in Section 833
of the Companies Act 2006. The unaudited
interim accounts have been prepared in accordance with the
Financial Reporting Council's (FRC) Financial
Reporting Standard 104 Interim Financial Reporting (March 2015)
and with the Statement of Recommended Practice for Investment
Companies re-issued by the Association of Investment Companies in
November 2014 and updated in January 2017.
The unaudited interim accounts have been prepared using
accounting policies that the company applied in the accounts for
the year ending 31 December 2017, incorporating FRS 102 The
Financial Reporting
Standard applicable in the UK and Republic of Ireland. The
company considers these accounting policies will be used in the
accounts for the year ending 31 December 2018.
Listed, AIM or NEX Markets-traded investments are stated at
market value, which is based upon market bid prices in an active
market at the balance sheet date. These would all meet tier 1 of
the fair value hierarchy.
4,606,953 Ordinary Shares of 10 pence each were in issue
throughout the period under review.
Net Asset Value per share at 30 June 2018 was 69p (at 31
December 2017: 68p; 30 June 2017: 66p).
No dividend was paid in the period.
There have not been any significant events since the balance
sheet date.
New Century AIM VCT2 plc is managed by M D Barnard & Co.
Limited ('MDB'). Under the terms of the management agreement MDB
are entitled to a fee (exclusive of VAT) equal to 1% per annum of
the net assets of the company. During the period the management fee
was GBP17k (the year ended 31 December 2017: GBP31k, the period
ended 30 June 2017 GBP16k).
Bearing in mind that the assets of the company consist mainly of
marketable securities, the directors are of the opinion that at the
time of approving this interim financial information, the company
has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing this interim financial
information.
Copies of the Interim Report to Shareholders have been sent to
shareholders and are available at the Company's
Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark
Lane, London EC3R 7QR.
New Century AIM VCT2 plc
Directors, Investment Managers and Advisors
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
Secretary Tricor Secretaries Ltd
and registered office 4th Floor, 50 Mark Lane
London EC3R 7QR
Registrar Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands B63 3DA
Solicitors Dundas & Wilson
5th Floor, Northwest Wing
Bush House
Aldwych
London WC2B 4EZ
Investment Manager and Broker MD Barnard & Company Limited
17-21 New Century Road
Laindon
Essex SS15 6AG
Auditor UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London E1W 1YW
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180830005339/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 30, 2018 06:14 ET (10:14 GMT)
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