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REG-New Century AIM VCT Plc Half-year Report

New Century AIM VCTAnnouncement

29/10/2018 09:45

Half-year Report

New Century AIM VCT plc
For the six months to 31^st August 2018

Chairman’s Statement

In the six months to 31^st August 2018, the net asset value (NAV) of your fund declined by 1.14% to 87p. The FTSE AIM Allshare index gained 6.36% over the same period. Your fund can only invest primarily in VCT qualifying stocks which does limit the sectors we can buy into.

The fund went ex dividend to the amount of 3.4p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 2.73%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid market price of 73p for its shares, the fund has a dividend yield of 4.66%.

We made eight further qualifying investments in the period, Access Intelligence, Audioboom, Forbidden Technologies, Immotion, I-Nexus Global, Microsaic Systems, Polarean and Scancell.

We top sliced or exited seven qualifying investments and one non-qualifying.

The AIM Market has experienced heightened volatility recently where we have seen not only the AIM Market experiencing large falls but also the FTSE 100 index and FTSE 250 index. As your fund is invested primarily in AIM companies, we are exposed to this , however the fund is invested in a wide variety of businesses from different industry sectors, many of which continue to trade well which gives us cautious optimism in our ability to smooth out the peaks and troughs of the short term.

Geoff Gamble

29 October 2018

New Century AIM VCT plc
For the six months to 31^st August 2018

Unaudited Balance Sheet


		Interim Accounts		Final Accounts		Interim Accounts
		as at 31 August 2018		as at 28 February 2018*		as at 31 August 2017
		£'000	£'000	£'000	£'000	£'000	£'000
Fixed Assets
	Investments		6,744		6,888		6,915

Current Assets
	Uninvested cash	142		75		279
			142		75		279

Current Liabilities
	Creditors: amounts due
	within one year		(17)		(28)		(18)

			6,869		6,935		7,176
Capital and Reserves

	Share capital		786		786		786
	Share premium		682		682		682
	Capital reserve - realised		228		469		540
	Capital reserve - unrealised		3,946		3,788		3,714
	Capital redemption reserve		400		400		400
	Revenue reserve		827		810		1,054

			6,869		6,935		7,176

Asset Value per share			87p		88p		91p
				*Audited accounts

New Century AIM VCT plc
For the six months to 31^st August 2018

Unaudited Statement of Comprehensive Income
(incorporating the revenue account)


	6 month period ended 31 August 2018			Year to 28 February 2018*			6 month period ended 31 August 2017
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains (losses) on investments
Realised	-	38	38	-	141	141	-	117	117
Unrealised	-	(95)	(95)	-	446	446	-	440	440
Income	57	-	57	97	-	97	51	-	51
Investment management fees	(9)	(26)	(35)	(18)	(54)	(72)	(9)	(27)	(36)
Other expenses	(31)	-	(31)	(51)	-	(51)	(29)	-	(29)
Return on ordinary activities	17	(83)	(66)	28	533	561	13	530	543
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation	17	(83)	(66)	28	533	561	13	530	543
Return per ordinary share in pence	0.22	(1.06)	(0.84)	0.35	6.78	7.14	0.16	6.74	6.90

				*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 7,860,937

New Century AIM VCT plc
For the six months to 31^st August 2018

Unaudited Consolidated Statement of Changes in Equity

	Share Capital account £’000	Share Premium account £’000	Capital Redemption Reserve £’000	Capital realised £’000	Capital unrealised £’000	Revenue reserve £’000	Total £’000

As at 1 March 2018	786	682	400	469	3,788	810	6,935

Realised gains on disposals	-	-	-	38	-	-	38
Unrealised gains	-	-	-	-	(95)	-	(95)
Transfer of unrealised loss to realised on disposal of investments	-	-	-	(253)	253	-	-
Net revenue before tax	-	-	-	-	-	17	17
Investment management fee	-	-	- -	(26) (26)	-	-	(26) -
	________	________	_________	________	________	________	________
At 31 August 2018	786	682	400	228	3,946	827	6,869

As at 1 March 2017	786	682	400	356	3,368	1,041	6,633

Realised gains on disposals	-	-	-	117	-	-	117
Unrealised gains	-	-	-	-	440	-	440
Transfer of unrealised loss to realised on disposal of investment	-	-	-	94	(94)	-	-
Net revenue before tax	-	-	-	-	-	13	13
Investment management fee	-	-	-	(27)	-	-	(27)
	________	________	_________	________	________	_________	________
At 31 August 2017	786	682	400	540	3,714	1,054	7,176

New Century AIM VCT plc
For the six months to 31^st August 2018

Unaudited Cash Flow Statement


	6 month period ended 31 August 2018		Year to 28 February 2018*		6 month period ended 31 August 2017
	£'000	£'000	£'000	£'000	£'000	£'000

Net cash generated from operating activities		(76)		(125)		(77)

Cash flows from investing activities
Investment income	57		97		51

Net cash from investing activities		57		97		51


Cash flows from investing activities

Sale of investments	549		551		446
Purchase of investments	(463)		(282)		(234)
Dividends paid	-		(259)		-

Net cash generated from financing activities		86		10		212
Net increase / (decrease) in cash and cash equivalents		67		(18)		186
Cash and cash equivalents at beginning of period		75		93		93

Cash and cash equivalents at end of period		142		75		279
			*Audited Accounts

New Century AIM VCT plc
For the six months to 31^st August 2018

Investment Portfolio


Security	Cost	Valuation	%	%
		31 August 2018	Cost	Valuation

Qualifying Investments	6,348,811	6,303,127	89.55	91.53
Non-qualifying Investments	599,378	441,363	8.45	6.41
	6,948,189	6,744,490	98.00	97.94
Uninvested funds	141,660	141,660	2.00	2.06
	7,089,849	6,886,150	100.00	100.00
Qualifying Investments
AIM Quoted
Tristel plc	96,568	692,720	1.36	10.06
PHSC plc	182,910	31,500	2.58	0.46
DCD Media plc	562,800	4,012	7.94	0.06
K3 Business Technology Group plc	90,360	241,758	1.27	3.51
Touchstar plc	281,400	55,000	3.97	0.80
Lighthouse Group plc	128,891	285,000	1.82	4.14
Vianet Group plc	40,175	37,700	0.57	0.55
HML Holdings plc	280,672	336,600	3.96	4.89
Cyanconnode Holdings plc	376,755	52,047	5.31	0.75
Marechale Capital plc	133,828	18,550	1.89	0.27
M.Winkworth plc	64,320	88,000	0.91	1.28
Bango plc	7,563	29,750	0.11	0.43
IDE Group Holdings plc	52,763	3,062	0.74	0.04
Tax Systems plc	250,020	1,514	3.53	0.02
TP Group plc	109,278	47,114	1.54	0.68
Brady plc	41,805	46,530	0.59	0.67
Inspired Energy plc	51,370	338,000	0.72	4.91
Microsaic Systems plc	164,417	50,818	2.32	0.74
Venn Life Sciences plc	115,581	28,310	1.63	0.41
DP Poland plc	20,113	33,350	0.28	0.48
Modern Water plc	75,382	31,091	1.06	0.45
Quixant plc	11,559	116,250	0.16	1.69
Maistro plc	4,991	156	0.07	0.00
Keywords Studios plc	12,363	199,200	0.17	2.89
Cloudbuy plc	58,483	4,582	0.82	0.07
EU Supply plc	15,333	6,750	0.22	0.10
Plastics Capital plc	30,153	34,200	0.42	0.50
Sysgroup plc	99,177	67,425	1.40	0.98
Brighton Pier Group plc	50,253	31,250	0.71	0.45
Property Franchise Group plc	100,503	135,000	1.42	1.96
Solid State plc	40,134	50,490	0.57	0.73
Audioboom Group plc	178,406	182,160	2.52	2.64
Scholium Group plc	50,253	23,000	0.71	0.33
Rosslyn Data plc	27,037	5,217	0.38	0.07

New Century AIM VCT plc
For the six months to 31^st August 2018

Investment Portfolio (continued)

AIM Quoted (continued)
Coral Products plc	118,095	91,667	1.67	1.33
SRT Marine Systems plc	27,139	39,000	0.38	0.57
ULS Technology plc	52,261	163,800	0.74	2.38
Collagen Solutions plc	20,757	12,390	0.29	0.18
Gfinity plc	43,925	27,500	0.62	0.40
Ideagen plc	28,430	126,453	0.40	1.84
Premier Technical Services Group plc	99,607	352,599	1.40	5.12
Angle plc	125,880	89,602	1.78	1.30
Bilby plc	156,673	290,270	2.21	4.22
Hunters Property plc	251,256	240,000	3.54	3.49
Bigblu Broadband plc	239,452	381,199	3.38	5.54
Tekcapital plc	157,671	73,750	2.22	1.07
Falanx Group Ltd	51,460	13,166	0.72	0.19
Gear4Music Holdings lc	27,121	119,590	0.38	1.74
Premaitha Health plc	69,349	34,500	0.98	0.50
Belvoir Lettings plc	23,320	20,200	0.33	0.29
Photonstar LED group plc	35,179	2,800	0.50	0.04
Yu Group plc	27,893	147,750	0.39	2.15
Maxcyte Inc	25,128	83,928	0.35	1.22
Scancell Holdings plc	130,618	109,155	1.84	1.59
Medaphor Group plc	75,373	18,331	1.06	0.27
Imaginatik plc	40,207	11,200	0.57	0.16
Faron Pharmaceuticals Ltd	30,153	12,960	0.43	0.19
Cloudcall Group plc	20,230	43,050	0.29	0.63
Creo Medical Group plc	37,691	82,894	0.53	1.20
Anglo African Oil & Gas plc	45,229	25,875	0.64	0.38
Escape Hunt plc	31,006	24,678	0.44	0.36
Location Sciences Group plc	27,410	18,180	0.39	0.26
Fusion Antibodies plc	22,114	20,123	0.31	0.29
Pelatro plc	25,128	31,200	0.35	0.45
Polarean Imaaging plc	30,154	30,000	0.43	0.44
Access Intelligence plc	10,053	12,500	0.14	0.18
Forbidden Technologies plc	100,504	112,000	1.42	1.63
I-Nexus Global plc	70,353	62,911	0.99	0.91
Immotion Group plc	50,253	65,000	0.71	0.94
	6,132,688	6,298,327	86.49	91.46
Unlisted Investments
Syqic plc	19,943	4,960	0.28	0.07
Outsourcery plc	45,027	0	0.64	0.00
Invocas plc	100,400	0	1.42	0.00
Optare plc	50,753	0	0.72	0.00
	216,123	4,800	3.06	0.07
Total Qualifying Investments	6,348,811	6,303,127	89.55	91.53

New Century AIM VCT plc
For the six months to 31^st August 2018

Investment Portfolio (continued)

Non Qualifying Investments
AIM Quoted
Sanderson Group plc	37,008	88,000	0.52	1.28
Rotala plc	60,796	87,450	0.86	1.27
Tristel plc	60	280	0.00	0.01
K3 Business Technology Group plc	131	242	0.00	0.00
Bango plc	291	340	0.00	0.00
Coretx Holdings plc	218	4	0.00	0.00
Brady plc	106	66	0.00	0.00
Cyanconnode Holdings plc	131	9	0.00	0.00
Driver Group plc	8,992	7,900	0.13	0.12
TLA Worldwide plc	29,118	17,973	0.41	0.26
Audioboom Group plc	1,163	253	0.02	0.00
Be Heard Group plc	18,186	5,000	0.26	0.07
Gateley Holdings plc	14,627	24,000	0.21	0.35
Yolo Leisure and Tech plc	22,367	8,125	0.32	0.12
	193,194	239,642	2.73	3.48

Non Qualifying Investments (continued)
UK Listed
Investec plc	202,822	114,750	2.86	1.67
Aviva plc	22,268	24,250	0.31	0.35
Imperial Brands plc	23,763	27,440	0.34	0.40
Greene King plc	9,964	6,087	0.14	0.09
Centrica plc	10,074	4,290	0.14	0.06
Twentyfour Income Fund Ltd	9,852	9,600	0.15	0.14
Vodafone Group plc	20,590	15,304	0.29	0.22
	299,333	201,721	4.23	2.93
Unlisted Investments
China Food Co plc	65,969	0	0.93	0.00
Gable Holdings Inc	12,112	0	0.16	0.00
Sorbic International plc	18,717	0	0.26	0.00
Mar City plc	10,053	0	0.14	0.00
	106,851	0	1.49	0.00

Total Non-qualifying Investments	599,378	441,363	8.45	6.41

New Century AIM VCT plc
For the six months to 31^st August 2018

Notes to the Accounts

	This interim financial information and the unaudited interim accounts for the six months to 31 August 2018 from
	which it has been extracted, are the responsibility of the directors and were approved by them on 29 October 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 28 February 2018, incorporating FRS 102 The Financial Reporting Standard applicable
		in the UK and Republic of Ireland. The company consider these accounting policies will be used in the accounts for
		the year ending 28 February 2019.

	Listed, AIM or NEX Markets-traded investments are stated at market value, which is based upon market bid prices
	at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

	7,860,937 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted
	average 7,860,937 shares).

	Net Asset Value per share at 31 August 2018 was 87p (at 28 February 2018: 88p; 31 August 2017: 91p).

		No dividend was paid in the period.

		There have not been any significant events since the balance sheet date.

		New Century AIM VCT 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 £35k (the year ended 28 February 2018: £72k, the period ended 31 August 2017: £36k).
		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, 4^th Floor, 50 Mark Lane, London EC3R 7QR.

New Century AIM VCT plc
For the six months to 31^st August 2018

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors

Directors				Geoffrey Charles Gamble (Chairman)
				Michael David Barnard
				Peter William Riley
				Ian Cameron-Mowat

Secretary				Tricor Secretaries Ltd
and registered office				4^th Floor, 50 Mark Lane
				London EC3R 7QR

Investment Manager and Broker				MD Barnard & Co Ltd
				First Floor
				12 Hornsby Square
				Southfields Business Park
				Basildon
				Essex SS15 6SD

Registrars				Neville Registrars
				18 Laurel Lane
				Halesowen
				B63 3DA

Auditor 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20181029005308/en/

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