TIDMNCA 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Chairman's Statement

 

In the six months to 31st August 2019, the net asset value (NAV) of your fund increased by 2.9% to 71p. The FTSE AIM Allshare index declined 4.36% 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 3.5p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 7.97%. 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 70.5p for its shares, the fund has a dividend yield of 4.96%.

 

We made nine further qualifying investments in the period, Concepta plc, Diaceutics plc, Feedback plc, Gfinity plc, Immotion Group plc, Integumen plc, Intelligent Ultrasound Group plc, LightwaveRF plc and Velocys plc. We are excited about these investments from a variety of growth sectors that include Medtech, Apps, Esports, Virtual Reality, Healthcare, Energy Efficiency and Sustainable Fuels.

 

We top sliced or exited two qualifying investments and we also received a takeover of Premier Technology Services Group plc at a decent premium.

 

The AIM Market has experienced further volatility recently where we had the AIM Market starting the year well but then experiencing large declines followed by smaller rallies. 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. There has been a tightening of liquidity in some of the smaller companies as investors deal with the continual news of the USA and China trade wars, the ongoing developments on BREXIT and some redemptions from other fund managers. We have also experienced some cautious statements from some companies we have invested in which has had a negative effect on their share prices but we also have many that continue to trade well which gives us cautious optimism in our ability to smooth out the peaks and troughs in the short term.

 

Geoff Gamble

 

29 October 2019 New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Unaudited Balance Sheet

 
                                                Interim Accounts          Final Accounts               Interim Accounts 
                                                as at 31 August 2019      as at 28 February 2019*      as at 31 August 2018 
                                                GBP'000  GBP'000              GBP'000  GBP'000                 GBP'000  GBP'000 
Fixed 
Assets 
                  Investments                          5,064                     5,390                        6,744 
Current 
Assets 
                  Uninvested cash               541                       73                           142 
                                                       541                       73                           142 
Current 
Liabilities 
                  Creditors: amounts due 
                  within one year                      (14)                      (55)                         (17) 
                                                       5,591                     5,408                        6,869 
Capital and 
Reserves 
                  Share capital                        786                       786                          786 
                  Share premium                        682                       682                          682 
                  Capital reserve - realised           847                       205                          228 
                  Capital reserve - unrealised         2,279                     2,755                        3,946 
                  Capital redemption reserve           400                       400                          400 
                  Revenue reserve                      597                       580                          827 
                                                       5,591                     5,408                        6,869 
Net Asset Value                                        71p                       69p                          87p 
per share 
                                                                          *Audited 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Unaudited Statement of Comprehensive Income

 

(incorporating the revenue account)

 
                    6 month period ended 31 August 2019      Year to 28 February 2019*      6 month period ended 31 August 2018 
                    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            -        271      271                    -        72       72           -        38       38 
Unrealised          -        (86)     (86)                   -        (1,321)  (1,321)      -        (95)     (95) 
Income              53       -        53                     108      -        108          57       -        57 
Investment          (7)      (20)     (27)                   (16)     (48)     (64)         (9)      (26)     (35) 
management 
fees 
Other               (29)     -        (29)                   (55)     -        (55)         (31)     -        (31) 
expenses 
Return on           17       165      182                    37       (1,297)  (1,260)      17       (83)     (66) 
ordinary 
activities 
Tax on ordinary     -        -        -                      -        -        -            -        -        - 
activities 
Return on 
ordinary 
activities 
after               17       165      182                    37       (1,297)  (1,260)      17       (83)     (66) 
taxation 
Return per          0.22     2.10     2.32                   0.48     (16.49)  (16.01)      0.22     (1.06)   (0.84) 
ordinary 
share in pence 
                                                             *Audited 
 
 

All revenue and capital items in the above statement derive from continuing operations in the current six month period. No operations were acquired or discontinued

 

in the current period.

 

Other than that shown above, the company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period.

 

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 31st August 2019

 

Unaudited Consolidated Statement of Changes in Equity

 
                         Share                Share Premium  CapitalRedemptionReserve  Capital realised GBP'000  Capital unrealised GBP'000  Revenue reserve GBP'000  TotalGBP'000 
                         CapitalaccountGBP'000  accountGBP'000   GBP'000 
 
As at 1 March 2019       786                  682            400                       205                     2,755                     580                    5,408 
Realised gains           -                    -              -                         271                     -                         -                      271 
on disposals 
Unrealised Losses        -                    -              -                         -                       (86)                      -                      (86) 
Transfer of unrealised   -                    -              -                         391                     (391)                     -                      - 
gain to realised 
on disposal of 
investments 
Net revenue before tax   -                    -              -                         -                       -                         17                     17 
Investment management    -                    -              -                         (20) (26)               -                         -                      (20) 
fee                                                          - 
                         ________             ________       _________                 ________                ________                  ________               ________ 
At 31 August 2019        786                  682            400                       847                     2,279                     597                    5,591 
As at 1 March 2018       786                  682            400                       469                     3,788                     810                    6,935 
Realised gains           -                    -              -                         38                      -                         -                      38 
on disposals 
Unrealised Losses        -                    -              -                         -                       (95)                      -                      (95) 
Transfer of unrealised   -                    -              -                         (253)                   253                       -                      - 
loss to realised 
on disposal of 
investment 
Net revenue before tax   -                    -              -                         -                       -                         17                     17 
Investment management    -                    -              -                         (26)                    -                         -                      (26) 
fee 
                         ________             ________       _________                 ________                ________                  _________              ________ 
At 31 August 2018        786                  682            400                       228                     3,946                     827                    6,869 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Unaudited Cash Flow Statement

 
                           6 month period ended31 August 2019    Year to 28 February2019*    6 month period ended31 August 2018 
                           GBP'000  GBP'000                          GBP'000  GBP'000                GBP'000  GBP'000 
Net cash used                     (96)                                  (92)                        (76) 
in operating 
activities 
Cash flows from 
investing 
activities 
Investment income          53                                    108                         57 
Net cash from investing           53                                    108                         57 
activities 
Cash flows from 
investing 
activities 
Sale of investments        938                                   927                         549 
Purchase of investments    (427)                                 (678)                       (463) 
Dividends paid             -                                     (267)                       - 
Net cash generated                511                                   (18)                        86 
from/(used 
in) financingactivities 
Net increase /                    468                                   (2)                         67 
(decrease) in 
cash and cashequivalents 
Cash and cash                     73                                    75                          75 
equivalents 
at beginning of period 
Cash and cash                     541                                   73                          142 
equivalents 
at end of period 
                                                                 *Audited 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Investment Portfolio

 
  Security                    Cost       Valuation       %       % 
                                         31 August 2019  Cost    Valuation 
  Qualifying Investments      6,365,006  4,633,795       85.13   82.67 
  Non-qualifying Investments  570,260    430,700         7.63    7.68 
                              6,935,266  5,064,495       92.76   90.35 
  Uninvested funds            541,092    541,092         7.24    9.65 
                              7,476,358  5,605,587       100.00  100.00 
  Qualifying Investments 
  AIM Quoted 
  Tristel plc                 41,922     284,610         0.56    5.08 
  PHSC plc                    182,910    31,500          2.45    0.56 
  DCD Media plc               562,800    2,125           7.53    0.04 
  K3 Business Technology      90,359     211,788         1.21    3.78 
  Group plc 
  Touchstar plc               281,400    43,750          3.76    0.78 
  Vianet Group plc            40,175     38,675          0.54    0.69 
  HML Holdings plc            266,497    300,800         3.56    5.37 
  Cyanconnode Holdings plc    376,755    23,132          5.04    0.41 
  Marechale Capital plc       133,828    8,612           1.79    0.15 
  M.Winkworth plc             64,320     86,400          0.86    1.54 
  Bango plc                   7,563      22,225          0.10    0.40 
  IDE Group Holdings plc      52,763     6,125           0.71    0.11 
  TP Group plc                109,278    47,839          1.46    0.85 
  Brady plc                   41,805     22,560          0.56    0.40 
  Inspired Energy plc         51,370     257,524         0.69    4.59 
  Microsaic Systems plc       164,417    47,430          2.20    0.85 
  Open Orphan plc             115,581    27,830          1.55    0.50 
  DP Poland plc               20,113     8,004           0.27    0.14 
  Modern Water plc            75,382     5,727           1.01    0.10 
  Quixant plc                 6,935      45,900          0.09    0.82 
  Keywords Studios plc        6,181      79,300          0.08    1.42 
  Cloudbuy plc                58,483     3,513           0.78    0.06 
  Synnovia plc                30,153     25,800          0.40    0.46 
  Sysgroup plc                99,177     65,780          1.33    1.17 
  Brighton Pier Group plc     50,253     16,250          0.67    0.29 
  Property Franchise          100,503    160,000         1.34    2.85 
  Group plc 
  Solid State plc             40,134     69,300          0.54    1.24 
  Audioboom Group plc         178,406    147,600         2.39    2.63 
  Scholium Group plc          50,253     20,000          0.67    0.36 
  Rosslyn Data plc            27,037     5,706           0.36    0.10 
  Coral Products plc          118,095    62,500          1.58    1.12 
  SRT Marine Systems plc      27,139     61,500          0.36    1.10 
  ULS Technology plc          52,261     78,000          0.70    1.39 
  Collagen Solutions plc      20,757     10,325          0.28    0.18 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Investment Portfolio (continued)

 
  AIM Quoted (continued) 
  Gfinity plc                       94,179     54,444     1.26   0.97 
  Ideagen plc                       28,430     126,453    0.38   2.26 
  Angle plc                         125,880    129,104    1.68   2.30 
  Bilby plc                         156,673    69,880     2.10   1.25 
  Hunters Property plc              251,256    205,000    3.36   3.66 
  Bigblu Broadband plc              239,452    391,788    3.20   6.99 
  Tekcapital plc                    157,671    56,419     2.11   1.01 
  Falanx Group Ltd                  105,736    27,071     1.41   0.48 
  Gear4Music Holdings lc            27,121     36,887     0.36   0.66 
  Yourgene Health plc               69,349     37,088     0.93   0.66 
  Belvoir Lettings plc              23,320     21,400     0.31   0.38 
  Bould Opportunities plc           35,179     0          0.47   0.00 
  Yu Group plc                      27,893     18,000     0.37   0.32 
  Maxcyte Inc                       25,128     42,857     0.34   0.76 
  Scancell Holdings plc             130,618    64,544     1.75   1.15 
  Intelligent Ultrasound Group plc  145,721    113,831    1.95   2.03 
  Faron Pharmaceuticals Ltd         30,153     12,360     0.40   0.22 
  Cloudcall Group plc               20,230     37,100     0.27   0.66 
  Creo Medical Group plc            30,053     51,145     0.40   0.91 
  Anglo African Oil & Gas plc       45,229     8,550      0.60   0.15 
  Escape Hunt plc                   31,006     10,968     0.41   0.20 
  Location Sciences Group plc       72,642     84,361     0.97   1.51 
  Fusion Antibodies plc             22,114     17,440     0.30   0.31 
  Pelatro plc                       25,128     28,000     0.34   0.50 
  Polarean Imaaging plc             30,154     40,000     0.40   0.71 
  Access Intelligence plc           10,053     13,750     0.13   0.25 
  Blackbird plc                     100,504    200,000    1.34   3.57 
  I-Nexus Global plc                70,353     15,063     0.94   0.27 
  Immotion Group plc                130,661    107,926    1.75   1.93 
  N4 Pharma plc                     60,304     17,400     0.81   0.31 
  Lightwaverf plc                   45,233     39,706     0.61   0.71 
  Diaceutics plc                    10,314     12,690     0.14   0.23 
  Concepta plc                      75,379     45,000     1.01   0.80 
  Integumen plc                     50,254     67,857     0.67   1.21 
  Velocys plc                       45,229     42,000     0.61   0.75 
  Feedback plc                      55,279     59,583     0.74   1.06 
                                    6,148,883  4,633,795  82.24  82.67 
  Unlisted Investments 
  Syqic plc                         19,943     0          0.27   0.00 
  Outsourcery plc                   45,027     0          0.60   0.00 
  Invocas plc                       100,400    0          1.34   0.00 
  Optare plc                        50,753     0          0.68   0.00 
                                    216,123    0          2.89   0.00 
  Total Qualifying Investments      6,365,006  4,633,795  85.13  82.67 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Investment Portfolio (continued)

 
  Non Qualifying Investments 
  AIM Quoted 
  Sanderson Group plc               37,008   138,000  0.50  2.46 
  Rotala plc                        60,796   90,750   0.81  1.62 
  Tristel plc                       60       265      0.00  0.00 
  K3 Business Technology Group plc  131      212      0.00  0.00 
  Bango plc                         291      254      0.01  0.00 
  IDE Group Holdings plc            218      7        0.00  0.00 
  Brady plc                         106      32       0.00  0.00 
  Cyanconnode Holdings plc          131      4        0.00  0.00 
  Driver Group plc                  8,992    5,300    0.12  0.09 
  Audioboom Group plc               1,163    205      0.02  0.00 
  Be Heard Group plc                18,186   4,000    0.24  0.07 
  Gateley Holdings plc              14,627   23,700   0.20  0.42 
  Yolo Leisure and Tech plc         22,367   3,125    0.30  0.06 
                                    164,076  265,854  2.20  4.72 
 
 
  UK Listed 
  Investec plc                      202,822  89,675   2.71  1.60 
  Aviva plc                         22,268   17,700   0.30  0.32 
  Imperial Brands plc               23,763   21,230   0.32  0.38 
  Greene King plc                   9,964    10,500   0.13  0.19 
  Centrica plc                      10,074   2,085    0.13  0.04 
  Twentyfour Income Fund Ltd        9,852    9,280    0.13  0.17 
  Vodafone Group plc                20,590   14,376   0.28  0.26 
                                    299,333  164,846  4.00  2.96 
  Unlisted Investments 
  China Food Co plc                 65,969   0        0.88  0.00 
  Gable Holdings Inc                12,112   0        0.16  0.00 
  Sorbic International plc          18,717   0        0.25  0.00 
  Mar City plc                      10,053   0        0.14  0.00 
                                    106,851  0        1.43  0.00 
  Total Non-qualifying Investments  570,260  430,700  7.63  7.68 
 
 

New Century AIM VCT plc

 

For the six months to 31st August 2019

 

Notes to the Accounts

 

This interim financial information and the unaudited interim accounts for the six months to 31 August 2019 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 October 2019, 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 2018) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in October 2019.

 

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 28 February 2019, 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 2020.

 

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 throughout f the period under review.

 

Net Asset Value per share at 31 August 2019 was 71p (at 28 February 2019: 69p; 31 August 2018: 87p).

 

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 & Company 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 GBP27k (the year ended 28 February 2019: GBP64k, the period ended 31 August 2018: GBP35k).

 

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 VCT plc

 

For the six months to 31st August 2019

 

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             4thFloor, 50 Mark Lane 
                                  London EC3R 7QR 
Investment Manager and Broker     MD Barnard & Company 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/20191030005428/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

October 30, 2019 05:20 ET (09:20 GMT)

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