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)
Grafico Azioni New Century Aim Vct (LSE:NCA)
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Grafico Azioni New Century Aim Vct (LSE:NCA)
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