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Half-yearly Report

29th Oct 2015 11:41

New Century AIM VCT plc

For the six months to 31st August 2015

Chairman’s Statement

In the six months to 31st August 2015, the FTSE AIM All Share index gained 2.85% and the net asset value of your fund increased from 73p to 81p an increase of 10.96%.

£72,000 was received through a new share subscription.

We invested in the following qualifying investments Bilby, Satellite Solutions Worldwide, TekCapital, Gear4Music, Coral Products, Hunters Property, Falanx, Cyan holdings, Imaginatik, Premaitha Health and Venn Life Sciences.

We also purchased shares in INTU Property, Revolution Bars Group, Easyjet, Matchtech, Alliance Pharma, Gateley holdings, Latham (James), Vodafone, Yolo Leisure and Technology, Oakley Capital Investments, Armstrong Ventures, Produce Investments and EKF Diagnostics.

We sold or top sliced API Group, Learning Technology, Easyjet, Eco Animal Healthcare, STM Group, ULS Technology, Sinclair IS Pharma, Revolution Bars Group, Alliance Pharma, Marechale Capital, Advanced Computer Software Group, Produce Investments and Imaginatik.

Dividends and interest received over the period totalled £61,000 which is up from £35,000 at this time last year.

The Stock Market has continued to be volatile as investors assess the political tensions in different parts of the world, the economic problems within Greece, the falling Chinese Stock Market and the possibility of an interest rate rise in the USA. We therefore continue to take a cautious approach regarding new investments.

Geoff Gamble

28 October 2015

Unaudited Balance Sheet

Interim Accounts Final Accounts Interim Accounts
as at 31 August 2015 as at 28 February 2015* as at 31 August 2014
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets

Investments

6,849 6,269 6,208
Current Assets

Uninvested cash

986 661 1,581
986 661 1,581
Current Liabilities

Creditors: amounts due

within one year

(30) (28) (25)
7,805 6,902 7,764
Capital and Reserves

Share capital

959 950 1,055

Share premium

612 549 549

Capital reserve - realised

1,235 193 1,793

Capital reserve - unrealised

1,787 2,023 257

Capital redemption reserve

217 217 111

Revenue reserve

2,995 2,970 3,999
7,805 6,902 7,764
Asset Value per share 81p 73p 74p
*Audited accounts

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

6 month period ended 31 August 2015 Year to 28 February 2015* 6 month period ended 31 August 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000

£'000

£'000

£'000

Gains on investments

Realised

- 212 212 - 118 118 - 52 52

Unrealised

- 623 623 - 187 187 - 58 58
Income 61 - 61 84 - 84 35 - 35
Investment management fees (10) (29) (39) (19) (57) (76) (10) (29) (39)
Other expenses (26) - (26) (47) - (47) (24) - (24)
Return on ordinary activities 25 806 831 18 248 266 1 81 82
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation 25 806 831 18 248 266 1 81 82

Return per ordinary share in pence

0.26 8.41 8.67 0.18 2.42 2.60 0.01 0.78 0.79
*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, andfrom bank and money market funds.
The weighted average number of shares in issue during the period was 9,579,622

Unaudited Consolidated Statement of Changes in Equity

Share Capital account £’000

Share Premiumaccount£’000

CapitalRedemptionReserve£’000

Capitalrealised£’000

Capital unrealised £’000

Revenuereserve£’000

As at 1 March 2015 950 549 217 193 2,023 2,970
Share issue 9 63
Realised gains on disposals - - - 212 - -
Unrealised gains - - - - 623 -

Transfer of unrealised loss to realised on disposal ofinvestment

- -

-

859 (859) -
Net revenue before tax - - - - - 25
Investment management fee - - -

-

(29) - -
________ ________ _________ ________ ________ ________
At 31 August 2015 959 612 217 1,235 1,787 2,995
As at 1 March 2014 1,002 198 111 1,335 633 3,998
Share issue 53 351
Realised gains on disposals - - - 52 - -
Unrealised gains - - - - 58 -

Transfer of unrealised loss to realised on disposal ofinvestment

- - - 434 (434) -
Net revenue before tax - - - - - 1
Investment management fee - - - (29) - -
________ ________ _________ ________ ________ ________
At 31 August 2014 1,055 549 111 1,792 257 3,999

Unaudited Cash Flow Statement

6 month period ended31 August 2015

Year to 28 February2015*

6 month period ended31 August 2014

£'000 £'000 £'000 £'000 £'000

£'000

Operating activity: Net cash outflow (64) (123) (67)
Returns on investments
Interest received 4 3 2
Investment income 57 81 34
61 84 36
Taxation - - -
Dividend paid - (317) -
Financial investment
Sale of investments 1,797 1,518 794
Purchase of investments (1,541) (1,059) (469)
256 459 325
Net cash inflow before financing 253 103 294
Net proceeds of share issue 72 405 405
Purchase and cancellation of shares - (729) -
325 (221) 699

Increase / (decrease) in uninvested cash with broker

325 (221) 699
*Audited Accounts

Investment Portfolio

Security Cost Valuation % %
31 August 2015 Cost Valuation
Qualifying Investments 8,124,828 5,835,382 79.67 74.50
Non-qualifying Investments 1,087,190 1,013,778 10.66 12.92
9,212,018 6,849,160 90.33 87.42
Uninvested funds 985,913 985,913 9.67 12.58
10,197,931 7,835,073 100.00 100.00

Qualifying Investments

AIM Quoted

Tristel plc 163,901 394,706 1.61 5.04
PHSC plc 182,910 91,000 1.79 1.16
DCD Media plc 562,800 2,678 5.52 0.03
Legion Group plc 175,875 - 1.72 0.00
K3 Business Technology Group 90,360 269,730 0.89 3.44
Belgravium Technologies 281,400 80,000 2.76 1.02
Progility 753,750 26,250 7.39 0.33
Lighthouse Group plc 203,513 90,000 2.00 1.15
Invocas Group plc 100,400 8,100 0.99 0.10
Jelf Group plc 157,132 334,825 1.54 4.27
Relax Group 135,675 - 1.33 0.00
Vianet Group 40,175 30,550 0.39 0.39
HML Holdings plc 351,549 508,400 3.45 6.49
Welby Holdings lc 502,500 - 4.93 0.00
Sport Media Group 125,625 - 1.23 0.00
Kurawood plc 150,750 - 1.48 0.00
Optare plc 50,753 - 0.50 0.00
Cyan Holdings plc 307,201 154,430 3.02 1.97
Marechale Capital plc 133,828 33,125 1.31 0.42
Lombard Risk Mgt 24,120 72,000 0.24 0.92
M.Winkworth plc 72,360 139,500 0.71 1.78
APC Technology plc 100,628 444 0.99 0.01
Bango plc 7,563 16,275 0.07 0.21
Castle Street Investments 82,913 46,750 0.81 0.60
Kennedy Ventures 70,350 500 0.69 0.01
Eco City Vehicles 187,763 3,231 1.84 0.04
TP Group plc 109,278 28,993 1.07 0.37
Brady plc 41,805 69,090 0.41 0.88
Angel Biotech 101,533 - 1.00 0.00
Music Festivals plc 68,090 - 0.67 0.00
Inspired Energy 51,370 177,048 0.50 2.26
Microsaic Systems plc 78,978 80,790 0.77 1.03
Venn Life Sciences plc 115,581 100,763 1.13 1.29
DP Poland plc 20,113 25,346 0.20 0.32
Modern Water 50,253 10,000 0.49 0.12
Quixant plc 11,559 38,500 0.11 0.49
Litebulb 102,266 53,550 1.00 0.68
Blur Group 4,991 629 0.05 0.01
Keywords Studios 30,907 37,500 0.30 0.48
Cloudbuy 58,483 29,023 0.57 0.37
EU Supply 15,333 5,400 0.15 0.07
Plastics Capital 30,153 31,200 0.30 0.40
Daily Internet 50,256 60,000 0.49 0.77
Eclectic Bar 50,253 21,250 0.49 0.27
Kalibrate Technologies 31,761 41,200 0.31 0.53
Syqic 19,943 12,160 0.20 0.16
Outsourcery plc 45,027 6,800 0.44 0.09
Martinco 100,503 145,000 0.99 1.85
Solid State 40,134 134,475 0.39 1.72
Audioboom Group 22,615 60,000 0.22 0.77
Scholium Group 50,253 14,500 0.49 0.19
Rosslyn Data 27,037 12,227 0.27 0.16
Coral Products 118,095 125,000 1.16 1.60
Software Radio Technology plc 27,139 40,500 0.27 0.52
ULS Technology plc 135,679 168,750 1.33 2.15
Nostra Terra Oil & Gas plc 12,667 4,200 0.13 0.05
Mountfield Group plc 18,482 11,000 0.18 0.14
Collagen Solutions plc 20,757 32,450 0.20 0.41
Gfinity plc 70,907 107,900 0.70 1.38
Ideagen plc 28,430 37,437 0.28 0.48
Premier Technical 130,964 160,380 1.28 2.05
Angle plc 125,880 159,934 1.23 2.04
Bilby plc 156,673 260,706 1.54 3.33
Hunters Property plc 251,257 430,000 2.46 5.49
Satellite Solutions Group 276,388 244,444 2.71 3.12
Tekcapital plc 135,683 317,250 1.33 4.05
Falanx Group Ltd 51,460 21,943 0.50 0.28
Gear4Music Holdings 150,754 150,000 1.48 1.91
Premaitha Health plc 69,349 65,550 0.68 0.84

Total Qualifying Investments

8,124,828

5,835,382

79.67

74.50

Non Qualifying Investments

AIM Quoted

Sanderson Group 37,007 64,000 0.36 0.81
Eco City Vehicles 62,257 434 0.61 0.01
Rotala plc 70,008 125,400 0.69 1.60
Tristel plc 60 94 0.00 0.00
K3 Business Technology 131 270 0.00 0.00
Bango plc 291 186 0.00 0.00
China Food Co plc 65,969 2,300 0.65 0.03
Renew Hldgs 20,764 96,300 0.20 1.23
Numis Corp 16,570 48,600 0.16 0.62
Gable Holdings 12,112 12,500 0.12 0.16
Lombard Risk Mgt 131 120 0.00 0.00
Castle Street Investments 218 34 0.00 0.00
Brady plc 106 98 0.00 0.00
Cyan Hldgs 131 40 0.00 0.00
Sorbic International plc 18,717 2,660 0.18 0.03
DDD Group plc 16,647 3,050 0.17 0.04
Driver Group plc 8,992 6,800 0.09 0.09
TLA Worldwide plc 29,118 55,375 0.28 0.71
Sweett Group plc 7,578 4,400 0.07 0.06
Mobile Tornado Group plc 10,124 3,500 0.10 0.04
APC Technology plc 10,053 2,535 0.10 0.03
Mar City plc 10,053 4,500 0.10 0.06
Minds + Machines Ltd 12,063 8,000 0.12 0.10
Tyratech Inc 10,204 5,800 0.10 0.07
Audioboom Group plc 1,163 400 0.01 0.00
Mithril Capital plc 18,186 17,500 0.18 0.22
Intu Properties plc 15,446 14,535 0.15 0.18
EKF Diagnostics plc 10,255 11,000 0.10 0.14
Matchtech Group 13,697 13,875 0.13 0.18
Gateley Holdings plc 14,627 14,850 0.14 0.19
Latham(James) plc 18,815 20,440 0.18 0.26
Yolo Leisure and Tech plc 22,367 22,500 0.22 0.29
Oakley Capital Investments Ltd 14,038 13,870 0.14 0.18
Armstrong Ventures plc 20,106 10,000 0.20 0.13
568,004 585,966 5.55 7.46

UK Listed

Investec plc 202,822 107,313 1.99 1.37
Premier Farnell plc 44,542 46,680 0.44 0.60
Aviva plc 22,268 24,150 0.22 0.30
HSBC Holdings plc 21,955 18,130 0.22 0.23
Imperial Tobacco Group plc 23,763 31,590 0.23 0.40
Marstons plc 15,054 22,800 0.15 0.29
National Express plc 20,295 29,600 0.20 0.38
Greene King plc 9,964 10,263 0.10 0.13
Waterman Group plc 9,926 12,075 0.10 0.15
Centrica plc 10,074 7,290 0.10 0.09
Twentyfour Inc 9,852 9,800 0.10 0.13
Easy Jet plc 32,700 33,660 0.32 0.43
Vodafone Group plc 20,590 20,961 0.20 0.27
443,805 374,312 4.37 4.77

Unlisted Investments

Merchant House 25,128 4,500 0.25 0.06
Litebulb Group loan 50,253 49,000 0.49 0.63
75,381 53,500 0.74 0.69

Total Non-qualifying Investments

1,087,190

1,013,778

10.66

12.92

Notes to the Accounts

1

This interim financial information and the unaudited interim accounts for the six months to 31 August 2015 fromwhich it has been extracted, are the responsibility of the directors and were approved by them on 28 October 2015,do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and havenot been delivered to the Registrar of Companies.

2

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unauditedinterim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) FinancialReporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practicefor Investment Companies re-issued by the Association of Investment Companies in November 2014.The unaudited interim accounts have been prepared using accounting policies that the company consider will beused in the accounts for the year ending 28 February 2016, incorporating FRS 102 The Financial ReportingStandard applicable in the UK and Republic of Ireland. The company have considered the impact of the financialreporting standards and do not consider there will be any material changes to previously reported results as a resultof adopting FRS 102.

3

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

4

9,593,748 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weightedaverage 9,579,622 shares).

5 Net Asset Value per share at 31 August 2015 was 81p (at 28 February 2015: 73p; 31 August 2014: 74p).
6 No dividend was paid in the period.
7 There have not been any significant events since the balance sheet date.
8 New Century AIM VCT plc is managed by M D Barnard & Co. Limited (‘MDB’), a company controlled by MichaelBarnard who is a non-executive director of the company. Under the terms of the management agreement MDB areentitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period themanagement fee was £39k (the year ended 28 February 2015: £76k, the period ended 31 August 2014: £39k).
9 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’sRegistered Office: Woodside Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

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 Woodside Secretaries Ltd
and registered office 4th Floor, 50 Mark Lane
London EC3R 7QR
Investment Manager and Broker MD Barnard & Co Ltd
17-21 New Century Road
Laindon
Essex SS15 6AG
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: http://www.businesswire.com/news/home/20151029005714/en/

Copyright Business Wire 2015

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