TIDMNCA
New Century AIM VCT plc
For the six months to 31 August 2020
Chairman's Statement
Business Update
It is pleasing to report that although March was a particularly
difficult month for your fund and stock markets in general, it has
since regained all of the declines in its net asset value (NAV)
incurred during that month, and has outperformed its benchmark for
the six months to 31 August 2020.
In the six months to 31 August 2020, the net asset value (NAV)
of your fund increased by 14.8% to GBP5.953m or 75.7p per share
(when using bid prices). The FTSE AIM Allshare index increased by
12.5% over the same period.
We believe the difficult decision to use existing cash resources
to invest in new opportunities rather than fund a dividend at that
time has proved to be the correct one as we have seen a strong
recovery in the NAV from the lows experienced in the stock market
sell off in March 2020.
Dividend Declaration
Further short-term volatility is likely to occur for reasons
such as those mentioned in my final paragraph. Nevertheless, as the
fund's recent performance justifies it, we feel it is appropriate
to award our shareholders an interim dividend of 1.5p per share.
This recognises the importance of tax-free income to them whilst
balancing the need to maintain sufficient cash to take advantage of
any investment opportunities which may occur in the second half of
the year. The Board has declared an interim dividend of 1.5p per
share in respect of the financial year ending 28 February 2021,
payable on 4 December 2020 to shareholders on the register on 6
November 2020. The ex-dividend date will be 5 November 2020.
Investment Strategy
We made ten further investments in the period, investing in AFC
Energy PLC, Concepta PLC, Deepmatter PLC, Eden Research PLC, ECSC
Group PLC, Feedback plc, Fusion Antibodies PLC, Gfinity PLC,
Intelligent Ultrasound Group PLC and Synairgen PLC.
We made ten sales where we either exited or top-sliced a
holding.
We have a wide spread of established companies across a variety
of sectors within the fund and whilst we hope your fund will
continue to outperform over the rest of the year, we are mindful
that we could see further volatility this Autumn / Winter. The
second half of the year has political events such as the US
Presidential election and the uncertainty over what type of BREXIT
we will have, as well as trying to contain a second wave of the
virus and its further effects on the wider economy.
Geoff Gamble
22 October 2020
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 31 August as at 29 as at 31 August
2020 February 2020* 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 5,809 5,045 5,064
Current Assets
Debtors 171 164 541
171 164 541
Current Liabilities
Creditors: amounts
due
within one year (27) (23) (14)
Net Assets 5,953 5,186 5,591
Capital and Reserves
Share capital 786 786 786
Share premium 682 682 682
Capital reserve -
realised 1,047 922 847
Capital reserve -
unrealised 2,745 2,077 2,279
Capital redemption
reserve 400 400 400
Revenue reserve 293 319 597
5,953 5,186 5,591
Net Asset Value per 75.7p 66.0p 71.1p
share
*Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 31 6 month period ended 31
August 2020 Year to 29 February 2020* August 2019
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 - 184 184 - 319 319 - 271 271
Unrealised - 629 629 - (240) (240) - (86) (86)
Income 9 - 9 91 - 91 53 - 53
Investment
management fees (7) (20) (27) (14) (41) (55) (7) (20) (27)
Other expenses (28) - (28) (62) - (62) (29) - (29)
Return on
ordinary
activities (26) 793 767 15 38 53 17 165 182
Tax on ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after taxation (26) 793 767 15 38 53 17 165 182
Return per
ordinary share
in pence (0.33) 10.10 9.76 0.19 0.48 0.66 0.22 2.10 2.32
*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 31 August 2020
Unaudited Consolidated Statement of Changes in Equity
Share Share Capital
Capital Premium Redemption Capital Capital Revenue
account account Reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
March 2020 786 682 400 922 2,077 319 5,186
Realised
gains on
disposals - - - 184 - - 184
Unrealised
gains - - - - 629 - 629
Transfer of
unrealised
valuation
deficit to
realised
reserves on
disposal of
investments - - - (39) 39 - -
Net revenue
before tax - - - - - (26) (26)
Capital
element of
investment
management
fee - - - (20) - - (20)
________ ________ _________ ________ ________ ________ ________
At 31 August
2020 786 682 400 1,047 2,745 293 5,953
As at 1
March 2019 786 682 400 205 2,755 580 5,408
Realised
gains on
disposals - - - 319 - - 319
Unrealised
Losses - - - - (240) - (240)
Transfer of
unrealised
valuation
gain to
realised
reserves on
disposal of
investments - - - 439 (439) - -
Net revenue
before tax - - - - - 15 15
Dividends
paid - - - - - (275) (275)
Capital
element of
investment
management
fee - - - (41) - - (41)
________ ________ _________ ________ ________ _________ ________
At 29
February
2020* 786 682 400 922 2,077 319 5,186
Note: Some columns on this page may not cast because of rounding
differences.
* Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Consolidated Statement of Changes in Equity
(continued)
Share Share Capital
Capital Premium Redemption Capital Capital Revenue
account account Reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
March 2019 786 682 400 205 2,755 580 5,408
Realised
gains on
disposals - - - 271 - - 271
Unrealised
Losses - - - - (86) - (86)
Transfer of
unrealised
valuation
gain to
realised
reserves on
disposal of
investments - - - 391 (391) - -
Net revenue
before tax - - - - - 17 17
Capital
element of
investment
management
fee - - - (20) - - (20)
________ ________ _________ ________ ________ _________ ________
At 31 August
2019 786 682 400 847 2,279 597 5,591
Note: Some columns on this page may not cast because of rounding
differences.
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Cash Flow Statement
6 month period 6 month period
ended 31 August Year to 29 ended 31 August
2020 February 2020* 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash
used in
operating
activities (65) (149) (96)
Cash flows
from
investing
activities
Investment
income 9 91 53
Net cash
from
investing
activities 9 91 53
Cash flows
from
investing
activities
Sale of
investments 374 1,178 938
Purchase of
investments (324) (754) (427)
Dividends
paid - (275) -
Net cash
generated
from
financing
activities 50 149 511
Net
(decrease)
/ increase
in cash and
cash
equivalents (6) 91 468
Cash and
cash
equivalents
at
beginning
of period 164 73 73
Cash and
cash
equivalents
at end of
period 158 164 541
*Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio
Security Cost Valuation % %
31 August 2020 Cost Valuation
Qualifying Investments 6,712,519 5,629,233 91.07 94.35
Non-qualifying
Investments 500,814 179,658 6.79 3.01
7,213,333 5,808,891 97.86 97.36
Uninvested funds 157,752 157,752 2.14 2.64
7,371,085 5,966,643 100.00 100.00
Qualifying Investments
AIM Quoted
Access Intelligence plc 10,053 17,750 0.14 0.30
AFC Energy plc 50,254 60,875 0.68 1.02
Angle plc 125,880 105,981 1.71 1.78
Anglo African Oil & Gas
plc 45,229 673 0.61 0.01
Audioboom Group plc 178,406 129,600 2.42 2.17
Bango plc 7,563 25,025 0.10 0.42
Belvoir Lettings plc 23,320 30,500 0.32 0.51
Bigblu Broadband plc 239,452 327,549 3.25 5.49
Bilby plc 156,673 51,066 2.13 0.86
Blackbird plc 97,991 374,400 1.33 6.27
Bould Opportunities plc 35,179 0 0.48 0.00
Brighton Pier Group plc 50,253 10,313 0.68 0.17
C4X Discovery Holding
plc 65,329 96,633 0.89 1.62
Cloudbuy plc 58,483 228 0.79 0.00
Cloudcall Group plc 20,230 26,600 0.27 0.45
Collagen Solutions plc 20,757 18,659 0.28 0.31
Concepta plc 100,507 59,063 1.36 0.99
Coral Products plc 118,095 40,000 1.60 0.67
Creo Medical Group plc 30,053 70,619 0.41 1.18
Cyanconnode Holdings
plc 376,755 25,445 5.11 0.43
DCD Media plc 562,800 1,700 7.64 0.03
Deepmatter plc 49,754 71,940 0.67 1.21
Diaceutics plc 10,314 24,165 0.14 0.41
DP Poland plc 20,113 0 0.27 0.00
Ecsc Group plc 20,104 20,000 0.27 0.34
Eden Research plc 60,304 66,000 0.82 1.11
Entertainment Ai plc 150,754 77,667 2.05 1.30
Escape Hunt plc 31,006 1,817 0.42 0.03
Falanx Group Ltd 105,736 28,154 1.43 0.47
Faron Pharmaceuticals
Ltd 25,128 46,000 0.34 0.77
Feedback plc 100,508 109,000 1.36 1.83
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio (continued)
AIM Quoted (continued)
Fusion Antibodies plc 12,064 10,667 0.16 0.18
Gear4Music Holdings lc 27,121 109,301 0.37 1.83
Gfinity plc 116,218 144,427 1.58 2.42
HML Holdings plc 266,497 329,000 3.62 5.51
Hunters Property plc 251,256 216,500 3.41 3.63
IDE Group Holdings plc 52,763 1,829 0.72 0.03
Ideagen plc 28,430 187,184 0.39 3.14
Immotion Group plc 130,661 81,641 1.77 1.37
Inspired Energy plc 51,370 260,743 0.70 4.37
Integumen plc 45,922 116,411 0.62 1.95
Intelligent Ultrasound Group plc 170,848 147,036 2.32 2.46
I-Nexus Global plc 70,353 3,101 0.95 0.05
K3 Business Technology Group plc 90,360 104,895 1.23 1.76
Keywords Studios plc 6,181 109,800 0.08 1.84
Lightwaverf plc 45,233 3,177 0.61 0.05
Location Sciences Group plc 132,946 23,975 1.80 0.40
M.Winkworth plc 64,320 112,000 0.87 1.88
Marechale Capital plc 133,828 23,718 1.82 0.40
Maxcyte Inc 25,128 127,142 0.34 2.13
Microsaic Systems plc 164,417 13,552 2.23 0.23
Modern Water plc 75,382 11,258 1.02 0.19
N4 Pharma plc 60,304 69,450 0.82 1.16
Open Orphan plc 115,581 73,413 1.57 1.23
Pelatro plc 25,128 18,160 0.34 0.30
PHSC plc 182,910 41,650 2.48 0.70
Polarean Imaaging plc 30,154 77,800 0.41 1.30
Property Franchise Group plc 100,503 160,000 1.36 2.68
Quixant plc 6,935 18,225 0.09 0.31
Rosslyn Data plc 27,037 4,483 0.37 0.08
Scholium Group plc 50,253 15,000 0.68 0.25
Scancell Holdings plc 130,618 78,117 1.77 1.31
Solid State plc 40,134 102,960 0.54 1.73
SRT Marine Systems plc 27,139 61,500 0.37 1.03
Sysgroup plc 99,177 50,980 1.35 0.85
Tekcapital plc 77,499 32,625 1.05 0.55
Touchstar plc 281,400 67,500 3.82 1.13
TP Group plc 109,278 49,289 1.48 0.83
Tristel plc 38,409 472,320 0.52 7.92
ULS Technology plc 48,241 79,200 0.65 1.33
Vianet Group plc 40,175 30,550 0.55 0.51
Yourgene Health plc 69,349 59,340 0.94 0.99
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio (continued)
AIM Quoted (continued)
Yu Group plc 27,893 11,895 0.38 0.20
6,496,396 5,629,233 88.13 94.35
Unlisted Investments
Invocas Group plc 100,400 0 1.36 0.00
Outsourcery plc 45,027 0 0.61 0.00
Optare plc 50,753 0 0.69 0.00
Syqic plc 19,943 0 0.27 0.00
216,122 0 2.93 0.00
Total Qualifying Investments 6,712,519 5,629,233 91.07 94.35
Non Qualifying Investments
AIM Quoted
Audioboom Group plc 1,163 180 0.02 0.00
Bango plc 291 286 0.00 0.00
Be Heard Group plc 18,186 2,250 0.25 0.04
Cyanconnode Holdings plc 131 4 0.00 0.00
Driver Group plc 8,992 5,800 0.12 0.10
Gateley Holdings plc 14,627 20,325 0.20 0.34
IDE Group Holdings plc 218 2 0.00 0.00
K3 Business Technology Group plc 131 105 0.00 0.00
Rotala plc 60,796 29,700 0.83 0.50
Tristel plc 60 480 0.00 0.01
104,594 59,132 1.42 0.99
UK Listed
Aviva plv 22,268 14,130 0.30 0.24
Centrica plc 10,074 1,381 0.14 0.02
Imperial Brands plc 23,763 12,525 0.32 0.21
Investec plc 202,821 73,525 2.76 1.24
Twentyfour Income Fund Ltd 9,852 8,630 0.13 0.14
Vodafone Group plc 20,590 10,334 0.28 0.17
289,369 120,525 3.93 2.02
Unlisted Investments
China Food Company plc 65,969 0 0.90 0.00
Gable Holdings Inc 12,112 0 0.16 0.00
Mar City plc 10,053 0 0.14 0.00
Sorbic International plc 18,717 0 0.25 0.00
106,851 0 1.45 0.00
Total Non-qualifying Investments 500,814 179,658 6.79 3.01
New Century AIM VCT plc
For the six months to 31 August 2020
Notes to the Accounts
This interim financial information and the unaudited interim
accounts for the six months to 31 August 2020 from which it has
been extracted, are the responsibility of the directors and were
approved by them on 30 October 2020, 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 29 February 2020, 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 28 February 2021.
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 the period under review.
The net asset value per share, using bid-prices to value the
fund's investment portfolio, at 31 August 2020 was 75.7p (at 29
February 2020: 66.0p; 31 August 2019: 71.1p).
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 29 February 2020: GBP55k, the period
ended 31 August 2019: GBP27k).
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 31 August 2020
Directors, Investment Managers and Advisors
Directors, Investment Manager and Advisors
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
Simon Like
Secretary Tricor Secretaries Ltd
and registered office 4(th) Floor, 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
Neville House
Steelpark Road
Halesowen
West Midlands
B62 8HD
Auditor 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/20201021005040/en/
CONTACT:
NEW CENTURY AIM VCT PLC
SOURCE: New Century AIM VCT Plc
Copyright Business Wire 2020
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October 22, 2020 02:00 ET (06:00 GMT)
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