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Westside Investments plc ("Westside" or "the Company")

Final results and notice of AGM

Westside Investments plc, the AIM listed investment vehicle, announces its results for the year ended 31 December 2013 and gives notice of its Annual General Meeting to be held at the offices of AH Montpelier at 58-60 Berners Street, London W1T 3JS at 4.00 pm on 30 July 2014.

Chairman's Statement and Chief Executive's Review

For the year ended 31 December 2013 we are reporting a pre tax loss of £379,742 (2012: Loss £308,100). The Group loss for 2013 includes a total impairment charge of £137,524 (2012: £17,137). Of this amount the sum of £100,000 is recognised in the Income Statement as an impairment that relates to the goodwill arising on the acquisition of Football Data Services Ltd (FDS). As part of the acquisition, Westside issued shares to the vendor of FDS with a market value of £250,000. This resulted in an increase in the capital and reserves on the group's balance sheet of that amount.

Westside's net cash balances as at 31 December 2013 were £412,388 (2012: £362,167). The Directors are not recommending the payment of a dividend.

In October we announced the intention to develop a new "free to view online platform" to offer children a multi sports information and news service linked to the skill sets programme already operated within our existing programme of sports coaching in schools.

In November we completed the acquisition of FDS against the issue of 100 million new shares in the company.

In December we raised, before expenses, £363,574 (with monies being received in January 2014) by way of a placing with directors, existing shareholders and new investors of 207,757,000 new Westside shares at a price of 0.175p per share.

The acquisition of FDS and placing of new shares has increased both our cash and net assets by some £500,000 and this will, of course, help to meet the development of UltimatePlayer.me - the brand name we have adopted for the "free to view online platform".

Throughout 2013 the directors continued their irrevocable annual trading agreement to purchase Westside shares and, in addition, participated in the December share placing. As a result, in 2013, the directors increased their combined holdings by the purchase of a further 38 million ordinary shares of the Company.

Pantheon Leisure Plc ("Pantheon")

Westside holds 85.87% of the issued share capital of Pantheon which in turn owns 100% of the operating business of The Elms Group, Pantheon's sport and leisure division.

The Elms Group comprises two trading companies, Sport in Schools Limited ('SIS'), also known as The Elms Sport in Schools, and Football Partners Limited ('FPL') - also known as The Elms Small Sided Football.

Pantheon as a group made a segmental profit of £34,416 for the 12 months ended 31 December 2013 (2012: £102,198).

Sport in Schools Limited ("SIS")

SIS has generated growth of 15% in turnover for the year and contributed a divisional profit of some £97,630 as compared with £101,085 last year.

SIS delivers sports teaching to the school classroom during curriculum time and in accordance with curriculum requirements. Our coaches are all highly qualified and have to pass stringent tests and vetting procedures to be able to provide this service which is paid for by the schools. In addition, we offer breakfast, lunchtime and after school clubs all of which are paid for by the parents. During each of the holiday breaks we hold sports camps paid for by the parents and sometimes subsidised by the Local Authority (when this comes under the heading of the extended day).

The SIS directors have developed bespoke skill sets which have been adopted with great enthusiasm by our full time and part time staff of 115 coaches and the 20,000 children they coach each week. We continue to recognise the performance of the children through our specialised league tables dedicated to each school which operates under our new brand of Ultimate Player.

We expect that while SIS will continue to develop Ultimate Player's position in sport in schools and work within Government policy (as set out by the Department of Culture, Media and Sport) we also anticipate the further development of the Ultimate Player brand as we launch UltimatePlayer.me.

UltimatePlayer.me

As referred to earlier in the Statement, during 2013 we have been developing UltimatePlayer.me as a new "free to view online platform" dedicated to bring to children a combination of multi sports news and information together with the ability to measure their own individual skill sets.

We have invested considerable time and money in this programme and the first launch took place, as scheduled and featured a wide range of sports news and information focusing on World Cup 2014 which started on 12th June.

After the conclusion of the World Cup coverage and by year end 2014 it is intended that the range of sports offered by UltimatePlayer.me will be extended and, in addition, the individual skill sets for children will be introduced. We are currently examining ways of how best to comply with best practise to protect the children visiting UltimatePlayer.me which, of course, includes privacy over any personal information they entrust us with.

Our intention is that the Ultimate Player programme should provide an innovative, secure, interactive and exciting online platform that will stimulate interest in sport, fitness and statistics. As we fulfil our intentions and objectives we are confident that UltimatePlayer.me will establish a significant value as the brand becomes recognised and revenues are generated from specific enterprises wanting to advertise or act as sponsors.

Football Partners Limited ("FPL")

Our 5-a-side football operation enjoys full FA accreditation and its activities (conducted through FPL) were influenced by a difficult market and the loss of a key venue. Turnover net of corporate fees decreased by 15% at £439,784 and this resulted in an operating loss of £63,214.

Westside Mining Plc ("Mining")

Mining is a joint venture owned 50:50 with Mr Bruce Rowan. In view of a less than buoyant market its directors elected to delay any investment in the mining, commodity and natural resource sectors.

Reverse Take-Over Investments Plc ("RTI")

The investments held by RTI are as follows:

(i) Messaging International Plc ("Messaging")

Messaging, the AIM traded provider of innovative messaging services completed the buyback and cancellation of some 40 million ordinary shares following a Tender Offer that closed on 31 May 2013. We tendered shares in the Offer and disposed of 82% of our holding for £202,676 equating to 1p per share.

RTI and Westside continue to hold a total of some 4.5 million shares representing approximately 3.9%.

(ii) Aeorema Communications Plc ("Aeorema")

Aeorema, the AIM-traded media specialists, announced interim results for the 6 months ended 31 December 2013 with revenues up by some 9% and profits before taxation of £225,941 against £114,460 in the corresponding 6 months to 31 December 2012. Aeorema is cash rich and continues to serve a wide range of leading companies in the UK and USA.

RTI holds 300,000 ordinary shares representing some 3.47% of the issued share of Aeorema with a current value in excess of £195,000, an increase of almost 100% in the year.

Outlook

We continue to be encouraged by the success of the sports tuition activities of SIS and consider that its potential represents a significant opportunity for growth.

As previously reported, The Department for Education is committed to provide between £100 million and £150 million in a bid to help primary schools improve the quality of their sports provision. All sporting governing bodies have been encouraged to help provide expertise and coaches to work alongside teachers, including The Football Association; The England and Wales Cricket Board and The Lawn Tennis Association.

It is in the context of these Government initiatives that, as a provider of specialist tuition to mainly primary schools, we recognise a first class opportunity to expand our activities in a significant growth market.

In 2013 our 5 a side business suffered from a loss of a key venue and we hope to see some recovery by the end of the current year as the development of new venues begins to replace lost turnover.

The launch of UltimatePlayer.me took place on 5th June in time and on schedule enabling UltimatePlayer.me to feature extensive coverage of World Cup 2014. We have been encouraged by the level of interest generated so far and as the World Cup Tournament continues to its final stages the level of interest is increasing.

That said, it is our intention to launch by year end 2014 an even more comprehensive UltimatePlayer.me programme that will seek to be innovative, secure and exciting as it provides multi sports information and news together with the skill sets package - all of which we anticipate will encourage children to improve their fitness levels and sporting skills.

We look forward to updating shareholders on progress.

Richard Owen

Chairman

Geoffrey Simmonds

Chief Executive Officer

27 June 2014

For further information please visit www.westsideinvestments.co.uk or contact:

Consolidated statement of comprehensive income for the year ended 31 December 2013

Loss per share (basic and diluted)

All losses arise from continuing operations of the group

Consolidated statement of financial position as at 31 December 2013

Notes

1. General information

Westside Investments Plc is a company incorporated in the United Kingdom and its activities are as described in the chairman's statement and directors' report.

These financial statements are prepared in pounds sterling because that is the currency of the primary economic environment in which the group operates.

2. Basis of Accounting

The consolidated financial statements of the group for the year ended 31 December 2013 have been prepared under the historical cost convention except for the revaluation of available-for-sale investments to fair value and are in accordance with International Financial Reporting Standards ('IFRS'') as adopted by the EU. These have been applied consistently except where otherwise stated.

At the date of authorisation of these financial statements, the following standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not been adopted by the EU).

· Amendment to IAS 32, 'Financial instruments: Presentation' - Offsetting financial

· assets and financial liabilities 1 January 2014

· Amendments to IFRS 10, IFRS 12 and IAS 27 - Investment entities 1 January 2014

· Amendment to IAS 36, 'Impairment of assets' - Recoverable amount disclosures

· for non-financial assets 1 January 2014

· Amendment to IAS 39, 'Financial instruments: Recognition and measurement' -

Novation of derivatives and continuation of hedge accounting 1 January 2014

· IFRIC 21, 'Levies' 1 January 2014

· IFRS 9, 'Financial instruments' - to be decided

The directors anticipate that the adoption of these standards and interpretations in future periods will have no material effect on the financial statements of the group.

3. Significant accounting policies

(a) Basis of consolidation

The financial statements of the group incorporate the financial statements of the company and entities controlled by the company which are its subsidiary undertakings. Control is achieved where the company has the power to govern the financial and operating policies of its subsidiary undertakings so as to benefit from their activities.

All intra-group transactions and balances have been eliminated in preparing the consolidated financial statements.

(b) Revenue

Revenue arises from the disposal of available-for-sale investments by Reverse Take-Over Investments Limited and sports and leisure activities undertaken by Football Partners Limited and Sport in Schools Limited. In the case of sports and leisure activities it represents invoiced and accrued amounts for services supplied in the year, exclusive of value added tax and trade discounts.

(c) Goodwill

Goodwill arising on consolidation represents the excess of the cost of acquisition over the group's interest in the fair value of the identifiable assets and liabilities of subsidiary entities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed.

For the purpose of impairment testing, goodwill is allocated to each of the group's cash generating units expected to benefit from synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

Goodwill arising on acquisitions before the date of transition to IFRS's has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.

(d) Plant and equipment

Plant and equipment are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less their estimated residual value over their expected useful lives.

The rates applied to these assets are as follows:

(e) Operating leases

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against revenue as and when incurred.

(f) Deferred taxation

Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance is not discounted.

The recognition of deferred tax assets is limited to the extent that the group anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

(g) Trade receivables

Trade receivables are recognised at fair value. A provision for impairment of trade receivables is established where there is objective evidence that the company or group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or liquidation and default or delinquency of payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement within administrative expenses. When a trade receivable is uncollectable it is written off against the allowance account for trade receivables.

(h) Investments

Investments are classified as available for sale, and are measured at fair value. Gains or losses in changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. Impairment losses recognised in profit or loss are not subsequently reversed through profit or loss.

Fair value of quoted investments is based on current bid prices. If an investment is suspended from trading fair value is based on quoted bid prices on the first day that trading recommences following suspension.

Investments in subsidiary undertakings are stated at cost less provision for impairment in the parent company balance sheet.

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown as borrowings within current liabilities.

(j) Financial liabilities and equity

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Ordinary shares are classified as equity. Incremental costs directly attributable to new shares are shown in equity as a deduction from the proceeds.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest method.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the statement of financial position.

4. Critical accounting judgements and key sources of estimation uncertainty

Deferred tax asset

At the present time the directors' do not consider that there is sufficient certainty regarding the utilisation of tax losses available in the group. As a result, no deferred tax asset has been recognised.

Impairment of goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill is the deemed cost on first time application of IFRS.

Impairment of investment in subsidiary undertakings

The company holds listed investments through various subsidiary undertakings. The values of these investments have been assessed based on their current quoted market value. These values have been used to estimate the recoverable value of the subsidiary undertakings. Where the estimated recoverable value of the company's investments in these subsidiary undertakings is less than the carrying value, the investment has been written down to the estimated recoverable value.

Impairment of loans to subsidiary undertakings

The company has made provision against loans to its subsidiary undertakings that hold listed investments resulting from a change in the value of those listed investments and thus affecting the ability of those subsidiary undertakings to repay these loans in full.

5. Going concern

These financial statements have been prepared on the assumption that the group is a going concern which is dependent on the group's ability to generate sufficient revenues which along with existing cash resources will be sufficient to meet future financial obligations as they fall due.

In the last three completed financial years the group has had net cash outflows from operating activities. In 2013 the impact of outflows from operating activities in that year was fully mitigated by cash receipts from the sale of listed investments and a cash inflow on the acquisition of a subsidiary undertaking.

The directors are satisfied that sufficient cash will continue to be available to enable continuation of the group's trading activities. In particular the directors anticipate that the sports and leisure business segment will be cash generative, overhead costs will be strictly controlled and monitored and it is anticipated that it will be possible to realise some or all of the group's investments.

6. Loss per share

Basic loss per share has been calculated on the group's loss attributable to equity holders of the parent company of £350,290 (2012: £310,326) and on the weighted average number of shares in issue during the year, which was 1,126,557,338 (2012:1,111,488,845).

Comprehensive loss per share is based on the same number of shares and on the comprehensive loss for the year attributable to the equity holders in the parent company of £307,810 (2012: £335,406).

In view of the group loss for the year, share warrants and options to subscribe for ordinary shares in the company are anti-dilutive and therefore diluted earnings per share information is not presented. There are options and warrants outstanding at 31 December 2013 on 71,000,000 shares (including 50,000,000 warrants which lapsed in February 2014) that could potentially dilute basic earnings per share in future.

7. Available-for-sale investments

The Group holds the following investments which are stated at fair value:

The group has not designated any investments as financial assets at fair value through profit or loss.

Details of investment holdings are:

Fitbug Holdings Plc

6,254,000 ordinary shares in Fitbug Holdings Plc ("Fitbug"). Westside's interest represents a 3.7% interest in the share capital of Fitbug.

At 24 June 2014, the market bid price was 0.55p per share valuing Westside's holding of Fitbug shares at £34,397.

Aeorema Communications Plc

300,000 ordinary shares in Aeorema Communications Plc ("Aeorema"), representing 3.7% of Aeorema's issued share capital.

At 24 June 2014, the market bid price was 71p per share valuing Westside's holding of Aeorema shares at £213,000.

Messaging International Plc

4,482,288 Ordinary shares (2012: 24,750,000 ordinary shares) in Messaging International Plc ("Messaging") now representing 3.9% (2012: 15.9%) of Messaging's issued share capital.

In June 2013, the group disposed of 20,267,712 shares for £202,677 equating to 1p per share.

At 24 June 2014, the market bid price was 1.00p per share valuing Westside's holding of Messaging shares at £44,822.

8. Notes to statements of cash flows

a) Analysis of net funds

(b) Reconciliation of net cash flow to movement in net funds

9. Availability of 2013 Report and Accounts

The Company's audited report and accounts for the year ended 31 December 2013 will be posted to shareholders today and is available on the Company's website www.westsideinvestments.co.uk