CTNA.L Regulatory News (CTNA)

27 Jun 2007 16:18

Westside Acquisitions PLC27 June 2007 Westside Acquisitions plc ("Westside") or (the "Company") Final Results for the year ended 31 December 2006 The audited consolidated accounts for the year ended 31 December 2006 show aloss after taxation of £912,974 (2005: profit of £117,141 as restated).Westside's net cash balances as at 31 December 2006 were £2,159,022 (2005:£3,024,357) or 2p per Westside share (2005: 3p). We are pleased to recommend the payment of a dividend of 0.1p per ordinary shareto the shareholders on the Register at 27 July 2007. The dividend will bepayable on 24 August 2007, subject to the necessary resolutions being approvedat the Annual General Meeting (AGM) in July. During the year we continued to develop the activities of our subsidiaries,Reverse Take-Over Investments Plc ("RTI") and Pantheon Leisure Plc ("Pantheon"). In October 2006, the ordinary shares and warrants of Astek Group plc wereadmitted to trading on AIM. RTI now holds ordinary shares and warrants in five companies whose ordinaryshares and warrants trade on AIM. At 31 December 2006 the market value of our holdings of listed investments was£4,467,115 (2005: £4,245,220) against a book cost of £626,998 (2005: £527,000).Although permitted by the Alternative Accounting Rules - Companies Act 1985, wehave elected not to revalue the investments held by RTI to market value. In accordance with the new AIM Regulations, Westside will however be adoptingInternational Financial Reporting Standards for the year ending 31 December2007, and accordingly we wil l revalue t he RTI investment portfolio to its fairvalue in the consolidated financial statements for 2007 and this will ofnecessity also require a change to the presentation of results for the 2006comparative. Under current accounting policies, RTI incurred a loss before taxation, in theyear, of £299,613 (2005: £308,058) but this stands to be measured against theunrealised profit on its investment portfolio of £3,840,917. Westside holds 62.5% of the issued share capital of Pantheon - where both theordinary shares and warrants trade on AIM. Pantheon made a loss of £295,157 in the 12 month period to 31 December 2006.However, prospects for the current year are improved as it is anticipated thatthe newly formed subsidiary Sport in Schools Limited will generate bothadditional turnover and contribution in 2007. In addition, the losses generatedin the summer camp division in 2006 are unlikely to be repeated. Our confidence is maintained in the companies we invest in and although marketconditions in 2007 remain unsettled and uncertain, we believe that the strongand ungeared Balance Sheet of Westside will support the further development ofboth RTI and Pantheon. R L OwenG M Simmonds27 June 2007 Westside Acquisitions Consolidated Profit and Loss Accountfor the year ended 31 December 2006 2006 2005 as restated £ £Turnover 762,689 803,848Cost of sales (743,993) (690,695) Gross Profit 18,696 113,153 Administrative expenses (1,035,102) (917,454) Operating Loss (1,016,406) (804,301)Profit on sale of fixed asset investments - 156,799Profit on deemed partial disposal of subsidiaries - 695,110 (Loss) Profit on Ordinary Activities before Interestand Taxation (1,016,406) 47,608Interest receivable 103,903 69,686Interest payable (471) (153) (Loss) Profit on Ordinary Activities before Taxation (912,974) 117,141Tax on (loss) profit on ordinary activities - - (Loss) Profit on Ordinary Activities after Taxation (912,974) 117,141Minority Interest 110,684 25,087 (Loss) Profit for the Financial Year (802,290) 142,228 (Loss) Earnings per share (0.721p) 0.141p None of the Group's activities were acquired or discontinued during the currentyear.The Group has no recognised gains or losses other than those dealt with in theprofit and loss account. Westside Acquisitions Consolidated Balance Sheetfor the year ended 31 December 2006 2006 2005 £ £ £ £Fixed AssetsIntangible assets 298,755 342,817Tangible assets 13,618 40,836 312,373 383,653 Debtors 91,155 132,842Investments 626,998 552,000 Cash at bank and inhand 2,242,149 3,024,357 2,960,302 3,709,199 Creditors: Amountsfalling due within oneyear (374,218) (200,722)Net Current Assets 2,586,084 3,508,477 2,898,457 3,892,130 Capital and ReservesCalled up share capital 1,112,373 1,112,368Share Premium Account 292,139 292,106Capital redemptionreserve 182,512 182,512Merger reserve 325,584 325,584Profit and loss account 705,486 1,588,513 Shareholders' Funds 2,618,094 3,501,083Minority Interest 280,363 391,047Total Capital Employed 2,898,457 3,892,130 The financial statements were approved and authorised to be issued by the boardon 27 June 2007 and signed on its behalf by R L OwenG M SimmondsDirectors Westside Acquisitions Consolidated Cash Flow Statementfor the year ended 31 December 2006 2006 2005 £ £ £ £ Cash outflow from operating (782,570) (734,865)activities Return on investments andservicing of financeNet interest received 103,432 69,533 Net cash inflow for returns on 103,432 69,533investments andservicing of finance Capital expenditure and financial - 316,799investmentProceeds from sale of fixed assetinvestmentsNet cash inflow for capital - 316,799expenditure andfinancial investmentEquity dividends paid (111,237) -Cash outflow before management of (790,375) (348,533)liquidresources and financing Management of liquid resourcesPayments to acquire current asset (74,998) (125,000)investments Financing 38 304,011Issue of ordinary share capitalCash acquired on deemed partial - 1,127,244disposal of subsidiaries 38 1,431,255(Decrease) increase in cash in (865,335) 957,722period Reconciliation of net cash flowto movement in net funds (Decrease) increase in cash in (865,335) 957,722periodIncrease in liquid resources in 74,998 125,000the periodNet funds brought forward 3,576,357 2,493,635Net funds at 31 December 2006 2,786,020 3,576,357Notes to the AccountsFor the year ended 31 December 2007 1. Basis of Accounting The financial statements are prepared under the historical cost convention andare in accordance with applicable United Kingdom Accounting Standards (UnitedKingdom Generally Accepted Accounting Practice) which have been consistentlyapplied except where otherwise stated. 2. Earnings per Share (Loss) earnings per share has been calculated on the Group's loss (2005: profit)attributable to shareholders of £802,290 (2005: £142,228 restated profit) and onthe weighted average number of shares in issue during the financial period,which was 111,236,797 (2005: 100,552,588). In view of the Group loss for the period, share options and warrants tosubscribe for ordinary shares in the Company are anti-dilutive and thereforediluted earnings per share are not presented. 3. Dividends Group and Company 2006 2005 Paid in year 111,237 -Proposal after 31 December 111,237 111,237 In accordance with Financial Reporting Standard 21: Events after the balancesheet date, dividends proposed after the balance sheet date are not recognisedas liabilities at the balance sheet. As a result they are recognised when paid. 4. Annual General Meeting The Annual General Meeting of the Company will be held at the offices of FinersStephens Innocent LLP, 179 Great Portland Street, W1W 5LS at 4.pm on 25 July2007. This information is provided by RNS The company news service from the London Stock Exchange