CTNA.L Regulatory News (CTNA)

21 Sep 2005 16:27

Westside Acquisitions PLC21 September 2005 Westside Acquisitions plc Chairman's Statement and Chief Executive's review for the six months ended 30 June 2005 We are pleased to make our interim report in respect of the half year ended 30June 2005. Operating Results In respect of the half year to 30 June 2005, the Group incurred a loss onordinary activities before taxation of £309,706 (30 June 2004- £241,795 loss). An analysis of the Group loss, is as follows: 6 months to 30 June 2005 2004 £ £ Parent company 127,965 116,719The Elms 15,269 35,611RTI 139,627 76,886Amortisation of goodwill 22,031 11,198Other losses (profits) 4,814 1,381 --------- ---------Loss on ordinary activities £309,706 £241,795 ========= ========= It is not the intention to pay a dividend. Reverse Take-Over Investments Plc (RTI) The market value at, 30 June 2005, of the investment portfolio held by RTI was£3.8 million against book cost of £502,000. The portfolio has benefited from developments in the first half of the yearwhereby Cheerful Scout plc raised an additional £525,000 in April 2005 by way ofa share placing; York Pharma plc acquired Molecular Skin Care Limited for £5.54million in February 2005 fully funded by a share issue and ADDleisure Plcacquired a 50.2% interest in the share capital of Digital Plantation Limited inApril 2005 for £500,000 cash. Westside Sports Limited In the half year to 30 June 2005 Football Partners Limited trading as The Elmsincurred a loss before taxation of £15,269 (2004 - £35,611 loss). The Elms ismaking substantial investments in the current year in both time and money todevelop new Five-a-Side leagues and to expand its involvement in children'sleisure activities through its "Sport in Schools" initiative. Financial Position Our financial position remains exceptionally strong with the combined value ofcash balances and the market value of our investment portfolio exceeding £5.9million. Conclusion and Future Prospects We are encouraged by the progress we are making in the development of The Elmsand the second half should reflect the benefit of that progress and thesuccessful introduction to the Alternative Investment Market of MessagingInternational Plc - where we hold a 23.4% stake in the share capital. Richard L. Owen Geoffrey Simmonds Consolidated Profit and Loss account for the six months ended 30 June 2005 Unaudited Unaudited Audited 6 months to 6 months to 12 months to Notes 30 June 30 June 31 December 2005 2004 2004 £ £ £ TURNOVER 276,535 252,682 783,085Cost of Sales (208,654) (214,773) (581,116) ----------- ----------- --------- GROSS PROFIT 67,881 37,909 201,969 Administrative expenses (415,487) (319,416) (687,882) ----------- ----------- --------- OPERATING LOSS (347,606) (281,507) (485,913) Interest receivable 37,900 39,712 66,358 ----------- ----------- --------- LOSS ON ORDINARYACTIVITIES BEFORETAXATION (309,706) (241,795) (419,555) Taxation - - - ----------- ----------- --------- LOSS FOR THE FINANCIALPERIOD (309,706) (241,795) (419,555) ----------- ----------- --------- LOSS PER SHARE 4 (0.309p) (0.257p) (0.446p) ----------- ----------- --------- Consolidated Balance Sheet for the six months ended 30 June 2005 Unaudited Unaudited Audited 6 months to 6 months to 12 months to Notes 30 June 30 June 31 December 2005 2004 2004 £ £ £ FIXED ASSETSIntangible assets 364,848 419,743 386,879Tangible assets 54,501 5,598 70,748Investments 160,000 160,000 160,000 ----------- ----------- --------- 579,349 585,341 617,627 ----------- ----------- --------- CURRENT ASSETSDebtors 150,972 136,698 74,366Investments 502,000 300,000 427,000Deposits and Cash atbank and in hand 1,923,673 2,493,380 2,066,635 ---------- ----------- --------- 2,576,645 2,930,078 2,568,001 ----------- ----------- --------- CREDITORS: amounts falling duewithin one yearDeferred income (264,579) (279,809) (52,971)Other creditors (179,627) (197,643) (111,813) ----------- ----------- --------- (444,206) (477,452) (164,784) ----------- ----------- --------- NET CURRENT ASSETS 2,132,439 2,452,626 2,403,217 ----------- ----------- --------- TOTAL ASSETS LESSCURRENT LIABILITIES 2,711,788 3,037,967 3,020,844 ----------- ---------- ---------- CAPITAL AND RESERVES Called up share capital 1,002,055 937,575 1,001,819Share premium account 99,058 - 98,644Capital RedemptionReserve 182,512 181,012 182,512Merger Reserve 325,584 319,135 325,584Profit and loss account 1,102,579 1,600,245 1,412,285 ----------- ----------- --------- SHAREHOLDERS' FUNDS 5 2,711,788 3,037,967 3,020,844 ----------- ----------- --------- The accounts were approved by the board and signed on its behalf: Richard L. Owen - Director Geoffrey Simmonds - Director Consolidated Cash Flow Statement for the six months ended 30 June 2005 Unaudited Unaudited Audited 6 months to 6 months to 12 months to Notes 30 June 30 June 31 December 2005 2004 2004 £ £ £ Net cash (outflow) fromoperating activities 2 (120,438) (23,795) (449,161) --------- --------- --------- Returns on investments andservicing of financeInterest received 37,900 39,712 66,358 --------- --------- --------- 37,900 39,712 66,358 Taxation - - - Capital expenditure and financial investment Payments to acquiretangible fixed assets - - (81,662)Payments to acquireinvestments (75,000) (150,000) (277,000)Receipt from sale oftangible fixed assets - - 20,000 --------- --------- --------- Net cash outflow fromcapital expenditure andfinancial (75,000) (150,000) (358,662)investmentactivities --------- --------- --------- Acquisitions and disposalsCash payment to acquire subsidiary shares and warrants - - -Net assets acquired with subsidiary - - - --------- --------- --------- Net cash outflow from acquisitions - - - --------- --------- --------- Cash outflow before useof liquid resources (157,538) (134,083) (741,465)and financing --------- --------- --------- FinancingIssue of ordinary sharecapital 650 - 164,388Purchase of own shares - (10,749) (14,500) --------- --------- --------- Net cash inflow fromfinancing 650 (10,749) 149,888 --------- --------- --------- Increase / (decrease)in cash in the period 3 (156,888) (144,832) (591,577) --------- --------- --------- Notes to the Financial Statements for the six months ended 30 June 2005 1. Financial Information The interim results for the six months ended 30 June 2005 are unaudited and donot constitute accounts within the meaning of section 240 of the Companies Act1985. The interim results have been drawn up using accounting policies andpresentation consistent with those applied in the audited accounts for the yearended 31 December 2004. The comparative information contained in this report forthe periods ended 30 June 2004 and 31 December 2004 do not constitute thestatutory accounts for that financial period. The accounts to 31 December 2004have been reported on by the Company's Auditors, BDO Stoy Hayward LLP, anddelivered to the Registrar of Companies. The report of the Auditors wasunqualified and did not contain a statement under section 237(2) or (3) of theCompanies Act 1985. Where necessary, the accounts to 30 June 2004 have been restated to reflect theaccounting policies and presentation adopted in the accounts to 31 December2004. 2. Reconciliation of Operating Loss to Net Cash Outflow from OperatingActivities Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2005 2004 2004 £ £ £ Operating loss (347,606) (281,507) (485,913)Depreciation of tangiblefixed assets 16,247 2,573 19,085Amortisation of goodwill 22,031 11,198 44,062Profit on disposal of fixedassets - - (20,000)(Increase) decrease indebtors (76,606) (40,385) 21,947Increase (decrease) increditors 265,496 284,326 (28,342) --------- --------- --------- Net cash (outflow) fromoperating activities (120,438) (23,795) (449,161) --------- --------- --------- 3. Analysis of Net Funds At Cash flow At 31 December 2004 30 June 2005 £ £ £ Cash 2,066,635 (142,962) 1,923,673Overdrafts - (13,926) (13,926) ------------ --------- --------- 2,066,635 (156,888) 1,909,747 ------------ --------- --------- 4. Loss Per Share The loss per share has been calculated on the group's loss on ordinaryactivities after taxation attributable to shareholders of £309,706 and on theweighted average number of shares in issue during the financial period, whichwas 100,191,082. 5. Movements on Reserves Share Share Capital Merger Profit and capital Premium redemption reserve loss reserve account £ As at 1January 2005 1,001,819 98,644 182,512 325,584 1,412,285Conversion of23,633Warrants intoshares 236 414 - - -Loss for the 6months to 30June 2005 - - - - (309,706) -------- --------- --------- -------- --------- As at 30 June2005 1,002,055 99,058 182,512 325,584 1,102,579 -------- --------- --------- -------- --------- This information is provided by RNS The company news service from the London Stock Exchange