CTNA.L Regulatory News (CTNA)

27 Sep 2006 15:53

Westside Acquisitions PLC27 September 2006 WESTSIDE ACQUISITIONS PLC CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2006 We are pleased to make our interim report in respect of the half year ended 30June 2006. Operating Results In respect of the half year to 30 June 2006, the Group incurred a loss onordinary activities before taxation of £407,114 (30 June 2005 - £309,706). An analysis of the Group loss, is as follows: Unaudited 6 months to 30 June 2006 2005 £ £ Parent company 137,994 127,965Pantheon Leisure (including The Elms) 96,730 -The Elms - 15,269RTI 150,359 139,627Amortisation of goodwill 22,031 22,031Other losses - 4,814 ________ _______Loss on ordinary activities £407,114 £309,706 ________ _______ It is not the intention of the Board of Westside to pay an interim dividend. Reverse Take-Over Investments Plc (RTI) The market value at 30 June 2006 of the investment portfolio held by RTI was£3.15 million against book cost of £552,000. The ordinary shares and warrants in all of the companies which comprise the RTIlisted portfolio trade on the AIM market. Each of them has benefitted frompositive developments announced in the first half of our trading year. In March 2006, Cheerful Scout plc -- where RTI holds 20 million ordinary shares-- announced new contract wins from The Central Office of Information (COI), TheHome Office and Directorate of Optometric Continuing Education & Training(DOCET). Cheerful also announced that it had secured a 2 year contract withleading law firm Allen & Overy to supply creative consultancy work. In April 2006, Messaging International plc -- where RTI holds 20 millionordinary shares -- announced that its subsidiary Telemessage (TM) had expandedits relationship with Sprint / Nextel, a leading Tier 1 USA mobile networkoperator, through the launch of its proprietary "Text to Landline" solution. TheTelemessage (TM) software solution is being made available to over 50 millionmobile phone subscribers on both the Sprint and Nextel networks. In May 2006, ADDleisure plc -- where RTI holds 22.54 million ordinary shares --announced that its 50.2% subsidiary, Digital Plantation Ltd, had won a contractwith Mspa International Ltd to install Ez-Book on-line management software inits spa properties. Mspa operates some 25 spa properties across Asia, the MiddleEast and Africa and the Ez-Book software will use English, Chinese and Asiancharacters as required. ADDleisure also announced in June 2006 that its 75% owned subsidiary, FitbugLtd, had won a contract to supply memberships of fitbug.co.uk to PruHealthpolicyholders. PruHealth is a leading innovative private medical insurance groupwith more than 50,000 policyholders who will be offered fitbug memberships astheir on-line personal health and well being coach. In May 2006, York Pharma plc -- where we hold 2 million ordinary shares --announced progress in the development of 2 of the products in its portfolio -Abasol (TM) and Sabarep (TM). Abasol (TM) is a new chemical entity which uniquely has both fungicidal andfungistatic properties. This dual function differentiates Abasol (TM) fromexisting treatments which feature one property only. The topical antifungalmarket in which Abasol (TM) will compete is estimated to be worth $2.4 billion. Sabarep (TM) is a novel treatment for eczema and related diseases of the skin. AUK Government report has estimated that some 18 million people in Britain willat sometime in their lives suffer from eczema and related skin diseases orallergic skin conditions. Saberep (TM) will compete in a market estimated to beworth $2.5 billion. We believe that our shareholders will appreciate the diversity of the RTIportfolio and the potential within it for further capital appreciation oncemarket conditions improve for AIM companies. Pantheon Leisure Plc Pantheon acquired the entire share capital of The Elms Group Ltd in September2005 from Westside, by way of a share for share exchange, and, as a result, wehold 75 million ordinary shares representing 62.5% of the Pantheon issued sharecapital. The results of Pantheon for the 6 months ended 30 June 2006 areaccordingly consolidated in the Westside figures. In the half year to 30 June 2006 Pantheon incurred a loss before taxation of£96,730. The Elms continues to make a substantial investment in both time and money todevelop and expand its involvement in children's leisure activities through its"Sport in Schools" initiative. We believe that the financial position of Pantheon, where cash balances arearound £1 million, and the future contribution of The Elms will enable Pantheonto develop as a successful Company on AIM. Financial Position Our financial position remains exceptionally strong with the combined value ofcash balances and the market value of our investment portfolio exceeding £5.88million. Conclusion and Future Prospects Subject, of course, to market conditions we believe that the second half of theyear should reflect some renewed progress in the valuation of our investmentportfolio. Richard L. OwenGeoffrey Simmonds27 September 2006 WESTSIDE ACQUISITIONS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2006 Notes Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2006 2005 2005 £ £ £ TURNOVER 4 343,236 276,535 803,848Cost of Sales (304,690) (208,654) (690,696) ________ ________ ________GROSS PROFIT 38,546 67,881 113,153 Administrative expenses (507,542) (415,487) (883,454) ________ ________ ________ OPERATING LOSS (468,996) (347,606) (770,301) Profit on Sale of Fixed Asset - - 156,799InvestmentsProfit on deemed partial - - 695,110disposal of subsidiaries ________ ________ _________ (LOSS) PROFIT ON ORDINARY (468,996) (347,606) 8,608ACTIVITIES BEFORE INTEREST ANDTAXATION Interest receivable 62,443 37,900 69,686Interest payable (561) - (153) ________ _______ ________ (LOSS) PROFIT ON ORDINARY (407,114) (309,706) 151,141ACTIVITIES BEFORE TAXATION Tax on profit (loss) on ordinary - - -activities _______ _______ ________(LOSS) PROFIT ON ORDINARY (407,114) (309,706) 151,141ACTIVITES AFTER TAXATION Minority Interest 36,275 - 25,087 _______ ________ ________ (LOSS) PROFIT FOR THE FINANCIAL (370,839) (309,706) 176,228PERIOD ________ ________ ________BASIC (LOSS) EARNINGS PER SHARE 5 (0.333p) (0.309p) 0.175p DILUTED (LOSS) EARNINGS PER 5 (0.333p) (0.309p) 0.152pSHARE __________ ________ ________ WESTSIDE ACQUISITIONS PLC CONSOLIDATED BALANCE SHEET FOR THE SIX MONTHS ENDED 30 JUNE 2006 Notes Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2006 2005 2005 £ £ £FIXED ASSETSIntangible assets 320,786 364,848 342,817Tangible assets 27,227 54,501 40,836Investments - 160,000 - _______ _______ _______ 348,013 579,349 383,653 _______ _______ _______CURRENT ASSETSDebtors 254,405 150,972 132,842Investments 552,000 502,000 552,000Cash at bank and in hand 2,730,875 1,923,673 3,024,357 ________ ________ ________ 3,537,280 2,576,645 3,709,199 ________ ________ ________ CREDITORS: amounts falling duewithin one yearDeferred income (184,739) (264,579) (138,939)Other creditors (215,538) (179,627) (61,783) ________ _______ ________ (400,277) (444,206) (200,722) _ ________ ________NET CURRENT ASSETS 3,137,003 2,132,439 3,508,477 ________ ________ ________TOTAL ASSETS LESS CURRENT 3,485,016 2,711,788 3,892,130LIABILITIES ________ ________ ________CAPITAL AND RESERVESCalled up share capital 1,112,368 1,002,055 1,112,368Share premium account 292,106 99,058 292,106Capital Redemption Reserve 182,512 182,512 182,512Merger Reserve 325,584 325,584 325,584Profit & loss account 1,217,674 1,102,579 1,588,513 ________ ________ ________SHAREHOLDER'S' FUNDS - EQUITY 3,130,244 2,711,788 3,501,083 Minority Interest - Equity 354,772 - 391,047 ________ ________ ________TOTAL CAPITAL EMPLOYED 3,485,016 2,711,788 3,892,130 ________ ________ ________ The accounts were approved by the board on 27 September 2006And signed on behalf of: Richard L. Owen DirectorsGeoffrey Simmonds WESTSIDE ACQUISITIONS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2006 Notes Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2006 2005 2005 £ £ £Net cash outflow from operating 2 (355,364) (120,438) (734,865)activities ________ ________ ________ Returns on investments andservicing of financeInterest received 61,882 37,900 69,533 ________ _______ ________ 61,882 37,900 69,533 Capital expenditure andfinancial investmentPayments to acquire tangible - (75,000) -fixed assetsRecewipt from sale of fixed - - 316,799asset investments ________ _________ ________ Net cash outflow from capital - (75,000) 316,799exependiture and financialinvestment activities _________ _________ _________ Cash outflow before use of (293,482) (157,538) (348,533)liquid resources and financing _________ _________ _________ Management of Liquid Resources Payments to acquire current - - (125,000)asset investments FinancingIssue of ordinary share capital - 650 304,011Cash acquired on deemed partial - - 1,127,244 ________ _________ _________Net cash inflow from financing - 650 1,431,255 ________ _________ _________Decrease in cash in the period 3 (293,482) (156,888) 957,722) ________ _________ _________ FINANCIAL INFORMATION The interim results for the six months ended 30 June 2006 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 2005. The comparative information contained in this report forthe periods ended 30 June 2005 and 31 December 2005 does not constitute thestatutory accounts for that financial period. The accounts to 31 December 2005have 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 2005 have been restated to reflect theaccounting policies and presentation adopted in the accounts to 31 December2005. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2006 2005 2005 £ £ £Operating loss (468,996) (347,606) (770,301)Costs relating to deemed partial - - (16,000)disposal of subsidiaryDepreciation of tangible fixed 13,609 16,247 29,912assetsAmortisation of goodwill 22,031 22,031 44,062Increase in debtors (121,563) (76,606) (58,476)Increase in creditors 199,555 265,496 35,938 _________ ________ _________Net cash outflow from operating (355,364) (120,438) (734,865)activities _________ ________ _________ ANALYSIS OF NET FUNDS At 31 December Cash Flow At 30 June 2005 2006 £ £ £ Cash 3,024,357 (293,482) 2,730,875Other Liquid resources 552,000 - 552,000 ________ ________ ________ 3,576,357 (293,482) 3,282,875 ________ ________ ________ TURNOVER Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2006 2005 2005 £ £ £ Small sided football leagues 343,236 276,535 803,848Investment - - - _______ _______ _______ 343,236 276,535 803,848 _______ _______ _______ BASIC AND DILUTED LOSS PER SHARE The basic and diluted loss per share at 30 June 2006 have been calculated on theGroup's loss on ordinary activities after taxation attributable to shareholdersof £370,839 and on the weighted average number of shares in issue during thefinancial period, which was 111,236,800. The basic and diluted loss per share at 30 June 2005 have been calculated on theGroup's loss on ordinary activities after taxation attributable to shareholdersof £309,706 and on the weighted average number of shares in issue during thefinancial period, which was 100,191,082. he basic earnings per share at 31 December 2005 has been calculated on theGroup's profit on ordinary activities after taxation attributable toshareholders of £176,228 and on the weighted average number of shares in issueduring the financial period, which was 100,552,588. The diluted earnings per share at 31 December 2005 has been calculated on thebasis that the outstanding options had been converted on 1 January 2005. Thisassumption increases the Group's weighted average number of shares to115,762,588. This information is provided by RNS The company news service from the London Stock Exchange