Final Results

25 May 2005 16:27

Westside Acquisitions PLC25 May 2005 WESTSIDE ACQUISITIONS PLC ("Westside" or "the Company") Preliminary final results for the year ended 31 December 2004 The audited consolidated accounts for the year ended 31 December 2004 show aloss after taxation of £419,555 ( 2003: £554,722). Westside's cash balances asat 31 December 2004 were £2,066,635 (2003: £2,643,440) or 2p (2003: 2.8p) perWestside share. The feature of the year was the strong performance of our wholly ownedsubsidiary, Reverse Take-Over Investments Plc (RTI), which helped to develop twocompanies - resulting in the share capital for each of them being admitted totrading on the Alternative Investment Market. The ordinary shares and warrantsof York Pharma pIc (formerly RTI Ten plc) were admitted to trading in April2004, followed by the admission to trading in October 2004 of the ordinaryshares and warrants of ADDleisure PIc (formerly RTI Fifteen Plc)RTI holds ordinary shares and warrants in each of these companies, and at 3lDecember 2004 the market value of our holdings was £3,163,020 (2003: £250,000)against a book cost of £427,000 (2003: £150,000). For the year, RTI incurred aloss on ordinary activities of £158,955(2003: £150,535 post acquisition). We are also pleased to report a further year of progress by Football PartnersLimited which trades as "The Elms" and is London's leading provider offive-a-side football. We are pleased to report that "The Elms" turnover for theyear was £783,085 (2003: £840,305) and a profit of £43,868 (2003: £38,284) wasmade. This is the second year running that "the Elms" has recorded a profit and,in view of additional venues secured for 2005, we are confident of a materiallybetter result being achieved in the current year. Stock market conditions in 2004, whilst not especially exceptional, did manageto create the environment in which it was possible to plan the development of anumber of corporate situations. The outlook for Stock Exchange conditions forthe rest of 2005 are difficult to predict. However, we believe that Westside isin an enviable position through its liquidity and balance sheet strength tocontinue to support the further development of RTI and Football Partners. We are looking forward to 2005 representing a year of further progress in termsof both additional added value being introduced to our balance sheet togetherwith an improvement in our income statement. R L OWENGM SIMMONDS25 May 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2004 Audited Audited 2004 2003 £ £TURNOVER 783,085 790,305Cost of Sales (581,116) (612,728) GROSS PROFITS 201,969 177,577Administration expenses - other (687,882) (818,353) OPERATING LOSS (485,913) (640,776)Interest receivable 66,358 86,054 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (419,555) (554,722)Tax on loss on ordinary activities - - LOSS FOR THE FINANCIAL YEAR (419,555) (554,722) BASIC AND DILUTED LOSS PER SHARE (0.446p) (0.624p) 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. CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2004 Audited Audited 2004 2003 £ £ £ £FIXED ASSETSIntangible assets 386,879 430,941Tangible assets 70,748 8,171Investments 160,000 160,000 617,627 599,112CURRENT ASSETSDebtors 74,366 96,313Investments 427,000 150,000Cash at bank and in hand 2,066,635 2,643,440 2,568,001 2,889,753CREDITORS: Amounts falling due (164,784) (198,354)within one year NET CURRENT ASSETS 2,403,217 2,691,399 3,020,844 3,290,511 CAPITAL AND RESERVESCalled up share capital 1,001,819 941,875Share premium account 98,644 -Capital redemption reserve 182,512 176,712Merger reserve 325,584 325,584Profit and loss account 1,412,285 1,846,340 SHAREHOLDERS' FUNDS - Equity 3,020,844 3,290,511 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 Audited Audited 2004 2003 £ £ £ £Cash flow from Operating activities (449,161) (562,720)Return on investments and servicing of financeInterest received 66,358 86,054 Net cash inflow from returns oninvestments and servicing of finance 66,358 86,054Capital expenditure and financialinvestmentPayments to acquire tangible fixed (81,662) (637)assetsPayments to acquire investments (277,000) -Receipt from sale of tangible fixed assets 20,000 - Net cash outflow for capitalexpenditure and financial investment (388,662) (637)Acquisitions and disposalsCash acquired with subsidiary - 887,726undertakingPurchase of subsidiary undertaking - (235,068) - 652,658 Cash (outflow) inflow before useof liquid (721,465) 175,355resources and financingFinancingIssue of ordinary share capital 164,388 -Purchase of own shares (14,500) (538,990) 149,888 (538,990) Decrease in cash in period (571,577) (363,635) Reconciliation of net cash flow tomovement in net fundsDecrease in cash in the period (571,577) (363,635)Net Funds brought forward 2,638,212 3,001,847 Net Funds at 31 December 2004 2,066,635 2,638,212 Notes: 1. Statutory accounts The financial information presented does not constitute statutory accounts asdefined in Section 240 of the Companies Act 1985 as amended. The results havebeen extracted from the accounts of the Company for the year ended 31 December2004. Statutory accounts for the year ended 31 December 2003 have been delivered tothe Registrar of Companies. The auditors' report on those accounts wasunqualified and did not contain a statement under section 237(2) or (3) of theCompanies Act 1985. The financial information contained herein has been prepared on the basis of theaccounting policies set out in the accounts for the year ended 30 December 2003.The financial information has been prepared on the going concern basis. The audited accounts will be sent to shareholders and delivered to the Registrarof Companies in due course. Further copies of these accounts can be obtainedfrom Westside Acquisitions plc, 6 Chester Gate, Regent's Park, London NW1 4JH. 2. Dividends The Directors are not proposing that a dividend payment be made. 3. Loss per share Basic loss per share has been calculated on the Company's loss attributable toshareholders of £419,555 (2003: £554,722) and on the weighted average number ofshares in issue during the financial period, which was 94,037,978 (2003:88,877,919). Fully diluted loss per share is also based upon the above figures as there areno dilutive potential ordinary shares in issue. 4. Annual General Meeting The Annual General Meeting of Westside Acquisitions plc will be held at theoffices of Finers Stephens Innocent LLP, 179 Great Portland Street, London W1W5LS on 27 July 2005 at 4.00 p.m. This information is provided by RNS The company news service from the London Stock Exchange