Final Results
Final Results for the year ended 31 December 2006
The audited consolidated accounts for the year ended 31 December 2006 show a loss 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 share to the shareholders on the Register at 27 July 2007. The dividend will be payable on 24 August 2007, subject to the necessary resolutions being approved at 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 were admitted to trading on AIM.
RTI now holds ordinary shares and warrants in five companies whose ordinary shares 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, we have elected not to revalue the investments held by RTI to market value.
In accordance with the new AIM Regulations, Westside will however be adopting International Financial Reporting Standards for the year ending 31 December 2007, and accordingly we wil l revalue t he RTI investment portfolio to its fair value in the consolidated financial statements for 2007 and this will of necessity also require a change to the presentation of results for the 2006 comparative.
Under current accounting policies, RTI incurred a loss before taxation, in the year, of £299,613 (2005: £308,058) but this stands to be measured against the unrealised profit on its investment portfolio of £3,840,917.
Westside holds 62.5% of the issued share capital of Pantheon - where both the ordinary 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 that the newly formed subsidiary Sport in Schools Limited will generate both additional turnover and contribution in 2007. In addition, the losses generated in the summer camp division in 2006 are unlikely to be repeated.
Our confidence is maintained in the companies we invest in and although market conditions in 2007 remain unsettled and uncertain, we believe that the strong and ungeared Balance Sheet of Westside will support the further development of both RTI and Pantheon.
R L Owen
G M Simmonds
27 June 2007
Westside Acquisitions Consolidated Profit and Loss Account for the year ended 31 December 2006
| 2006 | 2005 | |
| as | restated | |
| £ | £ | |
| Turnover | 762,689 | 803,848 |
| Cost 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 | - | 156,799 |
| Profit on deemed partial disposal of subsidiaries (Loss) Profit on Ordinary Activities before Interest |
- | 695,110 |
| and Taxation | (1,016,406) | 47,608 |
| Interest receivable | 103,903 | 69,686 |
| Interest payable | (471) | (153) |
| (Loss) Profit on Ordinary Activities before Taxation | (912,974) | 117,141 |
| Tax on (loss) profit on ordinary activities | - | - |
| (Loss) Profit on Ordinary Activities after Taxation | (912,974) | 117,141 |
| Minority 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 current year.
The Group has no recognised gains or losses other than those dealt with in the profit and loss account.
Westside Acquisitions Consolidated Balance Sheet for the year ended 31 December 2006
| 2006 | 2005 | |||
Fixed Assets |
£ | £ | £ | £ |
| Intangible assets | 298,755 | 342,817 | ||
| Tangible assets | 13,618 | 40,836 | ||
| 312,373 | 383,653 | |||
| Debtors | 91,155 | 132,842 | ||
| Investments Cash at bank and in |
626,998 | 552,000 | ||
| hand | 2,242,149 | 3,024,357 | ||
| 2,960,302 | 3,709,199 | |||
| Creditors: Amounts falling due within one year | (374,218) | (200,722) | ||
| Net Current Assets | 2,586,084 | 3,508,477 | ||
Capital and Reserves |
2,898,457 | 3,892,130 | ||
| Called up share capital | 1,112,373 | 1,112,368 | ||
| Share Premium Account Capital redemption |
292,139 | 292,106 | ||
| reserve | 182,512 | 182,512 | ||
| Merger reserve | 325,584 | 325,584 | ||
| Profit and loss account | 705,486 | 1,588,513 | ||
| Shareholders' Funds | 2,618,094 | 3,501,083 | ||
| Minority Interest | 280,363 | 391,047 | ||
| Total Capital Employed | 2,898,457 | 3,892,130 |
The financial statements were approved and authorised to be issued by the board on 27 June 2007 and signed on its behalf by
R L Owen
G M Simmonds
Directors
Westside Acquisitions Consolidated Cash Flow Statement for the year ended 31 December 2006
| 2006 | 2005 | |||
| £ | £ | £ | £ | |
| Cash outflow from operating activities | (782,570) | (734,865) | ||
| Return on investments and servicing of finance Net interest received |
103,432 | 69,533 | ||
| Net cash inflow for returns on investments and servicing of finance | 103,432 | 69,533 | ||
| Capital expenditure and financial investment | 316,799 | |||
| Proceeds from sale of fixed asset investments | ||||
| Net cash inflow for capital expenditure and financial investment | 316,799 | |||
| Equity dividends paid | (111,237) | |||
| Cash outflow before management of liquid resources and financing | (790,375) | (348,533) | ||
| Management of liquid resources Payments to acquire current asset investments |
(74,998) | (125,000) | ||
| Financing: | 38 | 304,011 | ||
| Issue of ordinary share capital Cash acquired on deemed partial disposal of subsidiaries |
1,127,244 | |||
| 38 | 1,431,255 | |||
| (Decrease) increase in cash in period | (865,335) | 957,722 | ||
| Reconciliation of net cash flow to movement in net funds |
||||
| (Decrease) increase in cash in period |
(865,335) | 957,722 | ||
| Increase in liquid resources in the period |
74,998 | 125,000 | ||
| Net funds brought forward | 3,576,357 | 2,493,635 | ||
| Net funds at 31 December 2006 Notes to the Accounts For the year ended 31 December 2007 |
2,786,020 | 3,576,357 |
- Basis of Accounting
The financial statements are prepared under the historical cost convention and are in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been consistently applied except where otherwise stated.
- 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 on the 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 to subscribe for ordinary shares in the Company are anti-dilutive and therefore diluted earnings per share are not presented.
- 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 balance sheet date, dividends proposed after the balance sheet date are not recognised as liabilities at the balance sheet. As a result they are recognised when paid.
- Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of Finers Stephens Innocent LLP, 179 Great Portland Street, W1W 5LS at 4.pm on 25 July 2007.