Interim Results Pt II

Consolidated cash flow statement for the six months ended 30 June 2008

Notes to the financial statements for the six months ended 30 June 2008

1.         General information
Westside Acquisitions Plc (the ‘Company’) is a company domiciled in England and its registered office address is 58-60 Berners Street, London W1T 3JS.  The condensed consolidated interim financial statements of the company for the six months ended 30 June 2008 comprise the Company and its subsidiaries (together referred to as ‘the Group’).

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985.

The financial information for the year ended 31 December 2007 has been extracted from the statutory accounts. The auditors’ report on those statutory accounts was unqualified and did not contain a statement under Section 237 of the Companies Act 1985.  A copy of those financial statements has been filed with the Registrar of Companies.

The Group has presented its results in accordance with International Financial Reporting Standards as adopted by the EU using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2007. As permitted, the interim report has been prepared in accordance with AIM listing rules and is not compliant in all respects with IAS34 ‘Interim Financial Statements.’

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.

The condensed consolidated interim financial statements were approved by the board and authorised for issue on 25 September 2008.

2.         Business segment analysis

3.         Taxation

The tax credit/(charge) in the accounts represents adjustments for deferred tax arising from origination and reversal of timing differences.

4.         Basic and diluted (loss)/earnings per share

The basic loss per ordinary share for the six month period ended on 30 June 2008 has been calculated on the Group’s loss on ordinary activities after taxation attributable to equity holders of the parent company of £257,478 and on the weighted average number of shares in issue during the period of 111,237,776.

Basic earnings per ordinary share for the six month period ended on 30 June 2007 has been calculated on the  Group’s profit on ordinary activities after taxation attributable to equity holders of the parent company of £122,268 and on the weighted average number of shares in issue during the period of 111,236,797.

The basic loss per ordinary share for the year ended on 31 December 2007 has been calculated on the Group’s loss on ordinary activities after taxation attributable to equity holders of the parent company of £148,949 and on the weighted average number of shares in issue during the year of 111,237,776.

In view of the Group’s loss for the six month period ended 30 June 2008 and for the year ended 31 December 2007, share options and warrants to subscribe for shares in the Company are anti-dilutive and therefore diluted earnings per share information is the same as the basic loss per share.

The diluted earnings per share for the six month period ended 30 June 2007 has been calculated on the basis that the outstanding share options had been converted at 1 January 2007. This assumption increases the weighted average number of shares to 115,724,419. The warrants to subscribe for ordinary shares have been excluded from the calculation as the exercise price was above the average share price in the period and their inclusion would be anti-dilutive.

5.         Statements of changes in equity

6.         Prior period adjustment

The balance sheet at 30 June 2007 has been restated to eliminate goodwill of £283,363 previously recognised as an asset, but subsequently written off as at 1 January 2006 in presenting the first annual financial statements for the year ended 31 December 2007 in accordance with IFRS.