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

 

 

  1. 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.

  1. 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.

  1. 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.

  1. 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.

 

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