RNS Number:8535I
Westside Acquisitions PLC
18 March 2003
WESTSIDE ACQUISITIONS PLC
("Westside" or "the Company" or "the Group")
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002
Chairman's Statement
The unaudited consolidated preliminary results of Westside for the year ended 31
December 2002 were announced today together with proposals relating to a share
tender offer and cancellation of share premium account. In addition, Westside
today announced an offer to acquire the entire issued share capital of Reverse
Take-over Investments plc ("RTI") (not already owned by it). Full details are
contained in formal documents posted today to shareholders and warrantholders of
both Westside and RTI.
Westside incurred a loss after taxation for the year ended 31 December 2002 of
#1,003,461.
The results incorporate amounts written off of #363,606 in respect of intangible
assets and amounts written off of #237,773 in respect of investments.
It is not proposed to declare a dividend for the year (2001 - Nil).
Richard Owen
Chairman
18 March 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002
2002 2001
# #
TURNOVER 714,177 578,593
Cost of sales (478,012) (469,667)
__________ __________
GROSS PROFIT 236,165 108,926
Administration expenses - other (772,476) (585,784)
Amounts written off intangible assets (363,606) -
Amounts written off investments (237,773) (122,923)
__________ __________
(1,373,855) (708,707)
__________ __________
OPERATING LOSS (1,137,690) (599,781)
Investment income 22,230 -
Interest receivable 111,999 179,229
Interest payable - (180)
__________ __________
134,229 179,049
__________ __________
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,003,461) (420,732)
Tax on loss on ordinary activities - (3,954)
__________ ___________
LOSS FOR THE FINANCIAL YEAR (1,003,461) (424,686)
========= ==========
BASIC LOSS PER SHARE (1.284p) (0.580p)
========= ==========
FULLY DILUTED LOSS PER SHARE (1.237p) (0.530p)
========= ==========
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.
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2002
2002 2001
# # # #
FIXED ASSETS
Intangible assets 124,204 515,686
Tangible assets 38,467 68,392
Investments 660,000 500,000
_________ __________
822,671 1,084,078
CURRENT ASSETS
Stocks - 4,566
Debtors 38,319 60,697
Investments - 1,000,000
Cash at bank and in hand 3,037,847 2,540,775
_________ __________
3,076,166 3,606,038
CREDITORS: Amounts falling
due within one year (146,406) (134,224)
_________ __________
NET CURRENT ASSETS 2,929,760 3,471,814
__________ __________
3,752,431 4,555,892
========= =========
CAPITAL AND RESERVES
Called up share capital 812,379 732,379
Share Premium Account 4,443,200 4,323,200
Profit & loss account (1,503,148) (499,687)
__________ __________
SHAREHOLDERS' FUNDS 3,752,431 4,555,892
========= =========
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002
2002 2001
# # # #
Cash flow from operating activities (435,384) (367,699)
Return on investments and
servicing of finance
Interest received 111,999 179,229
Interest paid - (180)
_________ ___________
Net cash outflow for returns on
investments and servicing of finance 111,999 179,049
Taxation
UK corporation tax paid - (3,954)
_________ ___________
- (3,954)
Capital expenditure and financial
Investment
Payments to acquire tangible fixed assets (4,000) (1,504)
Payments to acquire investments (397,773) -
Receipt from sale of investments 22,230 -
__________ __________
Net cash outflow for capital
expenditure and financial investment (379,543) (1,504)
- -
__________ __________
Cash outflow before use of liquid
resources and financing (702,928) (194,108)
Management of liquid resources
Cash withdrawn from deposit 1,000,000 -
Financing
Issue of ordinary share capital 200,000 2,000
Expenses of issue of shares - -
__________ __________
200,000 2,000
__________ ___________
Increase/(decrease) in cash in the year 497,072 (192,108)
========= =========
Reconciliation of net cash flow to
movement in net funds
Increase/(decrease) in cash in the year 497,072 (192,108)
Decrease in liquid resources (1,000,000) -
Net funds brought forward 3,540,775 3,732,883
__________ __________
Net funds at 31 December 2002 3,037,847 3,540,775
========= =========
NOTES:
1. Loss per share
Basic loss per share has been calculated on the group's loss attributable to
share holders of #1,003,461 (2001: #424,686) and on the weighted average
number of shares in issue during the financial period, which was #78,125,571
(2001: #73,218,146).
Fully diluted loss per share has been calculated on the same loss on the
weighted average number of shares, adjusted for options and warrants, which
was 81,152,483 (2001: 80,161,226).
2. Dividends
The Directors are not proposing that a dividend payment be made.
3. The financial information set out above does not constitute statutory
accounts within the meaning of section 240 of the Act.
Copies of the financial statements for the year ended 31 December 2001
have been delivered to the Registrar of Companies in England and Wales.
The financial statements for the year ended 31 December 2001 have been
prepared in accordance with applicable law and the Board of Westside
accepts responsibility for them. Horwath Clark Whitehill, Chartered
Accountants and Registered Auditors, of 25 New Street Square, London
EC4A 3LN have made a report under section 235 of the Act in respect of
the statutory consolidated financial statements for the year ended 31
December 2001. Such report was unqualified and did not contain a
statement under section 237(2) or (3) of the Act.
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