Guild Acquisitions plc
LSE : GAQO

September 29, 2009 02:00 ET

Interim report - half year ended 30 June 2009

                                                 


                                                                                        29/09/2009
                                                                         IM00B1DT3K12/GBP/PLUS-exn
                                                 
                                      Guild Acquisitions Plc
                                                 
                                    ("Guild" or "the Company")
                                                 
                           Interim report - half year ended 30 June 2009
                                                 
Chairman's statement

Interim Results
In  the  half year to 30th June 2009 Guild Acquisitions plc made a small loss after tax of £22,493
(2008:  loss of £23,694) due principally to the level of operating expenses required to be  listed
on PLUS.

The  net  asset value per share has dipped to 0.55 pence, compared to 0.62 pence at the year  end,
but  if  asset  values are shown at market value this rises to 1.16 pence.  This  is  due  to  the
increased  value  of V22 on PLUS Markets which stood at the period end at three  times  its  issue
price and to the increase in land value at Dascalu Development SRL.

As at 30th June the company had a cash balance of £26,341.

It must be clear to all investors that we are now operating in a challenging environment for small
cap businesses; nevertheless we continue to look to some improvement in the near future.

I  wish  to  record my gratitude to all investors who have continued to support Guild Acquisitions
and look forward to further developments during 2009.

Shaun Dowling
Co-Chairman
28th September 2009


Consolidated profit & loss account

                                                        6 months to   6 months to   12 months to
                                                       30 June 2009     30 June      31 December
                                                                          2008          2008
                                                                            
                                                         Unaudited     Unaudited       Audited
                                                             £             £              £
                                                                                          
Turnover                                                       -             -              -
                                                                                    
Cost of sales-exceptional item                               -             -           76,482
                                                                            
Gross Loss                                                   -             -          (76,482)

Administrative expenses                                   22,500         24,026        46,611

Operating loss                                           (22,500)       (24,026)     (123,093)

Interest income                                                7            332         1,116
                                                                                          
Loss on ordinary activities before and                   (22,493)       (23,694)     (121,977)
after taxation

Tax on loss on ordinary activities                           -             -              255
                                                                                          
Loss   for   the  financial  period   after              (22,493)        (23,694)     (122,232)
taxation

                                                                                          
Loss per share                                          (0.07) pence      (0.08)pence    (0.39) pence
                                                                          


Consolidated balance sheet

                                                         At 30 June   At 30 June       At 31
                                                            2009         2008         December
                                                                                        2008
                                                         Unaudited     Unaudited      Audited
                                                             £             £             £
                                                                                          
                                                                                          
                                                                                          
Current assets                                                                            
Debtors                                                    7,541         6,997         11,143
Investments                                               201,678       278,160       201,678
Cash at bank                                               26,341       10,904         60,446
                                                          235,560       296,061       273,267

Creditors                                                                                 
Amounts falling due within one year                       (8,719)      (18,189)       (23,933)

Net current assets                                        226,841       277,872       249,334

Creditors                                                                                 
Amounts falling due over one year                         (54,000)         -          (54,000)
                                                                                          
Total assets less current liabilities                     172,841       277,872       195,334

                                                                                          

                                                                                          
Capital and reserves                                                                      
Called up share capital                                   320,110       320,110       320,110
Share premium account                                     204,232       204,232       204,232
Other reserves                                             16,000          -           16,000
Profit and loss account                                  (367,501)     (246,470)     (345,008)
                                                                                          
Equity shareholders' funds                                172,841       277,872       195,334

                                                                                    
                                                                                    
Net Asset Value per share                                0.55 pence  0.88 pence      0.62 pence
Net  Asset Value per share if current asset                                         
investments included at market value                     1.16 pence  1.40 pence      1.21 pence
                                                                                    
                                                                                          
                                                                                          

 Interim report notes

1.      Interim report
        The information relates to the 6 month period from 1 January to 30 June 2009.

        The interim report was approved by the Directors on 28th September 2009.

        The interim report is unaudited.
    
2.      Basis of accounting

      a.  The report has been prepared using accounting policies that the Group and its subsidiary
          undertaking have adopted and were used for the first accounting period to 31 December 2006.  
          The information does not constitute statutory accounts within the meaning of section 240 of 
          the Companies Act 1985.

      b.  These interim financial statements consolidate the financial statements of the Company and
          its subsidiary, Guild Management Limited.

      c.  The financial statements are prepared under the historical cost convention and are in
          accordance with applicable accounting standards.
      d.  Investments

            i.  Investments other than the Company's shareholding in its subsidiary undertaking Guild
                Management Limited are held as current asset investments and are valued at the lower of 
                cost and net realisable value.

            ii. The net realisable value of certain investments is not readily determinable by reference
                to a quoted market price. The directors have therefore made their own assessment of the net
                realisable value and adjusted the carrying value of the investment where this is considered 
                to be less than cost. This assessment requires the use of estimation techniques, which are 
                reliant upon their experience and expertise. The directors have no information that would 
                suggest a reduction to the carrying value of investments to below cost.

            iii.These current asset investments are held as part of an investment portfolio and no investment 
                is made as a media through which the Company carries on its business. Investments which may 
                otherwise be classified as Associates, do not therefore fall within this classification for
                accounting purpose.

      e.  The Company and Group will report again for the full year to 31 December 2009.
          
The Directors of the Company accept responsibility for this announcement.
    
Copies  of  this  interim report are available free of charge by application  in  writing  to  the
Company  Secretary  at  26  Victoria  Street,  Douglas,  Isle  of  Man,  IM1  2LE,  by  email   to
mail@bridgewaters.co.im or from the PLUS website at www.plusmarketsgroup.com.
Contact Details:

Guild Acquisitions plc:
John Banks
Tel: 0162 4676716

Duncan Vasey or Mark Anwyl
St Helens Capital Partners LLP
Tel: 020 7368 6959


Contact Information

  • Guild Acquisitions plc