Guild Acquisitions plc
LSE : GAQO

May 26, 2009 03:00 ET

Final Results for the year ended 31 December 2008

     
                                                                                                                  
                                                                                                        26/05/2009
                                                          
                                                                                         IM00B1DT3K12/GBP/PLUS-exn
                                                          
                                               GUILD ACQUISITIONS PLC
                                                          
                              FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008

  CHAIRMAN'S REPORT
  
  2008  was  another poor year for Guild Acquisitions Plc and for investors generally. The Company made a  loss  of
  £122,232  (2007:  loss  of £125,713) principally due to a write down of £112,867 in our two latest  acquisitions,
  £87,867  in  Equity Resources Plc and £25,000 in DTT Plc. These impairments were offset by an  exchange  gain  of
  £36,385 in relation to a loan to Descalau Development SRL which is denominated in Euros.
  
  Administrative expenses were reduced from £92,743 in 2007 to £46,681 in 2008, but the resulting loss of 0.39p per
  share  was only slightly lower than in the previous year. At the year end the net asset value per share stood  at
  0.62p per share compared with 0.96p in 2007.
  
  You  will see from the cash flow that there was injection of £70,000 in the year, as 4 million warrants  held  by
  Starvest Plc were replaced by a convertible loan, with the right to convert into 4 million shares in the  next  5
  years at 1.75p per share.
  
  Meanwhile the situation for an investment in Descalau in Romania is interesting. Their housing site is  near  the
  new  motorway and also its junction with the proposed orbital road around Bucharest and it has been  agreed  that
  their  site  will  have  its  own  access to both roads. Detailed planning  permission  has  been  submitted  for
  approximately  65,000 square metres of built space, allowing for over 500 residential units,  plus  a  school,  a
  commercial area and parking facilities.
  
  Descalau  believes  that it will receive planning permission in the next few months. It  may  be  fortunate  that
  building  has  not  yet started as Romania is in recession, and credit is tight, although  VAT  on  houses  under
  100,000  Euros has been reduced from 19% to 5%. So it is likely to be another year before we can access the  rate
  of progress and the potential profitability of the Descalau development.
  
  Looking ahead we will need more cash in 2010, not only to maintain the company in its present status, but also to
  make  further investments in new companies as opportunities arise. I would hope to indicate future intentions  in
  my next report at the half year.
  
  The Directors are not recommending a dividend.
  
  The  Board  would  like to thank Roy Tucker for his valued contribution to the company during  his  tenure  as  a
  director.
  
  S Dowling
  Co- Chairman

  CONSOLIDATED PROFIT AND LOSS ACCOUNT
  FOR THE YEAR ENDED 31 DECEMEBER 2008
      
      
                                                                                2008                     2007
                                                                                   £                        £
                                                                                                                
TURNOVER                                                                           -                    25,000
                                                                                                                
Cost of Sales                                                                 76,482                    63,421
                                                                           ---------                 ---------
GROSS LOSS                                                                                                      
                                                                            (76,482)                    (38,421)
                                                                                                                
                                                                                                                
Administrative Expenses                                                       46,611                    92,743
                                                                           ---------                 ---------
                                                                                                                
OPERATING LOSS                                                             (123,093)                 (131,164)
                                                                                                                
Interest receivable and similar income                                         1,116                     5,951
                                                                           ---------                 ---------
                                                                                                                
LOSS ON ORDINARY ACTIVITIES BEFORE                                         (121,977)                 (125,213)
TAXATION
                                                                                                                
Tax on loss on ordinary activities                                               255                       500
                                                                           ---------                 ---------
                                                                                                                
LOSS FOR THE FINANCIAL YEAR AFTER                                          (122,232)                 (125,713)
TAXATION
                                                                             =======                   =======
                                                                                                                
LOSS PER SHARE                                                              (0.39) p                  (0.45) p
                                                                             =======                   =======

  CONTINUING OPERATIONS
  None of the group's activities were acquired or discontinued during the current year or previous period.
  
  TOTAL RECOGNISED GAINS AND LOSSES
  The  group  has  no  recognised gains or losses other than the loss for the current year and the  loss  for  the
  previous                                                                                                 period.
  CONSOLIDATED BALANCE SHEET
  FOR THE YEAR ENDED 31 DECEMEBER 2008
  
                                                                                  2008                      2007
                                                                                     £                         £
  CURRENT ASSETS                                                                                                
  Debtors                                                                       11,143                    10,256
  Trade Investments                                                            201,678                   278,160
  Cash at Bank in hand                                                          60,446                    40,320
                                                                             ---------                 ---------
                                                                               273,267                   328,736
                                                                                                                
  CREDITORS                                                                                                     
  Amounts falling due within one                                                23,933                    24,170
  year
                                                                             ---------                 ---------
                                                                                                                
  NET CURRENT ASSETS                                                           249,334                   301,566
                                                                                                                
  CREDITORS                                                                                                     
  Amounts falling due within one                                                54,000                         -
  year
                                                                             ---------                 ---------
                                                                                                                
                                                                                                                
  TOATL ASSETS LESS LIABILITIES                                                195,334                   301,566
                                                                               =======                   =======
                                                                                                                
  CAPITAL AND RESERVES                                                         320,110                   320,110
  Called up share capital                                                      204,232                   204,232
  Share premium                                                                 16,000                         -
  Other reserves                                                             (345,008)                 (222,776)
  Profit and loss account                                                    ---------                 ---------
                                                                                                                
                                                                                                                
  SHAREHOLDERS FUNDS                                                           195,334                   301,566
                                                                               =======                   =======
  
  
  The financial statements have been extracted from the audited information.
  
  The Directors of the Issuer accept responsibility for this announcement.
  
  
  
  CONTACT
  
  Guild Acquisitions PLC
  John Banks
  Tel: 01624 676716
  Email: jbanks@bridgewaters.co.im
  
  Corporate Advisors
  St Helens Capital PLC
  Barry Hocken/Duncan Vasey
  Tel: 020 7628 5582
  Email: barry.hocken@sthehelenscapital.com
  
  
  


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