Guild Acquisitions plc
LSE : GAQO

May 31, 2016 13:10 ET

Final Results

                                                                                                 31 May 2015

                                         GUILD ACQUISITIONS PLC
                                       ("Guild" or "the Company")
                        Annual Results for the year ended 31 December 2015

CHAIRMAN'S REPORT

In the year to 31 December 2015, the company made a loss of GBP 52,007 (2014: Loss GBP 65,043), principally due to 
ongoing administrative expenses.

The Board has made various attempts during the year to find satisfactory corporate opportunities, which would be in 
the interests of shareholders. To date, none of these discussions have been successful. However, during the last two 
weeks of May this year, further discussions have been held with various parties regarding additional funding and 
potential investment opportunities. These are still ongoing at the time of going to print and we will update 
shareholders as these opportunities are reviewed and as appropriate, update shareholders.

Meanwhile, Starvest plc has kindly agreed to defer repayment of the remaining GBP 10,000 loan not settled in shares 
after the balance sheet date until March 2017.


M Karani
Director

Date: 31 May 2016



REPORT OF THE DIRECTORS

The directors present their strategic report for the year ended 31 December 2015. 

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

A more detailed review of the business is given in the Co-Chairman's Report. Given the straight forward nature of the 
business, the company's directors are of the opinion that a further analysis using Key Performance Indicators is not 
necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
Guild Acquisitions plc's strategy is to provide seed capital into start-up or early stage companies, to assist their 
management in developing their businesses and to help them raise further funds when needed in the capital markets. 
Such businesses have the potential to create the greatest uplift in investment value. But, likewise, have the greatest 
downside risks. Most start-up companies either fail or run out of cash, so any investment company like Guild 
Acquisitions plc needs a star in its investment portfolio to offset any failures.

We refer to our financial risk management objectives and policies in note 2 (i) to the accounts.

ON BEHALF OF THE BOARD:


M Karani - Director 

Date: 31 May 2016



REPORT OF THE DIRECTORS
The directors present their report with the financial statements of the company for the year ended 31 December 2015. 

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an investment trading company established 
to grow early stage small and medium sized companies by injecting seed capital and expertise with a view to assisting 
those companies to raise further funds on the capital market for further development. 

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2015. 

FUTURE DEVELOPMENTS
These are discussed fully in the Co-Chairman's Report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements. 

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2015 to the date of this 
report. 


G Hunt        (Resigned 18 January 2016)                                    
S Dowling     (Resigned 1 June 2015)                                        
S Corran                                                                    
C Goodfellow  (Appointed 18 January 2016)                                   
M Karani      (Appointed 18 January 2016)                                   



CORPORATE GOVERNANCE
The directors recognise the importance of sound corporate governance and intend to observe the requirements of the 
Code of Best Practice, as published by the Committee on Corporate Governance (commonly known as the "Combined Code") 
to the extent they consider appropriate in light of the Company's size, stage of development and resources. At 
present, due to the size of the Company, audit, remuneration and risk management issues will be addressed by the Board 
supported by Members of the Advisory Board. As the Company grows the Board will consider establishing an audit and 
management committee and will consider developing further policies and procedures which reflect the principles of good 
governance and the Combined Code.

SUBSTANTIAL INTERESTS
On 31 December 2015 the following were registered as being interested in 3% or more of the Company's ordinary share 
capital:


                    31 December 2015                   Percentage of                      
                    Ordinary Shares of 0.1p Each       Issued Share Capital               
R B Rowan           117,983,333                        56.2%                              
Starvest PLC        46,666,666                         22.2%                              
S Dowling           21,000,000                         10.0%                              



STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with 
applicable law and regulations. 

Company law requires the directors to prepare financial statements for each financial year. Under that law the 
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not 
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs 
of the company and of the profit or loss of the company for that period. In preparing these financial statements, the 
directors are required to: 



--  select suitable accounting policies and then apply them consistently;   
--  make judgements and accounting estimates that are reasonable and
    prudent;    
--  state whether applicable accounting standards have been followed,
    subject to any material departures disclosed and explained in the
    financial statements; 
--  prepare the financial statements on the going concern basis unless it is
    inappropriate to presume that the company will continue in business. 



The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud 
and other irregularities. 

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies 
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have 
taken as a director in order to make himself aware of any relevant audit information and to establish that the 
company's auditors are aware of that information. 

AUDITORS
Welbeck Associates will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:


M Karani - Director 

Date: 31 May 2016



STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015



Notes                                      2015                   2014                    
                                                                  GBP                 GBP 
                                                                                          
TURNOVER                                                        11,698              24,377
                                                                                          
Cost of sales                                                 (23,961)            (46,184)
                                                      --------------------    ------------
                                                                                          
GROSS LOSS                                                    (12,263)            (21,807)
                                                                                          
Administrative expenses                                       (41,447)            (41,533)
                                                      --------------------    ------------
                                                                                          
OPERATING LOSS                               4                (53,710)            (63,340)
Interest receivable/(payable) and                                                         
similar                                      5                   1,703             (1,703)
                                                      --------------------    ------------
charges                                                                                   
                                                                                          
LOSS ON ORDINARY ACTIVITIES                                                               
BEFORE TAXATION                                               (52,007)            (65,043)
                                                                                          
Tax on loss on ordinary activities           6                       -                   -
                                                      --------------------    ------------
                                                                                          
LOSS FOR THE FINANCIAL YEAR                                   (52,007)            (65,043)
                                                      --------------------    ------------
                                                      --------------------    ------------
                                                                                          
                                                                                          
Earnings per share expressed                                                              
in pence per share:                          7                                            
Basic                                                            -0.03               -0.03
Diluted                                                          -0.03               -0.03
                                                      --------------------    ------------
                                                      --------------------    ------------
                                                                                          
                                                                                          
CONTINUING OPERATIONS                                                                     
None of the company's activities were acquired or discontinued during the current year or 
previous year.                                                                            
                                                                                          
STATEMENT OF FINANCIAL POSITION                                                           
31 DECEMBER 2015                                                                          
                                                                                          
                                                                                          
                                                                  2015                2014
                                           Notes                  GBP                 GBP 
                                                                                          
CURRENT ASSETS                                                                            
Debtors                                      8                   3,150               3,274
Investments                                  9                 165,223             189,183
Cash at bank                                                     4,809              20,884
                                                      --------------------    ------------
                                                                                          
                                                               173,182             213,341
CREDITORS                                                                                 
Amounts falling due within one year         10                  44,088              32,240
                                                      --------------------    ------------
                                                                                          
NET CURRENT ASSETS                                             129,094             181,101
                                                      --------------------    ------------
                                                                                          
TOTAL ASSETS LESS CURRENT                                                                 
LIABILITIES                                                    129,094             181,101
                                                      --------------------    ------------
                                                      --------------------    ------------
                                                                                          
                                                                                          
CAPITAL AND RESERVES                                                                      
Called up share capital                     12                 498,760             498,760
Share premium                               13                 458,882             458,882
Profit and loss account                     13               (828,548)           (776,541)
                                                      --------------------    ------------
                                                                                          
SHAREHOLDERS' FUNDS                         17                 129,094             181,101
                                                      --------------------    ------------
                                                      --------------------    ------------



The financial statements were approved by the Board of Directors on 31 May 2016 and were signed on its behalf by: 

M Karani - Director                                                   S Corran - Director 

STATEMENT OF CHANGES IN EQUITY
31 DECEMBER 2015



                                                                   Retained               
                                Share Capital  Share Premium       Earnings          Total
                                         GBP            GBP            GBP            GBP 
                                                                                          
Balance at 1 January 2014             498,760        458,882      (711,498)        246,144
Loss for the year                           -              -       (65,043)       (65,043)
                                                                                          
                               -------------- -------------- -------------- --------------
Balance at 31 December 2014           498,760        458,882      (776,541)        181,101
                               -------------- -------------- -------------- --------------
                               -------------- -------------- -------------- --------------
                                                                                          
                                                                                          
Balance at 1 January 2015             498,760        458,882      (776,541)        181,101
Loss for the year                           -              -       (52,007)       (52,007)
                                                                                          
                               -------------- -------------- -------------- --------------
Balance at 31 December 2015           498,760        458,882      (828,548)        129,094
                               -------------- -------------- -------------- --------------
                               -------------- -------------- -------------- --------------
                                                                                          
                                                                                          
STATEMENT OF CASH FLOWS                                                                   
FOR THE YEAR ENDED 31 DECEMBER 2015                                                       
                                                                                          
                                                                                          
                                                                  2015                2014
                                                                  GBP                 GBP 
                                                                                          
CASH OUTFLOW FROM OPERATING ACTIVITIES:                       (16,075)            (17,197)
                                                  ------------------------   -------------
                                                                                          
                                                                                          
                                                                                          
CASH FLOWS FROM INVESTING ACTIVITIES:                                                     
                                                                     -                   -
                                                  ------------------------   -------------
                                                                                          
                                                                     -                   -
                                                                                          
                                                                                          
CASH FLOWS FROM FINANCING ACTIVITIES:                                                     
- Cash receipts from issue of new loan                               -              20,000
                                                  ------------------------   -------------
                                                                                          
                                                                     -              20,000
                                                                                          
                                                                                          
NET (DECREASE)/INCREASE IN CASH AND CASH                                                  
EQUIVALENTS:                                                  (16,075)               2,803
                                                  ------------------------   -------------
                                                  ------------------------   -------------
                                                                                          
                                                                                          
CASH AND CASH EQUIVALENTS AT THE BEGINNING                                                
OF THE YEAR:                                                    20,884              18,081
                                                  ------------------------   -------------
                                                                                          
                                                                                          
CASH AND CASH EQUIVALENTS AT THE END                                                      
OF THE YEAR:                                                     4,809              20,884
                                                  ------------------------   -------------



RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES



                                                                  2015                2014
                                                                  GBP                 GBP 
                                                                                          
Operating loss                                                (53,710)            (63,340)
Exchange loss/(gain)                                             7,265               7,956
Losses on trade investments                                     18,646              38,228
(Increase)/decrease in debtors                                   (124)               (125)
Increase in creditors                                           11,848                  84
                                                  -------------------------   ------------
                                                                                          
                                                                                          
Net cash outflow from operating activities                    (16,075)            (17,197)
                                                  -------------------------   ------------
                                                  -------------------------   ------------



The directors of Guild Acquisitions Plc accept responsibility for this announcement.

Copies of this annual report are available free of charge by application in writing to the Company Secretary at 4th 
Floor, Queen Victoria House, 41-43 Victoria Street, Douglas, Isle of Man, IM1 2LF, by email to mail@bridgewaters.co.im 
or from the ICAP website at www.icap.com.

CORPORATE ADVISER CONTACT DETAILS:

Alexander David Securities Limited 
David Scott - Chief Executive Officer 
Telephone: +44 (0) 20 7448 9820
45 Queen Victoria Street, London, EC4N 4SA

Contact Information

  • Guild Acquisitions plc