Guild Acquisitions plc

September 28, 2010 04:22 ET

Unaudited Interim Results Ended 30 June 2010


                                      GUILD ACQUISITIONS PLC
                                       ("Guild" or "the Company")
                           Interim report - half year ended 30 June 2010
Chairman's statement

In the half year to 30 June 2010 Guild Acquisitions plc made a loss after tax of £(44,708)  (2009:
loss  of  £22,493).  The variance period on period was due principally to the unrealised  currency
loss of £13,882 in the Dascalu investment which is held in Euro's and reflects the movement in the
exchange  rate at the 30 June 2010 and also legal costs in connection with the capital restructure
of Guild.
The  Company's net asset value per share has dipped to 0.38 pence, compared to 0.41 pence  at  the
year end, but if asset values are shown at current market value this rises to 0.86 pence. This  is
due  to  the increased value of V22 on PLUS Markets which stood at the period end of June 2010  at
two times its issue price and to the increase in land value at Dascalu Development SRL.
As  at  30  June  the  company had a cash balance of £37,215 following  the  issue  of  12,000,000
ordinary  shares of 0.1 pence at 0.25 pence and 9,650,000 ordinary shares at 0.2 pence raising  in
total  £49,300.  The Directors believe that the Company has sufficient resources for  its  current
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 a turnaround at some stage 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 2010.

Shaun Dowling
28 September 2010

Consolidated profit & loss account

                                                        6 months to   6 months to   12 months to
                                                       30 June 2010     30 June      31 December
                                                                          2009          2009
                                                         Unaudited     Unaudited       Audited
                                                             £             £              £
Turnover                                                                                    -
Cost of sales-exceptional item                            13,882           -           21,318
Gross Profit (Loss)                                      (13,882)          -          (21,318)

Administrative expenses                                   30,705         22,500        44,635

Operating profit (loss)                                  (44,587)       (22,500)      (65,953)

Interest income                                              4             7              7
Profit (Loss) on ordinary activities before              (44,583)       (22,493)      (65,946)
and after taxation

Tax on loss on ordinary activities                          125            -             255
Profit  (Loss)  for  the  financial  period              (44,708)       (22,493)      (66,201)
after taxation

Profit (Loss) per share                                 (0.13) pence   (0.07)pence    (0.21) pence

Consolidated balance sheet

                                                         At 30 June   At 30 June       At 31
                                                            2010         2009         December
                                                         Unaudited     Unaudited      Audited
                                                             £             £             £
Current assets                                                                            
Debtors                                                    8,565         7,541           -
Investments                                               166,478       201,678       180,360
Cash at bank                                               37,215       26,341         18,916
                                                          212,258       235,560       199,276

Amounts falling due within one year                       (24,533)      (8,719)       (16,143)

Net current assets                                        187,725       226,841       183,133

Amounts falling due over one year                         (54,000)     (54,000)       (54,000)
Total assets less current liabilities                     133,725       172,841       129,133


Capital and reserves                                                                      
Called up share capital                                   341,760       320,110       320,110
Share premium account                                     231,882       204,232       204,232
Other reserves                                             16,000        16,000        16,000
Profit and loss account                                  (455,917)     (367,501)     (411,209)
Equity shareholders' funds                                133,725       172,841       129,133

Net Asset Value per share                                0.38 pence  0.55 pence     0.41 pence

Net  Asset Value per share if current asset                                         
investments included at market value                     0.86 pence  1.16 pence     0.99 pence

 Interim report notes

1.      Interim report

    The information relates to the 6 month period from 1 January to 30 June 2010.

    The interim report was approved by the Directors 28 September 2010.

    The interim report is unaudited.
2.      Basis of accounting

      a.      The report has been prepared using accounting policies that the Group 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 are the financial statements of the Company.

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

      d.      Investments

            i.      Investments 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. With the exception of two investments, 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 2010.
    The Directors of the Company are responsible for the contents of 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 or from the PLUS website at
Contact Details:

Brett Armitage
Guild Acquisitions plc:
Tel: 01624 676716

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

Contact Information

  • Guild Acquisitions plc