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West 175 Media Grp (WEP)

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Friday 04 August, 2006

West 175 Media Grp

Final Results

West 175 Media Group Inc
04 August 2006


4 August 2006

                           WEST 175 MEDIA GROUP INC.
                         ('West 175' or the 'Company')

              Preliminary results for the year ended 31 March 2006

West 175 Media Group Inc is pleased to announce the preliminary results for the
year ended 31 March 2006.

Chairman's statement

Reverse acquisition of Handel Group plc

Your directors are delighted to have been able to announce to shareholders of
West 175 the proposed reverse acquisition of Handel Group plc ('Handel Group')
earlier today.

Handel Group is a newly incorporated English public limited company established
for the purposes of effecting the reverse merger between West 175, Handel
International (HTI) AG ('HTI Group') and SolarNext AG ('SolarNext'), through the
merger under the laws of the State of California and Delaware of West 175 with a
wholly owned merger subsidiary of Handel Group, formed for the purpose of
implementing the transaction; and through the acquisition of the entire issued
and to be issued share capital of HTI and SolarNext.

This good news follows a protracted period of consolidation and repair, which
began in June 2002 when the new board was appointed. All the formerly owned
loss-making businesses in the United Kingdom, United States and New Zealand were
closed or sold with effect from 31 March 2003. The Company Voluntary Arrangement
was completed and dealings resumed on AIM at the end of July 2004. Your
directors believe that Handel Group offers shareholders in West 175 the
opportunity to participate in an interesting business which offers
environmentally sound solutions to architects and builders and which possesses
good growth prospects.

Further details relating to this acquisition were announced earlier today and
additional information, including a notice for a Special Meeting to, inter alia,
approve the reverse acquisition, will be posted to West 175 shareholders
shortly.

Placing to raise £1,000,000 becomes unconditional

In April 2006, West 175 raised £1,000,000 by the issue of 100,000,000 new shares
of common stock ('Placing Shares') at 1 penny per Placing Share ('the Placing').
The Placing was conditional on West 175 announcing a reverse acquisition before
2 September 2006, and the Placing subscription monies have been held in the
client account of Withers LLP, solicitors. The Placing became unconditional on
the announcement of the reverse acquisition of Handel Group.

Review of the year ended 31 March 2006

West 175 was wholly dormant in the year, neither generating turnover nor
incurring cost of sales. The operating loss of £109,591 for the year was
incurred after crediting the recovery of a debt amounting to £150,415 and a late
receipt of £356 from the 2004 Company Voluntary Arrangement and after charging
legal and other professional fees and the costs associated of the share capital
being traded on AIM. No Directors' fees were charged in the year. West 175 did
not trade throughout the year and operated wholly in the UK.

David Montgomery
(Non-Executive Chairman)


For further information

Charles Sebag-Montefiore
(Non-Executive Director, West 175 Media Group Inc)            020 7236 0973

Sindre Ottesen
(Teather & Greenwood)                                         020 7426 9000


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2006

                                                            2006       2005
                                                               £          £

TURNOVER                                                       -          -
Administrative expenses                                  109,591    196,457
                                                       ---------  ---------
OPERATING LOSS                                          (109,591)  (196,457)

Non recurring credit arising on the CVA                      356  1,565,432
                                                       ---------  ---------
                                                        (109,235) 1,368,975

Interest receivable                                       47,630     10,002
                                                       ---------  ---------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION     (61,605) 1,378,977

Tax on (Loss)/Profit on ordinary activities                    -          -
                                                       ---------  ---------
RETAINED (LOSS)/PROFIT FOR THE FINANCIAL YEAR            (61,605) 1,378,977
                                                       =========  =========
(LOSS)/EARNINGS PER SHARE                                                                 
- undiluted                                                 0.00       0.01            
- diluted                                                   0.00       0.01
                                                       =========  =========


The company, being non-trading, had no activities in the year.

The company has taken advantage of section 230 of the Companies Act 1985 not to
publish its own profit and loss account.

The company has no recognised gains or losses other than the results for the
year as set out above.



BALANCE SHEET AS AT 31 MARCH 2006

                                                              2006         2005
                                          Note        £          £            £

CURRENT ASSETS
Debtors                                           6,100               1,040,000
Cash at bank                                  1,153,041                 264,944
                                             ----------              ----------
                                              1,159,141               1,304,944
CREDITORS: amounts falling due within 
one year                                         11,500                  95,698
                                             ----------              ----------
NET CURRENT ASSETS                                       1,147,641    1,209,246
                                                        ----------   ----------
TOTAL ASSETS LESS CURRENT LIABILITIES                    1,147,641    1,209,246
                                                        ==========   ==========
CAPITAL AND RESERVES
Called-up equity share                                  23,100,970   23,100,970
capital
Profit and loss account                                (21,953,329) (21,891,724)
                                                        ----------   ----------
SHAREHOLDERS' FUNDS                                      1,147,641    1,209,246
                                                        ==========   ==========


CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2006

                                                              2006         2005
                                          Note        £          £            £

NET CASH OUTFLOW FROM OPERATING 
ACTIVITIES                                 A            (199,533)    (264,852)

RETURNS ON INVESTMENTS AND SERVICING OF 
FINANCE
Interest received                                47,630                  10,002
                                             ----------              ----------
NET CASH INFLOW FROM RETURNS ON   
INVESTMENTS AND SERVICING OF FINANCE                        47,630       10,002
                                                        ----------   ----------
CASH OUTFLOW BEFORE MANAGEMENT OF LIQUID 
RESOURCES AND FINANCING                                   (151,903)    (254,850)

MANAGEMENTOF LIQUID RESOURCES
Increase in fixed term deposits                (870,000)               (260,000)

NET CASH OUTFLOW FROM
MANAGEMENTOF LIQUID RESOURCES                             (870,000)    (260,000)

FINANCING
Issue of shares                               1,040,000                 515,000
                                             ----------              ----------
NET CASH INFLOW FROM FINANCING                           1,040,000      515,000
                                                        ----------   ----------
INCREASE IN CASH                           C                18,097          150
                                                        ==========   ==========

NOTES

A.    RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
      ACTIVITIES


                                                    2006             2005
                                                       £                £
Operating loss                                  (109,591)        (196,457)
CVA expenses paid in shares                            -           56,250
Credit arising from CVA                              356        1,565,432
Decrease in creditors                            (84,198)      (1,690,077)
Increase in debtors                               (6,100)               -
                                               ---------      -----------
Net cash outflow from operating activities      (199,533)        (264,852)
                                               =========      ===========


B.    RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                              2006         2005
                                                      £          £            £

Increase in cash in the period                   18,097                     150
Cash invested in fixed deposits                 870,000                 260,000
                                             ----------              ----------
Change in net debt arising from cash flows                 888,097      260,150
Other non cash changes                                           -    1,619,543
                                                        ----------   ----------
Change in net funds                                        888,097    1,879,693

Net debt at 1 April 2005                                   264,944   (1,614,749)
                                                        ----------   ----------
Net funds at 31 March 2006                               1,153,041      264,944
                                                        ==========   ==========

C.    ANALYSIS OF CHANGES IN NET FUNDS

                              At                                      At
                           1 Apr                  Non-cash        31 Mar
                            2005    Cash flows     changes          2006
                               £             £           £             £
Net cash:
Cash at bank               4,944        18,097           -        23,041
Cash on deposit          260,000       870,000           -     1,130,000
                         -------       -------    --------     ---------
Net funds                264,944       888,097           -     1,153,041
                         =======       =======    ========     =========

D.    RELATED PARTY TRANSACTIONS

John Gunn and Charles Sebag-Montefiore, directors of West 175 Media Group
Inc, are also shareholders and directors of Ludgate Investments Limited ('
Ludgate'), which provides corporate financial advice to the company, maintains
its accounting and financial records, prepares the statutory accounts, prepares
and files its tax returns and acts as its company secretary. In the year ended
31 March 2006, the company paid to Ludgate

•           A corporate finance fee of £50,000 relating to general corporate
finance advice in searching for a suitable acquisition, including conducting due
diligence; and

•           a monthly fee of £2,000 to cover company secretarial and accounting
services. In the year to March 2006, the sum of £24,000 was paid to Ludgate by
the company.

E.    BASIS OF PREPARATION

The financial information included above has been prepared on the basis of the
accounting policies as stated in the previous year's financial statements.  The
financial information set out in this announcement does not constitute statutory
accounts for the purpose of Section 240 of the Companies Act 1985, but has been
extracted from the audited financial statements of West 175 Media Group Inc for
the year ended 31 March 2006.  The auditors have reported on those accounts:
their reports were unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.

Statutory accounts for the year ended 31 March 2006 will be posted to all
shareholders today. Copies of the accounts will be available free charge from at
West 175 Media Group Inc, c/o Ludgate Investments Limited, 1st floor, 46 Cannon
Street, London EC4N 6JJ.




                      This information is provided by RNS
            The company news service from the London Stock Exchange