Information  X 
Enter a valid email address

Guild Acquisitions (GAQO)


Tuesday 27 September, 2011

Guild Acquisitions

Interim report ? half year ended 30 June 2011

                                                                                 27 September 2011

                                      GUILD ACQUISITIONS PLC
                                       ("Guild" or "the Company")

                           Interim report - half year ended 30 June 2011

Co-Chairman's statement

In the half year to 30 June 2011, Guild Acquisitions plc reports a loss of £19,594 (2010:£44,708).
The reduced losses were due to an unrealised currency gain of £6,373 in the Dascalu investment  as
well  as  cost  savings.  Administrative expenses for the period were reduced  to  £25,967  (2010:
Guild's investments at 30 June 2011 totalled £305,544 (June 2010: £166,478) up 83.5% on last  year
and  by  9.5%  on 31 December 2010.  The increase is largely due to revaluation of the  shares  in
Equity Resources plc.
In  the  period, the Company purchased a further 4,000,000 shares in Equity Resources  plc  for  a
consideration  of £20,000. This purchase included 3,000,000 warrants at 1 pence each,  which  were
taken up after the period end.
The cash position has improved markedly as the Company raised £174,000 on 30 June by a placing  of
57,999,999 new ordinary shares at 0.3 pence per share.
The net asset value per share at 30 June stood at 0.27 pence per share, equal to the book value at
the end of 2010.
In  this  rather depressing economic environment, our performance is encouraging and  the  Company
continues to look for investments which have a potential upside in the future.

Shaun Dowling
27 September 2011

Profit & loss account

                                                        6 months to   6 months to   12 months to
                                                       30 June 2011     30 June      31 December
                                                                          2010          2010

                                                         Unaudited     Unaudited       Audited
                                                             £             £              £

Turnover                                                     -             -                -

Cost of sales-exceptional item                            (6,373)        13,882       (98,811)

Gross Profit (Loss)                                        6,373        (13,882)       98,811

Administrative expenses                                   25,967         30,830        72,716

Operating profit (loss)                                  (19,594)       (44,712)       26,095

Interest income                                              -             4              4

Profit (Loss) on ordinary activities before              (19,594)       (44,708)       26,099
and after taxation

Profit (Loss) per share                                 (0.10) pence  (0.13)           0.05 pence

Balance sheet

                                                         At 30 June   At 30 June       At 31
                                                            2011         2010         December
                                                         Unaudited     Unaudited      Audited
                                                             £             £             £

Current assets                                                                            
Debtors                                                    8,780         8,565           -
Investments                                               305,544       166,478       279,171
Cash at bank                                              259,826       37,215        143,045
                                                          574,150       212,258       422,216

Amounts falling due within one year                       (11,212)     (24,533)       (13,684)

Net current assets                                        562,938       187,725       408,532

Amounts falling due over one year                         (62,000)     (54,000)       (62,000)

Total assets less current liabilities                     500,938       133,725       346,532

Capital and reserves                                                                      
Called up share capital                                   474,760       341,760       416,760
Share premium account                                     422,882       231,882       306,882
Other reserves                                             8,000        16,000         8,000
Profit and loss account                                  (404,704)                   (385,110)

Equity shareholders' funds                                500,938       133,725       346,532

Net Asset Value per share                                0.27 pence  0.38 pence     0.27 pence

 Interim report notes

1.      Interim report
    The information relates to the 6 month period from 1 January to 30 June 2011
    The interim report was approved by the Directors on 27 September 2011.
    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.      The Companies subsidiary undertaking, Guild Management Limited was dissolved on 31 August
        2010 and in accordance the interim report for the period is not consolidated. Comparatives
        represent consolidated figures and the investment value of the subsidiary at £100 is included in
        the comparative figures for the interim report as at 30 June 2010. No change has occurred in
        income  and expenditure as the subsidiary had not commenced trading and had no  income  or
      e.      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.
      f.      The Company and Group will report again for the full year to 31 December 2011.

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
[email protected] or from the PLUS website at
Contact Details:

Brett Armitage
Guild Acquisitions plc:
Tel: 01624 676716
Email: [email protected]

Fiona Kinghorn
Alexander David Securities Limited
68 Lombard Street
London EC3V 9LJ
Tel: 020 7448 9800

Guild Acquisitions plc								


a d v e r t i s e m e n t