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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Wealth Group Holdings Ltd | AQSE:AWLP | Aquis Stock Exchange | Ordinary Share | VGG0540E1097 | Ordinary shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.50 | 20.00 | 50.00 | 37.50 | 30.00 | 35.00 | 0.00 | 16:29:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAWLP
FOR IMMEDIATE RELEASE
2 November 2015
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2015
The Board is pleased to report the unaudited interim results of Asia Wealth
Group Holdings Limited ("Accounts") for the period from 1 March 2015 to 31
August 2015. These Accounts have been prepared under IFRS and will shortly be
available via the Company's website, http://www.asiawealthgroup.com/.
Chairman's Statement
Financial Highlights
The highlights for the six months ended 31 August 2015 include:
* Consolidated revenue of US$578,183 (2014: US$1,100,851)
* Operating profit for Meyer Group of US$338,400 (representing a gross margin
of 60%) (2014: US$423,290 and 38%)
* Cash at bank and on hand of US$1.5m at 31 August 2015 (2014:$1.9m).
The Group reports a loss after tax of US$.022 million on sales of US$0.578
million for the six months ended 31 August 2015. These sales were generated by
the Company's wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This
reduction in profitability was principally caused by revenue reduction,
reflecting the difficulties of the market.
The Board has taken and is continuing to take steps in cost reduction, as well
as expanding revenue creating opportunities, in both new avenues and existing.
Closer ties with Ray Alliance have not yet produced the anticipated results. We
continue to seek alliances and partnerships with firms in the same and new
sectors, not only in Singapore but also in the general area.
Cash balance and net assets have decreased by US$176,938 and US$32,520,
respectively, since 1 March 2015.
Asia Wealth continues to seek investment opportunities in the Asia region and
is currently engaged in multiple discussions on various potential
acquisitions. The Directors continue to run the business in a cost-effective
manner.
The Accounts have not been audited or reviewed by the Company's auditors.
The Directors of the Company accept responsibility for the content of this
announcement.
Richard Cayne
Executive Chairman
Contacts:
Richard Cayne (Executive Chairman)
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com
Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 20 7220 9795
EXTRACTS ARE SET OUT BELOW:
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 31 August 2015
All amounts stated in U.S. Dollars
Note 31 Aug 2015 31 Aug 2014
Non-current assets
Fixed assets 3 51,520 26,871
Investments 13 356,805 318,162
408,325 345,033
Current assets
Cash and cash equivalents 1,518,646 1,937,022
Trade receivables 232,734 261,108
Prepayments and other assets 7 89,450 54,665
1,840,830 2,252,795
Total assets $ 2,249,155 $ 2,597,828
Equity
Share capital 4 913,500 913,500
Share-based payment reserve 5 35,423 35,423
Consolidation reserve 399,585 404,227
Translation reserve
(9,605) (2,732)
Retained earnings
(168,854) (129,463)
Current earnings 71,156
(22,301)
Total equity 1,147,748 1,292,111
Non-current liabilities
Liabilities under finance lease 6 5,958 4,786
agreement
Current liabilities
Trade payables 1,055,115 1,275,148
Liabilities under finance lease 6 - -
agreement
Other payables and accrued expenses 40,334 25,783
1,095,449 1,300,931
Total liabilities 1,101,407 1,305,717
Total equity and liabilities $ 2,249,155 $ 2,597,828
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the half year ended 31 August 2015
All amounts stated in U.S. Dollars
Note Mar - Aug Mar - Aug
2015 2014
Revenue 578,183 1,100,851
Expenses
Commission 227,539 677,561
Professional fees 5 88,228 88,558
Wages and salaries 78,437 89,220
Directors' fees 7 100,801 101,832
Travel and entertainment 37,616 41,570
Office expenses 8,767 12,546
Rent 18,170 19,658
Marketing expenses 15,795 4,059
Communication 2,906 2,079
Depreciation 3 11,908 8,014
Bank charges 3,480 3,912
Sundry expenses 4,236 3,602
597,883 1,052,611
Net profit/(loss) from operations (19,700) 48,240
Other income/(expense)
Initial public offering expenses -
-
Foreign exchange gain/
(loss) (1,698) (10,700)
Interest Income 1,185 637
Investment income - 33,940
(513) 23,877
Net profit/(loss) before finance cost (20,213) 72,117
Finance cost
Interest expense/ (2,088) (961)
(income)
Net profit/(loss) before (22,301) 71,156
taxation
Taxation 8 - -
Total comprehensive income 2(d) $ (22,301) $ 71,156
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Changes in Equity
For the half year ended 31 August 2015
All amounts stated in U.S. Dollars
31 Aug 2015
Share Capital Share-based Consolidation Translation Retained Current Equity
Payment Reserve Reserve Earnings Earnings
Reserve
Note Number US$
Balances at beginning of 11,433,433 $35,423 $404,227 $(2,732) $(129,463) $71,156 $1,292,111
year $913,500
Issuance of share capital 4 - - - - -
Issuance of share options 2(n), - - - - - - - -
5
Issuance of share 2(n), - - - - - - - -
warrants 5
Translation differences 2(f) - - - $(4,642) $(6,873) - - $(11,515)
Total comprehensive - - - - - $(39,391) $ $(132,848)
income (93,457)
Balances at end of year 11,433,433 $35,423 $399,585 $(9,605) $(168,854) $ $1,147,748
$913,500 (22,301)
31 Aug 2014
Share Capital Share-based Consolidation Translation Retained Current Equity
Payment Reserve Reserve Earnings Earnings
Reserve
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November 02, 2015 08:03 ET (13:03 GMT)
Note Number US$
Balances at beginning of 11,433,433 $35,423 $405,997 $(9,984) $(85,207) - $1,259,725
year $913,496
Issuance of share capital 4 - - - - -
Issuance of share options 2(n), - - - - - - - -
5
Issuance of share 2(n), - - - - - - -
warrants 5
Translation differences 2(f) - $4 - $(1,770) $7,252 - - $5,486
Total comprehensive - - - - - $(44,256) $71,156 $26,900
income
Balances at end of year 11,433,433 $35,423 $404,227 $(2,732) $(129,463) $71,156 $1,292,111
$913,500
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the half year ended 31 August 2015
All amounts stated in U.S. Dollars
Note Mar - Aug Mar - Aug
2015 2014
Operating activities
Profit/(Loss) (22,301) 71,156
Add back Depreciation 11,908 8,014
Add back Foreign Exchange Adjustments (10,219) (38,765)
Receivables 79,969 (18,794)
Prepayments and Deposits (26,888) 6,898
Payables (132,555) 61,932
Trade Creditors and Other Liabilities (56,116) (29,686)
Cash flows from operating activities (156,202) 60,755
Investing activities
Acquisition of fixed assets 5,497 1,409
Investments (26,233) -
Cash flows from investing activities (20,736) 1,409
Financing activities
Share issues - -
Cash flows from financing activities - -
Net increase/(decrease) in cash and cash (176,938) 62,164
equivalents
Cash and cash equivalents at beginning of 1,695,584 1,874,858
year
Cash and cash equivalents at end of period $ 1,518,646 $ 1,937,022
Cash and cash equivalents comprise cash at
bank.
1) GENERAL INFORMATION
Asia Wealth Group Holdings Limited (the "Company") was incorporated in the
British Virgin Islands on 7 October 2010 under the BVI Business Companies Act,
2004. The liability of the shareholders is limited by shares. The Company
maintains its registered office in the British Virgin Islands and its financial
records and statements are maintained and presented in U.S. Dollars, rounded to
the nearest dollar. The financial statements were authorised for issue by the
Board of Directors on 30 October 2015.
The principal activity of the Company and its subsidiaries (the "Group") is to
provide wealth management advisory services to Asia-based high net worth
individuals and corporations.
On 16 May 2011, the Company's shares were admitted to trading on ISDX, formerly
PLUS Stock Exchange, based in London, United Kingdom.
The Company has the following subsidiaries:
Incorporation Country of Ownership
Date Incorporation Interest
Meyer Asset Management Ltd. ("Meyer 2000 British Virgin 100%
BVI") Islands
Meyer International Limited ("Meyer 2010 Thailand 49%
Thailand")
2) SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies adopted in the preparation of the Group's
consolidated financial statements are set out below.
a) Statement of compliance
The consolidated financial statements of the Group have been prepared in
accordance with International Financial Reporting Standards ("IFRSs").
b) Basis of preparation
The consolidated financial statements have been prepared on the basis of
historical costs and do not take into account increases in the market value of
assets.
The accounting policies have been applied consistently by the Group and are
consistent with those used in the previous year.
There are no new, revised or amended IFRSs or International Financial Reporting
Interpretations Committee ("IFRIC") interpretations that are effective for the
first time for the financial period beginning on 1 March 2011 that would be
expected to have a material impact on the Group's consolidated financial
statements.
c) Use of estimates
The preparation of consolidated financial statements in conformity
with IFRSs requires management to make judgments, estimates and assumptions
that affect the application of policies and the reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to
be reasonable under the circumstances, the results of which form the basis of
making the judgments about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period or in
the period of the revision and future periods if the revision affects both
current and future periods.
Critical accounting estimates and judgments
Business combination
Refer to note 2 (d) for the rational behind the use of merger
rather than the acquisition accounting for the consolidation of these financial
statements.
Depreciation
Management regularly reviews the estimated useful lives and
residual values of the Group's fixed assets and will revise rates of
depreciation where useful lives and residual values previously estimated have
changed.
Leases
In determining whether a lease is to be classified as an operating
lease or a finance lease, management is required to use their judgment as to
whether the significant risks and rewards of ownership of the leased asset has
been transferred or not.
d) Basis of consolidation
The consolidated financial statements include the financial statements of the
Company and its subsidiaries for the six months ended 31 August 2015.
Details of the Group are set out in note 1.
Subsidiaries are those enterprises controlled by the Company. Control exists
when the Company has the power, directly or indirectly, to govern the financial
and operating policies of an enterprise so as to obtain benefits from its
activities. The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control commences until
the date that control ceases.
Intra-group balances and transactions, and any unrealised gains arising from
intra-group transactions, are eliminated in preparing the consolidated
financial statements. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of
impairment.
Business combination under common control
Prior to the acquisitions, all the entities were under common control.
Combinations involving entities or businesses under common control are
specifically outside the scope of IFRS 3, "Business Combinations," and there is
no guidance elsewhere within IFRSs covering such transactions.
International Accounting Standard 8, "Accounting Policies, Changes in
Accounting Estimates and Errors," requires that where IFRSs do not include
guidance for a particular transaction, the directors may consider the most
recent pronouncements of other standard setting bodies that use a similar
conceptual framework to develop accounting standards. Accordingly, the
directors note that UK Financial Reporting Standard 6, "Acquisitions and
Mergers" ("FRS 6"), sets out accounting guidance for combinations of entities
or businesses under common control.
The guidance contained in FRS 6 indicates that merger accounting may be used
when accounting for transactions under common control. Under merger
accounting, the carrying values of the assets and liabilities of the combined
entities are not required to be adjusted to fair value on consolidation.
Therefore, goodwill from consolidation of the merged entities is not
recognised. Upon consolidation, the carrying values of the assets and
liabilities of the combined entities are combined from the beginning of the
financial year.
e) Segment Reporting
The Group's operating businesses are organised and managed separately according
to geographical area, with each segment representing a strategic business unit
that serves a different market. Financial information on business segments is
presented in note 10 of the consolidated financial statements.
f) Translation reserve
Assets and liabilities of the Group's non-U.S. Dollar functional currency
subsidiaries are translated into U.S. Dollars at the closing exchange rates at
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November 02, 2015 08:03 ET (13:03 GMT)
the reporting date. Revenues and expenses are translated at the average
exchange rates for the year. All cumulative differences from the translation
of the equity of foreign subsidiaries resulting from changes in exchange rates
are included in a separate caption within equity without affecting income.
g) Financial instruments
(i) Classification
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. These comprise
trade receivables.
Financial liabilities measured at amortised cost are non-derivative contractual
obligations to deliver cash or another financial asset to another entity.
These comprise trade payables and other payables.
(ii) Recognition and derecognition
The Group recognises financial assets and financial liabilities on the date it
becomes a party to the contractual provisions of an instrument.
The Group derecognises a financial asset when the contractual rights to the
cash flows from a financial asset expire or it transfers a financial asset and
the transfer qualifies for derecognition in accordance with IAS 39, "Financial
Instruments: Recognition and Measurement." A financial liability is
derecognised when the obligation specified in a contract is discharged,
cancelled or expired.
(iii) Measurement
Financial assets classified as loans and receivables are carried at amortised
cost using the effective interest method, less impairment losses, if any.
Financial liabilities are measured at amortised cost using the
effective interest method.
(iv) Specific instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, balances with banks, net of
any overdrafts, and other highly liquid financial instruments with maturities
of three months or less from the date of acquisition.
Receivables
Receivables are recognised initially at fair value and are subsequently
recorded at fair value reduced by any appropriate allowances for estimated
irrecoverable amounts. A provision for impairment of receivables is
established when there is evidence that the Group will not be able to collect
amounts due. The Group primarily uses the specific identification method to
determine if a receivable is impaired. The carrying amount of the receivable
is reduced through the use of an allowance account, and the amount of the loss
is recognised in the consolidated statement of comprehensive income.
Payables
Payables are stated at their cost. No interest is incurred on payables.
Share capital
Shares are classified as equity. Incremental costs directly attributable to
the issue of shares are recognised as a deduction from equity.
h) Offsetting
Financial assets and liabilities are offset and the net amount is reported in
the consolidated statement of financial position whenever the Group has a
legally enforceable right to set off the recognised amounts and the
transactions are intended to be settled on a net basis.
i) Impairment
The carrying amounts of the Group's assets are reviewed at each reporting date
to determine whether there is any indication of impairment. If any such
indication exists, the asset's recoverable amount is estimated. The
recoverable amount is estimated as the greater of an asset's net selling price
and value in use. An impairment loss is recognised in the consolidated
statement of comprehensive income whenever the carrying amount of an asset or
its cash-generating unit exceeds its recoverable amount.
If in a subsequent period, the amount of an impairment loss decreases and the
decrease can be linked objectively to an event occurring after the write-down,
the write-down or allowance is reversed through the consolidated statement of
comprehensive income.
An impairment loss is reversed only to the extent that the asset's carrying
amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment losses had been recognised.
j) Income and expenditure recognition
In relation to the rendering of services, the Group recognises revenues and
fees as time is expended and costs are incurred, provided the amount of
consideration to be received is reasonably determinable and there is reasonable
expectation of ultimate collection of fees.
Interest income and expense are recognised in the consolidated statement of
comprehensive income on the accrual basis.
k) Leases
Leases of equipment where the Group assumes substantially all the benefits and
risks of ownership are classified as finance leases. Finance leases are
capitalised at the estimated present value of the underlying lease payments.
Each lease payment is allocated between the liability and finance charges so as
to achieve a constant rate on the finance balance outstanding. The
corresponding rental obligations, net of finance charges, are recorded as
long-term liabilities. The finance charge is taken to the consolidated
statement of comprehensive income over the lease period. Assets acquired under
finance lease agreements are depreciated over their useful lives.
Leases of assets under which all the risks and rewards of ownership are
effectively retained by the lessor are classified as operating leases. Payments
made under operating leases are charged to the consolidated statement of
comprehensive income on a straight line basis over the term of the lease.
When an operating lease is terminated before the lease term has expired, any
penalty is recognised as an expense in the period in which the termination took
place.
l) Fixed assets
Items of fixed assets are stated at cost less accumulated depreciation.
Depreciation is charged to the consolidated statement of comprehensive income
on a straight-line basis over the estimated useful lives of fixed assets.
The annual rates of depreciation in use are as follows:
Leasehold improvements 20%
Office equipment 20-33%
Vehicles 20%
Subsequent expenditure incurred to replace a component of a fixed asset is
capitalised only when it increases the future economic benefits embodied in the
item of a fixed asset. All other expenditure is recognised in the consolidated
statement of comprehensive income when it is incurred.
m) Taxation
Taxation on net profit before taxation for the year comprises both current and
deferred tax.
Current tax is the expected income tax payable on the taxable income for the
year, using tax rates enacted or substantially enacted at the reporting date
and any adjustment to tax payable in respect of previous years in the countries
where the Company and its subsidiaries operate and generate taxable income.
The Group accounts for income taxes in accordance with IAS 12, "Income Taxes,"
which requires that a deferred tax liability be recognised for all taxable
temporary differences and a deferred tax asset be recognised for an
enterprise's deductible temporary differences, operating losses, and tax credit
carryforwards. A deferred tax asset or liability is measured using the
marginal tax rate that is expected to apply to the last dollars of taxable
income in future years. The effects of enacted changes in tax laws or rates
are recognised in the period that includes the enactment date.
n) Share-based payment
The Group entered into a series of equity-settled, share-based payment
transactions, under which the Group received services from a third party as
consideration for equity instruments (shares, options or warrants) of the
Group.
For non-vesting share-based payments, the fair value of the service received in
exchange for the shares is recognised as an expense immediately with a
corresponding credit to share capital.
For share-based payments with vesting periods, the service received is
recognised as an expense by reference to the fair value of the share options
granted or warrants issued. The total expense is recognised over the vesting
period, which is the period over which all of the specified vesting conditions
are to be satisfied with a corresponding credit to the share capital reserve.
o) Foreign currency
Transactions in foreign currencies are converted at the foreign currency
exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are translated into U.S. Dollars
at the foreign currency exchange rate ruling at the reporting date.
Foreign currency exchange differences arising on conversion or translation and
realised gains and losses on disposals or settlements of monetary assets and
liabilities are recognised in the consolidated statement of comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies which are
stated at historical cost are translated at the foreign currency exchange rate
ruling at the date of the transaction, or if impaired, at the date of the
impairment recognition. Non-monetary assets and liabilities denominated in
foreign currencies that are measured at fair value are translated into U.S.
Dollars at the foreign currency exchange rates ruling at the dates that the
values were determined.
p) Amended and newly issued accounting standards not yet
adopted
The following new standards and revision and amendment to existing standards
are relevant to the Group's operations. The Group has not opted to adopt them
early and the Group has yet to assess the full impact on the Group's
consolidated financial statements.
IFRS 10 (new), "Consolidated Financial Statements" ?
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IFRS 13 (new), "Fair Value Measurement" ?
IAS 1 (amended), "Presentation of Financial
Statements" ?
IAS 27 (revised 2011), "Separate Financial
Statements" ?
? Effective for annual periods beginning on or after
1 July 2012
? Effective for annual periods beginning on or after
1 January 2013
IFRS 10, "Consolidated Financial Statements"
The objective of this new standard is to establish principles for the
presentation and preparation of consolidated financial statements when an
entity controls one or more other entity (an entity that controls one or more
other entities) to present consolidated financial statements. It also defines
the principle of control, and establishes controls as the basis for
consolidation. It sets out how to apply the principle of control to identify
whether an investor controls an investee and therefore must consolidate the
investee and sets out the accounting requirements for the preparation of the
consolidated financial statements.
IFRS 13, "Fair Value Measurement"
IFRS 13 aims to improve consistency and reduce complexity by providing a
precise definition of fair value and a single source of fair value measurement
and disclosure requirements for use across IFRSs. The requirements, which are
largely aligned between IFRSs and US GAAP, do not extend the use of fair value
accounting but provide guidance on how it should be applied where its use is
already required or permitted by other standards within IFRSs or US GAAP.
IAS 1, "Presentation of Financial Statements"
The amendment clarifies that an entity will present an analysis of other
comprehensive income for each component of equity, either in the statement of
changes in equity or in the notes to the financial statements.
IAS 27, "Separate Financial Statements"
IAS 27 (revised 2011) includes the provisions on separate financial statements
that are left after the control provisions of IAS 27 have been included in the
new IFRS 10.
3) FIXED ASSETS
Leasehold Office Vehicles Total
improvement equipment
Cost:
At 28 February 2015 20,281 27,486 89,833 137,600
Gain (Loss) on exchange (3,183) (5,979) (11,147) (20,309)
Additions - 998 - 998
At 31 August 2015 17,098 22,505 78,686 118,289
Depreciation:
At 28 February 2015 16,603 18,306 33,766
68,675
Gain (Loss) on exchange (3,044) (4,382) (6,388) (13,814)
Charge for 1 March - 31 1, 718 2,266 7,924 11,908
August 2015
At 31 August 2015 15,277 16,190 35,302 66,769
Net book value:
At 31 August 2015 $1,821 $6,315 $43,384 $51,520
At 28 February 2015 $3,678 $9,180 $56,067
$68,925
As at 31 August 2015, the Group had fixed assets under a finance lease
agreement (refer to note 6) with a net book value of $43,384 (28 Feb 2015:
$56,067).
4) SHARE CAPITAL
Authorised
The Company is authorised to issue an unlimited number of no par
value shares of a single class.
Issued and fully paid:
11,433,433 shares of no par value per share (28 Feb 2015 : 11,433,433 shares of
no par value per share).
5) SHARE-BASED PAYMENTS
Options
The total share options reserve as at 31 August 2015 amounted to $26,402 (2014:
$26,402).
Share options outstanding at the end of the half year have the following expiry
date and exercise price:
Grant Date Expiry Date Exercise 31 Aug 2015 31 Aug 2014
Price
1 July 2013 1 July 2016 GBP0.60 260,000 260,000
30 September 2012 26 May 2017 GBP0.60 50,000 50,000
30 July 2013 29 July 2017 GBP0.60 100,000 100,000
Warrants
On 16 May 2011, the Company issued share warrants to BCL to subscribe for
55,444 shares, in accordance with the terms of its Agreement. The warrants are
exercisable at the placing price for a period of 5 years. The total share
warrants reserve as at 31 August 2015 amounted to $9,021 (28 Feb 2015: $9,021).
Share warrants outstanding at the end of the year have the following expiry
date and exercise price:
Grant Date Expiry Date Exercise 31 Aug 2015 31 Aug 2014
Price
16 May 2011 1 July 2016 GBP0.60 55,444 55,444
The fair value of the options granted and warrants issued during the year
determined using the Black-Scholes valuation model was GBP0.102 (28 Feb 2015: GBP
0.102). The significant inputs into the model were the share price of GBP0.60
(28 Feb 2015: GBP0.60) at the grant date, exercise price shown above, volatility
of 10% (28 Feb 2015: 10%), dividend yield of 0% (28 Feb 2015: 0%), an expiry
date of 5 years (28 Feb 2015: 5 years) and an annual risk-free interest rate of
3% (28 Feb 2015: 3%).
6) LEASES
Finance lease
Liabilities under finance lease agreement:
31 Aug 2015 31 Aug 2014
Less than 1 year 12,236 3,411
1 to 5 years 28,647 7,960
Total 40,884 11,371
Less: Deferred interest ( 4,612) ( 810)
36,271 10,561
Less: Current portion (10,667) ( 3,124)
Net $25,604 $7,437
Operating lease
As at 31 August 2015, the Group has non-cancellable operating lease commitments
as follow:
31 Aug 2015 31 Aug 2014
Payable within:
Less than 1 year 13,909 15,616
1 to 5 years 9,886 31,231
Total $23,795 $46,847
7) RELATED PARTY TRANSACTIONS
During the half year, the Group paid director's fees amounting to $100,801
(2014: $101,832).
8) TAXATION
There is no mainstream taxation in the British Virgin Islands. The Company and
Meyer BVI are not subject to any forms of taxation in the British Virgin
Islands, including income, capital gains and withholding taxes.
Meyer Thailand is subject to Thailand graduated statutory income tax at a rate
of 0-20% on profit before tax.
The current tax expense included in the consolidated statement of comprehensive
income relates to the following subsidiaries:
31 Aug 2015 31 Aug 2014
Meyer Thailand - . - .
$ - . $ - .
The Group had no deferred tax assets or liabilities as at the reporting date.
9) SEGMENTAL INFORMATION
The Group has two reportable segments (last year three) based on geographical
areas where the Group operates and these were as follows:
British Virgin Islands ("BVI") - where the Company and Meyer BVI are
domiciled. The Company serves as the investment holding company of the Group
and Meyer BVI provides wealth management and advisory services.
Thailand - where Meyer Thailand is domiciled and provides marketing and
economic consulting services to the Group.
The reportable segments' revenue, other profit and loss disclosures and assets
were as follows:
Revenue
31 Aug 2015 31 Aug 2014
Total Inter-segment Revenue Total Inter-segment Revenue from
segment revenue from segment revenue external
revenue external revenue customers
customers
BVI 565,938 - 565,938 1,100,851 - 1,100,851
Thailand 116,188 (103,943) 12,245 129,604 (129,604)
-
Total $682,126 $(103,943) $578,183 $1,230,455 $(129,604) $1,100,851
The revenue between segments is carried out at arm's length.
Other profit and loss disclosures
31 Aug 2015 31 Aug 2014
Commission Depre-ciation Income tax Commission Depre-ciation Income
expense expense tax
BVI 227,539 496 - . 677,561 496
- .
Thailand - 11,412 - . - 7,518 -
. . .
Total $227,539 $11,908 $ - $677,561 $8,014 $ -
. .
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November 02, 2015 08:03 ET (13:03 GMT)
1 Year Asia Wealth Chart |
1 Month Asia Wealth Chart |
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