BWA Group PLC Audited Results for the year ended 30 April 2016

 
TIDMBWAP 
 
29 September 2016 
                                                                   GB0033877555 
 
                                 BWA GROUP PLC 
                           ("BWA" or the "Company") 
 
               Audited Results for the year ended 30 April 2016 
 
STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2016 
 
As you are aware, the objective of the Company is to find a suitable candidate 
for a reverse take-over and, in the meantime, to invest in smaller 
opportunities that may arise.  The Board identified an appropriate target 
company during the year but, unfortunately, it was not possible finally to 
conclude a transaction after nearly nine months' work. An arrangement had been 
made with the target company which resulted in your Company being able to 
recover all the costs of the transaction and return a small profit as shown in 
the accounts. 
 
Your Directors have continued to nurture the two early stage investments in 
which the Company already has a direct interest, namely Prego International 
Limited and Mineralfields Group Limited (formerly Natural and Mineral Assets 
Limited).   Both investments are held as Available-For-Sale as it is the 
intention to realise their value as soon as possible. 
 
Prego International Limited is a programme manager for the issuance of Prepaid 
MasterCards, targeted at migrant workers in the Far East and Europe, with an 
initial concentration in the case of Europe on Norway and the Scandinavian 
countries.  Prego's development has been slower than we originally hoped but we 
remain convinced of the company's prospects for eventual success. Prego's 
intention remains to list its shares at the earliest opportunity and, in the 
meantime has raised tranches of new investment at various prices, the latest 
being at 1.75 per share.  The Company's investment in Prego is valued at GBP 
314,000 which is the price at which BWA last sold a small part of its holding. 
 
Mineralfields Group Limited is the holding company of a small group which is in 
the process of obtaining mining licences in Cameroon.  This company is also at 
an early stage but is attracting interest.  The Company's holding in 
Mineralfields has been valued at 0.1p per share which is the price at which 
shares were last issued by the company and which accounts for the value 
attributed to them in these accounts of GBP293,000.  Progress at the company has 
been severely hampered by delays in the Cameroon authorities issuing the 
licences, a situation in which other licence applicants find themselves.  The 
company continues to persevere patiently to obtain the necessary signatures. 
 
The Board is hopeful that these two investments will yield a return over the 
medium term having obtained the additional finance they will require, obtained 
market listings or been the subject of trade sales. 
 
In spite of the setback caused by the withdrawal of the target "acquisition 
company" last year, the Board continues to search vigorously for a suitable 
reverse acquisition to enable BWA to move forward. 
 
Richard Battersby 
Chairman 
 
For further information, please contact: 
 
BWA Group Plc 
Richard Battersby (Non-Executive Chairman) 
                          07836 238 172 
 
Peterhouse Corporate Finance Limited 
Mark Anwyl or Duncan Vasey 
                               020 7469 0930 
 
 
 
 
 
                    INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2016 
 
                                              2016                  2015 
 
                                                 GBP                     GBP 
 
TURNOVER                                   225,311                     - 
 
Cost of sales                              136,483                     - 
 
                                          ________              ________ 
 
GROSS PROFIT                                88,828                     - 
 
Administrative expenses                     65,115                34,510 
 
                                          ________              ________ 
 
OPERATING PROFIT/(LOSS)                     23,713              (34,510) 
 
Interest receivable and similar                  -                     2 
income 
 
                                            23,713              (34,508) 
 
Amounts written off investments                  -               185,000 
 
                                          ________              ________ 
 
PROFIT/(LOSS) ON ORDINARY ACTIVITIES        23,713             (219,508) 
BEFORE TAXATION 
 
Tax on profit/(loss) on ordinary                 -                     - 
activities 
 
                                          ________              ________ 
 
PROFIT/(LOSS) FOR THE FINANCIAL YEAR        23,713             (219,508) 
 
                                          ________              ________ 
 
Earnings per share expressed 
 
in pence per share: 
 
Basic                                            0                  -0.2 
 
Diluted                                          0                  -0.2 
 
 
 
                    OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2016 
 
                                                             2016         2015 
 
                                        Notes                   GBP            GBP 
 
PROFIT/(LOSS) FOR THE YEAR                                 23,713    (219,508) 
 
OTHER COMPREHENSIVE INCOME 
 
Unrealised gain/(loss) on revaluation 
of 
 
investments                                                   453      318,270 
 
Impairment of A-F-S financial assets                            -      185,000 
 
Income tax relating to components of                            -            - 
other comprehensive income 
 
                                                         ________     ________ 
 
OTHER COMPREHENSIVE INCOME FOR THE                            453      503,270 
YEAR, NET OF INCOME TAX 
 
                                                         ________     ________ 
 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR                    24,166      283,762 
 
 
 
                    BALANCE SHEET 
 
                                              2016                          2015 
 
                                        GBP              GBP              GBP              GBP 
 
FIXED ASSETS 
 
Available-for-sale financial                        618,477                       633,024 
assets 
 
CURRENT ASSETS 
 
Debtors                               20,125                        8,987 
 
Cash at bank                          48,357                        2,599 
 
                                     ________                      ________ 
 
                                      68,482                        11,586 
 
CREDITORS 
 
Amounts falling due within one       106,413                       105,276 
year 
 
                                     ________                      ________ 
 
NET CURRENT LIABILITIES                             (37,931)                      (93,690) 
 
                                                    ________                      ________ 
 
TOTAL ASSETS LESS CURRENT 
LIABILITIES 
 
                                                    580,546                       539,334 
 
                                                    ________                      ________ 
 
CAPITAL AND RESERVES 
 
Called up share capital                             560,788                       560,788 
 
Share premium                                        12,663                        12,663 
 
A-F-S revaluation reserve                           618,087                       617,634 
 
Capital redemption reserve                          288,625                       288,625 
 
Retained earnings                                  (899,617)                     (940,376) 
 
                                                    ________                      ________ 
 
SHAREHOLDERS' FUNDS                                 580,546                       539,334 
 
The Company's audited accounts for the year ended 30 April 2016 contain the 
following statement by the Company's auditors: 
 
"Emphasis of matter 
 
Valuation of unlisted investments 
We draw attention to Note 3 'Basis of preparation' which describes the 
uncertainty surrounding management's assessment of the market value of certain 
unlisted investments that may have an impact on the carrying amount of this 
asset recorded in the Company's balance sheet as at 30 April 2016. 
 
Going concern 
We draw attention to Note 3 'Basis of preparation'.  The Company's current 
liabilities exceeded its current assets by GBP37,931 as at 30 April 2016 which, 
along with the other matter relating to the valuation of investments explained 
in note 3 to the financial statements, indicates the existence of a material 
uncertainty which may cast significant doubt about the Company's ability to 
continue as a going concern. 
 
The directors have confirmed their commitment to provide continued financial 
support to the Company to enable it to continue as a going concern. 
 
If the Company is unable to continue in operational existence, it may be unable 
to discharge its liabilities in the normal course of business and adjustments 
may have to be made to reflect the situation that assets may need to be 
realised other than in the normal course of business and at amounts which could 
differ significantly from the amounts at which they are currently recorded in 
the Company's balance sheet. In addition, the Company may have to reclassify 
non-current assets and liabilities as current assets and liabilities. No such 
adjustments have been made to the financial statements. 
 
Our opinion is not qualified in respect of the matters mentioned above." 
 
The Directors do not recommend the payment of a dividend. 
 
The information above has been extracted from BWA's audited accounts for the 
year ended 30 April 2016. 
 
The Directors of BWA are responsible for the contents of this announcement. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 29, 2016 11:57 ET (15:57 GMT)