Asia Wealth Group Holdings Ltd Audited Results for the Financial Year Ended 28 February 2023

 
TIDMAWLP 
 
9 August 2023 
 
Asia Wealth Group Holdings Limited 
 
("Asia Wealth", the "Group" or the "Company") 
 
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023 
 
Chairman's Statement 
 
The Board is pleased to report the audited results of the Company for the 
Financial Year from 1 March 2022 to 28 February 2023. The audited accounts will 
shortly be available on the Company's website, www.asiawealthgroup.com. 
 
The Company reports a consolidated loss of US$188,250 (2022 : Profit 
US$11,266).  The loss would have been smaller had it not been for excessive 
unrealized currency losses from our JPY yen holdings. 
 
The Company continues to search for new areas of business expansion 
opportunities in South East Asia and in Europe, where it is has identified and 
engaged in meaningful discussions which should soon lead to a boost in business 
volumes.  The Company's main source of income continued to be through Meyer 
Asset Management Ltd, a wholly owned subsidiary of the Company. 
 
The Board remains focused on further acquisitions and partnerships in Asia and 
Europe as well as the south-east Asian region. The Board has a cash surplus to 
seek further acquisitions and is currently in active discussions with businesses 
in the Wealth Management and Fintech space. 
 
I would again like to thank the Company's staff for their hard work throughout 
the year and shareholders for their support and we look forward to taking 
advantage of the opportunities which we expect to encounter in the forthcoming 
year. 
 
The Directors do not recommend the payment of a dividend for the year ended 28 
February 2023. 
 
Richard Cayne 
 
Chairman 
 
Qualified Opinion 
 
Pertaining to a US$42,349 private investment, the auditor was unable to obtain 
sufficient audit evidence as to whether the value that it was carried at in the 
Group's consolidated financial statements represented its market value. 
Otherwise the opinion states that the consolidated financial statements present 
fairly, in all material respects. 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
Contacts: 
 
Richard Cayne (Chairman and CEO) 
 
Asia Wealth Group Holdings Limited, [phone] 
 
Guy Miller (Corporate Advisers) 
 
Peterhouse Capital Limited, [phone] 
 
www.asiawealthgroup.com 
 
ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Financial Position 
At 28 February 2023 
Expressed in U.S. Dollars 
 
                                    2023          2022 
 
Non-current assets 
Fixed assets                       4,635         4,201 
Investment property              600,214       644,943 
                                 604,849       649,144 
Current assets 
Cash and cash equivalents      1,139,598     1,216,757 
Trade receivables (net of 
allowance for doubtful 
accounts of $8,572 (2021:         92,672       120,052 
$8,572)) 
Financial assets at fair         210,594       283,324 
value through profit or 
loss 
Loans and other                   49,459        60,969 
receivables 
Due from director                421,217       465,128 
Prepaid tax                          255           255 
Prepayments and other             64,136        69,117 
assets 
                               1,977,931     2,215,602 
Total assets                $  2,582,780  $  2,864,746 
Equity 
Share capital                    913,496       913,496 
Treasury shares                (318,162)     (318,162) 
Consolidation reserve            391,793       405,997 
Translation reserve               23,582        16,001 
Retained earnings                381,077       569,327 
Total equity                   1,391,786     1,586,659 
Current liabilities 
Trade payables                 1,139,577     1,225,079 
Tax payable                          140           140 
Other payables and accrued        51,277        52,868 
expenses 
Total liabilities              1,190,994     1,278,087 
Total equity and            $  2,582,780  $  2,864,746 
liabilities 
 
ASIA WEALTH GROUP HOLDINGS 
LIMITEDConsolidated Statement of 
Comprehensive Income 
For the year ended 28 February 2023 
Expressed in U.S. Dollars 
 
                                    2023          2022 
 
Revenue 
Commission income              1,353,957     1,656,081 
                               1,353,957     1,656,081 
Expenses 
Commission expense               563,811       719,383 
Directors' fees                  303,230       303,230 
Professional fees                252,935       263,654 
Salaries and wages                43,017        42,349 
Office expenses                   42,135        40,481 
Rent                              17,949        17,949 
Travel and entertainment          60,084        16,764 
Marketing                          7,625         5,931 
Impairment losses                 22,250         2,700 
Depreciation                         424            29 
Other expenses                    44,235        43,274 
                               1,357,695     1,455,744 
Net (loss)/income from           (3,738)       200,337 
operations 
Other income/(expenses) 
Net foreign currency           (205,143)     (137,603) 
exchange loss 
Net gain/(loss) from                 655      (82,670) 
investments 
Other income                      20,265        31,633 
                               (184,223)     (188,640) 
 
Net (loss)/income before       (187,961)        11,697 
taxation 
Taxation                             289           431 
Total comprehensive         $  (188,250)  $     11,266 
(loss)/income 
Total comprehensive 
(loss)/income attributable 
to equity 
holders of the Parent       $  (188,250)  $     11,266 
Company 
(Losses)/earnings per share 
attributable to the equity 
holders of the Parent 
Company: 
Basic earnings per share       (0.01694)       0.00101 
Diluted earnings per share     (0.01694)       0.00101 
 
  ASIA WEALTH GROUP HOLDINGS 
  LIMITEDConsolidated Statement of 
  Cash Flows 
  For the year ended 28 February 
  2023 
  Expressed in U.S. Dollars 
 
                                       2023          2022 
Operating 
activities 
Total                             (188,250)        11,266 
comprehensive 
income 
Adjustments 
for: 
Impairment                           22,250         2,700 
losses 
Depreciation                            424            29 
Net                                  72,730        82,670 
unrealised 
loss 
Net foreign                         190,939       137,603 
currency 
exchange loss 
Operating                            98,093       234,268 
income before 
changes in 
operating 
assets and 
liabilities 
Changes in 
operating 
assets and 
liabilities: 
Decrease in                           5,130         3,448 
trade 
receivables 
Decrease in                          55,421         8,984 
loans and 
other 
receivables 
Decrease in                           4,981        58,130 
prepayments 
and other 
assets 
Decrease in                        (85,502)      (10,118) 
trade 
payables 
Decrease in                         (1,591)       (5,070) 
other 
payables and 
accrued 
expenses 
Net cash                             76,532       289,642 
flows from 
operating 
activities 
 
Investing 
activities 
Acquisition                               -     (125,000) 
of investment 
Acquisition                           (858)       (1,208) 
of fixed 
assets 
Cash flows                            (858)     (126,208) 
used in 
investing 
activities 
 
Net increase                         75,674       163,434 
in cash and 
cash 
equivalents 
Effects of                        (152,833)     (113,427) 
exchange rate 
fluctuations 
on cash and 
cash 
equivalents 
Cash and cash                     1,216,757     1,166,750 
equivalents 
at beginning 
of year 
 
Cash and cash  $                  1,139,598  $  1,216,757 
equivalents 
at end of 
year 
 
Cash and cash equivalents comprise cash at banks. 
 
 
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END 
 
 

(END) Dow Jones Newswires

August 09, 2023 03:42 ET (07:42 GMT)