BWA Group PLC Unaudited Interim Results to 31 October 2015
April 13 2016 - 8:00AM
UK Regulatory
TIDMBWAP
BWA GROUP PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
CHAIRMAN'S STATEMENT
Dear Shareholder
At the same time as this statement is released, it is anticipated that trading
in the Company's shares on ISDX will resume. Whilst this is in some ways good
news, it does, unfortunately, also mean that the proposed reverse takeover,
which was announced in October 2015 and which your Directors and the Company's
advisers had been working on since April 2015, has failed to complete. It is
very distressing that the transaction is not going ahead after much hard work
by all concerned. I should like to thank my co-Directors and our advisers for
their efforts to achieve a satisfactory conclusion.
Despite this setback, your Directors remain confident that they will be able to
secure a transaction with the potential to generate value for BWA shareholders
and we will keep you informed of any developments in this regard.
The unaudited results of the Company for the six months ended 31 October 2015
show a loss of GBP22,985 (2014: loss of GBP18,730). Turnover in the period
represents the recharge to the reverse takeover target of professional fees
incurred by BWA in relation to the potential acquisition. All such recharges
have been settled in cash.
Richard Battersby
Chairman
The Directors of BWA are responsible for the contents of this announcement.
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
PROFIT AND LOSS ACCOUNT
Six months ended Year ended
Notes 31 October 2015 30 April 2015
Unaudited Audited
GBP GBP
Turnover -
39,000
Cost of sales (39,000) -
------ ------
Gross profit - -
Administrative expenses (22,985) (34,510)
------ ------
Operating loss (22,985) (34,510)
Interest receivable and -
similar income 2
------ ------
(22,985) (34,508)
Amounts written off - (185,000)
investments
------ ------
Loss on ordinary activities
before and after taxation (22,985) (219,508)
and retained for the period
Loss per ordinary share - 2 (0.02)
basic (pence) (0.20)
Loss per ordinary share 2 (0.02)
-diluted (pence) (0.20)
All amounts relate to continuing activities.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Six months ended Year ended
Notes 31 October 2015 30 April 2015
Unaudited Audited
GBP GBP
Loss for the period (22,985) (219,508)
Unrealised profit on 4
revaluation of investments 711 318,270
Impairment of A-F-S investments -
charged to profit 185,000
and loss
------ ------
Total recognised gains and (22,274) 283,762
losses for the period
BALANCE SHEET
Notes At 31 October At 30 April
2015 2015
Unaudited Audited
GBP GBP
Fixed Assets
Available-for-sale Investments 618,734 633,024
Current assets
Debtors and prepayments 52,675 8,987
Cash at bank and in hand 1,153 2,599
------ ------
53,828 11,586
Creditors: amounts falling due (146,979) (105,276)
within one year
------ ------
Net current liabilities (93,151) (93,690)
------ ------
Total assets less current 525,583 539,334
liabilities
Capital and reserves
Called up share capital 3 560,788 560,788
Share premium 4 12,663 12,663
Capital redemption reserve 4 288,625 288,625
Available-for-sale revaluation 4 618,345 617,634
reserve
Profit and loss account 4 (954,838) (940,376)
------ ------
Shareholders' funds 525,583 539,334
CASH FLOW STATEMENT
Six months Year ended
ended 30 April 2015
31 October 2015 Audited
Unaudited
GBP GBP
Net cash outflow from operating (6,796) (29,891)
activities
Returns on investments and servicing
of finance
Interest received - 2
Capital expenditure and investing
activities
Purchase of investments - (256)
Proceeds received on sale of - 9,500
investments
------ ------
Net cash inflow from capital
expenditure and investing activities - 9,244
------ ------
Cash outflow before financing (6,796) (20,645)
------ ------
Financing
New loans in the period 2,050 5,656
Amount introduced by directors 3,300 8,812
------ ------
Net cash inflow from financing 5,350 14,468
------ ------
Decrease in cash for the period (1,446) (6,177)
NOTES TO THE FINANCIAL INFORMATION
1. Status of these accounts
The interim accounts for the period from 1 May 2015 to 31 October 2015 are
unaudited. The financial information set out in this statement does not
constitute statutory accounts within the meaning of the Companies Act 2006.
2. Earnings per ordinary share
Basic and diluted loss per share figures are based on the following profits /
(losses) and numbers of shares:
Six months
ended Year ended
31 October 2015 30 April 2015
Unaudited Audited
GBP GBP
Loss before tax (22,985) (219,508)
Weighted average number of shares 112,157,725 112,157,725
for the purpose of basic earnings per
share
Effect of dilutive potential ordinary - -
shares:
Share options
------ ------
Weighted average number of shares 112,157,725 112,157,725
for the purpose of diluted earnings per
share
3.Share capital
At At
31 October 30 April 2015
2015
Allotted, called up and GBP GBP
fully paid
Number: Class Nominal
value
112,157,725 Ordinary 0.5p 560,788 560,788
4.Reserves
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Capital AFS
Share redemption revaluation Profit and Total
premium reserve reserve loss account
GBP GBP GBP GBP GBP
At 1 May 2015 12,663 288,625 617,634 (940,376) (21,454)
Revaluation of - - 711
AFS investments - 711
Transfer from - - -
unrealised to - -
realised
Share-based - - - 8,523
payment
Loss for the - - - (22,985) (22,985)
period
------ ------ ------ ------ ------
At 31 October 12,663 288,625 618,345 (954,838) (35,205)
2015
END
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