(“BWA” or the “Company”)
Audited Results for the year ended
STRATEGIC REPORT FOR THE YEAR ENDED
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
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.
For further information, please contact:
INCOME STATEMENT FOR THE YEAR ENDED
2016 2015 £ £ 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 income - 2 23,713 (34,508) Amounts written off investments - 185,000 ________ ________ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 23,713 (219,508) 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
2016 2015 Notes £ £ 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 YEAR, NET OF INCOME 453 503,270 TAX ________ ________ TOTAL COMPREHENSIVE INCOME FOR THE YEAR 24,166 283,762
2016 2015 £ £ £ £ FIXED ASSETS Available-for-sale financial assets 618,477 633,024 CURRENT ASSETS Debtors 20,125 8,987 Cash at bank 48,357 2,599 ________ ________ 68,482 11,586 CREDITORS Amounts falling due within one year 106,413 105,276 ________ ________ 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
“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
We draw attention to Note 3 'Basis of preparation’. The Company's current liabilities exceeded its current assets by £37,931 as at
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
The Directors of BWA are responsible for the contents of this announcement.