BWA GROUP PLC - Unaudited Interim Results to 31 October 2015 PR Newswire

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 £22,985 (2014: loss of £18,730). 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
                                                                £             £

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 investments                                 -     (185,000)

                                                           ––––––        ––––––

Loss on ordinary activities before and
after taxation and retained for the period               (22,985)     (219,508)


Loss per ordinary share – basic (pence)        2           (0.02)        (0.20)


Loss per ordinary share –diluted (pence)       2           (0.02)        (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
                                                                £             £


Loss for the period                                      (22,985)     (219,508)


Unrealised profit on revaluation of          4                711       318,270
investments

Impairment of A-F-S investments charged to                      -       185,000
profit
and loss

                                                           ––––––        ––––––


Total recognised gains and losses for the                (22,274)       283,762
period




BALANCE SHEET


                                          Notes At 31 October 2015 At 30 April
                                                         Unaudited
                                                                          2015
                                                                       Audited

                                                                 £           £

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 within one                (146,979)   (105,276)
year

                                                            ––––––      ––––––

Net current liabilities                                   (93,151)    (93,690)

                                                            ––––––      ––––––

Total assets less current liabilities                      525,583     539,334

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 reserve      4              618,345     617,634

Profit and loss account                     4            (954,838)   (940,376)

                                                            ––––––      ––––––

Shareholders’ funds                                        525,583     539,334




CASH FLOW STATEMENT


                                                 Six months ended    Year ended
                                                  31 October 2015 30 April 2015
                                                        Unaudited       Audited

                                                                £             £

Net cash outflow from operating activities                (6,796)      (29,891)

Returns on investments and servicing of finance

Interest received                                               -             2

Capital expenditure and investing activities

Purchase of investments                                         -         (256)

Proceeds received on sale of investments                        -         9,500

                                                           ––––––        ––––––

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
                                               31 October 2015    Year ended
                                                     Unaudited 30 April 2015
                                                                     Audited

                                                             £             £

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 2015 30 April 2015

Allotted, called up and fully                                £             £
paid

Number:                        Class   Nominal

                                        value

112,157,725                   Ordinary  0.5p           560,788       560,788



4.Reserves



                        Capital redemption         AFS
                  Share            reserve revaluation Profit and loss    Total
                premium                        reserve         account

                      £                  £           £               £        £

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