Audited Accounts
For the year ended 31 December 2014
Chairman’s Statement
I am pleased to report the final audited consolidated results for the twelve months ended
Financial performance
The turnover for the year was nil (2013: £800) and the loss was £149,111 (2013: £141,930). The loss per share was
Review of operations
The Company’s investment strategy is to seek medium-to-long term investments in businesses that exhibit growth potential. The Company intends to be an active investor in situations where the Company can make a clear contribution to the growth and development of the investment. With limited resources available, the Directors have been prudent and have turned down a number of investment opportunities. Nonetheless, the Company continues to seek investment proposals.
The Company’s shares are traded on both the ISDX Growth Market and the GXG Main Quote Market.
Board changes
During the year under review,
Future prospects
The Directors intend to conduct a strategic review of its business to consider options to maximise value for shareholders. Communications to shareholders will be sent when developments are made.
Daemon Wong
Executive Director
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2014
Note 2014 2013 GBP GBP Revenue 5 - 800 Other income 6 9 2 Gain on disposal of subsidiaries 13 - 221,637 Fair value loss of financial instruments at fair value through profit or loss - (142,200 ) Administrative expenses (149,120 ) (213,369 ) Finance costs 7 - (8,800 ) Loss before income tax 8 (149,111 ) (141,930 ) Income tax 9 - - Loss for the year (149,111 ) (141,930 ) Other comprehensive (expense)/income, net of income tax Items that will not be reclassified to profit or loss -- Release of foreign currency translation reserve upon disposal of foreign operations - (3,359 ) Items may be subsequently reclassified to profit or loss -- Exchange differences on translating foreign - 1,270 operations Other comprehensive expense, net of income tax - (2,089 ) Total comprehensive loss for the year (149,111 ) (144,019 ) Loss per share10 Pence Pence Basic (0.20 ) (0.60 ) Diluted N/A N/A
Statement of financial position
As at 31 December 2014
Note 2014 2013 GBP GBP Non-current asset Property, plant and equipment 11 28,153 50,676 Current assets Prepayments 572 1,625 Cash and cash equivalents 59,411 199,148 59,983 200,773 Deduct: Current liability Accruals 8,215 22,417 Net current assets 51,768 178,356 Net assets 79,921 229,032 Capital and reserves Share capital 12 626,966 626,966 Reserves (547,045 ) (397,934 ) Total equity 79,921 229,032
Approved and authorised for issue by the Board of Directors on
Statement of changes in equity
For the year ended 31 December 2014
Foreign Share Share Accumulated currency capital premium losses translation Total GBP GBP GBP GBP GBP As at 1 January 2013 414,660 194,448 (644,513 ) 2,089 (33,316 ) Issue of shares 212,306 194,061 - - 406,367 Comprehensive loss Loss for the year - - (141,930 ) - (141,930 ) Other comprehensive income/ (expense) Exchange differences on translating - - - 1,270 1,270 foreign operations Release of foreign currency translation reserve upon disposal of foreign - - - (3,359 ) (3,359 ) operations Total comprehensive - - (141,930 ) (2,089 ) (144,019 ) loss for the year As at 31 December 2013 626,966 388,509 (786,443 ) - 229,032 Comprehensive loss Loss and total - - comprehensive loss for the year (149,111 ) - (149,111 ) As at 31 December 2014 626,966 388,509 (935,554 ) - 79,921
The notes on pages 8 to 19 form an integral part of these financial statements.
Statement of cash flows
For the year ended 31 December 2014
Note 2014 2013 GBP GBP Cash flows from operating activities Loss before income tax (149,111 ) (141,930 ) Adjustments for :- Bank interest income (9 ) (2 ) Gain on disposal of subsidiaries - (221,637 ) Depreciation 22,523 12,200 Fair value loss of financial instruments at fair value through profit or loss - 142,200 Interest on unsecured loans - 8,800 Operating loss before working capital changes (126,597 ) (200,369 ) Changes in working capital :- Trade, other receivables and prepayments 1,053 (1,694 ) Other payables and accruals (14,202 ) 44,441 Net cash used in operating activities (139,746 ) (157,622 ) Cash flows from investing activities Disposal of subsidiaries 13 - (93,302 ) Bank interest received 9 2 Payment for purchase of property, plant and - (62,876 ) equipment Net cash from/(used in) investing activities 9 (156,176 ) Cash flows from financing activities Proceeds from issuance of shares - 406,367 Proceeds from unsecured loans - 80,300 Repayment of loans from related parties - (46,562 ) Interest paid - (8,800 ) Net cash from financing activities - 431,305 Net (decrease)/increase in cash and cash equivalents (139,737 ) 117,507 Cash and cash equivalents at beginning of the year 199,148 80,341 Effect of foreign exchange rates, net - 1,300 Cash and cash equivalents at end of the year 59,411 199,148
The directors of
For further information:
Daemon Wong, Executive Director
+852 2943 8058
+44 (0)20 7448 9820
