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 share 10 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
