Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2022
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP10/08/2022 11:15
10 August 2022
Asia Wealth Group Holdings Limited
("Asia Wealth", the “Group” or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2022
Chairman’s Statement
The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2021 to 28 February 2022. The audited accounts will shortly be available on the Company’s website, www.asiawealthgroup.com.
The Company reports a consolidated profit of
The Company continues to search for new areas of business expansion opportunities in
The Board remains focused on further acquisitions and partnerships in
I would again like to thank the Company’s staff for their hard work throughout the year and shareholders for their support and we look forward to taking advantage of the opportunities which we expect to encounter in the forthcoming year.
The Directors do not recommend the payment of a dividend for the year ended 28 February 2022.
Richard Cayne
Chairman
Qualified Opinion
Pertaining to a
The Directors of the Company accept responsibility for the content of this announcement.
Contacts:
Richard Cayne (Chairman and CEO)
Asia Wealth Group Holdings Limited, +66 (0) 2611-2561
Guy Miller (Corporate Advisers)
Peterhouse Capital Limited, +44 (0) 20 7469 0930
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 28 February 2022
Expressed in
2022 | 2021 | |||||
Non-current assets | ||||||
Fixed assets | 4,201 | 3,022 | ||||
Investment property | 644,943 | 702,962 | ||||
649,144 | 705,984 | |||||
Current assets | ||||||
Cash and cash equivalents | 1,216,757 | 1,166,750 | ||||
Trade receivables (net of allowance for doubtful accounts of |
120,052 | 126,200 | ||||
Financial assets at fair value through profit or loss | 283,324 | 240,994 | ||||
Loans and other receivables | 60,969 | 27,507 | ||||
Due from director | 465,128 | 507,574 | ||||
Prepaid tax | 255 | 255 | ||||
Prepayments and other assets | 69,117 | 127,247 | ||||
2,215,602 | 2,196,527 | |||||
Total assets | $ | 2,864,746 | $ | 2,902,511 | ||
Equity | ||||||
Share capital | 913,496 | 913,496 | ||||
Treasury shares | (318,162) | (318,162) | ||||
Consolidation reserve | 405,997 | 405,997 | ||||
Translation reserve | 16,001 | 49,844 | ||||
Retained earnings | 569,327 | 558,061 | ||||
Total equity | 1,586,659 | 1,609,236 | ||||
Current liabilities | ||||||
Trade payables | 1,225,079 | 1,235,197 | ||||
Tax payable | 140 | 140 | ||||
Other payables and accrued expenses | 52,868 | 57,938 | ||||
1,278,087 | 1,293,275 | |||||
Total equity and liabilities | $ | 2,864,746 | $ | 2,902,511 |
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the year ended 28 February 2022
Expressed in
2022 | 2021 | ||||||
Revenue | |||||||
Commission income | 1,656,081 | 1,925,849 | |||||
Rental income | — | 5,426 | |||||
1,656,081 | 1,931,275 | ||||||
Expenses | |||||||
Commission expense | 719,383 | 1,042,701 | |||||
Directors’ fees | 303,230 | 305,400 | |||||
Professional fees | 263,654 | 259,660 | |||||
Salaries and wages | 42,349 | 44,306 | |||||
Office expenses | 40,481 | 41,082 | |||||
Rent | 17,949 | 17,019 | |||||
Travel and entertainment | 16,764 | 17,589 | |||||
Marketing | 5,931 | 7,283 | |||||
Impairment losses | 2,700 | 13,025 | |||||
Depreciation | 29 | 4,377 | |||||
Loan write off | — | 128,313 | |||||
Other expenses | 43,274 | 53,519 | |||||
1,455,744 | 1,934,274 | ||||||
Net income/(loss) from operations | 200,337 | (2,999) | |||||
Other income/(expenses) | |||||||
Net foreign currency exchange (loss)/gain | (137,603) | 70,160 | |||||
Net (loss)/gain from investments | (82,670) | 12,015 | |||||
Other income | 31,633 | 115,111 | |||||
(188,640) | 197,286 | ||||||
Net income before taxation | 11,697 | 194,287 | |||||
Taxation | 431 | 780 | |||||
Total comprehensive income | $ | 11,266 | $ | 193,507 | |||
Total comprehensive income attributable to equity holders of the Parent Company | $ | 11,266 | $ | 193,507 | |||
Earnings per share attributable to the equity holders of the Parent Company: | |||||||
Basic earnings per share | $ | 0.00101 | $ | 0.01742 | |||
Diluted earnings per share | $ | 0.00101 | $ | 0.01742 | |||
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the year ended 28 February 2022
Expressed in
2022 | 2021 | |||||
Operating activities | ||||||
Total comprehensive income/(loss) | 11,266 | 193,507 | ||||
Adjustments for: | ||||||
Loan write off | — | 128,313 | ||||
Impairment losses | 2,700 | 13,025 | ||||
Depreciation | 29 | 4,377 | ||||
Net unrealized loss/(gain) | 82,670 | (12,015) | ||||
Net foreign currency exchange loss/(gain) | 137,603 | (70,160) | ||||
Operating income before changes in operating assets and liabilities | 234,268 | 257,047 | ||||
Changes in operating assets and liabilities: | ||||||
Decrease in trade receivables | 3,448 | 41,227 | ||||
Decrease/(increase) in loans and other receivables | 8,984 | (379) | ||||
Decrease in prepaid tax | — | 935 | ||||
Decrease/(increase) in prepayments and other assets | 58,130 | (25,916) | ||||
(Decrease)/increase in trade payables | (10,118) | 233,465 | ||||
Decrease in tax payable | — | (932) | ||||
Decrease in other payables and accrued expenses | (5,070) | (60,718) | ||||
Net cash flows from operating activities | 289,642 | 444,729 | ||||
Investing activities | ||||||
Acquisition of investment | (125,000) | — | ||||
Acquisition of fixed assets | (1,208) | (2,457) | ||||
Cash flows used in investing activities | (126,208) | (2,457) | ||||
Financing activities | ||||||
Net advances from related party | — | (4,342) | ||||
Cash flows used in financing activities | — | (4,342) | ||||
Net increase in cash and cash equivalents | 163,434 | 437,930 | ||||
Effects of exchange rate fluctuations on cash and cash equivalents | (113,427) | 56,806 | ||||
Cash and cash equivalents at beginning of year | 1,166,750 | 672,014 | ||||
Cash and cash equivalents at end of year | $ | 1,216,757 | $ | 1,166,750 | ||
Cash and cash equivalents comprise cash at banks. |
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