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DJ Asia Wealth Group Holdings Interim results for the 6 months ended 31 August 2015

 
TIDMAWLP 
 
FOR IMMEDIATE RELEASE 
 
2 November 2015 
 
                      Asia Wealth Group Holdings Limited 
 
                       ("Asia Wealth" or the "Company") 
 
                           UNAUDITED INTERIM RESULTS 
 
                    FOR THE SIX MONTHS ENDED 31 AUGUST 2015 
 
The Board is pleased to report the unaudited interim results of Asia Wealth 
Group Holdings Limited ("Accounts") for the period from 1 March 2015 to 31 
August 2015. These Accounts have been prepared under IFRS and will shortly be 
available via the Company's website, http://www.asiawealthgroup.com/. 
 
Chairman's Statement 
 
Financial Highlights 
 
The highlights for the six months ended 31 August 2015 include: 
 
  * Consolidated revenue of US$578,183 (2014: US$1,100,851) 
 
  * Operating profit for Meyer Group of US$338,400 (representing a gross margin 
    of 60%) (2014: US$423,290 and 38%) 
 
  * Cash at bank and on hand of US$1.5m at 31 August 2015 (2014:$1.9m). 
 
The Group reports a loss after tax of US$.022 million on sales of US$0.578 
million for the six months ended 31 August 2015. These sales were generated by 
the Company's wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This 
reduction in profitability was principally caused by revenue reduction, 
reflecting the difficulties of the market. 
 
The Board has taken and is continuing to take steps in cost reduction, as well 
as expanding revenue creating opportunities, in both new avenues and existing. 
Closer ties with Ray Alliance have not yet produced the anticipated results. We 
continue to seek alliances and partnerships with firms in the same and new 
sectors, not only in Singapore but also in the general area. 
 
Cash balance and net assets have decreased by US$176,938 and US$32,520, 
respectively, since 1 March 2015. 
 
Asia Wealth continues to seek investment opportunities in the Asia region and 
is currently engaged in multiple discussions on various potential 
acquisitions.  The Directors continue to run the business in a cost-effective 
manner. 
 
The Accounts have not been audited or reviewed by the Company's auditors. 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
Richard Cayne 
 
Executive Chairman 
 
Contacts: 
 
Richard Cayne (Executive Chairman) 
Asia Wealth Group Holdings Limited, +66 2 2611 2561 
www.asiawealthgroup.com 
 
Guy Miller (Corporate Advisers) 
Peterhouse Corporate Finance Limited, +44 20 7220 9795 
 
EXTRACTS ARE SET OUT BELOW: 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
 
Consolidated Statement of Financial Position 
 
At 31 August 2015 
 
All amounts stated in U.S. Dollars 
 
                                          Note        31 Aug 2015      31 Aug 2014 
 
Non-current assets 
 
Fixed assets                                3               51,520           26,871 
 
Investments                                13              356,805          318,162 
 
                                                           408,325          345,033 
 
Current assets 
 
Cash and cash equivalents                                1,518,646        1,937,022 
 
Trade receivables                                          232,734          261,108 
 
Prepayments and other assets                7               89,450           54,665 
 
                                                         1,840,830        2,252,795 
 
Total assets                                       $     2,249,155   $    2,597,828 
 
Equity 
 
Share capital                               4              913,500          913,500 
 
Share-based payment reserve                 5               35,423           35,423 
 
Consolidation reserve                                      399,585          404,227 
 
Translation reserve 
                                                           (9,605)       (2,732) 
 
Retained earnings 
                                                         (168,854)        (129,463) 
 
Current earnings                                                             71,156 
                                                     (22,301) 
 
Total equity                                             1,147,748        1,292,111 
 
Non-current liabilities 
 
Liabilities under finance lease             6                5,958            4,786 
agreement 
 
Current liabilities 
 
Trade payables                                           1,055,115        1,275,148 
 
Liabilities under finance lease             6                    -                - 
agreement 
 
Other payables and accrued expenses                         40,334           25,783 
 
                                                         1,095,449        1,300,931 
 
Total liabilities                                        1,101,407        1,305,717 
 
Total equity and liabilities                       $     2,249,155   $    2,597,828 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
 
Consolidated Statement of Comprehensive Income 
 
For the half year ended 31 August 2015 
 
All amounts stated in U.S. Dollars 
 
                                                          Note      Mar - Aug      Mar - Aug 
                                                                       2015           2014 
 
Revenue                                                                 578,183     1,100,851 
 
Expenses 
 
Commission                                                              227,539       677,561 
 
Professional fees                                          5             88,228        88,558 
 
Wages and salaries                                                       78,437        89,220 
 
Directors' fees                                            7            100,801       101,832 
 
Travel and entertainment                                                 37,616        41,570 
 
Office expenses                                                           8,767        12,546 
 
Rent                                                                     18,170        19,658 
 
Marketing expenses                                                       15,795         4,059 
 
Communication                                                             2,906         2,079 
 
Depreciation                                               3             11,908         8,014 
 
Bank charges                                                              3,480         3,912 
 
Sundry expenses                                                           4,236         3,602 
 
                                                                        597,883     1,052,611 
 
Net profit/(loss) from operations                                      (19,700)        48,240 
 
Other income/(expense) 
 
Initial public offering expenses                                                            - 
                                                                         - 
 
Foreign exchange gain/ 
(loss)                                                                  (1,698)      (10,700) 
 
Interest Income                                                           1,185           637 
 
Investment income                                                             -        33,940 
 
                                                                          (513)        23,877 
 
Net profit/(loss) before finance cost                                  (20,213)        72,117 
 
Finance cost 
 
Interest expense/                                                       (2,088)         (961) 
(income) 
 
Net profit/(loss) before                                               (22,301)        71,156 
taxation 
 
Taxation                                                   8                  -             - 
 
Total comprehensive income                                2(d)   $     (22,301)  $     71,156 
 
 
 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
 
Consolidated Statement of Changes in Equity 
 
For the half year ended 31 August 2015 
 
All amounts stated in U.S. Dollars 
 
                                                                          31 Aug 2015 
 
                                      Share Capital      Share-based  Consolidation Translation  Retained   Current    Equity 
                                                           Payment       Reserve      Reserve    Earnings   Earnings 
                                                           Reserve 
 
                           Note    Number         US$ 
 
Balances at beginning of         11,433,433                   $35,423      $404,227    $(2,732)  $(129,463)  $71,156 $1,292,111 
year                                            $913,500 
 
Issuance of share capital   4                                       -             -           -           -        - 
 
Issuance of share options 2(n),           -            -            -             -           -           -        -          - 
                            5 
 
Issuance of share         2(n),           -            -            -             -           -           -        -          - 
warrants                    5 
 
Translation differences    2(f)           -            -            -      $(4,642)    $(6,873)           -        -  $(11,515) 
 
Total comprehensive                       -            -            -             -           -   $(39,391)        $ $(132,848) 
income                                                                                                      (93,457) 
 
Balances at end of year          11,433,433                   $35,423      $399,585    $(9,605)  $(168,854)        $ $1,147,748 
                                                $913,500                                                    (22,301) 
 
 
 
 
                                                                          31 Aug 2014 
 
                                      Share Capital      Share-based  Consolidation Translation  Retained   Current    Equity 
                                                           Payment       Reserve      Reserve    Earnings   Earnings 
                                                           Reserve 
 

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                           Note    Number         US$ 
 
Balances at beginning of         11,433,433                   $35,423      $405,997    $(9,984)   $(85,207)        - $1,259,725 
year                                            $913,496 
 
Issuance of share capital   4                                       -             -           -           -        - 
 
Issuance of share options 2(n),           -            -            -             -           -           -        -          - 
                            5 
 
Issuance of share         2(n),           -            -                          -           -           -        -          - 
warrants                    5 
 
Translation differences    2(f)           -           $4            -      $(1,770)      $7,252           -        -     $5,486 
 
Total comprehensive                       -            -            -             -           -   $(44,256)  $71,156    $26,900 
income 
 
Balances at end of year          11,433,433                   $35,423      $404,227    $(2,732)  $(129,463)  $71,156 $1,292,111 
                                                $913,500 
 
 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
 
Consolidated Statement of Cash Flows 
 
For the half year ended 31 August 2015 
 
All amounts stated in U.S. Dollars 
 
                                              Note       Mar - Aug      Mar - Aug 
                                                            2015          2014 
 
Operating activities 
 
Profit/(Loss)                                              (22,301)        71,156 
 
Add back Depreciation                                        11,908         8,014 
 
Add back Foreign Exchange Adjustments                      (10,219)      (38,765) 
 
Receivables                                                  79,969      (18,794) 
 
Prepayments and Deposits                                   (26,888)         6,898 
 
Payables                                                  (132,555)        61,932 
 
Trade Creditors and Other Liabilities                      (56,116)      (29,686) 
 
Cash flows from operating activities                      (156,202)        60,755 
 
Investing activities 
 
Acquisition of fixed assets                                   5,497         1,409 
 
Investments                                                (26,233)             - 
 
Cash flows from investing activities                       (20,736)         1,409 
 
Financing activities 
 
Share issues                                                      -             - 
 
Cash flows from financing activities                              -             - 
 
Net increase/(decrease) in cash and cash                  (176,938)        62,164 
equivalents 
 
Cash and cash equivalents at beginning of                 1,695,584     1,874,858 
year 
 
Cash and cash equivalents at end of period             $  1,518,646   $ 1,937,022 
 
Cash and cash equivalents comprise cash at 
bank. 
 
 
 
 
 
1)          GENERAL INFORMATION 
 
Asia Wealth Group Holdings Limited (the "Company") was incorporated in the 
British Virgin Islands on 7 October 2010 under the BVI Business Companies Act, 
2004.  The liability of the shareholders is limited by shares.  The Company 
maintains its registered office in the British Virgin Islands and its financial 
records and statements are maintained and presented in U.S. Dollars, rounded to 
the nearest dollar.  The financial statements were authorised for issue by the 
Board of Directors on 30 October 2015. 
 
The principal activity of the Company and its subsidiaries (the "Group") is to 
provide wealth management advisory services to Asia-based high net worth 
individuals and corporations. 
 
On 16 May 2011, the Company's shares were admitted to trading on ISDX, formerly 
PLUS Stock Exchange, based in London, United Kingdom. 
 
The Company has the following subsidiaries: 
 
                                     Incorporation       Country of Ownership 
 
                                              Date    Incorporation  Interest 
 
Meyer Asset Management Ltd. ("Meyer           2000   British Virgin      100% 
BVI")                                                       Islands 
 
Meyer International Limited ("Meyer           2010         Thailand       49% 
Thailand") 
 
 
2)          SIGNIFICANT ACCOUNTING POLICIES 
 
The significant accounting policies adopted in the preparation of the Group's 
consolidated financial statements are set out below. 
 
a)          Statement of compliance 
 
The consolidated financial statements of the Group have been prepared in 
accordance with International Financial Reporting Standards ("IFRSs"). 
 
b)          Basis of preparation 
 
The consolidated financial statements have been prepared on the basis of 
historical costs and do not take into account increases in the market value of 
assets. 
 
The accounting policies have been applied consistently by the Group and are 
consistent with those used in the previous year. 
 
There are no new, revised or amended IFRSs or International Financial Reporting 
Interpretations Committee ("IFRIC") interpretations that are effective for the 
first time for the financial period beginning on 1 March 2011 that would be 
expected to have a material impact on the Group's consolidated financial 
statements. 
 
c)          Use of estimates 
 
             The preparation of consolidated financial statements in conformity 
with IFRSs requires management to make judgments, estimates and assumptions 
that affect the application of policies and the reported amounts of assets and 
liabilities, income and expenses.  The estimates and associated assumptions are 
based on historical experience and various other factors that are believed to 
be reasonable under the circumstances, the results of which form the basis of 
making the judgments about carrying values of assets and liabilities that are 
not readily apparent from other sources.  Actual results may differ from these 
estimates. 
 
             The estimates and underlying assumptions are reviewed on an 
ongoing basis.  Revisions to accounting estimates are recognised in the period 
in which the estimate is revised if the revision affects only that period or in 
the period of the revision and future periods if the revision affects both 
current and future periods. 
 
             Critical accounting estimates and judgments 
 
             Business combination 
 
             Refer to note 2 (d) for the rational behind the use of merger 
rather than the acquisition accounting for the consolidation of these financial 
statements. 
 
             Depreciation 
 
             Management regularly reviews the estimated useful lives and 
residual values of the Group's fixed assets and will revise rates of 
depreciation where useful lives and residual values previously estimated have 
changed. 
 
             Leases 
 
             In determining whether a lease is to be classified as an operating 
lease or a finance lease, management is required to use their judgment as to 
whether the significant risks and rewards of ownership of the leased asset has 
been transferred or not. 
 
d)         Basis of consolidation 
 
The consolidated financial statements include the financial statements of the 
Company and its subsidiaries for the six months ended 31 August 2015. 
 
Details of the Group are set out in note 1. 
 
Subsidiaries are those enterprises controlled by the Company.  Control exists 
when the Company has the power, directly or indirectly, to govern the financial 
and operating policies of an enterprise so as to obtain benefits from its 
activities.  The financial statements of subsidiaries are included in the 
consolidated financial statements from the date that control commences until 
the date that control ceases. 
 
Intra-group balances and transactions, and any unrealised gains arising from 
intra-group transactions, are eliminated in preparing the consolidated 
financial statements.  Unrealised losses are eliminated in the same way as 
unrealised gains, but only to the extent that there is no evidence of 
impairment. 
 
Business combination under common control 
 
Prior to the acquisitions, all the entities were under common control. 
Combinations involving entities or businesses under common control are 
specifically outside the scope of IFRS 3, "Business Combinations," and there is 
no guidance elsewhere within IFRSs covering such transactions. 
 
International Accounting Standard 8, "Accounting Policies, Changes in 
Accounting Estimates and Errors," requires that where IFRSs do not include 
guidance for a particular transaction, the directors may consider the most 
recent pronouncements of other standard setting bodies that use a similar 
conceptual framework to develop accounting standards. Accordingly, the 
directors note that UK Financial Reporting Standard 6, "Acquisitions and 
Mergers" ("FRS 6"), sets out accounting guidance for combinations of entities 
or businesses under common control. 
 
The guidance contained in FRS 6 indicates that merger accounting may be used 
when accounting for transactions under common control.  Under merger 
accounting, the carrying values of the assets and liabilities of the combined 
entities are not required to be adjusted to fair value on consolidation. 
Therefore, goodwill from consolidation of the merged entities is not 
recognised.  Upon consolidation, the carrying values of the assets and 
liabilities of the combined entities are combined from the beginning of the 
financial year. 
 
e)         Segment Reporting 
 
The Group's operating businesses are organised and managed separately according 
to geographical area, with each segment representing a strategic business unit 
that serves a different market.  Financial information on business segments is 
presented in note 10 of the consolidated financial statements. 
 
f)         Translation reserve 
 
Assets and liabilities of the Group's non-U.S. Dollar functional currency 
subsidiaries are translated into U.S. Dollars at the closing exchange rates at 

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the reporting date.  Revenues and expenses are translated at the average 
exchange rates for the year.  All cumulative differences from the translation 
of the equity of foreign subsidiaries resulting from changes in exchange rates 
are included in a separate caption within equity without affecting income. 
 
g)         Financial instruments 
 
(i)           Classification 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market.  These comprise 
trade receivables. 
 
Financial liabilities measured at amortised cost are non-derivative contractual 
obligations to deliver cash or another financial asset to another entity. 
These comprise trade payables and other payables. 
 
(ii)          Recognition and derecognition 
 
The Group recognises financial assets and financial liabilities on the date it 
becomes a party to the contractual provisions of an instrument. 
 
The Group derecognises a financial asset when the contractual rights to the 
cash flows from a financial asset expire or it transfers a financial asset and 
the transfer qualifies for derecognition in accordance with IAS 39, "Financial 
Instruments: Recognition and Measurement."  A financial liability is 
derecognised when the obligation specified in a contract is discharged, 
cancelled or expired. 
 
(iii)         Measurement 
 
Financial assets classified as loans and receivables are carried at amortised 
cost using the effective interest method, less impairment losses, if any. 
 
            Financial liabilities are measured at amortised cost using the 
effective interest method. 
 
 (iv)         Specific instruments 
 
                                          Cash and cash equivalents 
 
Cash and cash equivalents comprise cash on hand, balances with banks, net of 
any overdrafts, and other highly liquid financial instruments with maturities 
of three months or less from the date of acquisition. 
 
          Receivables 
 
Receivables are recognised initially at fair value and are subsequently 
recorded at fair value reduced by any appropriate allowances for estimated 
irrecoverable amounts.  A provision for impairment of receivables is 
established when there is evidence that the Group will not be able to collect 
amounts due.  The Group primarily uses the specific identification method to 
determine if a receivable is impaired.  The carrying amount of the receivable 
is reduced through the use of an allowance account, and the amount of the loss 
is recognised in the consolidated statement of comprehensive income. 
 
          Payables 
 
Payables are stated at their cost.  No interest is incurred on payables. 
 
                                           Share capital 
 
Shares are classified as equity.  Incremental costs directly attributable to 
the issue of shares are recognised as a deduction from equity. 
 
h)          Offsetting 
 
Financial assets and liabilities are offset and the net amount is reported in 
the consolidated statement of financial position whenever the Group has a 
legally enforceable right to set off the recognised amounts and the 
transactions are intended to be settled on a net basis. 
 
i)           Impairment 
 
The carrying amounts of the Group's assets are reviewed at each reporting date 
to determine whether there is any indication of impairment.  If any such 
indication exists, the asset's recoverable amount is estimated.  The 
recoverable amount is estimated as the greater of an asset's net selling price 
and value in use.  An impairment loss is recognised in the consolidated 
statement of comprehensive income whenever the carrying amount of an asset or 
its cash-generating unit exceeds its recoverable amount. 
 
If in a subsequent period, the amount of an impairment loss decreases and the 
decrease can be linked objectively to an event occurring after the write-down, 
the write-down or allowance is reversed through the consolidated statement of 
comprehensive income. 
 
An impairment loss is reversed only to the extent that the asset's carrying 
amount does not exceed the carrying amount that would have been determined, net 
of depreciation or amortisation, if no impairment losses had been recognised. 
 
             j)           Income and expenditure recognition 
 
In relation to the rendering of services, the Group recognises revenues and 
fees as time is expended and costs are incurred, provided the amount of 
consideration to be received is reasonably determinable and there is reasonable 
expectation of ultimate collection of fees. 
 
Interest income and expense are recognised in the consolidated statement of 
comprehensive income on the accrual basis. 
 
k)          Leases 
 
Leases of equipment where the Group assumes substantially all the benefits and 
risks of ownership are classified as finance leases. Finance leases are 
capitalised at the estimated present value of the underlying lease payments. 
Each lease payment is allocated between the liability and finance charges so as 
to achieve a constant rate on the finance balance outstanding. The 
corresponding rental obligations, net of finance charges, are recorded as 
long-term liabilities. The finance charge is taken to the consolidated 
statement of comprehensive income over the lease period. Assets acquired under 
finance lease agreements are depreciated over their useful lives. 
 
Leases of assets under which all the risks and rewards of ownership are 
effectively retained by the lessor are classified as operating leases. Payments 
made under operating leases are charged to the consolidated statement of 
comprehensive income on a straight line basis over the term of the lease. 
 
When an operating lease is terminated before the lease term has expired, any 
penalty is recognised as an expense in the period in which the termination took 
place. 
 
l)           Fixed assets 
 
Items of fixed assets are stated at cost less accumulated depreciation. 
Depreciation is charged to the consolidated statement of comprehensive income 
on a straight-line basis over the estimated useful lives of fixed assets. 
 
The annual rates of depreciation in use are as follows: 
 
Leasehold improvements                                      20% 
 
Office equipment                                                    20-33% 
 
Vehicles                                                                    20% 
 
Subsequent expenditure incurred to replace a component of a fixed asset is 
capitalised only when it increases the future economic benefits embodied in the 
item of a fixed asset.  All other expenditure is recognised in the consolidated 
statement of comprehensive income when it is incurred. 
 
              m)       Taxation 
 
Taxation on net profit before taxation for the year comprises both current and 
deferred tax. 
 
Current tax is the expected income tax payable on the taxable income for the 
year, using tax rates enacted or substantially enacted at the reporting date 
and any adjustment to tax payable in respect of previous years in the countries 
where the Company and its subsidiaries operate and generate taxable income. 
 
The Group accounts for income taxes in accordance with IAS 12, "Income Taxes," 
which requires that a deferred tax liability be recognised for all taxable 
temporary differences and a deferred tax asset be recognised for an 
enterprise's deductible temporary differences, operating losses, and tax credit 
carryforwards.  A deferred tax asset or liability is measured using the 
marginal tax rate that is expected to apply to the last dollars of taxable 
income in future years.  The effects of enacted changes in tax laws or rates 
are recognised in the period that includes the enactment date. 
 
n)          Share-based payment 
 
The Group entered into a series of equity-settled, share-based payment 
transactions, under which the Group received services from a third party as 
consideration for equity instruments (shares, options or warrants) of the 
Group. 
 
For non-vesting share-based payments, the fair value of the service received in 
exchange for the shares is recognised as an expense immediately with a 
corresponding credit to share capital. 
 
For share-based payments with vesting periods, the service received is 
recognised as an expense by reference to the fair value of the share options 
granted or warrants issued. The total expense is recognised over the vesting 
period, which is the period over which all of the specified vesting conditions 
are to be satisfied with a corresponding credit to the share capital reserve. 
 
o)          Foreign currency 
 
Transactions in foreign currencies are converted at the foreign currency 
exchange rate ruling at the date of the transaction.  Monetary assets and 
liabilities denominated in foreign currencies are translated into U.S. Dollars 
at the foreign currency exchange rate ruling at the reporting date. 
 
Foreign currency exchange differences arising on conversion or translation and 
realised gains and losses on disposals or settlements of monetary assets and 
liabilities are recognised in the consolidated statement of comprehensive 
income. 
 
Non-monetary assets and liabilities denominated in foreign currencies which are 
stated at historical cost are translated at the foreign currency exchange rate 
ruling at the date of the transaction, or if impaired, at the date of the 
impairment recognition.  Non-monetary assets and liabilities denominated in 
foreign currencies that are measured at fair value are translated into U.S. 
Dollars at the foreign currency exchange rates ruling at the dates that the 
values were determined. 
 
              p)        Amended and newly issued accounting standards not yet 
adopted 
 
The following new standards and revision and amendment to existing standards 
are relevant to the Group's operations.  The Group has not opted to adopt them 
early and the Group has yet to assess the full impact on the Group's 
consolidated financial statements. 
 
                           IFRS 10 (new), "Consolidated Financial Statements" ? 
 

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                          IFRS 13 (new), "Fair Value Measurement" ? 
 
                          IAS 1 (amended), "Presentation of Financial 
Statements" ? 
 
                          IAS 27 (revised 2011), "Separate Financial 
Statements" ? 
 
                          ? Effective for annual periods beginning on or after 
1 July 2012 
 
                          ? Effective for annual periods beginning on or after 
1 January 2013 
 
                          IFRS 10, "Consolidated Financial Statements" 
 
The objective of this new standard is to establish principles for the 
presentation and preparation of consolidated financial statements when an 
entity controls one or more other entity (an entity that controls one or more 
other entities) to present consolidated financial statements.  It also defines 
the principle of control, and establishes controls as the basis for 
consolidation.  It sets out how to apply the principle of control to identify 
whether an investor controls an investee and therefore must consolidate the 
investee and sets out the accounting requirements for the preparation of the 
consolidated financial statements. 
 
IFRS 13, "Fair Value Measurement" 
 
IFRS 13 aims to improve consistency and reduce complexity by providing a 
precise definition of fair value and a single source of fair value measurement 
and disclosure requirements for use across IFRSs. The requirements, which are 
largely aligned between IFRSs and US GAAP, do not extend the use of fair value 
accounting but provide guidance on how it should be applied where its use is 
already required or permitted by other standards within IFRSs or US GAAP. 
 
                          IAS 1, "Presentation of Financial Statements" 
 
The amendment clarifies that an entity will present an analysis of other 
comprehensive income for each component of equity, either in the statement of 
changes in equity or in the notes to the financial statements. 
 
IAS 27, "Separate Financial Statements" 
 
IAS 27 (revised 2011) includes the provisions on separate financial statements 
that are left after the control provisions of IAS 27 have been included in the 
new IFRS 10. 
 
3)          FIXED ASSETS 
 
                               Leasehold      Office    Vehicles         Total 
                             improvement   equipment 
 
Cost: 
 
At 28 February 2015               20,281      27,486      89,833       137,600 
 
Gain (Loss) on exchange          (3,183)     (5,979)    (11,147)      (20,309) 
 
Additions                              -         998           -           998 
 
At 31 August 2015                 17,098      22,505      78,686       118,289 
 
Depreciation: 
 
At 28 February 2015               16,603      18,306      33,766 
                                                                        68,675 
 
Gain (Loss) on exchange          (3,044)     (4,382)     (6,388)      (13,814) 
 
Charge for 1 March - 31           1, 718       2,266       7,924        11,908 
August 2015 
 
At 31 August 2015                 15,277      16,190      35,302        66,769 
 
Net book value: 
 
At 31 August 2015                 $1,821      $6,315     $43,384       $51,520 
 
At 28 February 2015               $3,678      $9,180     $56,067 
                                                                       $68,925 
 
As at 31 August 2015, the Group had fixed assets under a finance lease 
agreement (refer to note 6) with a net book value of $43,384 (28 Feb 2015: 
$56,067). 
 
4)          SHARE CAPITAL 
 
Authorised 
 
             The Company is authorised to issue an unlimited number of no par 
value shares of a single class. 
 
Issued and fully paid: 
 
11,433,433 shares of no par value per share (28 Feb 2015 : 11,433,433 shares of 
no par value per share). 
 
5)          SHARE-BASED PAYMENTS 
 
Options 
 
The total share options reserve as at 31 August 2015 amounted to $26,402 (2014: 
$26,402). 
 
Share options outstanding at the end of the half year have the following expiry 
date and exercise price: 
 
Grant Date           Expiry Date       Exercise      31 Aug 2015 31 Aug 2014 
                                          Price 
 
1 July 2013          1 July 2016          GBP0.60          260,000     260,000 
 
30 September 2012    26 May 2017          GBP0.60           50,000      50,000 
 
30 July 2013         29 July 2017         GBP0.60          100,000     100,000 
 
Warrants 
 
On 16 May 2011, the Company issued share warrants to BCL to subscribe for 
55,444 shares, in accordance with the terms of its Agreement. The warrants are 
exercisable at the placing price for a period of 5 years. The total share 
warrants reserve as at 31 August 2015 amounted to $9,021 (28 Feb 2015: $9,021). 
 
Share warrants outstanding at the end of the year have the following expiry 
date and exercise price: 
 
Grant Date           Expiry Date       Exercise      31 Aug 2015 31 Aug 2014 
                                          Price 
 
16 May 2011          1 July 2016          GBP0.60           55,444      55,444 
 
The fair value of the options granted and warrants issued during the year 
determined using the Black-Scholes valuation model was GBP0.102 (28 Feb 2015: GBP 
0.102).  The significant inputs into the model were the share price of GBP0.60 
(28 Feb 2015: GBP0.60) at the grant date, exercise price shown above, volatility 
of 10% (28 Feb 2015: 10%), dividend yield of 0% (28 Feb 2015: 0%), an expiry 
date of 5 years (28 Feb 2015: 5 years) and an annual risk-free interest rate of 
3% (28 Feb 2015: 3%). 
 
6)          LEASES 
 
             Finance lease 
 
             Liabilities under finance lease agreement: 
 
                                                    31 Aug  2015 31 Aug 2014 
 
 
Less than 1 year                                          12,236       3,411 
 
1 to 5 years                                              28,647       7,960 
 
Total                                                     40,884      11,371 
 
Less: Deferred interest                                (  4,612)     (  810) 
 
                                                          36,271      10,561 
 
Less: Current portion                                   (10,667)   (  3,124) 
 
Net                                                      $25,604      $7,437 
 
             Operating lease 
 
As at 31 August 2015, the Group has non-cancellable operating lease commitments 
as follow: 
 
                                                     31 Aug 2015 31 Aug 2014 
 
Payable within: 
 
Less than 1 year                                          13,909      15,616 
 
1 to 5 years                                               9,886      31,231 
 
Total                                                    $23,795     $46,847 
 
7)          RELATED PARTY TRANSACTIONS 
 
During the half year, the Group paid director's fees amounting to $100,801 
(2014: $101,832). 
 
8)          TAXATION 
 
There is no mainstream taxation in the British Virgin Islands.  The Company and 
Meyer BVI are not subject to any forms of taxation in the British Virgin 
Islands, including income, capital gains and withholding taxes. 
 
Meyer Thailand is subject to Thailand graduated statutory income tax at a rate 
of 0-20% on profit before tax. 
 
The current tax expense included in the consolidated statement of comprehensive 
income relates to the following subsidiaries: 
 
                                                     31 Aug 2015  31 Aug 2014 
 
Meyer Thailand                                            -    .       -    . 
 
                                                      $   -    .   $   -    . 
 
The Group had no deferred tax assets or liabilities as at the reporting date. 
 
9)          SEGMENTAL INFORMATION 
 
The Group has two reportable segments (last year three) based on geographical 
areas where the Group operates and these were as follows: 
 
British Virgin Islands ("BVI") - where the Company and Meyer BVI are 
domiciled.  The Company serves as the investment holding company of the Group 
and Meyer BVI provides wealth management and advisory services. 
 
Thailand - where Meyer Thailand is domiciled and provides marketing and 
economic consulting services to the Group. 
 
The reportable segments' revenue, other profit and loss disclosures and assets 
were as follows: 
 
Revenue 
 
                           31 Aug 2015                          31 Aug 2014 
 
                    Total Inter-segment    Revenue      Total Inter-segment  Revenue from 
                  segment       revenue       from    segment       revenue      external 
                  revenue                 external    revenue                   customers 
                                         customers 
 
BVI               565,938             -    565,938  1,100,851            -      1,100,851 
 
Thailand          116,188     (103,943)     12,245    129,604     (129,604) 
                                                                                      - 
 
Total            $682,126    $(103,943)   $578,183 $1,230,455    $(129,604)    $1,100,851 
 
The revenue between segments is carried out at arm's length. 
 
Other profit and loss disclosures 
 
                                     31 Aug 2015                                   31 Aug 2014 
 
                Commission Depre-ciation                    Income tax  Commission Depre-ciation    Income 
                   expense                                                 expense                     tax 
 
BVI                227,539           496                        -    .     677,561           496 
                                                                                                    -    . 
 
Thailand              -           11,412                        -    .        -            7,518      - 
                         .                                                       .                       . 
 
Total             $227,539       $11,908          $    -                  $677,561        $8,014   $    - 
                                         .                                                               . 
 

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November 02, 2015 08:03 ET (13:03 GMT)