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DJ BWA Group PLC Unaudited Interim Results to 31 October 2015

 
TIDMBWAP 
 
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 GBP22,985 (2014: loss of GBP18,730). 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 
                                                              GBP                   GBP 
 
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                                           -           (185,000) 
investments 
 
                                                         ------              ------ 
 
Loss on ordinary activities 
before and after taxation                              (22,985)           (219,508) 
and retained for the period 
 
 
Loss per ordinary share -        2                       (0.02) 
basic (pence)                                                                (0.20) 
 
 
Loss per ordinary share          2                       (0.02) 
-diluted (pence)                                                             (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 
                                                             GBP                 GBP 
 
 
Loss for the period                                   (22,985)        (219,508) 
 
 
Unrealised profit on              4 
revaluation of investments                                 711           318,270 
 
Impairment of A-F-S investments                              - 
charged to profit                                                        185,000 
   and loss 
 
                                                        ------            ------ 
 
 
Total recognised gains and                            (22,274)           283,762 
losses for the period 
 
 
 
BALANCE SHEET 
 
                                     Notes    At 31 October     At 30 April 
                                                       2015            2015 
                                                  Unaudited         Audited 
 
                                                          GBP               GBP 
 
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                    (146,979)       (105,276) 
within one year 
 
                                                     ------          ------ 
 
Net current liabilities                            (93,151)        (93,690) 
 
                                                     ------          ------ 
 
Total assets less current                           525,583         539,334 
liabilities 
 
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      4            618,345         617,634 
reserve 
 
   Profit and loss account             4          (954,838)       (940,376) 
 
                                                     ------          ------ 
 
Shareholders' funds                                 525,583         539,334 
 
 
 
CASH FLOW STATEMENT 
 
                                                  Six months      Year ended 
                                                       ended   30 April 2015 
                                             31 October 2015         Audited 
                                                   Unaudited 
 
                                                           GBP               GBP 
 
Net cash outflow from operating                      (6,796)        (29,891) 
activities 
 
Returns on investments and servicing 
of finance 
 
Interest received                                          -               2 
 
Capital expenditure and investing 
activities 
 
Purchase of investments                                    -           (256) 
 
Proceeds received on sale of                               -           9,500 
investments 
 
                                                      ------          ------ 
 
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      Year ended 
                                            31 October 2015   30 April 2015 
                                                  Unaudited         Audited 
 
                                                          GBP               GBP 
 
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  30 April 2015 
                                                           2015 
 
Allotted, called up and                                       GBP              GBP 
fully paid 
 
Number:                     Class     Nominal 
 
                                       value 
 
112,157,725               Ordinary      0.5p            560,788        560,788 
 
 
4.Reserves 
 

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April 13, 2016 09:00 ET (13:00 GMT)

DJ BWA Group PLC Unaudited Interim Results to 31 -2-

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

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April 13, 2016 09:00 ET (13:00 GMT)