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DJ BWA Group PLC Audited Results for the year ended 30 April 2018

 
TIDMBWAP 
 
28 September 2018 
 
                                 BWA GROUP PLC 
                           ("BWA" or the "Company") 
 
               Audited Results for the year ended 30 April 2018 
 
REVIEW OF BUSINESS 
 
As you are aware, the objective of the Company is to find a suitable candidate 
for a reverse take-over and, in the meantime, to invest in smaller 
opportunities that may arise.  As shareholders will also be aware, finding 
suitable candidates is a time-consuming process but the Board continues to try 
hard to bring a transaction to fruition. 
 
Your Directors have continued to nurture the two early stage investments in 
which the Company already has a direct interest, namely Prepaid Global Services 
Limited (formerly Prego International Limited) and Mineralfields Group Limited. 
Both investments are held as Available-For-Sale as it is the intention to 
realise their value as soon as practicable. 
 
Mineralfields Group Limited is the holding company of a small group which has 
been attempting to obtain mining licences in Cameroon.  Progress has been 
hampered by the company not being listed so during the year BWA decided, in 
agreement with Mineralfields Group, to make its own application for 5 licences 
each of 500 sq.km. through a wholly-owned subsidiary in Cameroon, BWA Resources 
Cameroon Limited.  This is the maximum area for which any one company can 
apply.  In the last twelve months there have been two visits to Cameroon to 
meet the Minister of Mines and his senior staff to seek to expedite the issue 
of the licences for which we have applied.  The British High Commissioner in 
Cameroon is following the applications on our behalf.  In the event our 
application is successful BWA will negotiate an operating agreement with 
Mineralfields Group.   The Company's holding in Mineralfields has been valued 
at 0.1p per share which is the price at which shares were issued in the most 
recent funding round and which accounts for the value attributed to them in 
these accounts of GBP293,261.  To finance the activities of both Mineralfields 
Group and BWA Resources Cameroon Limited, in February 2018, BWA Group plc 
issued GBP220,000 nominal of convertible loan notes (of which GBP150,000 was issued 
for cash).  The convertible loan notes are convertible on 31 December 2019 for 
BWA Group plc shares at a price of 0.5p per share.  The whole of the Company's 
investment in Cameroon, including loans made to Mineralfields and BWA Resources 
(UK) Limited is carried in the balance sheet at GBP453,963. 
 
Prepaid Global Services Limited is a programme manager for the issuance of 
Prepaid Master- and Visa-Cards, targeted at migrant workers in the Far East and 
Europe, with an initial concentration in the case of Europe on Norway and the 
Scandinavian countries.  Prepaid's development has been considerably slower 
than we originally hoped but we are working to produce an acceptable result for 
our shareholders. Prepaid's intention remains to list its shares on a European 
stock exchange at the earliest opportunity, possibly by means of a takeover. 
The Company's investment in Prepaid is valued at GBP314,364 which is the price at 
which BWA last sold a small part of its holding. 
 
The Board is hopeful that these two investments will yield a return over the 
medium term having obtained the additional finance they require, obtained 
market listings or been the subject of trade sales. In the meantime, your 
Directors will continue their search for suitable opportunities in the Mining 
and FinTech fields or other transactions which will transform the Company's 
activities. 
 
KEY PERFORMANCE INDICATOR 
 
The key performance indicator of the company is the valuation of its investment 
portfolio.  At 30 April 2018 the value of the company's portfolio was GBP610,046 
(2017: GBP618,271). 
 
For further information, please contact: 
 
BWA Group Plc 
Richard Battersby (Non-Executive Chairman)     07836 238 172 
 
Peterhouse Capital Limited 
Mark Anwyl                         020 7469 0930 
 
INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2018 
 
                                                               2018     2017 
 
                                                                  GBP        GBP 
 
TURNOVER                                                          -        - 
 
Administrative expenses                                      62,232   31,322 
 
                                                           (62,232) (31,322) 
 
Other operating income                                          891   12,000 
 
OPERATING LOSS                                             (61,341) (19,322) 
 
Interest receivable and similar income                           10       16 
 
                                                           (61,331) (19,306) 
 
Interest payable and similar expenses                         7,510        - 
 
LOSS BEFORE TAXATION                                       (68,841) (19,306) 
 
Tax on loss                                                       -        - 
 
LOSS FOR THE FINANCIAL YEAR                                (68,841) (19,306) 
 
Earnings per share expressed in pence per share: 
 
Basic                                                         -0.06    -0.02 
 
Diluted                                                       -0.06    -0.02 
 
OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2018 
 
                                                              2018     2017 
 
                                                                 GBP        GBP 
 
LOSS FOR THE YEAR                                         (68,841) (19,306) 
 
OTHER COMPREHENSIVE INCOME 
 
Unrealised gain/(loss) on revaluation of investments       (8,226)    (206) 
 
Income tax relating to other comprehensive income                -        - 
 
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME     (8,226)    (206) 
TAX 
 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR                     (77,067) (19,512) 
 
BALANCE SHEET AS AT 30 APRIL 2018 
 
                                           2018                  2017 
 
                                            GBP          GBP          GBP          GBP 
 
FIXED ASSETS 
 
Available-for-sale investments                   610,046               618,271 
 
CURRENT ASSETS 
 
Debtors                               160,701                15,774 
 
Cash at bank                           76,345                16,980 
 
                                      237,046                32,754 
 
CREDITORS 
 
Amounts falling due within one         82,742                80,611 
year 
 
NET CURRENT ASSETS/(LIABILITIES)                 144,304              (47,857) 
 
TOTAL ASSETS LESS CURRENT                        764,350               570,414 
LIABILITIES 
 
CAPITAL AND RESERVES 
 
Called up share capital                          602,659               560,788 
 
Share premium                                     12,663                12,663 
 
A-F-S revaluation reserve                        609,655               617,881 
 
Capital redemption reserve                       288,625               288,625 
 
Equity reserves                                  225,364                     - 
 
Retained earnings                              (974,616)             (909,543) 
 
SHAREHOLDERS' FUNDS                              764,350               570,414 
 
 
The Company's audited accounts for the year ended 30 April 2018 contain the 
following statement by the Company's auditors: 
 
"Emphasis of matter - Going concern 
 
In forming our opinion on the financial statements, which is not modified, we 
have considered the adequacy of the disclosure made in note 3 to the financial 
statements concerning the company's ability to continue as a going concern. At 
30 April 2018 the company had incurred a loss of GBP68,841 (2017: GBP19,306 loss). 
These conditions, along with the other matters explained in note 3 to the 
financial statements, indicate the existence of a material uncertainty which 
may cast significant doubt about the company's ability to continue as a going 
concern. The financial statements do not include the adjustments that would 
result if the company was unable to continue as a going concern. 
 
Emphasis of matter 
 
We draw your attention to note 3 of the financial statements, which describes 
the accounting policy regarding the valuation of unquoted investments. We note 
that there is significant uncertainty regarding the key assumptions which the 
directors used when valuing these investments. Specifically, the investment in 
Mineralfields Group Ltd is highly dependent on the ability of the directors to 
both obtain and retain the mining licences in Cameroon, discussed in the 
Strategic Report. The investment in Prepaid Global Services Ltd is essentially 
contingent on the ability of the company to list its shares on a European stock 
exchange. 
 
Our opinion is not modified in this respect." 
 
The Directors do not recommend the payment of a dividend. 
 
The information above has been extracted from BWA's audited accounts for the 
year ended 30 April 2018. 
 
The Directors of BWA are responsible for the contents of this announcement. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 28, 2018 09:39 ET (13:39 GMT)