8 August
2024
Asia Wealth Group Holdings
Limited
("Asia Wealth", the “Group” or the
"Company")
AUDITED RESULTS FOR THE FINANCIAL YEAR
ENDED 29 FEBRUARY
2024
Chairman’s
Statement
The Board is pleased to report the audited
results of the Company for the Financial Year from 1 March 2023 to 29
February 2024. The audited accounts will shortly be
available on the Company’s website,
www.asiawealthgroup.com.
The Company reports a consolidated loss of
US$108,301 (2023: US$188,250).
The Company continues to search for new
areas of business expansion opportunities in South East Asia and in Europe, where it is has identified and engaged
in meaningful discussions. The Company’s main source of
income continued to be through Meyer Asset Management Ltd, a wholly
owned subsidiary of the
Company.
The Board remains focused on further
acquisitions and partnerships in Asia and Europe as well as the south-east Asian
region. The Board has a cash surplus to seek
further acquisitions and is currently in active discussions with
businesses in the wealth management and clean energy
space.
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 29 February
2024.
Richard
Cayne
Chairman
Extract from audit
opinion:
“Basis for Qualified Opinion – Due from
director
On 29 February
2024, the Group transferred its investment in private equity
of $32,857, which was valued using
valuation techniques, to one of its Directors, payment for which
remained outstanding. We were unable to obtain sufficient audit
evidence as to whether the transfer value that it was carried at in
the Group’s financial statements represented its fair market value.
As a result, we were unable to determine whether any adjustments
would be necessary with regards to the resulting receivable from
one of its Directors in the consolidated statement of financial
position, and the related consolidated statement of comprehensive
income.”
In a related party transaction,
Richard Cayne, bought the 180,000
Class A common shares of BRM Agri Cambodia Limited for an amount of
$32,857 on 29
February 2024. The independent directors of the Company,
having exercised reasonable care, skill and diligence believe that
the sale of the 180,000 A Class common shares is fair and
reasonable as far as the shareholders of the Company are
concerned.
BRM Agri Cambodia Limited was acquired by
the Company in August
2021.
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
Corporate
Advisers
Peterhouse Capital Limited, +44 (0) 20 7469
0930
www.asiawealthgroup.com
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ASIA WEALTH GROUP HOLDINGS
LIMITED |
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Consolidated Statement of Financial
Position |
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At 29 February
2024 |
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Expressed in U.S.
Dollars |
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2024 |
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2023 |
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Non-current
assets |
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Fixed
assets |
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5,185 |
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4,635 |
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Investment
property |
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586,991 |
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600,214 |
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592,176 |
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604,849 |
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Current
assets |
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Cash and cash
equivalents |
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1,122,962 |
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1,139,598 |
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Trade receivables (net of allowance for
doubtful |
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accounts of $8,572 (2021:
$8,572)) |
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109,609 |
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92,672 |
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Financial assets at fair value through
profit or loss |
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— |
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210,594 |
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Loans and other
receivables |
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|
27,891 |
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49,459 |
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Due from
director |
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438,858 |
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421,217 |
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Prepaid
tax |
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|
844 |
|
672 |
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Prepayments and other
assets |
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73,388 |
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63,719 |
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1,773,552 |
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1,977,931 |
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Total
assets |
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$ |
2,365,728 |
$ |
2,582,780 |
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Equity |
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Share
capital |
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913,496 |
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913,496 |
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Treasury
shares |
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(318,162) |
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(318,162) |
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Consolidation
reserve |
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391,793 |
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391,793 |
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Translation
reserve |
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13,937 |
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23,582 |
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Retained
earnings |
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272,776 |
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381,077 |
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Total
equity |
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1,273,840 |
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1,391,786 |
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Current
liabilities |
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Trade
payables |
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1,044,686 |
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1,139,577 |
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Tax
payable |
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— |
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— |
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Other payables and accrued
expenses |
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47,202 |
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51,417 |
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Total
liabilities |
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1,091,888 |
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1,190,994 |
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Total equity and
liabilities |
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$ |
2,365,728 |
$ |
2,582,780 |
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ASIA WEALTH GROUP HOLDINGS
LIMITED |
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Consolidated Statement of Comprehensive
Income |
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For the year ended 29 February
2024 |
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Expressed in U.S.
Dollars |
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2024 |
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2023 |
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Revenue |
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Commission
income |
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1,022,085 |
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1,353,957 |
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1,022,085 |
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1,353,957 |
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Expenses |
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Commission
expense |
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369,114 |
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563,811 |
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Directors’
fees |
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301,959 |
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303,230 |
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Professional
fees |
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237,466 |
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252,935 |
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Travel and
entertainment |
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52,492 |
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60,084 |
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Salaries and
wages |
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42,319 |
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43,017 |
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Office
expenses |
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40,520 |
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42,135 |
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Insurance
expense |
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25,120 |
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21,275 |
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Rent |
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16,711 |
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17,949 |
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Marketing |
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5,623 |
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7,625 |
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Depreciation |
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|
1,840 |
|
424 |
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Impairment
losses |
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— |
|
22,250 |
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Other
expenses |
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21,732 |
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22,960 |
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1,114,896 |
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1,357,695 |
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Net income/(loss) from
operations |
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(92,811) |
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(3,738) |
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Other
income/(expenses) |
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Net foreign exchange
loss |
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(40,568) |
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(205,143) |
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Net (loss)/gain from
investments |
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(4,080) |
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655 |
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Other
income |
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29,475 |
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20,265 |
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(15,173) |
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(184,223) |
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Net income before
taxation |
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(107,984) |
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(187,961) |
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Taxation |
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317 |
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289 |
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Total comprehensive
income |
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$ |
(108,301) |
$ |
(188,250) |
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Total comprehensive income attributable to
equity |
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holders of the Parent
Company |
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$ |
(108,301) |
$ |
(188,250) |
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Earnings per share attributable to the
equity holders of the Parent
Company: |
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Basic earnings per
share |
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$ |
(0.00975) |
$ |
(0.01694) |
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Diluted earnings per
share |
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$ |
(0.00975) |
$ |
(0.01694) |
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ASIA WEALTH GROUP HOLDINGS
LIMITED |
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Consolidated Statement of Cash
Flows |
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For the year ended 29 February
2024 |
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Expressed in U.S.
Dollars |
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|
2024 |
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2023 |
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Operating
activities |
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Net loss before
taxation |
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(107,984) |
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(187,961) |
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Adjustments
for: |
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Net foreign exchange
loss |
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205,143 |
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190,939 |
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Impairment
losses |
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— |
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22,250 |
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Depreciation |
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1,840 |
|
424 |
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Net loss/(gain) from
investments |
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4,080 |
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(655) |
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Interest
income |
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(8,843) |
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(189) |
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Net operating income before changes in
operating assets and liabilities |
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94,236 |
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24,808 |
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Changes in operating assets and
liabilities: |
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(Increase)/decrease in trade
receivables |
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(16,937) |
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5,130 |
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Decrease in loans and other
receivables |
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|
26,695 |
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11,510 |
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Increase in prepaid
tax |
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(489) |
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(846) |
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(Increase)/decrease in prepayments and
other assets |
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(9,669) |
|
5,398 |
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Decrease in trade
payables |
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|
(94,891) |
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(85,502) |
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Decrease in other payables and accrued
expenses |
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(4,215) |
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(1,451) |
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Net cash flows used in
operations |
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(5,270) |
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(40,953) |
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Interest income
received |
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3,716 |
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189 |
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Net cash flows used in operating
activities |
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(1,554) |
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(40,764) |
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Investing
activities |
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Proceeds from sale of financial assets at
fair value through profit or loss |
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|
173,657 |
|
73,385 |
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Acquisition of fixed
assets |
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(2,390) |
|
(858) |
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Net cash flows from investing
activities |
|
|
171,267 |
|
72,527 |
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Financing
activities |
|
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Net advances from
director |
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|
15,216 |
|
43,911 |
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Cash flows from financing
activities |
|
|
15,216 |
|
43,911 |
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|
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Net increase in cash and cash
equivalents |
|
|
184,929 |
|
75,674 |
|
|
|
|
|
|
|
|
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Effects of exchange rate fluctuations on
cash and cash equivalents |
|
|
(201,565) |
|
(152,833) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of
year |
|
|
1,139,598 |
|
1,216,757 |
|
|
|
|
|
|
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Cash and cash equivalents at end of
year |
|
$ |
1,122,962 |
$ |
1,139,598 |
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Cash and cash equivalents comprise cash at
banks. |
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|