Audited Results for the Financial Year Ended 28 February 2023

Asia Wealth group

09/08/2023 08:42

9 August 2023

Asia Wealth Group Holdings Limited

("Asia Wealth", the “Group” or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the
Financial Year from 1 March 2022 to 28 February 2023. The audited accounts
will shortly be available on the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated loss of US$188,250 (2022 : Profit
US$11,266).  The loss would have been smaller had it not been for excessive
unrealized currency losses from our JPY yen holdings.

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 which should soon lead to a boost in
business volumes.  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 Fintech 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 28
February 2023.

Richard Cayne

Chairman

Qualified Opinion

Pertaining to a US$42,349 private investment, the auditor was unable to obtain
sufficient audit evidence as to whether the value that it was carried at in
the Group’s consolidated financial statements represented its market value.
Otherwise the opinion states that the consolidated financial statements
present fairly, in all material respects.  

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

www.asiawealthgroup.com

 ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Financial Position    
 At 28 February 2023                                                             
 Expressed in U.S. Dollars                                                       

                                                           2023          2022       
                                                                                    
 Non-current assets                                                                 
 Fixed assets                                              4,635         4,201      
 Investment property                                       600,214       644,943    
                                                           604,849       649,144    
 Current assets                                                                     
 Cash and cash equivalents                                 1,139,598     1,216,757  
 Trade receivables (net of allowance for doubtful                                   
 accounts of $8,572 (2021: $8,572))                        92,672        120,052    
 Financial assets at fair value through profit or loss     210,594       283,324    
 Loans and other receivables                               49,459        60,969     
 Due from director                                         421,217       465,128    
 Prepaid tax                                               255           255        
 Prepayments and other assets                              64,136        69,117     
                                                           1,977,931     2,215,602  
 Total assets                                           $  2,582,780  $  2,864,746  
 Equity                                                                             
 Share capital                                             913,496       913,496    
 Treasury shares                                           (318,162)     (318,162)  
 Consolidation reserve                                     391,793       405,997    
 Translation reserve                                       23,582        16,001     
 Retained earnings                                         381,077       569,327    
 Total equity                                              1,391,786     1,586,659  
 Current liabilities                                                                
 Trade payables                                            1,139,577     1,225,079  
 Tax payable                                               140           140        
 Other payables and accrued expenses                       51,277        52,868     
 Total liabilities                                         1,190,994     1,278,087  
 Total equity and liabilities                           $  2,582,780  $  2,864,746  

 ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Comprehensive Income    
 For the year ended 28 February 2023                                               
 Expressed in U.S. Dollars                                                         

                                                                                          2023                              2022       
                                                                                                                                       
 Revenue                                                                                                                               
 Commission income                                                                        1,353,957                         1,656,081  
                                                                                          1,353,957                         1,656,081  
 Expenses                                                                                                                              
 Commission expense                                                                       563,811                           719,383    
 Directors’ fees                                                                          303,230                           303,230    
 Professional fees                                                                        252,935                           263,654    
 Salaries and wages                                                                       43,017                            42,349     
 Office expenses                                                                          42,135                            40,481     
 Rent                                                                                     17,949                            17,949     
 Travel and entertainment                                                                 60,084                            16,764     
 Marketing                                                                                7,625                             5,931      
 Impairment losses                                                                        22,250                            2,700      
 Depreciation                                                                             424                               29         
 Other expenses                                                                           44,235                            43,274     
                                                                                          1,357,695                         1,455,744  
 Net (loss)/income from operations                                                        (3,738)                           200,337    
 Other income/(expenses)                                                                                                               
 Net foreign currency exchange loss                                                       (205,143)                         (137,603)  
 Net gain/(loss) from investments                                                         655                               (82,670)   
 Other income                                                                             20,265                            31,633     
                                                                                          (184,223)                         (188,640)  
                                                                                                                                       
 Net (loss)/income before taxation                                                        (187,961)                         11,697     
 Taxation                                                                                 289                               431        
 Total comprehensive (loss)/income                         $                              (188,250)                      $  11,266     
 Total comprehensive (loss)/income attributable to equity                                                                              
 holders of the Parent Company                             $                              (188,250)                      $  11,266     
 (Losses)/earnings per share attributable to the equity holders of the Parent Company:                                                 
 Basic earnings per share                                                                 (0.01694)                         0.00101    
 Diluted earnings per share                                                               (0.01694)                         0.00101    

                                     ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Cash Flows                                                
                                     For the year ended 28 February 2023                                                               
                                     Expressed in U.S. Dollars                                                                         
                                                                                                                                                           
                                                                                                   2023                                2022                
 Operating activities                                                                                                                                      
 Total comprehensive income                                                                        (188,250)                           11,266              
 Adjustments for:                                                                                                                                          
 Impairment losses                                                                                 22,250                              2,700               
 Depreciation                                                                                      424                                 29                  
 Net unrealised loss                                                                               72,730                              82,670              
 Net foreign currency exchange loss                                                                190,939                             137,603             
 Operating income before changes in operating assets and liabilities                               98,093                              234,268             
 Changes in operating assets and liabilities:                                                                                                              
 Decrease in trade receivables                                                                     5,130                               3,448               
 Decrease in loans and other receivables                                                           55,421                              8,984               
 Decrease in prepayments and other assets                                                          4,981                               58,130              
 Decrease in trade payables                                                                        (85,502)                            (10,118)            
 Decrease in other payables and accrued expenses                                                   (1,591)                             (5,070)             
 Net cash flows from operating activities                                                          76,532                              289,642             
                                                                                                                                                           
 Investing activities                                                                                                                                      
 Acquisition of investment                                                                         —                                   (125,000)           
 Acquisition of fixed assets                                                                       (858)                               (1,208)             
 Cash flows used in investing activities                                                           (858)                               (126,208)           
                                                                                                                                                           
 Net increase in cash and cash equivalents                                                         75,674                              163,434             
 Effects of exchange rate fluctuations on cash and cash equivalents                                (152,833)                           (113,427)           
 Cash and cash equivalents at beginning of year                                                    1,216,757                           1,166,750           
                                                                                                                                                           
 Cash and cash equivalents at end of year                                $                         1,139,598                        $  1,216,757           
                                                                                                                                                           
                                                                                                                                                           
                                                                                                                                                           

Cash and cash equivalents comprise cash at banks.



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved