AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
08/08/2024 11:00
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
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 29 February 2024
Expressed in U.S. Dollars
2024 2023
Non-current assets
Fixed assets 5,185 4,635
Investment property 586,991 600,214
592,176 604,849
Current assets
Cash and cash equivalents 1,122,962 1,139,598
Trade receivables (net of allowance for doubtful
accounts of $8,572 (2021: $8,572)) 109,609 92,672
Financial assets at fair value through profit or loss — 210,594
Loans and other receivables 27,891 49,459
Due from director 438,858 421,217
Prepaid tax 844 672
Prepayments and other assets 73,388 63,719
1,773,552 1,977,931
Total assets $ 2,365,728 $ 2,582,780
Equity
Share capital 913,496 913,496
Treasury shares (318,162) (318,162)
Consolidation reserve 391,793 391,793
Translation reserve 13,937 23,582
Retained earnings 272,776 381,077
Total equity 1,273,840 1,391,786
Current liabilities
Trade payables 1,044,686 1,139,577
Tax payable — —
Other payables and accrued expenses 47,202 51,417
Total liabilities 1,091,888 1,190,994
Total equity and liabilities $ 2,365,728 $ 2,582,780
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the year ended 29 February 2024
Expressed in U.S. Dollars
2024 2023
Revenue
Commission income 1,022,085 1,353,957
1,022,085 1,353,957
Expenses
Commission expense 369,114 563,811
Directors’ fees 301,959 303,230
Professional fees 237,466 252,935
Travel and entertainment 52,492 60,084
Salaries and wages 42,319 43,017
Office expenses 40,520 42,135
Insurance expense 25,120 21,275
Rent 16,711 17,949
Marketing 5,623 7,625
Depreciation 1,840 424
Impairment losses — 22,250
Other expenses 21,732 22,960
1,114,896 1,357,695
Net income/(loss) from operations (92,811) (3,738)
Other income/(expenses)
Net foreign exchange loss (40,568) (205,143)
Net (loss)/gain from investments (4,080) 655
Other income 29,475 20,265
(15,173) (184,223)
Net income before taxation (107,984) (187,961)
Taxation 317 289
Total comprehensive income $ (108,301) $ (188,250)
Total comprehensive income attributable to equity
holders of the Parent Company $ (108,301) $ (188,250)
Earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share $ (0.00975) $ (0.01694)
Diluted earnings per share $ (0.00975) $ (0.01694)
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the year ended 29 February 2024
Expressed in U.S. Dollars
2024 2023
Operating activities
Net loss before taxation (107,984) (187,961)
Adjustments for:
Net foreign exchange loss 205,143 190,939
Impairment losses — 22,250
Depreciation 1,840 424
Net loss/(gain) from investments 4,080 (655)
Interest income (8,843) (189)
Net operating income before changes in operating assets and liabilities 94,236 24,808
Changes in operating assets and liabilities:
(Increase)/decrease in trade receivables (16,937) 5,130
Decrease in loans and other receivables 26,695 11,510
Increase in prepaid tax (489) (846)
(Increase)/decrease in prepayments and other assets (9,669) 5,398
Decrease in trade payables (94,891) (85,502)
Decrease in other payables and accrued expenses (4,215) (1,451)
Net cash flows used in operations (5,270) (40,953)
Interest income received 3,716 189
Net cash flows used in operating activities (1,554) (40,764)
Investing activities
Proceeds from sale of financial assets at fair value through profit or loss 173,657 73,385
Acquisition of fixed assets (2,390) (858)
Net cash flows from investing activities 171,267 72,527
Financing activities
Net advances from director 15,216 43,911
Cash flows from financing activities 15,216 43,911
Net increase in cash and cash equivalents 184,929 75,674
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
Cash and cash equivalents at end of year $ 1,122,962 $ 1,139,598
Cash and cash equivalents comprise cash at banks.
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