TIDMBWAP
30 June 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11
OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310
BWA Group PLC
("BWA" or the "Company")
Final Results for the 12 months to 31 December 2021
BWA Group plc [AQSE: BWAP], which has mineral exploration licences split
between Canada and Cameroon at various stages of development and is quoted on
London's AQSE Growth Market, is pleased to announce its final results and the
publication of its audited annual report and accounts for the year to 31
December 2021 (the "Annual Report"). A copy of the Annual Report has been
posted on the Company's website, http://www.bwagroupplc.com, and can also be
viewed here:
https://mma.prnewswire.com/media/1851592/BWA_2021_Accounts.pdf
The Company's annual general meeting ("AGM") for the year ended 31 December
2021 will be held at 11.00 am on 1 August 2022 at One Bartholomew Close, London
EC1A 7BL. A copy of the notice of AGM will be posted on the Company's
website. The notice of AGM, along with copies of the Annual Report for those
shareholders who have requested them, is being posted to shareholders today.
Key elements from the Annual Report have been extracted and can be viewed
below.
Ends -
For further information:
BWA Group PLC +44 (0)7836 238172
Richard Battersby enquiries@bwagroupplc.com
Chairman
Allenby Capital Limited +44 203 328 5656
Corporate Adviser
Nick Harriss
REVIEW OF BUSINESS
The company's principal investments are a 90% interest in BWA Resources (UK)
Limited and a 100% interest in Kings of the North Corp. BWA Resources (UK)
Limited owns 100% of the issued capital of BWA Resources Cameroon Limited and
of BWA Minerals Cameroon Limited.
BWA Resources Cameroon Limited has been granted two exploration licences for
Heavy Mineral Sands in Cameroon and has applied for three more similar
licences. BWA Minerals Cameroon Limited has applied for two similar licences.
During the year activity in Cameroon has been directed towards continuing
exploration work on the two claims which have been granted and the results of
this work has been announced in January, April and July 2021, culminating in
the publication of an early-stage Competent Persons Report in December 2021.
All these reports may be seen on the company's website (www.bwagroupplc.com).
The board is pleased with the results to date and is continuing the detailed
exploration programme at both Dehane and Nkoteng.
Kings of the North Corp, incorporated in Quebec, has two exploration licence
areas in Ontario and Quebec. Work on these areas has concentrated on ensuring
that all licences are properly registered in the name of the company and that
all necessary works to retain the licences have been carried out and
documented.
Exploration work in Canada during 2021 has necessarily been deferred because of
Covid restrictions on travel and also because of the litigation which has been
commenced in Canada. BWA has commenced an action against the vendors of Kings
of the North Corp and certain former directors of Kings of the North Corp for a
recission of the purchase and sale agreement together with associated damages.
St Georges Eco-Mining Corp, one of the vendors, has made a claim for some
C$300,000 (£175,000) against Kings of the North for alleged amounts due to
them. This latter claim is being resisted.
The main centre of activity is Cameroon which is at a more advanced stage that
Canada. The present expectation is that a more detailed review of the two
Canadian claim areas will be made in the last quarter of 2022.
FUTURE DEVELOPMENTS
The directors will use their experience to identify appropriate targets, carry
out due diligence and negotiate acquisitions and investments. When
appropriate, the directors may consider further fundraising to provide
additional resources for the company ahead of such an acquisition or
investment.
EXTRACT FROM THE INDEPENT AUDITOR'S REPORT
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements entitled "Going
Concern", which indicates that for the Company to continue as a going concern,
it will likely need to perform additional fundraising in the next 12 months. As
stated in note 3, these events or conditions indicate that a material
uncertainty exists that may cast significant doubt over the Company's ability
to continue as a going concern. Our opinion is not modified in respect of this
matter.
In auditing the financial statements, we have concluded that the Directors' use
of the going concern basis of accounting in the preparation of the financial
statements is appropriate. Our evaluation of the Directors' assessment of the
entity's ability to continue to adopt the going concern basis of accounting
included:
* The consideration of inherent risks to the Company's operations and
specifically its business model and its ongoing cash requirements.
* The evaluation of how those risks might impact on the Company's available
financial resources and the need for additional fund raising.
* Where additional resources may be required the reasonableness and
practicality of the assumptions made and actions being taken or planned to
be taken by the Directors in order to assess the feasibility of the Company
raising of the required level of resources to enable the company to remain
a going concern.
* Liquidity considerations including examination of cash flow projections.
* Solvency considerations including examination of budgets and forecasts and
their basis of preparation.
* Reviewing the adequacy of the disclosure made by the directors in the
financial statements detailing the basis of preparation and the material
uncertainty attaching to the going concern concept
Our responsibilities and the responsibilities of the directors with respect to
going concern are described in the relevant sections of this report.
BWA GROUP PLC
INCOME STATEMENT
FOR THE 12 MONTHS TO 31 DECEMBER 2021
Year Ended 31.12.21 Year Ended 31.12.20
£ £
TURNOVER - -
Administrative expenses 747,430 242,788
(242,788)
(747,430)
Other operating income 240,000 240,000
Gain/(Loss) on revaluation of investments 56,760 (3,594,217)
Gain on disposal of investments 567,529 -
OPERATING PROFIT/(LOSS) 116,859 (3,597,005)
Interest receivable and similar income 5,707 11
Interest payable and similar (42,876) (42,140)
charges
PROFIT/(LOSS) BEFORE TAXATION 79,690 (3,639,134)
Tax on loss - -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 79,690 (3,639,134)
Profit/(Loss) per share expressed in
pence per share:
Basic 0.03 (1.24)
Diluted 0.01 (1.24)
BWA GROUP PLC
OTHER COMPREHENSIVE INCOME
FOR THE 12 MONTHS TO 31 DECEMBER 2021
Notes Year Ended 31.12.21 Year Ended 31.12.20
£ £
PROFIT/(LOSS) FOR THE YEAR 79,690 (3,639,134)
OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE PROFIT/(LOSS) 79,690 (3,639,134)
FOR
THE YEAR
BWA GROUP PLC (REGISTERED NUMBER: 00255647)
BALANCE SHEET
31 DECEMBER 2021
2021 2020
£ £
FIXED ASSETS Investments 1,980,034 1,813,948
CURRENT ASSETS
Debtors 48,402 204,102
Cash at 49,952 1,383
bank
98,354 205,485
CREDITORS (120,809) (221,682)
Amounts failing due within one year
NET CURRENT (LIABILITIES)/ASSETS (22,455) (16,197)
TOTAL ASSETS LESS CURRENT LIABILITIES 1,957,579 2,091,010
CREDITORS (45,021) (44,483)
Amounts falling due within one year
NET ASSETS 1,912,558 1,753,268
CAPITAL AND RESERVES
Called up share capital 1,972,239 1,526,814
Share premium 23,858 15,608
Other reserve (3,243,709) (3,300,724)
Capital redemption reserve 288,625 288,625
Equity reserve 4,367,983 4,742,058
Retained earnings (1,496,438) (1,519,113)
SHAREHOLDERS' FUNDS 1,912,558 1,753,268
BWA GROUP PLC
CASH FLOW STATEMENT
FOR THE YEAR TO 31 DECEMBER 2021
Year Ended Year Ended
31.12.21 31.12.20
£ £
Cash flows from operating activities
Cash generated from operations (366,287) (88,063)
Interest (18,644) (23,987)
paid
Net cash from operating (384,931) (112,050)
activities
Cash flows from investing activities
Purchase of fixed asset investments (321,785) (8)
Proceeds from sale of fixed asset investments 1,018,595
Loans to subsidiary undertakings (273,017) (56,543)
Interest received 5,707 11
Net cash from investing activities 429,500 (56,540)
Cash flows from financing activities
New loans in period - 91,000
Loan repayments in period (41,000) (46,500)
Loan note proceeds received 45,000 12,500
Amount repaid to directors - (3,000)
Share issue - 100,000
Net cash from financing activities 4,000 154,000
(Decrease)/increase in cash and cash equivalents 48,569 (14,590)
Cash and cash equivalents at beginning of year/period 1,383 15,973
Cash and cash equivalents at beginning of year/period 49,952 1,383
END
(END) Dow Jones Newswires
June 30, 2022 12:45 ET (16:45 GMT)
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