BWA Group Plc
LSE : BWAP

October 16, 2013 02:00 ET

Audited Results for the year ended 30 April 2013

                                                                                                  16 October 2013
                                                                                                     GB0033877555
                                                        
                                                  BWA GROUP PLC
                                            ("BWA" or the "Company")
                                                        
                                Audited Results for the year ended 30 April 2013

CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 APRIL 2013

BWA Group Plc is a small investment company traded on the ISDX Market which was re-established and refinanced by
the current Directors and shareholders some three years ago.

We  reported  last  year on the difficulties facing small companies in the area in which BWA operates.  Although
ISDX has been established following its acquisition of the former PLUS market, there has been little interest in
the  re-launched  market  with the number of new joiners being in single figures and  a  significant  number  of
companies becoming unlisted or joining other markets.  The number of companies now on ISDX is less than 100.

This  uncertainty  has impacted the value of companies on ISDX and their ability to raise additional  funds  for
development,  whilst  also distracting from the attractiveness of ISDX companies as potential  reverse  takeover
candidates.

Against this background it has proved to be difficult for BWA to make the progress the directors anticipated but
it  is,  nevertheless, disappointing to report a loss of GBP 66,836. However, shareholders will  be  aware  that
during  the  year the Company arranged for shareholders to be issued, free of charge, with one  share  in  Prego
International  Limited  for  each share held in BWA.  BWA also received a shareholding  for  nil  consideration.
Prego  has  recently seen transactions in its shares at a price of 0.5p per share. Had BWA's  shareholding  been
valued  at that price the net asset value would have been approximately GBP 150,000 greater than that  shown  in
the attached accounts.

The  Company has now traded for three years since refinancing, seeking to conclude a transaction which would see
it  being  a  reverse  candidate for another business.  Although the directors have drawn no  remuneration,  the
expenses  of being listed on ISDX are relatively high and we have seen our cash resources dwindle as  a  result.
Currently the Company's shares are suspended from trading on ISDX.

The board is now reviewing the options for the Company which may include a fund-raising or asset disposal as  we
believe  that  having a stronger base will enable the Company to investigate and hopefully conclude transactions
for  the  benefit of shareholders.  Additional resources would also give us a sufficiency of working capital  to
satisfy the Company's current requirements.

The board is working on three fronts:

*       To conclude the reverse of another business into BWA
*       To complete other transactions similar to Prego which bring both direct and indirect value to BWA
        shareholders
*       To obtain value from the two "shell" companies in which BWA has a significant stake.

All  of these actions, if brought successfully to fruition would have a positive impact on the Company's Balance
Sheet and Profit and Loss Account

RG Battersby

Chairman

The Directors of BWA are responsible for the contents of this announcement.

For further information please contact:

BWA Group Plc
Richard Battersby (Non-Executive Chairman)                                        07836 238172

Peterhouse Corporate Finance Limited
Mark Anwyl or Duncan Vasey                                                        020 7469 0930


PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2013
        
        
        
                                                                             2013                      2012
                                                                              GBP                       GBP
                                                                                                            
                                                                                                            
                                                                                                            
TURNOVER                                                                   10,000                          -
                                                                                                            
Administrative expenses                                                    73,616                     77,796
                                                                                                            
OPERATING LOSS                                                           (63,616)                    (77,796)
                                                                                                            
(Profit)/loss on sale of investments                                        3,220                     11,260
                                                                                                            
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                              (66,836)                    (89,056)
                                                                                                            
Tax on loss on ordinary activities                                              -                          -
                                                                                                      
LOSS FOR THE FINANCIAL YEAR                                              (66,836)                    (89,056)
                                                                                                            
Earnings per share expressed in pence per share:                                                            
                                                                                                            
Basic                                                                       -0.06                      -0.08
                                                                                                            
Diluted                                                                     -0.06                      -0.08
                                                                                                            
                                                                                                            
CONTINUING OPERATIONS
None of the company's activities were acquired or discontinued during the current year or previous year.



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 APRIL 2013

                                                                            2013                      2012
                                                                             GBP                       GBP
                                                                                                             
LOSS FOR THE FINANCIAL YEAR                                               (66,836)                  (89,056)
                                                                                                             
Unrealised gain/(loss) on revaluation of investments                     (168,496)                  (51,503)
                                                                                                        
TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR                   (235,332)                 (140,559)
                                                                                                             
                                                                                                             
                                                                                                             

NOTE OF HISTORICAL COST PROFITS AND LOSSES
FOR THE YEAR ENDED 30 APRIL 2013

                                                                              2013                  2012
                                                                               GBP                   GBP
                                                                                                             
REPORTED LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                      (66,836)                  (89,056)
Realisation of investment revaluation                                      (6,850)                   34,435
(losses)/gains of prior years
                                                                                                             
HISTORICAL COST LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION               (73,686)                  (54,621)
                                                                                                             
HISTORICAL COST LOSS FOR THE YEAR RETAINED AFTER TAXATION                 (73,686)                  (54,621)
                                                                                                             
                                                                                                             


BALANCE SHEET
30 APRIL 2013

                                                                2013                           2012
                                                        GBP             GBP             GBP              GBP
FIXED ASSETS                                                                                                 

Available-for-sale investments                                        99,448                          278,344
                                                                                                             
CURRENT ASSETS                                                                                               
                                                                                                             
Debtors                                                17,625                           34,597               
                                                                                                             
Cash at bank                                               71                            1,669               
                                                                                                             
                                                       17,696                           36,266               
                                                                                                             
CREDITORS                                                                                                    
                                                                                                             
Amounts falling due within one year                    78,742                           68,616               
                                                                                                             
NET CURRENT LIABILITIES                                             (61,046)                         (32,350)
                                                                                                             
TOTAL ASSETS LESS CURRENT                                                                                    
                                                                                                             
LIABILITIES                                                           38,402                          245,994
                                                                                                             
                                                                                                             
                                                                                                             
CAPITAL AND RESERVES                                                                                         
                                                                                                             
Called up share capital                                              560,788                          539,494
                                                                                                             
Share premium                                                         12,663                            6,217
                                                                                                             
A-F-S revaluation reserve                                          (205,496)                         (43,850)
                                                                                                             
Capital redemption reserve                                           288,625                          288,625
                                                                                                             
Profit and loss account                                            (618,178)                        (544,492)
                                                                                                             
SHAREHOLDERS' FUNDS                                                   38,402                          245,994
                                                                                                             


  The Company's audited accounts for the year ended 30 April 2013 contain the following statement by the
  Company's auditors:
  
  "Emphasis of matter
  In forming our opinion, which is not qualified, we have considered the adequacy of the disclosure on page 13 of
  the  financial statements concerning the company's ability to continue as a going concern. The company incurred
  a  net  loss before taxation of GBP 66,836 during the year ended 30 April 2013 and, at that date, the company's
  net current liabilities were GBP 61,046. Shareholders' funds decreased from GBP 245,994 at 30 April 2012 to GBP
  38,402  at  30  April 2013, due mainly to the aforementioned loss and unrealised losses on the  revaluation  of
  investments of GBP 168,496.  These conditions indicate the existence of a material uncertainty which  may  cast
  significant  doubt  about  the company's ability to continue as a going concern. The directors  have  confirmed
  their  commitment  to provide continued financial support to the company to enable it 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. These would principally comprise the write down of its unlisted investments  their
  realisable  amounts. The book values of the other assets and liabilities of the company at  the  balance  sheet
  date are not materially different from their realisable and settlement values."
  
  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 2013.
  

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