BWA Group Plc
LSE : BWAP

September 29, 2014 10:01 ET

Audited Results for the year ended 30 April 2014

                                                                                                29 September 2014
                                                                                                     GB0033877555
                                                        
                                                  BWA GROUP PLC
                                            ("BWA" or the "Company")
                                                        
                                Audited Results for the year ended 30 April 2014

CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 APRIL 2014

BWA Group Plc is an investment company traded on the ISDX Growth Market which was revitalised and refinanced  by
the current Directors and shareholders some three years ago.

As  set  out in my statement last year, we continue to look for a suitable transaction for BWA and have examined
three  possibilities in the last twelve months.  Unfortunately, for one reason or another,  none  has  proved  a
viable  candidate  which  matches  our specified criteria.  The Board continues,  therefore,  to  explore  other
transactions where it is hoped value can be achieved for our shareholders.  As in previous years, we have sought
to  carry  out  our  own due diligence into potential targets and have therefore protected  the  Company's  cash
resources.  The results for this year reflect our efforts in this regard as well as other steps we have taken to
generate value for BWA's shareholders.

The  accounts  show  that  total recognised gains and losses for the year amount to a  surplus  of  GBP  213,211
compared  to  a  loss for the previous year of GBP 235,332.  For the current year, the surplus is  substantially
represented by the rise in the value of the shares held by the Company in Prego International Limited ("Prego"),
where  there has been an issue of shares at 0.95p to raise cash from new investors.  Individual BWA shareholders
will also have benefitted from the increase in the value at that price of their own shareholdings in Prego.

Since  the  end  of  the  year, shareholders will have received holdings in Natural and Mineral  Assets  Limited
("NAMA"), a newly established company in which BWA also has a holding.  Shareholders will also have received  an
information memorandum in relation to a fund-raising by NAMA which, if successful, will value BWA's interest  in
NAMA  at GBP 45,000. The fundraising by NAMA relates, amongst other things, to the acquisition of NAMA Resources
Plc,  an  established  business  based  in Iceland which is involved in exploration  and  mining  operations  in
Greenland.

A  further objective the Board has established, namely to achieve value from the two "shell" companies in  which
BWA  has  a  significant  interest, Zyzygy plc and Bridge Hall plc, has yet to produce any  significant  results
although efforts are continuing in that direction.

The  profit  and loss account, which shows the results before investment revaluations, produced a loss  for  the
year of GBP 105,821, (2013 - GBP 66,836), after a provision for impairment of investments of GBP 74,867 (2013  -
GBP nil) and realised investment profits of GBP 12,912 (2013 - loss, GBP 3,220).

The Board is confident that the present strategy will create value for shareholders in due course.

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 238 172

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


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2014
                                                                     2014               2013
                                                                      GBP                GBP

TURNOVER                                                                 -            10,000

Administrative expenses                                              43,866           73,616
                                                                                           
OPERATING LOSS                                                      (43,866)         (63,616)

Profit/(loss) on sale of investments                                 12,912           (3,220)
                                                                    (30,954)         (66,836)

Amounts written off investments                                      74,867                -
                                                                                                                                   
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                        (105,821)         (66,836)                           
                                                                                             
Tax loss on ordinary activities                                          -                -                           
                                                                                          
LOSS FOR THE FINANCIAL YEAR                                        (105,821)         (66,836)
                                                   

Earnings per share expressed in pence per share:
Basic                                                                -0.09             -0.06
Diluted                                                              -0.09             -0.06
          

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 2014

                                                                         2014            2013
                                                                          GBP             GBP
          
LOSS FOR THE FINANCIAL YEAR                                         (105,821)        (66,836)
Unrealised gain/(loss) on revaluation of investments                 250,834        (168,496)
Impairment of A-F-S investments charged to profit and loss            68,198               -
                                                                                                         
                                                                                             
                                                                       
TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR               213,211        (235,332)
                                                                                                                                                                                
NOTE OF HISTORICAL COST PROFITS AND LOSSES FOR THE YEAR ENDED 30 APRIL 2014

                                                                         2014             2013
                                                                          GBP              GBP
                                                                                               
REPORTED LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                 (105,821)         (66,836)
                                                                       
Realisation of investment revaluation
(Losses)/gains of prior years                                         (10,328)          (6,850)
                                                                                                         
 
HISTORICAL COST LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION          (116,149)          (73,686)        
                                                                     
HISTORICAL COST LOSS FOR THE YEAR RETAINED AFTER TAXATION            (116,149)          (73,686)





                                                                       
BALANCE SHEET AS AT 30 APRIL 2014


                                                        2014                             2013
                                                   GBP            GBP             GBP             GBP
FIXED ASSETS
Available-for-sale investments                                  323,998                         99,448

CURRENT ASSETS
Debtors                                           7,625                        17,625
Cash at bank                                      8,776                            71 
                                                                                         
                                                 16,401                        17,696
CREDITORS
Amounts falling due within one year              88,786                        78,742
                                                                                      
NET CURRENT LIABILITIES                                         (72,385)                        (61,046)
                                                                                                         
TOTAL ASSETS LESS CURRENT 
LIABILITIES                                                     251,613                          38,402
                                           

CAPITAL AND RESERVES
Called up share capital                                         560,788                         560,788
Share premium                                                    12,663                          12,663
A-F-S revaluation reserve                                       123,864                        (205,496)
Capital redemption reserve                                      288,625                         288,625
Profit and loss account                                        (734,327)                       (618,178)
                                                                                                         
SHAREHOLDERS' FUNDS                                             251,613                          38,402
                                                                                                         

The  Company's audited accounts for the year ended 30 April 2014 contain the following statement by the Company's
auditors:

  "Emphasis of matter
  Uncertainty with regards to the carrying value of unlisted investments
  We  draw  attention  to  Note 1 'Basis of preparing the financial statements' which describes  the  uncertainty
  surrounding management's assessment of the market value of certain unlisted investments that may have an impact
  on the carrying amount of this asset recorded in the Company's balance sheet as at 30 April 2014.
  
  Going concern
  We  draw attention to Note 1 'Basis of preparing the financial statements'. The Company incurred a net loss  of
  GBP  105,821  during  the  financial  year ended 30 April 2014 and as  at  that  date,  the  Company's  current
  liabilities exceeded its current assets by GBP 72,385.
  
  These conditions, along with the other matter relating to the valuation of investments explained in note  1  to
  the  financial  statements, 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.
  
  If the Company is unable to continue in operational existence, it may be unable to discharge its liabilities in
  the  normal  course of business and, adjustments may have to be made to reflect the situation that  assets  may
  need to be realised other than in the normal course of business and at amounts which could differ significantly
  from  the amounts at which they are currently recorded in the Company's balance sheet. In addition, the Company
  may  have  to  reclassify  non-current  assets and liabilities as  current  assets  and  liabilities.  No  such
  adjustments have been made to the financial statements.
  
  Our opinion is not qualified in respect of the matters mentioned above."
  
  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 2014.
  

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