Source - RNS
RNS Number : 3324L
Northwest Investment Group Ltd
30 September 2016
 

30 September 2016

 

 

 

 

NORTHWEST INVESTMENT GROUP Ltd.

 

1500784

 

INCORPORATED IN THE BRITISH VIRGIN ISLANDS

 

 

UNAUDITED INTERIM FINANCIAL STATEMENT

FOR THE 6 MONTHS ENDED 30 JUNE 2016

 

 

 

 

 

Northwest Investment Group Ltd. ("NWIG" or the "Company) today announces its un-audited Interim Results for the period from Jan. 1, 2016 to June 30, 2016.

 

A copy of the Interim Report will also be available on the Company's website shortly ()

 

Contact Details:

 

Northwest Investment Group Ltd.

Kaifeng Li, Chairman

 

+86-(0)10-87246052

ZAI Corporate Finance Ltd.

Nomad and Broker

Ray Zimmerman / Ivy Wang

 

+44-(0)20-70602220

 

 


 

 

CHAIRMAN'S STATEMENT

 

 

On 9 June 2010, Northwest Investment Group Ltd. ("NWIG" or "the Company") raised £3 million from investors and was successfully admitted to trading on the AIM market of the London Stock Exchange.

 

During the first half of 2016, we remained in contact with two potential projects relating to a possible investment and the Board of Directors continues its endeavours to identify suitable high-quality assets to be injected into NWIG.

 

The Board reports that it continues to manage cash prudently. Operating and Administrative expenses total £150,842 for the period, and a net cash at bank position of £1,034,355 as at 30 June 2016.

 

At the Company's annual general meeting held on 22 July 2016, shareholders approved the Company's Investing Policy in preference to a potential liquidation.

 

 

 

 

Li Kaifeng

 

Chairman

 

For and on behalf of the Board of

 

Northwest Investment Group Ltd.

 

 

 

 

 

 


 

 

STATEMENT OF COMPREHENSIVE INCOME

 

 

 

Notes

6 months to

30 June 2016

6 months to

30 June 2015

12 months to 31

December 2015

 

 

Unaudited

Unaudited

Audited

 

 

£

£

£

 

 

 

 

 

 

 

 

 

 

Revenue

 

-

-

-

 

 

 

 

 

Cost of sales

 

-

-

-

 

 

 

 

 

Gross profit

 

-

-

-

 

 

 

 

 

Administrative expenses

7

(150,842)

(144,720)

(289,495)

Listing costs

 

 

 

 

Operating loss

 

(150,842)

(144,720)

(289,495)

Interest income

 

 

 

 

Finance costs

 

 

 

 

 

 

 

 

 

Loss before tax

 

(150,842)

(144,720)

(289,495)

 

 

 

 

 

Income tax expense

 

-

-

-

 

 

 

 

 

Profit/(Loss) the period

 

(150,842)

(144,720)

(289,495)

 

 

 

 

 

Total comprehensive

Income for the period

 

 

(150,842)

 

(144,720)

 

(289,495)

Attributable to:

Shareholder of the

Company

 

 

(150,842)

 

(144,720)

 

(289,495)

 

 

 

 

 

 

 

 

 

 

Loss per share

Basic and diluted loss per share

 

9

 

#

 

#

 

#

 

 

 

#denotes a figure which is less than £0.01

 

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION

 

 

 

Unaudited

Unaudited

Audited

 

Notes

30 June 2016

30 June 2015

31 December 2015

 

 

£

£

£

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

-

-

-

Investments in subsidiaries

 

-

-

-

 

 

-

-

-

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

 

 

 

 

Cash and cash equivalents

3

1,034,355

1,345,502

   1,268,381

 

 

1,034,355

1,345,502

   1,268,381

 

 

 

 

 

Total assets

 

1,034,355

1,345,502

   1,268,381

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

4

84,170

99,702

           167,355

 

 

84,170

99,702

            167,355

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

Share capital

5

670,000

670,000

670,000

Share premium

5

2,422,192

2,422,192

2,422,192

Retained earnings

 

(2,142,007)

(1,846,392)

(1,991,166)

Total equity

 

950,185

1,245,800

1,101,026

 

 



 

Total liability and equity

 

1,034,355

1,345,502

1,268,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

STATEMENT OF CHANGES IN EQUITY

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

Balance as at 1 Jan 2016

 

2,422,192

 

670,000

 

(1,991,166)

 

1,101,026

 

 

 

 

 

 

 

 

 

Loss for the period

 

-

 

-

 

 (150,842)

 

(150,842)

 

 

 

 

 

 

 

 

 

Total recognised income and

expense for the period

 

 

-

 

 

-

 

 

(150,842)

 

 

(150,842)

 

 

 

 

 

 

 

 

 

Issue of shares

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2016

 

2,422,192

 

670,000

 

(2,142,007)

 

950,185

 

 

 

 

 

 

 

 

 

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

Balance as at 1 Jan 2015

 

2,422,192

 

670,000

 

(1,701,671)

 

1,390,521

 

 

 

 

 

 

 

 

 

Loss for the period

 

-

 

-

 

  (144,720)

 

(144,720)

 

 

 

 

 

 

 

 

 

Total recognised income and

expense for the period

 

 

-

 

 

-

 

 

(144,720)

 

 

(144,720)

 

 

 

 

 

 

 

 

 

Issue of shares

 

-

 

-

 

-

 

-

Placing costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2015

 

2,422,192

 

670,000

 

(1,846,392)

 

1,245,800

 

 

 

 

 

 

 

 

 

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

Balance as at 1 Jan 2015

 

2,422,192

 

670,000

 

(1,701,671)

 

1,390,521

 

 

 

 

 

 

 

 

 

Loss for the period

 

-

 

-

 

(289,495)

 

(289,495)

 

 

 

 

 

 

 

 

 

Total recognised income and

expense for the period

 

 

 

 

 

 

(289,495)

 

 

(289,495)

 

 

 

 

 

 

 

 

 

Issue of shares

 

 

 

 

 

-

 

 

Placing costs

 

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2015

 

2,422,192

 

670,000

 

(1,991,166)

 

1,101,026

 

 

 

 

 

 

 

 

 

 


 

CASH FLOW STATEMENT

 

 

Notes

6 months to

30 June 2015

6 months to

30 June 2015

12 months to 31

December 2015

 

 

Unaudited

Unaudited

Audited

 

 

£

£

£

 

 

 

 

 

 

Net cash generated from/(used) in operating activities

 

6

 

(234,026)

 

 

(219,121)

 

 

(296,243)

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Interest received

 

 

 


Purchase of property, plant and equipment

 

-

-

 

 

Net cash used in investing activities

 

 

 

 

 


 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

Repayment of loan to director

 

-

-

 

Proceeds on issue of shares

 

 

 

 

Placing cost

 

 

 

 

 

 

 

 

 

Net cash from financing activities

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

(234,026)

 

(219,121)

 

(296,243)

 

Cash and cash equivalents at beginning of period

 

3

1,268,381

1,564,624

 

1,564,624

 

Cash and cash equivalents at end of period

 

3

 

1,034,355

 

1,345,502

 

1,268,381

 

 

 

 

 

 

 

 


 

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

1     GENERAL INFORMATION

 

Northwest Investment Group Limited is a company incorporated in British Virgin Islands on 26 August 2008 under The BVI Business Companies Act 2004. The company has been established for the purpose of identifying and acquiring, or investing in, energy projects with an initial focus on Western China. The address of the registered office is Sea Meadow House, Blackburne Highway, P. O. Box 116, Road Town, Tortola, British Virgin Islands.

 

The interim financial statements are presented in Pound Sterling.

 

The Company's Ordinary shares are traded on AIM, a market operated by the London Stock Exchange.

 

 

2     SUMMARY OF SIGNIFICANT ACCOUTING POLICIES

 

2.1   Statement of compliance 

 

The interim financial statements are for the six months ended 30 June 2016. They have been prepared in accordance with IAS34 Interim Financial Reporting.  They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the financial statements of for the year ended 31 December 2015.

 

2.2   Basis of preparation

 

These interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended to 31 December 2015 and those to be used for the year ending 31 December 2016.

 

The unaudited interim financial statement for the six months period ended 30 June 2016 do not constitute statutory accounts and have been drawn up using according polices and presentation expected to be adopted in the Company financial statement for the financial period ended 31 December 2015, which are not expected to be significantly different to those set out in note 2 to the Company audited financial statements for the period ended 31 December 2015.

 

These interim financial statements have been approved for issue by the Board of Directors on September 30, 2016.

 

 

3     CASH AND CASH EQUIVALENTS

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June 2016

 

30 June 2015

 

31 December 2015

 

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

Cash at bank

 

 

1,034,355

 

1,345,502

 

1,268,381

Cash in hand

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

1,034,355

 

1,345,502

 

1,268,381

 

Bank balances comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value.

 

 

 

 

 

 

 

 

 

 

 

 

   4    TRADE AND OTHER PAYABLES

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June 2016

 

30 June 2015

 

31 December 2015

 

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

Trade payable

 

 

-

 

-

 

 

Directors' fees

 

 

18,391

 

16,210

 

24,315

Staffs' wages and salaries

 

 

4,925

 

9,850

 

14,775

Accrued and deferred income

 

 

60,854

 

73,642

 

128,265

 

 

 

 

 

 

 


 

 

 

84,170

 

99,702

 

167,355

The directors consider that the carrying amount of trade payables approximates to their fair value.

 

 

5    SHARE CAPITAL

 

 

30 June 2016

30 June 2015

31 December 2015

 

Share

Capital

Share

Premium

Share

Capital

Share

Premium

Share

Capital

Share

Premium

 

£

£

£

£

£

£

Authorised:

 

 

 

 

 

 

1,000,000,000 Ordinary shares of  £0.05 each

50,000,000

-

50,000,000

-

50,000,000

-

 

 

 

 

 

 

 

Issued and fully paid:

 

 

 

 

 

 

500,000 Ordinary shares of £0.05 each

 

25,000

 

2,195

 

25,000

 

2,195

 

25,000

2,195

800,000 Ordinary shares of £0.05 each

 

40,000

160,000

40,000

160,000

40,000

160,000

12,000,000 Ordinary shares of £0.05 each

 

600,000

2,400,000

600,000

2,400,000

600,000

2,400,000

Placing cost

 

 

(175,003)

 

(175,003)

 

(175,003)

100,000 Ordinary shares of £0.05 each

5,000

 

35,000

 

5,000

 

35,000

 

5,000

35,000

 

 

 

 

 

 

 

 

670,000

2,422,192

670,000

2,422,192

670,000

2,422,192

 

The total authorised number of ordinary shares is 1 billion shares (2009: 1 billion shares) with par value of £0.05 per share (2009: £0.05 per share). All issued shares are fully paid.

 

On 16 March 2010, by written resolution, the company allotted additional 800,000 ordinary shares of £0.05 each with an aggregate nominal value of £40,000 for a total consideration of £200,000 fully paid.

 

          On 3 June 2010, by written resolution, the company allotted an additional 12,000,000 ordinary shares of £0.05 each with an aggregate nominal value of £600,000 for a total consideration of £3,000,000 fully paid.

     

          On 9 June 2010, the company's enlarged share capital was admitted to trading on AIM, a market operated by the London Stock Exchange.

     

          On 1 December 2010, by written resolution, the company allotted 100,000 ordinary shares of £0.05 each with aggregate nominal value of £5,000 for a total consideration of £40,000, fully paid in January 2011.

     

On 8 June 2011, the Company authorize the sub-division of each of the ordinary shares of £0.05 each into 10 new ordinary shares of £0.005 each.

 

 

6     NOTES TO THE CASH FLOW STATEMENT

 

 

6 months to 30 June 2016

6 months to 30 June 2015

12 months to 31 December 2015

 

Unaudited

Unaudited

Audited

 

£

£

£

 

 

 

 

Loss from operations

(150,842)

(144,720)

(289,495)

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

-

-

-

 

Operating cash flows before movements in working capital

 

(150,842)

 

(144,720)

 

(289,495)

 

 

 

 

(Increase)/Decease in trade and other receivables

 

 

 

Increase/(Decrease) in trade and other payables

(83,184)

(74,401)

(6,748)

 

 

 

 

Net cash generated from operations

(234,026)

(219,121)

(296,243)

 

 

 

 

Income taxes paid

-

-

-

Interest paid

-

-

-

 

 

 

 

Net cash from operating activities

(234,026)

(219,121)

(296,243)

 

 

7  Expenses by nature

 

 

 

 

6 months to 30 June 2016

 

6 months to 30  June 2015

 

12 months to 31 December 2015

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

£

 

£

 

£

Employee benefit expenses(note 8)

 

 

56,467

 

58,181

 

116,362

Legal and professional

 

 

28,151

 

19,951

 

39,902

Audit fee

 

 

-

 

-

 

 

Operating lease payments

 

 

60,000

 

60,000

 

120,000

Other expenses

 

 

6,224

 

6,588

 

13,231

 

 

 

 

 

 

 

 

 

 

 

150,842

 

144,720

 

289,495

 

 

8      Employee benefit expenses

 

 

 

 

6 months to 30 June 2016

 

6 months to 30 June 2015

 

12 months to 31 December 2015

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

£

 

£

 

£

Employee benefit expenses

 

 

 

 

 

 

 

-Directors' fees

 

 

26,916

 

28,630


57,261

-Staff costs

 

 

29,551

 

29,551


59,101

 

 

 






 

 

 

56,467

 

58,181

 

116,362

 

 

9    EARNING PER SHARE

 

The calculation of the basic earning per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

 

The calculation of diluted earning per share is based on the basic earning per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

 

Reconciliation of the earning and weighted average number of share used in the calculations are set out below.

 

 

6 months to 30 June 2016

6 months to 30 June 2015

12 months to 31 December 2015

 

Unaudited

Unaudited

Audited

 

 

 

 

Net loss attributable to equity holder of the company

 

£(150,842)

 

£(144,720)

 

£(289,495)

 

Weighted average number of ordinary share

 

134,000,000

 

134,000,000

 

134,000,000

 

Basic loss per share

 

#

 

#

 

#

 

# denotes a figure which is less than £0.01

 

There are not potentially dilutive shares in issue.

 

 

 

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation no 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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