Asaplus Resources : Half Yearly Report

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ASAPLUS RESOURCES LIMITED

(Incorporated in Singapore)

(Company reg no: ARBN 158 717 492)

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

31 DECEMBER 2021

For personal use only

ASAPLUS RESOURCES LIMITED

(Incorporated in Singapore)

(Company reg no: ARBN 158 717 492)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX-MONTHS ENDED 31 DECEMBER 2021

INDEX
	PAGE
Directors' report	1
Statement by Directors	2
Independent auditors' review report to the member	3
Condensed consolidated statement of financial position	4
Condensed consolidated statement of comprehensive income	5
Condensed consolidated statement of changes in equity	6
Condensed consolidated statement of cash flows	7
Notes to the condensed consolidated interim financial statements	8 - 16

The condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made by Asaplus Resources Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Australian Securities Exchange ("ASX") Listing Rules.

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ASAPLUS RESOURCES LIMITED

DIRECTORS' REPORT

FOR THE PERIOD FROM 1 JULY 2021 TO 31 DECEMBER 2021

The Directors are pleased to present their report and the condensed consolidated interim financial statements of Asaplus Resources Limited for the six months ended 31 December 2021.

DIRECTORS

The Directors of the Company in office during the period were as follows:

Name	Particulars
DING Poi Bor	Managing Director
LAU Eng Foo	Non-executiveDirector/Non-independent Director
LIM Kian Gam, Dominic	Independent Non-executive Director
ONG Yih Ching	Independent Non-executive Director

REVIEW OF OPERATIONS

Asaplus Resources Limited (ASX Code: AJY) and its subsidiaries have commenced commercial operations during the period. The principal activity of the Company and its controlled entities are the exploration, mining and marketing of the iron ore.

The Company and its controlled entities for the six months ended 31 December 2021 produced a loss, which comprise mainly administrative and other operating expenses incurred from the Group.

1

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15 March 2022

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INDEPENDENT AUDITORS' REPORT ON REVIEW

OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

TO THE MEMBER OF

ASAPLUS RESOURCES LIMITED

(Company reg no: ARBN 158 717 492)

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of ASAPLUS RESOURCES LIMITED as at 31 December 2021 and the related condensed consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows for the six-months period then ended, and notes to the condensed consolidated interim financial statements ("the condensed consolidated interim financial statements"). The Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with SFRS(I) 1-34 Interim Financial Reporting. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with the Singapore Standards on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Singapore Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Emphasis of Matter

We draw attention to Note 3 of the financial statements, which highlights that the Group incurred a net loss of A$313,849 during the interim period ended 31 December 2021 and as at 31 December 2021, the Company's current liabilities exceeded its current assets by A$3,589,779. This indicates that a material uncertainty exist that may cash doubt on the Company's ability to continue as a going concern.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements as at and for the six months ended 31 December 2021 are not presented fairly, in all material aspects, in accordance with SFRS(I) 1-34 Interim Financial Reporting.

Pan-China Singapore PAC

Public Accountants and Chartered Accountants

Singapore

15 March 2022