Globe Capital Limited Annual Results for the year ended 31 December 2019
19 Junho 2020 - 9:50AM
UK Regulatory
TIDMGCAP
Globe Capital Limited
("Globe Capital" or the "Company")
Audited Annual Results for the year ended 31 December 2019
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual
results for year ended 31 December 2019.
Chairman's Statement
I am pleased to report the final audited results for the year ended 31 December
2019 of Globe Capital Limited ("the Company").
Financial performance
The turnover for the year was GBP10,000 (2018: nil) and the loss was GBP182,240
(2018: GBP213,462). The loss per share was 0.07 pence (2018: 0.09 pence). In the
past year, the Directors have kept operational costs at a minimum, where
possible.
Review of operations
The Company's investment strategy is to seek medium-to-long term investments in
businesses that exhibit growth potential. The Company continues to be an active
investor in situations where the Company can make a clear contribution to the
growth and development of the investment.
During the year the company continued with its office in the Business Bay,
Dubai and operation through the new subsidiary Vogel Marketing Services FSZ in
Ajman, United Arab Emirates which promotes companies from the UK and EU within
the Gulf Region, however the results from this region have been frustrated by
the continued delays due to Brexit and now Covid-19.
The company's full annual report includes a going concern note in relation to
the preparation of the financial statements, which confirms that whilst the
company's current liabilities exceeded its current assets as at 31st December
2019 by GBP87,205, continued support is currently being provided by one if its
shareholders Toddbrook Investments Limited and the company has also obtained
further support by the company's loan note provider. The Auditors have
indicated a material uncertainty which may cast significant doubt about the
Group's ability to continue as a going concern, but have not qualified their
opinion.
The company is still well placed to take advantage of any opportunities as they
arise through 2020 onwards and will continue to look for further fund raising
opportunities and investments.
The Company's shares are traded on Aquis Stock Exchange.
David Barnett
Chairman
19 June 2020
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 DECEMBER 2019
Audited Audited
Year ended Year ended
31 December 31 December
2019 2018
GBP GBP
Revenue 10,000 -
Cost of services (7,500) -
Gross Profit 2,500 -
Other Income 9,698 6,367
Administrative Expenses (182,240) (219,829)
Finance costs (12,000) -
(Loss) Before Income Tax (182,240) (213,462)
Income Tax - -
Profit / (Loss) for the period attributable (182,240) (213,462)
to equity holders
(Loss) per share (0.07p) (0.09p)
Basic (pence)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2019
Audited Audited
Year ended Year ended
31 December 31 December
2019 2018
GBP GBP
Non-current Assets
Property, plant and equipment 9,090 16,090
Goodwill - 1,150
Investment in an associate - 12,500
Loans receivable - 25,000
9,090 54,740
Current assets
Prepayments 19,955 47,620
Loans Receivable 85,115 110,415
Cash and cash equivalents 5,023 56,902
110,093 214,937
Current Liabilities
Trade and other payables 191,108 161,565
191,108 161,565
Net Current (Liabilities)/Assets (81,015) 53,372
Total Assets (less)/Above Current Liabilities (71,925) 108,112
Non-current liabilities
Amounts due to directors 16,430 14,227
16,430 14,227
Net (Liabilities)/Assets (88,355) 93,885
Shareholders' Equity
Called Up Share Capital 664,994 664,994
Retained Earnings (551,109)
(733,349)
Total Equity (88,355) 93,885
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 DECEMBER 2019
Audited Audited
Year ended Year ended
31 December 31 December
2019 2018
GBP GBP
Profit/(Loss) before tax (182,240) (213,462)
Adjustment:
Depreciation 7,000 4,910
Impairment of goodwill 1,150 -
Interest expenses 12,000 -
Interest income (9,698) (6,367)
Loss on disposal of an associate 12,500 -
Operating profit/(loss) (159,288) (214,919)
Cash flows from operating activities
Prepayments 27,665 (40,461)
other payables 17,543 (12,846)
Amounts due to directors 2,203 (18,170)
Cash utilised in operations (111,877) (286,396)
Cash flows from investing activities
Purchase of property, plant and equipment - (21,000)
Loans receivable 50,300 (135,415)
Bank interest received 9,698 6,367
Net cash (used in) from investing activities 59,998 (150,048)
Cash flows from financing activities
Proceeds from issuance of shares - 449,400
Amount due to a shareholder - (13,585)
Net cash from financing activities - 435,815
Net decrease in cash and cash equivalents (51,879) (629)
Cash and cash equivalents at the beginning of 56,902 57,531
the period
Cash and cash equivalents at end of period 5,023 56,902
The directors of Globe Capital Limited accept responsibility for this
announcement.
For further information
Globe Capital Limited
David Barnett
Chairman
+1-855-280-6793
CORPORATE ADVISER AND CONTACT DETAILS:
Brian Stockbridge
First Sentinel Corporate Finance
72 Charlotte Street
London
W1T 4QQ
Tel +44 (0) 207 183 7405
E-mail: Brian@first-sentinel.com
END
(END) Dow Jones Newswires
June 19, 2020 08:50 ET (12:50 GMT)
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