Globe Capital Limited - Annual Results for the year ended 31 December 2019

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 £10,000 (2018: nil) and the loss was £182,240 (2018: £213,462). 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 31^st December 2019 by £87,205, 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 to equity   (182,240)    (213,462)
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                               (733,349)    (551,109)

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 the       56,902       57,531
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