Globe Capital Limited - Interim Results for the six months period to 30 June 2023
Announcement provided by
Globe Capital Limited · GCAP29/09/2023 07:00
29th September 2023
Globe Capital Limited
("Globe Capital" or the "Company")
Interim Results for the six months period to 30 June 2023
Chairman’s Statement
Globe Capital Limited is pleased to announce its unaudited interim results for the 6 months period to 30 June 2023. Operational costs for the period amounted to £47k compared to £35k for the 6 months to June 2022.
The Company’s investment strategy continues to be that 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.
The Company continues to receive support from its shareholders and loan note holders to meet its ongoing costs.
The Company is still well placed to take advantage of any opportunities as they arise through 2023 onwards and will continue to look for further fund raising opportunities and investments.
29th September 2023
Simon Grant Rennick
Chairman
Globe Capital Limited
Consolidated Profit and Loss and Other Comprehensive Income
Six months ended 30 June 2023
| 6 months ended 30 June 2023 | 6 months ended 30 June 2022 | Year ended 31 December 2022 | |
| GBP '000 | GBP '000 | GBP '000 | |
| Revenue | - | - | - |
| Cost of services | - | - | - |
| Gross Profit | - | - | - |
| Other Income | - | - | - |
| Administrative Expenses | (47) | (35) | (87) |
| Finance Costs | (5) | (3) | (7) |
| Loss Before Taxation | (53) | (38) | (94) |
| Taxation | - | - | - |
| Other Comprehensive Loss | - | - | - |
| Loss for the period | (53) | (38) | (94) |
| Earning / (Loss) per share | |||
| Basic & Diluted (pence) | (0.02)p | (0.01)p | (0.04)p |
Globe Capital Limited
Consolidated Statement of financial position as at 30 June 2023
| 30 June 2023 | 30 June 2022 | 31 December 2022 | |
| GBP '000 | GBP '000 | GBP '000 | |
| Non-current assets | |||
| Property, plant and equipment | - | - | - |
| Goodwill | - | - | - |
| Financial assets at fair value through profit or loss | 3 | 1 | 4 |
| Current assets | |||
| Other receivables and prepayments | 8 | 12 | 11 |
| Cash and cash equivalents | 1 | 4 | 2 |
| Other debtors and receivables | - | - | - |
| Total Assets | 12 | 17 | 13 |
| Current Liabilities | |||
| Other payables | 67 | 45 | 184 |
| Creditors: falling due after more than one year | |||
| Amounts due to directors | 100 | 71 | 88 |
| Amounts due to a related company | 100 | 50 | 78 |
| Other payables | 130 | 127 | - |
| Total Liabilities | 397 | 293 | 166 |
| Net Assets | (385) | (276) | (332) |
| Shareholders' Equity | |||
| Share Capital | 645 | 645 | 645 |
| Reserves | (1030) | (921) | (977) |
| Total Equity | (385) | (276) | (332) |
Globe Capital Limited
Consolidated Statement of Cash Flows
Period ended 30 June 2023
| 6 months ended 30 June 2023 | 6 months ended 30 June 2022 | Year ended 31 December 2022 | |
| GBP '000 | GBP '000 | GBP '000 | |
| Loss before income tax | (53) | (34) | (94) |
| Adjustment: | |||
| Decrease/(Increase) in value of financial assets | 1 | 1 | 4 |
| Interest expenses | 5 | 3 | 7 |
| Gain on financial assets | - | - | - |
| Non cash transactions written off | - | - | - |
| Operating loss before working capital changes | (47) | (30) | (83) |
| Changes in working capital: | |||
| Other receivables and prepayments | (3) | (3) | (2) |
| Other payables | 13 | (24) | (19) |
| Amounts due to directors | - | - | - |
| Amounts due to shareholders | - | - | - |
| Net cash used in operating activities | - | - | - |
| Cash flows from investing activities | |||
| Other loan repayments | - | - | - |
| Increase in loans receivable | - | - | - |
| Increase in loans from related parties | 12 | 17 | 46 |
| Increase in directors’ loan | 22 | 17 | 34 |
| Interest received | - | - | - |
| Net cash from investing activities | 36 | 34 | 79 |
| Increase in cash and cash equivalents | (1) | (23) | (25) |
| Cash and cash equivalents at the beginning of the period | 2 | 27 | 27 |
| Cash and cash equivalents at end of period | 1 | 4 | 2 |
| Cash at Bank C/F | 1 | 4 | 2 |
The financial information set out above has not been reviewed or audited by the company's auditors.
Basic and diluted profit per share is calculated by dividing the loss for the period of £53,000 (2022: loss £38,000) by the weighted average number of ordinary shares of 255,919,752 (2022: 255,919,752).
The directors of Globe Capital Limited accept responsibility for this announcement.
For further information
Globe Capital Limited
Darren Edmonston
Tel: +44 (0) 1279 635511
CORPORATE ADVISER AND CONTACT DETAILS:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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