Globe Capital Limited - Audited Annual Results for the year ended 31 Dec 2017 PR Newswire

Globe Capital Limited
("Globe Capital" or the "Company")

Audited Annual Results for the year ended 31 December 2017

Globe Capital Limited (NEX: GCAP) is pleased to announce its audited annual results for year ended 31 December 2017.

Chairman’s Statement

I am pleased to report the final audited results for the year ended 31 December 2017 of Globe Capital Limited (“the Company”).

Financial performance

The turnover for the year was nil (2016: nil) and the loss was £88,741 (2016: £124,394). The loss per share was 0.05 pence (2016: 0.07 pence).  In the past year, the Directors have kept operational costs at a minimum.

Review of operations

The Company’s investment strategy is to seek medium-to-long term investments in businesses that exhibit growth potential. The Company intends 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’s shares are traded on NEX EXCHANGE Growth Market.

Board changes

During the year under review, Gary Willinge left the Company. I would like to thank him all for his past service to the Company.

I am pleased to announce Darren Edmonston joined the board and hope his experience and knowledge continues to prove to be of great value to the business.

Future prospects

At the start of the 2018, the Company raised £500,000 in new equity and has opened an office in the United Arab Emirates, with the company setting up a marketing consultancy business under the name Vogel Marketing Consultants FZE and to further encourage the growth within Sterling Craig Limited.

The Directors are see opportunities to promote UK and EU companies within the gulf region.

I hope to be able to give further news of these developments in the near future.

David Barnett
Chairman

31 May 2018


The directors of Globe Capital Limited accept responsibility for this announcement.


For further information:

Globe Capital Limited
Christopher Neo, Company Secretary
+44 (0)20 3286 6388
http://www.globecapitalltd.com/

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited
David Scott – Corporate Finance
James Dewhurst – Institutional Sales 
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA



GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 DECEMBER 2017


                                                          Audited      Audited

                                                       Year ended   Year ended
                                                      31 December  31 December
                                                             2017         2016

                                                              GBP          GBP

Revenue                                                         -            -

Other Income                                                    1            -

Administrative Expenses                                  (88,742)    (124,394)

Profit / (Loss) Before Income Tax                        (88,741)    (124,394)

Income Tax                                                      -            -

Profit / (Loss) for the period attributable to equity    (88,741)    (129,394)
holders

Earnings / (Loss) per share                               (0.05p)      (0.07p)
Basic & Diluted (pence)





GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2017


                                  Audited      Audited

                               Year ended   Year ended
                              31 December  31 December
                                     2017         2016

                                      GBP          GBP

Non-current Assets

Property, plant and equipment           -            -

Investment in a subsidiary          1,150        1,150

Investment in an associate         12,500       12,500

Total Non-current Assets           13,650       13,650

Current assets

Trade and other receivables         7,159        6,996

Cash and cash equivalents          57,531        5,576

Total Current Assets               64,690       12,572

Current Liabilities

Trade and other payables          174,411       19,771

Amount due to a shareholder             -           94

                                  174,411       19,865

Net Current Liabilities         (109,721)      (7,293)

Net Assets                       (96,071)        6,357

Non-current liabilities

Accruals                                -       11,532
Amounts due to directors           32,397       13,137
Amount due to a shareholder        13,585       35,000

                                   45,982       59,669

Net Liabilities                 (142,053)     (53,312)

Shareholders' Equity

Called Up Share Capital           638,428      638,428

Retained Earnings               (780,481)    (691,740)

Total Equity                    (142,053)     (53,312)





GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOW

For the year ended 31 DECEMBER 2017


                                                        Audited      Audited

                                                     Year ended   Year ended
                                                    31 December  31 December
                                                           2017         2016

                                                            GBP          GBP

Profit/(Loss) before tax                               (88,741)    (124,394)

Adjustment:

Other income                                                  1            -

Depreciation                                                  -        5,631

Operating profit/(loss)                                (88,742)    (118,763)

Cash flows from operating activities

(Increase)/decrease in trade and other receivables        (163)      (6,945)

Increase/(decrease) in trade and other payables       (143,108)     (33,908)

Amounts due to directors                                 19,260       13,137

Cash utilised in operations                            (73,463)    (146,479)

Cash flows from investing activities

Acquisition of a subsidiary                                   -      (1,150)

Acquisition of an associate                                   -     (12,500)

Bank interest received                                        1            -

Net cash (used in) from investing activities                  1     (13,650)

Cash flows from financing activities

Proceeds from issuance of shares                              -      120,345

Amount due to a shareholder                            (21,509)       35,094

Net cash from financing activities                     (21,509)      155,439

Net decrease in cash and cash equivalents                51,955      (4,690)

Cash and cash equivalents at the beginning of the         5,576       10,266
period

Cash and cash equivalents at end of period               57,531        5,576