Forbes Ventures Plc - Audited Results for the year ended 31 December 2017 PR Newswire

31 May 2018

Forbes Ventures

(“Forbes” or the “Company”)

Audited Results for the year ended 31 December 2017

Forbes Ventures is pleased to announce its audited results for the year ended 31 December 2017.

Business Strategy and objectives

Forbes Ventures is an investment company with a focus on the finance and property sectors where innovative technology can be deployed to improve efficiency and achieve scalability. Investments may be made by way of equity, debt or both, and investments may be listed or unlisted. All of our investments are rigorously assessed, using sector specialist expertise, against our investment policy, and we target an exit from our investment position within 3 to 5 years. We seek to add value to our investments by providing industry knowledge and technology expertise, together with risk, governance and regulatory compliance support. This enables our investments to achieve strong growth underpinned by quality and risk management.

Business environment

After the accounting period, the Company disposed of its entire interest in KCR Residential REIT Plc as per the announcement made on 2 May 2018. The disposal, together with the Board Appointments detailed in the announcement dated 2 May 2018, provide the Company with the necessary resources to execute its strategy and in turn begin to deliver value to shareholders.

The Company’s remaining equity holding is in Civilised Bank Limited, a challenger bank start-up. Civilised Bank Limited is currently undertaking an underwritten financing, as announced on 9 May 2018.

Business Performance

For the year ended 31 December 2017 the Company made a loss of £89,094 which is an improvement on the previous year’s loss of £607,875. The main reasons for this are due to a fall in legal and professional fees, which fell by £159,024, consultancy fees which fell by £142,737 and advertising which fell by £82,736.

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017


                                                     2017           2016

                                                        $              $

Other operating income                                  -            893

Administrative expenses                             (121,958)   (802,448)

Operating loss                                      (121,958)   (801,555)

Investment revenues                                32,864              -

Finance costs                                           -       (884,813)

Other gains and losses                                  -      1,078,493

Loss before taxation                                 (89,094)   (607,875)

Income tax expense                                      -              -

Loss and total comprehensive income for the year     (89,094)   (607,875)



The income statement has been prepared on the basis that all operations are continuing operations.

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017


                                      2017           2016

                                         $              $

Non-current assets

Property, plant and equipment           74              -

Current assets

Investments                        706,160          5,166

Cash and cash equivalents           30,651         30,652

                                   736,811         35,818

Total assets                       736,885         35,818

Current liabilities

Trade and other payables           336,287        264,348

Net current assets                 400,524         (228,530)

Total liabilities                  336,287        264,348

Net assets                         400,598         (228,530)

Equity

Called up share capital         98,166,292     97,448,070

Capital redemption reserve          92,740         92,740

Other reserves                     243,958        243,958

Retained earnings                (98,102,392)   (98,013,298)

Total equity                       400,598         (228,530)



STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2017


                                           2017              2016

                                         $       $         $         $

Cash flows from operating
activities

Cash absorbed by operations                    (49,994)             (1,101,544)

Interest paid                                    -                    (114,864)

Net cash outflow from operating                (49,994)             (1,216,408)
activities

Investing activities

Purchase of property, plant and          (99)              -
equipment

Proceeds on disposal of             (561,944)      4,566,725
investments

Interest received                   32,864                 -

Net cash (used in)/generated from             (529,179)      4,566,725
investing activities

Financing activities

Proceeds from issue of shares      579,172           123,323

Repayment of borrowings                  -              (3,450,000)

Net cash generated from/(used in)          579,172                  (3,326,677)
financing activities

Net (decrease)/increase in cash                     (1)         23,640
and cash equivalents

Cash and cash equivalents at                30,652               7,012
beginning of year

Cash and cash equivalents at end            30,651              30,652
of year



The Directors of Forbes do not recommend payment of a final dividend.

The Directors of Forbes accept responsibility for the contents of this announcement.

ENDS

For further information, please contact:


Forbes Ventures
Peter Moss, Chairman                01625 568 767
Rob Cooper, Chief Executive Officer 020 3687 0498

NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl and Fungai Ndoro         020 7469 0930



Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.