Globe Capital Limited - Audited Annual Results for the year ended 31 Dec 2016 PR Newswire

Globe Capital Limited

("Globe Capital" or the "Company")

Audited Annual Results for the year ended 31 December 2016

Globe Capital Limited (NEX: GCAP) is pleased to announce its audited annual results for year ended 31 December 2016.

Chairman’s Statement

I am pleased to report the final audited results for the year ended 31 December 2016 of Globe Capital Limited (“the Company”).

Financial performance

The turnover for the year was nil (2015: nil) and the loss was £124,394 (2015: £129,184). The loss per share was 0.07 pence (2015: 0.17 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.

At the start of the year, the Company raised £100k in new equity and realigned its investment focus towards the retail sector with an emphasis on menswear. Following which, the Company made its maiden investment with a 25% interest in Sterling Craig Limited, a UK based online retailer for men’s fashion.

The Company’s shares are traded on the NEX Exchange Growth Market.

Board changes

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

I am pleased to join the board and hope my  experience and local knowledge continue to prove to be of  great value to the business.

Future prospects

The company is actively seeking investments to enhance shareholder value.   We are maintaining a tight control of the Company's resources, which we consider adequate to support current levels of expenditure. The cash resources remain adequate for the current level activity but will be reviewed once further investment opportunities present themselves.

The Directors are presented with opportunities on an ongoing basis from an extensive network of introducers. The company continues to focus on the retail sector, although the board will also look at other global opportunities if they present good shareholder value potential.  The company continues to look at the menswear business in particular.

Several target investments have been identified and the company is currently talking to potential investors with the aim of raising further capital in order to complete the next stage of our investment strategy.

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

David Barnett

Chairman

31 May 2017

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 COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016


                                                          Audited      Audited

                                                       Year ended   Year ended
                                                      31 December  31 December
                                                             2016         2015

                                                              GBP          GBP

Revenue                                                         -            -

Other Income                                                    -            2

Administrative Expenses                                 (124,394)    (129,186)

Profit / (Loss) Before Income Tax                       (124,394)    (129,184)

Income Tax                                                      -            -

Profit / (Loss) for the period attributable to equity   (124,394)    (129,184)
holders

Earnings / (Loss) per share                               (0.07p)      (0.17p)
Basic & Diluted (pence)




GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT  31 DECEMBER 2016


                                  Audited      Audited

                               Year ended   Year ended
                              31 December  31 December
                                     2016         2015

                                      GBP          GBP

Non-current Assets

Property, plant and equipment           -        5,631

Investment in a subsidiary          1,250

Investment in an associate         12,500            -

Total Non-current Assets           13,750        5,631

Current assets

Trade and other receivables         6,996           51

Cash and cash equivalents           5,382       10,266

Total Current Assets               12,378       10,317

Current Liabilities

Trade and other payables           19,771       65,211

Net Current Liabilities           (7,393)     (54,894)

Net Assets                          6,357     (49,263)

Non-current liabilities

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

                                   59,669            -

Net Liabilities                  (53,312)     (49,263)

Shareholders' Equity

Called Up Share Capital           638,428      626,966

Retained Earnings               (691,740)    (676,229)

Total Equity                     (53,312)     (49,263)




GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 DECEMBER 2016


                                                        Audited      Audited

                                                     Year ended   Year ended
                                                    31 December  31 December
                                                           2016         2015

                                                            GBP          GBP

Profit/(Loss) before tax                              (124,394)    (129,184)

Adjustment:

Other income                                                  -          (2)

Depreciation                                              5,631       22,522

Operating profit/(loss)                               (118,763)    (106,664)

Cash flows from operating activities

(Increase)/decrease in trade and other receivables      (6,945)          521

Increase/(decrease) in trade and other payables        (33,908)       56,996

Amounts due to directors                                 13,137            -

Cash utilised in operations                           (146,479)     (49,147)

Cash flows from investing activities

Acquisition of a subsidiary                             (1,250)            -

Acquisition of an associate                            (12,500)            -

Bank interest received                                        -            2

Net cash (used in) from investing activities           (13,750)            2

Cash flows from financing activities

Proceeds from issuance of shares                        120,345            -

Amount due to a shareholder                              35,000            -

Net cash from financing activities                      155,345            -

Net decrease in cash and cash equivalents               (4,884)     (49,145)

Cash and cash equivalents at the beginning of the        10,266       59,411
period

Cash and cash equivalents at end of period                5,382       10,266