GLOBE CAPITAL LIMITED - Audited Accounts for the year to 31 December 2014 PR Newswire

Globe Capital Limited

Audited Accounts
For the year ended 31 December 2014

Chairman’s Statement

I am pleased to report the final audited consolidated results for the twelve months ended 31 December 2014 of Globe Capital Limited (“the Company”).

Financial performance

The turnover for the year was nil (2013: £800) and the loss was £149,111 (2013: £141,930). The loss per share was 0.20 pence (2013: 0.60 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. With limited resources available, the Directors have been prudent and have turned down a number of investment opportunities. Nonetheless, the Company continues to seek investment proposals.

The Company’s shares are traded on both the ISDX Growth Market and the GXG Main Quote Market.

Board changes

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

Future prospects

The Directors intend to conduct a strategic review of its business to consider options to maximise value for shareholders. Communications to shareholders will be sent when developments are made.

Daemon Wong
Executive Director



Globe Capital Limited
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2014


                                                     Note      2014       2013

                                                                GBP        GBP

Revenue                                                 5         -        800

Other income                                            6         9          2

Gain on disposal of subsidiaries                       13         -    221,637

Fair value loss of financial instruments at fair
value

 through profit or loss                                           -   (142,200 )

Administrative expenses                                    (149,120 ) (213,369 )

Finance costs                                           7         -     (8,800 )

Loss before income tax                                  8  (149,111 ) (141,930 )

Income tax                                              9         -          -

Loss for the year                                          (149,111 ) (141,930 )

Other comprehensive (expense)/income, net of income
tax

    Items that will not be reclassified to profit or
loss

    --  Release of foreign currency translation
        reserve
upon disposal of foreign operations                               -     (3,359 )

    Items may be subsequently reclassified to profit
or loss

    --  Exchange differences on translating foreign               -      1,270
        operations
Other comprehensive expense, net of income tax                    -     (2,089 )

Total comprehensive loss for the year                      (149,111 ) (144,019 )

Loss per share                                         10     Pence      Pence

    Basic                                                     (0.20 )    (0.60 )

    Diluted                                                     N/A        N/A





Globe Capital Limited
Statement of financial position
As at 31 December 2014


                                  Note      2014       2013

                                             GBP        GBP

Non-current asset

    Property, plant and equipment   11    28,153     50,676

Current assets

    Prepayments                              572      1,625

    Cash and cash equivalents             59,411    199,148

                                          59,983    200,773

Deduct:

Current liability

    Accruals                               8,215     22,417

Net current assets                        51,768    178,356

Net assets                                79,921    229,032

Capital and reserves

    Share capital                   12   626,966    626,966

    Reserves                            (547,045 ) (397,934 )

Total equity                              79,921    229,032



Approved and authorised for issue by the Board of Directors on 29 May 2015


Globe Capital Limited
Statement of changes in equity
For the year ended 31 December 2014


                                                           Foreign

                         Share    Share  Accumulated      currency

                       capital  premium       losses   translation      Total

                           GBP      GBP          GBP           GBP        GBP

As at 1 January 2013   414,660  194,448     (644,513 )       2,089    (33,316 )

Issue of shares        212,306  194,061            -             -    406,367

Comprehensive loss

     Loss for the year       -        -     (141,930 )           -   (141,930 )

     Other
comprehensive income/
(expense)

         Exchange
differences on

          translating        -        -            -         1,270      1,270
foreign operations

         Release of
foreign currency

          translation
reserve upon disposal

          of foreign         -        -            -        (3,359 )   (3,359 )
operations

Total comprehensive          -        -     (141,930 )      (2,089 ) (144,019 )
loss for the year

As at 31 December 2013 626,966  388,509     (786,443 )           -    229,032

Comprehensive loss

     Loss and total          -        -
comprehensive loss

        for the year                        (149,111 )           -   (149,111 )

As at 31 December 2014 626,966  388,509     (935,554 )           -     79,921



The notes on pages 8 to 19 form an integral part of these financial statements.


Globe Capital Limited
Statement of cash flows
For the year ended 31 December 2014


                                                     Note      2014       2013

                                                                GBP        GBP

Cash flows from operating activities

    Loss before income tax                                 (149,111 ) (141,930 )

    Adjustments for :-

         Bank interest income                                    (9 )       (2 )

         Gain on disposal of subsidiaries                         -   (221,637 )

         Depreciation                                        22,523     12,200

         Fair value loss of financial instruments at
fair value

          through profit or loss                                  -    142,200

         Interest on unsecured loans                              -      8,800

    Operating loss before working capital changes          (126,597 ) (200,369 )

    Changes in working capital :-

        Trade, other receivables and prepayments              1,053     (1,694 )

        Other payables and accruals                         (14,202 )   44,441

Net cash used in operating activities                      (139,746 ) (157,622 )

Cash flows from investing activities

    Disposal of subsidiaries                           13         -    (93,302 )

    Bank interest received                                        9          2

    Payment for purchase of property, plant and                   -    (62,876 )
equipment

Net cash from/(used in) investing activities                      9   (156,176 )

Cash flows from financing activities

    Proceeds from issuance of shares                              -    406,367

    Proceeds from unsecured loans                                 -     80,300

    Repayment of loans from related parties                       -    (46,562 )

    Interest paid                                                 -     (8,800 )

Net cash from financing activities                                -    431,305

Net (decrease)/increase in cash and cash equivalents       (139,737 )  117,507

Cash and cash equivalents at beginning of the year          199,148     80,341

Effect of foreign exchange rates, net                             -      1,300

Cash and cash equivalents at end of the year                 59,411    199,148



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

For further information:

Globe Capital Limited
Daemon Wong, Executive Director
+852 2943 8058

Alexander David Securities Limited - Corporate Adviser
David Scott
+44 (0)20 7448 9820