Forbes Ventures Plc - Interim Results for the six months ended 30 June 2019 PR Newswire

30 September 2019

FORBES VENTURES
(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2019

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

The business has not traded any assets during the year and has primarily focused its activities on building the business structures, policies and procedures for the future.

The rebuilding activity has resulted in a pre-tax loss of $186,478 for the first six months of the year.

CHAIRMAN’S STATEMENT

I am pleased to present you with Forbes Venture’s unaudited Interim Results for the period ended 30 June 2019.

During the period the business has continued to build the infrastructure and relationships as necessary for its future including an investment advisory subsidiary – Forbes Ventures Investment Management Limited.

Kindest regards

PETER MOSS

Chairman

Statement of Profit and Loss for the

SIX MONTHS ENDED 30 JUNE 2019


                              Six Months Ended Six Months Ended
                                  30 June 2019     30 June 2018
                                          US $             US $

Revenue

Other income                                52                -

Total income                                52                -

Expense

Employee benefits expense                    -                -

Foreign exchange gain/(loss)           (2,244)           16,081

Professional fees                    (148,699)        (171,544)

Office expense                         (7,091)         (11,202)

Other expense                         (20,089)         (29,186)

Finance cost                           (8,407)             (93)

Total expense                        (186,530)        (195,944)

Loss before tax                      (186,478)        (195,944)

Income tax benefit                           -                -

Loss for the period                  (186,478)        (195,944)



Statement of other Comprehensive Income for the

SIX MONTHS ENDED 30 JUNE 2019


                                              Six Months Ended Six Months Ended
                                        Notes     30 June 2019     30 June 2018
                                                          US $             US $

Loss for the period                                  (186,478)        (195,944)

Other comprehensive income/(loss)                            -        (132,065)

Total comprehensive loss for the period              (186,478)        (328,009)

Basic loss per share                                 (0.00041)        (0.00092)

Diluted loss per share                               (0.00041)        (0.00092)

Weighted average number of shares                  456,251,830      356,251,830



No dividends were proposed or declared in respect of any of the periods presented above.

The accompanying notes form part of this historical financial information.

Consolidated Statement of Financial Position

AS AT 30 JUNE 2019


                                                   As at        As at
                                      Notes 30 June 2019 30 June 2018
                                                    US $         US $

Assets


Non-current assets

Property, plant and equipment                          -            -

Available for sale financial assets     3        132,065      132,065

Investments                                       99,175            -

Intangible Assets                                 56,785            -

Total non-current assets                         288,025      132,065

Current assets

Trade and other receivables                        6,052       15,143

Cash and cash equivalent                              17       55,645

Total current assets                               6,069       70,788

Total assets                                     294,094      202,853

Current liabilities

Trade and other payables                         435,867       81,654

Total current liabilities                        435,867       81,654

Net Current (liabilities)/assets               (141,773)      121,199

Total liabilities                                435,867       81,654

Net assets / (liabilities)                     (141,773)      121,199

Shareholders’ equity

Share capital                                 98,293,401   98,214,902

Capital redemption reserve                        92,740       92,740

Other reserves                                   292,568      243,958

Accumulated losses                          (98,820,482) (98,430,401)

Total shareholders’ (deficit)/surplus          (141,773)      121,199



Statement of Changes in Equity for the

SIX MONTHS ENDED 30 JUNE 2019


                              Capital                   Accumulated
                Share Capital Redemption Other Reserves Losses       Total
                     US$      Reserve    US$            US$          US$
                              US$

Balance at 31   98,293,401    92,740     292,568        (98,634,004) 44,705
December 2018

Issue of shares             -          -              -            -         -

Total                       -          -              -    (186,478) (186,478)
comprehensive
loss for the
period

Balance at 30      98,293,401     92,740        292,568 (98,820,482) (141,773)
June 2019



Statement of Cash Flows for the

SIX MONTHS ENDED 30 JUNE 2019


                              Six Months Ended 30 June Six Months Ended 30 June
                                                  2019                     2018
                                                  US $                     US $

Cash flows from operating
activities

Loss after income tax                        (186,478)                (195,944)

Loss / (profit) on disposal                          -                  124,458
of assets available for sale

Net foreign exchange Loss /                      2,440                 (16,081)
(profit)

Increase/ (decrease) in                         33,061                 (77,130)
creditors

Decrease in debtors                              4,688                  124,208

Taxation provision write off                         -                (127,935)

Net cash flows used by                       (146,289)                (168,424)
operating activities

Cash flows from investing
activities

Purchase of subsidiaries                      (66,028)                        -

Loan notes extended                            212,159                        -

Proceeds from sale of                                -                  195,792
investments

Net cash outflow from                          146,131                  195,792
investing activities

(Decrease) / increase in                         (158)                   28,481
cash and cash equivalents

Cash and cash equivalents at                       175                   30,651
the beginning of the period

Effects of foreign exchange                          -                  (3,487)
rate changes on the balance
of cash held in foreign
currencies

Cash and cash equivalents at                        17                   55,645
the end of the year



NOTES TO THE FINANCIAL STATEMENTS

1.         BASIS OF ACCOUNTING

The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.  The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union.  The financial information is presented in US dollars, rounded to the nearest dollar.

2.         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures (Forbes or the Company) 2018 Annual Report. All remain relevant.

3.         AVAILABLE FOR SALE FINANCIAL ASSETS


                                                   As at        As at
                                            30 June 2019 30 June 2018
                                                     US$          US$

Investments at fair value brought forward        132,065      567,110

Investments acquired in the period                     -            -

Foreign currency exchange increase                     -       17,270

Revaluation                                            -    (132,065)

Disposal of investments                                -    (320,250)

Financial assets at the end of the year          132,065      132,065

Level 1 investments at the end of the year       132,065      132,065



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

ENDS

For further information, please contact:


Forbes Ventures
Peter Moss, Chairman                01625 588 767
Rob Cooper, Chief Executive Officer 020 3687 0498

NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl                          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.