Forbes Ventures Plc - Audited Results for the year ended 31 December 2018 PR Newswire

4 April 2019

Forbes Ventures
("Forbes Ventures" or the “Company”)

Audited Results for the year ended 31 December 2018

Forbes Ventures is pleased to announce its audited results for the year ended 31 December 2018.

Review of the business

Business Strategy and objectives
Forbes Ventures is an investment company that has a focus on the finance, property and legal sectors with particular reference to innovative technology solutions that improve service, scalability and efficiency. The business is developing rigorous investment assessment processes using both in-house and external professional advice to enable it to consider a wider portfolio of investment opportunities in a risk averse way. These processes will assess the relevance of individual investments whilst ensuring a risk balanced portfolio is developed over time.

Business environment
During 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 that announcement, 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 Allica Ltd (previously called Civilised Bank Limited), a new challenger bank start-up. The Company’s announcement dated 9 May 2018 provides further information about the current performance of this investment.

Business Performance
The main activity for this year has been the rationalisation of investment holdings to properly align them with the corporate strategy and the investment in processes and people to facilitate the Company's future. This has resulted in a financial loss of $532,000 for the year. We continue to be well-supported by our majority shareholder, Quanta Capital Ltd (a Company registered in the British Virgin Islands – number 1948583), as we build out a robust debt-based platform for investment.

No doubt, the year ahead will be transformative for the Group. We look forward to updating shareholders on a regular basis, as we roll out our investment strategy. I would also like to take this opportunity to thank my fellow Directors for their tireless efforts over the past year as we have developed our investment processes and infrastructure.

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 and Fungai Ndoro         020 7469 0930




INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018


                                                       2018          2017

                                                          $             $

Other operating income                                    -             -

Administrative expenses                             (368,574)   (121,958)

Operating loss                                      (368,574)   (121,958)

Investment revenues                                      43        32,864

Finance costs                                       (1,694)             -

Other gains and losses                             (29,322)             -

Loss before taxation                                (399,547)    (89,094)

Income tax expense                                        -             -

Loss and total comprehensive income for the year    (399,547)    (89,094)

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




STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018


                                                   2018        2017

                                                      $           $

Loss for the period                                 (399,547)   (89,094)

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

Income tax expense                                    -           -

Total comprehensive income /(loss) for the year     (531,612)   (89,094)

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




STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018


                                         2018                    2017

                                            $                       $

Non-current assets

Property, plant and equipment               -                      74

Investments                               103                       -

Intangible assets                      56,785                       -

                                       56,888                      74

Current assets

Investments                           132,065                 567,110

Trade and other receivables            43,784                 139,050

Cash and cash equivalents                 175                  30,651

                                      176,024                 736,811

Total assets                          232,912                 736,885

Current liabilities

Trade and other payables              188,207                 336,287

Net current (liabilities)/assets        (12,183)              400,524

Total liabilities                     188,207                 336,287

Net assets                             44,705                 400,598

Equity

Called up share capital            98,293,401              98,166,292

Capital redemption reserve             92,740                  92,740

Other reserves                        292,568                 243,958

Retained earnings                   (98,634,004)          (98,102,392)

Total equity                           44,705                 400,598








The financial statements were approved by the board of directors and
authorised for issue on 1 April 2019 and are signed on its behalf by:

Mr P Moss

Director

Company Registration No. WK-143629




STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018


                                              2018            2017

                                            $       $       $       $

Cash flows from operating activities

Cash absorbed by operations                    (400,672)            (49,994)

Net cash outflow from operating                (400,672)            (49,994)
activities

Investing activities

Purchase of intangible assets         (56,785)              -

Purchase of property, plant and             -                 (99)
equipment

Proceeds on disposal of investments   178,524            (561,944)

Interest on other loans                    43          32,864

Loan to subsidiary                   (33,045)               -

Net cash generated from/(used in)              88,737              (529,179)
investing activities

Financing activities

Proceeds from issue of shares         127,109         579,172

Loan from related party               105,740               -

Adjustment to capital                  48,610               -

Net cash generated from financing             281,459         579,172
activities

Net decrease in cash and cash                   (30,476)                 (1)
equivalents

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

Cash and cash equivalents at end of               175          30,651
year



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

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.