Audited Results for the year ended
Review of the business
Business Strategy and objectives
During the accounting period, the Company disposed of its entire interest in KCR Residential REIT Plc as per the announcement made on
The Company’s remaining equity holding is in
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
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.
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 Anwyland Fungai Ndoro020 7469 0930
INCOME STATEMENT FOR THE YEAR ENDED
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
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
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 2019and are signed on its behalf by: Mr P Moss Director Company Registration No. WK-143629
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
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