Audited Results for the year ended
Review of the business
Business Strategy and objectives
Business environment and performance
The business has continued to explore the potential within the investment market, developing fund management capabilities. The uncertainties caused by Brexit and related issues limited the ability of the business to secure sufficient funding. The business has extended its interests to include development of a securitisation platform to be used across a range of financial assets. The investment in the company’s future has resulted in a financial loss of
Post balance sheet activities
As mentioned above and detailed in our announcement of
I would like to thank my fellow Directors, both past and present, for their hard work in bringing this securitisation platform to fruition, as well as our shareholders for their patience as we carefully determined this future course. Given the uncertainties facing global markets as a result of the COVID-19 Epidemic, I believe that this platform will create a durable and secure revenue stream for the Company, regardless of continued global volatility in markets or a continued low interest rate environment.
Aside from securitisations, which should provide solid base cashflow, the Company continues to work on other complimentary projects to diversify our business lines and take advantage of current dislocations in the market and will update the market as these come on line.
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 AQSE Corporate Adviser Peterhouse Capital Limited Mark Anwyland Allie Feuerlein020 7469 0930
INCOME STATEMENT FOR THE YEAR ENDED
2019 2018 $ $ Administrative expenses (321,534) (368,574) Operating loss (321,534) (368,574) Investment revenues 52 43 Finance costs (8,293) (1,693) Other gains and losses - (29,323) Loss before taxation (329,775) (399,547) Income tax expense - - Loss for the year (329,775) (399,537)
The income statement has been prepared on the basis that all operations are continuing operations.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
2019 2018 $ $ Loss for the year (329,775) (399,547) Other comprehensive income - (132,065) Total comprehensive income for the year (329,775) (531,612) The income statement has been prepared on the basis that all operations are continuing operations. Basic loss per share (0.0007) Diluted loss per share (0.0007) Average number of shares 456,251,830 No dividends were proposed or declared in respect of any of the periods presented above.
STATEMENT OF FINANCIAL POSITION AS AT
2019 2018 $ $ Non-current assets Intangible assets 56,785 56,785 Investments 103 103 56,888 56,888 Current assets Investments 132,065 132,065 Trade and other receivables 124,545 43,784 Cash and cash equivalents - 175 256,610 176,024 Total assets 313,498 232,912 Current liabilities Trade and other payables 598,568 188,207 Net current liabilities (341,958) (12,183) Total liabilities 598,568 188,207 Net (liabilities)/assets (285,070) 44,705 Equity Called up share capital 98,293,401 98,293,401 Other reserves 292,568 292,568 Capital redemption reserve 92,740 92,740 Retained earnings (98,963,779) (98,634,004) Total equity (285,070) 44,705
The financial statements were approved by the board of directors and authorised for issue on
29 May 2020and are signed on its behalf by: Mr P Moss Director Company Registration No. WK-143629
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
2019 2018 $ $ $ $ Cash flows from operating activities (205,355) (400,672) Net cash outflow from operating activities (205,355) (400,672) Investing activities Purchase of intangible assets - (56,785) Loan to subsidiary (88,957) (33,045) Proceeds on disposal of investments - 178,524 Interest received 52 43 Net cash (used in)/generated from investing activities (88,905) 88,737 Financing activities Proceeds from issue of shares - 127,109 Loan from related party 294,085 105,740 Adjustment to capital - 48,610 Net cash generated from financing 294,085 281,459 activities Net decrease in cash and cash equivalents (175) (30,476) Cash and cash equivalents at beginning of 175 30,651 year Cash and cash equivalents at end of year - 175
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