Forbes Ventures Plc - Half-year Report PR Newswire

28 September 2018 

FORBES VENTURES

(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2018

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

On 2 May 2018, the Company disposed of it’s stake in KCR Residential REIT Plc, comprising 250,000 ordinary shares, for a gross cash consideration of £250,000.  Given the change of direction that Forbes Ventures has taken under its new ownership, the stake was considered non-core to the Company’s future.  The proceeds will be used for working capital as the Company works towards developing its stated business plan.

CHAIRMAN’S STATEMENT

I am pleased to present you with Forbes Ventures’ unaudited Interim Results for the period ended 30 June 2018.

During the period, the Company disposed of it’s stake in KCR Residential REIT Plc, as it was no longer considered core to the Company’s stated future business plans.  As above, the proceeds will be used to fund working capital.  The balance of the period was spent on developing the Company’s future business plan.  Also in May 2018, the Company was pleased to make two key additions to the Board by hiring Igor Zjalic as a Non-Executive Director and Nigel Quinton as an Executive Director.  Nigel, who was most recently the CEO of a UK Building Society, has also taken the role of Interim CFO.  Igor has served in a variety of Senior roles in International Investment Banks and ran a large Interest Rates book for a French Reinsurance Company.  I am pleased as Chairman to welcome both to the Board, as their expertise will provide key pillars as Forbes Ventures begins to actively build its business.

Kindest regards,
PETER MOSS
Chairman

Statement of Profit and Loss
for the SIX MONTHS ENDED 30 JUNE 2018


                                   Six Months Ended Six Months Ended
                             Notes     30 June 2018     30 June 2017
                                               US $             US $

Revenue

Other income                                      -           32,864

Total income                                      -           32,864

Expense

Employee benefits expense                         -         (26,077)

Foreign exchange gain/(loss)                 16,081              428

Professional fees                         (171,544)         (55,369)

Public relations                                  -            (855)

Office expense                             (11,202)                -

Other expense                              (29,186)            (150)

Finance cost                                   (93)            (116)

Total expense                             (195,944)         (82,139)

Loss before tax                           (195,944)         (82,139)

Income tax benefit                                -                -

Loss for the period                       (195,944)         (49,275)



Statement of other Comprehensive Income
for the SIX MONTHS ENDED 30 JUNE 2018


                                              Six Months Ended Six Months Ended
                                        Notes     30 June 2018     30 June 2017
                                                          US $             US $

Loss for the period                                  (195,944)         (49,275)

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

Total comprehensive loss for the period              (328,009)         (49,275)

Basic loss per share                                 (0.00092)        (0.00017)

Diluted loss per share                               (0.00092)        (0.00017)

Weighted average number of shares                  356,251,830      419,918,496



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 2018


                                                 As at            As at
                                    Notes 30 June 2018 31 December 2017
                                                  US $             US $

Assets

Trade and other receivables                     15,143          139,050

Cash and cash equivalent                        55,645           30,651

Total current assets                            70,788          169,701

Property, plant and equipment                        -               74

Available for sale financial assets   3        132,065          567,110

Total non-current assets                       132,065          567,184

Total assets                                   202,853          736,885

Liabilities

Trade and other payables                        81,654          287,677

Total current liabilities                       81,654          287,677

Total liabilities                               81,654          287,677

Net assets / (liabilities)                     121,199          449,208

Shareholders’ equity

Share capital                               98,214,902       98,214,902

Share-based payments reserve                   121,654          121,654

Warrants reserve                               122,304          122,304

Capital redemption reserve                      92,740           92,740

Accumulated losses                        (98,430,401)     (98,102,392)

Total shareholders’ deficit                    121,199          449,208



The accompanying notes form part of these financial statements.

Statement of Changes in Equity
for the SIX MONTHS ENDED 30 JUNE 2018


                Share    Share-Based  Capital   Warrants Accumulated
               Capital    Payments   Redemption Reserve     Losses      Total
                 US$       Reserve    Reserve     US$        US$         US$
                             US$        US$

Balance at 31 98,214,902     121,654     92,740  122,304 (98,102,392)   449,208
December 2017

Issue of               -           -          -        -            -         -
shares

Total                  -           -          -        -    (328,009) (328,009)
comprehensive
loss for the
period

Balance at 30 98,214,902     121,654     92,740  122,304 (98,430,401)   121,199
June 2018



The accompanying notes form part of these financial statements.

Statement of Cash Flows
for the SIX MONTHS ENDED 30 JUNE 2018


                              Six Months Ended 30 June Six Months Ended 30 June
                                                  2018                     2017
                                                  US $                     US $

Cash flows from operating
activities

Loss after income tax                        (195,944)                 (49,275)

Loss / (profit) on disposal                    124,458                    (150)
of assets available for sale

Net foreign exchange Loss /                   (16,081)                      428
(profit)

Decrease in creditors                         (77,130)                 (58,961)

Decrease in debtors                            124,208                        -

Taxation provision write off                 (127,935)                        -

Net cash flows used by                       (168,424)                (107,958)
operating activities

Cash flows from investing
activities

Purchase of subsidiaries                             -                (567,110)

Loan notes extended                                  -                (618,700)

Proceeds from sale of                          195,792                    5,016
investments

Net cash outflow from                          195,792              (1,180,794)
investing activities

Cash flows from financing
activities

Proceeds from sale of shares                         -                1,259,961

Net cash flows from                                  -                1,259,961
financing activities

Net increase/(decrease) in                      28,481                 (28,791)
cash and cash equivalents

Cash and cash equivalents at                    30,651                   30,652
the beginning of the period

Effects of foreign exchange                    (3,487)                    (126)
rate changes on the balance
of cash held in foreign
currencies

Cash and cash equivalents at                    55,645                    1,735
the end of the year



The accompanying notes from part of these financial statements.

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 2017 Annual Report. All remain relevant.

3.     AVAILABLE FOR SALE FINANCIAL ASSETS


                                                   As at            As at
                                            30 June 2018 31 December 2017
                                                     US$              US$

Investments at fair value brought forward        567,110            5,166

Investments acquired in the period                     -          567,110

Foreign currency exchange increase                17,270                -

Revaluation                                    (132,065)                -

Disposal of investments                        (320,250)          (5,166)

Financial assets at the end of the year          132,065          567,110

Level 1 investments at the end of the year       132,065          567,110



4.   SHAREHOLDERS EQUITY RESTATEMENT

During the preparation of the interim accounts it was noted that there was a discrepancy in the quantity of shares in issue, this has now been traced and corrected within the interim accounts. The comparatives for 31st December 2017 accounts have been restated to reflect the update.

ENDS

For further information, please contact:


Forbes Ventures
Peter Moss, Chairman                01625 568 767
Rob Cooper, Chief Executive Officer 020 3687 0498

NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl and Fungai Ndoro         020 7469 0930