28 September 2018
FORBES VENTURES
(“Forbes” or the “Company”)
Interim Results for the six months ended
CHAIRMAN’S REPORT
REPORTING PERIOD HIGHLIGHTS
On
CHAIRMAN’S STATEMENT
I am pleased to present you with Forbes Ventures’ unaudited Interim Results for the period ended
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
Kindest regards,
Chairman
Statement of Profit and Loss
for the SIX MONTHS ENDED
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
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
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
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
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
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A comprehensive summary of the significant accounting policies is provided for in the
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
ENDS
For further information, please contact:
Forbes Ventures Peter Moss , Chairman 01625 568 767Rob Cooper , Chief Executive Officer 020 3687 0498 NEX Exchange Corporate AdviserPeterhouse Capital Limited Mark Anwyl andFungai Ndoro 020 7469 0930
