Globe Capital Limited - Interim Results for six months period to 30 June 2019

14 October 2019
 

Globe Capital Limited
("Globe Capital" or the "Company")

Interim Results for the six months period to 30 June 2019

Chairman’s Statement

Globe Capital Limited is pleased to announce its unaudited interim results for the 6 months period to 30 June 2019. Operational costs for the period amounted to £82k compared to £113k for the 6 months to June 2018.

The company is continuing with the promotion of companies from the UK and EU within the gulf region and the company continues to seek medium to long term investments in businesses that exhibit growth potential. The Company continues to intend to be an active investor in situations where the Company can make a clear contribution to the growth and development of the investment.

The company is continuing to see a slowing down of opportunities within Dubai due to the changes in the countries banking regulations, which has been further impacted by the continued delay and uncertainty around BREXIT, affecting both the UK and the EU.



14^th October 2019

David Barnett
Chairman

Globe Capital Limited
Statement of Comprehensive Income
Six months ended 30 June 2019

                                    6 months     6 months  Year ended
                                       ended        ended 31 December
                                30 June 2019 30 June 2018        2018

                                    GBP '000     GBP '000    GBP '000

Revenue                                    -            -           -

Other Income                               6            -           6

Gross Profit                               -            -           -

Administrative Expenses                 (82)        (113)       (219)

Profit / (Loss) from Operations         (76)        (113)       (213)

Finance Costs                              -            -           -

Profit / (Loss) Before Taxation         (76)        (113)       (213)

Taxation                                   -            -           -

Other Comprehensive Loss                   -            -           -

Profit / (Loss) for the period          (76)        (113)       (213)

Earning / (Loss) per share

Basic & Diluted (pence)              (0.03)p      (0.05)p     (0.09)p

Globe Capital Limited
Balance Sheet as at 30 June 2018

                                                 30 June  30 June 31 December
                                                    2019     2018        2018

                                                GBP '000 GBP '000    GBP '000

Non-current assets

Property, plant and equipment                          9       21          16

Investments                                           14       14          14

Loans Receivable                                       -        -          25

Current assets

Prepayments                                           22       57          48

Cash and cash equivalents                             12      169          57

Other debtors and receivables                        146      126         110

Total Assets                                         203      387         270

Current Liabilities

Trade and other payables                             130      138         162

Accruals                                              38       44           -

Financial Liabilities - Borrowings                     -        -           -

Creditors: falling due after more than one year

Amounts due to directors                              17       11          14

Amounts due to a shareholder                           -        -           -

Total Liabilities                                    185      193         176

Net Assets                                            18      194          94

Shareholders' Equity

Share Capital                                        645      645         645

Reserves                                           (627)    (451)       (551)

Total Equity                                          18      194          94

Globe Capital Limited
Statement of Cash Flows
Period ended 30 June 2018

                                               6 months     6 months  Year ended
                                                  ended        ended 31 December
                                           30 June 2019 30 June 2018        2018

                                               GBP '000     GBP '000    GBP '000

Profit/(Loss) before tax                           (76)        (113)       (213)

Adjustment:

Other income                                          -            -           5

Depreciation                                          -            -         (7)

Operating profit/(loss)                            (76)        (113)       (215)

Cash flows from operating activities

(Increase)/decrease in trade and other                3        (177)        (40)
receivables

Increase/(decrease) in trade and other                6            7        (13)
payables

Amounts due to Directors                              3         (21)        (18)

Share based payments                                               -           -

Cash utilised in operations                        (64)        (304)       (286)

Cash flows from investing activities

Interest received                                     6            -           6

Loans receivable                                     13            -       (136)

Purchase of tangible assets                           -         (21)        (21)

Net cash from investing activities                   19         (21)       (151)

Cash flows from financing activities

Issue of new shares                                   -          450         450

Amounts due to a shareholder                          -         (14)        (14)

Net cash from financing activities                    -          436         436

(Decrease)/increase in cash and cash               (45)          111         (1)
equivalents

Cash and cash equivalents at the beginning           57           58          58
of the period

Cash and cash equivalents at end of period           12          169          57

Cash at Bank C/F                                     12          169          57

The financial information set out above has not been reviewed or audited by the company's auditors.

Basic and diluted profit per share is calculated by dividing the loss for the period of £113,000 (2018: loss £113,000) by the weighted average number of ordinary shares of 255,919,752 (2018: 222,586,419).

The directors of Globe Capital Limited accept responsibility for this announcement.
For further information

Globe Capital Limited
David Barnett
Chairman
+1-855-280-6793


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