Globe Capital Limited - Results for the year ended 31 December 2020
Announcement provided by
Globe Capital Limited · GCAP15/11/2021 18:41
15 November 2021
Globe Capital Limited
("Globe Capital", "Company" or the “Group”)
Audited Annual Results for the year ended 31 December 2020
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual results for year ended 31 December 2020.
Chairman’s Statement
I am pleased to report the final audited results for the year ended 31 December 2020 of the Company.
Financial performance
The turnover for the year was £10,000 (2019: £10,000) and the loss was £136,998 (2019: £182,240). The loss per share was
Review of operations
The Group’s investment strategy is to seek medium-to-long term investments in businesses that exhibit growth potential. The Group continues to be an active investor in situations where the Group can make a clear contribution to the growth and development of the investment.
During the year the Company continued with its office in the Business Bay,
The Company’s full annual report, includes a going concern note in relation to the preparation of the financial statements, which confirms that whilst the Company’s current liabilities exceeded its current assets as at 31 December 2020 by £84,308, continued support is currently being provided by one if its shareholders Toddbrook Investments Limited and the Company has also obtained further support by the Company’s loan note provider. The Auditors have indicated a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern, but have not qualified their opinion.
The Company is still well placed to take advantage of any opportunities as they arise through 2021 onwards and will continue to look for further fund raising opportunities and investments.
The Company’s shares trading on Aquis Stock Exchange have been suspended since 4 May 2021.
David Barnett
Chairman
15 November 2021
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 DECEMBER 2020
| Audited | Audited | ||
| Year ended 31 December 2020 |
Year ended 31 December 2019 |
||
| GBP | GBP | ||
| Revenue | 10,000 | 10,000 | |
| Cost of services | - | (7,500) | |
| Gross Profit | 10,000 | 2,500 | |
| Other Income | 3,907 | 9,698 | |
| Administrative Expenses | (144,905) | (182,240) | |
| Finance costs | (6,000) | (12,000) | |
| (Loss) Before Income Tax | (136,998) | (182,240) | |
| Income Tax | - | - | |
| Profit / (Loss) for the period attributable to equity holders | (136,998) | (182,240) | |
| (Loss) per share Basic (pence) |
(0.05p) | (0.07p) |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2020
| Audited | Audited | ||
| Year ended 31 December 2020 |
Year ended 31 December 2019 |
||
| GBP | GBP | ||
| Non-current Assets | |||
| Property, plant and equipment | - | 9,090 | |
| Goodwill | - | - | |
| Financial assets at fair value through profit or loss | 1,120 | - | |
| 1,120 | 9,090 | ||
| Current assets | |||
| Other receivables and Prepayments | 7,343 | 19,955 | |
| Loans Receivable | - | 85,115 | |
| Cash and cash equivalents | 17,264 | 5,023 | |
| 24,607 | 110,093 | ||
| Current Liabilities | |||
| Other Payables | 103,115 | 186,708 | |
| Amount due to a related company | 5,800 | 4,400 | |
| 108,915 | 191,108 | ||
| Net Current (Liabilities)/Assets | (84,308) | (81,015) | |
| Total Assets (less)/Above Current Liabilities | (83,188) | (71,925) | |
| Non-current liabilities | |||
| Other payables | 118,000 | - | |
| Amounts due to directors | 24,165 | 16,430 | |
| 142,165 | 16,430 | ||
| Net (Liabilities) | (225,353) | (88,355) | |
| Shareholders' Equity | |||
| Called Up Share Capital | 664,994 | 664,994 | |
| Retained Earnings | (870,347) | (733,349) | |
| Total Equity | (225,353) | 88,355 |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 DECEMBER 2020
| Audited | Audited | |||
| Year ended 31 December 2020 |
Year ended 31 December 2019 |
|||
| GBP | GBP | |||
| Profit/(Loss) before tax | (136,998) | (182,240) | ||
| Adjustment: | ||||
| Depreciation | 3,500 | 7,000 | ||
| Impairment of goodwill | - | 1,150 | ||
| Loan receivables written off | 55,263 | - | ||
| Loss on disposal of an associate | - | 12,500 | ||
| Loss on disposal of property, plant and equipment | 5,590 | - | ||
| Other receivables written off | 6,839 | - | ||
| Interest expenses | 6,000 | 12,000 | ||
| Interest income | (3,907) | (9,698) | ||
| Operating loss before working capital changes | (63,713) | (159,288) | ||
| Changes in working capital: | ||||
| Other receivables and prepayments | 9,390 | 27,665 | ||
| Other payables | 28,407 | 16,143 | ||
| Amount due to a related company | 1,400 | 1,400 | ||
| Amounts due to directors | 7,735 | 2,203 | ||
| Cash utilised in operations | (16,781) | (111,877) | ||
| Cash flows from investing activities | ||||
| Increase in loans receivables | 28,732 | 50,300 | ||
| Interest received | 290 | 9,698 | ||
| Net cash from investing activities | 29,022 | 59,998 | ||
| Net increase/(decrease) in cash and cash equivalents | 12,241 | (51,879) | ||
| Cash and cash equivalents at the beginning of the year | 5,023 | 56,902 | ||
| Cash and cash equivalents at end of year | 17,264 | 5,023 | ||
| Analysis of cash and cash equivalents | ||||
| Cash and bank balances | 17,264 | 5,023 |
The directors of Globe Capital Limited accept responsibility for this announcement.
For further information
COMPANY:
Globe Capital Limited
Darren Edmonston
+1-855-280-6793
CORPORATE ADVISER:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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