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Globe Capital Limited - Interim Results to 30 June 2022


Announcement provided by

Globe Capital Limited · GCAP

30/09/2022 16:36

Globe Capital Limited - Interim Results to 30 June 2022 PR Newswire

30th September 2022

Globe Capital Limited

("Globe Capital" or the "Company")

Interim Results for the six months period to 30 June 2022

Globe Capital Limited is pleased to announce its unaudited interim results for the 6 months period to 30 June 2022. Operational costs for the period amounted to £35k compared to £31k for the 6 months to June 2021.

The Company’s investment strategy continues to be that to seek medium-to-long term investments in businesses that exhibit growth potential. The Company continues 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 continues to receive support from its shareholders and loan note holders to meet its ongoing costs.

Executive Director, Burns Singh Tennent-Bhohi commented,

We are living through quite extraordinary times in global financial markets. The world is gripped by a myriad of complex economic & geo-political problems that shine light on our dependency on globalisation and how challenging deglobalisation and realistic closed economic models are.

This palpable shift is being felt by the consumer and general public, resulting in an acute disconnect between monetary and fiscal policy after more than 10-years of monetary policy dominating financial market capital inflows.

Whilst the Company still progresses final elements of our corporate restructure, we do so knowing that the Company is well positioned to perform as a publicly quoted investment issuer. The Board remain in active commercial discussions for which the majority is inbound and should anything materialise the Company will update the market accordingly.”

Globe Capital Limited

Consolidated Profit and Loss and Other Comprehensive Income

Six months ended 30 June 2022

 6 months ended 30 June 2022  6 months ended 30 June 2021 Year ended
31 December
2021
 GBP '000  GBP '000  GBP '000
Revenue -                     -   -
Cost of services -                   -   -
Gross Profit -   - -
Other Income - - -
Administrative Expenses (35) (31) (7)
Finance Costs (3)                      (3)   (6)
Loss Before Taxation (38)   (34) (13)
Taxation                   -                     -   -
Other Comprehensive Loss                   -                     -   -
Loss for the period (38)   (34) (13)
Earning / (Loss) per share
Basic & Diluted (pence)             (0.01)p             (0.01)p (0.005)p

Globe Capital Limited

Consolidated Statement of financial position as at 30 June 2022

 30 June
2022
 30 June
2021
 31 December
2021
 GBP '000  GBP '000  GBP '000
Non-current assets
Property, plant and equipment -              - -                
Goodwill -                    -                      -  
Financial assets at fair value through profit or loss 1 10 8
Current assets
Other receivables and prepayments 12  8 9
Cash and cash equivalents 23 27
Other debtors and receivables - -
Total Assets 17   41 36
Current Liabilities
Other payables 45   145  72
Creditors: falling due after more than one year
Amounts due to directors 71 34 54
Amounts due to a related company 50 - 33
Other payables 127 121 124
Total Liabilities 293 300 211
Net Assets (276) (259) (238)
Shareholders' Equity
Share Capital 645 645   645
Reserves (921) (904) (883)
Total Equity (276)   (259)           (238)

Globe Capital Limited

Consolidated Statement of Cash Flows

Period ended 30 June 2022

 6 months ended           30 June 2022  6 months ended           30 June 2021  Year ended
31 December
2021
 GBP '000  GBP '000  GBP '000
Loss before income tax (34) (34) (13)
Adjustment:
Decrease/(Increase) in value of financial assets 1 - (7)
Interest expenses 3 3 6
Gain on financial assets - (9) -
Non cash transactions written off - - (30)
Operating loss before working capital changes (30) (40) (44)
Changes in working capital:
Other receivables and prepayments (3) (1) (1)
Other payables (24) 37 (28)
Amounts due to directors - 10 -
Amounts due to shareholders - - -
Net cash used in operating activities - 6 -
Cash flows from investing activities
Other loan repayments - - (18)
Increase in loans receivable - - 20
Increase in loans from related parties 17 - 32
Increase in directors’ loan 17 - 48
Interest received - - -
Net cash from investing activities 34 - 83
Increase in cash and cash equivalents (23) 6 10
Cash and cash equivalents at the beginning of the period 27                   17 17
Cash and cash equivalents at end of period 4 23 27
Cash at Bank C/F 4 23 27

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 £38,000 (2021: loss £34,000) by the weighted average number of ordinary shares of 255,919,752 (2021: 255,919,752).

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

For further information

Globe Capital Limited

Darren Edmonston

Tel: +44 (0) 1279 635511

CORPORATE ADVISER AND CONTACT DETAILS:

Peterhouse Capital Limited

Guy Miller / Anwyl

Tel: +44 (0) 207 469 0930

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