Globe Capital Limited - Interim Results to 30 June 2022
Announcement provided by
Globe Capital Limited · GCAP30/09/2022 16:36
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 | 4 | 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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