Globe Capital Limited - Annual Results for the year ended 31 December 2019

Globe Capital Limited

("Globe Capital" or the "Company")

Audited Annual Results for the year ended 31 December 2019

Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual results for year ended 31 December 2019.

Chairman’s Statement

I am pleased to report the final audited results for the year ended 31 December 2019 of Globe Capital Limited (“the Company”).

Financial performance

The turnover for the year was £10,000 (2018: nil) and the loss was £182,240 (2018: £213,462). The loss per share was 0.07 pence (2018: 0.09 pence). In the past year, the Directors have kept operational costs at a minimum, where possible.

Review of operations

The Company’s investment strategy is 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.

During the year the company continued with its office in the Business Bay, Dubai and operation through the new subsidiary Vogel Marketing Services FSZ in Ajman, United Arab Emirates which promotes companies from the UK and EU within the Gulf Region, however the results from this region have been frustrated by the continued delays due to Brexit and now Covid-19.

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^st December 2019 by £87,205, 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 2020 onwards and will continue to look for further fund raising opportunities and investments.

The Company’s shares are traded on Aquis Stock Exchange.

David Barnett

Chairman

19 June 2020

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 DECEMBER 2019

	Audited	Audited
	Year ended 31 December 2019	Year ended 31 December 2018
	GBP	GBP
Revenue	10,000	-
Cost of services	(7,500)	-
Gross Profit	2,500	-

Other Income	9,698	6,367
Administrative Expenses	(182,240)	(219,829)
Finance costs	(12,000)	-

(Loss) Before Income Tax	(182,240)	(213,462)

Income Tax	-	-

Profit / (Loss) for the period attributable to equity holders	(182,240)	(213,462)

(Loss) per share Basic (pence)	(0.07p)	(0.09p)

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2019

	Audited	Audited
	Year ended 31 December 2019	Year ended 31 December 2018
	GBP	GBP

Non-current Assets
Property, plant and equipment	9,090	16,090
Goodwill	-	1,150
Investment in an associate	-	12,500
Loans receivable	-	25,000
	9,090	54,740

Current assets
Prepayments	19,955	47,620
Loans Receivable	85,115	110,415
Cash and cash equivalents	5,023	56,902
	110,093	214,937

Current Liabilities
Trade and other payables	191,108	161,565
	191,108	161,565

Net Current (Liabilities)/Assets	(81,015)	53,372
Total Assets (less)/Above Current Liabilities	(71,925)	108,112

Non-current liabilities
Amounts due to directors	16,430	14,227
	16,430	14,227

Net (Liabilities)/Assets	(88,355)	93,885


Shareholders' Equity
Called Up Share Capital	664,994	664,994
Retained Earnings	(733,349)	(551,109)
Total Equity	(88,355)	93,885

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 DECEMBER 2019

	Audited	Audited
	Year ended 31 December 2019	Year ended 31 December 2018
	GBP	GBP

Profit/(Loss) before tax	(182,240)	(213,462)
Adjustment:
Depreciation	7,000	4,910
Impairment of goodwill	1,150	-
Interest expenses	12,000	-
Interest income	(9,698)	(6,367)
Loss on disposal of an associate	12,500	-
Operating profit/(loss)	(159,288)	(214,919)

Cash flows from operating activities
Prepayments	27,665	(40,461)
other payables	17,543	(12,846)
Amounts due to directors	2,203	(18,170)
Cash utilised in operations	(111,877)	(286,396)

Cash flows from investing activities
Purchase of property, plant and equipment	-	(21,000)
Loans receivable	50,300	(135,415)
Bank interest received	9,698	6,367
Net cash (used in) from investing activities	59,998	(150,048)

Cash flows from financing activities
Proceeds from issuance of shares	-	449,400
Amount due to a shareholder	-	(13,585)
Net cash from financing activities	-	435,815

Net decrease in cash and cash equivalents	(51,879)	(629)
Cash and cash equivalents at the beginning of the period	56,902	57,531

Cash and cash equivalents at end of period	5,023	56,902