Globe Capital
Limited
AQSE: GCAP
("Globe Capital"
or the "Company")
Audited Annual
Results for the year ended 31 December
2021
Globe Capital Limited (AQSE: GCAP) is pleased to announce its
audited annual results for year ended 31
December 2021. A copy for which will be uploaded to the
company’s website shortly - https://globecapitalltd.com
Chairman’s statement
I am pleased to report the final audited results for the year
ended 31 December 2021 of Globe
Capital Limited (the “Company”, together with its subsidiaries, the
“Group”).
Financial performance
The turnover for the year was £Nil (2020: £10,000) and the loss
was £13,039 (2020: £136,998). The loss per share was 0.005 pence (2020: 0.05
pence). In the past year, the Directors have kept
operational costs at a minimum, where possible.
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, Dubai and operation
through the 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 and as a result the company
ceased all operations in Dubai in
early 2022.
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 2021
by £35,795, continued support is currently being provided by the
company’s directors and shareholders Glenpani Group and
Simon Grant Rennick. 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 2022 onwards and will continue
to look for further fund raising opportunities and investments.
Simon Grant
Rennick
Chairman
30th June 2022
Globe Capital
Limited
AQSE: GCAP
("Globe Capital"
or the "Company")
Audited Annual
Results for the year ended 31 December
2021
REVIEW OF BUSINESS
The principal activity of the company to the year end was to
focus on restoring and reinstating direction to Globe with the
company’s share capital being suspended for most of the period due
to issues arising with the company’s depositary interest agreement
and late filing associated with the financial statements for the
year ending 2020.
I am pleased to report that on the 15
November 2021 after a period of review, Globe completed a
restructure and recapitalisation exercise concurrent with the
reconstitution of the Board of Directors, contemporaneous to these
decisions and upon concluding positive discussions with the AQSE
Growth Market Exchange the company’s shares were subsequently
restored to trading.
Restructure & Recapitalisation of the company November 2021 included:
Board Reconstitution
On 15 November 2021, the company
welcomed Mr Burns Singh Tennent-Bhohi & Mr Simon Grant-Rennick to the Board of Directors
concurrent with their recapitalisation and restructure
strategy.
Burns Singh Tennent-Bhohi (Executive
Director)
Burns is the founder & CEO of The Glenpani Group, an
international private venture capital business based in
London/U.K. Glenpani’s focus is
the evaluation and augmentation of distressed-asset opportunities
and private-transaction/investment origination.
Glenpani Group cornerstone-invest, originate transactions and
provide corporate consultancy to international companies both
private and public. Glenpani Group
maintains a deep international network that includes corporate
brokers/ financiers, investment bankers, merchant banks, UHNWIs,
project-level financiers, asset banks and technical teams.
Burns assumes a number of International Directorships on both
private and public companies having raised in excess of
$50,000,000 in debt and equity
financing, completed over $40,000,000
in corporate transactions with Tier 1 mining companies
and has most recently completed an investment transaction that
from seed has generated a return on capital invested in excess of
15,000% in the Nickel-Space.
Mr Simon
Grant-Rennick (Executive Director)
Simon graduated from the Camborne School of Mines (Bsc
Mining Engineering [hons], ACSM) and has been actively involved in
the mining and metal trading industry for over 30-years. During
this time Simon has served Board & Management roles for both
private and public (LSE, ASX, AQSE) entities globally.
Simon has extensive experiences in the industrial and
non-ferrous metal industry which includes a successfully operating
Falconbridge Internationals non-ferrous trading arm.
Simon maintains a number of Board & Management Roles across
industries including; agriculture, property, technology & the
mining sector, including; All Active Asset Capital Ltd
(AIM: AAA), U.K. Spac plc (AIM: SPC), Evrima plc (AQSE: EVA)
and was most recently the Executive Chairman of Quetzal Capital plc
(AQSE: QTZ).
The retiring Director
In conjunction with these Board and restructuring initiatives,
Mr David Barnett retired his role as
Director. Mr Barnett has been a supportive and active Director of
the company from his appointment and the Board of Globe wishes to
thank him for his services to the company and wish him well in his
future endeavours.
Convertible Loan Note Financing
In order to begin rationalising the balance sheet, the two
incoming Directors entered a £100,000 Convertible Loan Note (“CLN”)
Financing Agreement.
The terms of the agreement allows for £100,000 of capital to be
injected as unsecured, non-interest bearing CLNs maturing on the
three year anniversary for which they were issued. The CLNs have a
conversion price of £0.00004 and at the election of the lender if
converted, the lender shall be issued one warrant for every one
conversion share issued. The warrants shall have a strike price of,
£0.00008 and a life to expiry of 5-years from date of grant.
POST YEAR END REVIEW
The company continues to rationalise the balance sheet, engage
with shareholders of the company and is actively working to
finalise details regarding the commercial direction of the business
that since admission has been focused on the property and general
investment sector.
The Board have received interest in the business since
commencing the restructure and recapitalisation process and whilst
the conditions of current global financial markets present
challenges, the Directors are confident in progressing a
revitalised strategy to generate value for the shareholders of the
company.
As at year end, the company still maintains a number of
creditors with relation to legacy corporate activity and general
working capital, the Board are working diligently to achieve a
debt-free capital structure for the business to enhance the
corporate profile of the company moving forward. Ongoing
discussions with creditors to date have been positive and the
company will look to make announcements upon conclusion.
In April 2022, the company changed
the auditor the company and appointed Edward Veeders UK Limited .
The Company would like to thank PKF LLP, the outgoing Auditor.
OUTLOOK
With the bulk of the corporate restructure complete, Globe now
has a restored purpose as an investment issuer on the AQSE Growth
Market Exchange. The company is now focused on rationalising the
balance of legacy creditors and determining the corporate direction
of the company for which the Board will present to the shareholders
at the upcoming, Annual General Meeting.
Burns Singh Tennent-Bhohi
Director
30th June 2022
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 DECEMBER
2021
|
Audited |
|
Audited |
|
Year
ended
31 December
2021 |
|
Year
ended
31 December
2020 |
|
GBP |
|
GBP |
Revenue |
- |
|
10,000 |
Gross Profit |
- |
|
10,000 |
|
|
|
|
Other Income |
- |
|
3,907 |
Administrative
Expenses |
(7,039) |
|
(144,905) |
Finance costs |
(6,000) |
|
(6.000) |
|
|
|
|
(Loss) Before Income
Tax |
(13,039) |
|
(136,998) |
|
|
|
|
Income Tax |
- |
|
- |
|
|
|
|
Profit / (Loss) for
the period attributable to equity holders |
(13,039) |
|
(136.998) |
|
|
|
|
(Loss) per share
Basic (pence) |
(0.005p) |
|
(0.05p) |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As at 31 DECEMBER 2021
|
Audited |
|
Audited |
Year
ended
31 December
2021 |
|
Year
ended
31 December
2020 |
|
GBP |
|
GBP |
|
|
|
|
Non-current
Assets |
|
|
|
Goodwill |
- |
|
- |
Financial assets at
fair value through profit or loss |
8,238 |
|
1,120 |
|
8,238 |
|
1,120 |
|
|
|
|
Current assets |
|
|
|
Other receivables and
Prepayments |
8,844 |
|
7,443 |
Loans Receivables |
- |
|
- |
Cash and cash
equivalents |
26,893 |
|
17,264 |
|
35,737 |
|
24,707 |
|
|
|
|
Current
Liabilities |
|
|
|
Other Payables |
71,532 |
|
103,115 |
Amount due to a
related company |
- |
|
5,800 |
|
71,532 |
|
108,915 |
|
|
|
|
Net Current
(Liabilities)/Assets |
(35,795) |
|
(84,208) |
Total Assets
(less)/Above Current Liabilities |
(27,557) |
|
(83,088) |
|
|
|
|
Non-current
liabilities |
|
|
|
Other payables |
124,000 |
|
118,000 |
Amount due to a
related company |
32,500 |
|
- |
Amounts due to
directors |
54,235 |
|
24,165 |
|
210,735 |
|
142,165 |
|
|
|
|
Net (Liabilities) |
(238,292) |
|
(225,253) |
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Called Up Share
Capital |
645,094 |
|
645,094 |
Share premium
account |
940,226 |
|
940,226 |
Retained Earnings |
(1,823,612) |
|
(1,810,573) |
Total Equity |
(238,292) |
|
(225,253) |
GLOBE CAPITAL LIMITED
COMPANY STATEMENT OF FINANCIAL
POSITION
As at 31 DECEMBER 2021
|
Audited |
|
Audited |
Year
ended
31 December
2021 |
|
Year
ended
31 December
2020 |
|
GBP |
|
GBP |
|
|
|
|
Non-current
Assets |
|
|
|
Investment in
Subsidiary |
1,250 |
|
1,250 |
Goodwill |
- |
|
- |
Loans receivable |
- |
|
15,000 |
Financial assets at
fair value through profit or loss |
8,238 |
|
1,120 |
|
9,488 |
|
17,370 |
|
|
|
|
Current assets |
|
|
|
Other receivables and
Prepayments |
8,744 |
|
10,506 |
Loans Receivables |
17,133 |
|
25,000 |
Cash and cash
equivalents |
- |
|
3,580 |
|
25,877 |
|
24,707 |
|
|
|
|
Current
Liabilities |
|
|
|
Other Payables |
71,532 |
|
88,116 |
Amount due to a
related company |
- |
|
5,800 |
|
71,532 |
|
93,916 |
|
|
|
|
Net Current
(Liabilities)/Assets |
(45,655) |
|
(54,830) |
Total Assets
(less)/Above Current Liabilities |
(36,167) |
|
(37,460) |
|
|
|
|
Non-current
liabilities |
|
|
|
Other payables |
124,000 |
|
118,000 |
Amount due to a
related company |
32,500 |
|
- |
Amounts due to
directors |
54,235 |
|
24,165 |
|
210,735 |
|
142,165 |
|
|
|
|
Net (Liabilities) |
(246,902) |
|
(179,625) |
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Called Up Share
Capital |
645,094 |
|
645,094 |
Share premium
account |
940,226 |
|
940,226 |
Reserves |
(1,832,222) |
|
(1,764,945) |
Total Equity |
(246,902) |
|
(179,625) |
The loss of the parent company for the year ended 31st December 2021 was £67,277 (2020 -
£136,088)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the year ended 31 DECEMBER
2021
|
|
Audited |
|
Audited |
|
|
Year
ended
31 December
2021 |
|
Year
ended
31 December
2020 |
|
|
GBP |
|
GBP |
|
|
|
|
|
Profit/(Loss) before
tax |
|
(13,039) |
|
(136,998) |
Adjustment: |
|
|
|
|
Depreciation |
|
- |
|
3,500 |
Loan receivables
written off |
|
- |
|
55,263 |
Loss on disposal of
property, plant and equipment |
|
- |
|
5,590 |
Increase in value of
financial assets |
|
(7,118) |
|
- |
Other receivables
written off |
|
- |
|
6,839 |
Interest expenses |
|
6,000 |
|
6,000 |
Non cash transactions
written off |
|
(29,538) |
|
- |
Interest income |
|
- |
|
(3,907) |
Operating loss before
working capital changes |
|
(43,695) |
|
(63,713) |
|
|
|
|
|
Changes in working
capital: |
|
|
|
|
Other receivables and
prepayments |
|
(1,401) |
|
9,390 |
Creditors
(Decrease)/Increase |
|
(27,875) |
|
28,407 |
Cash utilised in
operations |
|
(72,971) |
|
(25,916) |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Other loan
repayments |
|
(18,000) |
|
- |
Increase in loans
receivables |
|
20,000 |
|
28,732 |
Increase in loans from
related parties |
|
32,500 |
|
1,400 |
Increase in directors
loan |
|
48,100 |
|
7,735 |
Interest received |
|
290 |
|
290 |
Net cash from
investing activities |
|
82,600 |
|
38,157 |
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents |
|
9,629 |
|
12,241 |
Cash and cash
equivalents at the beginning of the year |
|
17,264 |
|
5,023 |
|
|
|
|
|
Cash and cash
equivalents at end of year |
|
26,893 |
|
17,264 |
|
|
|
|
|
Analysis of cash and
cash equivalents |
|
|
|
|
Cash and bank
balances |
|
26,893 |
|
17,264 |
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 / Mark Anwyl
Tel: +44 (0) 207 469 0930
Market Abuse Regulation (MAR)
Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.