UK Markets open in 5 hrs 37 mins

Globe Capital Limited - Results for the year ended 31 December 2020

·5-min read

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 0.05 pence (2019: 0.07 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.

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

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting