Globe Capital Limited Results for the year ended 31 December 2020
November 15 2021 - 12:42PM
UK Regulatory
TIDMGCAP
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 Year ended
31 December 31 December
2020 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 (136,998) (182,240)
to equity holders
(Loss) per share (0.05p) (0.07p)
Basic (pence)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2020
Audited Audited
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Non-current Assets
Property, plant and equipment - 9,090
Goodwill - -
Financial assets at fair value through profit 1,120 -
or loss
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 (733,349)
(870,347)
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 Year ended
31 December 31 December
2020 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 5,590 -
equipment
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 12,241 (51,879)
equivalents
Cash and cash equivalents at the beginning of 5,023 56,902
the year
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
END
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