DJ Forbes Ventures Plc Audited Results for the year ended 31 December 2018
TIDMFOR
4 April 2019
Forbes Ventures
("Forbes Ventures" or the "Company")
Audited Results for the year ended 31 December 2018
Forbes Ventures is pleased to announce its audited results for the year ended
31 December 2018.
Review of the business
Business Strategy and objectives
Forbes Ventures is an investment company that has a focus on the finance,
property and legal sectors with particular reference to innovative technology
solutions that improve service, scalability and efficiency. The business is
developing rigorous investment assessment processes using both in-house and
external professional advice to enable it to consider a wider portfolio of
investment opportunities in a risk averse way. These processes will assess the
relevance of individual investments whilst ensuring a risk balanced portfolio
is developed over time.
Business environment
During the accounting period, the Company disposed of its entire interest in
KCR Residential REIT Plc as per the announcement made on 2 May 2018. The
disposal, together with the Board Appointments detailed in that announcement,
provide the Company with the necessary resources to execute its strategy and,
in turn, begin to deliver value to shareholders.
The Company's remaining equity holding is in Allica Ltd (previously called
Civilised Bank Limited), a new challenger bank start-up. The Company's
announcement dated 9 May 2018 provides further information about the current
performance of this investment.
Business Performance
The main activity for this year has been the rationalisation of investment
holdings to properly align them with the corporate strategy and the investment
in processes and people to facilitate the Company's future. This has resulted
in a financial loss of $532,000 for the year. We continue to be well-supported
by our majority shareholder, Quanta Capital Ltd (a Company registered in the
British Virgin Islands - number 1948583), as we build out a robust debt-based
platform for investment.
No doubt, the year ahead will be transformative for the Group. We look forward
to updating shareholders on a regular basis, as we roll out our investment
strategy. I would also like to take this opportunity to thank my fellow
Directors for their tireless efforts over the past year as we have developed
our investment processes and infrastructure.
The Directors of Forbes accept responsibility for the contents of this
announcement.
ENDS
For further information, please contact:
Forbes Ventures
Peter Moss, Chairman 01625 588 767
Rob Cooper, Chief Executive Officer 020 3687 0498
NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl and Fungai Ndoro 020 7469 0930
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017
$ $
Other operating income - -
Administrative expenses (368,574) (121,958)
Operating loss (368,574) (121,958)
Investment revenues 43 32,864
Finance costs (1,694) -
Other gains and losses (29,322) -
Loss before taxation (399,547) (89,094)
Income tax expense - -
Loss and total comprehensive income (399,547) (89,094)
for the year
The income statement has been prepared on the basis that all operations are
continuing operations.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017
$ $
Loss for the period (399,547) (89,094)
Other comprehensive income/(loss) (132,065) -
Income tax expense - -
Total comprehensive income / (531,612) (89,094)
(loss) for the year
The income statement has been prepared on the basis that all operations are
continuing operations.
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018
2018 2017
$ $
Non-current assets
Property, plant and - 74
equipment
Investments 103 -
Intangible assets 56,785 -
56,888 74
Current assets
Investments 132,065 567,110
Trade and other receivables 43,784 139,050
Cash and cash equivalents 175 30,651
176,024 736,811
Total assets 232,912 736,885
Current liabilities
Trade and other payables 188,207 336,287
Net current (liabilities)/ (12,183) 400,524
assets
Total liabilities 188,207 336,287
Net assets 44,705 400,598
Equity
Called up share capital 98,293,401 98,166,292
Capital redemption reserve 92,740 92,740
Other reserves 292,568 243,958
Retained earnings (98,634,004) (98,102,392)
Total equity 44,705 400,598
The financial statements were approved by the board of directors and authorised
for issue on 1 April 2019 and are signed on its behalf by:
Mr P Moss
Director
Company Registration No. WK-143629
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017
$ $ $ $
Cash flows from operating activities
Cash absorbed by operations (400,672) (49,994)
Net cash outflow from (400,672) (49,994)
operating activities
Investing activities
Purchase of intangible assets (56,785) -
Purchase of property, plant and - (99)
equipment
Proceeds on disposal of 178,524 (561,944)
investments
Interest on other loans 43 32,864
Loan to subsidiary (33,045) -
Net cash generated from/(used 88,737 (529,179)
in) investing activities
Financing activities
Proceeds from issue of shares 127,109 579,172
Loan from related party 105,740 -
Adjustment to capital 48,610 -
Net cash generated from 281,459 579,172
financing activities
Net decrease in cash and cash (30,476) (1)
equivalents
Cash and cash equivalents at 30,651 30,652
beginning of year
Cash and cash equivalents at 175 30,651
end of year
The Directors of Forbes do not recommend payment of a final dividend.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
END
(END) Dow Jones Newswires
April 04, 2019 02:00 ET (06:00 GMT)