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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)