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DJ Globe Capital Limited Annual Results for the year ended 31 December 2019

 
TIDMGCAP 
 
Globe Capital Limited 
 
                      ("Globe Capital" or the "Company") 
 
          Audited Annual Results for the year ended 31 December 2019 
 
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual 
results for year ended 31 December 2019. 
 
Chairman's Statement 
 
I am pleased to report the final audited results for the year ended 31 December 
2019 of Globe Capital Limited ("the Company"). 
 
Financial performance 
 
The turnover for the year was GBP10,000 (2018: nil) and the loss was GBP182,240 
(2018: GBP213,462). The loss per share was 0.07 pence (2018: 0.09 pence).  In the 
past year, the Directors have kept operational costs at a minimum, where 
possible. 
 
Review of operations 
 
The Company's investment strategy is to seek medium-to-long term investments in 
businesses that exhibit growth potential. The Company continues to be an active 
investor in situations where the Company 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 new 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 31st December 
2019 by GBP87,205, 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 2020 onwards and will continue to look for further fund raising 
opportunities and investments. 
 
The Company's shares are traded on Aquis Stock Exchange. 
 
David Barnett 
 
Chairman 
 
19 June 2020 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME 
 
For the year ended 31  DECEMBER  2019 
 
                                                          Audited             Audited 
 
                                                       Year ended          Year ended 
                                                     31 December         31 December 
                                                             2019                2018 
 
                                                              GBP                 GBP 
 
Revenue                                                  10,000                  - 
 
Cost of services                                          (7,500)                   - 
 
Gross Profit                                                2,500                   - 
 
Other Income                                                9,698               6,367 
 
Administrative Expenses                                 (182,240)           (219,829) 
 
Finance costs                                            (12,000)                   - 
 
(Loss) Before Income Tax                                (182,240)           (213,462) 
 
Income Tax                                                      -                   - 
 
Profit / (Loss) for the period attributable             (182,240)           (213,462) 
to equity holders 
 
(Loss) per share                                         (0.07p)             (0.09p) 
Basic (pence) 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
As at  31  DECEMBER  2019 
 
                                                      Audited                Audited 
 
                                                   Year ended             Year ended 
                                                 31 December            31 December 
                                                         2019                   2018 
 
                                                          GBP                    GBP 
 
Non-current Assets 
 
Property, plant and equipment                           9,090                 16,090 
 
Goodwill                                                    -                  1,150 
 
Investment in an associate                                  -                 12,500 
 
Loans receivable                                            -                 25,000 
 
                                                        9,090                 54,740 
 
Current assets 
 
Prepayments                                            19,955                 47,620 
 
Loans Receivable                                       85,115                110,415 
 
Cash and cash equivalents                               5,023                 56,902 
 
                                                      110,093                214,937 
 
Current Liabilities 
 
Trade and other payables                              191,108                161,565 
 
                                                      191,108                161,565 
 
Net Current (Liabilities)/Assets                     (81,015)                 53,372 
 
Total Assets (less)/Above Current Liabilities        (71,925)                108,112 
 
Non-current liabilities 
 
Amounts due to directors                               16,430                 14,227 
 
                                                       16,430                 14,227 
 
Net (Liabilities)/Assets                             (88,355)                 93,885 
 
Shareholders' Equity 
 
Called Up Share Capital                              664,994                 664,994 
 
Retained Earnings                                                          (551,109) 
                                                    (733,349) 
 
Total Equity                                         (88,355)                 93,885 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
 
For the year ended 31  DECEMBER  2019 
 
                                                          Audited         Audited 
 
                                                       Year ended      Year ended 
                                                     31 December     31 December 
                                                             2019            2018 
 
                                                              GBP             GBP 
 
Profit/(Loss) before tax                                (182,240)       (213,462) 
 
Adjustment: 
 
Depreciation                                                7,000           4,910 
 
Impairment of goodwill                                      1,150               - 
 
Interest expenses                                          12,000               - 
 
Interest income                                           (9,698)         (6,367) 
 
Loss on disposal of an associate                           12,500               - 
 
Operating profit/(loss)                                 (159,288)       (214,919) 
 
Cash flows from operating activities 
 
Prepayments                                                27,665        (40,461) 
 
other payables                                             17,543        (12,846) 
 
Amounts due to directors                                    2,203        (18,170) 
 
Cash utilised in operations                             (111,877)       (286,396) 
 
Cash flows from investing activities 
 
Purchase of property, plant and equipment                       -        (21,000) 
 
Loans receivable                                           50,300       (135,415) 
 
Bank interest received                                      9,698           6,367 
 
Net cash (used in) from investing activities               59,998       (150,048) 
 
Cash flows from financing activities 
 
Proceeds from issuance of shares                                -         449,400 
 
Amount due to a shareholder                                     -        (13,585) 
 
Net cash from financing activities                              -         435,815 
 
Net decrease in cash and cash equivalents                (51,879)           (629) 
 
Cash and cash equivalents at the beginning of              56,902          57,531 
the period 
 
Cash and cash equivalents at end of period                  5,023          56,902 
 
The directors of Globe Capital Limited accept responsibility for this 
announcement. 
 
For further information 
 
Globe Capital Limited 
David Barnett 
Chairman 
+1-855-280-6793 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Brian Stockbridge 
First Sentinel Corporate Finance 
72 Charlotte Street 
London 
W1T 4QQ 
 
Tel +44 (0) 207 183 7405 
 
E-mail: Brian@first-sentinel.com 
 
 
 
END 
 

(END) Dow Jones Newswires

June 19, 2020 08:50 ET (12:50 GMT)