Back to all announcements

DJ Forbes Ventures Plc Half-year Report

 
TIDMFOR 
 
28 September 2018 
 
                                FORBES VENTURES 
 
                          ("Forbes" or the "Company") 
 
             Interim Results for the six months ended 30 June 2018 
 
CHAIRMAN'S REPORT 
 
REPORTING PERIOD HIGHLIGHTS 
 
On 2 May 2018, the Company disposed of it's stake in KCR Residential REIT Plc, 
comprising 250,000 ordinary shares, for a gross cash consideration of GBP 
250,000.  Given the change of direction that Forbes Ventures has taken under 
its new ownership, the stake was considered non-core to the Company's future. 
The proceeds will be used for working capital as the Company works towards 
developing its stated business plan. 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present you with Forbes Ventures' unaudited Interim Results for 
the period ended 30 June 2018. 
 
During the period, the Company disposed of it's stake in KCR Residential REIT 
Plc, as it was no longer considered core to the Company's stated future 
business plans.  As above, the proceeds will be used to fund working capital. 
The balance of the period was spent on developing the Company's future business 
plan.  Also in May 2018, the Company was pleased to make two key additions to 
the Board by hiring Igor Zjalic as a Non-Executive Director and Nigel Quinton 
as an Executive Director.  Nigel, who was most recently the CEO of a UK 
Building Society, has also taken the role of Interim CFO.  Igor has served in a 
variety of Senior roles in International Investment Banks and ran a large 
Interest Rates book for a French Reinsurance Company.  I am pleased as Chairman 
to welcome both to the Board, as their expertise will provide key pillars as 
Forbes Ventures begins to actively build its business. 
 
Kindest regards, 
PETER MOSS 
Chairman 
 
Statement of Profit and Loss 
for the SIX MONTHS ENDED 30 JUNE 2018 
 
                                                         Six Months     Six Months 
                                             Notes            Ended          Ended 
                                                       30 June 2018   30 June 2017 
                                                               US $           US $ 
 
Revenue 
 
Other income                                                      -         32,864 
 
Total income                                                      -         32,864 
 
Expense 
 
Employee benefits expense                                         -       (26,077) 
 
Foreign exchange gain/(loss)                                 16,081            428 
 
Professional fees                                         (171,544)       (55,369) 
 
Public relations                                                  -          (855) 
 
Office expense                                             (11,202)              - 
 
Other expense                                              (29,186)          (150) 
 
Finance cost                                                   (93)          (116) 
 
Total expense                                             (195,944)       (82,139) 
 
Loss before tax                                           (195,944)       (82,139) 
 
Income tax benefit                                                -              - 
 
Loss for the period                                       (195,944)       (49,275) 
 
Statement of other Comprehensive Income 
for the SIX MONTHS ENDED 30 JUNE 2018 
 
                                                         Six Months     Six Months 
                                             Notes            Ended          Ended 
                                                       30 June 2018   30 June 2017 
                                                               US $           US $ 
 
Loss for the period                                       (195,944)       (49,275) 
 
Other comprehensive income/(loss)                         (132,065)              - 
 
Total comprehensive loss for the period                   (328,009)       (49,275) 
 
Basic loss per share                                      (0.00092)      (0.00017) 
 
Diluted loss per share                                    (0.00092)      (0.00017) 
 
Weighted average number of shares                       356,251,830    419,918,496 
 
No dividends were proposed or declared in respect of any of the periods 
presented above. 
 
The accompanying notes form part of this historical financial information. 
 
Consolidated Statement of Financial Position 
AS AT 30 JUNE 2018 
 
                                                              As at          As at 
                                             Notes     30 June 2018    31 December 
                                                               US $           2017 
                                                                              US $ 
 
Assets 
 
Trade and other receivables                                  15,143        139,050 
 
Cash and cash equivalent                                     55,645         30,651 
 
Total current assets                                         70,788        169,701 
 
Property, plant and equipment                                     -             74 
 
Available for sale financial assets            3            132,065        567,110 
 
Total non-current assets                                    132,065        567,184 
 
Total assets                                                202,853        736,885 
 
Liabilities 
 
Trade and other payables                                     81,654        287,677 
 
Total current liabilities                                    81,654        287,677 
 
Total liabilities                                            81,654        287,677 
 
Net assets / (liabilities)                                  121,199        449,208 
 
Shareholders' equity 
 
Share capital                                            98,214,902     98,214,902 
 
Share-based payments reserve                                121,654        121,654 
 
Warrants reserve                                            122,304        122,304 
 
Capital redemption reserve                                   92,740         92,740 
 
Accumulated losses                                     (98,430,401)   (98,102,392) 
 
Total shareholders' deficit                                 121,199        449,208 
 
The accompanying notes form part of these financial statements. 
 
Statement of Changes in Equity 
for the SIX MONTHS ENDED 30 JUNE 2018 
 
                       Share    Share-Based  Capital    Warrants  Accumulated 
                      Capital    Payments   Redemption  Reserve      Losses      Total 
                        US$       Reserve    Reserve      US$         US$         US$ 
                                    US$        US$ 
 
   Balance at 31     98,214,902     121,654     92,740    122,304 (98,102,392)    449,208 
   December 2017 
 
Issue of shares               -           -          -          -            -          - 
 
Total comprehensive           -           -          -          -    (328,009)  (328,009) 
loss for the period 
 
Balance at 30 June   98,214,902     121,654     92,740    122,304 (98,430,401)    121,199 
2018 
 
The accompanying notes form part of these financial statements. 
 
Statement of Cash Flows 
for the SIX MONTHS ENDED 30 JUNE 2018 
 
                                                         Six Months     Six Months 
                                                      Ended 30 June  Ended 30 June 
                                                               2018           2017 
                                                               US $           US $ 
 
Cash flows from operating activities 
 
Loss after income tax                                     (195,944)       (49,275) 
 
Loss / (profit) on disposal of assets                       124,458          (150) 
available for sale 
 
Net foreign exchange Loss / (profit)                       (16,081)            428 
 
Decrease in creditors                                      (77,130)       (58,961) 
 
Decrease in debtors                                         124,208              - 
 
Taxation provision write off                              (127,935)              - 
 
Net cash flows used by operating activities               (168,424)      (107,958) 
 
Cash flows from investing activities 
 
Purchase of subsidiaries                                          -      (567,110) 
 
Loan notes extended                                               -      (618,700) 
 
Proceeds from sale of investments                           195,792          5,016 
 
Net cash outflow from investing activities                  195,792    (1,180,794) 
 
Cash flows from financing activities 
 
Proceeds from sale of shares                                      -      1,259,961 
 
Net cash flows from financing activities                          -      1,259,961 
 
Net increase/(decrease) in cash and cash                     28,481       (28,791) 
equivalents 
 
Cash and cash equivalents at the beginning of                30,651         30,652 
the period 
 
Effects of foreign exchange rate changes on                 (3,487)          (126) 
the balance of cash held in foreign currencies 
 
Cash and cash equivalents at the end of the                  55,645          1,735 
year 
 
The accompanying notes from part of these financial statements. 
 
Notes to the Financial statements 
 
1.     BASIS OF ACCOUNTING 
 
The financial information has been prepared on an accruals basis and is based 
on historical costs modified by the revaluation of selected non-current assets, 
financial assets and financial liabilities for which the fair value basis of 
accounting has been applied.  The financial information is drawn in accordance 
with the provisions of the International Financial Reporting Standards (IFRS) 
as issued by the International Accounting Standards Board (IASB) and adopted by 
the European Union.  The financial information is presented in US dollars, 
rounded to the nearest dollar. 
 
2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 

(MORE TO FOLLOW) Dow Jones Newswires

September 28, 2018 06:26 ET (10:26 GMT)

DJ Forbes Ventures Plc Half-year Report -2-

A comprehensive summary of the significant accounting policies is provided for 
in the Forbes Ventures 2017 Annual Report. All remain relevant. 
 
3.     AVAILABLE FOR SALE FINANCIAL ASSETS 
 
                                                        As at             As at 
                                                 30 June 2018  31 December 2017 
                                                          US$               US$ 
 
Investments at fair value brought                     567,110             5,166 
forward 
 
Investments acquired in the period                          -           567,110 
 
Foreign currency exchange increase                     17,270                 - 
 
Revaluation                                         (132,065)                 - 
 
Disposal of investments                             (320,250)           (5,166) 
 
Financial assets at the end of the                    132,065           567,110 
year 
 
Level 1 investments at the end of                     132,065           567,110 
the year 
 
4.   SHAREHOLDERS EQUITY RESTATEMENT 
 
During the preparation of the interim accounts it was noted that there was a 
discrepancy in the quantity of shares in issue, this has now been traced and 
corrected within the interim accounts. The comparatives for 31st December 2017 
accounts have been restated to reflect the update. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
Peter Moss, Chairman                     01625 568 767 
Rob Cooper, Chief Executive Officer      020 3687 0498 
 
NEX Exchange Corporate Adviser 
Peterhouse Capital Limited 
Mark Anwyl and Fungai Ndoro              020 7469 0930 
 
 
 
END 
 

(END) Dow Jones Newswires

September 28, 2018 06:26 ET (10:26 GMT)