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DJ Forbes Ventures Plc Interim Results for the six months ended 30 June 2019

 
TIDMFOR 
 
30 September 2019 
 
                                FORBES VENTURES 
                          ("Forbes" or the "Company") 
 
             Interim Results for the six months ended 30 June 2019 
 
CHAIRMAN'S REPORT 
 
REPORTING PERIOD HIGHLIGHTS 
 
The business has not traded any assets during the year and has primarily 
focused its activities on building the business structures, policies and 
procedures for the future. 
 
The rebuilding activity has resulted in a pre-tax loss of $186,478 for the 
first six months of the year. 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present you with Forbes Venture's unaudited Interim Results for 
the period ended 30 June 2019. 
 
During the period the business has continued to build the infrastructure and 
relationships as necessary for its future including an investment advisory 
subsidiary - Forbes Ventures Investment Management Limited. 
 
Kindest regards 
 
PETER MOSS 
 
Chairman 
 
Statement of Profit and Loss for the 
 
SIX MONTHS ENDED 30 JUNE 2019 
 
                                                         Six Months     Six Months 
                                                              Ended          Ended 
                                                       30 June 2019   30 June 2018 
                                                               US $           US $ 
 
Revenue 
 
Other income                                                     52              - 
 
Total income                                                     52              - 
 
Expense 
 
Employee benefits expense                                         -              - 
 
Foreign exchange gain/(loss)                                (2,244)         16,081 
 
Professional fees                                         (148,699)      (171,544) 
 
Office expense                                              (7,091)       (11,202) 
 
Other expense                                              (20,089)       (29,186) 
 
Finance cost                                                (8,407)           (93) 
 
Total expense                                             (186,530)      (195,944) 
 
Loss before tax                                           (186,478)      (195,944) 
 
Income tax benefit                                                -              - 
 
Loss for the period                                       (186,478)      (195,944) 
 
Statement of other Comprehensive Income for the 
 
SIX MONTHS ENDED 30 JUNE 2019 
 
                                                         Six Months     Six Months 
                                             Notes            Ended          Ended 
                                                       30 June 2019   30 June 2018 
                                                               US $           US $ 
 
Loss for the period                                       (186,478)      (195,944) 
 
Other comprehensive income/(loss)                                 -      (132,065) 
 
Total comprehensive loss for the period                   (186,478)      (328,009) 
 
Basic loss per share                                      (0.00041)      (0.00092) 
 
Diluted loss per share                                    (0.00041)      (0.00092) 
 
Weighted average number of shares                       456,251,830    356,251,830 
 
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 2019 
 
                                                                             As at          As at 
                                             Notes                    30 June 2019   30 June 2018 
                                                                              US $           US $ 
 
Assets 
 
 
Non-current assets 
 
Property, plant and equipment                                                    -              - 
 
Available for sale financial assets            3                           132,065        132,065 
 
Investments                                                                 99,175              - 
 
Intangible Assets                                                           56,785              - 
 
Total non-current assets                                                   288,025        132,065 
 
Current assets 
 
Trade and other receivables                                                  6,052         15,143 
 
Cash and cash equivalent                                                        17         55,645 
 
Total current assets                                                         6,069         70,788 
 
Total assets                                                               294,094        202,853 
 
Current liabilities 
 
Trade and other payables                                                   435,867         81,654 
 
Total current liabilities                                                  435,867         81,654 
 
Net Current (liabilities)/assets                                         (141,773)        121,199 
 
Total liabilities                                                          435,867         81,654 
 
Net assets / (liabilities)                                               (141,773)        121,199 
 
Shareholders' equity 
 
Share capital                                                           98,293,401     98,214,902 
 
Capital redemption reserve                                                  92,740         92,740 
 
Other reserves                                                             292,568        243,958 
 
Accumulated losses                                                    (98,820,482)   (98,430,401) 
 
Total shareholders' (deficit)/surplus                                    (141,773)        121,199 
 
Statement of Changes in Equity for the 
 
SIX MONTHS ENDED 30 JUNE 2019 
 
                       Share     Capital     Other    Accumulated 
                      Capital   Redemption  Reserves     Losses      Total 
                        US$      Reserve      US$         US$         US$ 
                                   US$ 
 
   Balance at 31     98,293,401   92,740    292,568   (98,634,004)   44,705 
   December 2018 
 
Issue of shares               -          -          -            -          - 
 
Total comprehensive           -          -          -    (186,478)  (186,478) 
loss for the period 
 
Balance at 30 June   98,293,401     92,740    292,568 (98,820,482)  (141,773) 
2019 
 
Statement of Cash Flows for the 
 
SIX MONTHS ENDED 30 JUNE 2019 
 
                                                         Six Months     Six Months 
                                                      Ended 30 June  Ended 30 June 
                                                               2019           2018 
                                                               US $           US $ 
 
Cash flows from operating activities 
 
Loss after income tax                                     (186,478)      (195,944) 
 
Loss / (profit) on disposal of assets                             -        124,458 
available for sale 
 
Net foreign exchange Loss / (profit)                          2,440       (16,081) 
 
Increase/ (decrease) in creditors                            33,061       (77,130) 
 
Decrease in debtors                                           4,688        124,208 
 
Taxation provision write off                                      -      (127,935) 
 
Net cash flows used by operating activities               (146,289)      (168,424) 
 
Cash flows from investing activities 
 
Purchase of subsidiaries                                   (66,028)              - 
 
Loan notes extended                                         212,159              - 
 
Proceeds from sale of investments                                 -        195,792 
 
Net cash outflow from investing activities                  146,131        195,792 
 
(Decrease) / increase in cash and cash                        (158)         28,481 
equivalents 
 
Cash and cash equivalents at the beginning of                   175         30,651 
the period 
 
Effects of foreign exchange rate changes on                       -        (3,487) 
the balance of cash held in foreign currencies 
 
Cash and cash equivalents at the end of the                      17         55,645 
year 
 
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 
 
A comprehensive summary of the significant accounting policies is provided for 
in the Forbes Ventures (Forbes or the Company) 2018 Annual Report. All remain 
relevant. 
 
3.         AVAILABLE FOR SALE FINANCIAL ASSETS 
 
                                                        As at             As at 
                                                 30 June 2019      30 June 2018 
                                                          US$               US$ 
 
Investments at fair value brought                     132,065           567,110 
forward 
 
Investments acquired in the period                          -                 - 
 
Foreign currency exchange increase                          -            17,270 
 
Revaluation                                                 -         (132,065) 
 
Disposal of investments                                     -         (320,250) 
 
Financial assets at the end of the                    132,065           132,065 
year 
 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 07:50 ET (11:50 GMT)

DJ Forbes Ventures Plc Interim Results for the six -2-

Level 1 investments at the end of                     132,065           132,065 
the year 
 
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                                                      020 7469 0930 
 
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

September 30, 2019 07:50 ET (11:50 GMT)