TIDMGCAP
30 June 2023
Globe Capital Limited
("Globe Capital" or the "Company")
Audited Annual Results for the year ended 31 December 2022
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual
results for year ended 31 December 2022.
The full audited annual report is available on the Company's website https://
globecapitalltd.com.
The audit report contains the following statement regarding going concern:
"We draw attention to the consolidated financial statements which indicates
that the Group incurred a net loss of £94,111 for the year ended 31st December
2022 and as that date, the Group's current liabilities exceeded its current
assets by £171,108 and its total liabilities exceeded its total assets by £
332,403 respectively these conditions together with other matters as set forth
in the notes to the consolidated financial statements, indicate a material
uncertainty which make cast a significant doubt about the Group's ability to
continue as a going concern. Our opinion is not modified in respect of this
matter."
Chairman's statement
I am pleased to report the final audited results for the year ended 31 December
2022 of Globe Capital Limited (the "Company", together with its subsidiaries,
the "Group").
Financial performance
The turnover for the year was £Nil (2021: £Nil) and the loss was £94,111 (2021:
£13,039). The loss per share was 0.04 pence (2021: 0.005 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 and evaluate appropriate
investment opportunities in businesses that offer capital growth.
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 31 December
2022 by £171,108, continued support is currently being provided by the
Company's Directors and shareholders Burns Singh Tennent-Bhohi (Glenpani Group
& Eastport Ventures Inc.) and Simon Grant-Rennick. 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 2023 onwards and will continue to look for further fund raising
opportunities and investments.
Simon Grant Rennick
Chairman
30th June 2023
REVIEW OF BUSINESS
Due to extremely challenging market conditions the Company has been unable to
pursue any material investment transactions and much like the prior year, the
principal activity has been to reduce administrative costs and to retire legacy
creditors associated with prior management whilst the Board consider the most
suitable investment strategy supported by a more positive environment within
the capital markets community.
In addition to the Directors that have extended finance to the Company, the
Company's other material legacy lender, a £100,000 6% convertible redeemable
loan note was purchased by a new party, Brustir Pte Ltd. Brustir have been
incredibly supportive and understanding of the Company's objectives and
discussions to the Year End were positive in seeking solution to retire this
note.
The Company, supported by its Board and shareholders remain committed to
evaluating suitable investment transactions and opportunities and will continue
to maintain a disciplined cost base whilst preparing for a more positive
market.
POST YEAR REVIEW
With the economic backdrop providing an environment that favours asset classes
that carry less risk in financial markets, the Board believe that this could
represent a landscape to evaluate deeply discounted assets with the markets
current pricing of risk.
Consistent with the Company's activity to the Year End 2022, the Board have not
materially progressed any investment transactions as at date of this report.
The key considerations that the Board see as vital to the Company's future
success include considering its present investment policy, evaluating
distressed operating assets, retiring, its final creditor, Brustir Pte Limited
(outside of the Directors of the business that are committed to sourcing a
value accretive strategy) that has been an extremely supportive lender to the
business when acquiring a legacy convertible loan note last year. Discussions
are ongoing with Brustir with respect potential solutions to redeem the
outstanding balance and associated interest outstanding.
OUTLOOK
The Board are committed to deliver value to the shareholders of the Company and
whilst presented with current market challenges remain optimistic of
identifying investment opportunities that present attractive growth profiles.
Burns Singh Tennent-Bhohi
Director
30th June 2023
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 DECEMBER 2022
Audited Audited
Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Revenue - -
Gross Profit - -
Other Income - -
Administrative Expenses (87,018) (7,039)
Finance costs (7,093) (6.000)
(Loss) Before Income Tax (94,111) (13,039)
Income Tax - -
Profit / (Loss) for the period attributable (94,111) (13,039)
to equity holders
(Loss) per share (0.04p) (0.005p)
Basic (pence)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2022
Audited Audited
Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Non-current Assets
Goodwill - -
Financial assets at fair value through profit 4,482 8,238
or loss
4,482 8,238
Current assets
Other receivables and Prepayments 10,540 8,844
Loans Receivables - -
Cash and cash equivalents 2,062 26,893
12,602 35,737
Current Liabilities
Other Payables 183,710 71,532
Amount due to a related company - -
183,710 71,532
Net Current (Liabilities)/Assets (171,108) (35,795)
Total Assets (less)/Above Current Liabilities (166,626) (27,557)
Non-current liabilities
Other payables - 124,000
Amount due to a related company 78,000 32,500
Amounts due to directors 87,777 54,235
165,777 210,735
Net (Liabilities) (332,403) (238,292)
Shareholders' Equity
Called Up Share Capital 645,094 645,094
Share premium account 940,226 940,226
Retained Earnings (1,823,612)
(1,917,723)
Total Equity (332,403) (238,292)
GLOBE CAPITAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2022
Audited Audited
Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Non-current Assets
Investment in Subsidiary 1,250 1,250
Goodwill - -
Financial assets at fair value through profit 4,482 8,238
or loss
5,732 9,488
Current assets
Other receivables and Prepayments 10,440 8,744
Loans Receivables 2,062 17,133
Cash and cash equivalents - -
12,502 25,877
Current Liabilities
Other Payables 183,711 71,532
Amount due to a related company - -
183,711 71,532
Net Current (Liabilities)/Assets (171,209) (45,655)
Total Assets (less)/Above Current Liabilities (165,477) (36,167)
Non-current liabilities
Other payables - 124,000
Amount due to a related company 78,000 32,500
Amounts due to directors 87,777 54,235
165,777 210,735
Net (Liabilities) (331,254) (246,902)
Shareholders' Equity
Called Up Share Capital 645,094 645,094
Share premium account 940,226 940,226
Reserves (1,832,222)
(1,916,574)
Total Equity (331,254) (246,902)
The loss of the parent company for the year ended 31st December 2022 was £
84,352 (2021 - £67,277)
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 DECEMBER 2022
Audited Audited
Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Profit/(Loss) before tax (94,111) (13,039)
Adjustment:
Depreciation - -
Loan receivables written off - -
Loss on disposal of property, plant and - -
equipment
Increase in value of financial assets 3,756 (7,118)
Other receivables written off - -
Interest expenses 7,093 6,000
Non cash transactions written off - (29,538)
Interest income - -
Operating loss before working capital changes (83,262) (43,695)
Changes in working capital:
Other receivables and prepayments (1,696) (1,401)
Creditors (Decrease)/Increase (18,915) (27,875)
Cash utilised in operations (103,873) (72,971)
Cash flows from investing activities
Other loan repayments - (18,000)
Increase in loans receivables - 20,000
Increase in loans from related parties 45,500 32,500
Increase in directors loan 33,542 48,100
Net cash from investing activities 79,042 82,600
Net increase/(decrease) in cash and cash (24,831) 9,629
equivalents
Cash and cash equivalents at the beginning of 26,893 17,264
the year
Cash and cash equivalents at end of year 2,062 26,893
Analysis of cash and cash equivalents
Cash and bank balances 2,062 26,893
The directors of Globe Capital Limited accept responsibility for this
announcement.
For further information
Globe Capital Limited
Darren Edmonston
Tel: +44 (0) 1279 635511
CORPORATE ADVISER AND CONTACT DETAILS:
Peterhouse Capital Limited
Guy Miller/ Narisha Ragoonanthun
Tel: +44 (0) 207 469 0930
END
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