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 END 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
31 December
2022 |
|
Year
ended
31 December
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 to equity holders |
(94,111) |
|
(13,039) |
|
|
|
|
(Loss) per share
Basic (pence) |
(0.04p) |
|
(0.005p) |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As at 31 DECEMBER 2022
|
Audited |
|
Audited |
Year
ended
31 December
2022 |
|
Year
ended
31 December
2021 |
|
GBP |
|
GBP |
|
|
|
|
Non-current
Assets |
|
|
|
Goodwill |
- |
|
- |
Financial assets at
fair value through profit or loss |
4,482 |
|
8,238 |
|
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 |
(1,917,723) |
|
(1,823,612) |
Total Equity |
(332,403) |
|
(238,292) |
GLOBE CAPITAL LIMITED
COMPANY STATEMENT OF FINANCIAL
POSITION
As at 31 DECEMBER 2022
|
Audited |
|
Audited |
Year
ended
31 December
2022 |
|
Year
ended
31 December
2021 |
|
GBP |
|
GBP |
|
|
|
|
Non-current
Assets |
|
|
|
Investment in
Subsidiary |
1,250 |
|
1,250 |
Goodwill |
- |
|
- |
Financial assets at
fair value through profit or loss |
4,482 |
|
8,238 |
|
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 |
(1,916,574) |
|
(1,832,222) |
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
31 December
2022 |
|
Year
ended
31 December
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 equivalents |
|
(24,831) |
|
9,629 |
Cash and cash
equivalents at the beginning of the year |
|
26,893 |
|
17,264 |
|
|
|
|
|
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