Globe Capital
Limited
("Globe Capital"
or the "Company")
Audited Annual
Results for the year ended 31 December
2016
Globe Capital Limited (NEX: GCAP) is pleased to announce its
audited annual results for year ended 31
December 2016.
Chairman’s Statement
I am pleased to report the final audited results for the year
ended 31 December 2016 of Globe
Capital Limited (“the Company”).
Financial performance
The turnover for the year was nil (2015: nil) and the loss was
£124,394 (2015: £129,184). The loss per share was 0.07 pence (2015: 0.17
pence). In the past year, the Directors have kept
operational costs at a minimum.
Review of operations
The Company’s investment strategy is to seek medium-to-long term
investments in businesses that exhibit growth potential. The
Company intends to be an active investor in situations where the
Company can make a clear contribution to the growth and development
of the investment.
At the start of the year, the Company raised £100k in new equity
and realigned its investment focus towards the retail sector with
an emphasis on menswear. Following which, the Company made its
maiden investment with a 25% interest in Sterling Craig Limited, a
UK based online retailer for men’s fashion.
The Company’s shares are traded on the NEX Exchange Growth
Market.
Board changes
During the year under review, Wong Xinyan left the Company. I
would like to thank him all for his past service to the
Company.
I am pleased to join the board and hope my experience and
local knowledge continue to prove to be of great value to the
business.
Future prospects
The company is actively seeking investments to enhance
shareholder value. We are maintaining a tight control
of the Company's resources, which we consider adequate to support
current levels of expenditure. The cash resources remain adequate
for the current level activity but will be reviewed once further
investment opportunities present themselves.
The Directors are presented with opportunities on an ongoing
basis from an extensive network of introducers. The company
continues to focus on the retail sector, although the board will
also look at other global opportunities if they present good
shareholder value potential. The company continues to look at
the menswear business in particular.
Several target investments have been identified and the company
is currently talking to potential investors with the aim of raising
further capital in order to complete the next stage of our
investment strategy.
I hope to be able to give further news of these developments in
the near future.
David Barnett
Chairman
31 May 2017
The directors of Globe Capital Limited
accept responsibility for this announcement.
For further information:
Globe Capital Limited
Christopher Neo, Company Secretary
+44 (0)20 3286 6388
http://www.globecapitalltd.com/
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott – Corporate Finance
James Dewhurst – Institutional
Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street,
London EC4N 4SA
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016
|
Audited |
|
Audited |
|
Year
ended
31 December
2016 |
|
Year
ended
31 December
2015 |
|
GBP |
|
GBP |
Revenue |
- |
|
- |
|
|
|
|
Other Income |
- |
|
2 |
|
|
|
|
Administrative
Expenses |
(124,394) |
|
(129,186) |
|
|
|
|
Profit / (Loss) Before
Income Tax |
(124,394) |
|
(129,184) |
|
|
|
|
Income Tax |
- |
|
- |
|
|
|
|
Profit / (Loss) for
the period attributable to equity holders |
(124,394) |
|
(129,184) |
|
|
|
|
Earnings / (Loss) per
share
Basic & Diluted (pence) |
(0.07p) |
|
(0.17p) |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 31 DECEMBER 2016
|
Audited |
|
Audited |
Year
ended
31 December
2016 |
|
Year
ended
31 December
2015 |
|
GBP |
|
GBP |
|
|
|
|
Non-current
Assets |
|
|
|
Property, plant and
equipment |
- |
|
5,631 |
Investment in a
subsidiary |
1,250 |
|
|
Investment in an
associate |
12,500 |
|
- |
Total Non-current
Assets |
13,750 |
|
5,631 |
|
|
|
|
Current assets |
|
|
|
Trade and other
receivables |
6,996 |
|
51 |
Cash and cash
equivalents |
5,382 |
|
10,266 |
Total Current
Assets |
12,378 |
|
10,317 |
|
|
|
|
Current
Liabilities |
|
|
|
Trade and other
payables |
19,771 |
|
65,211 |
|
|
|
|
Net Current
Liabilities |
(7,393) |
|
(54,894) |
Net Assets |
6,357 |
|
(49,263) |
|
|
|
|
Non-current
liabilities |
|
|
|
Accruals
Amounts due to directors
Amount due to a shareholder |
11,532
13,137
35,000 |
|
-
-
- |
|
59,669 |
|
- |
|
|
|
|
Net Liabilities |
(53,312) |
|
(49,263) |
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Called Up Share
Capital |
638,428 |
|
626,966 |
Retained Earnings |
(691,740) |
|
(676,229) |
Total Equity |
(53,312) |
|
(49,263) |
GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH
FLOW
FOR THE YEAR ENDED 31 DECEMBER 2016
|
|
Audited |
|
Audited |
|
|
Year
ended
31 December
2016 |
|
Year
ended
31 December
2015 |
|
|
GBP |
|
GBP |
|
|
|
|
|
Profit/(Loss) before
tax |
|
(124,394) |
|
(129,184) |
Adjustment: |
|
|
|
|
Other income |
|
- |
|
(2) |
Depreciation |
|
5,631 |
|
22,522 |
Operating
profit/(loss) |
|
(118,763) |
|
(106,664) |
|
|
|
|
|
Cash flows from
operating activities |
|
|
|
|
(Increase)/decrease in
trade and other receivables |
|
(6,945) |
|
521 |
Increase/(decrease) in
trade and other payables |
|
(33,908) |
|
56,996 |
Amounts due to
directors |
|
13,137 |
|
- |
Cash utilised in
operations |
|
(146,479) |
|
(49,147) |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Acquisition of a
subsidiary |
|
(1,250) |
|
- |
Acquisition of an
associate |
|
(12,500) |
|
- |
Bank interest
received |
|
- |
|
2 |
|
|
|
|
|
Net cash (used in)
from investing activities |
|
(13,750) |
|
2 |
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
Proceeds from issuance
of shares |
|
120,345 |
|
- |
Amount due to a
shareholder |
|
35,000 |
|
- |
|
|
|
|
|
Net cash from
financing activities |
|
155,345 |
|
- |
|
|
|
|
|
Net decrease in cash
and cash equivalents |
|
(4,884) |
|
(49,145) |
Cash and cash
equivalents at the beginning of the period |
|
10,266 |
|
59,411 |
|
|
|
|
|
Cash and cash
equivalents at end of period |
|
5,382 |
|
10,266 |