14 October
2019
Globe Capital
Limited
("Globe Capital" or the "Company")
Interim Results
for the six months period to 30 June
2019
Chairman’s Statement
Globe Capital Limited is pleased to announce its unaudited
interim results for the 6 months period to 30 June 2019. Operational costs for the period
amounted to £82k compared to £113k for the 6 months to June 2018.
The company is continuing with the promotion of companies from
the UK and EU within the gulf region and the company continues to
seek medium to long term investments in businesses that exhibit
growth potential. The Company continues to intend to be an active
investor in situations where the Company can make a clear
contribution to the growth and development of the investment.
The company is continuing to see a slowing down of opportunities
within Dubai due to the changes in
the countries banking regulations, which has been further impacted
by the continued delay and uncertainty around BREXIT, affecting
both the UK and the EU.
14th October 2019
David Barnett
Chairman
Globe Capital Limited
Statement of Comprehensive Income
Six months ended 30 June 2019
|
6
months
ended
30 June 2019 |
6
months
ended
30 June 2018 |
Year
ended
31 December
2018 |
|
GBP
'000 |
GBP
'000 |
GBP
'000 |
| Revenue |
- |
- |
- |
| Other Income |
6 |
- |
6 |
|
|
|
|
| Gross
Profit |
- |
- |
- |
|
|
|
|
| Administrative
Expenses |
(82) |
(113) |
(219) |
|
|
|
|
| Profit / (Loss)
from Operations |
(76) |
(113) |
(213) |
|
|
|
|
| Finance Costs |
- |
- |
- |
|
|
|
|
| Profit / (Loss)
Before Taxation |
(76) |
(113) |
(213) |
|
|
|
|
| Taxation |
- |
- |
- |
|
|
|
|
| Other Comprehensive
Loss |
- |
- |
- |
|
|
|
|
| Profit / (Loss) for
the period |
(76) |
(113) |
(213) |
|
|
|
|
| Earning / (Loss)
per share |
|
|
|
| Basic & Diluted
(pence) |
(0.03)p |
(0.05)p |
(0.09)p |
|
|
|
|
Globe Capital Limited
Balance Sheet as at 30 June
2018
|
30
June
2019 |
30
June
2018 |
31
December
2018 |
|
GBP
'000 |
GBP
'000 |
GBP
'000 |
|
|
|
|
| Non-current
assets |
|
|
|
| Property, plant and
equipment |
9 |
21 |
16 |
| Investments |
14 |
14 |
14 |
| Loans Receivable |
- |
- |
25 |
|
|
|
|
| Current
assets |
|
|
|
| Prepayments |
22 |
57 |
48 |
| Cash and cash
equivalents |
12 |
169 |
57 |
| Other debtors and
receivables |
146 |
126 |
110 |
|
|
|
|
|
|
|
|
| Total
Assets |
203 |
387 |
270 |
|
|
|
|
| Current
Liabilities |
|
|
|
| Trade and other
payables |
130 |
138 |
162 |
| Accruals |
38 |
44 |
- |
| Financial Liabilities
- Borrowings |
- |
- |
- |
|
|
|
|
| Creditors: falling
due after more than one year |
|
|
|
| Amounts due to
directors |
17 |
11 |
14 |
| Amounts due to a
shareholder |
- |
- |
- |
|
|
|
|
| Total
Liabilities |
185 |
193 |
176 |
|
|
|
|
| Net Assets |
18 |
194 |
94 |
|
|
|
|
| Shareholders'
Equity |
|
|
|
| Share Capital |
645 |
645 |
645 |
| Reserves |
(627) |
(451) |
(551) |
|
|
|
|
| Total
Equity |
18 |
194 |
94 |
Globe Capital Limited
Statement of Cash Flows
Period ended 30 June 2018
|
6
months
ended
30 June 2019 |
6
months
ended
30 June 2018 |
Year
ended
31 December
2018 |
|
GBP
'000 |
GBP
'000 |
GBP
'000 |
| Profit/(Loss) before
tax |
(76) |
(113) |
(213) |
| Adjustment: |
|
|
|
| Other income |
- |
- |
5 |
| Depreciation |
- |
- |
(7) |
| Operating
profit/(loss) |
(76) |
(113) |
(215) |
|
|
|
|
| Cash flows from
operating activities |
|
|
|
| (Increase)/decrease in
trade and other receivables |
3 |
(177) |
(40) |
| Increase/(decrease) in
trade and other payables |
6 |
7 |
(13) |
| Amounts due to
Directors |
3 |
(21) |
(18) |
| Share based
payments |
|
- |
- |
| Cash utilised in
operations |
(64) |
(304) |
(286) |
|
|
|
|
| Cash flows from
investing activities |
|
|
|
| Interest received |
6 |
- |
6 |
| Loans receivable |
13 |
- |
(136) |
| Purchase of tangible
assets |
- |
(21) |
(21) |
|
|
|
|
| Net cash from
investing activities |
19 |
(21) |
(151) |
|
|
|
|
| Cash flows from
financing activities |
|
|
|
| Issue of new
shares |
- |
450 |
450 |
| Amounts due to a
shareholder |
- |
(14) |
(14) |
|
|
|
|
| Net cash from
financing activities |
- |
436 |
436 |
|
|
|
|
| (Decrease)/increase in
cash and cash equivalents |
(45) |
111 |
(1) |
| Cash and cash
equivalents at the beginning of the period |
57 |
58 |
58 |
| Cash and cash
equivalents at end of period |
12 |
169 |
57 |
|
|
|
|
| Cash at Bank
C/F |
12 |
169 |
57 |
The financial information set out above has not been reviewed or
audited by the company's auditors.
Basic and diluted profit per share is calculated by dividing the
loss for the period of £113,000 (2018: loss £113,000) by the
weighted average number of ordinary shares of 255,919,752 (2018:
222,586,419).
The directors of Globe Capital Limited accept responsibility for
this announcement.
For further information
Globe Capital Limited
David Barnett
Chairman
+1-855-280-6793
CORPORATE ADVISER AND CONTACT DETAILS:
Brian Stockbridge
First Sentinel Corporate Finance
Suite 12A
55 Park Lane
Mayfair, London
W1K 1NA
Tel +44 (0) 207 183 7405
E-mail: Brian@first-sentinel.com