30 September
2020
Globe Capital
Limited
("Globe Capital"
or the "Company")
Interim Results
for the six months period to 30 June
2020
Chairman’s Statement
Globe Capital Limited is pleased to announce its unaudited
interim results for the 6 months period to 30 June
2020. Operational costs for the period amounted to £61k
compared to £82k for the 6 months to June
2019.
The Company’s investment strategy continues to be that to seek
medium-to-long term investments in businesses that exhibit growth
potential. The Company continues 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 continues its operations through the subsidiary
Vogel Marketing Services FSZ in Ajman,
United Arab Emirates which promotes companies from the UK
and EU within the Gulf Region, however the results from this region
have been frustrated by the delays due to Brexit and now Covid-19,
however it is continuing to explore a number of opportunities which
the board believe will come to fruition in the new year.
The company continues to receive support from its shareholders
and loan note holders to meet its ongoing costs.
30th September 2020
David
Barnett
Chairman
Globe Capital Limited
Profit and Loss and Other
Comprehensive Income
Six months ended 30 June 2020
|
6 months
ended
30 June 2020 |
6 months
ended
30 June 2019 |
Year ended
31 December
2019 |
|
GBP '000 |
GBP '000 |
GBP '000 |
| Revenue |
10 |
- |
10 |
| Cost of services |
- |
- |
(8) |
|
|
|
|
| Gross
Profit |
10 |
- |
2 |
|
|
|
|
| Other Income |
2 |
6 |
10 |
| Administrative
Expenses |
(61) |
(82) |
(182) |
| Finance Costs |
(6) |
- |
(12) |
|
|
|
|
| Profit / (Loss)
Before Taxation |
(55) |
(76) |
(182) |
|
|
|
|
| Taxation |
- |
- |
- |
|
|
|
|
| Other Comprehensive
Loss |
- |
- |
- |
|
|
|
|
| Profit / (Loss) for
the period |
(55) |
(76) |
(182) |
|
|
|
|
| Earning / (Loss)
per share |
|
|
|
| Basic & Diluted
(pence) |
(0.02)p |
(0.03)p |
(0.07)p |
|
|
|
|
Globe Capital Limited
Balance Sheet as at 30 June 2020
|
30 June
2020 |
30 June
2019 |
31 December
2019 |
|
GBP '000 |
GBP '000 |
GBP '000 |
|
|
|
|
| Non-current
assets |
|
|
|
| Property, plant and
equipment |
- |
9 |
9 |
| Investments |
- |
14 |
- |
| Loans Receivable |
- |
- |
- |
|
|
|
|
| Current
assets |
|
|
|
| Prepayments |
15 |
22 |
20 |
| Cash and cash
equivalents |
14 |
12 |
5 |
| Other debtors and
receivables |
56 |
146 |
85 |
|
|
|
|
|
|
|
|
| Total
Assets |
85 |
203 |
119 |
|
|
|
|
| Current
Liabilities |
|
|
|
| Trade and other
payables |
66 |
168 |
191 |
|
|
|
|
| Creditors: falling
due after more than one year |
|
|
|
| Amounts due to
directors |
26 |
17 |
16 |
| Amounts due to a
shareholder |
18 |
- |
- |
| Other payables |
118 |
- |
- |
|
|
|
|
| Total
Liabilities |
228 |
185 |
207 |
|
|
|
|
| Net Assets |
(143) |
18 |
(88) |
|
|
|
|
| Shareholders'
Equity |
|
|
|
| Share Capital |
645 |
645 |
645 |
| Reserves |
(788) |
(627) |
(733) |
|
|
|
|
| Total
Equity |
(143) |
18 |
(88) |
Globe Capital Limited
Statement of Cash Flows
Period ended 30
June 2020
|
6 months ended
30 June 2020 |
6 months ended
30 June 2019 |
Year ended
31 December
2019 |
|
GBP '000 |
GBP '000 |
GBP '000 |
| Profit/(Loss) before
tax |
(55) |
(76) |
(182) |
| Adjustment: |
|
|
|
| Depreciation |
9 |
- |
7 |
| Impairment of
goodwill |
- |
- |
1 |
| Interest expenses |
6 |
- |
12 |
| Other income |
(2) |
- |
(10) |
| Loss on disposal of an
associate |
|
|
13 |
| Operating
profit/(loss) |
(42) |
(76) |
(159) |
|
|
|
|
| Cash flows from
operating activities |
|
|
|
| Prepayments |
5 |
3 |
28 |
| Other payables |
(13) |
6 |
17 |
| Amounts due to
directors |
10 |
3 |
2 |
| Amounts due to
shareholders |
18 |
- |
- |
| Cash utilised in
operations |
(22) |
(64) |
(112) |
|
|
|
|
| Cash flows from
investing activities |
|
|
|
| Interest received |
2 |
6 |
10 |
| Loans receivable |
29 |
13 |
50 |
|
|
|
|
| Net cash from
investing activities |
31 |
19 |
60 |
|
|
|
|
| (Decrease)/increase in
cash and cash equivalents |
9 |
(45) |
(52) |
| Cash and cash
equivalents at the beginning of the period |
5 |
57 |
57 |
| Cash and cash
equivalents at end of period |
14 |
12 |
5 |
|
|
|
|
| Cash at Bank
C/F |
14 |
12 |
5 |
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 £55,000 (2019: loss £76,000) by the weighted
average number of ordinary shares of 255,919,752 (2019:
255,919,752).
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
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First Sentinel Corporate Finance
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London
W1T 4QQ
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E-mail: Brian@first-sentinel.com