Globe Capital Limited - Results for the year ended 31 December 2020

15 November 2021

Globe Capital Limited

("Globe Capital", "Company" or the “Group”)

Audited Annual Results for the year ended 31 December 2020

Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual results for year ended 31 December 2020.

Chairman’s Statement

I am pleased to report the final audited results for the year ended 31 December 2020 of the Company.

Financial performance

The turnover for the year was £10,000 (2019: £10,000) and the loss was £136,998 (2019: £182,240). The loss per share was 0.05 pence (2019: 0.07 pence). In the past year, the Directors have kept operational costs at a minimum, where possible.

Review of operations

The Group’s investment strategy is to seek medium-to-long term investments in businesses that exhibit growth potential. The Group continues to be an active investor in situations where the Group can make a clear contribution to the growth and development of the investment.

During the year the Company continued with its office in the Business Bay, Dubai and operation 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 continued delays due to Brexit and now Covid-19.

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 2020 by £84,308, continued support is currently being provided by one if its shareholders Toddbrook Investments Limited and the Company has also obtained further support by the Company’s loan note provider. 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 2021 onwards and will continue to look for further fund raising opportunities and investments.

The Company’s shares trading on Aquis Stock Exchange have been suspended since 4 May 2021.

David Barnett

Chairman

15 November 2021

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 DECEMBER 2020

	Audited	Audited
	Year ended 31 December 2020	Year ended 31 December 2019
	GBP	GBP
Revenue	10,000	10,000
Cost of services	-	(7,500)
Gross Profit	10,000	2,500

Other Income	3,907	9,698
Administrative Expenses	(144,905)	(182,240)
Finance costs	(6,000)	(12,000)

(Loss) Before Income Tax	(136,998)	(182,240)

Income Tax	-	-

Profit / (Loss) for the period attributable to equity holders	(136,998)	(182,240)

(Loss) per share Basic (pence)	(0.05p)	(0.07p)

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2020

	Audited	Audited
	Year ended 31 December 2020	Year ended 31 December 2019
	GBP	GBP

Non-current Assets
Property, plant and equipment	-	9,090
Goodwill	-	-
Financial assets at fair value through profit or loss	1,120	-
	1,120	9,090

Current assets
Other receivables and Prepayments	7,343	19,955
Loans Receivable	-	85,115
Cash and cash equivalents	17,264	5,023
	24,607	110,093

Current Liabilities
Other Payables	103,115	186,708
Amount due to a related company	5,800	4,400
	108,915	191,108

Net Current (Liabilities)/Assets	(84,308)	(81,015)
Total Assets (less)/Above Current Liabilities	(83,188)	(71,925)

Non-current liabilities
Other payables	118,000	-
Amounts due to directors	24,165	16,430
	142,165	16,430

Net (Liabilities)	(225,353)	(88,355)


Shareholders' Equity
Called Up Share Capital	664,994	664,994
Retained Earnings	(870,347)	(733,349)
Total Equity	(225,353)	88,355

GLOBE CAPITAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 DECEMBER 2020

	Audited	Audited
	Year ended 31 December 2020	Year ended 31 December 2019
	GBP	GBP

Profit/(Loss) before tax	(136,998)	(182,240)
Adjustment:
Depreciation	3,500	7,000
Impairment of goodwill	-	1,150
Loan receivables written off	55,263	-
Loss on disposal of an associate	-	12,500
Loss on disposal of property, plant and equipment	5,590	-
Other receivables written off	6,839	-
Interest expenses	6,000	12,000
Interest income	(3,907)	(9,698)
Operating loss before working capital changes	(63,713)	(159,288)

Changes in working capital:
Other receivables and prepayments	9,390	27,665
Other payables	28,407	16,143
Amount due to a related company	1,400	1,400
Amounts due to directors	7,735	2,203
Cash utilised in operations	(16,781)	(111,877)

Cash flows from investing activities
Increase in loans receivables	28,732	50,300
Interest received	290	9,698
Net cash from investing activities	29,022	59,998

Net increase/(decrease) in cash and cash equivalents	12,241	(51,879)
Cash and cash equivalents at the beginning of the year	5,023	56,902

Cash and cash equivalents at end of year	17,264	5,023

Analysis of cash and cash equivalents
Cash and bank balances	17,264	5,023