Globe Capital Limited Interim Results for the six months to 30 June 2020
September 30 2020 - 11:21AM
UK Regulatory
TIDMGCAP
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 GBP61k compared to GBP82k 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 6 months Year ended
ended ended 31 December
30 June 30 June 2019
2020 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 30 June 31
2020 2019 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 6 months Year ended
ended ended 31 December
30 June 30 June 2019
2020 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 5 57 57
period
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 GBP55,000 (2019: loss GBP76,000) 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 DETAILS:
Brian Stockbridge
First Sentinel Corporate Finance
72 Charlotte Street
London
W1T 4QQ
Tel +44 (0) 207 183 7405
E-mail: Brian@first-sentinel.com
END
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