TIDMGCAP 
 
30 June 2023 
 
                             Globe Capital Limited 
 
                      ("Globe Capital" or the "Company") 
 
          Audited Annual Results for the year ended 31 December 2022 
 
Globe Capital Limited (AQSE: GCAP) is pleased to announce its audited annual 
results for year ended 31 December 2022. 
 
The full audited annual report is available on the Company's website https:// 
globecapitalltd.com. 
 
The audit report contains the following statement regarding going concern: 
 
"We draw attention to the consolidated financial statements which indicates 
that the Group incurred a net loss of £94,111 for the year ended 31st December 
2022 and as that date, the Group's current liabilities exceeded its current 
assets by £171,108 and its total liabilities exceeded its total assets by £ 
332,403 respectively these conditions together with other matters as set forth 
in the notes to the consolidated financial statements, indicate a material 
uncertainty which make cast a significant doubt about the Group's ability to 
continue as a going concern. Our opinion is not modified in respect of this 
matter." 
 
Chairman's statement 
 
I am pleased to report the final audited results for the year ended 31 December 
2022 of Globe Capital Limited (the "Company", together with its subsidiaries, 
the "Group"). 
 
Financial performance 
 
The turnover for the year was £Nil (2021: £Nil) and the loss was £94,111 (2021: 
£13,039). The loss per share was 0.04 pence (2021: 0.005 pence). In the past 
year, the Directors have kept operational costs at a minimum, where possible. 
 
Review of operations 
 
The Company's investment strategy is to seek and evaluate appropriate 
investment opportunities in businesses that offer capital growth. 
 
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 
2022 by £171,108, continued support is currently being provided by the 
Company's Directors and shareholders Burns Singh Tennent-Bhohi (Glenpani Group 
& Eastport Ventures Inc.) and Simon Grant-Rennick. 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 2023 onwards and will continue to look for further fund raising 
opportunities and investments. 
 
Simon Grant Rennick 
 
Chairman 
 
30th June 2023 
 
REVIEW OF BUSINESS 
 
Due to extremely challenging market conditions the Company has been unable to 
pursue any material investment transactions and much like the prior year, the 
principal activity has been to reduce administrative costs and to retire legacy 
creditors associated with prior management whilst the Board consider the most 
suitable investment strategy supported by a more positive environment within 
the capital markets community. 
 
In addition to the Directors that have extended finance to the Company, the 
Company's other material legacy lender, a £100,000 6% convertible redeemable 
loan note was purchased by a new party, Brustir Pte Ltd. Brustir have been 
incredibly supportive and understanding of the Company's objectives and 
discussions to the Year End were positive in seeking solution to retire this 
note. 
 
The Company, supported by its Board and shareholders remain committed to 
evaluating suitable investment transactions and opportunities and will continue 
to maintain a disciplined cost base whilst preparing for a more positive 
market. 
 
POST YEAR REVIEW 
 
With the economic backdrop providing an environment that favours asset classes 
that carry less risk in financial markets, the Board believe that this could 
represent a landscape to evaluate deeply discounted assets with the markets 
current pricing of risk. 
 
Consistent with the Company's activity to the Year End 2022, the Board have not 
materially progressed any investment transactions as at date of this report. 
 
The key considerations that the Board see as vital to the Company's future 
success include considering its present investment policy, evaluating 
distressed operating assets, retiring, its final creditor, Brustir Pte Limited 
(outside of the Directors of the business that are committed to sourcing a 
value accretive strategy) that has been an extremely supportive lender to the 
business when acquiring a legacy convertible loan note last year. Discussions 
are ongoing with Brustir with respect potential solutions to redeem the 
outstanding balance and associated interest outstanding. 
 
OUTLOOK 
 
The Board are committed to deliver value to the shareholders of the Company and 
whilst presented with current market challenges remain optimistic of 
identifying investment opportunities that present attractive growth profiles. 
 
Burns Singh Tennent-Bhohi 
 
Director 
 
30th June 2023 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME 
 
For the year ended 31 DECEMBER 2022 
 
                                                      Audited          Audited 
 
                                                   Year ended       Year ended 
                                                  31 December      31 December 
                                                         2022             2021 
 
                                                          GBP              GBP 
 
Revenue                                                   -                - 
 
Gross Profit                                                -                - 
 
Other Income                                                -                - 
 
Administrative Expenses                              (87,018)          (7,039) 
 
Finance costs                                         (7,093)          (6.000) 
 
(Loss) Before Income Tax                             (94,111)         (13,039) 
 
Income Tax                                                  -                - 
 
Profit / (Loss) for the period attributable          (94,111)         (13,039) 
to equity holders 
 
(Loss) per share                                      (0.04p)         (0.005p) 
Basic (pence) 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
As at 31 DECEMBER 2022 
 
                                                      Audited                Audited 
 
                                                   Year ended             Year ended 
                                                  31 December            31 December 
                                                         2022                   2021 
 
                                                          GBP                    GBP 
 
Non-current Assets 
 
Goodwill                                                    -                      - 
 
Financial assets at fair value through profit           4,482                  8,238 
or loss 
 
                                                        4,482                  8,238 
 
Current assets 
 
Other receivables and Prepayments                      10,540                  8,844 
 
Loans Receivables                                           -                      - 
 
Cash and cash equivalents                               2,062                 26,893 
 
                                                       12,602                 35,737 
 
Current Liabilities 
 
Other Payables                                        183,710                 71,532 
 
Amount due to a related company                             -                      - 
 
                                                      183,710                 71,532 
 
Net Current (Liabilities)/Assets                    (171,108)               (35,795) 
 
Total Assets (less)/Above Current Liabilities       (166,626)               (27,557) 
 
Non-current liabilities 
 
Other payables                                              -                124,000 
 
Amount due to a related company                        78,000                 32,500 
 
Amounts due to directors                               87,777                 54,235 
 
                                                      165,777                210,735 
 
Net (Liabilities)                                   (332,403)              (238,292) 
 
Shareholders' Equity 
 
Called Up Share Capital                               645,094                645,094 
 
Share premium account                                 940,226                940,226 
 
Retained Earnings                                                        (1,823,612) 
                                                  (1,917,723) 
 
Total Equity                                        (332,403)              (238,292) 
 
GLOBE CAPITAL LIMITED 
 
COMPANY STATEMENT OF FINANCIAL POSITION 
 
As at 31 DECEMBER 2022 
 
                                                      Audited                Audited 
 
                                                   Year ended             Year ended 
                                                  31 December            31 December 
                                                         2022                   2021 
 
                                                          GBP                    GBP 
 
Non-current Assets 
 
Investment in Subsidiary                                1,250                  1,250 
 
Goodwill                                                    -                      - 
 
Financial assets at fair value through profit           4,482                  8,238 
or loss 
 
                                                        5,732                  9,488 
 
Current assets 
 
Other receivables and Prepayments                      10,440                  8,744 
 
Loans Receivables                                       2,062                 17,133 
 
Cash and cash equivalents                                   -                      - 
 
                                                       12,502                 25,877 
 
Current Liabilities 
 
Other Payables                                        183,711                 71,532 
 
Amount due to a related company                             -                      - 
 
                                                      183,711                 71,532 
 
Net Current (Liabilities)/Assets                    (171,209)               (45,655) 
 
Total Assets (less)/Above Current Liabilities       (165,477)               (36,167) 
 
Non-current liabilities 
 
Other payables                                              -                124,000 
 
Amount due to a related company                        78,000                 32,500 
 
Amounts due to directors                               87,777                 54,235 
 
                                                      165,777                210,735 
 
Net (Liabilities)                                   (331,254)              (246,902) 
 
Shareholders' Equity 
 
Called Up Share Capital                               645,094                645,094 
 
Share premium account                                 940,226                940,226 
 
Reserves                                                                 (1,832,222) 
                                                  (1,916,574) 
 
Total Equity                                        (331,254)              (246,902) 
 
The loss of the parent company for the year ended 31st December 2022 was £ 
84,352 (2021 - £67,277) 
 
GLOBE CAPITAL LIMITED 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
 
For the year ended 31 DECEMBER 2022 
 
                                                          Audited         Audited 
 
                                                       Year ended      Year ended 
                                                      31 December     31 December 
                                                             2022            2021 
 
                                                              GBP             GBP 
 
Profit/(Loss) before tax                                 (94,111)        (13,039) 
 
Adjustment: 
 
Depreciation                                                    -               - 
 
Loan receivables written off                                    -               - 
 
Loss on disposal of property, plant and                         -               - 
equipment 
 
Increase in value of financial assets                       3,756         (7,118) 
 
Other receivables written off                                   -               - 
 
Interest expenses                                           7,093           6,000 
 
Non cash transactions written off                               -        (29,538) 
 
Interest income                                                 -               - 
 
Operating loss before working capital changes            (83,262)        (43,695) 
 
Changes in working capital: 
 
Other receivables and prepayments                         (1,696)         (1,401) 
 
Creditors (Decrease)/Increase                            (18,915)        (27,875) 
 
Cash utilised in operations                             (103,873)        (72,971) 
 
Cash flows from investing activities 
 
Other loan repayments                                           -        (18,000) 
 
Increase in loans receivables                                   -          20,000 
 
Increase in loans from related parties                     45,500          32,500 
 
Increase in directors loan                                 33,542          48,100 
 
Net cash from investing activities                         79,042          82,600 
 
Net increase/(decrease) in cash and cash                 (24,831)           9,629 
equivalents 
 
Cash and cash equivalents at the beginning of              26,893          17,264 
the year 
 
Cash and cash equivalents at end of year                    2,062          26,893 
 
Analysis of cash and cash equivalents 
 
Cash and bank balances                                      2,062          26,893 
 
The directors of Globe Capital Limited accept responsibility for this 
announcement. 
 
For further information 
 
Globe Capital Limited 
 
Darren Edmonston 
 
Tel: +44 (0) 1279 635511 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Peterhouse Capital Limited 
 
Guy Miller/ Narisha Ragoonanthun 
 
Tel: +44 (0) 207 469 0930 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 30, 2023 07:00 ET (11:00 GMT)

Globe Capital (AQSE:GCAP)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Globe Capital Charts.
Globe Capital (AQSE:GCAP)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Globe Capital Charts.