Globe Capital Limited - Interim Results for six months period to 30 June 2019

Globe Capital Limited - Interim Results for six months period to 30 June 2019

PR Newswire

London, October 15

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.



14^thOctober 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
[phone]


CORPORATE ADVISER AND CONTACT DETAILS:

Brian Stockbridge
First Sentinel Corporate Finance
Suite 12A
55 Park Lane
Mayfair, London
W1K 1NA
Tel [phone]
E-mail: [e-mail]