Globe Capital Limited - Audited Annual Results for the year ended 31 Dec 2016

Globe Capital Limited

("Globe Capital" or the "Company")

Audited Annual Results for the year ended 31 December 2016

Globe Capital Limited (NEX: GCAP) is pleased to announce its audited annual results for year ended 31 December 2016.

Chairman’s Statement

I am pleased to report the final audited results for the year ended 31 December 2016 of Globe Capital Limited (“the Company”).

Financial performance

The turnover for the year was nil (2015: nil) and the loss was £124,394 (2015: £129,184). The loss per share was 0.07 pence (2015: 0.17 pence). In the past year, the Directors have kept operational costs at a minimum.

Review of operations

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

At the start of the year, the Company raised £100k in new equity and realigned its investment focus towards the retail sector with an emphasis on menswear. Following which, the Company made its maiden investment with a 25% interest in Sterling Craig Limited, a UK based online retailer for men’s fashion.

The Company’s shares are traded on the NEX Exchange Growth Market.

Board changes

During the year under review, Wong Xinyan left the Company. I would like to thank him all for his past service to the Company.

I am pleased to join the board and hope my  experience and local knowledge continue to prove to be of  great value to the business.

Future prospects

The company is actively seeking investments to enhance shareholder value.   We are maintaining a tight control of the Company's resources, which we consider adequate to support current levels of expenditure. The cash resources remain adequate for the current level activity but will be reviewed once further investment opportunities present themselves.

The Directors are presented with opportunities on an ongoing basis from an extensive network of introducers. The company continues to focus on the retail sector, although the board will also look at other global opportunities if they present good shareholder value potential.  The company continues to look at the menswear business in particular.

Several target investments have been identified and the company is currently talking to potential investors with the aim of raising further capital in order to complete the next stage of our investment strategy.

I hope to be able to give further news of these developments in the near future.

David Barnett

Chairman

31 May 2017

The directors of Globe Capital Limited accept responsibility for this announcement.

For further information:

Globe Capital Limited
Christopher Neo, Company Secretary
[phone]
http://www.globecapitalltd.com/

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited
David Scott – Corporate Finance
James Dewhurst – Institutional Sales 
Telephone: [phone]
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA

GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016

	Audited		Audited
	Year ended 31 December 2016		Year ended 31 December 2015
	GBP		GBP
Revenue	-		-
Other Income	-		2
Administrative Expenses	(124,394)		(129,186)
Profit / (Loss) Before Income Tax	(124,394)		(129,184)
Income Tax	-		-
Profit / (Loss) for the period attributable to equity holders	(124,394)		(129,184)
Earnings / (Loss) per share Basic & Diluted (pence)	(0.07p)		(0.17p)

GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT  31 DECEMBER 2016

	Audited		Audited
	Year ended 31 December 2016		Year ended 31 December 2015
	GBP		GBP
Non-current Assets
Property, plant and equipment	-		5,631
Investment in a subsidiary	1,250
Investment in an associate	12,500		-
Total Non-current Assets	13,750		5,631
Current assets
Trade and other receivables	6,996		51
Cash and cash equivalents	5,382		10,266
Total Current Assets	12,378		10,317
Current Liabilities
Trade and other payables	19,771		65,211
Net Current Liabilities	(7,393)		(54,894)
Net Assets	6,357		(49,263)
Non-current liabilities
Accruals Amounts due to directors Amount due to a shareholder	11,532 13,137 35,000		- - -
	59,669		-
Net Liabilities	(53,312)		(49,263)
Shareholders' Equity
Called Up Share Capital	638,428		626,966
Retained Earnings	(691,740)		(676,229)
Total Equity	(53,312)		(49,263)

GLOBE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 DECEMBER 2016

		Audited		Audited
		Year ended 31 December 2016		Year ended 31 December 2015
		GBP		GBP
Profit/(Loss) before tax		(124,394)		(129,184)
Adjustment:
Other income		-		(2)
Depreciation		5,631		22,522
Operating profit/(loss)		(118,763)		(106,664)
Cash flows from operating activities
(Increase)/decrease in trade and other receivables		(6,945)		521
Increase/(decrease) in trade and other payables		(33,908)		56,996
Amounts due to directors		13,137		-
Cash utilised in operations		(146,479)		(49,147)
Cash flows from investing activities
Acquisition of a subsidiary		(1,250)		-
Acquisition of an associate		(12,500)		-
Bank interest received		-		2
Net cash (used in) from investing activities		(13,750)		2
Cash flows from financing activities
Proceeds from issuance of shares		120,345		-
Amount due to a shareholder		35,000		-
Net cash from financing activities		155,345		-
Net decrease in cash and cash equivalents		(4,884)		(49,145)
Cash and cash equivalents at the beginning of the period		10,266		59,411
Cash and cash equivalents at end of period		5,382		10,266

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