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Disseminated via PRN on 27 June 2025
Globe Capital Limited
("Globe Capital" or the "Company")
Annual report
For the year ended 31 December 2024
Globe Capital Limited
Chairman’s statement
For the year ended 31 December 2024
Globe Capital Limited (AQSE : GCAP) is pleased to announce its audited annual results for the year ended 31 December 2024.
Chairman’s statement
I am pleased to announce the final audited results for Globe Capital Limited (the "Company") and its subsidiaries (the "Group") for the year ended 31 December 2024.
Financial performance
The turnover for the year was £Nil (2023: £Nil) and the loss was £118,751 (2023: £99,211). The loss per share was 0.05 pence (2023: 0.04 pence). In the past year, the Directors have kept operational costs at a minimum, where possible.
No dividends have been declared for the year ended 31 December 2024.
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 (extracted below from the Auditor’s Report) 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 2024 by £278,279, 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 modified these opinions.
“Material uncertainty related to going concern
We draw attention to note 2 (c) in the consolidated financial statements, which indicates that the group incurred a loss attributable to owners of the company of £118,751 for the year ended 31 December 2024 and as at 31 December 2024 the group had net current liabilities and net liabilities of £278,279 and £550,365 respectively. As stated in note 2 (c), indicate that a material uncertainty exists that may cast significant doubt on the group’s and the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”
The Company is still well placed to take advantage of any opportunities as they arise through 2024 onwards and will continue to look for further fund raising opportunities and investments.
Simon Grant Rennick
Chairman
Date: 25 June 2025
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
Tel: +44 (0) 207 469 0930
Globe Capital Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2024
| 2024 | 2023 | |||||
| GBP | GBP | |||||
| Revenue | - | - | ||||
| Administrative expenses | (104,377 | ) | (88,057 | ) | ||
| Finance costs | (14,374 | ) | (11,154 | ) | ||
| Loss before income tax | (118,751 | ) | (99,211 | ) | ||
| Income tax | - | - | ||||
| Loss and other comprehensive loss for the year | (118,751 | ) | (99,211 | ) | ||
| Loss per share | Pence | Pence | ||||
| Basic and diluted | (0.05 | ) | (0.04 | ) |
All operations are considered to be continuing.
Globe Capital Limited
Consolidated statement of financial position
As at 31 December 2024
| 2024 | 2023 | |||||
| GBP | GBP | |||||
| Non-current assets | ||||||
| Goodwill | - | - | ||||
| Financial assets at fair value through profit or loss | 362 | 2,966 | ||||
| 362 | 2,966 | |||||
| Current assets | ||||||
| Other receivables and prepayments | 11,190 | 10,945 | ||||
| Cash and cash equivalents | 120 | 1,801 | ||||
| 11,310 | 12,746 | |||||
| Current liabilities | ||||||
| Other payables | 289,589 | 198,879 | ||||
| Net current liabilities | (278,279 | ) | (186,133 | ) | ||
| Total assets less current liabilities | (277,917 | ) | (183,167 | ) | ||
| Non-current liabilities | ||||||
| Amounts due to related companies | 136,671 | 136,671 | ||||
| Amounts due to directors | 135,777 | 111,776 | ||||
| 272,448 | 248,447 | |||||
| Net liabilities | (550,365 | ) | (431,614 | ) | ||
| Capital and reserves | ||||||
| Share capital | 645,094 | 645,094 | ||||
| Share premium account | 940,226 | 940,226 | ||||
| Reserves | (2,135,685 | ) | (2,016,934 | ) | ||
| Total equity | (550,365 | ) | (431,614 | ) |
Approved and authorised for issue by the Board of Directors on
Burns Singh Tennent-Bhohi Simon Grant-Rennick
Director Director
Globe Capital Limited
Company statement of financial position
As at 31 December 2024
| 2024 | 2023 | |||||
| GBP | GBP | |||||
| Non-current assets | ||||||
| Investment in Subsidiary | 1,250 | 1,250 | ||||
| Goodwill | - | - | ||||
| Financial assets at fair value through profit or loss | 362 | 2,966 | ||||
| 1,612 | 4,216 | |||||
| Current assets | ||||||
| Other receivables and prepayments | 11,090 | 10,844 | ||||
| Loans receivables | 120 | 1,801 | ||||
| 11,210 | 12,645 | |||||
| Current liabilities | ||||||
| Other payables | 289,590 | 198,879 | ||||
| Net current liabilities | (278,380 | ) | (186,234 | ) | ||
| Total assets less current liabilities | (276,768 | ) | (182,018 | ) | ||
| Non-current liabilities | ||||||
| Amount due to related companies | 136,671 | 136,671 | ||||
| Amounts due to directors | 135,777 | 111,776 | ||||
| 272,448 | 248,447 | |||||
| Net liabilities | (549,216 | ) | (430,465 | ) | ||
| Capital and reserves | ||||||
| Share capital | ) | 645,094 | 645,094 | |||
| Share premium account | 940,226 | 940,226 | ||||
| Reserves | (2,134,536 | ) | (2,015,785 | ) | ||
| Total equity | (549,216 | ) | (430,465 | ) |
The loss of the parent company for the year ended 31st December 2024 was £118,751 (2023 - £99,211)
Approved and authorised for issue by the Board of Directors on
Burns Singh Tennent-Bhohi Simon Grant-Rennick
Director Director
Statement of changes in equity
For the year ended 31 December 2024
Group
| Share | Share | Accumulated | ||||||
| capital | premium | losses | Total | |||||
| GBP | GBP | GBP | GBP | |||||
| As at 1.1.2023 | 645,094 | 940,226 | (1,917,723 | ) | (332,403 | ) | ||
| Loss and total comprehensive loss for the year | - | - | (99,211 | ) | (99,211 | ) | ||
| As at 31.12.2023 and 1.1.2024 | 645,094 | 940,226 | (2,016,934 | ) | (431,614 | ) | ||
| Loss and total comprehensive loss for the year | - | - | (118,751 | ) | (118,751 | ) | ||
| As at 31.12.2024 | 645,094 | 940,226 | (2,135,685 | ) | (550,365 | ) |
Company
| Share | Share | Accumulated | ||||||
| capital | premium | losses | Total | |||||
| GBP | GBP | GBP | GBP | |||||
| As at 1.1.2023 | 645,094 | 940,226 | (1,916,574 | ) | (331,254 | ) | ||
| Loss and total comprehensive loss for the year | - | - | (99,211 | ) | (99,211 | ) | ||
| As at 31.12.2023 and 1.1.2024 | 645,094 | 940,226 | (2,015,785 | ) | (430,465 | ) | ||
| Loss and total comprehensive loss for the year | - | - | (118,751 | ) | (118,751 | ) | ||
| As at 31.12.2024 | 645,094 | 940,226 | (2,134,536 | ) | (549,216 | ) |
Globe Capital Limited
Consolidated statement of cash flows
For the year ended 31 December 2024
| 2024 | 2023 | |||||
| GBP | GBP | |||||
| Cash flows from operating activities | ||||||
| Loss before income tax | (118,751 | ) | (99,211 | ) | ||
| Adjustments for: | ||||||
| Fair value loss on financial assets at fair value through Profit and loss account | 2,604 | 1,516 | ||||
| Interest expenses | 14,374 | 11,154 | ||||
| Operating loss before working capital changes | (101,773 | ) | (86,541 | ) | ||
| Changes in working capital: | ||||||
| Other receivables and prepayments | (245 | ) | (405 | ) | ||
| Increase/(Decrease) in creditors | 76,337 | 4,015 | ||||
| Net cash used in operating activities | (25,681 | ) | (82,931 | ) | ||
| Cash flows from investing activities | ||||||
| Increase in loans from related parties | - | 58,671 | ||||
| Increase in directors loan | 24,000 | 23,999 | ||||
| Net cash from investing activities | 24,000 | 82,670 | ||||
| Net decrease in cash and cashEquivalents | (1,681 | ) | (261 | ) | ||
| Cash and cash equivalents at beginning of the year | 1,801 | 2,062 | ||||
| Cash and cash equivalents at end of the year | 120 | 1,801 | ||||
| Analysis of cash and cash equivalents | ||||||
| Cash and bank balances | 120 | 1,801 |
