31 December 2021
FORBES VENTURES
(“Forbes” or the “Company”)
Interim Results for the six months ended 30 June 2021
CHAIRMAN’S REPORT
REPORTING PERIOD HIGHLIGHTS
The Company has not traded any assets during the year and has primarily focused its activities on building the business structures, policies and procedures for the establishment of a securitisation platform and framework to deliver receivables financing the first transaction of which is to provide litigation funding.
The building activity has resulted in a pre-tax loss of $158,264 for the first six months of the year.
CHAIRMAN’S STATEMENT
I am pleased to present you with Forbes Venture’s unaudited Interim Results for the period ended 30 June 2021.
The Company has completed the development of a functioning securitisation platform and are working on completing the first transaction. The transaction is the Post Balance Sheet event as described in the published accounts for the year ended 31 December 2020 and the related RNS release. It is anticipated that the group will complete two transactions during 2022 and receive gross income of approximately £2m. It is expected that further transactions will be undertaken in 2022.
I would like to thank my fellow directors for their continued support.
Peter Moss
Chairman
STATEMENT OF PROFIT AND LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2021
| Six Months Ended 30 June 2021 US $ |
Six Months Ended 30 June 2020 US $ |
||
| Revenue | |||
| Other income | 28,636 | – | |
| Total income | 28,636 | – | |
| Expense | |||
| Foreign exchange gain/(loss) | (10,699) | 343 | |
| Professional fees | (93,217) | (93,774) | |
| Office expense | (549) | (387) | |
| Other expense | – | (7,587) | |
| Finance cost | (82,435) | (34,797) | |
| Total expense | (186,900) | (136,202) | |
| Loss before tax | (158,264) | (136,202) | |
| Income tax benefit | – | – | |
| Loss for the period | (158,264) | (136,202) |
STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2021
| Six Months Ended 30 June 2021 US $ |
Six Months Ended 30 June 2020 US $ |
||
| Loss for the period | (158,264) | (136,202) | |
| Other comprehensive income/(loss) | – | – | |
| Total comprehensive loss for the period | (158,264) | (136,202) | |
| Basic loss per share | (0.00035) | (0.00030) | |
| Diluted loss per share | (0.00035) | (0.00030) | |
| Weighted average number of shares | 456,258,911 | 456,258,911 |
No dividends were proposed or declared in respect of any of the periods presented above.
The accompanying notes form part of this historical financial information.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
| Notes | As at 30 June 2021 US $ |
As at 30 June 2020 US $ |
|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | – | – | |
| Available for sale financial assets | 3 | 132,065 | 132,065 |
| Intangible Assets | 56,888 | 56,888 | |
| Total non-current assets | 188,953 | 188,953 | |
| Current assets | |||
| Trade and other receivables | 704,583 | 275,473 | |
| Cash and cash equivalent | 1,361 | – | |
| Total current assets | 705,944 | 275,473 | |
| Total assets | 894,897 | 464,426 | |
| Current liabilities | |||
| Trade and other payables | 1,635,657 | 885,698 | |
| Total current liabilities | 1,635,657 | 885,698 | |
| Net Current (liabilities)/assets | (929,713) | (610,225) | |
| Total liabilities | 1,635,657 | 885,698 | |
| Net assets / (liabilities) | (740,760) | (421,272) | |
| Shareholders’ equity | |||
| Share capital | 98,293,401 | 98,293,401 | |
| Capital redemption reserve | 92,740 | 92,740 | |
| Other reserves | 292,568 | 292,568 | |
| Accumulated losses | (99,419,469) | (99,099,981) | |
| Total shareholders’ (deficit)/surplus | (740,760) | (421,272) |
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2021
| Share Capital US$ |
Capital Redemption Reserve US$ |
Other Reserves US$ | Accumulated Losses US$ |
Total US$ |
|
| Balance at 31 December 2020 | 98,293,401 | 92,740 | 292,568 | (99,261,205) | (582,496) |
| Issue of shares | – | – | – | – | – |
| Total comprehensive loss for the period | – | – | – | (158,264) | (158,264) |
| Balance at 30 June 2021 | 98,293,401 | 92,740 | 292,568 | (99,419,469) | (740,760) |
STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2021
| Six Months Ended 30 June 2021 US $ |
Six Months Ended 30 June 2020 US $ |
||
| Cash flows from operating activities | |||
| Loss after income tax | (158,264) | (136,202) | |
| Net foreign exchange (profit)/ loss | 10,699 | (343) | |
| Increase in creditors | 144,958 | 21,964 | |
| (Increase)/decrease in debtors | (8,766) | (3,166) | |
| Net cash flows used by operating activities | (11,373) | (117,747) | |
| Cash flows from investing activities | |||
| Loans to subsidiaries | (111,661) | (147,419) | |
| Loan notes extended | 123,034 | 265,166 | |
| Net cash outflow from investing activities | 11,373 | 117,747 | |
| (Decrease) / increase in cash and cash equivalents | – | – | |
| Cash and cash equivalents at the beginning of the period | 1,361 | – | |
| Cash and cash equivalents at the end of the year | 1,361 | – |
Notes to the Financial statements
- BASIS OF ACCOUNTING
The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union. The financial information is presented in US dollars, rounded to the nearest dollar.
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures (Forbes or the Company) 2020 Annual Report. All remain relevant.
- AVAILABLE FOR SALE FINANCIAL ASSETS
| As at 30 June 2021 US$ |
As at 30 June 2020 US$ |
||
| Investments at fair value brought forward | 132,065 | 132,065 | |
| Investments acquired in the period | – | – | |
| Foreign currency exchange increase | – | – | |
| Revaluation | – | – | |
| Disposal of investments | – | – | |
| Financial assets at the end of the period | 132,065 | 132,065 | |
| Level 1 investments at the end of the period | 132,065 | 132,065 |
The Directors of Forbes accept responsibility for the contents of this announcement.