Forbes Ventures Plc – Audited results for the year ended December 31, 2020

December 31, 2021

FORBED COMPANIES

(“Forbes” or the “Company”)

Audited results for the year ended December 31, 2020

Strategic report

The directors present the strategic report for the financial year ended December 31, 2020.

Company balance sheet

Business strategy and objectives

Forbes Ventures is a company that focuses on the financial and legal sectors with particular reference to innovative technologies and financing solutions that improve service, scalability and efficiency.

Business environment and performance

The company continued to explore the potential of the investment market, developing fund management capabilities. Uncertainties caused by Brexit and related issues have limited the company’s ability to secure sufficient funding, but the company has expanded its interests to include the development of a securitization platform to be used across a range of financial assets, and the first tranche of this activity should be listed and complete after the balance sheet is signed, and has been reported as a post-closing event (see note 21). Investing in the future of the company resulted in a financial loss of $ 297,426 for the year but was justified by the progress of the securitization platform, and we continue to be well supported by our majority shareholder, CC Capital Limited (formerly MEGH UK Ltd).

Post-assessment activities

As mentioned above, Forbes Ventures announced that it is developing a securitization platform in its wholly owned subsidiary Forbes Ventures Investment Management Limited (“FVIM”). The first tranche of this activity is expected to be identified and completed after the closing date and after approval of the accounts by the Board. The impact of this transaction makes it a post-closing event – an element that fundamentally changes the interpretation of the accounts. Details of the transaction are provided in Note 21 to the appendix.

I would like to thank my fellow directors, past and present, for their hard work in bringing this securitization platform to fruition, as well as our shareholders for their patience as we carefully determine this future direction. Given the uncertainties that global markets face due to the COVID-19 outbreak, this platform will create a sustainable and secure revenue stream for the Company, regardless of continued global volatility in markets or an environment. persistently low interest rates.

In addition to securitizations, which should provide a solid cash base, the Company continues to work on other complementary projects to diversify our business lines and take advantage of current market upheavals and will update the market as they arise. commissioning.

On behalf of the board

Mr. P Moss

Director

December 31, 2021

INCOME STATEMENT FOR THE ENDED YEAR DECEMBER 31, 2020

2020

2019

$

$

Administrative expenses

(229,530)

(321,534)

Operating loss

(229,530)

(321,534)

Investment income

22 104

52

Financial expenses

(90,000)

(8,293)

Other gains and losses

Loss before tax

(297,426)

(329,775)

Income tax expense

Loss for the year

(297,426)

(329,775)

The income statement has been prepared on the basis that all activities are continuing operations.

STATEMENT OF OVERALL INCOME FOR THE ENDED YEAR DECEMBER 31, 2020

2020

2019

$

$

Loss for the year

(297,426)

(329,775)

Other comprehensive income

Total comprehensive income for the year

(297,426)

(329,775)

The income statement has been prepared on the basis that all activities are continuing operations.

Basic loss per share

(0.0007)

(0.0007)

Diluted loss per share

(0.0007)

(0.0007)

Average number of shares

456 251 830

456 251 830

No dividend has been proposed or declared for the periods presented above.

STATEMENT OF FINANCIAL POSITION AT DECEMBER 31, 2020

2020

2019

$

$

Non-current assets

Intangible assets

56,785

56,785

Investments

103

103

56 888

56 888

Current assets

Investments

132,065

132,065

Customers and other debtors

584,156

124,545

Cash and cash equivalents

1,361

717,582

256,610

Total assets

774,470

313,498

Current liabilities

Suppliers and other creditors

1,356,966

598,568

Net current liabilities

(639,384)

(341 958)

Total responsibilities

1,356,966

598,568

Net (passive) / active

(582,496)

(285,070)

Equity

Social capital called

98,293,401

98,293,401

Other reserves

292,568

292,568

Capital buyback reserve

92 740

92 740

Retained earnings

(99 261 205)

(98 963 779)

Total equity

(582,496)

(285,070)

STATEMENT OF CASH FLOWS FOR THE ENDED YEAR DECEMBER 31, 2020

2020

2019

$

$

$

$

Cash flow from operating activities

Cash absorbed by operations

(63,059)

(197,062)

Interest payable

(90,000)

(8,293)

Net cash outflow from operating activities

(153,059)

(205,355)

Investment activities

Purchase of intangible assets

Loan to branch

(455,009)

(88 957)

Proceeds from the sale of investments

Interest received

22 104

52

Net cash used in investing activities

(432,905)

(88,905)

Fundraising activities

Proceeds from the issuance of shares

Parent company loan

587,325

294,085

Capital adjustment

Net cash generated by financing activities

587,325

294,085

Net increase / (decrease) in cash and cash equivalents

1,361
)

(175)

Cash and cash equivalents at the start of the year

175

Cash and cash equivalents at the end of the year

1,361

The company’s major shareholder, CC Capital Limited, has provided a letter of support to the company for a period of 12 months. Despite this letter of support guaranteeing the solvency of the Company, the Statutory Auditor has identified the importance of the first tranche of the securitization to demonstrate the ability of the Company to implement its long-term strategy.

The financial statements were approved by the board of directors and authorized for publication on December 30, 2021 and are signed in his name by:

Mr. P Moss

Director

Note 21

Post-balance sheet event

The company and its subsidiaries have been studying for some time how to finance law firm litigation through listed securitization issues. In 2020, the firm established working relationships with a number of counterparties who worked collaboratively to develop a platform that law firms could use to generate funding.

By the end of the year, Forbes Ventures and its affiliates had established themselves as a potential key part of the process, which would involve buying receivables through 100% owned securitization firms and selling them to an issuer. as a support for bonds listed on the Maltese stock exchange. . At year’s end, the cabinet had not signed any documents supporting the relationship, but negotiations were at an advanced stage.

The income of the company and its wholly owned subsidiaries will be a commission based on the size of the bond issued and the specific details of the agreed trading terms. Since the balance sheet date, Forbes Ventures has worked on the listing and closing of the first £ 40million bond which will achieve gross income of £ 800,000 (before fees and taxes).,. The company plans to issue a second tranche of securitization transactions totaling £ 60million. The projected gross income from this tranche will be £ 1.2 million (before costs and taxes). Profits from the two tranches will be divided between the company and its wholly owned subsidiaries.

The administrators of Forbes accept responsibility for the content of this advertisement.

-ENDS-

For more information, please contact:

Forbes Enterprises
Peter Moss, President
Rob Cooper, CEO

01625 568 767
020 3687 0498

Corporate Advisor AQSE
Peterhouse Capital Limited
Marc Anwyl

020 7469 0930

Disclosure of Market Abuse Regulation (MAR)

This announcement contains inside information for the purposes of Article 7 of the EU Market Abuse Regulation 596/2014, as it is part of retained EU law (as defined in European Union law (withdrawal ) 2018).


Source link

Comments are closed.