Japaul Gold & Ventures : AND VENTURES PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2023

JAPAUL GOLD AND VENTURES PLC

UNAUDITED MANAGEMENT ACCOUNT

30TH SEPTEMBER, 2023

				JAPAUL GROUP
				STATEMENT OF COMPREHENSIVE INCOME
				FOR THE PERIOD ENDED SEPTEMBER 2023
		Jul. - Sept.		Jan. - Sept.		Jul. - Sept.	Jan. - Sept.
		2023	2023	2022		2022
	NOTE	N'000		N'000		N'000	N'000
Turnover	2	319,594	2,183,746	902,860		1,015,321
Cost of sales		(89,934)		(876,371)		(266,834)		(450,447)
Gross profit		229,661	1,307,375	636,025		564,874
Other income	3	73,947	107,112	34,029		102,150
Administrative cost		(228,437)		(751,895)		(219,538)		(642,469)
Operating (loss)/profit		75,171	662,591	450,517		24,554
Net finance costs		(588)	(960)	(216)		(886)
Profit/Loss before taxation		74,582	661,632	450,300		23,669
Income tax expense		-	-	-		-
Profit/Loss for the year from continued
operations		74,582	661,632	450,300		23,669
Discontinued operation
Other comprehensive income/(loss)
Items that will not be reclassified
subsequently to profit or loss
Exchange difference		-	-	-		-
Items that may be reclassified
subsequently to profit or loss
Actuarial (loss)/gain on defined benefit
pension plan		-	-	-		-
Fair value loss on available for sale assets		-		-		-		-
Total comprehensive profit/(loss)		74,582	661,632	450,300		23,669

9				STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 2023
	Issued				AFS fair	Foreign	Non-
	share	Share	Loss	Remeasurement	value	exchange	controlling	Total equity
	capital	premium	sustained	reserve	reserve	reserve	interest
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2023 3,131,351	16,440,679	(19,698,267)	(195)	-	-	-	(126,432)
Loss for the period		661,632		-	-	-	661,632
								-
3,131,351	16,440,679	(19,036,635)	(195)	-	-	-	535,200

STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 2022
	Issued				AFS fair	Foreign	Non-
	share	Share	Loss	Remeasurement	value	exchange	controlling	Total equity
	capital	premium	sustained	reserve	reserve	reserve	interest
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2022 3,131,351	16,440,679	(19,854,250)	(195)	-	-	-	(282,415)
(Loss)/Profit for the
period		23,669		-	-	-	23,669
Derecognition of
AFS fair value
reserve				-			-
								-
3,131,351	16,440,679	(19,830,581)	(195)	-	-	-	(258,746)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR PERIOD 30 SEPTEMBER 2023

	Sep-23		Sep-22
OPERATING ACTIVITIES	N'000		N'000
Cash flows from operating activities
Cash receipts from customers	864,563	577,806
Payment to suppliers and employees	(755,883)		(775,781)
Cash generated from operations	108,680	(197,975)
Payment for employee benefit obligations	(258)	-
Current income tax paid	(5,500)		(6,800)
Net cash from operating activities	102,922	(204,775)
Cash flows from investing activities
Purchase of property, plant and equipment	(1,757)	(78,961)
Proceed on disposal of property, plant & equipment	9,968	300,300
Proceed on disposal of subsidiary	-	-
Interest received	2,112		2,996
Net cash from/(used) in investing activities	10,323	224,336
Cash flows from financing activities
Restructioning cost capitalised	-	-
Repayment of term loans	-	-
Procceds of finance lease facility obtained	-	-
Repayment of finance lease facility	-	-
Interest paid	(960)		(886)
Net cash from/(used in) financing activities	(960)		(886)
Net increase/(decrease) in cash and cash equivalents	112,285	18,675
Cash and cash equivalents at 1 January	5,883	17,287
Effect of foreign exchange on foreign operation	-		-
Cash and cash equivalents at 30 September	118,168	35,962

JAPAUL GROUP

NOTES TO THE ACCOUNTS

1 The Company

Japaul Oil & Maritime Services Plc was incorporated on 29 June 1994 as a private limited liability company and commenced business in January 1997. The company

is in the bisiness of oil and maritime services. It is listed on the Nigerian Stock Exchange (NSE)

				30-Sep	30-Sep
				2023	2022
				N'000	N'000
2 Turnover
	The analysis of turnover by Business unit as follows:
	Japaul Dredging		1,994,029	876,995
	Japaul Offshore		-	62,326
	Japaul Quarry		189,717	75,999
	Japaul International		-	-
				2,183,746	1,015,321
3 Other Income
	N'000	N'000
	Rent received from property		-	-
	Provision and accruals no longer required		-	-
	Profit on disposal of property, plant and equipment
	Sundry income		107,112	102,150
				107,112	102,150
4	FIXED ASSETS
SCHEDULE
			30-Sep	30-Sep	30-Sep
			COST	DEP.	NBV
			N'000	N'000	N'000
	Land	1,913,603	-	1,913,603
	Building	60,000	17,700	42,300
	Leasehold Improvement	102,868	102,868	0
	Plant & Mach.	1,283,246	1,280,931	2,315
	Auto Trucks & Equipments	289,627	289,627	0
	Marine Equipment	5,396,810	3,523,998	1,872,812
	Motor Vehicle	72,437	72,437	0
	Office Equipment &
	Furniture & Fittings	67,558	64,629	2,929
	Work-in-progress		334,417	-	334,417
	TOTAL	9,520,566	5,352,190	4,168,376
			Marine
5	Finance lease assets	Equipment
			30-Sep

	2023
	N'000
Cost
At 1 Jan 2023	5,000,000
Additions	-
Transfers to owned assets	-
At 30 Sept. 2023	5,000,000
Depreciation
At 1 Jan 2023	500,000
Charge for the period	187,500
Reclassified to owned assets	-
At 30 Sept. 2023	687,500
Net book value
At 30 Sept. 2023	4,312,500

6 Intangible assets Cost

	At 1 Jan 2023	14,381
	Additions	-
	At 30 Sept. 2023	14,381
	Depreciation
	At 1 Jan 2023	14,381
	Charge for the year	0
	Write down/Disposals
	At 30 Sept. 2023	14,381
	Net book value
	At 30 Sept. 2023	(0)
		30-Sep		31-Dec
7	Inventory	2023	2022
		N'000		N'000
	Consumables	-	-
	Aggregates	-	-
		0		0
	Impairment loss	-	-
	Net Inventory	0		0
8	Trade Debtors &
other receivables	4,726,799	3,320,343
		-		-
		4,726,799	3,320,343
	Impairment
	allowance	(247,594)	(247,594)
		4,479,205		3,072,749
	ETHICS AND
9	COMPLIANCE

Code of conduct regarding Securities Trading transactions by Directors and other Insiders of the Company was adopted and fully complied with during the period under review.

No record of non-compliance with the required standard set out in The Exchange's listings rules and in the issuer's code of conduct regarding Securities transactions by Insiders in line with Rule 17:15(d) of the Rulebook of The Exchange, 2015 part II (insiders Rule)