JULI : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

JULI PLC

QUARTERLY REPORT

FIRST QUARTER ENDED 31ST MARCH 2024

19, KODESOH STREET IKEJA LAGOS STATE.

JULI PLC
STATEMENT OF FINANCIAL POSITION
FIRST QUARTER 31st March, 2024	NOTE
			31st Mar.2024	31st Mar.2023
			2024	2023
			₦	₦
ASSETS
Non- Current Assets
Property, Plant & Equipment	5		1,300	4,264,600
Product Development Exps
Investments	6		1,000,000	1,000,000
Total Non-Current assets			1,001,300	5,264,600
Current Assets
Inventories	7		71,499,494	34,537,143
Trade Receivables & Prepayments	8		-	2,430,351
Cash & Cash Equivalents	9		12,660,477	3,286,626
			84,159,971	40,254,120
TOTAL ASSETS			85,161,271	45,518,720
EQUITY AND LIABILITIES
Share Capital	10		100,000,000	100,000,000
Share Premium
Revaluation Reserve	11		-	37,253,015
Retained Earning	12		(986,486,034)	(890,461,029)
			(886,486,034)	(753,208,014)
Non-Current Liabilities
Term Loan	13		139,889,371	185,217,564
Deferred Taxation
Current Liabilities
Trade Payables & Accruals	14		12,508,538	44,597,305
Other payables	14B		104,655,867	104,655,867
Tax Payable	15		17,493,000	17,493,000
Related Party- MIDAS Investment Property	16		697,100,529	446,762,998
Bank Overdraft
			831,757,934	613,509,170
TOTAL EQUITY & LIABILITIES			85,161,271	45,518,720
	}
	}		Directors

The Accounting Policies and notes form part of these Financial Statements

Prince Julius Adelusi-Adeluyi, OFR, mni

Chairman

FRC/2013/NBA/00000004555

Mrs Julia Omoshalewa Adelusi-Adeluyi

Acting Managing Director

FRC/2020/003/00000021997

Osho Olaniyi Thomas, FCA, MBA

FRC/2014/ICAN/000006471

Chief Finance Officer

30th day of April, 2024

JULI PLC

STATEMENT OF COMPREHENSIVE INCOME

FIRST QUARTER 31ST MARCH, 2024

		3 Months Ended	3 Months Ended
		2024	2023
	NOTE	₦	₦
Turnover		104,194,358.43	70,601,845.99
Cost of Sales		69,772,140.90	46,940,092.21
Gross Profit		34,422,217.53	23,661,753.78
ADMIN. EXPENSES
Adverts & Public Relations		258,074.00	440,573.00
Insurance Expenses		-	15,000.00
Laboratory Expenses		-	102,000.00
Bank Service Charges		720,416.87	421,492.73
Cleaning Expense		39,950.00	34,300.00
Telephone Expense		143,000.00	146,900.00
Computer and Internet Expenses		499,850.00	164,200.00
License, Registration, Subscription		1,743,328.72	645,011.25
Vehicle Running Expenses		69,000.00	-
Vehicle Exp.Fuel & Lubricants		1,111,250.00	554,400.00
Vehicle Exp. Repairs & Maintenance		275,500.00	166,000.00
Vehicle Running Expenses - Others		3,000.00	-
Generator Running Expenses		6,000.00	-
Generator Expenses: Fuel & Lubricants		5,872,710.00	2,636,910.00
Generator Exp· Repairs & Maintenance		724,000.00	204,800.00
Printing, Postage & Stationery		427,130.00	138,610.00
Professional Fees: Audit & Others		600,000.00	560,000.00
Other Professional Fees		350,000.00	-
Rent & Rates		60,000.00	-
General Repairs and Maintenance		980,352.50	620,050.00
Staff Cost		26,500.00	-
Staff: Salaries & Wages		8,578,406.96	6,957,877.00
Staff Welfare		98,130.00	331,000.00
Staff Medical Expenses		237,460.00	41,700.00
Security Expenses		601,950.00	600,000.00
Directors CCE		450,000.00	200,000.00
Selling & Distribution		8,030.00	-
Sundry Expenses		164,625.00	542,630.00
Local Transport		54,400.00	41,190.00
Travelling Expenses		268,000.00	834,000.00
Utilities: PHCN Bill		311,835.19	1,123,200.21
Utilities: LAWMA Bill		180,000.00	200,000.00
Water Bill		28,900.00	18,000.00
Donation		200,000.00	-
Uniforms & Garments		-	-
Training and Development		-	-
Newspapers and periodicals		-	-
Transportation Expenses		104,600.00	429,120.00
Factory Overheads		-	716,965.00
Office expense		232,540.00	127,210.00
Entertainment		129,390.00	106,670.00
PAYE		285,764.92	-
Pension		50,300.00	-
Depreciation		243,750.00	566,633.25
Loan Repayment		6,378,406.52	9,325,973.26
Fines and Penalties		230,000.00	300,000.00
TOTAL		32,746,550.68	29,312,415.70
Profit/(Loss)		1,675,666.85	(5,650,661.92)

JULI PLC

FIRST QUARTER 31ST MARCH 2024

BOARD OF DIRECTORS AND THEIR SHAREHOLDING

	NO. OF
	SHARES
SHAREHOLDERS	DIRECT	INDIRECT	% HOLDING
Prince Julius Adelusi-Adeluyi, OFR, mni	57,227,746	17,044,254	37.14
Sir Remi Omotosho - Deceased	1,000,000		0.5
Mrs. Juli Omoshalewa Adelusi-Adeluyi	-	-	-
Mrs Abiola Macaulay-Rep.Access Bank		6,490,000	3.25
Mr. Olanrewaju Ajayi-Rep.Wema Bank		60,000,000	30
Mr. Sylvanus Eneche		-	0
Mrs. Lohdir Asabe Atu-Rep.Tim-Tali Invt. Ltd.		7,500,000	3.75
Mrs Olufunke Ogunranti
Prof. Lere Baale
Shareholders Information
a. Holders of more than 5% of Issued Share Capital
The following Shareholders held more than 5% of the issued share capital of the company as at 31st March, 2023

	Number of		% of Issued
Shareholder	Shares		Share Capital
Wema Bank Plc	60,000,000		30.00
Prince Julius Adelusi-Adeluyi, OFR, mni	57,227,746		28.63
Midas Investment & Property Limited	17,044,254		8.53
	134,272,000		67.16
	% of
Holders	Holders
b. Shareholding Analysis			No. of Holders	% of Holders	Units Held	%
1.00		1000	2067	45.25	1,161,572	0.58
1,001	-	5,000	1722	37.7	3,742,264	1.87
5,001	-	10,000	269	5.89	2,267,720	1.14
10,001	-	50,000	366	8.01	9,483,722	4.74
50,001	-	100,000	77	1.69	5,978,415	2.99
100,001	-	500,000	45	0.98	10,484,866	5.25
500,001	-	1,000,000	13	0.28	10,940,685	5.47
1,000,001	-	5,000,000	4	0.09	12,796,930	6.40
5,000,001	-	200,000,000	5	0.11	143,143,826	71.57
			4,568	100	200,000,000	100.01

JULI PLC

SECURITY TRADING POLICY

In compliance with Rule 17.15 Disclosure of Dealings in issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Juli Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees

and all individuals categorized as insiders as to their dealing in the Company's Shares. The Policy undergoes periodic reviews by the Board and is updated accordingly.

The Company has made specific inquiries of all its directors and other insiders and is not aware of any default by any insider during the period.

STATEMENT OF CHANGES IN EQUITY

FIRST QUARTER 31ST MARCH 2024

	Share Capital	Share Pr Revaluation Reserve	Retained Earnings	Total
	₦	₦	₦	₦	₦
Balance at 1st January 2023	100,000,000	-	-	676,320,000	776,320,000
Total Comprehensive Income for the year
Prior year Adjustment				-	-
Revaluation surplus	-	-	-	-	-
Profit/Loss for the Year	-	-	1,675,667	208,490,367	210,166,034
Balance as at 31st December 2023	100,000,000	-	1,675,667	884,810,367	986,486,034
Balance as at 1st January 2023	100,000,000		-	884,810,367	984,810,367
Prior Year Adjustment				-	-
Revaluation Surplus			-		-
Change In Equity					-
Profit/Loss for the First Quarter 2024				1,675,667	1,675,667
Director Account - Share Capital Increase					-
As at 31st March 2024	100,000,000	-	-	886,486,034	986,486,034

STATEMENT OF CASH FLOW
FIRST QUARTER 31ST MARCH 2024	3 Months	3 Months
	Ended	Ended
	2024	2023
	₦	₦
OPERATING ACTIVITIES
Net Profit before interest and tax	1,675,667	(5,650,662)
Adjustment for items not involving movement of cash
Depreciation	243,750	566,633
Depreciation charges on transferred Assets for the year	6,529,834	15,216,667
Investment
Termination of leasehold Interest	-	268,279,000
Reversal of Accumulated Depr. On leasehold interest	-	(82,886,000)
Changes in Revaluation Reserves (Decrease) of leasehold	-	(199,275,985)
Amortisation of Product Development Expenditure
Cashflow before changes in working capital	8,449,251	(3,750,347)
Changes in Working Capital
Decrease/(Increase) in inventories	(36,962,351)	(15,191,556)
(Increase)/Decrease in Trade Receivables & Prepayments	-	(2,430,350)
Increase/ (Decrease) in Due to Intercompany	-	-
Increase/ (Decrease) in Trade Payables & Accruals	12,407,788	166,746,172
Cashflow generated from operations	(16,105,312)	145,373,920
Tax paid	-	-
Net cashflow from Operating Activities	(16,105,312)	145,373,920
INVESTING ACTIVITIES
Sales of Share
Purchase of Non-Current Assets	-	-
Investment-Decrease	-	-
	-	-
FINANCING ACTIVITIES
Finance charges paid	-	-
Loan Obtained	-	-
Loan Repayment	(6,378,407)	(9,325,973)
Net Cashflow from Financing Activities	(6,378,407)	(9,325,973)
Net Increase/(Decrease) in Cash and Cash Equivalents	-	3,286,626
Cash and Cash equivalent at the beginning of the year	12,660,477	4,036,935
Prior-Year Adjustment	-	-
Cash and Cash equivalent at the end of the 1st Qtr.2023	12,660,477	7,323,561
Represented By:
Cash and Bank	12,660,477	7,323,561

	FIRST QUARTER MAR.2024
5	Property, Plant and Equipment
			25%		20%		20%		20%		20%		20%
			Motor		Furniture		Office		Laboratory		Computer		Plant &		Total
			Vehicle		& Fittings		Equipment		Equipment		Software		Machinery
			₦'000		₦'000		₦'000		₦'000		₦'000		₦'000		₦'000
	Cost
	As at Ist January 2023		24,900,000		6,936,000		2,821,000		7,321,000		3,629,000		39,685,000		85,292,000
	Disposal		-		-		-		-		-		-		-
	As at 31st December.2023		24,900,000		6,936,000		2,821,000		7,321,000		3,629,000		39,685,000		85,292,000
	Accumulated Depreciation
	Balance b/fwd
	As at Ist January 2023		23,483,333		6,619,333		2,821,000		7,240,200		3,629,000		34,968,000		78,760,866
	Charges for the year		1,416,467		316,667		-		80,700		-		4,716,000		6,529,834
	As at 31st December.2023		24,899,800		6,936,000		2,821,000		7,320,900		3,629,000		39,684,000		85,290,700
	Net Book Value
	As at 31st December.2023		200		-		-		100		-		1,000		1,300
	As at 31st December.2022		1,416,667		316,667		-		80,800		-		4,717,000		6,531,134
	As at 31st December.2021		-		938,000		441,000		1,545,000		-		9,604,000		197,921,000

FIRST QUARTER MARCH 2023

		31st March 2024		31st March 2023
		2024	2023
		₦'000		₦'000
6	Investments (Market Value; N)
	These are fixed Deposits held with
	WEMA Bank	1,000	1,000
7	Inventories
	Pharmaceuticals, Household	72,134,996	30,662,928
	Consumer Goods	3,582,742	3,259,369
	Raw Material	143,345		614,845
		75,861,083		34,537,142

8 Trade and other receivables

Trade receivables	-	2,430,352
Other receivables	-	-
Cash Advance Ado Ekiti	7,565,746	5,673,673
Cash Advance- Ikeja	5,298,612		3,214,288
	12,864,358		11,318,313

9 Cash and Bank Balances

	Bank Balances	12,660,477	3,286,626
	Cash Balances	-		-
		12,660,477	3,286,626
10	Share Capital
	Authorised:
	200,000,000 ordinary shares at 50k each	100,000,000	100,000,000
	Issued and Fully Paid:
	200,000,000 ordinary shares of 50k each	100,000,000	100,000,000
11	Revaluation Reserve
	Balance Brought Forward	37,253,015	37,253,015
	Profit for the year
		37,253,015		37,253,015

		2024	2023
		₦'000		₦'000
12	Profit & Loss Account
	Balance Brought Forward	(986,486,034)	(884,810,367)
	Profit & Loss Account	1,675,667	(5,650,661)
	Prior Year Adjustment	-		-
		(984,810,367)	(890,461,028)

13 Term Loan
CBN/WEMA Bank Plc (Restructured)	139,889,371	185,217,564

14	Trade Payables and Accruals
	Trade Payables	1,240,788	44,597,305
	Alpha Pharmacy	9,001,000		9,001,000
		10,241,788	53,598,305
	Other Payables
	Tax (PAYE) Payables	-	(1,610,746)
	Accrued Audit Fee	400,000	629,700
	Wages Control (Net Pay Control)	-	(18,103)
	Other Payables	-	294,000
	Pension Fund- Payable	604,101	604,101
	Accrued Directors Account	116,503,518	94,158,000
	NSE Default payment	8,200,000	8,200,000
	Financial Reporting Council of Nigeria (FRCN)	2,056,915	2,056,915
	VAT Account	117,000	117,000
	Rent Received in Advance	-		225,000
		127,881,534	104,655,867
		138,123,322		158,254,172

15 Taxation

	Brought Forward	400,000	-
	Provision for the Year	-		500,000
		400,000	500,000
16	Related Party Transaction
	TBT	166,062,500
	Loan from MIDAS Investment Property Ltd	533,919,998	10,762,500
		2024	2023
		₦'000		₦'000
17	Revenue
	Household Consumer Goods	12,373,495	18,390,431
	Pharmaceuticals	91,820,863	42,941,415
	Water Sales	-		9,720,000
		104,194,358	71,051,846
18	Other Income
	Interest on Fixed Deposit	-	-
	Rental Income	-	375,000
	NIPOST	-		-
		-	375,000
19	Cost of Sales
	Household Consumer Goods	13,441,570	10,561,402
	Pharmaceuticals	56,330,571	30,058,991
	Water Sales	-		6,319,700
		69,772,141	46,940,092
20
a	Profit Before Taxation
	Profit before taxation is stated after charging:
	Depreciation	243,750	566,633
	Directors' Emoluments:
		-	-
	Employees' Costs	8,578,407	6,957,877
	Auditors' Fee	1,000,000	800,000
b
	Employee Cost and Directors' Remuneration
	Employee costs during the year comprise:
		-	-