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    BUACEMENT   NGBUACEMENT3

BUA CEMENT PLC

(BUACEMENT)
  Report
End-of-day quote Nigerian Stock Exchange  -  2022-08-16
54.60 NGN    0.00%
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BUA CEMENT : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

04/22/2022 | 09:58am EDT

Unaudited

Financial Statements

for the Three Months ended 31st March 2022

BUA Cement Plc RC 119 3879

UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 31ST MARCH 2022

CONTENTS

Statement of Significant Accounting Policies

PAGE 01

Statement of Profit or Loss and Other Comprehensive Income

PAGE 12

Statement of Financial Position

PAGE 13

Statement of Changes in Equity

PAGE 14

Statement of Cash Flows

PAGE 15

Notes to the Financial Accounts

PAGE 16

BUA CEMENT PLC

UNAUDITED FINANCIAL STATEMENTS

01

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The following are the significant accounting policies adopted by the Company in the preparation of its Financial Statements.

  • 1. BASIS OF PREPARATION

    These Financial Statements have been prepared in compliance with IAS 34 Interim Financial Reporting and relevant International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (the IASB).

    These Financial Statements were prepared under the historical cost convention. The principal accounting policies applied in the presentation of the Financial Statements are set out below. These policies have been applied to all the periods presented except for the adoption of new accounting policies.

  • 2. REVENUE

    Revenue is measured at fair value of the consideration received or receivable net of value added tax, excise duties, returns, customers discounts, and other sales related discounts.

    Revenue from the sale of products is recognized in profit or loss when the contract has been approved by both parties, rights have been clearly identified, payment terms have been defined, the contract has commercial substance and collectability has been ascertained as probable. Collectability of customers payment is ascertained from the customers historical records, guarantees provided, and advance payments made if any.

    The four steps recognition process for revenue is listed below:

    • identify the contract with a customer

    • identify the performance obligation in the contract

    • determine the transaction price

    • allocate the price to the performance obligation

    • recognize revenue

  • 3. COST OF GOODS SOLD

    These are the costs of internally produced goods sold. The cost of internally produced goods includes directly attributable costs such as the costs of direct materials, direct labor, and energy costs, as well as production overheads, including depreciation of production facilities. The costs of goods sold includes write-downs of inventories where necessary.

BUA CEMENT PLC

PAGE 01

1

UNAUDITED FINANCIAL STATEMENTS

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

CONTINUED

  • 4. SELLING AND DISTRIBUTION EXPENSES

    Comprises the cost of marketing, cost of organizing the sales process and distribution.

  • 5. FOREIGN CURRENCY

    Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which they operate ('the functional currency'). The functional currency and presentation currency of the Company is the Nigerian Naira (N).

    Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of foreign currency transactions, and from the translation of exchange rates of monetary assets and denominated in currencies other than the Company's functional currency are recognized in the foreign exchange gain or loss in profit or loss.

  • 6. FINANCIAL INSTRUMENTS

    Financial instruments represent the Company's financial assets and liabilities. Financial assets and financial liabilities are recognized in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument. These instruments are typically held for liquidity, investment, trading or hedging purposes. All financial instruments are initially recognized at fair value plus directly attributable transaction cost except those carried at fair value through profit or loss where transaction cost is recognized immediately in profit or loss.

    Financial instruments are recognized (derecognized) on the date the Company commits to purchase (sell) the instruments (trade date accounting).

    Financial Assets

    Financial assets include trade and other receivables, cash and bank balances and certain other assets. Financial liabilities include term loans, bank overdraft, trade and certain other liabilities. The Company classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Company has not classified any of its financial assets as held to maturity.

    Subsequent measurement

    Subsequent to initial measurement, financial instruments are measured either at fair

BUA CEMENT PLC

PAGE 02

UNAUDITED FINANCIAL STATEMENTS

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

CONTINUED

value or amortized cost, depending on their classifications below. The Company's accounting policy for each category is as follows:

I. Trade and Other Receivables

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers, but also incorporate other types of contractual monetary assets. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment.

Impairment provisions are recognized when there is objective evidence (such as significant financial difficulties on the part of the counterparty of default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the term's receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable.

For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognized within administrative expenses in the statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.

ii. Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash.

Impairment of financial assets carried at amortized cost

The Company assesses at each reporting date whether there is objective evidence that trade and other receivables are impaired. Trade and other receivable are impaired if objective evidence indicates that a loss event has occurred after initial recognition and that loss event has a negative effect on the estimated future cash flows of the receivables that can be estimated reliably. Criteria that are used by the Company in determining whether there is objective evidence of impairment include:

BUA CEMENT PLC

known cash flow difficulties experienced by the customer a breach of contract, such as default or delinquency in repayment for goods and service

PAGE 03

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Disclaimer

BUA Cement plc published this content on 22 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2022 13:57:00 UTC.


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