CAVERTON OFFSHORE SUPPORT : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

CAVERTON OFFSHORE SUPPORT GROUP PLC

LAGOS, NIGERIA

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CAVERTON OFFSHORE SUPPORT GROUP PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

TABLE OF CONTENTS	PAGE
Corporate information	1
Statement of corporate responsibility for the financial statements	2
Report of the directors	3
Corporate governance report	7
																																					9
Report of the audit committee	10
Independent auditor's report	11
Consolidated and separate statements of profit or loss and other comprehensive income	16
Consolidated and separate statements of financial position	17
Consolidated and separate statements of changes in equity	18
Consolidated and separate statements of cash flows	19
Notes to the consolidated and separate financial statements	20
Other national disclosures:
Value added statement	61
Five-year financial Summary - Group	62
																																					63

2

CAVERTON OFFSHORE SUPPORT GROUP PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CORPORATE INFORMATION
DIRECTORS:	Mr Aderemi Makanjuola	Chairman
	Mr Olabode Makanjuola	Managing/CEO
	Mr Akin Kekere-Ekun	Non-Executive Director
	Mr Akinsola Falola	Non-Executive Director
	Mr Bashiru Bakare	Non-Executive Director
	Mallam Bello Gwandu	Non-Executive Director
	Chief Raymond Ihyembe	Independent Director
	HRM Edmund Daukoru, CON	Non-Executive Director
REGISTRATION NUMBER:	RC 750603
WEBSITE:	www.caverton-offshore.com
CORPORATE OFFICE:	1, Prince Kayode Akingbade Close
	Off Muri Okunola Street
	Victoria Island
	Lagos, Nigeria
SOLICITOR:	PINHEIRO LP
	Lagos office
	5/7, Folayemi Street,
	Off Coker Road, Ilupeju, Lagos, Nigeria.
EXTERNAL AUDITOR:	PricewaterhouseCoopers
	Chartered Accountants
	Landmark Towers
	Plot 5B Water Corporation Road
	Victoria Island
	Lagos Nigeria
BANKERS:	Polaris Bank Limited
	Zenith Bank Plc
	Access Bank Plc
	Heritage Bank Plc
REGISTRAR:	Coronation Registrars Limited
	9, Amodu Ojikutu Street
	Off Saka Tinubu, Victoria Island
	Lagos, Nigeria.

1

CAVERTON OFFSHORE SUPPORT GROUP PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF CORPORATE RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Certification Pursuant to Section 405(1) of Companies and Allied Matter Act, 2020

We the undersigned hereby certify the following with regards to our audited financial statements for the year ended 31 December 2022 that:

1. We have reviewed the report and to the best of our knowledge, the report does not contain:

any untrue statement of a material fact, or

omit to state a material fact, which would make the statements misleading in the light of circumstances under which such statements were made;

1. To the best of our knowledge, the financial statement and other financial information included in this report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in this report.
2. We:

are responsible for establishing and maintaining internal controls;

have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;

have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

1. We have disclosed to the auditors of the Company and Audit Committee:

significant deficiencies in the design or operation of internal controls which would adversely affect the ability to record,

process, summarize and report financial data and have identified for the auditors any material weakness in internal controls, and

that there are no fraud, whether or not material, that involves management or other employees who have significant role in the

We have identified in the report that there have been no significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Segun Adesuntola

Group Chief Finance Officer

FRC/2014/ICAN/00000009850

08 May 2023

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CAVERTON OFFSHORE SUPPORT GROUP PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

REPORT OF THE DIRECTORS

The Directors have pleasure in presenting their report on the affairs of Caverton Offshore Support Group Plc together with its subsidiaries

Legal form

Caverton Offshore Support Group Plc was incorporated in Nigeria as a private limited liability company on 2 June 2008 and became a public limited liability Company on 4 July 2008. The certificate of incorporation number of the Company is RC750603.

Principal activity

The principal activity of the Group is the provision of offshore services to the oil and gas industry. It commenced business on 1 July 2008.

State of affairs

In the opinion of the Directors, the state of the and the Company's affairs is satisfactory and there has been no material change since the reporting date.

Result of operations

Revenue

(Loss)/profit before taxation Taxation

(Loss)/profit after taxation

Group

20222021 '000 '000

29,228,17934,758,195

(5,084,656) (5,600,917)

(80,428)1,257,013

(5,165,084) (4,343,904)

Company

20222021 '000 '000

--

(408,436)447,799

• (271,336)
  (408,436)176,463

Dividend

The Directors do not recommend payment of dividend in respect of the year ended 31 December 2022 (2021: Nil).

Property, plant and equipment

Information relating to changes in property, plant and equipment is shown in Note 17 to the consolidated and separate audited financial statements. In the

opinion of the Directors, the market value of the Group and the property, plant and equipment is not less than the carrying value shown in the consolidated and separate financial statements.

Acquisition of own shares

The Company did not purchase any of its own shares during the year under review (2021: Nil).

Directors' interests in shares

The interests of the Directors are stated in the Memorandum and Articles of Association of the Company. The following Directors of the Company held office during the year and had interest in the shares of the Company as follows:

Number of ordinary shares of 50k each held

Mr Aderemi Makanjuola

Mr Olabode Makanjuola

Mr Bashir Bakare

Mr Akinsola Falola

HRM King Edmund Daukoru

Mallam Bello Gwandu

Mr Akin Kekere-Ekun

Chief Raymond Ihyembe

2022

DirectIndirect

410,022,219 1,810,199,025

50,005,000 14,800,000

20,000,000-

20,000,000-

15,000,000-

10,000,000-

100,000 10,000,000

--

2021

DirectIndirect

410,022,219 1,810,199,025

50,005,000 14,800,000

20,000,000-

20,000,000-

15,000,000-

10,000,000-

100,000 10,000,000

--

525,127,219	1,834,999,025	525,127,219	1,834,999,025

The indirect interest held by Mr Aderemi Makanjuola, Mr Olabode Makanjuola and Mr Akin Kekere-Ekun are for Tasmania Investments Limited, Athena Securities and KPH Construction Company Limited respectively.

Capitalisation history

Authorized

Year

Increase

cumulative

Increase

Paid up cumulative

Cumulative

'000

'000

'000

'000

1/1/2022

Units

Consideration

-

2,500,000,000

-

1,675,255

3,350,509,750

Cash and shares

1/1/2021

-

2,500,000,000

-

1,675,255

3,350,509,750

Cash and shares

3