Japaul Gold & Ventures : AND VENTURES PLC- AUDITED FINANCIAL STATEMENT FOR 2021

Accountants & business advisers

JAPAUL GOLD & VENTURES PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

31 DECEMBER 2021

JAPAUL GOLD & VENTURES PLC
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Contents	Page
Statement of Directors' responsibilities in relation to the preparation of the
financial statements	1
Independent auditor's report	2
Consolidated and separate statement of profit or loss and other comprehensive income	6
Consolidated and separate statement of financial position	7
Consolidated and separate statement of changes in equity	8
Consolidated and separate statement of cash flows	10
Notes to the consolidated and separate financial statements	11
Other national disclosures
Consolidated and separate statement of value added	64
Financial summary - Group	65
Financial summary - Company	66

JAPAUL GOLD & VENTURES PLC

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RELATION TO THE PREPARATION OF

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31

DECEMBER 2021

In accordance with the provisions of Companies and Allied Matters Act, 2020, and the Financial Reporting Council Act No. 6, 2011, the Directors are responsible for the preparation of the consolidated and separate financial statements which give a true and fair view of the state of affairs of the Group and Company, and of the financial performance for the year. The responsibilities include ensuring that:

(a) appropriate internal controls are established both to safeguard the assets of the Group and the Company and to prevent and detect fraud and other irregularities;

(b) the Group and the Company keep accounting records which disclose with reasonable accuracy the financial position of the Group and the Company and which ensure that the consolidated and separate financial statements comply with requirements of International Financial Reporting Standards and the Companies and Allied Matters Act 2020 and the Financial Reporting Council Act No. 6, 2011.

(c) the Group and the Company have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed; and

(d) it is appropriate for the consolidated and separate financial statements to be prepared on a going concern basis unless it is presumed that the Company will not continue in business.

The Directors accept responsibility for the consolidated and separate financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates in conformity with International Financial Reporting Standards, the requirements of the Companies and Allied Matters Act 2020 and the Financial Reporting Council Act No. 6, 2011.

The Directors are of the opinion that the consolidated and separate financial statements give a true and fair view of the state of the financial affairs of the Company and of the financial performance for the year.

The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the consolidated and separate financial statements, as well as adequate systems of financial control.

The Directors have made assessment of the Group and Company's ability to continue as a going concern and have no reason to believe that the Group and the Company will not remain a going concern for at least twelve months from the date of this statements.

Signed on behalf of the Directors by:

Paul A. Jegede	Akinloye Daniel Oladapo
Chairman	Group Managing Director
FRC/2013/IODN/00000002328	FRC/2016/CIS/00000014722
Dated: 26 April 2022	Dated: 26 April 2022

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PKF Professional Services

Accountants & business advisers

Independent Auditor's Report

To the Members of Japaul Gold & Ventures Plc

Opinion

We have audited the consolidated and separate financial statements of Japaul Gold & Ventures Plc and its subsidiaries (the Group), which comprise the consolidated and separate statement of financial position at 31 December 2021, and the consolidated and separate statement of profit or loss and other comprehensive income, consolidated and separate statement of changes in equity and consolidated and separate statement of cash flows for the year then ended, and notes to the consolidated and separate financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of the Group at 31 December 2021, and its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended, and in accordance with International Financial Reporting Standards (IFRSs), the Financial Reporting Council of Nigeria Act, No 6, 2011 and with the requirements of the Companies and Allied Matters Act 2020.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the consolidated and separate financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated and separate financial statements in Nigeria, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 2.3 in the financial statements, which indicates the Group incurred a net loss of N3.1 billion during the year ended 31 December 2021, and as of that date, the Group's current liabilities exceeded its current assets by N4.9 billion (December 2020: N2.2 billion). As stated in Note 2.3, these events or conditions, along with other matters as set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The following summarises how the matter was addressed in the audit:

• • We checked adverse market conditions, trends and events and also performed other risk assessment procedures to identify any adverse events or conditions.

• • We asked management whether they have identified any events or conditions that may cast significant doubts on the Group's ability to continue as a going concern.

• • We reviewed all court cases against the Group in order to obtain reasonable assurance that no litigation threatens the going concern of the Group either by suppliers, government, customers employees aggrieved third parties or shareholder of the Group.

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