JAPAUL GOLD & VENTURES PLC JAPAUL GOLD AND VENTURES PLC
UNAUDITED MANAGEMENT ACCOUNT
30TH JUNE, 2022
JAPAUL GROUP | |||
FINANCIAL POSITION AS AT JUNE 2022 | |||
Jun-22 | Dec-21 | ||
Non-current Assets | NOTE | N'000 | N'000 |
Property,Plant & Equipment | 4 | 4,365,490 | 4,491,851 |
Assets under finance lease | 5 | 4,687,867 | 4,750,000 |
Intangible assets | 6 | - | - |
Financial assets available for sale | - | - | |
Total non-current assets | 9,053,357 | 9,241,851 | |
Current Assets | |||
Inventory | 7 | - | - |
Trade and other receivables | 8 | 3,072,749 | 3,830,079 |
Cash and bank balances | 59,576 | 17,287 | |
Total current assets | 3,132,325 | 3,847,366 | |
Liabilities | |||
Current liabilities | |||
Bank overdraft | - | - | |
Trade and other payables | 5,366,831 | 5,837,511 | |
Defined contribution pension plan | 200,326 | 200,326 | |
Borrowings | 1,469,662 | 1,469,662 | |
Lease liability | 1,000,000 | 1,000,000 | |
Current income tax liability | 250,277 | 256,501 | |
Total current liabilities | 8,287,096 | 8,764,000 | |
Net current (liabilities)/assets | (5,154,771) | (4,916,634) | |
Non current liabilities | |||
Defined benefit plan | 73,507 | 73,507 | |
Borrowings | - | - | |
Lease facility | 3,567,750 | 3,567,750 | |
Deferred tax liability | 966,376 | 966,376 | |
Total non-current liabilities | 4,607,633 | 4,607,633 | |
Net assets | (709,047) | (282,416) | |
Equity | |||
Share capital | 3,131,351 | 3,131,350 | |
Share premium | 16,440,679 | 16,440,679 | |
Loss sustained | (20,280,882) | (19,854,250) | |
Remeasurement reserve | (195) | (195) | |
AFS fair value reserve | - | - | |
Foreign exchange reserve | - | - | |
Equity attributable to owners of the parents | (709,047) | (282,416) | |
Non-controlling interest | - | - | |
Total equity | (709,047) | (282,416) |
The consolidated financial statements were approved by the Board of Directors and authorised for issue on 26 July 2022 and signed on its behalf by:
Paul A. Jegede | Akinloye Daniel Oladapo | Funmilola Omodamori |
Chairman | Group Managing Director | ED Finance & Planning |
FRC/2017/ICAN/0000001 | ||
FRC/2013/IODN/00000002328 | FRC/2016/CIS/00000014722 | 6769 |
JAPAUL GROUP | |||||||||
STATEMENT OF COMPREHENSIVE INCOME | |||||||||
FOR THE PERIOD ENDED JUNE 2022 | |||||||||
Apr. - Jun. | Jan. - Jun. | Apr. - Jun. | Jan. - Jun. | ||||||
2022 | 2022 | 2021 | 2021 | ||||||
NOTE | N'000 | N'000 | N'000 | N'000 | |||||
Turnover | 2 | 35,394 | 112,461 | 104,219 | 313,622 | ||||
Cost of sales | (124,854) | (183,612) | (101,234) | (221,867) | |||||
Gross profit | (89,460) | (71,152) | 2,985 | 91,756 | |||||
Other income | 3 | 57,371 | 68,121 | - | 59,799 | ||||
Administrative cost | (198,017) | (422,932) | (298,335) | (408,365) | |||||
Operating (loss)/profit | (230,106) | (425,963) | (295,349) | (256,810) | |||||
Net finance costs | (494) | (669) | (297) | (730) | |||||
Loss before taxation | (230,600) | (426,632) | (295,647) | (257,540) | |||||
Income tax expense | - | - | - | - | |||||
Loss for the year from continued | |||||||||
operations | (230,600) | (426,632) | (295,647) | (257,540) | |||||
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) | (230,600) | (426,632) | (295,647) | (257,540) | |||||
9 | STATEMENT OF CHANGES IN EQUITY AS AT 30TH JUNE 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 for the period | (426,632) | - | - | - | (426,632) | |||
- | ||||||||
3,131,351 | 16,440,679 | (20,280,882) | (195) | - | - | - | (709,047) | |
STATEMENT OF CHANGES IN EQUITY AS AT 30TH JUNE 2021 | ||||||||
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 2021 3,131,351 | 16,440,679 | (16,085,591) | (195) | 8,610 | (669,667) | - | 2,825,187 | |
(Loss)/Profit for the | ||||||||
period | (257,540) | 6,689 | - | - | (250,851) | |||
Derecognition of | ||||||||
AFS fair value | ||||||||
reserve | (15,299) | (15,299) | ||||||
- | ||||||||
3,131,351 | 16,440,679 | (16,343,131) | (195) | - | (669,667) | - | 2,559,037 | |
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR PERIOD 30 JUNE 2022
Jun-22 | Jun-21 | ||
OPERATING ACTIVITIES | N'000 | N'000 | |
Cash flows from operating activities | |||
Cash receipts from customers | 402,295 | 445,012 | |
Payment to suppliers and employees | (569,326) | (142,712) | |
Cash generated from operations | (167,031) | 302,300 | |
Payment for employee benefit obligations | - | - | |
Current income tax paid | (5,800) | - | |
Net cash from operating activities | (172,831) | 302,300 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (78,204) | - | |
Proceed on disposal of property, plant & equipment | 290,300 | - | |
Proceed on disposal of subsidiary | - | - | |
Interest received | 3,692 | 23 | |
Net cash from/(used) in investing activities | 215,789 | 23 | |
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 | (669) | (730) | |
Net cash from/(used in) financing activities | (669) | (730) | |
Net increase/(decrease) in cash and cash equivalents | 42,289 | 301,593 | |
Cash and cash equivalents at 1 January | 17,287 | (125,402) | |
Effect of foiegn exchange on foreign operation | - | - | |
Cash and cash equivalents at 30 June | 59,576 | 176,191 | |
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Japaul Gold & Ventures plc published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 11:58:03 UTC.
