JULI : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

JULI PLC

ANNUAL REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2022

Atanda Olalekan Daniel & Co.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

For the Year ended 31st December, 2022

The Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2004 requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the company at the end of the year and of its profit or loss. The responsibilities include ensuring that the company:

1. Keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company and comply with the requirements of the Companies and Allied Matters

Act, Cap C.20, laws of the Federation of Nigeria 2004;

1. Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
2. Prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, and are consistently applied.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with Financial Reporting Council and the requirements of the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2004.

The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the company and of its profit. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal control.

Nothing has come to the attention of the directors to indicate that the company will not remain a going concern for at least twelve months from the date of this statement.

Chairman

Director

7th April, 2023

REPORT OF THE DIRECTORS

Directors have the pleasure in presenting the Audited Financial Statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITIES OF THE COMPANY

The principal activity of the company continues to be sale of Pharmaceutical and household consumer goods and production and marketing of table and sachet water- Juli Life Water.

OPERATING RESULT AND DIVIDEND

The operating result after tax is

THE YEAR AT A GLANCE

	2022	2021
	₦	₦
Turnover	254,100,949	372,103,000
Profit/(Loss) before tax	(66,501,078)	(23,493,000)
Provision for tax	(500,000)	(930,000)
Profit/(Loss) after tax	(67,001,078)	(24,423,000)
Share Capital	100,000,000	99,953,000
Total Assets	58,439,052	238,621,000
Net Assets	(560,916,848)	(146,683,000)
Net Assets per Share (kobo)	(2.80)	(0.73)
Earning per Share (kobo)	(0.34)	(0.12)

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 31st December 2022

Shareholder	No of Shares	% of Issued
		Share Capital
Wema Bank Plc	60,000,000	30.00
Prince Julius Adelusi-Adeluyi	57,321,746	28.60
Midas Investment & Properties Limited	17,044,254
	134,366,000

b. Shareholding Analysis
Range		No of		% of		Units	%
		Holders		Holders		Held
1-	1,000	2,067	45.25	1,161,572	0.58
1,001-	5,000	1,722	37.70	3,742,264	1.87
5,001-	10,000	269	5.89	2,267,720	1.13
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	5.24
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

ACCOUNT AS AT 31ST DECEMBER, 2022

REPORT OF THE AUDIT COMMITTEE TO MEMBERS OF JULI PLC

In accordance with the provisions of section 359 (6) of the companies and Allied Matters Act (CAP C20) Laws of the Federation of Nigeria 2020, the members of the Statutory Audit Committee of Juli Plc hereby report as follows:

We have exercised our statutory functions under 359 (6) of the companies and Allied Matters Act (CAP C20) Laws of the Federation of Nigeria, 2020 and we acknowledge the cooperation of management and staff in the conduct of these responsibilities.

We confirm that:

1. The accounting and reporting of the company are consistent with legal requirements and agreed ethical practises.
2. The internal audit programmes are extensive and provide a satisfactory evaluation of the efficiency of the internal control systems.
3. We have considered the independent auditors, post- audit report in respect of

year ended 31st December, 2022 and management responses thereon and are satisfied thereto.

Members of the Audit committee are:

Mrs. Julia Omosalewa Adelusi- Adeluyi - Chairman

Ven/M/S/E Anthony Omoniyi

Mr. Olatunde Olayemi

Mrs. Abiola Macaulay

Mrs. Julia Omoshalewa Adelusi-

Chairman - Audit Committee

FRC/2020/003/00000021997

3rd February, 2023

Audit Committee

In accordance with Section 359 (3) of Companies and Allied Matters Act 1990, the company has an Audit Committee made up of four (4) members, two each representing the Board and Shareholders. The committee met 3rd day of February, 2023 during the year and details in respect of attendance are as follows:

Attendance

Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman	1
Ven/M/S/E Anthony Omoniyi Omojola	1
Mr. Olatunde Olayemi	1
Mrs. Olufunke Ogunranti	1
Board Committee
Two committees in addition to the Statutory Audit Committee are in place
1.	Finance and General-Purpose Committee
2.	Establishment/Human Resource Committee

Members of the Finance and General-Purpose committee met two times during the year and details in respect of attendance are as follows:

Attendance
Mr. Sylvanus Eneche	2
Mr. Lanre Ajayi	2
Mrs. Abiola Macaulay	2
Mrs. Olufunke Ogunranti	2

Members of the Establishment/Human resources Committee met one time during the year and details in respect of attendance are as follows:

Attendance
Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman	1
Mrs. Abiola Macaulay	1

Auditors

The Auditors, Messrs. Atanda Olalekan Daniel & Co. (Chartered Accountants), having indicated their willingness will continue in office as the company's Auditors in accordance with Section 357(2) of the Companies and Allied Matters Act, 1990. A resolution will be proposed authorizing the Directors to determine their remuneration

BY THE ORDER OF THE BOARD

Dated this 3rd day of February, 2023