MORISON INDUSTRIES PLC
FINANCIAL STATEMENTS
31 DECEMBER 2021
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Corporate informationDirectors
Mr. Richard O.Titiloye Mr. Adesoji A. Oladejo
Engineer Charles A. Osezua (OON) Mrs. Afolake Lawal
Mr. Philip Olusegun Ayeni Mr. John Adekoje
(Chairman) (Managing Director) (Non-Executive Director) (Non-Executive Director) (Non-Executive Director) (Non-Executive Director)
Registered OfficeTax Identification Number
28/30 Morison Crescent Oregun Industrial Area Ikeja
Lagos
01277168-0001
Registrar and Transfer Office
Cardinal Stone(Registrars) Limited 335/337, Herbert Macaulay Way Yaba
Lagos
Auditors
BDO Professional Services ADOL House
15 CIPM Avenue
Central Business District , Alausa Ikeja
Lagos
Solicitors
S.B.Joseph & Co. 140 Borno Way Ebute Metta Lagos.
Bankers
Ecobank Nigeria Limited Fidelity Bank Plc Stanbic IBTC Bank Plc Union Bank of Nigeria Plc Wema Bank Plc
MORISON INDUSTRIES PLC
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STATEMENT OF CORPORATE RESPONSIBILITY FOR THE YEAR ENDED 31 DECEMBER 2021
In line with the provisions of Section 405 of the Companies and Allied Matters Act, 2020; we have reviewed the audited financial statements of the Company for the year ended 31 December 2021 and based on our knowledge confirm as follows:
a) the audited financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would make the statements misleading;
b) the audited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operations of the Company as at and for the year ended 31 December 2021.
c) the Company's internal controls have been designed to ensure that all material information relating to the Company is received and provided to the Auditors in the course of the audit.
d) the Company's internal controls were evaluated within 90 days of the financial reporting date and are effective as at 31 December 2021.
e) that we have disclosed to the Auditors that there are no significant deficiencies in the design or operation of the Company's internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data, and have discussed with the Auditors any weaknesses in internal controls observed in the course of the Audit
f) that we have disclosed to the Auditors that there is no fraud involving management or other employees which could have any significant role in the Company's internal control; and
g) there are no significant changes in internal controls or in other factors which could significantly affect internal controls subsequent to the date of this audit, including any corrective actions with regard to any observed deficiencies and material weaknesses
REPORT OF THE STATUTORY AUDIT COMMITTEE TO THE MEMBERS OF MORISON INDUSTRIES PLC
In accordance with the provision of Section 404 (7) of the Companies Allied Matters Act 2020, we have examined the Auditors' Report for the year ended 31st December, 2021.
We have obtained all the information and explanations we required.
In our opinion, the Auditors' Report is consistent with our review of the scope and planning of the audit. We are also satisfied that the Accounting and reporting policies of the Company are in accordance with legal requirements and agreed ethical practices.
Having reviewed the Auditors' findings and recommendations on Management matters, we are satisfied with the Management responses thereon.
We acknowledge the cooperation of the Auditors, BDO Professional Services (Chartered Accountants), Management and Staff of the Company in performing our duties.
Dated this day, 22nd of March, 2022.
Mr. Chuks Nwosa Osadinizu (Chairman) FRC/2021/002/00000024929
Members of the Audit Committee
1 Mr. Chuks Nwosa Osadinizu (Chairman)
2 Mr. Ugwuede Benedict C.
3 Mrs. Afolake Lawal
4 Mr. Ayeni Philip
DIRECTORS' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021
1. FINANCIAL STATEMENTS
The Directors hereby present their annual report on the affairs of Morison Industries Plc
(''the Company''), together with the Financial Statements and Auditors' report for the year ended 31 December 2021 and that the Financial Statements have been prepared in accordance to the provisions of the International Financial Reporting Standard (IFRS).
2. PRINCIPAL ACTIVITIES
The principal activities of the Company continue to be the production and marketing of pharmaceuticals hygiene products including the Morigad range of Disinfectants and the importation & distribution of medical, surgical and hospital equipment, instruments and consumable throughout the country.
The Company's production facilities are also made available for third party activities under contract manufacture arrangement.
3. OPERATING RESULTS
The following is a summary of the Company's operating results:
2021 | 2020 | |
N'000 | N'000 | |
Revenue | 140,610 | 121,967 |
Results from operating activities | -77,914 | -101,370 |
Loss before Income Tax | -93,462 | -106,927 |
Loss for the year | -93,931 | -107,315 |
Total Comprehensive income/ (loss) for the year | 1,025,104 | -107,315 |
4. DIVIDEND
The Directors were unable to recommend the payment of a dividend dueto the Company's performance for the operating period.
5. BOARD OF DIRECTORS
The Company is run by a Board of Six (6) Directors comprising of one (1) Executive Director and five (5) Non- Executive Directors including the Chairman who heads the Board.
The roles of the chairman and the Managing Director / Chief Executive Officer are distinct and the two positions are held by different persons.
List of Board Members and attendance at meetings.
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Morison Industries plc published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 22:10:19 UTC.