Omatek Ventures PLC
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST MARCH, 2024
OMATEK VENTURES PLC
Table of Contents | |
Corporate Information | 1 |
Operational Highlights | 2 |
Report of the Directors | 3 |
Consolidated Statement of Financial Position | 11 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 12 |
Consolidated Statement of Changes in Equity | 13 |
Consolidated Statement of Cashflows | 15 |
Notes to the Consolidated Financial Statements | 16 |
Statement of Value Added | 32 |
Consolidated Financial Summary | 33 |
OMATEK VENTURES PLC
CORPORATE INFORMATION
1 BOARD OF DIRECTORS
Dr. Timothy Farinre | - Company Chairman Omatek Ventures Plc., | |||
Director OVDL, OCL | ||||
Mr. Yemi Ogundipe, FCA | - Company MD/CEO Omatek Ventures Plc., | |||
Director OVDL, OCL, OESL | ||||
Mr. Temidayo Seriki | - Director Omatek Ventures Plc., | |||
Director OVDL, OCL, OESL | ||||
Alh. Nakande Dasuki | - Director Omatek Ventures Plc., OCL | |||
OVDL | - Omatek Ventures Distribution Limited | |||
OESL | - | - Omatek Engineering Services Limited | ||
OCL | - | - | Omatek Computers Limited | |
2 | COMPANY SECRETARY | - Femi David Ikotun Esq., | ||
Ikotun Temowo & Co | ||||
Suite 201, 2nd Floor, Copper House | ||||
Plot 4, Algiers Street, Zone 5 Wuse, Abuja | ||||
3 | CORPORATE HEADQUARTERS | 12, Bissau Street, | ||
Wuse Zone 6, Abuja FCT | ||||
4 | MAIN BANKERS | - | WEMA Bank Plc | |
Access Bank Limited | ||||
First Bank of Nigeria Limited | ||||
Bank of Industry |
1
OMATEK VENTURES PLC
OPERATIONAL HIGHLIGHTS
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
GROUP | COMPANY | |||||
2024 | 2023 | 2024 | 2023 | |||
N'M | N'M | N'M | N'M | |||
Revenue | 0.90 | 0.10 | - | - | ||
Other Income | - | - | - | - | ||
Total Comprehensive Income | 0.90 | 0.10 | - | |||
Total Non Current Assets | 2,826 | 2,826 | 127 | 127 | ||
Total Non Current Liabilities | 407 | 407 | 436 | 436 | ||
Total Equity | (2,563) | (2,550) | 787 | 797 | ||
Earnings/(Loss) Per Share (NGN) | (0.004) | (0.656) | - | - |
2
OMATEK VENTURES PLC
REPORT OF THE DIRECTORS
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST
MARCH, 2024
The directors submit their report together with the financial statements of Omatek Ventures Plc. for the period ended 31st March, 2024.
1 LEGAL FORM
The Company which commenced operation in Nigeria in 1988, was incorporated as a limited liability Company in Nigeria in 1988. It was converted into a Public Company in 2008 and its name was subsequently amended to reflect its status as a public company. The company's shares are quoted and traded on the Nigerian Exchange Limited.
-
PRINCIPAL ACTIVITIES AND CORPORATE DEVELOPMENT
The Company has interests in subsidiaries and associates involved in manufacturing, distribution, selling and servicing of computer equipment and also provides engineering services. - BUSINESS REVIEW AND FUTURE DEVELOPMENT
The Company carried out business activities in accordance with its Memorandum and Articles of Association. A Comprehensive review of the business for the year and the prospects for the ensuing year are contained in the Managing Director's Report.
4 PROPERTY, PLANT & EQUIPMENT
Movement in property, plant & equipment during the year 2024 is shown in note 5 of the Notes to the Financial Statement herein. In the opinion of the directors, the market value of the Company's property plant & equipment is not less than the value shown in the accounts.
5 DIVIDEND
In respect of the period, the Directors do not recommend any dividend.
- DIRECTORS
- The directors who were in office during the year are listed on page 1.
- The re-election of nine Non-Executive Directors is presented to the members for approval.
- STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors of Omatek Ventures Plc "the company" accept responsibility for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss and cash flows for that year. In preparing these financial statements, the directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent and in accordance with International Financial Reporting Standards (IFRSs), Companies and Allied Matters Act 2020, Securities and Exchange Commission Act 2007 as well as Corporate Governance Code of the Securities and Exchange Commission 2011, the Financial Reporting Council of Nigeria (Amendment) Act, 2023.guidelines and circulars issued by the Nigerian Exchange Limited and other relevant regulators.
The directors accept responsibilities for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.
3
OMATEK VENTURES PLC
REPORT OF THE DIRECTORS
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST
MARCH, 2024
In doing so they ensure that:
The going concern basis is used, unless it is inappropriate to presume that the Company will continue in business; and
9 DIRECTORS' INTERESTS IN SHARES
The interest of the Directors in the issued share capital of the company as recorded in the register of Directors as at 31st March 2024 was as follows:
Director | Direct | Indirect | Total | Percentage | |
shareholding | shareholding | ||||
of ordinary | |||||
shares of 50 | |||||
kobo each | |||||
1 | Dr. Timothy Farinre- Company | Nil | 100,357,894 | 100,357,894 | 3.411% |
Chairman | |||||
2 | Late Engr. (Mrs.) Florence Seriki, | 1,552,315,285 | 165,717,635 | 1,718,032,899 | 58.40% |
MFR (Estate reperesented by Mr. | |||||
Temidayo Seriki) | |||||
3 | Alh. Nakande Dasuki | Nil | Nil | ||
4 | Mr. Yemi Ogundipe, FCA | 80,000 | Nil | 80,000 | 0.003% |
GMD/CEO | |||||
10 SHAREHOLDING ANALYSIS
The Company has an authorized share capital of N3,500,000,000.00 divided into 7,000,000,000 ordinary shares of 50 kobo each. The issued share capital is N1, 470,895,000.00 divided into 2,941,789,472 ordinary shares of 50 kobo each.
According to the Register of members, only two (2) members, namely, Late Mrs. Florence Seriki and Portables Investments Ltd. held more than 5% of the issued share capital as at 31st March 2024.
S/N | Names of shareholders | Units | Percent |
1 | Estate of Late Engr. Mrs. | 1,552,315,285 | 52.77% |
Florence Seriki | |||
2 | Portables Investments Ltd | 164,639,635 | 5.60% |
4 |
The range analysis of the shareholding of the company is as shown in the table below:
OMATEK VENTURES PLC
REPORT OF THE DIRECTORS
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST
MARCH, 2024
Range | No. of Holders | Percent | Units | Percent | ||
1 - 1,000 | 434 | 7.92% | 286,348 | 0.01% | ||
1,001 | - | 10,000 | 1,790 | 32.66% | 10,065,876 | 0.34% |
10,001 | - | 100,000 | 2,346 | 42.80% | 107,208,495 | 3.64% |
100,001 | - | 500,000 | 669 | 12.21% | 158,070,842 | 5.37% |
500,001 | - | 1,000,000 | 113 | 2.06% | 93,911,413 | 3.19% |
1,000,001 - | 5,000,000 | 101 | 1.84% | 253,700,254 | 8.62% | |
5,000,001 - | 10,000,000 | 17 | 0.31% | 135,346,918 | 4.60% | |
10,000,001 - 100,000,000 | 7 | 0.13% | 187,601,327 | 6.38% | ||
100,000,001 - 10,000,000,000 | 4 | 0.07% | 1,995,597,999 | 67.84% | ||
Total | 5,481 | 100.00% | 2,941,789,472 | 100.00% | ||
11 EMPLOYMENT AND EMPLOYEES
- Employment of physically challenged persons
It is the policy of the Company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees are given equal opportunities for self-development. As at 31 March 2024, however, no disabled person was in the employment of the Company.
b) Health, Safety and Welfare of employees
Health and safety regulations are in force within the Company's premises and employees are aware of the existing regulations. The Company provides subsidy to all levels of employees, transportation, housing, etc.
c) Employee involvement and training
The Company is committed to keeping employees informed as much as possible regarding the Company's performance and progress and seeking their views whenever practicable on matters which particularly affect them as employees
Management, professional and technical expertise are the Company's major assets and investment in their further development continues. Training is carried out at various levels through both in-house and external courses.
12 EVENTS AFTER REPORTING DATE
No material transactions have occurred after the reporting period requiring disclosure in or adjustment to the financial statements for the year ended 31 March 2024.
13 GOING CONCERN STATUS
Subsequent to the resolution of the Board on debt crises with the Banks (Bank of Industry & First Bank Limited) and the adoption of the terms of settlement by the Federal High Court Ikoyi, Lagos, the Oregun factory building and Abuja Office and some other fixed assets of the company have been used to settle the major debts, so that the company can continue in business.
With this resolution, the Company is free from material encumbrances and its free to carry out its business into the foreseeable future.
5
OMATEK VENTURES PLC
REPORT OF THE DIRECTORS
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST
MARCH, 2024
In this connection, the Board and management has intensified effort at attracting fresh capital from willing investors, both national and international.
The financial statements are prepared on the basis of accounting policies applicable on a going concern basis.
14 AUDIT COMMITTEE
Pursuant to Section 404 of the Companies and Allied Matters Act 2020, the company has in place an Audit Committee comprising of three shareholders and two Director's representatives appointed at the last AGM as follows:
15 COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE
As a company listed on the Nigerian Exchange Limited, Omatek complies with the provisions of the Code of best practice on Corporate Governance for public quoted companies. In its bid to maintain its strong pioneer status and transparency, the Company has adopted the Corporate Governance Code of the Securities and Exchange Commission and strives to maintain compliance with the rules of the Nigerian Exchange Limited, in addition to the relevant laws and guidelines operating in Nigeria.
BY ORDER OF THE BOARD
Femi David Ikotun Esq.
Ikotun Temowo & Co Company Secretary
Dated this 26th day of April, 2024
6
OMATEK VENTURES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31ST MARCH, 2024
GROUP | COMPANY | |||||
NOTE | 2024 | 2023 | 2024 | 2023 | ||
N'M | N'M | N'M | N'M | |||
ASSETS | ||||||
PROPERTY,PLANT & EQUIPMENT | 8 | 438 | 438 | 437 | 437 | |
INVESTMENT PROPERTY | 9 | 2,200 | 2,200 | 2,200 | 2,200 | |
INVESTMENTS | 10 | 132 | 132 | (2,510) | (2,510) | |
DEFFERED TAX ASSET | 11 | 56 | 56 | - | - | |
TOTAL NON CURRENT ASSETS | 2,826 | 2,826 | 127 | 127 | ||
INVENTORIES | 12 | 25 | 25 | - | - | |
TRADE & OTHER RECEIVABLES | 13 | 3 | 3 | 3,526 | 3,526 | |
CASH & CASH EQUIVALENTS | 15 | 20 | 21 | |||
TOTAL CURRENT ASSETS | 48 | 49 | 3,526 | 3,526 | ||
TOTAL ASSETS | 2,874 | 2,875 | 3,653 | 3,653 | ||
EQUITY | ||||||
SHARE CAPITAL | 16 | 1,471 | 1,471 | 1,471 | 1,471 | |
SHARE PREMIUM | 17 | 4,376 | 4,376 | 4,376 | 4,376 | |
RETAINED EARNINGS | (5,719) | (5,708) | (5,675) | (5,666) | ||
REVALUATION RESERVE | 18 | 615 | 615 | 615 | 615 | |
NON CONTROLLING INTEREST | (3,306) | (3,304) | - | - | ||
TOTAL EQUITY | (2,563) | (2,550) | 787 | 797 | ||
LIABILITIES | ||||||
LONG TERM LOANS & BORROWINGS | 19 | - | - | - | - | |
DEFFERED TAX LIABILITY | 11 | 407 | 407 | 436 | 436 | |
TOTAL NON CURRENT LIABILITIES | 407 | 407 | 436 | 436 | ||
BANK OVERDRAFT | 15 | 1 | 1 | - | - | |
TRADE & OTHER PAYABLES | 20 | 3,811 | 3,799 | 2,358 | 2,348 | |
OTHER LIABILITIES | 11 | 216 | 216 | 72 | 72 | |
SHORT TERM LOANS & BORROWINGS | 26 | 1,002 | 1,002 | - | - | |
TOTAL CURRENT LIABILITIES | 5,030 | 5,018 | 2,430 | 2,420 | ||
TOTAL LIABILITIES | 5,437 | 5,425 | 2,866 | 2,856 | ||
TOTAL EQUITIES & LIABILITIES | 2,874 | 2,875 | 3,653 | 3,653 | ||
The financial statements were approved by the Board of Directors on 26th April 2024 and signed on its behalf by:
……………………………. | ……………………………. | |
Dr. Timothy Farinre | Mr. Anthony O. Omhenke | Mr Yemi Ogundipe, FCA |
Group Chairman | Chief Finance Officer | Group Managing Director |
FRC/2014/COREN/0000007564 | FRC/2014/ICAN/00000008200 | FRC/2013/ICAN/00000001615 |
THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
11
OMATEK VENTURES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31ST MARCH, 2024
GROUP | COMPANY | |||||
NOT | ||||||
E | 2024 | 2023 | 2024 | 2023 | ||
N'M | N'M | N'M | N'M | |||
REVENUE | 21 | 0.90 | 0.10 | - | ||
COST OF SALES | (0.20) | (0.07) | - | |||
- | - | |||||
GROSS PROFIT | 0.70 | 0.03 | - | - | ||
OTHER INCOME | - | - | - | |||
SELLING AND DISTRIBUTION EXPENSES | - | - | - | |||
ADMINISTRATION EXPENSES | (12.63) | (16.67) | (10.00) | |||
- | - | - | - | |||
RESULTS FROM OPERATING ACTIVITIES | (11.93) | (16.64) | (10.00) | - | ||
- | - | |||||
FINANCE COST | - | (352.17) | (295.50) | |||
- | - | - | - | |||
PROFIT/(LOSS) BEFORE TAX | (11.93) | (368.81) | (10.00) | (295.50) | ||
TAX EXPENSE | 11 | - | - | - | - | |
- | - | - | - | |||
PROFIT/(LOSS) ON CONTINUING OPERATIONS | (11.93) | (368.81) | (10.00) | (295.50) | ||
OTHER COMPREHENSIVE INCOME | ||||||
RENTAL INCOME | 22 | - | - | - | - | |
OTHER EXPENSE | 23 | - | - | - | - | |
TOTAL OTHER COMPREHENSIVE INCOME | (11.93) | (368.81) | (10.00) | (295.50) | ||
- | - | |||||
TOTAL COMPREHENSIVE INCOME | (11.93) | (368.81) | (10.00) | (295.50) | ||
PROFIT ATTRIBUTABLE TO THE GROUP | (10.39) | (331.18) | ||||
NON CONTROLLING INTEREST | (1.54) | (37.63) | ||||
- | - | |||||
(11.93) | (368.81) | |||||
BASIC EARNINGS/(LOSS) PER SHARE (NGN) | 25 | (0.004) | (0.656) | |||
DILUTED EARNINGS/(LOSS) PER SHARE (NGN) | (0.004) | (0.656) | ||||
THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
12
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Omatek Ventures plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 23:21:20 UTC.