ACADEMY PRESS PLC
REPORTS AND FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 30TH JUNE, 2024
Academy Press Plc.
Reports and financial statements for the fourth quarter ended 31th March, 2024
CONTENTS | PAGE |
Corporate information | 1 |
Financial highlights | 2 |
Consolidated Statements of comprehensive income | 3 |
Consolidated Statements of financial position | 4 |
Consolidated Statements of changes in equity | 5 |
Consolidated Statements of cash flow | 6 |
Notes to the financial statements | 7 |
Academy Press Plc. | ||
Corporate Information | ||
Wahab B.Dabiri | - Chairman | |
Olugbenga Ladipo | - Managing Director | |
David Pritchard (British) | - Non-executive Director | |
Folashade B. Omo-Eboh- (Mrs.) | - Non-executive Director | |
Oyewole Olaoye | - Non-executive Director | |
Femi T. Akingbe | - Non-executive Director | |
Paul Aderibigbe | - Executive Director | |
Oluwakemi Ogunnubi | - Executive Director | |
Secretaries: | Alpha-Genasec Limited, | |
Krestal Laurel Complex (4th Floor), | ||
376, Ikorodu Road, | ||
Maryland, Ikeja, Lagos. | ||
Tel:234(0)8062272121 | ||
Email: alpha-genasec @bakertilly.com | ||
Registered office: | 28/32, Industrial Avenue, | |
Ilupeju Industrial Estate, | ||
Ilupeju, Lagos. | ||
Tel: 09030001367, 09030001368&07014900034 | ||
Email: applc@academy press- plc.com | ||
www.academypress-plc.com | ||
Registered number: | RC. 3915 | |
Auditors: | Ernst & Young | |
(Chartered Accountants) | ||
10th & 13th Floor, UBA House | ||
57, Marina, Lagos | ||
E-mail:services@ng.ey.com | ||
Registrars: | Pace Registrars Limited, | |
Knight Frank Building (8th floor), | ||
24, Campbell Street, Lagos. | ||
Tel: 01-2635607,01-7303445,01-2805538 | ||
E-mail: Info @ paceregistrars.Com | ||
Bankers: | First City Monument Bank | |
WEMA Bank Plc | ||
Zenith Bank Plc. | ||
First Bank of Nigeria Plc |
Guaranty Trust Bank Plc.
United Bank for Africa
Sterling Bank Nigeria Plc.
Union Bank of Nigeria Plc.
Academy Press Plc.
FINANCIAL HIGHLIGHTS | |||
30-06-2024 | 30-06-2023 | % | |
₦'000 | ₦'000 | Increase/(Decrease) | |
Revenue | 1,851,544 | 1,943,915 | (4.8) |
Profit/(Loss) before Taxation | 519,230 | 38,223 | 1,258.4 |
Taxation | - | - | |
Profit/(Loss) after Taxation | 519,230 | 38,223 | 1,258.4 |
EPS | N0.69k | N0.05k | 1,280.0 |
At period ended: | 30-06-2024 | 30-06-2023 | |
₦'000 | ₦'000 | ||
Property,plant and Machiery | 933,733 | 1,052,360 | (11.27) |
Share Capital | 378,000 | 378,000 | - |
Equity | 939,184 | 640,053 | 46.7 |
Staff Number | Staff Number | ||
181 | 211 | (14.2) |
Academy Press Plc.
Mrs. Oluwakemi Ogunnubi | Mr. Olugbenga Ladipo |
(Executive Director, Finance & Business Development) | (Managing Director) |
FRC/2017/PRO/DIR/003/00000016098 | FRC/2013/PRO/DIR/003/00000003252 |
JULY 30, 2024
NOTES TO THE FINANCIAL STATEMENTS
1 General information
Academy Press Plc. was incorporated in Nigeria as a private limited liability company on 28th July, 1964. By a special resolution, it became a public limited liability company on 22nd October, 1991. It offered its shares to the public in November, 1994 and these shares were listed on the Nigerian Stock Exchange on 15th June, 1995.
The registered address of the company is 28-32, Industrial Avenue, Ilupeju Industrial Estate, Ilupeju, Lagos.
The principal activity of the company is the printing of educational and general books, commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing works.
The consolidated financial statements of the Group for the period ended 30th June, 2024 comprise the Company and its subsidiaries.
The separate financial statements of the company for the Ist Quarter, June 2024 comprise those of the company only.
2 Summary of significant accounting policies
The principal accounting policies that have been applied in the preparation of the consolidated and separate financial statements are set out below. These accounting policies have been consistently applied to all the years presented.
2.1 Statement of compliance
The consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), and interpretations issued by the
International Financial Reporting Interpretations committee of IASB (together IFRS) that are effective at 31 March 2016 and requirements of the Companies and Allied Matters Act (CAMA) of Nigeria and the Financial Reporting Council (FRC) Act of Nigeria.
2.2 Basis of presentation
The consolidated and separate financial statements have been prepared in accordance with the going concern principle under the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability at the measurement date.
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