1
CONTENT | PAGE | |
CORPORATE INFORMATION | 3 | |
REPORT OF THE DIRECTOR | 4 | - 8 |
DIRECTOR RESPONSIBILITY | 9 | |
REPORT OF THE AUDITORS | 10 | - 11 |
REPORT OF AUDIT COMMITTEE | 13 | |
STATEMENT OF ACCOUNTING POLICIES | 14 | |
STATEMENT OF AFFAIRS | 15 | |
STATEMENT OF COMPREHENSIVE INCOME | 16 | |
STATEMENT OF CHANGES IN EQUITY | 17 | |
CASH FLOW STATEMENT | 18 | |
NOTES TO THE FINANCIAL STATEMENTS | 19 | - 21 |
STATEMENT OF VALUE ADDED | 22 | |
FIVE-YEAR FINANCIAL SUMMARY | 23 |
2
CORPORATE INFORMATION
DIRECTORS
ENGR. (DR) AUSTIN L. ASIMONYE - CHAIRMAN/CEO
CHIEF (ENGR.) ANDREW C. OJOGBO - NON-EXECUTIVE DIRECTOR
BAR. (MRS.) C. O. ASIMONYE - NON-EXECUTIVE DIRECTOR ENGR. KINGSLEY OYAKHIRE - NON-EXECUTIVE DIRECTOR MR. ABEL ENECHEZIAN - NON-EXECUTIVE DIRECTOR
MR. CHRISTOPHER EROMOSELE ITUA - NON-EXECUTIVE DIRECTOR
ENGR. JUDITH ASIMONYE - NON-EXECUTIVE DIRECTOR MR. NYEMIKE OGBECHIE - NON-EXECUTIVE DIRECTOR
HEAD OFFICE ADDRESS
KM 8, SAPELE ROAD
BENIN CITY, EDO STATE.
BANKERS
UNION BANK PLC
STANBIC IBTC BANK
ZENITH BANK OF NIGERIA PLC
AUDITORS
DAVID UGIAGBE & CO.
(CERTIFIED NATIONAL ACCOUNTANTS)
82, 1ST EAST CIRCULAR ROAD,
BENIN CITY.
COMPANY SECRETARY
IFEANYI OFOR & ASSOCIATES
WARRI,
DELTA STATE.
3
REPORT OF THE DIRECTORS
The Directors have the pleasure to present the report and accounts of the company for the year ended 31st December, 2024
PRINCIPAL ACTIVITIES
The principal activities of the company, Austin Lazarus & Co.Plc are Ice Block Machines and Aluminum Long Span Roofing Sheet whose operations are activated
The Reports of the company are as provided thus
RESULT FOR THE YEAR
The summary of business transactions for the year ended 31st December, 2024:-
2024 | 2023 | |
N'000 | N'000 | |
Turnover | 1,316,125 | 0 |
Gross Profit | 156,280 | 0 |
Profit/(Loss)Before Taxation | 5,803 | (1,093) |
Taxation | (1,571) | - |
Profit/(Loss) After Taxation | 4,232 | (1,093) |
DIVIDEND
The Directors do not recommend payment of any dividend to members.
DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The board of directors has pleasure in submitting to member their report together with the statements of Accounts for the year ended 31 December, 2024
1. INCORPORATION AND LEGAL STATUS OF THE COMPANY
The company was incorporated as privately owned company in 1982 and was converted to a public company in 2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on the Nigeria Stock Exchange (NSE).
The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the company's region, it diversified into other division which includes: Thermoplastic Industry for the production of coolers and other plastic products (2002), Aluminium factory for the corrugation of long span Aluminium roofing sheets (2005). Manufacturing goods for both domestic and industrial use. Currently, about 1,079,860 shares are held by about 370 Nigerians.
4
2. Share Capital History.
Details of the authorized and issued share capital are set on below.
DETAILS OF SHARE CAPITAL HISTORY AND SHARE HOLDING ANALYSIS
ISSUED AND | ||||
AUTHORIZED | PAID UP | |||
N | N | |||
YEAR | INCREASED CUMULATIVE | CUMULATIVE | CONSIDERATION | |
1982 | 50,000 | 50,000 | 50,000 | CASH |
2003 | - | 50,000 | 50,000 | - |
2004 | - | 50,000 | 50,000 | - |
2005 | - | 50,000 | 50,000 | - |
2006 | 19,950,00 | 20,000,000 | 20,000,000 | CASH |
2007 | - | 20,000,000 | 20,000,000 | - |
2008 | 587,550,000 | 607,550,000 | 485,930,000 | BONUS |
2008 | 607,550,000 | 485,930,000 | - | |
2010 | 142,450,000 | 750,000,000 | 539,930,000 | BONUS |
DIRECTOR INTEREST IN SHARE
The interest of director, direct and indirect, in the share of the company as recorded in the register of directors' shareholding or as notifies by them for purpose of section 277 of the company and
allied matter act, cap C20 LFN 2020 is as follows.
2024 | NATIONALITY | DESIGNATION | |
Chief Andrew C. Ojogbo | 1,500,000 | NIGERIAN | DIRECTOR |
Mr. Abel Enechezian | 100,000 | NIGERIAN | DIRECTOR |
Bar.Obiageli C. Asimonye | 8,000,000 | NIGERIAN | DIRECTOR |
Engr. Kingsley Oyakhire | 100,000 | NIGERIAN | DIRECTOR |
Dr. Austin Asimonye | 542,000,000 | NIGERIAN CHAIRMAN/CEO | |
Mr. Nyemike Ogbechie | 11,240,000 | NIGERIAN | DIRECTOR |
DIRECTORS INTEREST IN SHARES. | |||
2024 | 2023 | ||
Chief Andrew C. Ojogbo | 1,500,000 | 1,500,000 | |
Mr. Abel Enechezian | 100,000 | 100,000 | |
Bar.Obiageli C. Asimonye | 8,000,000 | 8,000,000 | |
Engr. Kingsley Oyakhire | 100,000 | 100,000 | |
Dr. Austin Asimonye | 542,000,000 | 542,000,000 | |
Mr. Nyemike Ogbechie | 11,240,000 | 11,240,000 |
5
SHARE HOLDING RANGE ANALYSIS
In Annual Report Change to: Substantial Interest in Shares
No. of Holding | No. of shareholding |
1-1,000 | 287 |
1,001-5,000 | 50 |
5,001-10,000 | 13 |
10,001-50,000 | 5 |
50,001-100,000 | 2 |
100,001-500,000 | 1 |
500,001-1,000,000 | 1 |
1,00.001-5,000,000 | 2 |
5,000,001-10,000,000 | 3 |
10,000,001-50,000,000 | 0 |
Above 50,000,000 | 6 |
Substantial Shareholders Interest
On the record of the register of members as at December 31, 2024 the following:
unit of shares | % |
173,380 0.02
119,920 0.01
92,700 0.01
82,700 0.01
200,000 0.02
150,000 0.01
1,000,000 0.09
5,500,000 0.51
24,681 2.29
00
1,047,860,000 97.03
Shareholders | No of shares |
Arin Labs Int'l Ltd | 100,000,000 |
Unibake Ltd | 100,000,000 |
Resort Securities Ltd | 100,000,000 |
Donations & Charitable Contributions
The company has resumed its participation in making contributions to charitable purpose of public interest.
In compliance with section 38(2) of the companies Allied Matters Act.2020 the company did not make any donation or gift to any political party, political association or for any political purpose during the year
BOARD COMMITTEES
As at the date of this report, the company has in place the following board committees;
FINANCIAL AND GENERAL PURPOSE COMMITTEE
The finance and general purpose assist the board of Directors in performing its guidance and oversight functions effectively and efficiently by specifically determining its financial and operation priorities, making recommendation regarding the company dividend policy and evaluating the long term productivity of the company's operations.
The committee is chaired by Mr. Emmanuel Ugboh. The
Members of the committee are
Dr. I. C. Oguike
Dr. Austin Asimonye
6
AUDIT COMMITTEE
The Audit committee was established in compliance with section 404) of the CAMA, which requires every listed company to have an Audit committee. In accordance with section 404 subsection 3 of the CAMA, the audit committee is made up of five members, two non- executive directors and three shareholders of the company. The members of the Audit Committee are not required to be independent. The Audit Committee members meet at least three times a year and the meetings are attended by the appropriate executives of the company including the Group Chief Finance officer and the Head Internal Control and Audit.
The duties of the committee include keeping under reviews the scope and results of the external audit, as well as the independence and objectivity of the Auditors. The committee also keeps under review internal financial controls, compliance with laws and regulations and the safeguarding of the assets and the adequacy of the plan of the internal audit and review its audit report.
The committee is chaired by Rev. Omoruyi Nosakhare
Other members of the committee are: | ||
Engr. Kingsley Oyakhire | - | Non-Executive Director |
Bar. (Mrs.) C. O. Asimonye | - | Non-Executive Director |
Engr. Ojogbo | - | Shareholder |
Mrs. Scholar Osemena | - | Shareholder |
7
AUSTIN LAZ & CO PLC
Statements of Financial Accounts for the year ended 31st December, 2024
Contractual Arrangement
The company's business operation utilizes many suppliers and arrangements are in place to ensure that the business is not totally reliant on a single supplier for key materials or components.
Policy on payment of suppliers
It is the policy of the company to agree to terms of payment prior to commencing business with a supplier and to abide by those terms on the timely submission of satisfactory invoices
Property, Plant & Equipment
Information relating to changes in the company property, plant and equipment is given in Note 1 to the financial statements
Human Resources
The company recognizes human capital as one of the most critical factors. The Board has created a favourable work environment that encourages innovation and meritocracy and relations with employees have continued to improve significantly.
Employment of Disabled Person
We do not discriminate against disabled person in the company.
Health and Safety
All efforts are geared towards proving a safe and conducive working environment for employees, to this end, there is a written health and safety policy supported by system and procedures for ensuring that safe working practices are complied with in the performance of all company functions. In the event of accident or accident occurring at the work place, there are adequate provision for medical care in our agent clinic which are well stocked and competently managed by qualified medical personnel. Furthermore, all employee of the company are provided for free medical care.
AUDITORS
In accordance with section 357 (2) of the Companies and Allied Matters Act of 1990, Messrs David Ugiagbe & Co. (Certified National Accountants) having expressed their willingness may continue in office as the
Company's Auditors
By Order of the Board
Barr John Offor Ifeanyi
Secretary
Benin City
Edo State
FRC/2016/NBA/0000001416
15 January 2025
8
AUSTIN LAZ & CO PLC
Statement of Financial Accounts
For the year ended 31st December, 2024
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RELATION TO THE PREPARATION OF STATEMENT OF AFFAIRS
The Companies and Allied Matters Act, CAP Federation of Nigeria 2020, 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:
- 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, LFN 2020
- Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
(c ) Prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgements 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 judgements and estimates, in conformity with,
- Relevant International Financial Reporting Standards issued by the International Accounting Standards Board (IASB)
- The requirements of the Companies and Allied Matters Act, LFN 2020
- Financial Reporting Council of Nigeria Act No.6, 2011.
The Directors are of the opinion that the financial statements present fairly, in all material respects, the financial position and the financial performance of the company as at and for the year ended 31 December, 2024. 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 financial 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.
Dr. Austin L. Asimonye | Barr. Ofor John Ifeanyi | U. Osamede |
Chairman/CEO | Secretary | Chief Financial Officer |
FRC/2017/IODN/00000016208 | FRC/2016/NBA/0000001416 | FRC/2013/ANAN/00000004916 |
9
INDEPENDENT AUDITORS' REPORT
10
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |