And company plc- quarter 5 - financial statement for 2025

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

MR. CHRISTOPHER EROMOSELE ITUA - CHAIRMAN

ENGR. (DR) AUSTIN L. ASIMONYE - 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

ENGR. JUDITH ASIMONYE - NON-EXECUTIVE DIRECTOR

MR. NYEMIKE OGBECHIE - NON-EXECUTIVE DIRECTOR

REAR ADMIRAL JULIUS NWAGU RTD - 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, 1STEAST CIRCULAR ROAD,

BENIN CITY.

COMPANY SECRETARY

IFEANYI OFOR & ASSOCIATES

WARRI,

DELTA STATE.

3

REPORT OF THE DIRECTORS

The Directors wish to state the company was inactive in most part of 2024 and throughout the year 2025 due to the moribund

condition of the productive capacity. The company had in various times informed the NGX and members of the organization.

As a result of this non-productivity in the year ended December 31, 2025, the turnover is nil as presented below:

Note that this is not to state that there is a threat to the going concern of the company, we sought new injections

to replace most of the machines. Installations and maintenance are in full gear; by God's grace operations are effectively

commencing now in this first quarter of 2026.

PRINCIPAL ACTIVITIES

The principal activities of the company, Austin Lazarus & Co.Plc are: Manufacture of Refrigeration Equipment,

Insulated Plastic Coolers and Aluminum Roofing Sheets, etc.

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:-

2025

2024

N'000

N'000

Turnover

( - )

1,316,125

Gross Profit

( - )

156,280

Profit/(Loss)Before Taxation

(16,237)

5,803

Taxation

(1,571)

Profit/(Loss) After Taxation

(16,237)

4,232

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

AUTHORIZED

ISSUED AND

PAID UP

N

N

YEAR

INCREASED CUMULATIVE

CUMULATIVE

ONSIDERATION

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 Enechaziem

100,000

NIGERIAN

DIRECTOR

Barr. (Mrs) Obiageli C.

Asimonye

8,000,000

NIGERIAN

DIRECTOR

Engr. Kingsley Oyakhire

100,000

NIGERIAN

DIRECTOR

Engr. Dr. Austin Asimonye

542,000,000

NIGERIAN

CHAIRMAN/CEO

Mr. Nyemike Ogbechie

5,000

NIGERIAN

DIRECTOR

Judith C. Asimonye

103,000,000

NIGERIAN

DIRECTOR

DIRECTORS INTEREST IN SHARES.

2025

2024

Chief Andrew C. Ojogbo

1,500,000

1,500,000

Mr. Abel Enechaziem

100,000

100,000

Barr. (Mrs) Obiageli C.

Asimonye

8,000,000

8,000,000

Engr. Kingsley Oyakhire

100,000

100,000

Engr. Dr. Austin Asimonye

542,000,000

542,000,000

Mr. Nyemike Ogbechie

5,000

5,000

Judith C. Asimonye

103,000,000

103,000,000

5

SHARE HOLDING RANGE ANALYSIS

No. of Holding

No. of shareholding

unit of shares

%

1-1,000

287

173,380

0.02

1,001-5,000

50

119,920

0.01

5,001-10,000

13

92,700

0.01

10,001-50,000

5

82,700

0.01

50,001-100,000

2

200,000

0.02

100,001-500,000

1

150,000

0.01

500,001-1,000,000

1

1,000,000

0.09

1,00.001-5,000,000

2

5,500,000

0.51

5,000,001-10,000,000

3

24,681

2.29

10,000,001-50,000,000

0

0

0

Above 50,000,000

6

1,047,860,000

97.03

Substantial Shareholders Interest

On the record of the register of members as at December 31, 2025 the following:

Shareholders

No of shares

Arin Labs Int'l Ltd

100,000,000

Unibake Ltd

100,000,000

Donations & Charitable Contributions

Due to inactivity in the year, there were no 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. Nyemike Ogbechie

Members of the committee are

Engr. Judith C. Asimonye

Dr. Abel Enechaziem

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 made up of the following persons:

Pastor Samuel Gbadega

Chairman

Mr. Emmanuel Ugboh

-

Shareholder

Barr. (Mrs.) Obiageli C. Asimonye

-

Non-Executive Director

Engr. Ojogbo

-

Non-Executive Director

Dr. Abel Enechaziem

-

Non-Executive Director

7

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

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 to have continued

improvement.

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 2026

8

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

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 of the

Directors include ensuring that the company:

(a) 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

(b) 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 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,

2025. 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

David Ugiagbe Osamede

Managing Director/CEO

Secretary

Chief Financial Officer

FRC/2017/IODN/00000016208

FRC/2016/NBA/0000001416

FRC/2013/ANAN/00000004916

9

MANAGEMENT'S ANNUAL ASSESSMENT OF AUSTIN LAZ & CO. PLC''S INTERNAL CONTROL OVER FINANCIAL REPORTING

Pursuant to chapter 1.5 of FRCN Guidance on Management Report on Internal Control over Financial Reporting, and

chapter 1.3 of SEC guidance of the implementation of section 60 and 63 of the Investment and Security Act of 2007

we hereby report on the effectiveness of Austin Laz & Co. Plc's Internal Control system as follows

The Management of Austin Laz & Co. Plc is responsible for establishment and maintaining adequate internal

control over Financial Reporting (ICFR) that provides reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purpose in accordance with IFRS

The management of Austin Laz & Co. Plc used the Committee of Sponsoring Organisation of Treadway Commission

(COSO) internal control - Integrated framework to conduct the required evaluation of the effectiveness of

the entity's ICFR;

The management of Austin Laz & Co. Plc has assessed its ICFR as at December 31 2025 as effective and there are no

material weaknesses; and

The external auditors of Austin Laz & Co. Plc messers. David Ugiagbe & Co. have issued an attestation report on

the management's assessment of ICFR. The attestation report issued by Messrs David Ugiagbe & Co. will be filed

as part of Austin Laz & Co. Plc's annual report

Engr. Dr. Austin L. Asimonye

Barr. Ofor John Ifeanyi

Managing Director/CEO

Secretary

FRC/2017/IODN/00000016208

FRC/2016/NBA/0000001416

15 January 2026

12

REPORT OF THE AUDIT COMMITTEE TO MEMBERS OF AUSTIN LAZ & CO. PLC

In compliance with S.404 (4) of CAMA, we, the members of the Statutory Audit Committee whose names are stated hereunder,

have reviewed and considered the Auditor's Report required to be made in accordance with S. 404 (1) and (2) of CAMA, the

Audited Financial Statements of the Company for the year ended December 31, 2026, and the reports thereon, and confirm as

follows:

• The accounting and reporting policies of the Group are in accordance with legal requirements and agreed

ethical practices.

• The scope and planning of audit requirement were in our opinion, adequate.

• We have reviewed the findings on Management matters, in conjunction with the External Auditors, and are satisfied

with the response of Management thereon.

• The systems of accounting and internal controls for the Company are adequate.

• We have made the recommendations required to be made in respect of the External Auditors.

Members of the audit committee

Pastor Samuel Gbadega

-

Chairman

Mr. Emmanuel Ugboh

-

Member

Dr. Abel Enechaziem

-

Member

Barr. (Mrs.) Obiageli C. Asimonye

-

Member

Engr. A. C. Ojogbo

-

Member

Pastor Samuel Gbadega

Chairman

FRC/2016/CAN/00000015843

15 January, 2026

13

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES FOR

THE YEAR ENDED 31STDECEMBER, 2025

The following is a summary of the significant accounting policies adopted by the company in the year

1. BASIS OF PREPARATION

(a) Statement of compliance

These statements of financial accounts for the year ended 31st December, 2025, are prepared in accordance

with International Financial Reporting Standards (IFRSs) as issued by the International Accounting

Standards Board (IASB). The Company has consistently applied the accounting policies used in the

preparation of its financial statements throughout all periods presented.

(b) Basis of measurement

The statements of Affair have been prepared in accordance with the going concern principle under

the historical cost convention except where otherwise stated.

2. TURNOVER

Turnover represents the value of goods and services sold to third party during the year.

3. FIXED ASSETS

Fixed Assets are stated at deemed cost less depreciation.

4. DEPRECIATION

Depreciation is calculated to write-off the cost of Fixed Assets over their expected useful life

%

Land and Building

2

Plant and Machinery

10

Motor Vehicles

10

Furniture and Fittings and Equipment

10

5. INVENTORIES

Stocks are stated at the lower of cost or estimated fair value.

6. TRADE RECEIVABLES

Trade receivables are stated at their face value.

14

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

STATEMENT OF FINANCIAL AFFAIRS

NOTE

2025

2024

ASSETS

N'000

N'000

Non Current Assets

Property, Plant & Equipment

1

1,225,683

1,239,396

Intangibles

2

136,652

136,652

1,362,335

1,376,048

CURRENT ASSETS

Inventories

3

29,074

29,074

Trade receivables

4

18,575

18,575

Cash and Cash Equivalent

5

1,371

3,895

Total current assets

49,020

51,544

Total Assets

1,411,355

1,427,592

EQUITY AND LIABILITIES:

EQUITY

Authorized Share Capital

750,000

750,000

Paid up Share Capital

6

539,930

539,930

Deposit for Share Capital

85,000

85,000

Capital Reserves

712,083

712,083

Retained Earnings

33,987

50,224

Equity attributable to owners of

company

1,371,000

1,387,237

NON-CURRENT LIABILITIES:

Long Term Borrowing

7

-

0

CURRENT LIABILITIES

Trade Payable

8

37,584

37,584

Other Payable

9

1,200

1,200

Taxation

10

1,571

1,571

Total current liabilities

40,355

40,355

Total Equity and Liabilities

1,411,355

1,427,592

Barr. Ofor John Ifeanyi

Dr. Austin L. Asimonye

Secretary

David Ugiagbe Osamede

Chairman/CEO

FRC/2016/NBA/0000001416

Chief Financial Officer

FRC/2017/IODN/00000016208

FRC/2013/ANAN/00000004916

15

NOTE

NOTE

2025

2024

N'000

N'000

Revenue

11

-

1,316,125

Cost of Sales

13

-

(1,159,845)

Gross Profit/(Loss)

-

156,280

Other Income

14

-

6,174

Distribution Expenses

15

-

(28,582)

Administration Expenses

16

(16,237)

(128,069)

Finance Cost

17

-

-

Profit before Tax

(16,237)

5,803

Tax Provision

-

(1,571)

Profit after Tax

(16,237)

4,232

DISCONTINUED OPERATION

Gain/(Loss) on discontinued

operation net of tax

-

-

Net Profit for the Period

(16,237)

4,232

OTHER COMPREHENSIVE

INCOME NET OF TAX

Total Comprehensive income for

-

-

the Period

(16,237)

4,232

Earning Per Share

(0.02)

0.00

Diluted Earning per Share

2026

0.00

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

STATEMENT OF CHANGES IN EQUITY

SHARE

DEPOSIT

REVALUATION

RETAINED

TOTAL

CAPITAL

FOR SHARE

RESERVE

EARNINGS

EQUITY

N'000

N'000

N'000

N'000

N'000

As at 1 January 2024

539,930

-

1,224,776

(512,693)

1,252,013

Adjustment made in the period

-

-

(512,693)

558,685

45,992

Balance after adjustment

539,930

712,083

45,992

1,298,005

Share Issued

-

Deposit for Share

85,000

85,000

Total comprehensive income for

the period

4,232

4,232

As at 31 December, 2024

539,930

85,000

712,083

50,224

1,387,237

As at 1 January 2025

539,930

85,000

712,083

50,224

1,387,237

Adjustment made in the period

-

-

Balance after adjustment

539,930

85,000

712,083

50,224

1,387,237

Share Issued

-

Deposit for Share

-

Total comprehensive income for

the period

(16,237)

(16,237)

As at 31 December, 2025

539,930

85,000

712,083

33,987

1,371,000

17

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

STATEMENT OF CASHFLOW

2025

2024

Cash flow from Operating Activities

N'000

N'000

Profit/(Loss) before tax

(16,237)

5,803

Add depreciation

13,713

42,627

Impairment

-

15,183

Interest on finance

-

-

Net Cash flow from operation before Working Capital Changes

(2,524)

63,613

WORKING CAPITAL CHANGES

(Increase)/Decrease in Inventories

-

(3,244)

(Increase)/Decrease in Account Receivable

-

1,577

(Increase)/Decrease in Account Payables

-

29,715

(2,524)

91,661

Tax paid

-

-

Interest Paid

-

-

Net Cash flow from Operating activities

(2,524)

91,661

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of Assets

-

(183,030)

Proceed from sale of assets

-

7,683

Net Cash flow from Investing activities

-

(175,347)

CASHFLOW FROM FINANCING ACTIVITIES

Loan

-

-

Deposit for Share

-

85,000

Net Cash flow from Financing activities

-

85,000

Increase/(decrease) in cash & cash equivalent

(2,524)

1,314

Cash & Cash equivalent as at 01/01/2025

3,895

2,581

Cash & Cash equivalent as at 31/12/2025

1,371

3,895

18

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

NOTES TO ACCOUNTS

1. Schedule of Property, Plant and Equipment

LAND &

PLANT &

MOTOR

FURN. &

TOTAL

BUILDING

MACHINERY

VEHICLE

FITTINGS

& EQUIPMENT

N'000

N'000

N'000

N'000

N'000

As at 1/1/2025

1,289,068

2,069,381

34,030

5,468

3,397,947

Additional Asset

-

-

-

As at 31/12/2025

1,289,068

2,069,381

34,030

5,468

3,397,947

Depreciation:

As at 1/1/2025

307,318

1,836,135

9,630

5,468

2,158,551

For the Period

201

12,859

653

-

13,713

As at 31/12/2025

307,519

1,848,994

10,283

5,468

2,172,264

NBV as at 31/12/2025

981,549

220,387

23,747

-

1,225,683

NBV as at 31/12/2024

981,750

233,246

24,400

-

1,239,396

2025

2024

2. INTANGIBLES:

N'000

N'000

Intangible Asset

151,835

151,835

Less Impairment for the year

(15,183)

(15,183)

136,652

136,652

3. INVENTORIES

Finished Goods

9,372

9,372

Raw Materials

7,472

7,472

Work In Progress

12,230

12,230

29,074

29,074

4. TRADE RECEIVABLES

Trade Receivables

17,213

17,213

Other Receivables

1,362

1,362

18,575

18,575

5. CASH & CASH EQUIVALENT

Cash at Bank

1,371

3,872

Cash at Hand

-

23

1,371

3,895

19

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

NOTE TO THE ACCOUNTS CONT'D

2024

2024

6. SHARE CAPITAL

N'000

N'000

Authorized Share Capital @ N1.00 per share

750,000

750,000

Paid up Share Capital

539,930

539,930

7. LONG TERM LOAN

-

-

8. TRADE PAYABLES

Trade Creditors

37,584

37,584

9. OTHER PAYABLE

Audit Fees

1,200

1,200

Accrued Salaries

-

-

1,200

1,200

10. TAXATION

Balance as at the beginning

1,704

1,704

Adjustments in the year

-1,704

-1,704

Current Tax

1,571

1,571

Payment in the year

-

-

Balance as at year end

1,571

1,571

11. TURNOVER

Aluminum Section

-

763,528

Ice Plant Section

-

552,597

-

1,316,125

12. PRODUCTION COST

Opening Inventories Raw Materials

7,472

3,827

Add Purchase of raw materials

-

858,018

7,472

861,845

Less Closing Inventories raw materials

(7,472)

(7,472)

Carriage Inwards

91,472

Prime Cost:

945,845

Add factory overheads:

Factory/Manufacturing Expenses

142,781

Wages and Salaries

56,294

Depreciation of Plant

14,524

Add Opening W.I.P

12,230

15,154

Total Production cost

12,230

1,174,598

Less closing W.I.P

(12,230)

(12,230)

Production cost to be transferred to Trading account

-

1,162,368

20

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

NOTE TO THE ACCOUNTS - Continued

2025

2024

13. COST OF SALES

N'000

N'000

Opening Finished Stock

9,372

6,849

Add Production cost

-

1,162,368

9,372

1,169,217

Less closing stock

(9,372)

(9,372)

Cost of Sales

-

1,159,845

14. OTHER INCOME

-

6,174

15. DISTRIBUTION COST

Carriage outward

-

21,852

Advertisement & Promotion

-

2,125

Sales Commission

-

4,605

-

28,582

16. ADMINISTRATION EXPENSES

Wages & Salaries

2,150

41,623

Motor Vehicle Maintenance

3,621

Printing & Stationery

694

Telephone & Postage

1,155

Medical Expenses

42

Power and Electricity

14

79

General Repairs

325

1,426

Rent & Rates

810

Audit Fees

1,200

Generator Running

2,863

Education & Training

155

Impairment on Intangible asset

15,183

Depreciation

13,713

28,103

Security Expenses

138

Other Amin Expenses

803

Folk lift Expenses

1,432

Computer/Internet Services

452

Levies & Rates

258

Equipment Refurbishing Expenses

15,485

Bank Charges

1,488

Fuel and Diesel

35

5,928

Local Transport

5,131

16,237

128,069

17. FINANCE COST

Interest Charges

-

-

21

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

STATEMENT OF VALUE ADDED

2025

2024

N'000

%

N'000

%

Turnover

0

1,316,125

Bought in goods and services

-

(1,226,072)

Value Added

0

100

90,053

100

Applied as follows:

To Employees

Salaries and Wages

0

0

41,623

46

To Government

Taxation

0

0

1,571

2

To Lender of Finance

Finance Cost

-

-

-

-

Retained for Expansion

Depreciation

0

0

42,627

47

Profit/(Loss)

-

0

4,232

5

Value Added

0

100

90,053

100

The value-added statement represents the wealth created by the effort of the company and its employees

based on ordinary activities and the allocation of that wealth being created among employee group,

shareholders, Lenders and that retained for the future creation of more wealth. But in the year there was

no production activity, hence, the value added was nil.

22

AUSTIN LAZ & COMPANY PLC

FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31 DECEMBER, 2025

FIVE YEARS FINANCIAL SUMMARY

ASSETS

2025

2024

2023

2022

2021

Non-Current Assets

N'000

N'000

N'000

N'000

N'000

Property, Plant & Equipment

1,225,683

1,239,396

1,100,502

1,101,595

1,146,163

Intangibles

136,652

136,652

151,835

151,835

151,835

1,362,335

1,376,048

1,252,337

1,253,430

1,297,998

CURRENT ASSETS

Inventories

29,074

29,074

25,830

25,830

25,830

Trade receivables

18,575

18,575

20,152

22,261

22,261

Cash and Cash Equivalent

1,371

3,895

2,581

1,057

1,057

49,020

51,544

48,563

49,148

49,148

Total Assets

1,411,355

1,427,592

1,300,900

1,302,578

1,347,146

EQUITY AND LIABILITIES:

EQUITY

Authorized Share Capital

750,000

750,000

750,000

750,000

750,000

Paid up Share Capital

539,930

539,930

539,930

539,930

539,930

Deposit for Share

85,000

85,000

Capital Reserves

712,083

712,083

1,224,776

1,224,776

1,224,776

Retained Earnings

33,987

50,224

-512,693

-511,600

-467,032

Equity attributable to owners of

company

1,371,000

1,387,237

1,252,013

1,253,106

1,297,674

NON-CURRENT LIABILITIES:

Long Term Borrowing

-

-

42,644

42,644

42,644

CURRENT LIABILITIES

Trade Payable

37,584

37,584

1,695

1,857

1,857

Other Payable

2,771

2,771

4,548

4,971

4,971

Short Term Borrowing

-

-

-

-

-

40,355

40,355

6,243

6,828

6,828

Total Equity and Liabilities

1,411,355

1,427,592

1,300,900

1,302,578

1,347,146

23