JAPAUL GOLD AND VENTURES PLC |
UNAUDITED MANAGEMENT ACCOUNT |
31ST MARCH, 2025 |
JAPAUL GROUP | |||
FINANCIAL POSITION AS AT MARCH 2025 | |||
Mar-25 | Dec-24 | ||
Non-current Assets | NOTE | N'000 | N'000 |
Property,Plant & Equipment | 4 | 4,211,708 | 4,232,252 |
Assets under finance lease | 5 | 3,937,500 | 4,000,000 |
Intangible assets | 6 | 7,960,000 | 7,960,000 |
Investment Property | 7 | 1,345,106 | 782,606 |
Total non-current assets | 17,454,314 | 16,974,858 | |
Current Assets | |||
Inventory | 8 | - | - |
Trade and other receivables | 9 | 15,041,883 | 16,415,962 |
Cash and bank balances | 299,888 | 25,721 | |
Total current assets | 15,341,771 | 16,441,683 | |
Liabilities | |||
Current liabilities | |||
Bank overdraft | - | - | |
Trade and other payables | 5,699,810 | 6,431,099 | |
Defined contribution pension plan | 175,621 | 170,281 | |
Borrowings | 2,492,452 | 2,292,452 | |
Lease liability | 1,000,000 | 1,000,000 | |
Current income tax liability | 355,216 | 432,553 | |
Total current liabilities | 9,723,099 | 10,326,385 | |
Net current (liabilities)/assets | 5,618,672 | 6,115,298 | |
Non current liabilities | |||
Defined benefit plan | 72,621 | 72,621 | |
Borrowings | - | - | |
Lease facility | 3,567,750 | 3,567,750 | |
Deferred tax liability | 966,376 | 966,376 | |
Total non-current liabilities | 4,606,747 | 4,606,747 | |
Net assets | 18,466,239 | 18,483,409 | |
Equity | |||
Share capital | 7,131,351 | 7,131,350 | |
Share premium | 29,947,978 | 30,044,111 | |
Loss sustained | (18,612,895) | (18,691,858) | |
Remeasurement reserve | (195) | (195) | |
AFS fair value reserve | - | - | |
Foreign exchange reserve | - | - | |
Equity attributable to owners of the parents | 18,466,239 | 18,483,409 | |
Non-controlling interest | - | - | |
Total equity | 18,466,239 | 18,483,409 | |
The consolidated financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and signed on its behalf by: | |||
Paul A. Jegede | Akinloye Daniel Oladapo | Makinde Sunday A. | |
Chairman | Group Managing Director | Ag. Chief Financial Offic | |
FRC/2013/IODN/00000002328 | FRC/2016/CIS/00000014722 | FRC/2022/PRO/ICAN/0 01/890630 | |
JAPAUL GROUP | |||
STATEMENT OF COMPREHENSIVE INCOME | |||
FOR THE PERIOD ENDED MARCH 2025 | |||
Jan. - Mar. | Jan. - Mar. | ||
2025 | 2024 | ||
NOTE | N'000 | N'000 | |
Turnover | 2 | 889,097 | 384,032 |
Cost of sales | (433,156) | (105,649) | |
Gross profit | 455,941 | 278,384 | |
Other income | 3 | 14,105 | 13,749 |
Administrative cost | (388,849) | (238,386) | |
Operating (loss)/profit | 81,197 | 53,746 | |
Net finance costs | (2,534) | (1,415) | |
Loss before taxation | 78,663 | 52,331 | |
Income tax expense | - | - | |
Loss for the year from continued operations | 78,663 | 52,331 | |
Discontinued operation | |||
Other comprehensive income/(loss) | |||
Items that will not be reclassified subsequently to profit or loss | |||
Exchange difference | - | - | |
Items that may be reclassified subsequently to profit or loss | |||
Actuarial (loss)/gain on defined benefit pension plan | - | - | |
Fair value (loss)/gain on available for sale assets | - | - | |
Total comprehensive profit/(loss) | 78,663 | 52,331 | |
11 | STATEMENT OF CHANGES IN EQUITY AS AT 31ST MARCH 2025 | |||||||
Issued share | Share | Loss | Remeasurement | AFS fair value | Foreign exchange | Non-controlling | Total equity | |
capital | premium | sustained | reserve | reserve | reserve | interest | ||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 January 2025 | 7,131,351 | 30,044,111 | (18,691,558) | (195) | - | - | - | 18,483,709 |
Profit for the period | (96,133) | 78,663 | - | - | - | (17,470) | ||
- | ||||||||
7,131,351 | 29,947,978 | (18,612,895) | (195) | - | - | - | 18,466,239 | |
- | ||||||||
STATEMENT OF CHANGES IN EQUITY AS AT 31ST MARCH 2024 | ||||||||
Issued share | Share | Loss | Remeasurement | AFS fair value | Foreign exchange | Non-controlling | Total equity | |
capital | premium | sustained | reserve | reserve | reserve | interest | ||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 January 2024 | 3,131,351 | 16,440,679 | (20,372,312) | (195) | - | - | - | (800,477) |
Profit for the period | 52,331 | - | - | - | 52,331 | |||
3,131,351 | 16,440,679 | (20,319,981) | (195) | - | - | - | (748,146) | |
CONSOLIDATED STATEMENT OF CASH FLOWS | ||
FOR THE YEAR PERIOD 31 MARCH 2025 | ||
Mar-25 | Mar-24 | |
OPERATING ACTIVITIES | N'000 | N'000 |
Cash flows from operating activities | ||
Cash receipts from customers | 908,161 | 276,672 |
Payment to suppliers and employees | (671,126) | (349,281) |
Cash generated from operations | 237,035 | (72,609) |
Payment for employee benefit obligations | - | - |
Current income tax paid | - | - |
Net cash from operating activities | 237,035 | (72,609) |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | - | (14,744) |
Proceed on disposal of property, plant & equipment | - | 28,000 |
Proceed on disposal of subsidiary | - | - |
Interest received | - | - |
Net cash from/(used) in investing activities | - | 13,256 |
Cash flows from financing activities | ||
Restructioning cost capitalised | - | - |
Repayment of term loans | - | - |
Procceds of finance lease facility obtained | - | - |
Repayment of finance lease facility | - | - |
Interest paid | (534) | (1,418) |
Net cash from/(used in) financing activities | (534) | (1,418) |
Net increase/(decrease) in cash and cash equivalents | 236,501 | (60,771) |
Cash and cash equivalents at 1 January | 63,387 | 136,149 |
Effect of foiegn exchange on foreign operation | - | - |
Cash and cash equivalents at 31 March | 299,888 | 75,378 |
JAPAUL GROUP | |||||
NOTES TO THE ACCOUNTS | |||||
1 | The Company | ||||
Japaul Oil & Maritime Services Plc was incorporated on 29 June 1994 as a private | |||||
limited liability company and commenced business in January 1997. The company | |||||
is in the bisiness of oil and maritime services. It is listed on the Nigerian Stock Exchange (NSE) | |||||
31-Mar | 31-Mar | ||||
2025 | 2024 | ||||
N'000 | N'000 | ||||
2 | Turnover | ||||
The analysis of turnover by Business unit as follows: | |||||
Japaul Dredging | 104,920 | 355,760 | |||
Japaul Offshore | 759,375 | - | |||
Japaul Quarry | 24,802 | 28,272 | |||
Japaul International | - | - | |||
889,097 | 384,032 | ||||
3 | Other Income | N'000 | N'000 | ||
Rent received from property | - | - | |||
Provision and accruals no longer required | - | - | |||
Profit on disposal of property, plant and equipment | - | ||||
Sundry income | 14,105 | 13,749 | |||
14,105 | 13,749 | ||||
4 | FIXED ASSETS SCHEDULE | ||||
31-Mar | 31-Mar | 31-Mar | |||
COST | DEP. | NBV | |||
N'000 | N'000 | N'000 | |||
Land | 1,731,373 | - | 1,731,373 | ||
Building | 20,000 | 6,500 | 13,500 | ||
Leasehold Improvement | 102,868 | 102,868 | - | ||
Plant & Mach. | 1,237,348 | 1,222,802 | 14,546 | ||
Auto Trucks & Equipments | 289,627 | 289,627 | 0 | ||
Marine Equipment | 5,214,721 | 3,755,817 | 1,458,903 | ||
Motor Vehicle | 83,137 | 72,441 | 10,696 | ||
Office Equipment & Furniture & Fittings | 71,063 | 67,286 | 3,777 | ||
Work-in-progress | 978,914 | - | 978,914 | ||
TOTAL | 9,729,050 | 5,517,341 | 4,211,708 | ||
5 | Finance lease assets | Marine Equipment | |||
31-Mar | |||||
2025 | ||||
N'000 | ||||
Cost | ||||
At 1 Jan 2025 | 5,000,000 | |||
Additions | - | |||
Transfers to owned assets | - | |||
At 31 Mar. 2025 | 5,000,000 | |||
Depreciation | ||||
At 1 Jan 2025 | 1,000,000 | |||
Charge for the period | 62,500 | |||
Reclassified to owned assets | - | |||
At 31 Mar. 2025 | 1,062,500 | |||
Net book value | ||||
At 31 Mar. 2025 | 3,937,500 | |||
6 | Intangible assets | |||
Cost | ||||
At 1 Jan 2025 | 7,974,381 | |||
Additions | - | |||
At 31 Mar. 2025 | 7,974,381 | |||
Depreciation | ||||
At 1 Jan 2025 | 14,381 | |||
Charge for the year | - | |||
Write down/Disposals | ||||
At 31 Mar. 2025 | 14,381 | |||
Net book value | ||||
At 31 Mar. 2025 | 7,960,000 | |||
7 | Investment Property- Land | |||
Cost | ||||
At 1 Jan 2025 | 782,606 | |||
Additions | 562,500 | |||
At 31 Mar. 2025 | 1,345,106 | |||
Depreciation | ||||
At 1 Jan 2025 | - | |||
Charge for the year | - | |||
Write down/Disposals | ||||
At 31 Mar. 2025 | - | |||
Net book value | ||||
At 31 Mar. 2025 | 1,345,106 | |||
31-Mar | 31-Dec | |||
8 | Inventory | 2025 | 2024 | |
N'000 | N'000 | |||
Consumables | - | - | ||
Aggregates | - | - | ||
0 | 0 | |||
Impairment loss | - | - | ||
Net Inventory | 0 | 0 |
9 | Trade Debtors & other receivables | 15,289,477 | 5,249,848 | |
- | - | |||
15,289,477 | 5,249,848 | |||
Impairment allowance | (247,594) | (247,594) | ||
15,041,883 | 5,002,254 | |||
10 | ETHICS AND COMPLIANCE | |||
Code of conduct regarding Securities Trading transactions by Directors and other Insiders of the Company was adopted and fully complied with during the period under review. | ||||
No record of non-compliance with the required standard set out in The Exchange's listings rules and in the issuer's code of conduct regarding Securities transactions by Insiders in line with Rule 17:15(d) of the Rulebook of The Exchange, 2015 part II (insiders Rule) | ||||