JAPAUL GOLD AND VENTURES PLC
UNAUDITED MANAGEMENT ACCOUNT
30TH SEPTEMBER, 2024
JAPAUL GROUP | ||||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||||
FOR THE PERIOD ENDED SEPTEMBER 2024 | ||||||||
Jul. - Sept. | Jan. - Sept. | Jul. - Sept. | Jan. - Sept. | |||||
2024 | 2024 | 2023 | 2023 | |||||
NOTE | N'000 | N'000 | N'000 | N'000 | ||||
Turnover | 2 | 927,683 | 2,139,929 | 319,594 | 2,183,746 | |||
Cost of sales | (485,612) | (861,048) | (89,934) | (876,371) | ||||
Gross profit | 442,071 | 1,278,881 | 229,661 | 1,307,375 | ||||
Other income | 3 | 10,651 | 39,600 | 73,947 | 107,112 | |||
Administrative cost | (276,966) | (737,397) | (228,437) | (751,895) | ||||
Operating (loss)/profit | 175,755 | 581,084 | 75,171 | 662,591 | ||||
Net finance costs | (962) | (2,950) | (588) | (960) | ||||
Profit/Loss before taxation | 174,793 | 578,134 | 74,582 | 661,632 | ||||
Income tax expense | - | - | - | - | ||||
Profit/Loss for the year from continued | ||||||||
operations | 174,793 | 578,134 | 74,582 | 661,632 | ||||
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 on available for sale assets | - | - | - | - | ||||
Total comprehensive profit/(loss) | 174,793 | 578,134 | 74,582 | 661,632 | ||||
9 | STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 2024 | |||||||
AFS fair | Foreign | Non- | ||||||
Issued share | Share | Loss | Remeasurement | value | exchange | 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) |
Addition/New | 4,000,000 | 13,960,000 | 17,960,000 | |||||
Loss for the period | 578,134 | - | - | - | 578,134 | |||
- | ||||||||
7,131,351 | 30,400,679 | (19,794,178) | (195) | - | - | - | 17,737,657 | |
STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 2023 | ||||||||
AFS fair | Foreign | Non- | ||||||
Issued share | Share | Loss | Remeasurement | value | exchange | 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 2023 | 3,131,351 | 16,440,679 | (19,698,267) | (195) | - | - | - | (126,432) |
(Loss)/Profit for | ||||||||
the period | 661,632 | - | - | - | 661,632 | |||
Derecognition of | ||||||||
AFS fair value | ||||||||
reserve | - | - | ||||||
- | ||||||||
3,131,351 | 16,440,679 | (19,036,635) | (195) | - | - | - | 535,200 | |
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR PERIOD 30 SEPTEMBER 2024
Sep-24 | Sep-23 | ||
OPERATING ACTIVITIES | N'000 | N'000 | |
Cash flows from operating activities | |||
Cash receipts from customers | 1,442,942 | 864,563 | |
Payment to suppliers and employees | (1,769,589) | (755,883) | |
Cash generated from operations | (326,647) | 108,680 | |
Payment for employee benefit obligations | 836 | (258) | |
Current income tax paid | (10,000) | (5,500) | |
Net cash from operating activities | (335,811) | 102,922 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (17,199) | (1,757) | |
Proceed on disposal of property, plant & equipment | 296,000 | 9,968 | |
Proceed on disposal of subsidiary | - | - | |
Interest received | 3 | 2,112 | |
Net cash from/(used) in investing activities | 278,804 | 10,323 | |
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 | (2,950) | (960) | |
Net cash from/(used in) financing activities | (2,950) | (960) | |
Net increase/(decrease) in cash and cash equivalents | (59,957) | 112,285 | |
Cash and cash equivalents at 1 January | 136,149 | 5,883 | |
Effect of foreign exchange on foreign operation | - | - | |
Cash and cash equivalents at 30 September | 76,192 | 118,168 | |
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 business of oil and maritime services. It is listed on the Nigerian Stock Exchange (NSE)
30-Sep | 30-Sep | |||
2024 | 2023 | |||
N'000 | N'000 | |||
2 Turnover | ||||
The analysis of turnover by Business unit as follows: | ||||
Japaul Dredging | 520,960 | 1,994,029 | ||
Japaul Offshore | 1,504,237 | - | ||
Japaul Quarry | 114,732 | 189,717 | ||
Japaul International | - | - | ||
2,139,929 | 2,183,746 | |||
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 | 39,600 | 107,112 | ||
39,600 | 107,112 | |||
4 | FIXED ASSETS | |||
SCHEDULE | ||||
30-Sep | 30-Sep | 30-Sep | ||
COST | DEP. | NBV | ||
N'000 | N'000 | N'000 | ||
Land | 1,731,373 | - | 1,731,373 | |
Building | 20,000 | 6,300 | 13,700 | |
Leasehold Improvement | 102,868 | 102,868 | 0 | |
Plant & Mach. | 1,237,348 | 1,221,747 | 15,601 | |
Auto Trucks & Equipments | 289,627 | 289,627 | 0 | |
Marine Equipment | 5,382,844 | 3,773,901 | 1,608,943 | |
Motor Vehicle | 83,137 | 71,498 | 11,639 | |
Office Equipment & Furniture | ||||
& Fittings | 71,063 | 66,299 | 4,764 | |
Work-in-progress | 882,702 | - | 882,702 |
TOTAL | 9,800,962 | 5,532,240 | 4,268,722 |
Marine | |
5 Finance lease assets | Equipment |
30-Sep | |
2024 | |
N'000 | |
Cost | |
At 1 Jan 2024 | 5,000,000 |
Additions | - |
Transfers to owned assets | - |
At 30 Sept. 2024 | 5,000,000 |
Depreciation | |
At 1 Jan 2024 | 750,000 |
Charge for the period | 187,500 |
Reclassified to owned assets | - |
At 30 Sept. 2024 | 937,500 |
Net book value | |
At 30 Sept. 2024 | 4,062,500 |
6 Intangible assets Cost
At 1 Jan 2024 | 14,381 | |||
Addition (H & H Limited) | 7,960,000 | |||
At 30 Sept. 2024 | 7,974,381 | |||
Depreciation | ||||
At 1 Jan 2024 | 14,381 | |||
Charge for the year | - | |||
Write down/Disposals | ||||
At 30 Sept. 2024 | 14,381 | |||
Net book value | ||||
At 30 Sept. 2024 | 7,960,000 | |||
30-Sep | 31-Dec | |||
7 | Inventory | 2024 | 2023 | |
N'000 | N'000 | |||
Consumables | - | - | ||
Aggregates | - | - | ||
0 | 0 | |||
Impairment loss | - | - | ||
Net Inventory | 0 | 0 | ||
8 | Trade Debtors & other | |||
receivables | 16,562,194 | 4,681,286 | ||
- | - | |||
16,562,194 | 4,681,286 | |||
Impairment allowance | (247,594) | (247,594) | ||
16,314,600 | 4,433,692 | |||
ETHICS AND 9 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)