JAPAUL GOLD AND VENTURES PLC |
UNAUDITED MANAGEMENT ACCOUNT |
30TH SEPTEMBER, 2025 |
JAPAUL GROUP | |||
FINANCIAL POSITION AS AT SEPTEMBER 2025 | |||
Sept-25 | Dec-24 | ||
Non-current Assets | NOTE | N'000 | N'000 |
Property,Plant & Equipment | 4 | 4,352,699 | 4,232,252 |
Assets under finance lease | 5 | 3,812,500 | 4,000,000 |
Intangible assets | 6 | 9,360,000 | 7,960,000 |
Investment Property | 7 | 1,345,106 | 782,606 |
Total non-current assets | 18,870,304 | 16,974,858 | |
Current Assets | |||
Inventory | 8 | - | - |
Trade and other receivables | 9 | 15,212,525 | 16,415,962 |
Cash and bank balances | 614,877 | 25,721 | |
Total current assets | 15,827,402 | 16,441,683 | |
Liabilities | |||
Current liabilities | |||
Bank overdraft | - | - | |
Trade and other payables | 6,982,240 | 6,431,099 | |
Defined contribution pension plan | 186,344 | 170,281 | |
Borrowings | 2,652,303 | 2,292,452 | |
Lease liability | 1,000,000 | 1,000,000 | |
Current income tax liability | 353,769 | 432,553 | |
Total current liabilities | 11,174,657 | 10,326,385 | |
Net current (liabilities)/assets | 4,652,746 | 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 | 18,916,303 | 18,483,409 | |
Equity | |||
Share capital | 7,131,351 | 7,131,350 | |
Share premium | 29,980,783 | 30,044,111 | |
Loss sustained | (18,195,636) | (18,691,858) | |
Remeasurement reserve | (195) | (195) | |
AFS fair value reserve | - | - | |
Foreign exchange reserve | - | - | |
Equity attributable to owners of the parents | 18,916,303 | 18,483,409 | |
Non-controlling interest | - | - | |
Total equity | 18,916,303 | 18,483,409 | |
The consolidated financial statements were approved by the Board of Directors and authorised for issue on 31 Ocober 2025 and signed on its behalf by: | |||
Paul A. Jegede | Adegboyega Adebukunola | ||
Director | Chief Financial Officer | ||
FRC/2013/IODN/00000002328 | FRC/2025/PRO/ICAN/001/105784 | ||
JAPAUL GROUP | |||||
STATEMENT OF COMPREHENSIVE INCOME | |||||
FOR THE PERIOD ENDED SEPTEMBER 2025 | |||||
Jul. - Sept. | Jan. - Sept. | Jul. - Sept. | Jan. - Sept. | ||
2025 | 2025 | 2024 | 2024 | ||
NOTE | N'000 | N'000 | N'000 | N'000 | |
Turnover | 2 | 949,308 | 2,655,527 | 927,683 | 2,139,929 |
Cost of sales | (418,394) | (996,396) | (485,612) | (861,048) | |
Gross profit | 530,914 | 1,659,131 | 442,071 | 1,278,881 | |
Other income | 3 | 18,043 | 63,157 | 10,651 | 39,600 |
Administrative cost | (472,893) | (1,222,838) | (276,966) | (737,397) | |
Operating (loss)/profit | 76,064 | 499,450 | 175,755 | 581,084 | |
Net finance costs | (115) | (3,228) | (962) | (2,950) | |
Profit/Loss before taxation | 75,949 | 496,222 | 174,793 | 578,134 | |
Income tax expense | - | - | - | - | |
Profit/Loss for the year from continued operations | 75,949 | 496,222 | 174,793 | 578,134 | |
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) | 75,949 | 496,222 | 174,793 | 578,134 | |
9 | STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 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 | (18,691,858) | (195) | - | - | - | 18,483,409 |
Loss/Profit for the period | (63,328) | 496,222 | - | - | - | 432,894 | ||
- | ||||||||
7,131,351 | 29,980,783 | (18,195,636) | (195) | - | - | - | 18,916,303 | |
STATEMENT OF CHANGES IN EQUITY AS AT 30TH SEPTEMBER 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) |
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 | |
CONSOLIDATED STATEMENT OF CASH FLOWS | ||
FOR THE YEAR PERIOD 30 SEPTEMBER 2025 | ||
Sept-25 | Sept-24 | |
OPERATING ACTIVITIES | N'000 | N'000 |
Cash flows from operating activities | ||
Cash receipts from customers | 2,951,617 | 1,442,942 |
Payment to suppliers and employees | (2,235,203) | (1,769,589) |
Cash generated from operations | 716,414 | (326,647) |
Payment for employee benefit obligations | 20,951 | 836 |
Current income tax paid | - | (10,000) |
Net cash from operating activities | 737,365 | (335,811) |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (38,700) | (17,199) |
Proceed on disposal of property, plant & equipment | - | 296,000 |
Proceed on disposal of subsidiary | - | - |
Interest received | 53 | 3 |
Net cash from/(us ed) in investing activities | (38,647) | 278,804 |
Cash flows from financing activities | ||
Restructioning cost capitalised | - | - |
Repayment of term loans | (144,000) | - |
Procceds of finance lease facility obtained | - | - |
Repayment of finance lease facility | - | - |
Interest paid | (3,228) | (2,950) |
Net cash from/(us ed in) financing activities | (147,228) | (2,950) |
Net increase/(decrease) in cash and cash equivalents | 551,490 | (59,957) |
Cash and cash equivalents at 1 January | 63,387 | 136,149 |
Effect of foreign exchange on foreign operation | - | - |
Cash and cash equivalents at 30 June | 614,877 | 76,192 |
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) | |||||
30-Sept | 30-Sept | ||||
2025 | 2024 | ||||
N'000 | N'000 | ||||
2 | Turnover | ||||
The analysis of turnover by Business unit as follows: | |||||
Japaul Dredging | 359,418 | 520,960 | |||
Japaul Offshore | 2,225,500 | 1,504,237 | |||
Japaul Quarry | 70,609 | 114,732 | |||
2,655,527 | 2,139,929 | ||||
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 | 63,157 | 39,600 | |||
63,157 | 39,600 | ||||
4 | FIXED ASSETS SCHEDULE | ||||
30-Sept | 30-Sept | 30-Sept | |||
COST | DEP. | NBV | |||
N'000 | N'000 | N'000 | |||
Land | 1,731,373 | - | 1,731,373 | ||
Building | 20,000 | 6,700 | 13,300 | ||
Leasehold Improvement | 102,868 | 104,211 | (1,343) | ||
Plant & Mach. | 1,237,348 | 1,223,857 | 13,491 | ||
Auto Trucks & Equipments | 289,627 | 289,627 | 0 | ||
Marine Equipment | 5,252,221 | 3,885,148 | 1,367,073 | ||
Motor Vehicle | 83,137 | 75,273 | 7,864 | ||
Office Equipment & Furniture & Fittings | 72,804 | 68,248 | 4,556 | ||
Work-in-progress | 1,216,385 | - | 1,216,385 | ||
TOTAL | 10,005,762 | 5,653,063 | 4,352,699 | ||
5 | Finance lease assets | Marine Equipment | |||
30-Sept | |||
2025 | |||
N'000 | |||
Cost | |||
At 1 Jan 2025 | 5,000,000 | ||
Additions | - | ||
Transfers to owned assets | - | ||
At 30 Sept. 2025 | 5,000,000 | ||
Depreciation | |||
At 1 Jan 2025 | 1,000,000 | ||
Charge for the period | 187,500 | ||
Reclassified to owned assets | - | ||
At 30 Sept. 2025 | 1,187,500 | ||
Net book value | |||
At 30 Sept. 2025 | 3,812,500 | ||
6 | Intangible assets | ||
Cost | |||
At 1 Jan 2025 | 7,974,381 | ||
Additions- Covenant Gems | 1,400,000 | ||
At 30 Sept. 2025 | 9,374,381 | ||
Depreciation | |||
At 1 Jan 2025 | 14,381 | ||
Charge for the year | - | ||
Write down/Disposals | |||
At 30 Sept. 2025 | 14,381 | ||
Net book value | |||
At 30 Sept. 2025 | 9,360,000 | ||
7 | Investment Property- Land | ||
Cost | |||
At 1 Jan 2025 | 1,345,106 | ||
Additions | - | ||
At 30 Sept. 2025 | 1,345,106 | ||
Depreciation | |||
At 1 Jan 2025 | - | ||
Charge for the year | - | ||
Write down/Disposals | |||
At 30 Sept. 2025 | - | ||
Net book value | |||
At 30 Sept. 2025 | 1,345,106 | ||
30-Sept | 31-Dec | ||
8 | Inventory | 2025 | 2024 |
N'000 | N'000 | ||
Consumables | - | - | |
Aggregates | - | - | |
0 | 0 |
Impairment loss Net Inventory | - 0 | - 0 | |
Trade Debtors & other | |||
receivables | 15,460,119 | 16,562,194 | |
- | - | ||
15,460,119 | 16,562,194 | ||
Impairment allowance | (247,594) | (247,594) | |
15,212,525 | 16,314,600 |
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)