JULI PLC
QUARTERLY REPORT
THIRD QUARTER ENDED 30TH SEPTEMBER 2024
19, KODESOH STREET IKEJA LAGOS STATE.
JULI PLC | ||||
STATEMENT OF FINANCIAL POSITION | ||||
3rd QUARTER 30TH SEPTEMBER , 2024 | 30th Sept. 2024 | |||
9 Months Ended | 31ST DEC.2023 | |||
NOTES | 2024 | 2023 | ||
₦ | ₦ | |||
ASSETS | ||||
Non- Current Assets | ||||
Property, Plant & Equipment | 5 | 1,300,000 | 1,300,000 | |
Product Development Exps | ||||
Goodwill | 6 | 116,503,518 | 116,503,518 | |
Investments | 7 | 1,000,000 | 1,000,000 | |
Total Non-Current assets | ||||
Current Assets | ||||
Inventories | 8 | 79,324,386 | 37,183,940 | |
Trade Receivables & Prepayments | 9 | - | - | |
Cash & Cash Equivalents | 10 | 15,184,044 | 7,607,129 | |
94,508,430 | 44,791,069 | |||
TOTAL ASSETS | 94,508,430 | 162,295,886 | ||
EQUITY AND LIABILITIES | ||||
Share Capital | 10 | 100,000,000 | 100,000,000 | |
Share Premium | ||||
Revaluation Reserve | 11 | 37,253,015 | 37,253,015 | |
Retained Earning | 12 | (747,633,091) | (884,886,106) | |
(610,380,076) | (747,633,091) | |||
Non-Current Liabilities | ||||
Term Loan | 13 | 178,678,188 | 164,387,517 | |
Deferred Taxation | ||||
Current Liabilities | ||||
Trade Payables & Accruals | 14 | 124,657,472 | 18,708,046 | |
Other Payables | 12,374,787 | 26,850,916 | ||
Tax Payable | 15 | - | - | |
Related Party- MIDAS Investment Property | 16a | 10,763,000 | 533,919,998 | |
Related Party- TBT NIG. LIMITED | 16b | 378,415,059 | 166,062,500 | |
526,210,318 | 909,928,977 | |||
TOTAL LIABILITIES | ||||
TOTAL EQUITY & LIABILITIES | 94,508,430 | 162,295,886 | ||
} | ||||
} | Directors | |||
The Accounting Policies and notes form part of these Financial Statements
Prince Julius Adelusi-Adeluyi, OFR, mni
Chairman
FRC/2013/NBA/00000004555
Acting Managing Director
FRC/2020/003/00000021997
Osho Olaniyi Thomas, FCA, MBA
FRC/2014/ICAN/000006471
Chief Finance Officer
22nd day of October, 2024
JULI PLC
STATEMENT OF COMPREHENSIVE INCOME 3RD QUARTER, 30TH SEPTEMBER 2024
3 Months Ended | 3 Months Ended | ||
2023 | 2023 | ||
NOTE | ₦ | ₦ | |
Turnover | 130,838,934.00 | 67,782,792.46 | |
Cost of Sales | 87,506,926.80 | 47,614,204.72 | |
Gross Profit | 43,332,007.20 | 20,168,587.74 | |
ADMIN. EXPENSES | |||
Adverts & Public Relations | - | 150,000.00 | |
Bank Service Charges | 798,566.25 | 371,505.74 | |
Cleaning Expense | 79,950.00 | 35,800.00 | |
Telephone Expense | 212,300.00 | 143,500.00 | |
Computer and Internet Expenses | 305,450.00 | 223,600.00 | |
License, Registration, Subscription | 524,450.00 | 681,900.00 | |
Insurance Expenses | - | - | |
Laboratory Expenses | - | 60,500.00 | |
Vehicle Exp.Fuel & Lubricants | 1,413,000.00 | 505,000.00 | |
Vehicle Exp. Repairs & Maintenance | 1,075,500.00 | 284,050.00 | |
Vehicle Running Expenses - Others | 524,100.00 | - | |
Generator Running Expenses | - | - | |
Generator Expenses: Fuel & Lubricants | 3,977,500.00 | 3,160,230.00 | |
Generator Exp· Repairs & Maintenance | 467,200.00 | 380,500.00 | |
Printing, Postage & Stationery | 445,450.00 | 169,620.00 | |
Professional Fees: Audit & Others | 8,700,000.00 | - | |
PAYE | 201,998.15 | 296,197.00 | |
Rent & Rates | 11,250.00 | - | |
General Repairs and Maintenance | 1,141,950.00 | 740,200.00 | |
Staff: Salaries & Wages | 9,142,759.10 | 7,092,272.96 | |
Staff Medical Expenses | 193,080.00 | 41,750.00 | |
Staff Welfare Expenses | 321,500.00 | 29,500.00 | |
Security Expenses | 615,000.00 | 600,000.00 | |
Donation | - | 4,200.00 | |
Directors CCE | 559,284.00 | 227,000.00 | |
Selling & Distribution | 11,600.00 | - | |
Sundry Expenses | 486,900.00 | 733,025.00 | |
Travelling Expenses | 63,000.00 | 575,000.00 | |
Local Transport: Ado - Ekiti | 81,710.00 | 79,870.00 | |
Utilities: PHCN Bill | 1,282,950.00 | 530,190.00 | |
Utilities: LAWMA Bill | 180,000.00 | 180,000.00 | |
Utilities: Water Bill | - | 33,000.00 | |
Uniforms & Garments | 96,000.00 | - | |
Trainning & Development | - | - | |
Newspapers and periodicals: Ado - Ekiti | - | - | |
Transportation Expenses | 76,800.00 | 179,100.00 | |
Factory Overheads | - | - | |
Office expense | 274,030.00 | 278,790.00 | |
Entertainment | 267,600.00 | 198,220.00 | |
Depreciation | 243,750.00 | 403,229.49 | |
Loan Repayment | 13,704,811.52 | 5,407,474.72 | |
Pension expenses | 573,087.50 | - | |
Fines & Penalties | 2,471,000.00 | - | |
Midas Investment | - | ||
TOTAL | 50,523,526.52 | 23,795,224.91 | |
GROSS MARGIN | (7,191,519.32) | (3,626,637.17) | |
JULI PLC | |||
STATEMENT OF COMPREHENSIVE INCOME | YEAR - DATE | YEAR - DATE | |
3RD QUARTER, 30TH SEPTEMBER 2024 | JAN. - SEPT. | JAN. - SEPT. | |
9 Months Ended | 9 Months Ended | ||
2024 | 2023 | ||
NOTE | |||
Turnover | 349,255,070.85 | 209,009,123.45 | |
Cost of Sales | 233,251,978.59 | 139,319,385.94 | |
Gross Profit | 116,003,092.26 | 69,689,737.51 | |
ADMIN. EXPENSES | |||
Adverts & Public Relations | 258,074.00 | 590,573.00 | |
Bank Service Charges | 2,180,563.05 | 1,201,490.08 | |
Cleaning Expense | 199,350.00 | 106,950.00 | |
Telephone Expense | 501,000.00 | 439,500.00 | |
Computer and Internet Expenses | 1,109,650.00 | 417,800.00 | |
License, Registration, Subscription | 2,495,178.72 | 1,706,782.35 | |
Insurance Expenses | 700,000.00 | 35,000.00 | |
Laboratory Expenses | 224,600.00 | 228,500.00 | |
Vehicle Running Expenses | 92,500.00 | - | |
Vehicle Running Expenses - Others | 581,600.00 | - | |
Vehicle Exp.Fuel & Lubricants | 3,428,750.00 | 1,431,900.00 | |
Vehicle Exp. Repairs & Maintenance | 1,919,500.00 | 699,750.00 | |
Generator Expenses: Fuel & Lubricants | 15,840,360.00 | 8,399,185.00 | |
Generator Exp· Repairs & Maintenance | 2,685,300.00 | 1,296,450.00 | |
Generator Running Expenses | 6,000.00 | - | |
Printing, Postage & Stationery | 1,270,260.00 | 669,890.00 | |
Professional Fees: Audit | 600,000.00 | 800,000.00 | |
Other Professional Fees | 9,400,000.00 | - | |
PAYE | 2,587,763.07 | 353,977.00 | |
Pension Expenses | 774,287.50 | ||
Rent & Rates | 109,665.00 | 176,700.00 | |
General Repairs and Maintenance | 3,027,802.50 | 2,312,700.00 | |
Staff cost | 47,000.00 | - | |
Staff: Salaries & Wages | 26,467,792.02 | 21,053,538.12 | |
Staff Medical Expenses | 680,090.00 | 156,380.00 | |
Staff Welfare Expenses | 634,130.00 | 360,500.00 | |
Security Expenses | 1,816,950.00 | 1,800,000.00 | |
Directors CCE | 2,249,284.00 | 907,000.00 | |
Selling & Distribution | 293,775.00 | - | |
Training & Development | - | 3,000.00 | |
Sundry Expenses | 715,925.00 | 2,025,555.00 | |
Utilities: PHCN Bill | 2,029,735.19 | 2,232,676.43 | |
Utilities: PHCN Bill ADO - EKITI | - | - | |
Utilities: LAWMA Bill | 540,000.00 | 590,000.00 | |
Utilities: Water Bill Ado - Ekiti | 28,900.00 | 57,000.00 | |
Local Transport: Ado - Ekiti | 205,060.00 | 532,810.00 | |
Travelling Expenses | 1,015,100.00 | 1,409,000.00 | |
Uniforms & Garments | 96,000.00 | 85,000.00 | |
Newspapers and periodicals | - | - | |
Transportation Expenses | 257,900.00 | 864,920.00 | |
Factory Overheads | 10,000.00 | 1,062,010.00 | |
Office expense | 941,920.00 | 1,075,460.00 | |
Entertainment | 728,790.00 | 389,540.00 | |
Donation | 1,200,000.00 | 4,200.00 | |
Depreciation | 731,250.00 | 1,209,688.47 | |
Fines & Penalties | 2,801,000.00 | 600,000.00 | |
Loan Repayment | 26,296,480.27 | 16,607,623.55 | |
Midas Investment | - | - | |
TOTAL | 119,779,285.32 | 73,893,049.00 | |
GROSS MARGIN | (3,776,193.06) | (4,203,311.49) | |
3RD QUARTER SEPTEMBER 2024
JULI PLC
BOARD OF DIRECTORS AND THEIR SHAREHOLDING | |||
SHAREHOLDERS | NO. OF SHARES D INDIRECT | % HOLDING | |
Prince Julius Adelusi-Adeluyi, OFR, mni | 57,227,746 | 17,044,254 | 37.14 |
Sir Remi Omotosho | 1,000,000 | 0.5 | |
Mrs. Juli Omoshalewa Adelusi-Adeluyi | - | - | - |
Mrs Abiola Macaulay-Rep.Access Bank | 6,490,000 | 3.25 | |
Mr. Olanrewaju Ajayi-Rep.Wema Bank | 60,000,000 | 30 | |
Mr. Sylvanus Eneche | - | 0 | |
Mrs. Lohdir Asabe Atu-Rep.Tim-Tali Invt. Ltd. | 7,500,000 | 3.75 | |
Mrs Olufunke Ogunranti |
Shareholders Information
a. Holders of more than 5% of Issued Share Capital
The following Shareholders held more than 5% of the issued share capital of the company as at 31st December, 2023
Number of | % of Issued | |||||
Shareholder | Shares | Share Capital | ||||
Wema Bank Plc | 60,000,000 | 30.00 | ||||
Prince Julius Adelusi-Adeluyi, OFR, mni | 57,227,746 | 28.63 | ||||
Midas Investment & Property Limited | 17,044,254 | 8.53 | ||||
134,272,000 | 67.16 | |||||
Holders | Holders | |||||
b. Shareholding Analysis | No. of Holders | % of Ho Units Held | % | |||
1.00 | 1,000 | 2067 | 45.25 | 1,161,572 | 0.58 | |
1,001 | - | 5,000 | 1722 | 37.7 | 3,742,264 | 1.87 |
5,001 | - | 10,000 | 269 | 5.89 | 2,267,720 | 1.14 |
10,001 | - | 50,000 | 366 | 8.01 | 9,483,722 | 4.74 |
50,001 | - | 100,000 | 77 | 1.69 | 5,978,415 | 2.99 |
100,001 | - | 500,000 | 45 | 0.98 | 10,484,866 | 5.25 |
500,001 | - | 1,000,000 | 13 | 0.28 | 10,940,685 | 5.47 |
1,000,001 | - | 5,000,000 | 4 | 0.09 | 12,796,930 | 6.40 |
5,000,001 | - | 200,000,000 | 5 | 0.11 | 143,143,826 | 71.57 |
4,568 | 100 | 200,000,000 | 100.01 |
3RD QUARTER SEPT. 2024
JULI PLC
SECURITY TRADING POLICY
In compliance with Rule 17.15 Disclosure of Dealings in issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Juli Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees
and all individuals categorized as insiders as to their dealing in the Company's Shares. The Policy undergoes periodic reviews by the Board and is updated accordingly.
The Company has made specific inquiries of all its directors and other insiders and is not aware of any default by any insider during the period.
3RD QUARTER 30TH SEPTEMBER, 2024
Board Meetings
The Board met one time during the third quarter of the year 2024, to deliberate on the affairs of the company Financial Statement report. Details in respect of attendance of members are shown below:
Prince Julius Adelusi-Adeluyi, OFR, mni - Chairman
Prof. Lere Baale
Mrs. Julia Omoshalewa Adelusi-Adeluyi
Mr. Dele Adesina
Mr. Sylvanus Eneche
Mr. Kayode Falowo
Mrs. Olufunke Ogunranti - Executive
In accordance with Section 359 (3) of Companies and Allied Matters Act 1990, the company has an Audit Committee made up of four (4) members, two each representing the Board and Shareholders. The committee met 22nd day of October, 2024 during the year and approved the Financial Statement, details in respect of attendance are as follows:
Attendance
Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman
Mr. Dele Adesina
Mr. Sylvanus Eneche
Mrs. Olufunke Ogunranti
Board Committee
Two committees in addition to the Statutory Audit Committee are in place
1. Finance and General-Purpose Committee
2. Establishment/Human Resource Committee
Members of the Finance and General-Purpose committee met one time during the year and details in respect of attendance are as follows:
Attendance
Prof. Lere Baale- Chairman
Mr. Kayode Falowo
Mrs. Olufunke Ogunranti
Members of the Establishment/Human resources Committee met one time during the year and details in respect of attendance are as follows:
Attendance
Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman
Prof. Lere Baale
BY THE ORDER OF THE BOARD
Dated this 22nd day of October, 2024
Olalekan Yusuf (SAN) & Co. Company Secretary
STATEMENT OF DIRECTORS' RESPONSIBILITIES
For the Year ended 30th September, 2024
The Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2004 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, Cap C.20, laws of the Federation of Nigeria 2020;
- Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
-
Prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments 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 judgments and estimates, in conformity with Nigerian Accounting Standards and the requirements of the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2020.
The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the company and of its profit. 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 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.
Chairman | Director |
22nd October, 2024
STATEMENT OF CHANGES IN EQUITY
3RD Qtr. 30TH SEPTEMBER 2024
Share Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total | |
₦ | ₦ | ₦ | ₦ | ₦ | |
Balance at 1st January 2023 | 100,000,000 | - | 37,253,015 | (884,810,367) | (747,557,352) |
Total Comprehensive Income for the year | |||||
Prior year Adjustment | - | - | |||
Revaluation surplus | - | - | - | - | - |
- | - | - | - | - | |
Balance as at 31st December 2023 | 100,000,000 | - | 37,253,015 | (884,810,367) | (747,557,352) |
Balance as at 1st January 2023 | 100,000,000 | 37,253,015 | (884,810,367) | (747,557,352) | |
Change In Equity | - | ||||
Profit/Loss for the Third Quarter Sept.2024 | (7,191,519) | (7,191,519) | |||
Prior Year Adjustment | - | - | |||
- | - | ||||
- | |||||
As at 30th September, 2024 | 100,000,000 | - | 37,253,015 | (892,001,886) | (754,748,871) |
STATEMENT OF CASH FLOW | ||
3RD QUARTER 30TH SEPTEMBER 2024 | 9 Months | 12 Months |
Ended | Ended | |
2024 | 2023 | |
₦ | ₦ | |
OPERATING ACTIVITIES | ||
Net Profit before interest and tax | (7,191,519) | (75,739) |
Adjustment for items not involving movement of cash | ||
Depreciation-Charge for the year | 4,264,600 | 6,529,834 |
Depreciation-Charge on transferred Assets for the Year | - | - |
Prior - Year Adjustment | - | - |
Termination of Leasehold Interest | - | - |
Reversal of Accummulated Deprn on leasehold interest | - | - |
Changes in Revaluation Reserve(Decrease)of leasehold | - | - |
Investment | ||
Amortisation of Product Development Expenditure | ||
Cashflow before changes in working capital | (2,926,919) | 6,454,095 |
Changes in Working Capital | ||
Decrease/(Increase) in inventories | 1,718,146 | |
(Increase)/Decrease in Trade Receivables & Prepayments | 2,430,350 | |
Increase/ (Decrease) in Due to Intercompany | (77,804,951) | |
Increase/ (Decrease) in Trade Payables & Accruals | (31,735,988) | |
Cashflow generated from operations | (98,938,348) | |
Tax paid | - | |
Net cashflow from Operating Activities | (98,938,348) | |
INVESTING ACTIVITIES | ||
Sales of Shares | - | - |
Purchase of Non-Current Assets | - | - |
Investment-Decrease | - | |
Net Cashflow from Investing Activities | - | - |
FINANCING ACTIVITIES | ||
Finance charges paid | - | |
Related Parties | 119,222,983 | |
Loan Repayment | (13,704,812) | (22,252,988) |
Net Cashflow from Financing Activities | (13,704,812) | 96,969,995 |
Net Decrease in Cash and Cash Equivalents | (1,968,353) | |
Cash and Cash equivalent at the beginning of the year | - | 9,575,482 |
Prior-Year Adjustment | - | |
Cash and Cash equivalent at the end of the year | 7,607,129 | |
Represented By: | ||
Cash and Cash Equivalent | 4,485,402 | 7,607,129 |
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