Meyer PlcNSENG: MEYER

Quarter 1 - financial statement for 2026

Apr 29, 2026 at 12:34 PM UTC · MarketScreener

MEYER PLC UNAUDITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS 31 MARCH 2026

MEYER PLC AND ITS SUBSIDIARY COMPANY CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

CONTENTS Pages

Corporate Information i

Directors' Report ii - iv

Statement of Directors' responsibilities v

Consolidated and Separate Statement of profit or loss and other comprehensive 1

Consolidated and Separate Statement of financial position 2

Consolidated and Separate Statement of changes in equity 3

Consolidated and Separate Statement of cash flows 4

Notes to the financial statements 5-36

Other National Disclosures:

Consolidated and Separate Statement of value added 37

MEYER PLC AND ITS SUBSIDIARY COMPANY CORPORATE INFORMATION

FOR THE PERIOD ENDED 31 MARCH 2026

DIRECTORS, ADVISORS AND REGISTERED OFFICE

Chairman of the Board Mr Kayode Falowo

Mr. Sunday Asade (Managing Director), (Appointed effective 2nd March 2026) Mr. Godswill Umunnakwe

Mr. Osa Osunde

Mrs. Erelu Angela Adebayo Mr. Tony Uponi

Dr. Olutoyin Okeowo

Mrs. Ochee Vivienne Bamgboye

Mr. Raji Adewale (Appointed effective 25th July 2025)

Registered office No 32 Billings way, Oregun Industrial Estate, Ikeja,

Lagos

Tax Identification Number 01150890-0001

Company Secretary Marriot Solicitors

15E, Muri Okunola Street Off Ajose Adeogun Street Victoria Island,

Lagos

Company Registrar Greenwich Registrars & Data Solutions Limited

274, Murtala Muhammed Way Alagomeji, Yaba

Lagos

Auditors PKF Professional Services

PKF House, 205A, Ikorodu Road Obanikoro

Lagos.

Major Bankers Access Bank Plc

First Bank of Nigeria Limited Zenith Bank Plc

United Bank for Africa Plc Stanbic IBTC Bank Limited Guaranty Trust Bank Limited

First City Monument Bank Limited Eco Bank Plc

Union Bank of Nigeria Plc Greenwich Merchant Bank Limited Fidelity Bank Plc

FINANCIAL STATEMENTS

The Directors are pleased to submit their report together with the Unaudited Financial Statements for the period ended 31 March 2026.

LEGAL STATUS

The Company commenced operations in Nigeria in 1960 after it was incorporated as a private limited liability company. It was converted to a public company in 1979. The Company was listed on the Nigerian Stock Exchange in 1979.

PRINCIPAL ACTIVITIES

The principal activity of the Company is manufacturing and sale of paint products, coating, adhesives and flooring products.

Subsidiary

Principal

Activities

Date of Incorporation

Percentage

Holding

DNM Construction Limited

Building and Construction

20 July, 2007

96%

The financial results of the subsidiary have been consolidated in these financial statements.

DIVIDEND

The Board of Directors has recommended no dividend for the period, (2025:45k)

SHARE CAPITAL AND SHAREHOLDING

The Company did not purchase its own shares during the year.
The issued and paid up capital of the Company is N248,863,781.50 (2023:N248,863,781.50) divided into 497,727,563 (2023: 497,727,563) ordinary shares of 50 kobo each.
The issued and paid up capital of the Company is N248,863,781.50 divided into 497,727,563 ordinary shares of 50 kobo each.

SUBSTANTIAL INTEREST IN SHARES

List of shareholding with 5% and above for period ended 31 March 2026

S/N	NAMES	2026 SHAREHOLDING	%
1	Greenwich Capital Limited	156,419,326	31.43
2	Bosworth Investments & Service Limited	153,961,094	30.93
3	Mr. Osa Osunde	27,578,987	5.54
4	Mr. Kayode Falowo	25,938,982	5.21

No individual shareholder other than as stated above held more than 5% of the issued share capital of the Company as at 31 March 2026.

Interests of Directors in Shares of the Company

The interests of Directors in the issued shares of the company as stated in the Register of Members as at Period ended 31 March 2026 for the purposes of section 301 of the Companies and Allied Matters Act,2020 are as follows :

S/N Name of Director	Direct shareholding	Indirect shareholding	Direct shareholding	Indirect shareholding
	2026	2026	2025	2025
1 Kayode Falowo	25,938,982	156,419,326	25,938,982	156,419,326
2 Mr. Osa Osunde	27,578,987	Nil	27,578,987	Nil
3 Erelu Angela Adebayo	Nil	Nil	Nil	Nil
4 Mr. Tony Uponi	3,298,804	Nil	3,298,804	Nil
5 Dr. Olutoyin Okeowo	2,080,482	10,000,000	2,080,482	10,000,000
6 Mrs. Vivienne Ochee-Bamgboye	384,998	Nil	384,998	Nil
7 Mr. Godswill Umunnakwe	Nil	Nil	Nil	Nil
8 Mr. Raji Adewale	Nil	Nil	Nil	Nil
9 Mr. Sunday Asade	Nil	Nil	Nil	Nil

RESEARCH AND DEVELOPMENT

In order to maintain and enhance skills and abilities, the Company's policy of continuously researching into new products and services was maintained.

EMPLOYMENT AND EMPLOYEES

Employment of Physically Challenged persons
It is the policy of the Company that there is no discrimination in considering applications for employment including those from Physically Challenged persons. All employees whether or not Physically Challenged are given equal opportunities to develop their experience and knowledge and to qualify for promotion in furtherance of their careers. As at 31 March 2026 there was no Physically Challenged person in the employment of the Company.
Health, safety at work and welfare of employees.
Health and safety regulations are in force within the premises of the Company. The Company provides transportation, housing, meal and medical subsidies to all employees.
Employee involvement and training
The Company is committed to keeping employees fully informed regarding its performance and progress and seeking their views wherever practicable on matters which particularly affect them as employees. Management, professional and technical expertise are the Company's major assets and investments to develop such skills continue.
The Company's expanding skills base has been extended by the provision of training which has broadened opportunities for career development within the organisation. Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate.
COMPLIANCE WITH REGULATORY REQUIREMENTS
The Directors confirm to the best of their knowledge that the Company has substantially complied with the provisions of the Securities and Exchange Commission, Code of Corporate Governance and other regulatory requirements. The Directors further confirm that the Company has adopted the International Financial Reporting Standards (IFRS) and has complied substantially with the provisions thereof.
EFFECTIVENESS OF INTERNAL CONTROL SYSTEM
As the Company operates in a dynamic environment, it continuously monitors its internal control system to ensure its continued effectiveness. In doing this, the Company employs both high level and preventive controls which will ensure maximum opportunity for prevention of misleading or inaccurate financial statements, properly safeguard its assets and ensure achievement of its corporate goals while complying with relevant laws and regulations.
POST BALANCE SHEET EVENTS
There were no post balance sheet events that would have had an effect on these financial statements.
HUMAN CAPITAL MANAGEMENT
Employee relations were stable and cordial in the period under review.
The Companies and Allied Matters Act, 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 include ensuring that the Company:
1. 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, 2020.
2. Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
3. 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 International Financial Reporting Standards (IFRS) and the requirements of the Companies and Allied Matters Act, 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 or loss. 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.

Kayode Falowo Olutoyin Okeowo Chairman Director FRC/2014/CISN/00000007051 FRC/2013/IODN/00000002638

MEYER PLC AND ITS SUBSIDIARY COMPANY 1

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MARCH 2026

GROUP COMPANY

2026 2025 2026 2025

	Notes	N'000	N'000	N'000	N'000
Revenue	9	1,253,052	1,094,217	1,253,052	1,094,217
Cost of sales	10	(813,393)	(678,460)	(813,393)	(678,460)
Gross profit		439,659	415,757	439,659	415,757
Other operating income	11	5,587	3,606	5,587	3,606
Selling and distribution expenses	12	(113,538)	(102,763)	(113,538)	(102,763)
Administrative expenses	13	(201,813)	(149,199)	(201,813)	(149,199)
Profit from operating activities		129,895	167,401	129,895	167,401
Finance income	14(i)	85,387	83,179	85,387	83,179
Finance costs	14(ii)	-	(107)	-	(107)
Net finance income		85,387	83,072	85,387	83,072
Profit before taxation		215,282	250,473	215,282	250,473
Tax expense	16(a)	(73,196)	(83,928)	(73,196)	(83,928)
Profit for the period		142,086	166,545	142,086	166,545
Other comprehensive income: Items that will not be reclassified to profit or loss		-	-	-	-
Items that may be reclassified to profit or loss		-	-	-	-
Other comprehensive income for the period, net of tax		-	-	-	-
Total comprehensive profit for the period		142,086	166,545	142,086	166,545
Profit for the period attributable to: Owners of the parent		142,086	166,545	142,086	166,545
Non-controlling interest		-	-	-	-
Profit for the period		142,086	166,545	142,086	166,545
Total comprehensive profit attributable to: Owners of the parent		142,086	166,545	142,086	166,545
Non-controlling interest		-	-	-	-
Total comprehensive profit for the period		142,086	166,545	142,086	166,545
Basic earnings per share (kobo) 29		29	33	29	33
Diluted earnings per share (kobo) 29		29	33	29	33

The accompanying notes on pages 5 to 36 and other national disclosures on page 37 form an integral part of these financial statements.

MEYER PLC AND ITS SUBSIDIARY COMPANY 2

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH, 2026

		GROUP		COMPANY
		2026	2025	2026	2025
	Notes	N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	17	333,518	336,989	333,518	336,989
Right of use	17 (c)	64,687	77,625	64,687	77,625
Intangible assets	17 (d)	19,385	16,445	19,385	16,445
Total non-current assets		417,590	431,059	417,590	431,059
Current assets
Inventories	19	432,306	521,954	432,306	521,954
Trade and other receivables	20	376,360	412,571	375,960	412,171
Cash and cash equivalents	21	2,360,766	2,051,002	2,360,581	2,050,817
Total current assets		3,169,432	2,985,527	3,168,847	2,984,942
Total assets		3,587,022	3,416,586	3,586,438	3,416,001
Current liabilities
Short term borrowings	22(ii)	1,813	1,813	1,813	1,813
Trade and other payables	24	972,983	1,017,828	995,959	1,040,804
Current tax liabilities	16(b)	288,916	215,720	288,916	215,720
Total current liabilities		1,263,712	1,235,361	1,286,687	1,258,337
Net Current Assets		1,905,721	1,750,166	1,882,160	1,726,605
Total assets less current liabilities		2,323,311	2,181,225	2,299,751	2,157,665
Non-Current Liabilities
Borrowings	22(ii)	(0)	-	(0)	-
Dismantlement and restoration	25	15,143	15,143	15,143	15,143
Employment benefits	23(d)	7,615	7,615	7,615	7,615
Deferred tax liabilities	16	17,689	17,689	17,689	17,689
		40,446	40,447	40,446	40,447
Net Assets		2,282,864	2,140,778	2,259,305	2,117,219
Equity
Share capital	26	248,864	248,864	248,864	248,864
Share premium account	27	53,173	53,173	53,173	53,173
Revenue reserve	28(i)	1,979,772	1,837,686	1,957,268	1,815,182
Non-controlling interest	28(ii)	1,055	1,056	-	-
Total Equity		2,282,864	2,140,778	2,259,305	2,117,219

The financial statements and notes to the financial statements were approved by the Board of directors on 27 April 2026 and signed on its behalf by:


Mr. Kayode Falowo	Olutoyin Okeowo	Koleosho Adekunle Orelope
Chairman	Director	Ag. Chief Finance Officer
FRC/2014/CISN/00000007051	FRC/2013/IODN/00000002638	FRC/2024/PRO/ICAN/002/685438

The accompanying notes on pages 5 to 36 and other national disclosures on page 37 form an integral part of these financial statements.

MEYER PLC AND ITS SUBSIDIARY COMPANY					3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
	Share	Share	Retained	Non controlling
The Group	capital	premium	Earnings	interest	Total Equity
	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2026	248,864	53,173	1,837,686	1,056	2,140,778
Profit for the period Other comprehensive profit for the period	- -	- -	142,086 -	-	142,086 -
Total comprehensive income for the period	-	-	142,086	-	142,086
Contributions by and distributions to owners:
Issued Share Capital	-	-	-	-	-
Non controlling interest				-
Share of loss in the period			-	-	-
Dividend paid	-	-	-	-	-
Balance as at 31 March 2026	248,864	53,173	1,979,772	1,055	2,282,864
Balance as at 1 January 2025	248,864	53,173	1,525,986	2,448	1,830,134
Comprehensive income for the period
Profit for the period	-	-	460,708	-	460,708
Other comprehensive profit for the period	-	-	-	-	-
Total comprehensive income for the period	-	-	460,708	-	460,708
Contributions by and distributions to owners:
Share Capital	-	-	-	-	-
Share premium	-	-	-	-	-
Dividend paid			(149,331)		(149,331)
Non controlling interest			324	(1,392)	(1,069)
Balance as at 31 December 2025	248,864	53,173	1,837,686	1,056	2,140,778
	Share	Share	Retained	Non controlling
The Company	capital N'000	premium N'000	Earnings N'000	interest N'000	Total Equity N'000
Balance at 1 January 2026	248,864	53,173	1,815,182	-	2,117,219
Profit for the period	-	-	142,086	-	142,086
Other comprehensive profit for the period	-	-	-	-	-
Total comprehensive income for the period	-	-	142,086	-	142,086
Contribution by and Distribution to owners:
Issued Share Capital	-	-	-	-	-
Dividend Paid	-	-	-	-	-
Share premium	-	-	-	-	-
Balance as at 31 March 2026	248,864	53,173	1,957,268	-	2,259,305
Balance as at 1 January 2025	248,864	53,173	1,476,763	-	1,778,800
Profit for the period	-	-	487,750	-	487,750
Total comprehensive income for the period	-	-	487,750	-	487,750
Contribution by and Distribution to owners:
Share Capital	-	-	-	-	-
Share premium
Dividend paid	-	-	(149,331)	-	(149,331)
Balance as at 31 December 2025	248,864	53,173	1,815,182	-	2,117,219

The accompanying notes on pages 5 to 36 and other national disclosures on page 37 form an integral part of these financial

MEYER PLC AND ITS SUBSIDIARY COMPANY 4

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2026

			GROUP		COMPANY
	Notes	2026	2025	2026	2025
Cash flow from operating activities:		N'000	N'000	N'000	N'000
Profit for the period		215,282	672,866	215,282	699,585
Adjusted for:
Amortization of intangible assets	17(d)	1,198	4,225	1,198	4,225
Depreciation of property, plant and equipment	17(c)	8,437	31,215	8,437	31,215
Depreciation of Right of use assets	17	12,938	28,625	12,938	28,625
Provision for dismantlement and restoration	25	-	-	-	-
Finance cost	14	-	171	-	171
Finance income	14	(85,387)	(345,300)	(85,387)	(345,300)
Profit on disposal of property, plant and equipment	11	-	-	-	-
Operating cash flows before movements in working capital		152,468	391,802	152,468	418,521
Increase in inventories	19	89,648	(142,562)	89,648	(142,562)
Increase in trade and other receivables	20	36,211	120,593	36,211	93,872
Increase in trade and other payables	24(a)	(44,845)	199,969	(44,845)	199,969
Decrease in employee benefit	23	-	(229)	-	(229)
		233,481	569,573	233,482	569,571
Income taxes paid	16 (b)	-	(143,133)	-	(143,133)
Net cash generated by operating activities		233,481	426,440	233,482	426,438
Cashflow from investing activities Additions to Property, Plant and equipment	17(a)	(4,967)	(37,985)	(4,967)	(37,985)
Additions to intangible assets	17(d)	(4,139)	(2,117)	(4,139)	(2,117)
Addition to Right of Use of assets	17(c)	-	(103,500)	-	(103,500)
Proceeds from disposal of Property, plant and equipment	11(b)	-	-	-	-
Finance income	14	85,387	345,300	85,387	345,300
Net cash generated by investing activities		76,282	201,698	76,282	201,698
(33,018)
Cashflow from financing activities Long term loan repaid	22(ii)	-	(3,967)	-	(3,967)
Borrowing	22(ii)	(0)	-	(0)	-
Dividend paid		-	(149,331)	-	(149,331)
Finance charges	14	-	(171)	-	(171)
Net cash generated by financing activities		(0)	(153,469)	(0)	(153,469)
Net cash and cash equivalents for the period		309,764	474,669	309,764	474,667
Cash and cash equivalents at beginning of the period		2,051,002	1,576,334	2,050,817	1,576,150
Cash and cash equivalents at end of the period		2,360,766	2,051,002	2,360,581	2,050,817
Cash and cash equivalents comprise:
Cash at Bank and in hand	21	2,360,766	2,051,002	2,360,581	2,050,817

The accompanying notes on pages 5 to 36 and other national disclosures on page 37 form an integral part of these financial statements.

The Group
The group comprises Meyer Plc (the Company) and its subsidiary - DNM Construction Limited.
The Company - Corporate information and principal activities
Meyer Plc (previously called DN Meyer Plc) is a manufacturing Company incorporated in Nigeria on the 20 May 1960.The name was changed by a special resolution and the authority of the Corporate Affairs Commission on 1st of July 2016. The Company manufactures and markets paints. The shares of the Company are held as follows: 31.43% by Greenwich Capital Limited, 30.93% by Bosworth Investments & Services Limited, 5.54% by Osa Osunde, 5.16% by Kayode Falowo and 27.16% by Nigerian citizens.
Its registered office is at No 32, Billlings way, Oregun Industrial Estate, Alausa Ikeja, Lagos.
Basis of preparation
1. Statement of compliance
  The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the requirements of the Companies and Allied Matters Act,2020.
  The financial statements were authorised for issue by the Board of Directors on 27 April 2026.
  b) Basis of measurement
  The Group financial statements have been prepared on the historical cost basis except for the certain financial instruments measured at fair value
  (c) Functional and presentation currency
  The Group and Company's functional and presentation currency is the Nigerian naira. The financial statements are presented in Nigerian Naira and have been rounded to the nearest thousand except otherwise stated.
  d) Use of estimates and judgement
  The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgments. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
Changes in accounting policies
1. New standards, interpretations and amendments adopted from 1 January 2025

The following amendments are effective for the period beginning 1 January 2025:

Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7); Lease Liability in a Sale and Leaseback (Amendments to IFRS 16);

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and Non-current Liabilities with Covenants (Amendments to IAS 1).

These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods beginning on or after 1 January 2025.

Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7)

On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.

The amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments also provide guidance on characteristics of supplier finance arrangements.

Lease Liability in a Sale and leaseback (Amendments to IFRS 16);

On 22 September 2022, the IASB issued amendments to IFRS 16 - Lease Liability in a Sale and Leaseback (the Amendments).

Prior to the Amendments, IFRS 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the Amendments require a seller-lessee to determine 'lease payments' or 'revised lease payments' in a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee.

These amendments had no effect on the consolidated financial statements of the Company

Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants (Amendments to IAS 1)

The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants.

The amendments clarify the following:

An entity's right to defer settlement of a liability for at least twelve months after the reporting period must have substance and must exist at the end of the reporting period.

If an entity's right to defer settlement of a liability is subject to covenants, such covenants affect whether that right exists at the end of the reporting period only if the entity is required to comply with the covenant on or before the end of the reporting period.

The classification of a liability as current or non-current is unaffected by the likelihood that the entity will exercise its right to defer settlement.

In case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity's own equity instruments, such settlement terms do not affect the classification of the liability as current or non current only if the option is classified as an equity instrument.

These amendments have no effect on the measurement of any items in the financial statements of the Company. However, the classification of certain borrowings has changed from non- current to current as result of the application of the amendments for the current financial year as well as the comparative period.

b) New standards, interpretations and amendments not yet effective

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Company has decided not to adopt early.

The following amendments are effective for the annual reporting period beginning 1 January 2025:

Lack of Exchangeability (Amendment to IAS 21 the Effects of Changes in Foreign Exchange Rates);

The following amendments are effective for the annual reporting period beginning 1 January 2026:

Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial instruments and IFRS 7)

Contracts Referencing Nature-dependent Electricity(Amendments to IFRS 9 and IFRS 7)

The following standards and amendments are effective for the annual reporting period beginning 1 January IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 19 Subsidiaries without Public Accountability: Disclosures.

The Company is currently assessing the effect of these new accounting standards and amendments.

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items.

These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

The Company does not expect to be eligible to apply IFRS 19.

Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience as other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
1. Income and deferred taxation
  Meyer Plc annually incurs income taxes payable, and also recognises changes to deferred tax assets and deferred tax liabilities, all of which are based on management's interpretations of applicable laws and regulations. The quality of these estimates is highly dependent upon management's ability to properly apply at times a very complex sets of rules, to recognise changes in applicable rules and, in the case of deferred tax assets, management's ability to project future earnings from activities that may apply loss carry forward positions against future income taxes.
2. Impairment of property, plant and equipment
  The Group assesses assets or groups of assets for impairment annually or whenever events or changes in circumstances indicate that carrying amounts of those assets may not be recoverable. In assessing whether a write-down of the carrying amount of a potentially impaired asset is required, the asset's carrying amount is compared to the recoverable amount. Frequently, the recoverable amount of an asset proves to be the Group's estimated value in use.
  The estimated future cash flows applied are based on reasonable and supportable assumptions and represent management's best estimates of the range of economic conditions that will exist over the remaining useful life of the cash flow generating assets.
3. Legal proceedings
  The Group reviews outstanding legal cases following developments in the legal proceedings at each reporting date, in order to assess the need for provisions and disclosures in its financial statements. Among the factors considered in making decisions on provisions are the nature of litigation, claim or assessment, the legal process and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought, the progress of the case (including the progress after the date of the financial statements but before those statements are issued),the opinions or views of legal advisers, experience on similar cases and any decision of the Group's management as to how it will respond to the litigation, claim or assessment.
Consolidation
1. Subsidiary
  The financial statements of the subsidiary are consolidated from the date the Company acquires control, up to the date that such effective control ceases. For the purpose of these financial statements, subsidiaries are entities over which the company has control. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
  De-facto control exists in situations where the Company has the practical ability to direct the activities of the investee without holding the majority of the voting rights. In determining whether de-facto control exists the Company considers all relevant facts and circumstances, including:
  The size of The Company's voting rights relative to both the size and dispersion of other parties who hold voting rights; Substantive potential voting rights held by the Company and by other parties and other contractual arrangements.
  The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity instruments issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
  Inter-company transactions, balances and unrealised gains on transactions between Companies within the Group are eliminated on consolidation. Unrealised losses are also eliminated in the same manner as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting policies of subsidiary have been changed where necessary to ensure consistency with the policies adopted by the Group. Investment in subsidiaries in the separate financial statements of the parent entity is measured at cost.
2. Changes in ownership interests in subsidiary without change of control
  The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant shares acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposal to non-controlling interests are also recorded in equity.
3. Acquisition-related costs are expensed as incurred.
  If the business combination is achieved in stages, fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date through profit or loss.
4. Disposal of subsidiaries
On loss of control, the Group derecognises the assets and liabilities of the subsidiary, any controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, that retained interest is accounted for as an equity-accounted investee or as financial asset at fair value through other comprehensive income (FVOCI) depending on the level of influence retained.
Summary of significant accounting policies

The accounting policies set out below have been applied consistently to all years presented in these financial statements.

Going concern
The directors assess the Company and its subsidiary's future performance and financial position on a going concern basis and have no reason to believe that the Company and its subsidiary will not be a going concern in the year ahead. For this reason, these financial statements have been prepared on the basis of accounting policies applicable to a going concern.
Foreign currency
Foreign currency transactions
In preparing the financial statements of the Group, transactions in currencies other than the entity's presentation currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the conversion at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss.
Non -monetary items that are measured in terms of cost in a foreign currency are converted using the exchange rate at the end of the period.
Revenue recognition
Revenue represents the fair value of the consideration received or receivable for sales of goods and services, in the ordinary course of the Group's activities and is stated net of value-added tax (VAT), rebates and discounts.
1. Sale of goods and rendering of services
  The Company recognizes revenue from contracts with customers based on the five-step process described in IFRS 15. Revenue is recognized when the entity satisfies a performance obligation by transferring a promised goods or service to a customer. The goods or services are transferred when the customer acquires control over the asset, which may happen either over time or at a particular point in time. Under the five-step process an entity must complete the following steps before revenue can be recognised: Identify contracts with customers, identify performance obligations, determine the transaction price, allocate the transaction price to each of the separate performance obligations, and finally recognize the revenue as each performance obligation is satisfied.
2. Other income
  This comprises profit from sale of financial assets, property, plant and equipment, foreign exchange gains, fair value gains of non financial assets measured at fair value through profit or loss and impairment loss no longer required written back.
  Income arising from disposal of items of financial assets, plant and equipment and scraps is recognised at the time when proceeds from the disposal has been received by the Group. The profit on disposal is calculated as the difference between the net proceeds and the carrying amount of the assets. The Group recognises impairment no longer required as other income when the Group receives cash on an impaired receivable or when the value of an impaired investment increased and the investment is realisable.
Expenditure
Expenditures are recognised as they accrue during the course of the period. Analysis of expenses recognised in the statement of comprehensive income is presented in classification based on the function of the expenses as this provides information that is reliable and more relevant than their nature.
The Group classifies its expenses as follows:
- Cost of sales;
- Administration expenses;
- Selling and distribution expenses; and
- Other allowances and amortizations
Finance income and finance costs
Finance income comprises interest income on short-term deposits with banks, dividend income, changes in the fair value of financial assets at fair value through profit or loss and foreign exchange gains.
Dividend income from investments is recognised in profit or loss when the shareholder's right to receive payment has been established (provided that it is probable that the economic benefits will flow to the entity and the amount of income can be measured reliably).
Interest income on short-term deposits is recognised by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and deferred consideration and impairment losses on financial assets (other than trade receivables).
Borrowing costs
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. All other borrowing costs are recognised as interest payable in the income statement in the period in which they are incurred.
Income tax expenses
Income tax expense comprises current income tax, education tax and deferred tax.(See policy 'p' on income taxes)
Earnings per share
The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
Property, plant and equipment
Items of property, plant and equipment are measured at cost and less accumulated depreciation and impairment losses. The cost of property plant and equipment includes expenditures that are directly attributable to the acquisition of the asset. Property, plant and equipment under construction are disclosed as capital work-in-progress.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as a separate item of property, plant and equipment and are depreciated accordingly. Subsequent costs and additions are included in the asset's carrying amount or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
All other repairs and maintenance costs are charged to the profit and loss component of the statement of comprehensive income during the financial period in which they are incurred.
Depreciation
Depreciation is recognised so as to write off the cost of the assets less their residual values over their useful lives, using the straight-line method on the following bases:
Major overhaul expenditure, including replacement spares and labour costs, is capitalised and amortised over the average expected life between major overhaul.
Furniture and Fixtures 4 years
Motor Vehicles 4 years
Plant and Machinery 8 years
Office Equipment 4 years
The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Derecognition
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefit is expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit and loss component of the statement of comprehensive income within 'Other income' in the year that the asset is derecognised.
The assets' residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted prospectively, if appropriate.
Intangible Assets Computer software
Computer software purchased from third parties. They are measured at cost less accumulated amortisation and accumulated impairment losses. Purchased computer software is capitalised on the basis of costs incurred to acquire and bring into use the specific software. These costs are amortised on a straight line basis over the useful life of the asset.
Expenditure that enhances and extends the benefits of computer software beyond their original specifications and lives, is recognised as a capital improvement cost and is added to the original cost of the software. All other expenditure is expensed as incurred.
Amortisation is recognised in the income statement on a straight-line basis over the estimated useful life of the software, from the date that it is available for use. The residual values and useful lives are reviewed at the end of each reporting period and adjusted if appropriate. An Intangible asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
The estimated useful lives for the current and comparative period are as follows: Computer software 5 years
Derecognition of intangible assets
An intangible assets is derecognised on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible assets, measured are as the difference between the net disposal proceeds and the carrying amount of the assets, are recognised in profit or loss when the asset is derecognised.
Impairment of non-financial assets

Non-financial assets other than inventories are reviewed at each reporting date for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which they have separately identifiable cash flows (cash-generating units).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statements, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment is treated as a revaluation increase.

k) Leases

The standard covers the recognition of leases and related disclosure information in the financial statements.

The new standard defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In the financial statement of lessees, IFRS 16 requires recognition in the balance sheet for each contract that meets its definition of a lease as right-of-use (RoU) asset and a lease liability, while lease payments are reflected as interest expense and a reduction of lease liabilities. The RoU assets are depreciated over the shorter of each contract's term and the assets useful life.

Upon implementation of IFRS 16, the following main implementation and application policy choices were made by the group:

Short term leases (12 months or less) and leases of low value assets are not reflected in the statement of profit or loss and other comprehensive income but are expensed or (if appropriate) capitalised as incurred, depending on the activity in which the leased asset is used
Non-lease components within lease contracts will be accounted for separately for all underlying classes of assets and reflected in the relevant expense category or (if appropriate) capitalised as incurred, depending on the activity involved.
At the commencement of the lease period, the following shall be recognised:
A lease liability equal to the net present value of the non-variable lease payments over the lease term, including any lease incentives and residual value guarantees expected to be paid under the contract.
A RoU asset equal to the lease liability, with the addition of any lease pre-payments, initial direct costs and costs of dismantling or restoration.

Financial instruments
1. Financial assets
  Financial assets are initially recognised at fair value plus directly attributable transaction costs. Subsequent remeasurement of financial assets is determined by their designation that is revisited at each reporting date.
  1. Financial assets at fair value through other comprehensive income
    Financial assets at fair value through other comprehensive income (FVOCI) consist of:
    - Non-trading equity investments designated by management at initial recognition. Once designated, they cannot be reclassified into any other category
    - Financial assets held with the objective of both collecting contractual cash flows and selling the financial assets and the assets cash flows are solely payment of principal and interest.
  2. Financial assets at amortised cost
    The Company classifies its financial assets as at amortised cost only if both of the following criteria are met:
    - the asset is held within a business model whose objective is to collect the contractual cash flows, and
    - the contractual terms give rise to cash flows that are solely payments of principal and interest. The group financial assets are trade receivables, other receivables and cash and cash equivalents.
  3. Trade receivables
    Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is uncondition unless they contain significant financing components, when they are recognized at fair value. The Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Company's impairment policies and the calculation of the loss allowance are provided in note 7(c).
  4. Other receivables
    These amounts generally arise from transactions outside the usual operating activities of the group. Interest may be charged at commercial rates where the terms of repayment exceed six months. Collateral is not normally obtained. The non-current other receivables are due and payment within three years from the end of the reporting period.
  5. Cash and cash equivalents
    Cash and cash equivalents consist of cash at bank and in hand and short-term deposits with an original maturity of three months or less.
    Bank overdrafts are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
  6. Derecognition of financial assets
    The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the income statement.
  7. Impairment of financial instruments
    The Company has trade receivables for the sales of inventory that is subject to the expected credit loss model.
    While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.
    The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.
    To measure the expected credit losses, trade receivables has been grouped based on shared credit risk characteristics and the days past due. The Company has therefore concluded that the expected loss rates for trade receivable are a reasonable approximation of the loss rates for the contract assets.
    The expected loss rates are based on the payment profiles of sales over a period of 36 month before 30 June 2025 or 1 January 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
    MEYER PLC AND ITS SUBSIDIARY COMPANY 13
    FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
    NOTES TO THE FINANCIAL STATEMENTS
2. Financial liabilities
  Financial liabilities are initially recognised at fair value when the Company becomes a party to the contractual provisions of the liability. Subsequent measurement of financial liabilities is based on amortized cost using the effective interest method. The Company financial liabilities include trade and other payables.
  Financial liabilities are presented as if the liability is due to be settled within 12 months after the reporting date, or if they are held for the purpose of being traded. Other financial liabilities which contractually will be settled more than 12 months after the reporting date are classified as non-current.
  1. Trade and other payables
    Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
  2. Borrowings
    Borrowings are recognized initially at their issue proceeds and subsequently stated at cost less any repayments. Transaction costs where immaterial, are recognized immediately in the statement of comprehensive income. Where transaction costs are material, they are capitalized and amortised over the life of the loan. Interest paid on borrowing is recognized in the statement of comprehensive income for the period.
  3. De-recognition of financial liabilities
    The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in statement of profit or loss and other comprehensive income.
Inventories
Inventories are stated at the lower of cost and net realisable value, with appropriate provisions for old and slow moving items. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
Cost is determined as follows:-
Raw materials
Raw materials which includes purchase cost and other costs incurred to bring the materials to their location and condition are valued at actual cost.
Work in progress
Cost of work in progress includes cost of raw materials, labour, production and attributable overheads based on normal operating capacity.
Finished goods
Cost is determined using standard costing method and includes cost of material, labour, production and attributable overheads based on normal operating capacity.
Spare parts and consumables
Spare parts which are expected to be fully utilized in production within the next operating cycle and other consumables are valued at weighted average cost after making allowance for obsolete and damaged inventory.
Provisions
A provision is recognized only if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. The Group's provisions are measured at the present value of the expenditures expected to be required to settle the obligation.
Employee benefits
The Group operates the following contribution and benefit schemes for its employees:
1. Defined contribution pension scheme
  In line with the provisions of the Nigerian Pension Reform Act, 2014, Meyer Plc has instituted a defined contributory pension scheme for its employees. The scheme is funded by fixed contributions from employees and the Group at the rate of 8% by employees and 10% by the Group of basic salary, transport and housing allowances invested outside the Group through Pension Fund Administrators (PFAs) of the employees choice.
  The Group has no legal or constructive obligation to pay further contributions if the fund does not hold
  sufficient assets to pay all employee benefits relating to employees' service in the current and prior periods.
  The matching contributions made by Meyer Plc to the relevant PFAs are recognised as expenses when the costs become payable in the reporting periods during which employees have rendered services in exchange for those contributions. Liabilities in respect of the defined contribution scheme are charged against the profit of the period in which they become payable.
  Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
2. Short-term benefits
Short term employee benefit obligations which include wages, salaries, bonuses and other allowances for current employees are measured on an undiscounted basis and recognised and expensed by Meyer Plc in the income statement as the employees render such services.
A liability is recognised for the amount expected to be paid under short - term benefits if the Group has a present legal or constructive obligation to pay the amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Income Taxes - Company income tax and deferred tax liabilities
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity or in other comprehensive income. Current income tax is the estimated income tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.
The tax currently payable is based on taxable results for the year. Taxable results differs from results as reported in the income statement because it includes not only items of income or expense that are taxable or deductible in other years but it further excludes items that are never taxable or deductible. The Group's liabilities for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability differs from its tax base. Deferred taxes are recognized using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (tax bases of the assets or liability). The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted by the reporting date.
Deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised.
Share capital and Share premium
Shares are classified as equity when there is no obligation to transfer cash or other assets. Any amounts received over and above the par value of the shares issued is classified as 'share premium' in equity. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax.
Dividend on ordinary shares
Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the Group's shareholders. Interim dividends are deducted from equity when they are declared and no longer at the discretion of the shareholders. Dividends for the year that are approved after the statement of financial position date are disclosed as an event after the statement of financial position date.
Retained earnings
General reserve represents amount set aside out of profits of the Group which shall at the discretion of the directors be applied to meeting contingencies, repairs or maintenance of any works connected with the business of the Group, for equalising dividends, for special dividend or bonus, or such other purposes for which the profits of the Group may lawfully be applied.
Contingent liability
A contingent liability is disclosed, unless the possibility of an outflow of resources embodying economic benefits is remote. Where the Group is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability. The entity recognises a provision for the part of the obligation for which an outflow of resources embodying economic benefits is probable, except in the extremely rare circumstances where no reliable estimate can be made. Contingent liabilities are assessed continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period being audited except in the extremely rare circumstances where no reliable estimate can be made.
Related party transactions or insider dealings
Related parties include the related companies, the directors, their close family members and any employee who is able to exert significant influence on the operating policies of the Group. Key management personnel are also considered related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity directly, including any director (whether executive or otherwise) of that entity. The Group considers two parties to be related if, directly or indirectly one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions.
Where there is a related party transactions within the Group, the transactions are disclosed separately as to the type of relationship that exists within the Group and the outstanding balances necessary to understand their effects on the financial position and the mode of settlement.
Effective Interest Method
The effective interest method is a method of calculating the amortised cost of an interest bearing financial instrument and of allocating interest income and expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cashflows (including all fees and points paid or received that form an integral part of the effective interest rate, translation costs and other premiums or discounts) through the expected life of the debt instruments, or where appropriate, a shorter period, to the net carrying amount on initial recognition.
Segment reporting

An operating segment is a component of the Group that engages in business activities from which it can earn revenues and incur expenses, including revenues and expenses that relates to transactions with any of the Group's other components, whose operating results are reviewed regularly by the Finance Director (being the Chief Operating Decision Maker) to make decisions about resources allocated to each segment and assess its performance, and for which discrete financial information is available.

7 Determination of fair value

A number of the Group's accounting policies and disclosures require the determination of fair value for the both financial and non-financial assets and liabilities. Fair values have been determined for measurement and
/or disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determine fair values is disclosed in the notes specific to that assets or liabilities.
1. Property, plant and equipment
  The fair value of items of plant and machinery, fixtures and fittings, motor vehicles and Land and buildings is based on depreciated replacement cost and comparison approaches. ''Depreciated replacement cost'' reflects the current cost of reconstructing the existing structure together with the improvements in today's market adequately depreciated to reflect its physical wear and tear, age, functional and economic obsolescence plus the site value in its existing use as at the date of inspection while ''Comparison Approach'' that is the analysis of recent sale transactions or similar properties in the neighbourhood. The figure thus arrived at represents the best price that the subsisting interest in the property will reasonably be expected to be sold if made available for sale by private treaty between a willing seller and buyer under competitive market conditions.
2. Valuation of financial assets at fair value through other comprehensive income (FVOCI)
  The fair value of investments in equity are determined with reference to their quoted closing bid price at the measurement date, or if unquoted, determined using a valuation technique. Valuation techniques employed is the net asset per share basis.
3. Fair value hierarchy
  Fair values are determined according to the following hierarchy based on the requirements in IFRS 7 Financial Instrument Disclosure'.
  Level 1 : quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets.
  Level 2: valuation techniques using observable inputs: quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial assets and liabilities values using models where all significant inputs are observable.
  Level 3: valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where one or more significant inputs are unobservable. The best evidence of fair value is a quoted price in an active market. In the event that the market for a financial asset or liability is not active, a valuation technique is used.
Financial risk management
1. General
  Pursuant to a financial policy maintained by the Board of Directors, the Group uses several financial instruments in the ordinary course of business. The Group's financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing loans and bank overdrafts and trade and other payables.
  The Group has exposure to the following risks from its use of financial instruments:
  - Credit risk
  - Liquidity risk
  - Market risk, consisting of: currency risk, interest rate risk and price risk

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from Group's receivables from customers. It is the Group's policy to assess the credit risk of new customers before entering into contracts.

The Management has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and conditions are offered. The Group's review includes external ratings, when available, and in some cases bank references. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Management.

The Management determines concentrations of credit risk by quarterly monitoring the creditworthiness rating of existing customers and through a monthly review of the trade receivables' ageing analysis. In monitoring the customers' credit risk, customers are grouped according to their credit characteristics. customers that are grouped as "high risk" are placed on a restricted customer list, and future credit services are made only with approval of the Management, otherwise payment in advance is required.

Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Banks with good reputation are accepted by the Group for business transactions.

The maximum credit risk as per statement of financial position, without taking into account the aforementioned financial risk coverage instruments and policy, consists of the book values of the financial assets as stated below:

GROUP

2026

2025

COMPANY

2026

2025

N'000

Trade receivables (Note 20)

339,741

370,669

339,741

370,669

Cash and cash equivalents (Note 21) 2,360,766 2,051,002 2,360,581 2,050,817

2,700,508 2,421,671 2,700,322 2,421,486

As at the reporting date there was no concentration of credit risk with certain customers.

Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Banks with good reputation are accepted by the Group for business transactions.

Cash is held with the following institutions
	N'000	N'000
Access Bank Plc	90,670	10,887
Eco Bank Plc	9,496	540
First City Monument Bank Limited	11,816	6,210
Guaranty Trust Bank Plc	2,662	4,470
Stanbic IBTC Bank Plc	2,028	1,150
First Bank of Nigeria Limited	7,130	955
Zenith Bank Plc	3	1,615
Sterling Bank Plc	13	13
Union Bank of Nigeria Plc	267	267
Polaris Bank Limited	32,972	1,931
United Bank for Africa Plc	198	351
Wema Bank Plc	174	174
Providus Bank Limited	1	1
Fidelity Bank Plc	6,453	942
Greenwich Asset Management Limited	2,195,298	2,019,911
Greenwich Merchant Bank Limited	1,400	1,400
	2,360,581	2,050,817

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026

NOTES TO THE FINANCIAL STATEMENTS

Impairment of trade receivables

The Company has trade receivables for the sales of inventory that is subject to the expected credit loss model.

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairment loss was identified.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivable are a reasonable approximation of the loss rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 or 1 January 2026 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.

1 - 30 days	31 - 60 days past due	61 - 90 91 - 180 days past days past due due		181 - 360 days past	Above 360 days	Total
0.0%	0%	0%	10%	50%	100%
N'000	N'000	N'000	N'000	N'000	N'000	N'000
114,316	138,104	45,375	18,722	26,340	45,763	388,621
-	-		-	-	-	-
-	-	-	-	-	45,763	45,763
1 - 30 days	31 - 60 days past due	61 - 90 91 - 180 days past days past due due		181 - 360 days past due	Above 360 days	Total
0.0%	0%	0%	10%	50%	100%
N'000	N'000	N'000	N'000	N'000	N'000	N'000
262,331	80,800	8,752	18,475	4,901	44,612	419,872
-	-	-	-	-	-	-
-	-	-	1,848	2,450	44,612	48,910

On that basis, the loss allowance as at 31 March 2026 and 31 December 2025 was determined as follows for both trade receivables and contract assets:

31 March 2026

due

Expected loss rate

Gross carrying amount -trade receivables

Gross carrying amount -contract assets

Loss allowance

31 December 2025

Expected loss rate

Gross carrying amount -trade receivables

Gross carrying amount -contract assets

Loss allowance

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

NOTES TO THE FINANCIAL STATEMENTS

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions. Liquidity projections including available credit facilities are incorporated in the regular management information reviewed by Management. The focus of the liquidity review is on the net financing capacity, being free cash plus available credit facilities in relation to the financial liabilities. The following are the contractual maturities of financial liabilities:

As at 31 March 2026	Book value	Contractual	One year or	1-5 years
		cashflow	less
	N'000	N'000	N'000	N'000
Borrowings	1,813	-	1,813	0
Trade and other payables	995,959	-	995,959
997,772 - 997,772				0
As at 31 December 2025
	Book value	Contractual	One year or	1-5 years
	N'000	cashflow N'000	less N'000	N'000
Borrowings	1,813	-	1,813	-
Trade and other payables	1,040,802	-	1,040,802	-
	1,042,615	-	1,042,615	-

Market risk

Market risk concerns the risk that Group income or the value of investments in financial instruments is adversely affected by changes in market prices, such as exchange rates and interest rates. The objective of managing market risks is to keep the market risk position within acceptable boundaries while achieving the best possible return.

Foreign exchange risk

The functional currency of the Group is the Nigerian naira.

Interest rate risk

The Group has fixed interest rate liabilities. In respect of controlling interest risks, the policy is that, in principle, interest rates for loans payable are primarily fixed for the entire maturity period. This is achieved by contracting loans that carry a fixed interest rate. The effective interest rates and the maturity term profiles of interest-bearing loans, deposits and cash and cash equivalents are stated below:

As at 31 March 2026	Effective	one year or
	interest	less	1-5 years	Total
	N'000	N'000	N'000	N'000
Cash and cash equivalents	-	2,360,581	-	2,360,581
Borrowings	-	(1,813)	(0)	(1,813)
	-	2,358,768	(0)	2,358,768

Fair Value

Financial instruments accounted for under assets and liabilities are cash and cash equivalents, receivables, and current and non-current liabilities. The fair value of most of the financial instruments does not differ materially from the book value.

(ii) Capital management

The Board of Director's policy is to maintain a strong capital base so as to maintain customer, investor, creditor and market confidence and to support future development of the business. The Board of Directors monitors the debt to capital ratio. The Board of Directors also monitors the level of dividend to be paid to holders of ordinary shares. The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the benefits of a sound capital position. There were no changes in the Company's approach to capital management during the period. The Group is not subject to externally imposed capital requirements.

The debt-to-adjusted-capital ratio at 31 March	2026 and at 31 December 2025 were as follows:
		2026	2025
		N'000	N'000
Trade and other payables		995,959	1,040,802
Borrowings		1,812	1,813
Less: cash and cash equivalents	(2,360,581) (2,050,817)
Net debt	(1,362,810) (1,008,203)
Total equity	2,259,305 2,117,219
Debt to adjusted capital ratio (%)	-60% -48%

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

NOTES TO THE FINANCIAL STATEMENTS

9 Revenue from contracts with customers

The Company has disaggregated revenue into various categories as analysed below:

			GROUP					COMPANY
31 March 2026			Application					Application
		Paint	of paint	Total		Paint		of paint		Total
Customer category		N'000	N'000	N'000		N'000		N'000		N'000
Private		706,863	34,322	741,185		706,863		34,322		741,185
Wholesale		426,555	-	426,555		426,555		-		426,555
Retail		85,311	-	85,311		85,311		-		85,311
Sum Total		1,218,729	34,322	1,253,052		1,218,729		34,322		1,253,052
Product category		N'000	N'000	N'000		N'000		N'000		N'000
Decorative		731,238	34,322	765,560		731,238		34,322		765,560
Auto & Wood		18,281	-	18,281		18,281		-		18,281
Industrial and Marine		469,211	-	469,211	469,211 -				469,211
Sum Total		1,218,729	34,322	1,253,052		1,218,729		34,322		1,253,052
Region-Wise		N'000	N'000	N'000		N'000		N'000		N'000
East		268,120	-	268,120		268,120		-		268,120
West		658,114	34,322	692,436		658,114		34,322		692,436
North		292,495	-	292,495		292,495		-		292,495
Sum Total		1,218,729	34,322	1,253,052		1,218,729		34,322		1,253,052
31 March 2025			Application					Application
		Paint	of paint	Total	Paint			of paint	Total
Customer category		N'000	N'000	N'000	N'000			N'000	N'000
Private		593,786	14,606	608,392	593,786			14,606	608,392
Wholesale		377,864	-	377,864	377,864			-	377,864
Retail		107,961	-	107,961	107,961 - 107,961
Sum Total		1,079,611	14,606	1,094,217		1,079,611		14,606		1,094,217
Product category		N'000	N'000	N'000		N'000		N'000		N'000
Decorative		647,767	14,606	662,373		647,767		14,606		662,373
Auto & Wood		16,194	-	16,194		16,194		-		16,194
Industrial and Marine		415,650	-	415,650		415,650		-		415,650
Sum Total		1,079,611	14,606	1,094,217		1,079,611		14,606		1,094,217
Region-Wise		N'000	N'000	N'000		N'000		N'000		N'000
East		237,514	-	237,514		237,514		-		237,514
West		539,805	14,606	554,412		539,805		14,606		554,412
North		302,291	-	302,291		302,291		-		302,291
Sum Total		1,079,611	14,606	1,094,217		1,079,611		14,606		1,094,217
					GROUP			COMPANY
		2026					2025	2026			2025
10	Cost of sales	N'000					N'000	N'000			N'000
	Paints	786,835					667,973	786,835			667,973
	Application of paints	26,558					10,487	26,558			10,487
		813,393					678,460	813,393			678,460
	Segment Reporting

Products and services from which reportable segments derive their revenues

The determination of the Group's operating segments is based on the organisation units for which information is reported to the management. Revenue is primarily generated from the sale of Paints and Services rendered through application of paints.

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS

The principal categories are sale of paints, and application of paints. The entity's reportable segments under IFRS 8 are therefore as follows:

Paints

Painting services

This segment is involved in the production of diverse paints products of premium class in their different categories.

This segment is involved in application of paints on completed buildings in accordance with the architectural design.

		GROUP			COMPANY
Segment Revenue and results	2026 N'000			2025 N'000	2026 N'000		2025 N'000
Paints	1,218,729		1,079,611	1,218,729		1,079,611
Painting services	34,322		14,606	34,322		14,606
	1,253,052		1,094,217	1,253,052		1,094,217
Segment results	N'000		N'000	N'000		N'000
Investment income	85,387		83,179	85,387		83,179
Other gains and losses	5,587		3,606	5,587		3,606
Finance costs	-		107	-		107
Profit before tax	215,282		28,082	215,282		28,082
Segment Accounting Policies

The accounting policies of the reportable segments are the same as the group's accounting policies described in note 6. Segment results represents the gross profit earned by each segment without allocation of general operating expenses, other gains and losses recognised on investment income, other gains and losses as well as finance costs.

This is the measure reported to the Chief Operating Decision Maker for the purpose of resource allocation and assessment of segment performance.

Business and geographical segments

The company operates in all geographical areas in the Country.

Segment assets and liabilities

All assets and liabilities are jointly used by the reportable segments.

11 (a) Other operating income	2026	GROUP	2025	COMPANY 2026	2025
	N'000		N'000	N'000	N'000
Profit on disposal of property, plant and	-		-	-	-
equipment
Sale of scraps	5,527	3,453		5,527	3,453
Being Withholding tax credit recovered	-	-		-	-
Sundry income	60	153		60	153
Insuarnce Claim	-	-		-	-
Provision no longer required (Note 23)	-	-		-	-
Canteen takings	-	- -			-
5,587		3,606		5,587	3,606
11 (b) Proceed from disposal of property, plant and equipment N'000		N'000		N'000	N'000
Cost -		-		-	-
Accumulated depreciation -		- -			-

Carring amount

Profit on disposal of property, plant and equipment

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS

12 Selling and distribution expenses		GROUP 2026		2025	COMPANY 2026	2025
		N'000		N'000	N'000	N'000
Basic salary		33,924		31,591	33,924	31,591
Overtime		242		167	242	167
Fringe costs		17,711		16,668	17,711	16,668
Christmas bonus		2,828		2,701	2,828	2,701
NSITF		769		456	769	456
Pension scheme		4,874		14,687	4,874	14,687
Casual labour		2,197		2,202	2,197	2,202
Carriage inward		24,399		20,981	24,399	20,981
Sales promotion/commission		15,221		5,450	15,221	5,450
Depot and sales float expenses		6,707		5,460	6,707	5,460
Delivery Van expenses		4,192		1,920	4,192	1,920
Dev.and Product testing		474		480	474	480
113,538 102,763					113,538 102,763
	355
13 Administrative expenses		N'000	N'000		N'000	N'000
Canteen expenses		6,535	4,163		6,535	4,163
Medical expenses		(5,272)	4,781		(5,272)	4,781
Maintenance - mechanical		-	-		-	-
Security guards expenses		2,725	1,229		2,725	1,229
Computer expenses		1,145	231		1,145	231
Building rents and rates		125	235		125	235
Repairs and maintenance general		2,965	1,940		2,965	1,940
Depreciation - building		3	3		3	3
Depreciation - vehicles		4,727	4,548		4,727	4,548
Depreciation - office equipment		1,663	1,061		1,663	1,061
Depreciation - furniture and fittings		339	257		339	257
Depreciation - Right of use asset		12,938	2,750		12,938	2,750
Depreciation - Plant and Machinery		-	-			-
Amortization - Software		1,198	1,067		1,198	1,067
Advert and publicity expenses		902	862		902	862
Fuel and lubricants		4,669	5,606		4,669	5,606
Vehicle running expenses		8,762	5,089		8,762	5,089
Travelling		2,444	3,152		2,444	3,152
Directors fees and board expenses		10,595	10,740		10,595	10,740
Insurance expenses		3,051	1,652		3,051	1,652
Legal and professional fees		7,935	6,582		7,935	6,582
Staff Welfare		-	16		-	16
Printing and Stationary		388	601		388	601
Telephone		755	983		755	983
AGM expenses		2,032	825		2,032	825
Courier/postage		-	-		-	-
Audit fees		1,881	1,774		1,881	1,774
Bank charges - local		613	741		613	741
Performance cost		21,028	19,209		21,028	19,209
Staff training		2,842	370		2,842	370
Generator Expense		-	-
Licence renewal		10,602	5,876		10,602	5,876
Industrial training fund		769	467		769	467
ITF (Back duty Assessment)		-	-		-	-
General stores and consumables		2,003	1,810		2,003	1,810
Entertainment		1,219	467		1,219	467
Management fees expenses		82,970	54,711		82,970	54,711
		194,551	143,798		194,551	143,798

GROUP						COMPANY
2026				2025	2026	2025
		N'000	N'000		N'000	N'000
	Balance brought forward	194,551	143,798		194,551	143,798
	Provision for doubtful receivables (Note 20(i))	-	-		-	-
	Light and Water Expenses	2,540	2,032		2,540	2,032
	Site & office cleaning	2,207	1,256		2,207	1,256
	Subscriptions	1,943	1,789		1,943	1,789
	Provision for dismantlement and restoration	-	-		-
	impairment of receivables	-	-		-	-
	loss on disposal of fixed asset	-			-
	Other expenses	572	324		572	324
		201,813	149,199		201,813	149,199
						-
14	Finance income and costs	N'000	N'000		N'000	N'000
(i)	Finance income:
Interest received on bank deposit		85,387 83,179		85,387		83,179
(ii)	Finance costs: Finance expense on lease	N'000 -	N'000 2,223	N'000 -		N'000 107

15 Profit before taxation is arrived at after charging:
	N'000	N'000	N'000	N'000
Depreciation of property, plant and equipment	8,437	7,117	8,437	7,117
Amortization of Right of use assets	12,938	2,750	12,938	2,750
Amortization - Software	1,198	-	1,198	1,067
Profit on disposal of property, plant and equipment		12,606		-
Auditors remuneration**	1,981	1,874	1,881	1,874

16	Tax expense	N'000	N'000	N'000	N'000
(a)	Per profit and loss account
	Income tax payable on results for the period:
	Company Income tax	64,585	75,159	64,585	75,159
	Development Levy	8,611		8,611
	Minimum tax	-	-	-	-
	Capital gain tax	-	-	-	-
	Police Trust Fund	-	1,253		1,253
	NASENI levy	-	-	-	-
	Education tax	-	7,516	-	7,516
	Deferred tax expense	-	-	-	-
	Underprovision of Income tax in prior period	-	-	-	-
		73,196	83,928	73,196	83,928

16(b) Per statement of financial position

GROUP COMPANY

2026 Balance at 1 January N'000		2025 N'000	2026 N'000		2025 N'000
Income tax	190,709	127,882		190,709	127,882
Education tax	26,325	13,914		26,325	13,914
Nigeria Police Trust Fund levy	-	23		-	23
Capital Gain Tax
Underprovision of Income tax in prior period	(1,314)	-		(1,314)	-
	215,720	141,819		215,720	141,819
Payments during the period:
Income tax	-	(17,379)		-	(17,379)
Education tax	-	(13,914)		-	(13,914)
Withholding tax utilised	-	(111,817)		-	(111,817)
Capital Gain Tax Nigeria Police Trust Fund levy	- -	-(23)		- -	-(23)
Provision for the Period:
Income tax	64,585	190,709		64,585	190,709
Education tax Nigeria Police Trust Fund levy	8,611 -	26,325 -		8,611 -	26,325 -
Balance at 31 March	288,916	215,720		288,916	215,720

16(c) Income tax recognised in profit or loss

Company income tax is calculated at 30% of the estimated taxable profit for the Period. The charge for taxation in these financial statements is based on the provisions of the Company Income Tax Act, CAP C21 LFN, 2004.

The charge for development tax is based on the provision of the new tax Act which is 4% of the assessable profit for the period.

Nigeria police trust fund levy is based on the provisions of the Nigeria Police Trust Fund (Establishment) Act 2019 which is 0.0005% of the net profit before tax for the period.

The income tax expense for the period can be reconciled to the accounting profit as per the statement of

comprehensive income as follows:

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS

16(d) Deferred taxation	GROUP			COMPANY
Deferred tax liabilities	2026 2025 N'000 N'000 17,689 22,888		2026 N'000 17,689	2025 N'000 22,888
Deferred tax assets	- (5,199)		-	(5,199)
17,689 17,689				17,689 17,689
Deferred tax
Movement in deferred tax At 1 January	17,689	22,888	17,689	22,888
Expense during the period	(5,199)	(5,199)		(5,199)
At 31 March	12,490 17,689			17,689 17,689

The tax rate used for 2026 and 2025 reconciliation above is the corporate tax rate of 30% and 4% for development levy tax payable by corporate entities in Nigeria on taxable profits under tax laws in the Country, for the period ended 31 March 2026.

MEYER PLC AND ITS SUBSIDIARY COMPANY							26
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS
17(a)	Property, plant and equipment	- Group
		Plant &	Office	Furniture &	Motor	Capital Work
Cost:	Buildings	machinery	equipment	fittings	vehicles	In Progress	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2025	513	231,296	54,615	15,652	189,949	248,890	740,915
Additions	-	14,534	10,672	700	12,400	-	38,306
Disposals	-	-	(321)	-	-	-	(321)
Reclassifications	-	-	-	-	-	-	-
At 31 December 2025	513	245,830	64,966	16,352	202,349	248,890	778,899
At 1 January 2026	513	245,830	64,966	16,352	202,349	248,890	778,899
Additions	-	1,093	2,283	1,591		-	4,967
Disposals	-	-	-	-	-	-	-
At 31 March 2026	513	246,922	67,249	17,943	202,349	248,890	783,866
Accumulated depreciation and impairment:
At 1 January 2025	220	204,023	43,305	13,291	149,856	-	410,695
Charge for the period	10	6,002	5,425	1,098	18,680	-	31,215
Reclassification	-	-	-	-	-	-	-
On dispoals	-		-	-		-	-
At 31 December 2025	231	210,025	48,730	14,388	168,536	-	441,910
At 1 January 2026	231	210,025	48,730	14,388	168,536	-	441,910
Charge for the period	3	1,698	1,657	339	4,740	-	8,437
On dispoals	-	-		-	-	-	-
At 31 March 2026	233	211,723	50,387	14,728	173,276	-	450,347
Carrying amounts as at:
31 March 2026	280	35,199	16,861	3,215	29,073	248,890	333,518
31 December 2025	282	35,805	16,235	1,964	33,813	248,890	336,989

MEYER PLC AND ITS SUBSIDIARY COMPANY 27

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS

b) Property, plant and equipment - Company

Plant &

Office

Furniture

Motor Capital Work-

Cost: Buildings

machinery

equipment

and fittings

Vehicles

in Progress Total

N'000 N'000 N'000 N'000 N'000 N'000 N'000

At 1 January 2025 513 231,296 54,615 15,652 189,949 248,890 740,915

Additions - 14,534 10,672 700 12,400 - 38,306

Reclassification - - - - - - -

Disposals - (321) - - (321)

At 31 December 2025 513 245,830 64,966 16,352 202,349 248,890 778,899

At 1 January 2026 513 245,830 64,966 16,352 202,349 248,890 778,899

Additions - 1,093 2,283 1,591 - - 4,967

Disposals - - - - - -

At 31 March 2026 513 246,922 67,249 17,943 202,349 248,890 783,866

Accumulated depreciation and impairment:

At 1 January 2025 220 204,023 43,305 13,291 149,856 - 410,695

Charge for the period 10 6,002 5,425 1,098 18,680 - 31,215

On disposals - - - -

Reclassification - - - - - - -

At 31 December 2025 231 210,025 48,730 14,388 168,536 - 441,910

At 1 January 2026 231 210,025 48,730 14,388 168,536 - 441,910

Charge for the period 3 1,698 1,657 339 4,740 - 8,437

On disposals - - - - - -

At 31 March 2026 233 211,723 50,387 14,728 173,276 - 450,347

Carrying amount as at:

31 March 2026 280 35,199 16,861 3,215 29,073 248,890 333,518

31 December 2025 282 35,805 16,235 1,964 33,813 248,890 336,989

Assets pledged as security
None of the Company's assets is pledged as collateral for loans (2025: Nil)
Contractual commitments

At 31 March 2026, the Company had no contractual commitments for the acquisition of property, plant and equipment (2025: Nil).

MEYER PLC AND ITS SUBSIDIARY COMPANY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS					28
17(c)	Right of use assets -Group	Motor Vehicles	Leased Building		Total
	Cost:	N'000	N'000		N'000
	At 1 January 2025	-	165,334		165,334
	Additions	-	103,500		103,500
	Reclassification	-	-		-
	At 31 December, 2025	-		268,834		268,834
	At 1 January 2026	-	268,834		268,834
	Additions	-	-		-
	At 31 March, 2026	-		268,834		268,834
	Accumulated Depreciation:
	At 1 January 2025	-	162,584		162,584
	Charge for the peropd Reclassification	- -	28,625 -		28,625 -
	At 31 December. 2025	-		191,209		191,209
	At 1 January 2026	-	191,209		191,209
	Charge for the period	-	12,938		12,938
	At 31 March, 2026	-		204,147		204,147
	Carrying amount :
	At 31 March 2026	-	64,687		64,687
	At 31 December 2025	-	77,625		77,625
	Right of use assets -Company	Motor Vehicles	Leased Building		Total
	Cost	N'000	N'000		N'000
	At 1 January 2025	-	165,334		165,334
	Additions	-	103,500		103,500
	Reclassification	-	-		-
	At 31 December, 2025	-		268,834		268,834
	At 1 January 2026	-	268,834		268,834
	Additions (Note 17)	-	-		-
	At 31 March, 2026	-		268,834		268,834
	Accumulated Depreciation:
	At 1 January 2025	-	162,584		162,584
	Charge for the period Reclassification	- -	28,625 -		28,625 -
	At 31 December , 2025	-		191,209		191,209
	At 1 January 2026	-	191,209		191,209
	Charge for the period	-	12,938		12,938
	At 31 March, 2026	-		204,147		204,147
	Carrying amount
	At 31 March 2026	-	64,687		64,687
	At 31 December 2025	-	77,625		77,625

MEYER PLC AND ITS SUBSIDIARY COMPANY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS		29
17(d) Intangible assets -Group
	Software	Total
Cost:	N'000	N'000
At 1 January 2025	24,035	24,035
Additions	2,117		2,117
At 31 December, 2025	26,152		26,152
At 1 January 2026	26,152		26,152
Additions	4,139		4,139
At 31 March, 2026	30,291		30,291
Depreciation:
At 1 January 2025	5,482		5,482
Charge for the period	4,225		4,225
At 31 December , 2025	9,707		9,707
At 1 January 2026	9,707		9,707
Charge for the period	1,198		1,198
At 31 March, 2026	10,906		10,906
Carrying amount :
At 31 March 2026	19,385		19,385
At 31 December 2025	16,445		16,445
Intangible assets - Company
	Software		Total
Cost	N'000		N'000
At 1 January 2025	24,035		24,035
Additions	2,117		2,117
At 31 December, 2025	26,152		26,152
At 1 January 2026	26,152		26,152
Additions (Note 17)	4,139		4,139
At 31 March, 2026	30,291		30,291
Depreciation
At 1 January 2025	5,482		5,482
Charge for the period	4,225		4,225
At 31 December , 2025	9,707		9,707
At 1 January 2026	9,707		9,707
Charge for the period	1,198		1,198
At 31 March 2026	10,906		10,906
Carrying amount
At 31 March 2026	19,385		19,385
At 31 December 2025	16,445		16,445

	GROUP		COMPANY
18 Investment in subsidiary	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Carrying amount at cost	9,600	9,600	9,600	9,600
Provision for Impairment	(9,600)	(9,600)	(9,600)	(9,600)
	-	-	-	-

Details of the Company subsidiary at the end of the reporting period is as stated below:

Name of the company

Principal activity Place of incorporation

Construction and rehabilitation of

Proportion of ownership interest and voting power held by the Company

2026 2025

DNM Construction Limited

buildings

Nigeria 96% 96%

The Company's owns 96% of the DNM Construction Limited

The remaining 4% shares attributable to non controlling interest is as detailed below:

	Cost
Mr. Kayode Falowo	N'000 100	% 1
Dr. Olutoyin Okeowo	100	1
Alhaji Ibrahim Suleman	100	1

Arc. Ayoola Onajide 100 1

400 4

Two out of the four shareholders are directors of Meyer Plc.

19 Inventory GROUP COMPANY

	2026 N'000	2025 N'000	2026 N'000	2025 N'000
Raw Materials	331,334	392,601	331,334	392,601
Work-in-progress	31,786	31,978	31,786	31,978
Finished goods	65,913	94,792	65,913	94,792
Consumables	3,273	2,583	3,273	2,583
Stock Interim received	-	-	-	-
Stock interimDelivered	-	-	-	-
	432,306	521,954	432,306	521,954

(i) The carrying amount of the inventory is the lower of cost and net realisable value as at the reporting dates.

		GROUP		COMPANY
20 Trade and other receivables	2026		2025	2026	2025
(36,219)	N'000	N'000		N'000	N'000
Trade receivables	415,332	419,549		388,621	419,549
Allowance for doubtful debts (i)	(75,591)	(48,880)		(48,880)	(48,880)
Trade receivables - net	339,741	370,669		339,741	370,669
WHT claimable	-	-		-	-
Prepayments (iv)	5,219	9,874		5,219	9,874
Sundry debtors	626	510		226	110
Other trade receivables	(6)			(6)
Deferred Income*	30,780	31,518		30,780	31,518
Total trade and other receivables	376,360	412,571		375,960	412,171

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

*Deferred charges represent costs incurred for ongoing Decor projects, where the contractual obligations have not yet been fully completed during the period.

(i) Movement in allowance for doubtful debts is as analysed below:

	N'000	N'000	N'000	N'000
Balance at the beginning of the year	75,591	48,910	48,880	48,910
Addition during the period	-	26,681	-	(30)
Balance at the end of the period	75,591	75,591	48,880	48,880

Trade receivables represents receivables from customers for goods sold and other trading services rendered to them. Trade receivables are stated at amortised cost as at the statement of financial position date. The movement in the impairment allowance for trade receivables has been included in administrative expenses line in the consolidated statement of profit or loss and other comprehensive income.

(iii)	The age analysis of trade receivables is as follows:	N'000	N'000
	Past due < 90days	297,795	351,883
	Past due 90-180 days	18,722	18,475
	Past due 180-360 days	26,340	4,901

Past due 360 days and above 45,763 44,612

388,621 419,872

(iv) Prepayments

	N'000	N'000	N'000	N'000
Prepaid rent	-	125	-	125
Prepaid expenses	5,219	9,480	5,219	9,480
Prepaid insurance	-	269	-	269
Total prepayments	5,219	9,874	5,219	9,874

			GROUP		COMPANY
21	Cash and cash equivalents	2026		2025	2026	2025
		N'000	N'000		N'000	N'000
Cash and bank balances		165,468	31,091		165,283	30,906
Short term investments		2,195,298	2,019,911		2,195,298	2,019,911
		2,360,766	2,051,002		2,360,581	2,050,817

For the purposes of the statement of cashflows, cash and cash equivalents include cash on hand and in banks and short term investments with an original maturity of three to six months or less, net of outstanding bank overdraft. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the statement of financial position as above.

(i) Short term investments

These represent cash held in fixed deposits in various banks. These Investments are placed in short term deposits and are continuously rolled over throughout the period.

22	Borrowings GTL Registrars Greenwich Asset Mgt Limited (Term loan obligations) (Note 22(i)(a)	N'000 1,813 -	N'000 1,813 -	N'000 1,813 -	N'000 1,813 -
		1,813	1,813	1,813	1,813
(i)	Term Loan obligations	N'000	N'000	N'000	N'000
(a) The movement in the Term Loan obligations is as follows:
Balance at the beginning of year		3,966	22,296	3,966	22,296
Additions during the period		-	-	-	-
Repayments		(3,966)	(18,330)	(3,966)	(18,330)
Balance at the end of the period		-	3,966	-	3,966

(b) Finance lease liabilities represent the asset financing facility for the purchase of a Motor vehicle. Future minimum finance lease payments at the end of each reporting period under review were as follows:

Minimum lease payment		Total	Within 1 year	Within 1 to 2 years
31 March 2026 Lease payment		N'000 -	N'000 -	N'000 -
31 December 2025 Lease payment		3,966	3,966	-
(ii) The movement in loan is as follows:	N'000	N'000	N'000	N'000
Balance at the beginning of the period	1,813	5,779	1,813	5,779
Additions during the period	-	-	-	-
Repayments	-	(3,967)	-	(3,967)
	1,813	1,813	1,813	1,813
Amount due within one year	(1,813)	(5,779)	(1,813)	(5,779)
Amount due after one year	(0)	(3,967)	(0)	(3,967)

This current position relates to amount that will fall due to Greenwich Registrar and Data Solution (GRDS).

Lease facility from GAML, a related party, was for the purchase of a Motor Vehicle at a lease rate of interest of 18% Per annum and spread over 24 months. The facilities has been fully completed and lease obligations fully paid.

GROUP COMPANY 2026 2025 2026 2025

23	Employment benefits Balance as at 1 January	N'000 7,615	N'000 7,615	N'000 7,615	N'000 7,843
	Payment for the period	-	(229)	-	(229)
	Balance 31 March	7,615	7,386	7,615	7,615
24	Trade and other payables	N'000	N'000	N'000	N'000
	Trade payables	284,670	387,049	278,830	381,209
	Amount due to related parties (Note 31(i))	225,784	201,612	257,568	233,396
	Total financial liabilities, excluding loans and
	borrowings, classified as financial liabilities measured at
	amortised cost	510,454	588,661	536,400	614,605
	Other payables and accruals (Note 24(a))	462,528	429,168	459,559	426,197
	Total trade and other	972,982	1,017,829	995,959	1,040,802
(a)	Other payables and accruals	N'000	N'000	N'000	N'000
	Value Added Tax (VAT)	9,380	16,821	9,380	16,821
	Withholding tax payable	35,137	33,491	35,094	33,448
	Pay As You Earn (PAYE)	4,332	686	4,332	686
	Accruals	45,150	35,573	45,148	35,571
	Industrial Training Fund	1,557	788	1,557	788
	National Housing Fund	65	65	65	65
	Sundry creditors	114,258	119,280	111,332	116,354
	Customer deposits	130,823	102,476	130,823	102,476
	Pension scheme	14,621	12,781	14,621	12,781
	Unclaimed dividend	107,207	107,207	107,207	107,207
		462,528	429,168	459,559	426,197

(i) In accordance with Pension Reform Act, 2014 the employees of the Company are members of a pension scheme which is managed by pension fund administrators of their choice. The Company is required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Company with respect to the defined contribution plan is to make the specified contributions.

25 Dismantlement and restoration	2026 N'000	2025 N'000	2026 N'000	2025 N'000
Balance as at 1 January	15,143	15,143	15,143	15,143
Provision for the period	-	-	-	-
Balance as at 31 March	15,143	15,143	15,143	15,143

This represents the initial estimate of the cost of dismantling and removing items and restoring the site (Leased building) in respect of Right of use assets as disclosed in Note 17(c).

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Earlier from Meyer

All Meyer news releases