Year end - financial statement for 2024

Multi-Trex Integrated Foods Plc

Unaudited Financial Statements For The Year Ended 30th April, 2024

Multi-Trex Integrated Foods Plc Km 29, Lagos-lbadan Expressway, Warewa, Ogun State

Nigeria

Tel: +2348033130118

Email: info@multitrexplc.com Website: https://www.muItitrexpIc.com

Contents

Directors and Other Corporate Information Results at a Glance

Certification of Pursuant to Section 60(2) Statement of Directors' Responsibilities Directors

and their Interest

Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position

Statement of Changes in Equity Statement of Cash Flows

Notes to the Financial Statements

Page

1

2

3

4

5

6

7

8

9

10

Directors And Other Corporate Information

Board of Directors:

Dr. Segun Aina OFR Mr. Yusuf Isiaka Hon. Ajibola Ogunsiji

Mr. Olu Abayomi Sanya Mr. Anthony Chisnall Dr. Teju Bolujoko

Mrs. Moni Owofemi

Alhaji Murthada A. Adeniji Mr. Nurain O. Hassan

Tax Identification Number: Registered office:

Registration No. Registrars:

Independent Auditor:

Legal Advisers:

Company Secretary:

Bankers:

Members of the Statutory Committee:

Chairman/Non -Executive Executive

Non -Executive Non -Executive Non -Executive Non -Executive Non -Executive Non-Executive Non -Executive

01689138-0001

Km 29, Lagos- Ibadan Expressway, Warewa,

Ogun State. RC 370490

Meristem Registrars Limited 213, Herbert Macaulay Way, Sabo, Yaba, Lagos

Baker Tilly Nigeria, (Chartered Accountants) Kresta Laurel Complex (4th Floor),

376, Ikorodu Road, Maryland, Lagos.

A. A. Sogunle & Associates 1, Olawaiye Street,

Off Akinwumi Street, Anifowose, Ikeja, Lagos.

Sogunle Adebisi Adekunle

Access Bank Plc Guaranty Trust Bank Plc

First City Monument Bank Plc Nigerian Export-Import Bank (NEXIM) Zenith International Bank Plc

Assets Management Corporation of Nigeria Lotus Bank Limited

Mr. 'Biyi Olufowobi Chairman Mr. Emmanuel Chibuzor Member Mr. Abayomi Olaofe Member Mr. Olu Abayomi Sanya Member Mr. Yusuf Isiaka Member

Certification Pursuant To Section 6o (z) Of Investment And Securities

Act no.zg OfzOO7

We the undersigned hereby certify the following with regards to our unaudited

financial statements for the year ended 3o ApFiI 2024that:

1. We have reviewed the report;

2. To the best of our knowledge, the report does not contain:

   1. any untrue statement ofa material fact,

   2. or omit to stae amaterial fact, which wouldmake the statements misleading in the light

      of circumstances under which such statements were made;

3. To the best of our knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition and results of operation of the company as of, and for the period presented in the report;

4. We:

   1. are responsible for establishing and maintaining internal controls;

   2. have designed such internal controls to ensure that material information relating to the company and is made known to such officers by others within the company particularly during the period in which the reports are being prepared;

   3. have evaluated the effectiveness of the company's internal controls as of date within 9odays prior to the report;

   4. have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of our last audited financial statements

5. We are not aware of and have disclosed as such to the audit committee:

   1. all significant deficiencies in the design or operation of internal controls which would

      adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's audit committee any material weakness in internal controls; and

   2. any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;

(g We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Mr. Yusuf Isaika Managing Director/CEO

FRC/2 +3/ICAN/ooOoo 373O

Mr. Ashiru Afees Adewale Chief Financial Officer

FRC/zoos/PRO/ICAN/ooh/+479O4

Statement of Directors'Responsibilities

The directors of Multi-Trex Integrated Foods Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the company as at3othApril, 2Oz4, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with the International Financial Reporting Standards ("IFRS") and in the manner

required by the Companies and Allied Matters Act of Nigeria and the Financial Reporting Council of Nigeria Act, aozz.

In preparing the financial statements, the directors are responsible for:

• Properly selecting and applying accounting policies;

• Presenting information, including accounting policies, in manner that provides relevant, reliable, comparable and understandable information

• Providing additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable user to understand the impact of a particular transactions, other events and conditions on the company's financial position and financial performance, and

• Making an assessment of the company's ability to continue as a going concern. The directors are responsible for:

  • Designing, implementing and maintaining an effective and sound system of internal controls throughout the company;

  • Maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company, and which enable them to ensure that the financial statements of the company comply with IFRS;

  • Maintaining statutory records in compliance with the legislation of Nigeria and IFRS

  • Taking such steps as are reasonably available to them to safeguard the assets of the company; and

  • Preventing and detecting fraud and other irregularities.

Going Concern:

The directors have made an assessment of the company's ability to continue as a going concern

and have no reason to believe the company will not remain a going concern in the year ahead.

Mr. Olu Abayomi Sanya Director FRC/zozz,/ClSN/ooOOOOO9** 7

Mr. Yusuf Isiaka

Managing Director/CEO

FRC/2O*3/lCAN/ooOOOOO373

Directors And their Interest

S/No. Names of Directors

1. Dr. Segun Aina OFR

2. Mr. Yusuf Isiaka

3. Hon. Ajibola Ogunsiji

   Title

   Chairman / Non -Executive Executive/MD/CEO

   Non-Executive

   No of Shares as at Sept. 30, 2024

   Direct Indirect

   (Units) (Units)

   4,100,000 -

   7,149,520 -

4. Mr. Olu Abayomi Sanya Non-Executive 1,000,000 142,742,278

5. Mr. Anthony Chisnall

6. Dr. Teju Bolujoko

   Non-Executive Non-Executive

7. Mrs. Moni Owofemi

   Non-Executive

   372,409,362

8. Alhaji Murthada A. Adeniji Non-Executive

9. Mr. Nurain O. Hassan* Non-Executive

*Joined on September 20, 2024

788,643,533**

** This shareholding constitutes only the first of a three-part allotment agreed with N-Foods Universal Concept Limited, of which regulatory approval has been obtained. The approval process for the second and the third tranches are to follow later.

Statement of Profit or Loss And other Comprehensive Income for the:

Year ended 3Oth Year Ended 3oth April, aok/ April, 2O*3

Unaudited Audited

Other comprehensive gain/(loss) reclassified to profit or loss in subsequent periods

Revaluation charge

Total Comprehensive profit / (loss) for the period net of tax

485,350

(54 7 *)

Statement of Financial Position As at

NON CURRENT ASSETS

Fixed Assets

Biological asset

Plants Revamping WIP Deffered Charges

TOTAL NON-CURRENT ASSETS

CURRENT ASSETS

NOTES

zb

2

Year ended 3Oth April,

Unaudited

N'ooo

1$tO5* 399

Year ended 3oth April,

2O*3

Audited N'ooo

+4 z62 795

Inventories k

Receivables $

Bank and Cash balances & NDC-Cert 6

TOTAL CURRENT ASSETS

TOTAL ASSETS

9+8,869

z6,145 999

LIABILITIES

CURRENT LIABILITIES

Borrowing

Creditors & accruals Dividend Payable Taxation

NON CURRENT LIABILITIES

Deposit for shares Term Loan Employee benefits

Deferred tax liabilities

TOTAL LIABILITIES NET ASSETS EOUITY

Share Capital Share Premium

Revaluation Reserve Revenue Reserve TOTAL EouiTY

*4 188,325

z, z39,236

*9 6, 200,OOO

12

3

xo,6•7.546

>*i756,782

4 zt26,086

xo (3,300,512)

4 426,086

z6z,6

3 g62 34

2, OO, 000

z.*98,ooo 487 47

* 7 43

* 492,916

+4 455 26§

z,6g^ 735

z,861, 247

44O,423

0 446,3 9

(6,O57*S4)

z,6g• 735

TOTAL LIABILITIES AND EOUITY

z6,*45 999

Director FRC/2014/CISN/00000009887

Mr. Yusuf Isiaka

Managing Director/CEO Chief Financial Officer FRC/2013/ICAN/00000003730 FRC/2025/PRO/ICAN/001/147904

Statement of Changes in Equity For The Year Ended 3oth A Fit, 2024

Issued share

capital Share premium Revaluation reserve Retained earnings Total equity N'ooo N'ooo N'ooo N'ooo N'ooo

Balance at3othA Fil • *3 Profit for the year

Other comprehensive income Balance at3 th April zozs

x,86x,°$7 1,$ftO, $23

4›446,3O9

04*09*

(s s50,512

2, z76,085

(2i3 )

(6,0S7 2§$)

506,731

x,69 735 s06,731

(22 3 ^)

Notes to the Financial Statements

Reporting Entity:

The company was incorporated on 3othNovember 999 as alimited liability company in accordance with the provisions of the Companies and Allied Matters Act zggo. The company was converted

to Public Liability company on 2 October zoo8 in accordance with the provisions of the Companies and Allied Matters ACt +99O.The principal activity of the company continues to be the

processing of cocoa beans, exportation of industrial cocoa products as well as manufacturing and domestic

marketing of cocoa-based consumer products.

Significant Accounting Policies:

The accounting policies adopted in the preparation of this financial Statements are consistent with those followed in the preparation of the company's annual financial statement for the year ended 3°th April

2O23.The company has not early adopted any other standard interpretation or amendment that has been issued but has yet to be effective as at the date of this financial statements.

Basis of preparation:

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS) issued by the international Financial Reporting Interpretation Committee (IFRIC) and in accordance with the requirements of Financial Reporting Council of Nigeria (FRCN) Act No 6, 2ozz and Companies and Allied Matters Act zozo.

The financial statements have been prepared on the historical cost basis. These financial statements are presented in Nigerian Naira, which is the company's functional currency. All financial information presented in Naira has been rounded to nearest thousand.

Significant Accounting Judgments, Estimate and Assumptions

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Page 10

z. FIXED ASSETS

FACTORY OTHER LANDED MX-NEW

BUILDING z PROPERTY WAREHOUSE

PLANT & ROAD NETWORK MACHINERY -

FACTORY z

FURNITURE,

MOTOR VEHICLE FITTINGS & TOTAL

EQUIPMENTS

As at both April, zozz, As at 3 th April, aoz$

* *33 4*4

a,a6$,8g6

9 7® 57*

- ^ 76y

*3 76a,88a

z,z6a,Szg

z,z63 g6

63 *3

zo,z6z,‹s

Biological assets

Cost

Bearer biological assets revaluation deficit

Accum depr

8g,$o6 8g,§o6

°°°3

N'ooo

‹.s 6

4 5 6

At z May revaluation transfer charge for the year

At 3OApril

$,6a8

z,8i

8,qqz

z,8 4

z 8

s,6z8

Page 11

Carrying amount 76 o6§

3 DEFFERED TAXATION

DEFERRED TAX ASSETS

At z May

movement in the year

At 3 April

DEFERRED TAX LIABILITIES

At z May

movement in the year At 3 April

DEFRRED TAXATION-INCOME ACCOUNT

Deferred tax asset Deferred tax liabilities

INVENTORIES

Finished Goods Work-In-Progress

Raw Materials- Cocoa Beans Goods in transit

Packaging, Energy & Consumables

1. RECEIVABLES

   EEG Receivables

   Trade Debtors

   Sundry Debtors & Receivables

2. BANK & CASH BALANCES

   Cash In Hand Cash at Bank

   NDC -Certificate with Bank NDC -Certificate @ Hand

   Year Ended 3oth April, aoa§ Year Ended 3oth April, (Unaudited) • *3 (Audited)

   N'ooo N'ooo

   
   
   
   
   
   

   2O7 43

   
   
   

   9•787

   gog,o8z

   gs8,869

   
   
   
   
   
   

   zip # #**355

   
   
   

   * 34 g66

   y SHARE CAPITAL

   Unaudited 2ozq Audited zoa3 N'ooo N'ooo

   As at

   New Issues

   8 SHARE PREMIUM

   As at est May,

   Transfer from Revenue Reserve

   z,86z,*47

   z,86z,*17

   44 423

   *44 4°3

   z,86z,*47

   z,86z,*47

   *44O,423

   
   
   

   g REVALUATION RESERVE"*"

   As at est May,

   Current Revaluation Surplus

   
   
   

   4 4 3 54 4 47 37

   ***The reserve arose the revaluation of the company's Property, plant and equipment. The revaluation exercise was carried out by Knight Frank (Estate Surveyors & Valuers, Chartered Surveyors for Asset Management Corporation of Nigeria dated September 9, 2021. The revaluation report however states a clause that the result of the report is solely for the use of the client and without the express written consent of the Valuer, neither the whole nor any part of the valuation may be referenced in any form.

   * PROFIT & LOSS ACCOUNT

   Profit/ (Loss) brought Forward Profit/ (Loss) for the year

   ** MEDIUM TERM LOAN

   AMCON - 9 Year Nz 7bnTerm Loan

   (3 7 +kk) (4.95 ,8oo)

   s06,731 (1,098,441)

   (3,300,512) (6,057 *45)

   3 7*5 225 7 298,ooo

   Nexim N47OMStOcking Facility

   zzb BORROWING

   Nexim Bank Nk7OmLoan Bank overdraft

   3 7*5 **5

   5 4 28z

3. •g8,ooo

$o§,z8z 45 OSS

5O/a82 519 337

zzb(i) BANK OVERDRAFTS

Zenith Bank Falomo Account

FCMB- Nzbn Stocking facility

zz EMPLOYEE BENEFITS

Staff benefits

1 4 8 3

1 7‹178

Year Ended 3oth A Fil 2Ozk Year Ended 3oth April 2023

Unaudited Audited

N'ooo N'ooo

>3 Trade Creditors Accounts Payable Interest payable Accruals

TAXATION

Statement of profit/loss

*S TURNOVER

Export Sales

Local Sales

41 5*7

8o,az6 s6s.x83 756,7+2

* 116,6 g

(26,670)

x,oo6,s6o

xz,g63

RtOA9 5>3

43 893

*.36o,5•7

6 ,z83

281751

3 25^356

(iiz)

5 468

5 468

x6 COST OF SALES :

Direct Materials/ Labour & Others

48s. 34

4 5 ^34

*7 OTHER INCOME

Profit/(Loss) on Exchange Difference Scrap sales

Sundry income Dividend Income Bank interest

Commission on Export

35+

855

255

26,4*6 z69 OO5 20:1,643

S37#

6, 222

x8 OPERATING EXPENSES / FINANCE CHARGES

3o8,xo8

793 88z

* 303. 99*

Finance Charges

General/operating Exp.

*9 DEPOSIT FOR SHARES

6, 2OOt OOO

*i 5OOtOOO.OO

This is the payment made on behalf of the company by N-Foods Universal Concept Limited to AMCON to part-settle the company's indebtedness in exchange for the company's ordinary shares.

Year ended 3 th April, zozg

Unaudited Unaudited

N'ooo N'ooo

Year Ended 3 th April, zO23

Audited Audited

N'ooo N'ooo

zo CAPITAL MANAGEMENT

Interest bearing loans and borrowings Trade and other payables

less:cash and short terms deposits

Net debt Equity

Deposit for shares

Capital and net debt

Gearing ratio(%)

,"9,go8 z $6,629 (2, 211 599)

4,426,086

6,zoo,ooo

3 46/,5$8

10,626,086

14,090,623

7.8s7337

9 749 7*7