TANTALIZER PLC MANAGEMENT ACCOUNT PERIOD ENDED 31ST MARCH 2026
TANTALIZERS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE PERIOD ENDED 31ST MARCH 2026
NOTE Mar-26 Dec-25 N N
SYSTEM REVENUE 891,540,431 2,904,459,504
TANTALIZERS NET REVENUE | 396,240,192 | 1,290,870,891 | |
Cost of sales | (247,256,408) | (827,086,091) | |
Gross Profit for the year | 148,983,784 | 463,784,799 | |
Other Income | 2 | 57,925,590 | 234,718,299 |
Distribution costs | 3 | (4,299,285) | (3,279,624) |
Write-Backs | 4 | 0 | 77,450,237 |
Administrative Expenses | (195,534,421) | (747,362,510) | |
Operating Profit/ Loss | 7,075,667.90 | 25,311,201 | |
Finance Income | 12,220,055 | 85,401,667 | |
Finance Costs | 5 | (988,775) | (27,015,291) |
Profit/Loss before Tax | 18,306,947 | 83,697,577 |
Taxation (10,960,904)
Profit/Loss after Taxation transferred
to Revenue Reserve 18,306,947 72,736,673
Earnings per share (basic) Kobo | 7 | 0 | (5) |
Earnings per share(diluted) Kobo | 7 | 0 | (5) |
The notes on pages 12 to 25 form an integral part of these financial statements.
TANTALIZERS PLC
STATEMENT OF FINANCIAL POSITION A9 AT 318T MARCH 202B
NOTE Mar•26
Det-25
NON CURRENT ASSETS
Property, Plant and Equipment Long Term Receivables
Long Term Investment in Subsidiaries
4,574,283,205
8 5 0 2
4,880,863,832
4,503,555,300
84,173,669 4,677,728,166
Investment In Taintainment Ltd | 18 | 8,172,125,851 | 7,595,797,2g6 |
Investment In Fisheries Ltd | 18 | 164,882,515 | 164,682,515 |
8,336,808,388 | 7,760,479,811 | ||
CURRENT ASSETS | |||
Inventories | 7 | 77,779,903 | 82,909,859 |
Tedeand omermoe!vabba | 8 | 262,860,318 | 208,508,281 |
Short Term Deposit | 1,725,030,414 | 465,030,414 | |
Cash and Bank equivalents | 570,072,487 | 192,388,097 | |
2,655,743,129 | 956,924,632 | ||
TOTAL ASSETS | 5633 415 2 | 395 133 610 | |
EQUITY & LIABILITIES | |||
EQUITY | |||
Share Capital | 13 | 2,500,000,000 | 2,500,000,000 |
Share Premium | ‹ | z.z e,s 4.606 | 2,248,914,606 |
Deposit for Shara | 640,000,000 | 640,000,000 | |
Revaluation reserve | 3,775,105,577 | 3,775,105,577 | |
Revenue Reserve | 15 | (4,427,131,342) | (4,445,438,289) |
4,737,888,841 | 4,71.9,581,804 | ||
NON CURRENT LIABILITIES
Provisions and deferred income 111,565,371 | 57,530,409 | ||
Borrowings Term Ioana/Finance Leases 12 | 13,157,801 | 15,625,352 | |
124,723,172 | 73,155,762 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 10 | 949,104,144 | 082, t36,017 |
Provisions and deferred income | 11 | 442,944,088 | 455,446,663 |
Leace payables | 11A | 7,100,000,000 | 7,100,000,000 |
Short Term Loan | 200,000,000 | ||
Intercompany(TantainmentLtd) | 2,000,000,000 | ||
Tarm loans/Finance leases | |||
Taxation 78,755,08410,770,803,314 | 84,813,074 8,802,395,954 | ||
TOTAL EQUITY & LIABILITIE6
Managing oire•tor
FRC/g02¥/PkO/DlRf00S/S61S00
8 3 5 32
15,395,133,610
Finance Dlr«stgr
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 2026
PROPERTY, PLANT AND EQUIPMENT
ASSET UNDER | RESTAURANT FURNITURE & | OFFICE FURNITURE & | PLANT & | MOTOR | SOFTWARE | ||||
LAND | BUILDING | CONSTRUCTION | EQUIPMENT | EQUIPMENT | MACHINERY | VEHICLES | EQUIPMENT | T O T A L | |
COST | N | N | N | N | N | N | N | N | N |
As at 1st January 2026 | 3,890,000,000 | 1,684,373,613 | 0 | 1,604,689,722 | 283,057,731 | 717,233,445 | 299,718,815 | 297,092,678 | |
Additions during the period | - | 546,500 | 1,695,000 | 190,000 |
8,776,166,004
2,431,500
0
Reclassification -
Revaluation 0
3,890,000,000 1,663,769,036 | 0 | 1,602,173,047 | 284,752,731 | 711,166,330 | 299,718,815 | 297,092,678 | 8,748,672,637 | |
- 1,214,877,817 | - | 1,542,253,219 | 273,891,865 | 692,330,066 | 287,945,883 | 171,311,854 | 4,182,610,704 | |
7,492,679 (17,917,671) | 1,014,349 (1,120,846) | 727,682.21 | 4,188,699 (6,257,085) | 740,417 | 2,910,503 | 17,074,330 - (25,295,602) | ||
- 1,204,452,826 | - | 1,542,146,722 | 274,619,547 | 690,261,680 | 288,686,300 | 174,222,357 | 4,174,389,432 | |
3,890,000,000 459,316,211 | 0 | 60,026,325 | 10,133,183 | 20,904,650 | 11,032,515 | 122,870,321 | 4,574,283,205 |
Disposal during the period (20,604,577) (3,063,175) (6,257,115) (29,924,867) As At 31st March 2026
DEPRECIATION
As At 1st January 2026 Charge for the period
Reclassification Disposal in the period As At 31st March 2026
NET BOOK VALUE AS
As At 31st March 2026
TANTALIZERS PLC
STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 31ST MARCH 2026
Mar-26 | Dec-25 | |
CASH FLOW FROM OPERATING ACTIVITIES: | N | N |
Cash received from customers | 395,494,969 | 1,526,822,216 |
Cash paid to suppliers and employees | (354,898,253) | (773,642,956) |
Tax paid | (6,057,989) | (3,445,048) |
Net cash (used in)/generated from operating activities | 34,538,726 | 749,734,212 |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Interest Received | 12,220,055 | 85,401,667 |
Short Term Deposit | (1,725,030,414) | (465,030,414) |
Investment in Subsidiaries | (611,216,555) | (7,760,479,811) |
Purchase of property, plant and equipment | (2,431,500) | (94,069,787) |
Proceeds from disposal of Property, plant and equipment | 8,030,000 | 10,300,000 |
Net cash used in investing activities | (2,318,428,414) | (8,223,878,345) |
CASHFLOW FROM FINANCING ACTIVITIES: | ||
Repayments of borrowings | (2,467,551) | (283,339,758) |
Increase in Share premium | - | - |
Equity Injection/Deposit for Shares | 2,000,000,000 | 640,000,000 |
Lease Payable | - | 7,100,000,000 |
Short Term Loan | 200,000,000 | |
Interest paid | (988,775) | (27,015,291) |
Net cash provided by financing activities | 2,196,543,673 | 7,429,644,952 |
NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS | 377,684,400 | (44,499,182) |
Cash & Cash Equivalents at beginning of the year | 192,388,097 | 236,887,280 |
Cash & Cash Equivalents at end of the period | 570,072,497 | 192,388,098 |
REPRESENTED BY:- | ||
Cash at Bank and in Hand Bank Overdraft | 570,072,497 | 192,388,097 - |
Cash & Cash Equivalents | 570,072,497 | 192,388,097 |
(1)
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 2026
1 | SYSTEM REVENUE | Jan-26 N | N | Dec-25 |
COMPANY OWNED OUTLET SALES | 410,108,598 | 1,336,051,372 | ||
FRANCHISEE OWNED OUTLET SALES | 481,431,833 | 1,568,408,132 | ||
891,540,431 | 2,904,459,504 | |||
2 OTHERINCOME | Mar-26 N | Dec-25 N | ||
Rent income | 28,265,582 | 103,843,745 | ||
Other income | 526,000 | 2,232,186 | ||
Franchise Income | 22,622,528 | 118,343,668 | ||
Profit on disposal of fixed assets | 6,511,480 | 10,298,700 | ||
57,925,590 | 234,718,299 | |||
3 DISTRIBUTION COST Advertising/promotions | 9,270,570 | 6,034,560 | ||
2% Franchisees contribution | (5,115,285) | -3,643,836 | ||
E-commerce service charge | - | 0 | ||
Sample products | 144,000 | 888,900 | ||
Product development | 0 | 0 | ||
Staff competition incentives | 0 | 0 | ||
4,299,285 | 3,279,624 | |||
4 WRITE-BACKS/PROVISIONSNOLONGERREQUIRED | Jan-26 N | Dec-25 N | ||
Write backs | 0 | 77,450,237 | ||
0 | 0 | 77,450,237 | ||
Write back Breakdown Provision for FRCN | 0 | 14,020,758 | ||
13,000,000 | ||||
18,194,586 | ||||
32,234,893 | ||||
Total | 0 | 77,450,237 | ||
OPERATING PROFIT/(LOSS) is arrived at after charging/(crediting) | Mar-26 N | 46022 N | ||
Directors' emoluments: Fees | 3,350,000 | 3,350,000 | ||
Other emoluments | 53,400,000 | 53,400,000 | ||
Depreciation | 17,074,330 | 79,692,685 | ||
Auditors' Remuneration | 2,500,000 | 2,500,000 | ||
(Profit)/Loss on sale of fixed assets | 6,511,480 | 10,298,700 | ||
FINANCE COSTS | Mar-26 N | Dec-25 N | ||
5 This comprises of | ||||
Interest on Term Loan | 0 | 22,564,800 | ||
Interest income | (12,220,055) | (85,401,667) | ||
Other Charges (COT etc) | 988,775 | 4,450,490 | ||
(11,231,280) | (58,386,376) | |||
TAXATION 6 Per Profit and loss acount Income Tax Provision | Mar-26 | Dec-25 6,454,354 | ||
Education Tax Capital Gain Tax Per Statement of Financial Position As at the beginning of the year | 84,813,074 | 4,506,550 10,960,904 77,297,219 | ||
Tax Charge Payment During the year | - 84,813,074 | - 77,297,219 | ||
WHT Credit Notes Utilised during the Year | (6,057,990) | (3,445,049) | ||
78,755,084 | 84,813,074 | |||
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 2026
7 INVENTORIES | Mar-26 | Dec-25 |
N | N | |
Raw Materials & Finished Products | 63,008,901 | 77,909,206 |
Printing & Stationery | 1,927,650 | 1,927,650 |
Engineering, kitchen & Staff uniform | 4,073,991 | 3,491,908 |
Packaging Materials | 3,226,297 | 0 |
Gift cards | 4,238,400 | 4,238,400 |
Work-in-Progress | 0 | 0 |
Marketing Stores | 495,923 | 495,923 |
Cleaning Materials | 130,486 | 47,263 |
Gas & Diesel | 678,256 | 4,799,511 |
77,779,903 92,909,859
8 TRADE AND OTHER RECEIVABLES | Mar-26 N | Dec-25 N |
NON - CURRENT | ||
Rent prepaid | 86,580,627 | 84,173,869 |
This consist of rents paid in advance on outlets that would last more than 12 months. | ||
CURRENT | ||
Trade Receivables | 98,485,919 | 55,779,269 |
Group Escrow Account | 56,210,292 | 54,750,000 |
Rent prepaid | 13,321,248 | 13,321,248 |
Amortization | 62,022,507 | 62,156,780 |
Prepayment | 1,429,167 | 2,016,667 |
Witholding Tax Receiveable | 13,555,233 | 15,533,437 |
Staff Debtors | 17,835,950 | 3,038,860 |
262,860,316 | 206,596,261 | |
9 CASH AND CASH EQUIVALENTS | Mar-26 | Dec-25 |
N | N | |
Cash Balances | 4,637,268 | 5,055,389 |
Bank Balances | 565,435,229 | 187,332,708 |
Cash & Cash equivalents | 570,072,497 | 192,388,097 |
Bank Overdrafts | - | - |
Cash and cash equivalents in cashflow statement | 570,072,497 | 192,388,097 |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 2026
10 TRADEANDOTHERPAYABLES | Mar-26 N | Dec-25 N |
Trade Creditors | 34,621,361 | 46,899,029 |
Other payables | 914,482,783 | 915,236,988 |
949,104,144 | 962,136,017 |
The company's policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on the timely submission of invoices and other required confirmation of supply documents.
11 | PROVISIONS AND DEFERRED INCOME | Mar-26 N | Dec-25 N |
Non - Current | |||
Deferred income | 79,753,994 | 43,405,575 | |
Retro-Franchise Deposits | 31,811,377 | 14,124,835 | |
111,565,371 | 57,530,409 |
This relates to amounts received as rental income for unutilized spaces in various outlets that would expire after 12 months.
Current Provisions & Accruals | 241,887,836 | 254,390,613 | |
Provision for Directors fee | 95,370,000 | 95,370,000 | |
Directors Loan | 55,000,000 | 55,000,000 | |
Retro-Franchise Deposits | 3,028,500 | 3,028,500 | |
Deposit on Rent | 47,657,750 | 47,657,750 | |
442,944,086 | 455,446,863 | ||
11B | LEASE PAYABLES Grand Media Project Ltd | 3,500,000,000 | 3,500,000,000 |
Hontar Projects | 3,600,000,000 | 3,600,000,000 | |
7,100,000,000 | 7,100,000,000 |
These are assets acquired not yet paid for but with an agreed promissory notes through allocation of Shares or cash payment or both
Deferred income relates to amounts received as rental income for unutilized spaces in various outlets that would expire within 12 months.
BORROWINGS | Mar-26 N | Dec-25 N | |
12 | Non - Current Secured Loans | ||
Eco-Bank Plc Restructured Loan due year 2031 | 0 | 0 | |
CFS Lease | 13,157,801 | 15,625,352 | |
13,157,801 | 0 15,625,352 | ||
Ecobank loan was fully paid in the month of June 2025. |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 2026
Mar-26 Dec-25
12A SHORT TERM LOAN -
Unsecured Loan
Infra Bridge Ltd 200,000,000
200,000,000 0
This relates to short term convertible loan
12B INTER COMPANY(TANTAINMENT)
RGM Matrix Materials Solution 1,000,000,000
Asset Matrix Microfinance Bank Ltd 500,000,000
Rickgreen Master Invest. Ltd 500,000,000
2,000,000,000 0
This represents deposit received in advance for Tantainment Ltd
SHARECAPITAL Mar-26 Dec-25
N N
Authorised:
5,000,000,000 Ordinary Shares of 50k each 2,500,000,000 2,500,000,000
Issued and fully paid: N N
5,000,000,000 Ordinary Shares of 50k each
2,500,000,000 2,500,000,000
13b TANTALIZERS PLC
FREE FLOAT STATUS AS AT 31ST DECEMEBR 2025 (30%
ACCT NO NAME ADDRESS
PERCENT
TOTAL HOLDING
11020
GOLDEN ANKS INTEGRATED S 2ND FLOOR MIKAY PLAZA 21 R
14
686,452,253.00
16684
SIAKPERE OMOEFE 110 EFFURUNSAPELE ROAD EF
1
50,000,000.00
14564
DOTONI INTEGRATED SERVICE 751A BABATUNDE ATEERE OM
5
250,000,000.00
15750
OKUMBOR EWERE LUCKY 17A CHIEF AUGUSTINE ANOZIE
2
109,134,730.00
13580
BANKLINK AFRICA PRIVATE EQ15A ABIODUN OLUSHOLA MAG
12
600,000,000.00
11291
AYENI MOFOLUWASO OLUYEMP.O.BOX 3608 FESTAC TOWN LA
7
339,660,613.00
12796
FOOD SPECIALTIES & ORGANI 117 MOSHOOD OLUGBANI STRE
19
946,792,585.00
12739
ADEYERI FOLARANMI ABAYOMECOBANK WRPC EKPAN WARR
1
50,000,000.00
16611
PILOT SECURITIES LTD PROP T41 SOBO AROBIODU STREET G
8
407,712,912.00
27
AYENI GRACE ABOSEDE MIKAY PLAZA 21RD, I CLOSE FE
2
78,153,341.00
SUB TOTAL
70
3,517,906,434.00
FLOATING
30
1,482,093,566.00
TOTAL
100
5,000,000,000.00
NOTE:
30% OF THE SHAREHOLDING IS FLOATING
SHARE PREMIUM
This represents the excess of consideration paid over the nominal value of the 1,026,630,526 shares issued during the private placement offer in year 2008, 261,627,906 shares issued during the
special placement offer in year 2010 and 1,788,372,094 shares issued during private placement offer in year 2025.
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 202615 REVENUE RESERVE | Mar-26 | Dec-25 | |||||
N | N | ||||||
At 1st January 2025 | (4,445,438,289) | (4,518,174,963) | |||||
Profit/Loss for the year | 18,306,947 | 72,736,674 | |||||
Balance Transferred to Balance Sheet | (4,427,131,342) | (4,445,438,289) | |||||
16 CHANGES IN EQUITY Share | Share | Revaluation | Retained | Total | |||
Capital N | Premium | N | Reserve N | Deficit N | N | ||
As at 1st Jan 2025 | 2,500,000,000 | 2,249,914,606 | 3,775,105,577 | (4,445,438,289) | 4,079,581,893 | ||
Profit for the period | 18,306,947 | 18,306,947 | |||||
-
Movement in revaluation reserve - -Movement in Share Capital 0
2,500,000,000 2,249,914,606 3,775,105,577 (4,427,131,342) 4,097,888,841
TANTALIZERS PLC NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH 202617 DEPOSITFORSHARES | Mar-26 | Dec-25 |
N | N | |
Pilot Sec. Ltd | 640,000,000 | 640,000,000 |
640,000,000 | 640,000,000 |
This is cash injection toward acquisition of shares by Pilot securities Ltd
18 INVESTMENTINSUBSIDIARIES | Mar-26 | % | Dec-25 |
Investment In Taintainment Ltd | 8,172,125,851 | 7,595,797,296 | |
Investment In Fisheries Ltd | 164,682,515 | 164,682,515 | |
8,336,808,366 | 7,760,479,811 |
This represents part -investment of Tantalizers plc with 70% shareholding in subsidiaries
=