untalizers
Tantalizers Plc Management account
PERIOD ENDED 30TH SEPTEMBER 2025
TANTALIZERS PLC
NOTES
STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
Sep-25
N
Dec-24
N
SYSTEM REVENUE | 1 | 2,054,846,508 | 2,902,588,052 |
TANTALIZERS NET REVENUE | 913,265,115 | 1,198,497,681 | |
Cost of sales | (602,804,028) | (773,334,566) | |
Gross Profit for the year | 310,461,087 | 425,163,115 | |
Other Income | 2 | 159,072,025 | 123,289,785 |
Distribution costs | 3 | 10,322,799 | (3,147,414) |
Write-Backs | 4 | 59,898,959 | 90,615,451 |
Administrative Expenses | (539,944,022) | (825,852,587) | |
Operating Profit/ Loss | (189,152) | (189,931,650) | |
Net Finance Costs | 5 | 41,334,515 | (69,661,692) |
Profit/Loss before Tax | 41,145,363 | (259,593,342) | |
Taxation | 6 | (5,992,488) | |
Profit/Loss after Taxation transferred to Revenue Reserve | 41,145,363 | (265,585,830) | |
Earnings per share (basic) Kobo | 1 | (5) | |
Earnings per share(diluted) Kobo | 1 | (5) | |
The notes on pages 12 to 25 form an integral part of these financial statements.
TANTALIZER9 PLC
STATEMENT OF FINANCIAL PO9ITIf iN AS AT 30TH SEPT 2025
NON CURRENT ASSETS | NOTE | Sep-25 N | ||
Progeny, Plnnt and Eq iipilieril | 10,607. i07 417 | 1,742,739,019 | ||
Long Term Receivables | 77,•'11,994 | 88,285,545 | ||
10,685,179 411 | 1,831,024,564 | |||
CURRENT ASSETS | ||||
Inventories | 7 | 63.i!i4 426 | 67,833,360 | |
Trade and other receivables | 6 | 398,fi15 177 | 203,717,608 | |
Short Term Deposit | 458,!›i!5,366 | 614,133,209 | ||
Cash and Bank equivalents | 9 | 686,'Jti5 546 | 236,887,280 | |
1,607, i00,515 | 1,122,571,457 | |||
TOTAL ASSETS | 12,290,079.924 | 2,953,596,021 | ||
EQUITY & LIABILITIES | ||||
F-CiuiTY | ||||
Share Capital | 13 | 2,500,(›00,000 | 2.500,000,OOO | |
Share Premium | 14 | 2,249,?14,606 | 2.249,914,606 | |
Deposit for Share | 17 | 640,(l00,000 | ||
Revaluation reserve | 3,678,4 13,250 | 938,335,517 | ||
Revenue Reserve | 15 | (4,477,(I?!9,600) | (4,518,174,939) | |
4,591,‹'{8,257 | 1,1 ?'0.075,184 | |||
NON CURRENT LIABILITIES | ||||
Provisions and deferred income | 107,f›R4 292 | 11,499,880 | ||
Borrowings | ||||
Term loans/Finance Leases | 12 | 18, i92,904 | 264,873,396 | |
125,677,196 | 276,373,276 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 10 | 1,097,*441,441 | 1,058.151.576 | |
Provisions and deferred income | 11 | 303,?g6,179 | 337,607,052 | |
Lease Payables | 11B | 6,100,000,000 | ||
Borrowings | ||||
Overdrafts | ||||
Term loans/Finance leases | 34.091,714 | |||
Taxation | 6 | 74 t•£t6 851 | 77,297.219 | |
7,576,1£l4,471 | 1.507,147,561 | |||
TOTAL EQUITY & LIABILITIES
F kC/202SYPRO/DlR/003/36t 360
2,953,596,021
Mr Bamidele Oke Fl‹jance Oirgctqr
FRC/2MICAN/e000ooo723e
TANTALIZERS PLCSTATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
CASH FLOW FROM OPERATING ACTIVITIES: | Sep-25 N | Dec-24 N |
Cash received from customers | 888,513,125 | 1,338,403,218 |
Cash paid to suppliers and employees | (768,453,234) | (912,583,055) |
Tax paid | (2,730,368) | (53,254,393) |
Net cash (used in)/generated from operating activities | 117,329,522 | 372,565,770 |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Interest Received | 67,633,092 | 50,497,102 |
Short Term Deposit | (458,525,366) | (594,158,209) |
Purchase of property, plant and equipment | (84,981,838) | (2,473,413) |
Proceeds from disposal of Property, plant and equipment | ||
Net cash used in investing activities | (475,874,112) | (546,134,520) |
CASHFLOW FROM FINANCING ACTIVITIES: | ||
Repayments of borrowings | (263,603,931) | (87,464,685) |
Increase in Share premium | 178,837,209 | |
Equity Injection/Deposit for Shares | 640,000,000 | 894,186,047 |
Interest paid | (26,298,577) | (120,158,794) |
Net cash provided by financing activities | 350,097,492 | 865,399,777 |
NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS | 450,078,268 | 212,965,978 |
Cash & Cash Equivalents at beginning of the year | 236,887,280 | 23,921,302 |
Cash & Cash Equivalents at end of the period | 686,965,547 | 236,887,280 |
REPRESENTED BY:- | ||
Cash at Bank and in Hand Bank Overdraft | 686,965,546 | 236,887,280 |
Cash & Cash Equivalents | 686,965,546 | 236,887,280 |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
PROPERTY, PLANT AND EQUIPMENT
LAND
BUILDING
EE
ASSET IN PROGR
MENN' EQ' MENT MACHINERY
SOFMARE
EQUIPMENT T 0 T A L
N N
COST | ||||||||||
As at 1st January 2025 | 1,053,229,940 | 1,864,705,790 | 0 | 1,863,406,810 | 277,906,863 | 734,704,777 0 | 288,988,815 | 295,092,B78 | 5,9Z8,04 5,473 | |
Additions during the period | 2,764 ,957,733 | 6, 429,860,200 | 0 | 8,401,300 | 24,840,338 | 8,925,059,571 | ||||
Revaluation | 0 | |||||||||
Disposal during the period | 0 | 0 | ||||||||
As At 30th Sept 2025 | 1,053,229,940 | 4,426,663,523 | 6,129,860,200 | 1,663,406,610 | 286,308,163 | 759545114.9 | 288,968,815.00 | 295,092,678.00 | 14,903,075,044 | |
DEPRECIATION | ||||||||||
As At 1st January 2025 1,191,561,327 1,599,521,878 276,466,356 721,337,760 286,880,986 159,508,147 4,235,276,454
30,394,499
8,120,448
1,263,094
10,586,728
8,828,526
59,831,173
Reclassification Disposal in the period As At 30th Sept 2025
1,221,955,826
0 1,607,642,326 277,729,450
731,924,488
287,518,865
0.00
168,336,673 4,295,107,627
NET BOOK VALUE As At
31st December 2024
1,053,229,940 3,204,707,697 6, 429,860,200 8,578,713 27,620,627 1,449,950 126,756,005 10,607,967,4 47
1053229940
520,761,465
147,388,238
1,836,725,019
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
1 SYSTEM REVENUE | Sep-25 N | Dec-24 | ||
COMPANY OWNED OUTLET SALES | 945,229,394 | 1,198,497,681 | ||
FRANCHISEE OWNED OUTLET SALES | 1,109,617,114 | 1,704,090,371 | ||
2,054,846,508 | 2,902,588,052 | |||
2 OTHER INCOME Rent income | Sep-25 N 74,185,001 | Dec-24 42,967,300 | ||
Other income | 571,000 | 10,443,602 | ||
Franchise Income | 81,526,024 | 67,998,884 | ||
Profit on disposal of fixed assets | 2,790,000 | 1,880,000 | ||
159,072,025 | 123,289,786 | |||
3 DISTRIBUTION COST Advertising/promotions | 4,058,360 | 11,075,724 | ||
2% Franchisees contribution | (15,204,659) | (8,225,668) | ||
E-commerce service charge | 71,858 | |||
Sample products | 823,500 | 100,000 | ||
Product development | 0 | 5,500 | ||
Staff competition incentives | 0 | 120000 | ||
-10,322,799 | 3,147,414 | |||
4 WRITE-BACKS/PROVISIONS NOLONGER REQUIRED Write backs | Sep-25 N 59,898,959 | Dec-24 90,615,451 | ||
59,898,959 | 90,615,451 | |||
OPERATING PROFIT/(LOSS) is arrived at after charging/(crediting) | Sep-25 N | Dec-24 | ||
Directors' emoluments: Fees | 3,350,000 | 3,350,000 | ||
Other emoluments | 53,400,000 | 53,400,000 | ||
Depreciation | 59,831,173 | 142,635,265 | ||
Auditors' Remuneration | 2,500,000 | 2,500,000 | ||
(Profit)/Loss on sale of fixed assets | 2,790,000 | 1,880,000 |
FINANCE COSTS | Sep-25 N | Dec-24 | |||
This comprises of Interest on Term Loan | 22,564,800 | 95,525,166 | |||
Interest income | (67,633,092) | ||||
Other Charges (COT etc) | 3,733,777 | 9,799,997 | |||
(41,334,515) | 105,325,163 | ||||
6 | TAXATION Per Profit and loss acount Income Tax | Sep-25 | Dec-24 5,819,102 | ||
Education Tax Capital Gain Tax | 16,482,491 | ||||
Per Statement of Financial Position | 22,301,593 | ||||
As at the beginning of the year | 77,297,219 | 124,559,124 | |||
Tax Charge | 5,992,488 | ||||
Payment During the year | 77,297,219 | 130,551,612 | |||
WHT Credit Notes Utilised during the Year | (2,730,368) | (53,254,393) | |||
74,566,851 | 77,297,219 |
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
7 INVENTORIES | Sep-25 N | Dec-24 | ||
Raw Materials & Finished Products | 48,595,561 | 52,672,113 | ||
Printing & Stationery | 1,884,489 | 1,884,489 | ||
Engineering, kitchen & Staff uniform | 3,633,134 | 3,575,258 | ||
Packaging Materials | 589,059 | 0 | ||
Gift cards | 4,238,400 | 4,238,400 | ||
Work-in-Progress | 0 | 0 | ||
Merketing Stores | 4,396,489 | 4,605,561 | ||
Cleaning Materials | 101,292 | 57,105 | ||
Gas & Diesel | 356,002 | 800,844 | ||
63,794,426 67,833,770 | ||||
8 TRADE AND OTHER RECEIVABLES NON - CURRENT | Sep-25 | Dec-24 R N | ||
Rent prepaid | 77,211,994 | 88,285,545 | ||
This consist of rents paid in advance on outlets that would last more than 12 months. | ||||
CURRENT Trade Receivables | 58,175,586 | 60,107,695 | ||
Group Suspense Receivable | 239,642,360 | |||
Rent prepaid | 13,321,248 | 11,494,872 | ||
Non Trade Receiveables | 0 | 0 0 | ||
Amortization | 65,504,920 | 97,889,985 | ||
Others | 0 | 0 | ||
Witholding Tax Receiveable | 18,352,924 | 27,617,553 | ||
Staff Debtors | 3,618,140 | 6,607,506 | ||
398,615,177 | 203,717,611 | |||
Sep-25
Dec-24
N | x | N | ||
Cash Balances | 2,999,160 | 4,373,614 | ||
Bank Balances | 683,966,386 | 232,513,666 | ||
Cash & Cash equivalents | 686,965,546 | 236,887,280 | ||
Bank Overdrafts | ||||
Cash and cash equivalents | in cashflow statement | 686,965,546 | 236,887,280 | |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025
10 | TRADE AND OTHER PAYABLES | Sep-25 N | Dec-24 | |
Trade Creditors | 63,948,831 | 92,523,675 | ||
Creditors - Directors | 26,682,000 | 0 | ||
Other payables | 1,007,310,611 | 965,627,902 | ||
1,097,941,441 | 1,058,151,577 |
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 | Sep-25 N | Dec-24 | |
Non - Current | ||||
Deferred income | 77,543,619 | 5,185,110 | ||
Retro-Franchise Deposits | 30,040,673 | 6,314,770 | ||
107,584,292 | 11,499,880 |
This relates to amounts received as rental income for unutilized spaces in various outlets that would expire after 12 months.
Current | ||
Provisions & Accruals | 253,545,199 | 281,958,052 |
Provision for Directors fee | 42,028,333 | 40,570,000 |
Retro-Franchise Deposits | 4,815,997 | 4,879,000 |
Deposit on Rent | 3,206,650 | 10,200,000 |
303,596,179 | 337,607,052 | |
LEASE PAYABLES | |||
11 B | Grand Media Project Ltd | 3,500,000,000 | 0 |
Hontar Projects | 2,600,000,000 | 0 | |
6,100,000,000 | |||
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.
Provision for Directors fee of N41,153,333 has been outstanding for the past five years. Directors are yet to be paid.
BORROWINGS | Sep-25 N | Dec-24 N |
12 Non - Current Secured Loans | ||
Eco-Bank Plc Restructured Loan due year 2031 CFS Lease | 18,092,904 | 264,873,396 |
18,092,904 0 264,873,396
Ecobank loan was fully paid in the month of June 2025.
TANTALIZERS PLC NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025 | |||
Sep-25 | Dec-24 | ||
12A | Bank Overdrafts | ||
Current Secured Loans | |||
Eco-Bank plc Restructured Loan due year 2022 | 0 | 34,091,714 | |
0 | 34,091,714 | ||
13 | SHARE CAPITAL 1. Authorised: | Sep-25 N | Dec-24 N |
5,000,000,000 Ordinary Shares of 50k each | 2,500,000,000 | 2,500,000,000 | |
2. Issued and fully paid: | N | N | |
5,000,000,000 Ordinary Shares of 50k each | 2,500,000,000 | 1,605,813,953 | |
13b | TANTALIZERS PLC FREE FLOAT STATUS AS AT 30TH SEPT 2025 (30°/«) | ||
ACCT NO | NAME | ADDRESS | PERCENT | TOTAL HOLDING |
11020 | GOLDEN ANKS INTEGRATED SERVICE | 2ND FLOOR MIKAY PLAZA 21 ROAD FESTAC " | 14 | 686,452,253.00 |
16684 | SIAKPERE OMOEFE | 110 EFFURUNSAPELE ROAD EFFURUN WARR | 1 | 50,000,000.00 |
14564 | DOTONI INTEGRATED SERVICES | 751A BABATUNDE ATEERE OMOLE PH 2LAGC | 5 | 250,000,000.00 |
15750 | OKUMBOR EWERE LUCKY | 17A CHIEF AUGUSTINE ANOZIE STREET LEKH | 2 | 109,134,730.00 |
13580 | BANKLINK AFRICA PRIVATE EQUITIE!15A ABIODUN OLUSHOLA MAGODO PHASE 2 | 12 | 600,000,000.00 | |
11291 | AYENI MOFOLUWASO OLUYEMI P.0.BOX 3608 FESTAC TOWN LAGOS | 7 | 339,660,613.00 | |
12796 | FOOD SPECIALTIES & ORGANICS LTE117 MOSHOOD OLUGBANI STREET VICTORIA | 19 | 946,792,585.00 | |
12739 | ADEYERI FOLARANMI ABAYOMI ECOBANK WRPC EKPAN WARRI DELTA STAT | 1 | 50,000,000.00 | |
16611 | PILOT SECURITIES LTD PROP TRADII'41 SOBO AROBIODU STREET GRA, IKEJA LAC | 8 | 407,712,912.00 | |
27 | AYENI GRACE ABOSEDE MIKAY PLAZA 21RD, I CLOSE FESTAC TOWN 1 | 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
14 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 30TH SEPTEMBER 2025
REVENUE RESERVE
Sep25
Dec-24
N N
At 1st January 2025
Profit/Loss for the year
Balance Transferred to Balance Sheet
(4,518,174,963)
41,145,363
(4,477,029,600)
(4,252,589,110)
(265,585,853)
(4,518,174,963)
CHANGES IN EQUITY
Share Capital N
Share Revaluation
Premium Reserve
N N
Retained Deficit
N
Total N
As at 1st Jan 2024 Loss for the period
Movement in revaluation reserve
Movement in Share Capital
1,605,813,953 2,071,077,399
894,186,047 178,837,207
938,335,517
2,740,077,733
-4,518,174,963
41,145,363
97,051,906
41,145,363
1,073,023,254
2,500,000,000 2,249,914,606 3,678,413,250 -4,477,029,600 1,211,220,523
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER 2025- DEPOSIT FOR SHARES
Pilot Sec. Ltd
Sep-25 N
640,000,000
640,000,000
Dec-24 N
0
This is cash needed to kick start the developmental works on Fisheries and Taintainment businesses
and procurement of TCC(Tax clearance certificate from FIRS needed to process the certification requirements of Fisheries and Taintainment business approvals)