TANTALIZER PLC AUDITED FINANCIAL STATEMENT PERIOD ENDED 31ST DECEMBER 2025
TANTALIZERS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST DECEMBER 2025
NOTE | Dec-25 N | Dec-24 N | |
SYSTEM REVENUE | 2,904,459,504 | 2,162,314,151 | |
TANTALIZERS NET REVENUE | 1,290,870,891 | 1,198,497,681 | |
Cost of sales | (827,086,091) | (773,334,588) | |
Gross Profit for the year | 463,784,799 | 425,163,093 | |
Other Income | 2 | 234,718,299 | 123,289,785 |
Distribution costs | 3 | (3,279,624) | (3,147,414) |
Write-Backs | 4 | 77,450,237 | 90,615,451 |
- | |||
Administrative Expenses | (747,362,510) | (825,852,587) | |
Operating Profit/ Loss | 25,311,201 | (189,931,673) | |
Net Finance Costs | 5 | 58,386,376 | (69,661,692) |
Profit/Loss before Tax | 83,697,577 | (259,593,365) | |
Taxation | (10,960,904) | (5,992,488) | |
Profit/Loss after Taxation transferred to Revenue Reserve | 72,736,674 | (265,585,853) | |
Earnings per share (basic) Kobo | 7 | 1 | (5) |
Earnings per share(diluted) Kobo | 7 | 1 | (5) |
The notes on pages 12 to 25 form an integral part of these financial statements.
TANTALIZERS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31ST DEC 2025
NOTE | Dec-25 | Dec-24 | ||
N | N | |||
NON CURRENT ASSETS | ||||
Property, Plant and Equipment | 4,593,555,300 | 1,742,739,019 | ||
Long Term Receivables | 84,173,869 | 88,285,545 | ||
4,677,729,169 | 1,831,024,564 | |||
Long Term Investment in Subsidiaries Investment In Taintainment Ltd 18 | 7,595,797,296 | |||
Investment In Fisheries Ltd 18 | 164,682,515 | |||
7,760,479,811 | ||||
CURRENT ASSETS Inventories 7 | 92,909,879 | 67,833,360 | ||
Trade and other receivables 8 | 206,596,261 | 203,717,608 | ||
Short Term Deposit | 465,030,414 | 614,133,209 | ||
Cash and Bank equivalents | 192,388,097 | 236,887,280 | ||
956,924,652 | 1,122,571,457 | |||
TOTAL ASSETS | 13,395,133,630 | 2,953,596,021 | ||
EQUITY & LIABILITIES | ||||
EQUITY | ||||
Share Capital 13 | 2,500,000,000 | 2,500,000,000 | ||
Share Premium 14 | 2,249,914,606 | 2,249,914,608 | ||
Deposit for Share | 640,000,000 | |||
Revaluation reserve | 3,775,105,577 | 938,335,517 | ||
Revenue Reserve 15 | (4,445,438,289) | (4,518,174,939) | ||
4,719,581,894 | 1,170,075,186 | |||
NON CURRENT LIABILITIES Provisions and deferred income | 57,530,409 | 11,499,880 | ||
Borrowings Term loans/Finance Leases 12 | 15,625,352 | 264,873,396 | ||
73,155,762 | 276,373,276 | |||
CURRENT LIABILITIES | ||||
Trade and other payables 10 | 962,136,038 | 1,058,151,576 | ||
Provisions and deferred income 11 | 455,446,863 | 337,607,052 | ||
Lease payables 11A Borrowings | 7,100,000,000 | |||
Overdrafts | ||||
Term loans/Finance leases | 34,091,714 | |||
Taxation 6 | 84,813,074 | 77,297,219 | ||
8,602,395,975 | 1,507,147,561 | |||
TOTAL EQUITY & LIABILITIES | 13,395,133,631 | 2,953,596,023 | ||
Adam Nuru Chairman FRC/2014/PRO/00000008934 | Mr. Charles Ifidon Managing Director FRC/2025/PRO/DIR/003/361380 | Mr Bamidele Oke Finance Director FRC/204/ICAN/00000007239 | Ishola A. Eniola FRC/2013/ICAN/00000004744 For: Abiodun Aina & Co. Chartered Accountants Lagos, Nigeria |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2025
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 | ||
N COST As at 1st January 2025 1,053,229,940 | N 1,664,705,790 | N | 0 | N 1,663,406,610 | N 277,906,863 | N 734,704,777 | N 288,968,815 | N 295,092,678 | N 5,978,015,473 | |
Additions during the period | 35,647,000 | - | 9,572,084 | 9,685,365 | 26,415,338 | 10,750,000 | 2,000,000 | 94,069,787 | ||
Reclassification | 0 - | |||||||||
Revaluation 2,836,770,060 | 2,836,770,060 | |||||||||
Disposal during the period | (15,979,177) | (68,288,972) (4,534,498) | (43,886,669) | (132,689,316) | ||||||
As At 31st Dec 2025 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 | 8,776,166,004 | |||
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 | |||
Charge for the period 39,295,567 | 10,814,063 | 1,947,837 | 14,766,614 | 1,064,897 | 11,803,707 | 79,692,685 | ||||
Reclassification Disposal in the period | (15,979,077) | (68,082,722) | (4,522,328) | (43,774,308) | - (132,358,435) | |||||
As At 31st Dec 2025 - 1,214,877,817 | - | 1,542,253,219 | 273,891,865 | 692,330,066 | 287,945,883 | 171,311,854 | 4,182,610,704 | |||
NET BOOK VALUE AS As At 31st Dec 2025 3,890,000,000 469,495,796 | 0 | 62,436,503 | 9,165,865 | 24,903,380 | 11,772,932 | 125,780,824 | 4,593,555,300 | |||
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2025
1 SYSTEM REVENUE COMPANY OWNED OUTLET SALES | Dec-25 N 1,336,051,372 | Dec-24 1,198,497,681 | |
FRANCHISEE OWNED OUTLET SALES | 1,568,408,132 | 1,704,090,371 | |
2,904,459,504 | 2,902,588,052 | ||
2 OTHER INCOME | Dec-25 N | Dec-24 N | |
Rent income | 103,843,745 | 42,967,300 | |
Other income | 2,232,186 | 10,443,602 | |
Franchise Income | 118,343,668 | 67,998,884 | |
Profit on disposal of fixed assets | 10,298,700 | 1,880,000 | |
234,718,299 | 123,289,785 | ||
3 DISTRIBUTION COST Advertising/promotions | 6,034,560 | 11,075,724 | |
2% Franchisees contribution | (3,643,836) | -8,225,668 | |
E-commerce service charge | - | 71,858 | |
Sample products | 888,900 | 100,000 | |
Product development | 0 | 125,500 | |
Staff competition incentives | 0 | 0 | |
3,279,624 | 3,147,414 | ||
4 WRITE-BACKS/PROVISIONS NO LONGER REQUIRED | Dec-25 N | Dec-24 N | |
Write backs | 77,450,237 | 90,615,451 | |
77,450,237 | 90,615,451 | ||
Write back Breakdown Provision for Electricity | 14,020,758 | 15,000,000 | |
Tax (WHT, VAT, PAYE, Consumption Tax) | 13,000,000 | 25,000,000 | |
Ecobank Termloan Full payment | 18,194,586 | ||
Creditors | 32,234,893 | 50,615,451 | |
Total | 77,450,237 | 90,615,451 | |
OPERATING PROFIT/(LOSS) is arrived at after charging/(crediting) | Dec-25 N | ||
Directors' emoluments: Fees | 3,350,000 | 3,350,000 | |
Other emoluments | 53,400,000 | 53,400,000 | |
Depreciation | 79,692,685 | 96,459,409 | |
Auditors' Remuneration | 2,500,000 | 2,500,000 | |
(Profit)/Loss on sale of fixed assets | 10,298,700 | 1,880,000 | |
FINANCE COSTS | Dec-25 N | Dec-24 N | |
5 This comprises of | |||
Interest on Term Loan | 22,564,800 | 112,169,314 | |
Interest income | (85,401,667) | (50,497,102) | |
Other Charges (COT etc) | 4,450,490 | 7,989,480 | |
(58,386,376) | 69,661,692 | ||
TAXATION 6 Per Profit and loss acount Income Tax Provision | Dec-25 6,454,354 | Dec-24 - | |
Education Tax Capital Gain Tax | 4,506,550 | ||
Per Statement of Financial Position | 10,960,904 | - | |
As at the beginning of the year Tax Charge | 77,297,219 - 77,297,219 | 124,559,125 - 124,559,125 | |
Payment During the year | (45,000,000) | ||
WHT Credit Notes Utilised during the Year | (3,445,049) | (2,261,905) | |
84,813,074 | 77,297,220 |
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2025
7 INVENTORIES | Dec-25 | Dec-24 |
N | N | |
Raw Materials & Finished Products | 77,909,226 | 48,853,706 |
Printing & Stationery | 1,927,650 | 1,884,489 |
Engineering, kitchen & Staff uniform | 3,491,908 | 8,237,924 |
Packaging Materials | 0 | 3,818,406 |
Gift cards | 4,238,400 | 4,238,400 |
Work-in-Progress | 0 | 0 |
Marketing Stores | 495,923 | |
Cleaning Materials | 47,263 | |
Gas & Diesel | 4,799,511 | 800,444 |
92,909,879 67,833,369
8 TRADE AND OTHER RECEIVABLES | Dec-25 | Dec-24 |
N | N | |
NON - CURRENT | ||
Rent prepaid | 84,173,869 | 88,285,545 |
This consist of rents paid in advance on outlets that would last more than 12 months. | ||
CURRENT | ||
Trade Receivables | 55,779,269 | 60,107,695 |
Group Escrow Account | 54,750,000 | |
Rent prepaid | 13,321,248 | 11,494,872 |
Amortization | 62,156,780 | 97,889,985 |
Prepayment | 2,016,667 | 0 |
Witholding Tax Receiveable | 15,533,437 | 27,617,553 |
Staff Debtors | 3,038,860 | 6,607,506 |
206,596,261 | 203,717,610 | |
9 CASH AND CASH EQUIVALENTS | Dec-25 | Dec-24 |
N | N | |
Cash Balances | 5,055,389 | 4,373,614 |
Bank Balances | 187,332,708 | 232,513,666 |
Cash & Cash equivalents | 192,388,097 | 236,887,280 |
Bank Overdrafts | - | - |
Cash and cash equivalents in cashflow statement | 192,388,097 | 236,887,280 |
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2025
10 TRADE AND OTHER PAYABLES | Dec-25 N | Dec-24 N |
Trade Creditors | 46,899,029 | 92,523,675 |
Other payables | 915,236,988 | 965,627,921 |
962,136,017 | 1,058,151,597 |
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 | Dec-25 N | Dec-24 N |
Non - Current | |||
Deferred income | 43,405,575 | 6,314,770 | |
Retro-Franchise Deposits | 14,124,835 | 5,185,110 | |
57,530,409 | 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 | 254,390,613 | 281,958,052 | |
Provision for Directors fee | 95,370,000 | 40,570,000 | |
Directors Loan | 55,000,000 | ||
Retro-Franchise Deposits | 3,028,500 | 4,879,000 | |
Deposit on Rent | 47,657,750 | 10,200,000 | |
455,446,863 | 337,607,052 | ||
11B | LEASE PAYABLES Grand Media Project Ltd | 3,500,000,000 | 0 |
Hontar Projects | 3,600,000,000 | 0 | |
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.
Provision for Directors fee of N40,570,000 has been outstanding for the past five years out of N95,370,000. Directors are yet to be paid.
Dec-25 Dec-24
BORROWINGS N N
12 Non - Current Secured Loans
Eco-Bank Plc Restructured Loan due year 2031 0 264,873,396 CFS Lease 15,625,352
15,625,352 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 31ST DECEMBER 2025
12A | Bank Overdrafts | Dec-25 - | Dec-24 - | |
Current Secured Loans | ||||
Eco-Bank plc Restructured Loan due year 2022 | 0 | 34,091,714 | ||
0 | 34,091,714 | |||
13 | SHARE CAPITAL | Dec-25 | Dec-24 | |
N | N | |||
1. Authorised: | ||||
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 | 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 ROAD F | 14 | 686,452,253.00 | |
16684 | SIAKPERE OMOEFE 110 EFFURUNSAPELE ROAD EFFURU | 1 | 50,000,000.00 | |
14564 | DOTONI INTEGRATED SERVICE 751A BABATUNDE ATEERE OMOLE P | 5 | 250,000,000.00 | |
15750 | OKUMBOR EWERE LUCKY 17A CHIEF AUGUSTINE ANOZIE STRE | 2 | 109,134,730.00 | |
13580 | BANKLINK AFRICA PRIVATE EQ15A ABIODUN OLUSHOLA MAGODO P | 12 | 600,000,000.00 | |
11291 | AYENI MOFOLUWASO OLUYEMP.O.BOX 3608 FESTAC TOWN LAGOS | 7 | 339,660,613.00 | |
12796 | FOOD SPECIALTIES & ORGANI 117 MOSHOOD OLUGBANI STREET VI | 19 | 946,792,585.00 | |
12739 | ADEYERI FOLARANMI ABAYOMECOBANK WRPC EKPAN WARRI DEL | 1 | 50,000,000.00 | |
16611 | PILOT SECURITIES LTD PROP T41 SOBO AROBIODU STREET GRA, IK | 8 | 407,712,912.00 | |
27 | AYENI GRACE ABOSEDE MIKAY PLAZA 21RD, I CLOSE FESTAC | 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 31ST DECEMBER 202515 REVENUE RESERVE | Dec-25 | Dec-24 | ||||||
N | N | |||||||
At 1st January 2025 | (4,518,174,963) | (4,252,589,110) | ||||||
Profit/Loss for the year | 72,736,674 | (265,585,853) | ||||||
Balance Transferred to Balance Sheet | (4,445,438,289) | (4,518,174,963) | ||||||
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 | 938,335,517 | (4,518,174,963) | 1,170,075,160 | |||
Profit for the period | 72,736,674 | 72,736,674 | ||||||
- | ||||||||
Movement in revaluation reserve | 2,836,770,060 | 2,836,770,060 | ||||||
Movement in Share Capital | 0 | |||||||
2,500,000,000 | 2,249,914,606 | 3,775,105,577 | (4,445,438,289) | 4,079,581,893 | ||||
TANTALIZERS PLC
NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2025
17 DEPOSIT FOR SHARES Dec-25 Dec-24
N N
Pilot Sec. Ltd 640,000,000 0
640,000,000 0
This is cash injection toward acquisition of shares by Pilot securities Ltd
18 INVESTMENT IN TANTALIZERS SUBSIDIARIES | Dec-25 | Dec-24 |
Investment In Tantalizers Taintainment Ltd | 7,595,797,296 | 0 |
Investment In Tantalizers Fisheries Ltd | 164,682,515 | 0 |
7,760,479,811 | 0 |
This represents part -investment of Tantalizers plc with 70% shareholding in each subsidiary