Nig. plc.- quarter 2 - financial statement for 2025

TNOMAS WYATT NIGERIA PLC

RC : 663

INDEX OF T IE UNAUDITED FI FANCIAL STATEMENTS FOR TUE SECOND QUARTER ENDED 30 9EPTEMBER 2O24 CONTENTS

Financial Highlights

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

Significant accounti g policies

Other notes to the financial statements

2175

UNAUDITEO FINANCIAL STATEMENT FOR THE QUARTER ENDED 30 SEPT. 2024

FINANCIAL HIGHLIGHTS

THE GROUP

SEPT. 2024

N'000

SEPT. TIEZA 96

N'0D0 I Change

’THE COldPANY

SEPT. 2024 SEPT.202:3 N’000 N’000

°

Change

!CT0’0) (SO0’0)

IOI0’O)

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61

(S99

096’1

/O sjuauJa JOE

Consolidated And Separate Statement DI Financial Position As At 30 September 2024

THE GROUP TFIE COMPANY

30 SEPT. 31 NARQj 30 SEPT.

Notas 2024 2024 2024

31NARCfl

2024

Trade receivables

0tt›er receivables and preqayments

8

10,007 18,287

16,067

1B.787

Cash and cash equivalents

Tool current assets

bo0al esaets

10 1,B8Z S,45J

33.b00 3d.05s 92,d04

xou»ss 1,oza,s14 ae+,1ss

975

8T576

384,352

274,t20 193,440 443,ZbB 403.630

Nota: The notos on pagea 8to 36 for an Integral part of theae financial sataments

The nnancial sta ments were approved by the Board of Directors only. 024 and s gned on fts Denalt by:

Mr. Stephen S aibu Mayaki Director

FR 2017/NIESV/O0ooo16900

To(ulop 0. un8any8

FRCf2O15/NffrI/000OO01y473

4

THE COMPANY

Statement of Changes in Equity

At 30 Sept..2024

THOMAS WYATT NIGERIA PLC

Notes

Cash flows from operating activities

Cash generated from operations Tax paid

Non -case adjustmentto recDocile profit/{IU'3s) after taxation tp net cash flow

As at 30 Sept. 2024

THE GROUP THE COMPANY ”

(34,948) (12,455) (34,94B) ‹*8, 660)

1. GENERAL IIJFORMATION

   ftotes to the Consolidated and Separate Financial Statements

   For the quaker ended 30 September, 2024

   Thomas Wyatt Nina PLC formerly ohm as Thom ansd Sons (Wesl Africa) was incorporated or TB March, J94g as

   a Private Limited Company end u°orrmemeo business in J^49 lt became a Public Company ir 1978.

   1. Principal activities

      The p incipaI activities of the Company are manUfdCtUflrg and rnarketf g cf school exercise books, baik cGve rates, writing pad, df6 ring books, envelops, duplicating and photocopying pape s, reporters role beaks, files, to/IeI in fac›aT oapers.

   2. Accounting period

      Tfiese financial statements cover be quarter ended 30 Septemb°.r, 2024.

   3. Go'ing concern status

      These financial statements have been prepared on a going concern basis. However, the following i'ssues have to de prope ly handled fo avoid basing negat«e fmpact the TO Ryan Nigeria Plc in the nearest fU'Jte:

      . Pendip#T aeon.

      . Retuinea|osses,

      nadeqaale numbe ofeKecuti e diector.

   4. Statement of compliance

      The Consolidated and Separate financial statement have been prepared for be peri0d ended s0 Septerrder, 2024 in accordance work international Financial Regoitjng Standard tIFRS) and complies with the Companies and Allied Matters Act 2020 end the Finannal Fieportinp Council of Ngeria {F-RC) AclNo 6 2011 of Nigeria.

   5. Basis of measurement

      The /DñS0!ibaie6 and Separate financial statement have been prepared ft accordance w/tt ih g»g co ce n pr vip/e under the histor›ca! cost convention except for financial instrumentmseasured a fair value. The preparation of financial staterri9n[s in conformity with IFPS requires the u4e of certain Critical accounting estimates, it also tequi'ies management to exercise its ñdglent fn the process of applying the Group's accountingpolicies. Changes in assumpti0rs may have a significant impact of tre £nanoa/ sfatements in The perird the asSLmpti0ns changed. Management believes that the underlying assumptions are appropriate the Group’s financol statements presentsthe financial positionand results fairly.

2. NEW STANDARDS, ANENDMENTS AND IIJTERPRETATIONS 9SUED

.1 New standard and Interpretation adopted by the Group IFRS 9 Amendments on Financial instruments

The a+endmerI clarifies ihat for the purpose of performing the ”10 pe cent tes™ for derecognition of f›rarcqt Diab pities- in determining those fees psid net of fees received, a borrows includes only fees paid ur r rei ed between the dorro ver and the lender, including fees paid or received by either the ro rover or Iercer on the other's behalf. The smendments are effective too annual repsningperiods beginning on or after 1 Janva›y 2022.

IA5 16 Amendments regarding proceeds before infencled use

On 14 May 2020, tf =. IASB issued 'Property, Pla»t and Equipment - Proceeds Before InendedUse (Amendments to IAS 16)’ regarding proceeds fr0ni selling irems produced while b irgin§ an asset into the locati00 an4 conditioh necessan/ for it o be capable Of ogeraTi0g |f t#9 ITlanna tnt9rlded by manageme i. Tre amendments are effeJive for annual reporting periods beginning on or after J6fUar/ 2022.

7

THOMAS WYATT OIOERTA PLC

Notes to the Consoiidated and Separate Financial Statements

For tte quartsr ended 30 September, 2024

2. New Standards, Amendments and Interpretations issued but not yet effective

The fslowng standards and interpretations are not yet effective for the pefiod ended 30 September, 2024. and have not been applied in prepar rg these finsnciat statements. The Group intends to adopt the standards when they become effective.

IFRS 17 Insurance contract

This standard which deals wifi the measurement of revenue from insuta»ce contiacls was amended in June 20ZO fo be effective on January, 2023. However, e8rlier application is permitted.

SAS 1 Amendments on classification of Liabilities as Current or gon-current

On 23 January 2020, lie IASB issued 'Classification of Liabilities as Current a Nor-cu rent Amendmenis io IAS 1)' providing a more general approach lo the classificalion of liabilities under SAS based on the contracual a rargemeNs in place at the reporting date. The amendments were ofiginally effective for annual feporting periods beginning on oi after 1 January 2022, However, their effective data has been delayed to January 2d23.

SAS 8 Amendrrients on definition of accounting estimates

The amendments to IAS 8 Accountirr policies, changes in accounting estimates ar0 e/ ozs clarities how companies should distinguish charges in accounting policies from changes in accounting estimates. The distinction is important, because changes in accoUnt!ng estimates are applied prospectively t Taue lransacton* as othe f» e events, bvt changes in accounting policies are generally applied retrospectivetoly past transactions and other past events as weT as the current period. The amendments are effecti e for annual reporting periods beginning cv or after 1 Jacqiy 202S.

tAS 12 amendments on deferred tax

On 7 May 2021, the IASB issued 'Deferred Tax related to Asses and Liabilities arising fr0m a Single Transaction (Amendments to irs 12)' that c!ari for companies acco rt for defy-reed tax of i‹arsacions such sseasesa»ddecommission»9pblga£ons.TteamendmeHsareeffec# e|oran«val peJodsfegia«iponora1er

January 2023.

Amendments on disclosure of accounting policies

On 12 February 2021, the IASB ssue0 'Disclosure of Accounting Policies (Amendments to IAS 1 andiFRS PracLce Statement 2)' with amendwnts that are amended to help preparers in deciding which accounting policies to disclose ir their financial statements. The a+en&ens ate elec»e foi annual periods beg‹n» o oi after1 January 2D23.

3 SUMMARY OF STGNtFICANT ACCOUNTING POLICIES

Revenue recognition

The contract is approved by he parties; the lightsand ohl!gafions are iecngnua; CoTlec:ability is probable,

The contract has commercial substance, and

The payment terms let the goods o services to Fe transfe/fed can de identified.

8

THOIYIAS W’ATT NIGERIA PLC

Notes to the Consolidated and Separate Financial Statements

for the quarter ended 30 September, 2024

OSI Of S8I9S

COstofsaes eprese,+sdecruase in ecosamlc beneWs during l0e yearthpt are dYecâyreaedtorevenue geceatng activities of the Gioup. Cost uT sales s recognised on an accrual dasis regardless of the time of Spending cash and measured at historical cost.

iii Financeincome

Finance income is made up of inierest income On sh0ri-term deposits ilh banks, dividend income, changes in the fair value of formal assets a fat aue Uough profit oi loss and tdie gn exchanges gains.

Interest income is recoqniseJ using Ihe effective interest rrethcd. Y/hm a loan ar0 teceñable’is impaired, the Group reduces the carping amount io its reco›eodIe amount, deing the es§mated fvture cash flow discounted at lh9 Of!ginal effective m ‹estraeOfthe»s# men1,andcontiauesunwind1ng|Ae iscovnTasineresincom9 ln|ees Income onimpaired loan and eceiyables are recognised using the or!giral elect.ve interest raw,

in Borrow’/ng cosfs

Borrowl0g C05tS directly anidutable to the acqusiton, ronst»ctor ur prodvclion of q aIiirg assets, which are asseis that necessdfily take a substantial peri0d of time Io get ready for their intended use or sale, sre added to the cost of those assets, until sub fme as the assets are sudsiantially ready for their iriended use or sale.

|nvesmen1ix+eear edOaT0eTemporag+n es|me !oTspec4cborowiopspenJnB|heirexpenditueonqugl ingassels is 4edvcted from the borrowing costs eligible for capitalization. A!l othei b0irowing coss are ecognized in profit or Toss in the period in which they are incurred.

v Property, plant and equipment

Property anrl equipment, includng Owner-occupyed property are initially slated at cost which includes the purchase prices as well as any costs directly attriLvtable to bringing theasset to Ice location and condi8on necessary for it obe capabe of operatng ’in the manner intended dy management, The cost of Leasehold land and building was determined 0y reference to a prerioUS GAAP r£'70ltJdñ0n {Cdffl9d OUT if JJIe 2*, Z005). Thomas Hyatt Nigeria Plc elected to apply the optional exemption to vse this previous revalvafl0n as deemed cos: at 1 April 20J1, the daie of transifidn.

Ht8f initial recognition, LeasehUd Land an0 bUIJing are subsequently measured at fair value while other assets ate subsequently stated ai cost less accumulated depreciation and accumulated impairment losses. Replacementur majorinspect'ion costs are capitalized men incurred and if ii is probable thst future economic benefits associated with the item will low to the entity and be cost of the ‹tern ca oe measured ‹efably. Oep ecialior is provided or a stfaighfline basis over the useful lives of the following classes of assets:

Asset Class Period

Motor vencles 4 years

O1ce eoip+en 10 eds

The asse*s’ residual values, and useful ‹ves ahdmvhod of depreciaI›or are reviewed and adjusted, if appropriate,3t each financial year end and adjusted prospectively, if appropr!ale. •

Impairment reviews are peFfgrmed r rer there are indicators lhat the easy ng value may not Le *ecoverable.

mpairmenl losses are recognized in the income statement as an expense. An item of property aod eqripmenl is derecogn!zed upon disposal ar her ro furthe uu›e economic benefits are expected from its use or disposal. Any gain or loss añsi.rg on derecogn lion Of lie assel {calculated as the difference between lie net disposal proceeds Andthe

9

PHOBIAS W1A11 NTGEgTA PLC

Notes to the Consolidated and Separate Financial Statements

For the quarter ended 30 Septemb2e02r4,

1. Inventories

   In entories are stated at the lower of cost and estimated set realisable ›'alue. Costs comprise direct materials costs and where applicable, direcl labour costs and those one heads that have been incurred in bringing the inventoriteo s their present location and condition. Cost is calculated using the weigh9d average meGod. Ne realizable vatue

   represen|sthe es|ma|ed seWng phCelessollesfmaed coss o|compeJOn and cosIs|o De incuned in ma<>

   selling and distribution.

   Spare paris and servicing equipment are usually carried as inventory and recognized in pr0fit or loss as consumed. Hoeevei, major spare parts and stand-by equipment qualify as properiy, plant and equipment when the Group expects to use them during more than one period Similarly, if the spsre parts and 59rvicing 9qUipn ent can be used only in connection with an item of property, plant and equipment, they are accounted for as property, plant and equipment. Such classified spa es are depreciated as propeny, plant and equipment odel the useful lily on a straight e Isis. Good-in-transitare carried at purchase cost to date.

2. Earnings per share

   The Group presenls basic and diluted earrings per share (EPS} data lot its ordinary sha es. Basic EPS is camTated dy dividing the profit or ass attributable to ordinary sharehoTdeis of the Group by lhe weighted averagenumber of ordinary shares ouistanding dUring the year, adjusted for own shares held (if any). Diluted EPS is determined by ad|usting me profit or loss att idutable to crdirag shareholders and the weighted a wage number of Ofdlnâ/ Std ?S o lstartding, adjusted for or n shares held ( I any}, for he effects of all dilutive potential ordinary shares.

3. Intangible assets

The intangible asset comprises the GfoUp's acco rtirg software which is carried at cosi less accunulaled amcrfsatiaonrd accumulated imp3iment loss. Amortisation is recognised on a straight-line basis over its estimated useful liv9S Of three (3) vears.

fo use them durino more wan one oeriod. Similarly. il the spare Parts and servicing equipment car be used añIy“ir ' :" ..’.”

!x Financial instruments

Initial recognition and measurement

Financial instruments are initially recognised when the Group becomes a party to the conkactuaT provisions of the instruments.

financial instruments carried at fair value through piofil or loss are initially recognised at fair value with transaction costs which are directly attributable to we acquisition or issue of the financial ins‹rumenS, being recognised through profit or less. Financial irstr certs not carri°.d at lair valve through profil or loss are initially measured as fair valve plus transaci!or ccsls that ate directly aiiribulabie to lñ°- acquisition or issue of the fnarcial ins!rurnenls.

Subsequent measurement

Subsequent to initial measurement. financial insLuments are measured at either aeonised coss a fail vabe depending on the classification category

Casificaion o financbl asss Financial assets

Subsequent IO !nitid/ f6C0§nilion, all financial asset are measures at.

THOMAS WYATT NIGERTA PLC

Notes to the Consolidated and Separate Financial 3tate›rients

For the quarter ended TO Sepfeuber, 2024

Financial assets classified at amortised cost

A fi ancai asset is measu ed at amortised cosi !f it meets both of the following conditions and is not desk rated at

• The financial asse1 is held within a business model whose odjecTive is to hold financial assets o r lec contractual cash flows; and

Financial assets classified at fair value through other comprehensive income

Financial asset is measured al FVDCI only if it meets both of th* following conditions and ‹s not designated as a

rVTPL:

The asset is held within a business model whose odjectiye is achieved by b0tL collecting contractual cash flows and selling financial assets: act

° The contractual terms of Ihe financial asset give rise on specified dates to cash flows that are early pameris of prnc’ipsT and interest on the principal amount outstanding.

Financial assefs classified at fair value through profit or loss

Mnancial assets that dv m need the cr1eiia lor amortised cost or FVOCI are measured at fair value l#roU4h profit or TOSS. The ga n or loss arisingfrom changes ir fair value of a dedt investment that is subsequently msasuieaal fair value through profit or loss and is not pan of a hedging relationship is included directly in the profit or loss aid eported as 'Net trading income' in the pe God in which ›t aiises. nteresl income morn these financial assets is recognised in profit or loss as 'Interest income'.

The Gfoup may Irrevocably’designate a dgbl investment that meets the arnoriised cost or FvTOCJ criteria as measured at FVTPL if ding so eliminates or significantly reduces an acc00nting mismatch.

Derecognition of financial assets

me Group derecognises a firarciai asset o•t r•. fre carzc‹va ñgrts o the case rms from ite assei expire, or when ii tf6hsfers i#e financial asset and substantially all ihe risks and rewards of the ownership of the asset to anoI{terentity. If the Group neihei 1tanslers nor remains substarlially all the risks and rewards of ownership and conlinves tocontrol the transferred asset, the Group recognises its retained interest in the asset and an associaed tiabilily tor amounts it may have fo pay.

Financia! liabilities and equity instruments

Classification as debt or equity

Debt and equity inshurnenls issued e Ie classified as eitfier financial liabililies or as equity in accordance iih the subsiave of the cooiiaclual a :a ngernen!s ac i e definitions of e inancia! liability and an eqrily instrument

Equity instruments

An equity instrument is any contrect that evidences a tesdua ›rteies ir me assets ol as entity after deducting all of its l!ab!lities. Equity irstrumeris issl ed by lie Group are recognised as the proceeds received, net of direct issue cosls. Rep ichase of the Group's own equity iiistrurneni* !s recognised and deducted directly in equity.

Financial liabilities

API financial IiahiJties are measured subset e tly at amortised cast using the effecice ntetes meLo0 or at FVTpL TheGroup does not hold financial liabilities measured a! FVTPL.

THOMAS WYATT XIGERIA PLC

Hates to the Consoiidated and Separate Financial Statement

For the quarter ended 30 September, 2024

Financial liabilities measured subsequently at amortised cost

Financial liabilities that are not (i coriingent consideration of an acqvi er in a business combination, tiit held for t‹adng, or ti i) desipnae0 as at FVTPL are measured subsequently at amortised cost using The effective interest method The effective interest meihod is a method of calculating the amortised cess of a financ al liaL!ft/ and if allocating interest expense o'/er the relevant period. Tra effective interest rate is the rate that exactly discounts estimated future cash paymenls (inkl‹rg aTT fees and ents paid oi received thai form an integral part of the effeciive interest rate, transaction cosis and other premiums or disc0unls) through tFe expected life of the financial tiaLiLty, or (where appp late} a sharer period, to the amortised cost of a financial IlabiIiiy.

Derecognition of financial liabilities «

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expired. Tâe difference Oelweer the coping amur of the lira cial liability defecogrised and the consideration paid and payable is recognised in profitor loss.

Offsetting

F nanciaI assets ana liaDI›ties ate UIse1 and the net amount presented in lhe slaterrent of financial position when and only whgn, tha Group has a lepa/ right to offset the amounts and intends either to settle on a net basis of to realise he asset and se0le the liability simultaneously.

Impairment of financial assets

The Grnup recognises a loss allowance for expected credit losses on investments in debt instrumentsfhat are measured at amortised cost or at fair value through other comprehensive income. The amount of expectecrdedit losses u updated at each reporting dal9 10 f6fl9Ct Chdnges in cf6dit risk since initial recognition of the respecfive financial instrument, The Group always recognises life time ECM fo trade receivables. The expeued c edit losses on these financial assets are estimated using a provision matrix based on the Group's historical credit loss experience, adjusted for factors, that are spec‹fiCto the debof's genefa economic conditions and an assessment of both the current as z'eIl as tfie forecast direction of conditions at the reposing date where appf0 Fiate.

Fa a\ other financial instruments, ihe Group recognises life time ESL when ihere has beer a significant incre0$ein credit risk since initial recognition.

However, if the credit risk on the financial instrument had not increased significantly since instant recognition, the Group measure be loss aTlowarce for that instrument as an amo tequal to 12-month ECM.

Significant increase in crPdit risk

lr assessing whether the crerl I risk on a financial insti umeri has increased significantly since irit›aT recognition, the Gr0up compares the risk of e default acvt .ng on !ne 'inarcial inslrurrent at we ieporling dale with tie ask of a defau|| occurring or Ine financial inslrurrent a' me date o' initial recognition. In making u‹s assessment, consdcrae g ven to both qcanttarve and qvalitalive i0lor‹rafion thal is reasonable a.rd suoport3ble, including historical experience and forward-locking information hat is a 'ailadle witLour ui due cosl a else.

In particular, the following information is taken into account when assessing whether credit risk has‹ncreased s›gnf cantly since iniiiaT recognition;

. an actuai or expected 3!gnificarl deterioration in lhe finarcisl est uments external (i a aiaLe} ct inler,oaT cred'it

rating,

significant deto‹iatio‹ ‹n external mallet indcato s o c edii risk for a particular financial instrumeri, e.g, a

5.g.ñIf/C60l IF'Cf66se in the cteJ# spread, lie credit delay.!t swap prices for the debtor, or the lgngtñ Of roe or the

tent o which the fa'ir ' a!ue of s aancial asset has deen !°.ss Ihan its arrorf sed cost,

12

THOMAS WYATT KTGERfA PLC

Notes to the Consoldated and Kpaiate -inansial Statements

For the quarter ended 30 Sepferrber. 2024

Significant increase in credit risk(Cont'd}

exis!n9or forecast adverse Ch60/eS fi business, financial or economic conditions that are expected to ca 5e a

signifcant decrease

an actual or expected significant adverse change in the regulatory, economic or technological e»ironmeni of ihe debIoi ihat results in a sfgnificani decrease ir the debtor’s 8Lility to meet its debt obligations.

Irrespective of ihe outcome of the above assessment, the Group presumes that the credit iisk on a financial asset has inc eased significantly since lhe initial recognition when contractual payments are more loan 30 days pasl Ave, unless the Group had reasonable and supportable information that demonstrates othemtse.

Despite the foregoing, the Group assumes that the credit r‹sk on a financia inslament has not increased significantly since initial recognition of the financial Instrument is determined to have low credit ri5k at the repor(ing date. A financial instrument is determined to have Ion c‹editrisk if:

. an actual a expected detenoration in the operating resume of the debtor;

signi£mnt ‹ncreases ‹n credit risk on PSet \nanca instruments of the same debtor. the financial instrument has Ion risk of defau!,

be debtar has a strong capacg o meet its con‹auuai cash flow obligations in the near term; and

1. adverse changes in economic business conditions in the longer Term may, but all not necessarily, reduce the abtti/ & the b0rfUWer O fulfi\ IIS C0ntT8Ctual CaSfi lion 0b#gdfi00S.

   the Group considers a financial asset lo have low credit risk when the asset has external credit rating of "investment gradg" in acc0 dance wilh he globally understood definition or if an external rating is not available, the asset has as internal faling of"perfofming". Performing means that lie counterparty has a stiong financial position and there are ra past due amounts.

   The Group regularly monitors the effectiveness of the criteria used to identify whelher there has been a significant increase in credit list and devises then as appropriate to ensu e that the crii8f/a are capable of identifyin9sig ifcart increase in credit risk before the amount becomes past due.

   Definition of default •

   The Group considers be following as cmsi irg ar e c Of default for inemaI credit risk management purposes as historical experience indicates thal financial assels that meet eider of the following Cfiteria are generally not recoverable:

   ahgn there is a breach of financial covenants by the debtor; o

   • infomaton developed netnatg oi ubtaine0 from externa) sources indicates mat the debtor is unlikelyto pay its credit0fS, inclLtding the Group, in full (Nthout taking into acCoUFlt any collateral held bt the Group).

lrrespec1ive of the adore analysis, the Group considers that default has occurred when a financial asaei is more thar90 days past due unless the G app has ‹e sorabte and svpporta0Te information to demonsiraie That a more lagging default criterion is mare appr0prate.

Credit-imp8!red financial assets

A financial asset is credit impaired when one or more events that have a deti menal impact on the esimaied fulrre cash does of that financial asset have occu red. Evidence that a financial asset is cre0!t-impaired irciudes obsgrvadle data about the following events:

significani financial difficulty of the issuer or we dorr0wef

a breach of cont act, such as a default or past due event (sin (ii) above):

we lender(s) of the borrower, fa economic or contractu6l feasons relaliag to the borrower's firarc‹al dilliculi/, have granted la the dorrowe a concession(s) that lhe lender{s) would for olhemise consid9i,

!l is becoming probable that top' d0fiower will enler darrvpfc or Other financial reorganisation, or the ciisappearance of an ac#ve rrHrket for that Tnancat asse because of inanca ditfic»Tties.

THOMAS WYATT NIGERtA PLC

Notes to the Consolidated and Separate Financial Statemenb

For the qugeer ended 30 Selxem@, 2024

U/rite-off policy

The Group whiles oil a financial asset when here is infcrr alias ndicatng that the debtor is in severe lirarcial dflfic liy and There is TO realistic prospect of recove/, e.g. when t#e debtor has deen placed under t‹qu‹dation or has entered into bard prey proceedings, of in the case of trade receivable , ›vJer tLe amounts are over tsthere is adequate s9cu‹ity, Financial assets mtten off may sLTI Le subjec1 lv enforcement aciivit‹es under the Group's zcovey procedures, taking into accouni legal advice where appfopfiae. Any tecoveiies made are recognised in proñt or loss.

Measurement and recognition of expected credit losses

TBA nastiest oT°.x c9d T0SS6S IS d tJ0C1I00 Of the probability of default, loss given defs It(i.e. The magnitude of the loss if these iS d default) and the exposu e at default. The assessmenl ol the probability of default and loss given default Is based on historical date ad seed by fomard-looking information as described above. As ot the exposure at default, for financial assets, this is represented dy the assets' gross carrying amouri af the reporting date. The Grasp meas»es the LOSS 8ll9wanCe at an bf00Unt equal to melee-month ECL st the current reporting dale. An impairuenf gain or loss Is fgCogn sed ir profit or loss for alt f‹navia nsiuments with a c0rfesporoirg adjJstment to their carrying amounf through a loss allowance account.

fl0£l-fi0dflCial 9SSetS

The ca lying amounts of non-financial assets are reviewed af each reporting date to determine whelfier there is any inlca(ono(mpavment|(anysuchindcaloceZsslDe l4eassefsretoverabeamou tisesTma|ed.Fori |angibegssets lhat have indefinite useful lives or fat are not yes avaiabe for use, the recoverable amount is estimated at each eportinp date. The recoverable amount of a assel or cast-gerera8ng unit is the g‹eate of its v6uP n use and ils fair value less costs to sell

In assessing value in use, the estimated future cash flows are d scouned bathe desert value using a pre-tax discovnT rate that reflects current market assessments of He time value of ncney and the risks specific tO tm asset. As

inpa end loss is ecognised if tre carping arro rt of an asse1 or its cash generating unit exceeds its recoverable arrocnL * Impairment losses are recognised in pfofi of loss. Impairment tosses afe reversed when the e is an indication that the impairment loss may no longer exist and there has been a change in the estimaes used to determine the recoverable amount. An impairment loss is reversed only’ to fhe extent tfiat the assers carrying amount does m exceed the carry›rg amount that would have beer determined, set of depreciafion or am0rtisslion, if no impairment loss had deer

recognised, A reversal o(an impai‹men loss is ecugriised ’immediately n me profit or loss.

xi Finance cost

Finance costs comprise Including of lhe discoun1 on provisions and interest expenses on borrowings fgxce I !rterest expenses that are directly a1ibutable to the acquisiiion, c0fiStt!JCtIo0 0r production of a qualifying aSS9t t'/Lich are capiia!ised as #a I of he ielafed asse[st and ate recogn ad n profi a loss using the effective ’interest method.

14

TH0PIAS WYATT NIGERA PLC

Notes to to Consolidated and Separate Financial Stateotents

Ft the quarter ended 30 SeptenLer, 2024

1. Equity movements Ordinary share capital

   The Gfou# has issued ordinary shares that are classified as equity nstrumenIs. !ncremenlaI external costs thal are directly atlributadle to lhe issue of These shares are recognized in eqv‹ty, set of las.

   1. Dividends on old navy share cap!taT

      Dividends on ordinary shales a e tecopnized as a lia0iliy and deducted from equity when Ihey are approved 0y the Gi0Ug’s shareholders. Irier‹m dividends are deducted from equip Yzhen they are paid.

   2. Di’'iderds for the year that are approved ally tie repoft‹ng date are dealt with as sn evenl after the reporting date.

   3. Treasury sha e movements

      these lh, Po‹0up purchase its equity share capital, the corsideralion paid is deducted from total sñareñoIders' eq«ty as Treasury shared until they’ are cancelled. Wreie such stares are subsepuertly scld or reissued, any consideration received is included in shareholders' equity.

2. Cash and rash equivalents

   Cash and cash mui alens comprise cash on card and demand deposits, together with other short-lerm, hiphty liquid investments that are readily convertible iro known srrounts of cash and which are sUb/ect to an in significant risk of changes in value.

3. F-orei9n currency

   i Functional and presentation currency

   These financial sa1ements ate presented in lhe Nige ia Naira (=N-), which is the Group's functional currency. All • financial information presented in Mafia has been founded to the nearest thousand.

   ii. Transactions and balances

   Fa eign currency itansacttons are translated into the functional currency using the exchange rates prevailinga the dales of be transactions. Foreign exchange gains and losses resulting from the seylemert of such transactions and from the translation at year-end exchange rates of moreary assets and tiabililies denominated in foreign currencies are recognised in the profit or Toss.

   Foreign exchange gal s ar0 losses rela!ing lo borrowings and cash and cash equivalents are presented !n lhe income statement 'Naik in ‘finance income or Finance cos1'. API older lore gr exchange gains and losses are presented in tie statement of profit of loss shh.'n 'Othe nperatirg inccme' a ’Orei 0Feiating expense .

4. Employee benefits

i Defined Contribution plan

the G amp ape ales a defined contribution plan is funded by c0niiibutions ffom the Group and the employees. The Group’s contribution is ‹ecognised as employee benefit expenses anJ charged to Ihe income statemen1. The cart Lui!ors of doth t#e Group a‹ d the empo/ees ate pai0 0s a monthly basis io a pension fund administrator. tie Group was to legal or constructive o0liga[ion to pay further cont‹butns if ‹he pension told Administrator does not hold sufficient assets 10 pay all employees the benefits relating to employee seance in the cu ieri and prior pefi0d5,Tfie cnttibu1ions are recognises as employee benefit expenses when feel are dr'e.

in line wilh the provisions of the Pension Reform Act 2014, the Group established a defined coniribution pension scheme foi is employees. Employees co ir!b lions c! 8% of heii insuradle earnings (basic, housing and tianspaJ) a the seven e are feeled thtm§h Ray dh de‹Jactions while we Group's contributions of J0*+ are charged to prefer or los*.

15

THOMAS WYATT NIGERA PLC

Notes to the Consolidated and Separate Financial statements

For the quarter ended 30 September, 2024

ii defined benefit plan

The G‹ouq also operates a pos1-emp›oymert bene'it plan under which the Group's net obligation under the score s calculated sep8relcly b est!maing ihe arr›arnt of future benefit that employees have earned in rely n for their services in the curren1 snd prioryears: heat benefit is discounted to determine its present value The discouni late is [h•. market yield a( the reporting date on a credit-rated bonds that have materiy dat9s approximating the terms Of the gfoup's obligation and that are denominatedin the currency in which the benefit are expected to be paid. The calculation is perfumed annually by s qualified actual using the projected credit unit melhod.

The re-nev«•-cert conpisi g oT art trial gains or T0sses are recognised immediately recognizes in the statement of " firarcfal posilicn with corresponding debts 0 ciedt o etaine4 earnings through other comprehensive income (OCI) in

the pe iod in «hich they aces . Be-measurementare row reclassified to putt o I0ss in subsequent periods.

Past service cost are iecogniseo in piofit or loss on lie earlier of:

The date ci 1he plan amendment or curtailment; and

The dale hat the Group recognises related rest ucturing costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability. The Gf0up recognises the following changes in defined denef‹f obl‹qatien Ande administra!ve expenses in the Consolidated and Separate statement of p ofit or loss (Dy function):

Service costs comprising current se vice costs, past service costs, gains or losses on curtailments and non-rotate

setllements:

Set interest expense of income. The group recognizes gains or losses of the curtailment or settlement of a d9hned benefit plan when the curailn»rt of seItemenl occurs. The gain or loss on settlement or curtailment comprises any

i i. Short1erm employee benefit

Short-team employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

A Ti8bility is recognised for the amount expected to be pai0 under short-term cash éor s or profit sharing plan if the Group has s present legal or constructive obligation t0 pay this ammut as a tesuk of past services tprovided bt me employee, and the obligation can be estimated reliably.

xyi Contingencies

A contingent liadilily is a possible obl‹ga’ sn that arses Ttsm pas eVeAt5 80d whose existence will be conlitmed only by the occurrence or non-occurrence ol one or more uncertain Tuure e enis not wholly the control of the Group, or a present obligation that arises from past events but is not recognized because it is not probable that an ouTtuw ol resources mbody!ng economic benefits will de equ!red Io settle ihe obligation o one amount of be odI‹gatio can*ot be measured with sufficient reliability,

Contingent liabilities ate only disclosed by way of hole and not recognized as liab\ittes ›n the statement of financial

pos!Iion.

xyii Taxes

1. Current income tax

   Ovr› en1 income lxx assels and IiaLitires for the cuiten' gfiDd die measu ed at the amount expected to de recovered from or paid lo the taxation authorities. The tax rates and fax Ians used o compete the amount are those that are enacted oi suhstantively enacted by the feport'ng date in Nigeria. CurrenI income Dx assets and IaDlites also Include adtJ5inents

   o box expected 1o oe payable oi recoverable in respect of pieviou> periods.

   16

   THOMAS WYATT NIGERIA PLC

   Notes to the Consolidated and Separate Financial Statements

   For the quartet ended 30 Saplem#er, 2024

   1. Current income tax (cont’d

      Current income lax relating to items recognized directly in equity Dr other comprehersiye income is recognized in equity or older comprehensive income ord not in he income staterre I, Management pe‹iodi» the tax eturns with respect to situations ir which applicable tax regulations are subject to interpretation and establishes provisions, where appropriae.

   2. DeferedTax

      Deferred tax is provided us ng the Iiab!fty method In aspect of tenporay differences st the reporting date between the tax Asses of assels and liabilities and tied carrying counts fa firanci6 reporting purposes,

      DRerieo tax liabilities are recognized for all taxable temporary differences, except:

      the fhe deferred tax liatiliiy arises f om the initial recopnttion of goodwill or Of an asset or liab lily in a

      ransactn ha is not a bus'iness combination and, at the time of he transacfon, affects refther lhe accounting proft nor taxable profit or loss.

      Deferred lax assets are recognized for all deductible tempo any differences, carry forward of unused tax credits ard unused tax Tosses, to the extent Ihat il is probable that taxable profit will de available against which the aeduJible temporary dike ences, and Ihe carp fovard of unuso tax cued ts and unuse0 tax Tosses can be utilized except,

      there tte deferred tax asset relating io the dedvctidle temporary difference arises from the initial recognitionofan asset Or liability in a transac@ tha s not a business combination and, at the time of the transaction, affects neither

      the accouniingprofitnor taxable prof‹torloss. •

      The carrying amount oT deferred tax assets is reviewed at each reporting dale and reduced to The extent that ‹t is no Iongei probable icat svfficiertt BxadR profit w‹\ be avaiabl+ o allow alt or part ol the deferred income tar asset to be utilized. Unf9Cogf)J2ed deferred tax assets 8re reassessed at each repon‹rg dale an are iecognzed 1o the extent thatii has become probable that future taxable profii will allow the deferred tax asset lo be recovered.

      Deterred tax assets and liabilities are measured at the lax rates that are expected to apply to the year when tm assents teemed or the iab›l‹ty is setiled, based on tax rates (and tax laws} Ihal Faye deen enacted o substanlively enacted ai the reporting date.

      Deferred tax relating to items recognized outsde pr0lit a loss is recogn'ized outside profit or loss. Deferred tax items are rec0gnized in correlatio to the underlying transaction either in other p‹ehens veIncme c dtect!y ir eqvily,

      Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists a set off cvfr6nt tax assets against current income tax liabilities and lie deferred taxes resale to the same taxable entity and the same taxation authority,

      xviii Leased

      Leases Group as a lessee

      The Group assesses whether d contract is or contains a lease at inception of the cont ac.

      This assessment !nyoIves the exercise of judgment adout 'Lelher it depends on a specified asset, whether the Group odlains si/dstanLally aft he econmic benefils from the asset and shelter we Group has the ight la direct lie useof the asser.

      17

      xix Leases

      Leases Group as a lessee (cent'd|

      THOIYIAS WYATT KTGERIA PLC

      Notes to the Consolidated and Separate Financial Statements

      For the quarter ended 30 September, 2024

      The Group recognises a right-of - use{ROU) asset an0 a lease Tiabili at lie lease conmercement date, exceplfor sflorl term leases of 12 mo iñs or less which are ex§6hSed in he income sDtement on a straight line - basis ne the lease term.

      The lease liability is ‹nit‹ally measured a the present value of lhe lease payments that are not paid ar he commencement daie, discounted using lie in(ereSt rate implicit. in the lease, If this rate cara be readily determined,tfie Group vses on incremental borrowing tale specific to the count , term and currency of Ihe contracl. Lease payments can include fixed payments, atiate payments fat depend on an index raie known at commencement daie; and extension option payments or purchase options which the Group is reasonable certain o exeirise. The lease liability is subsequently measured at amortised cost using the effective interest rate method and remeasured (with a corresponding adjusmeet to the related ROU asset} men there is a change ir future lease payments in case of renegotiation, charges of an index or rate or in case of ea eat of opas,

      Atnce1ion,theROU asce|comprsesWeiWtiaIeaselabi4,|nitiu|dieGcoslsand+heobi a5onstOrekfNsDOe asset, less any inceniives granted Ly the lessors. The ROW asset !s depreciated over the shorter of lhe lease ten oi the useful life Of the underlying asset. The ROU asset is subject to testing for impairmenift there is an indicator for impairment, as for owned assets.

      YOU assets are included in the leading Ptop2rty, pram and eqvipmenl and the lease IiabiTily is included !n the headings current Bnd non-current financial liabilities.

      Leases - Group as a lessor

      Leases where the Wrong does not transfer substantially all of the risks and benefits of ownership of the assets are classified as operat'ing leases.

      Un0e a hnance lease, aI the risks and rewards incidental to legal ownership are substantially transferred to the lessee.

      xx Significant accounting (udgments, estimates and assumptions

      In the application of the Group's accounting policies, which are described ‹n note 3, the direcois a e seq i ed to make

      j0dgnenis, estimates and assumptions about the carrying amounts of assets and IiabiliJes that are not t dill:.„.. -t .. apparent from other a Yes. The estimates and associated assumptl0ns are based On historicalexpe fence and Other factors "

      that are considered to de relevant. Actual results may differ frorr bese esiiwtes.

      The eslimaies and underly ng aSSUmplions are reviewed on an ongoing dasis. Revisions to accounting estimates are scognis+d in the penod in which the estimate is revised if 1he revision affects only lhat p8rod, or in the period of lie revision and future periods if the revision affects bolt corer and !uute pe ods.

      1B

      THONAS WYATT NTGERIA PLC

      Note to the Consolidated and Separate Financial Statemenb

      For ta garter ered 30 September, 2024

      Property, plant and equipment

      Piopel, plan and eqoipmenl represent a significant proportion of the asset base Of thg Group, acCounltng for about 89% of the Grep’s tQal assels. Therefore, tLe estima1es and assumptions made to determine their carrying value ard rela!e0

      The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected csef Ilife

      : andtFeexpected residual valueat’he erd otits'Iife.: increasing an asset's expecte life orals residual value would result‹m .. * the reduced depreciation charge in the statement of comprehensive income.

      The useful T‹ves and ‹esidual values ol property, plant and equipment are determined by management based on historical expeñe e as a3 »ntof I ture events and circumstances which may inpaci their useful times.

      Allo dnce for doubtful receivables

      Judgment is exercised to make allowance for yade receivables by ielerence to the Group's past fiist0ry, exist‹rg market conditions as well as forward kicking indices st lhe end of each reporting year. Based on objective evidence of impairment, the Group makes a colective impa›fment allowance for dovblftJl debts.

      Taxation

      The Group's tax charge on ordinary ac8v‹Les is the sum of the Total cvrren and deferred tax charges. Thecan u•ite• of the of the Group’s local tax charge rtecessar‹ly tnvotves a dagree of estimation and judgment in respect of certain itws x'hose treatrrert cannot be finally determined until resolution has been reached with tFe rsIevanT tax aufhoriy. Under The Nigerian tax system, self-assessment returns are subjected o a desk eyiew f0r the determination of tax d efor remittance in lie relevantyear of assessment. This is hovers not conclusive as field audits are cart'ied out within six yegrs of be end of the relevant year of assessment io determine be adequacy or otherwise of sums remitted under self-assessment thus making tax positions uncertain,

      A RSKUANAOEMENT

      Risks assocated with ihe business oflâe Groupin«meceWtnsk, lqbd yris. marXetrist,operaJona(risXand

      tnlerest rate risk.

      ›.Cued t risk

      Cie0it »sX s be risk of financial loss to the Group, if a customer or counterparty to a Tnancia irst'vment lairs to meet cetacval obligations and arises principally from the Group receivs0les from c somers.

      The Group's piincipa exposure to cre0it risk is influenced by the individual characteristicsof each custome ,C6Sfi 6adcash eg ›' aTe and deposits with banks and other f!narcfai institutions.

2. Liqu›ditt risk

L‹quidily risk is thP risk that the Group will enc0unter difticvfty in meeting the odltparons associated with Its financial IIad!Iities that tre seitied by delivery of cash of othe fnancia assets. the Group's approach tomanaging liquidiiy is to ensure as far as possible, hat it willalways Ave sufTicien iquidiy to meet its liabilities when due, under both norrra! and stressed condl|ions, without incurring unacceptable losses Or r sL‹ng damage o lie Grcup s reputation.

Usually, the Group ensures that it has sufficient cash or dna d to new expected operalioral expenses, !nc1vdirg the seivicinp of financial obligations, this excludes [he potential impact of extreme ci currstances that cannot be teason3bTy predicted, such a5 P0tural disasters.

19