UNION DICON SALT PLC
UNAUDITED FINANCIAL STATEMENTS 3OTH JUNE 2023
UNION DICON SALT PLC | 2 | |||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
FOR THE PERIOD ENDED 30TH JUNE, 2023 | ||||||
2ND QTR | YEAR TO DATE | |||||
NOTES | 2023 | 2022 | 2023 | 2022 | ||
N'000 | N'000 | N'000 | N'000 | |||
Revenue | 7 | - | - | - | - | |
Cost of sales | 8 | - | - | - | - | |
Gross profit | - | - | - | - | ||
Other operating income | 9 | 93,675 | 20,095 | 187,300 | 37,555 | |
Administrative expenses | 10 | (32,108) | (111,110) | (69,250) | (125,660) | |
Profit before tax | 61,567 | (91,015) | 118,050 | (88,105) | ||
Current tax expense | 13(i) | - | - | - | - | |
Profit for the year | 61,567 | (91,015) | 118,050 | (88,105) | ||
Other comprehensive income | - | - | - | - | ||
Total comprehensive Profit/(Loss) | 61,567 | (91,015) | 118,050 | (88,105) |
The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.
UNION DICON SALT PLC | 3 | ||||||||||||||
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE, 2023 | |||||||||||||||
2023 | 2022 | DECEMBER 2022 | |||||||||||||
Assets | Notes | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||||||||
Non-current | |||||||||||||||
Property, plant and equipment | 14 | 46,212 | 44,548 | 43,900 | |||||||||||
Investment in subsidiary | 15 | 57,682 | 103,894 | 56,481 | 101,029 | 57,682 | 101,582 | ||||||||
Current Assets | |||||||||||||||
Trade and other receivables | 16 | 6,470 | 5,770 | 1,191 | |||||||||||
Cash and cash equivalents | 21 | 53,892 | 1,752 | 94,553 | |||||||||||
60,362 | 7,523 | 95,744 | |||||||||||||
Current liabilities | |||||||||||||||
Trade and other payables | 17 | (1,305,847) | (1,408,925) | (1,542,916) | |||||||||||
Current tax liabilities | 13(iii) | (59,379) | (60,807) | (53,593) | |||||||||||
(1,365,226) | (1,469,733) | (1,596,509) | |||||||||||||
Net current liabilities | (1,304,864) | (1,462,210) | (1,500,765) | ||||||||||||
Total assets less current liabilities | (1,200,970) | (1,361,182) | (1,399,183) | ||||||||||||
Non-current liabilities | |||||||||||||||
Employee benefit liabilities | 18 | (61,252) | (61,552) | (61,552) | |||||||||||
Deferred tax liabilities | 13(v) | (5,384) | (39,591) | (39,591) | |||||||||||
(66,636) | (101,143) | (101,143) | |||||||||||||
Net liabilities | (1,267,606) | (1,462,325) | (1,500,326) | ||||||||||||
Equity | |||||||||||||||
Share capital | 19(a) | 136,673 | 136,673 | 136,673 | |||||||||||
Share premium | 19(b) | 250,638 | 250,638 | 250,638 | |||||||||||
Actuarial Valuation Reserve | 65,692 | 65,692 | 65,692 | ||||||||||||
Revenue reserve | 20 | (1,720,609) | (1,915,329) | (1,953,330) | |||||||||||
Total equity | (1,267,606) | (1,462,325) | (1,500,326) | ||||||||||||
The financial statements were approved by the Board of Directors on, 13th July 2023 and signed on its behalf by: | |||||||||||||||
(i) LT. General T.Y Danjuma (RTD), GCON | Chairman | FRC/2013/IODN/00000003130 | |||||||||||||
(ii) Florence S. Iroye | Ag. Managing Director | FRC/2021/002/00000023527 | |||||||||||||
(iii) Adebunmi Amos | Financial Controller | FRC/2014/ICAN/00000006105 |
The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.
UNION DICON SALT PLC | 4 | |||
STATEMENT OF CHANGES IN EQUITY | ||||
FOR THE PERIOD ENDED 30 JUNE, 2023 | ||||
Reserve for | ||||
Share | Share | Actuarial | Restated | Total |
Capital | Premium | Valuation | Earnings | Equity |
N'000 | N'000 | N'000 | N'000 | N'000 |
Balance at 1 January 2023 | 136,673 | 250,638 | 65,692 | (1,838,659) | (1,385,656) | |
Comprehensive income for the year: | ||||||
Profit for the year | - | - | - | 118,050 | 118,050 | |
Other comprehensive income | - | - | - | - | - | |
Total comprehensive Profit /(Loss) for the year | - | - | - | 118,050 | 118,050 | |
Transactions with owners recorded directly in equity | - | - | - | - | ||
Balance at 30 JUNE 2023 | 136,673 | 250,638 | 65,692 | (1,720,609) | (1,267,606) | |
Balance at 1 January 2022 | 136,673 | 250,638 | 65,692 | (1,827,223) | (1,374,220) | |
Comprehensive income for the year | - | - | - | - | ||
Profit/(Loss) for the year | - | - | - | (11,436) | (11,436) | |
Other comprehensive income | - | - | - | - | - | |
Total comprehensive Loss for the year | - | - | - | (11,436) | (11,436) | |
Transactions with owners, recorded directly in equity: | - | - | - | - | - | |
Balance at 31 December 2022 | 136,673 | 250,638 | 65,692 | (1,838,659) | (1,385,656) | |
The accompanying notes on pages 8 to 23 and other National disclosures on pages 24 and 25 form an integral part of these finacial statements.
UNION DICON SALT PLC | 5 | |||
STATEMENT OF CASHFLOWS | ||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||
2023 | 2022 | |||
Notes | N'000 | N'000 | ||
Cash flows from operating activities | ||||
Profit YTD | 118,050 | (88,105) | ||
Adjustments for non cash items: | ||||
Depreciation of property, plant and equipment | 14 | - | - | |
Accruals | 18(e) | 83,625 | - | |
Income tax expense | 13(i) | - | - | |
201,675 | (88,105) | |||
Changes in working capital | ||||
(Increase)/decrease in other receivables | 16 | (5,280) | (5,260) | |
(Decrease)/increase in employee benefit liabilities | 18(d) | (300) | (804) | |
Decrease in trade and other payables | 17 | (229,306) | 86,805 | |
Tax paid | 13 | (701) | (1,580) | |
Cash generated from operations | (33,912) | (8,944) | ||
Cash flows from investing activities | ||||
Purchase of property, plant and equipment | 14 | (2,665) | (1,159) | |
Purchase of Shares | - | (2,500) | ||
Net cash outflow from investing activities | (2,665) | (3,659) | ||
Net increase in cash and cash equivalents | (36,578) | (12,603) | ||
Cash and cash equivalents at the beginning of the year | 90,470 | 14,355 | ||
Cash and cash equivalents at the end of the quarter | 22 | 53,892 | 1,752 | |
The accompanying notes on | ||||
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |