AFROMEDIA PLC
Registration number RC 2027
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
(Chartered Accountants)
18b Olu Holloway Road
Ikoyi, Lagos Nigeria
Tel: 01-2630870, 2630871 W ebsite:www.siao-ng.com
E-mail:enquiries@siao-ng.com
Afromedia Plc
(Registration number RC 2027)
Annual Report and Financial Statements for the year ended 31 December 2021
General Information
Country of incorporation and domicile
Nature of business and principal activities
Directors
Registered officeBusiness addressSecretaryWebsite
Registrar and Transfer office
NigeriaThe principal activity of the company is outdoor advertising which consist of advertising in airports, street furniture and bill boards.
Alhaji Lateef Akande Bakare - Chairman (Independent Non-Executive Director)
Otunba Akinlola Irewunmi Olopade - Group Managing Director / CEO
Engr. Patrick Osita Nwabunie - Group Deputy Managing Director
Mr Kabir Usman - Independent Non-Executive Director
Mr Olajide Shokunbi - Non Executive Director
Kilometer 21, Badagry Expressway, Araromi, Ajangbadi,
P. O. Box 2377, Marina, Lagos, Nigeria
Tel: +234-1-8980017
39, Ladipo Bateye Street, GRA, Ikeja,
Lagos.
Lexworth Legal Partners
3rd Floor, Wing A, Lofty Heights Office Complex, Bola Hussain Close, Lekki Phase I, Lagos,
Nigeriawww.lexworthlegal.comwww.afromediaplc.com
Crescent Registrars Limited OFFICE 23, Olusoji Idowu Street, Ilupeju,
Lagos
Auditors
SIAO Partners (Chartered Accountants)
18b Olu Holloway Road,
P.O. Box 55461, Falomo, Ikoyi, Lagos
Website:www.siao-ng.com Email:enquiries@siao-ng.com
Bankers
Access Bank Plc
Ecobank Nigeria Plc
First Bank of Nigeria Limited
First City Monument Bank Limited Guaranty Trust Bank Plc Keystone Bank Limited Polaris Bank Limited Stanbic IBTC Bank Plc
Standard Chartered Bank Limited Sterling Bank Plc
United Bank for Africa Plc Zenith Bank Plc
Afromedia Plc | |
(Registration number RC 2027) | |
Annual Report and Financial Statements for the year ended 31 December 2021 | |
Contents | |
Page | |
Financial Highlights | 3 |
Audit Committee Report | 4 |
Company Secretary's Certification | 5 |
Directors' Report | 6- 9 |
Directors' Responsibilities and Approval | 10 |
Certification Pursuant to Section 405 of CAMA 2020 | 11 |
Independent Auditor's Report | 12 |
Statement of Financial Position | 16 |
Statement of Profit or Loss and Other Comprehensive Income | 17 |
Statement of Changes in Equity | 18 |
Statement of Cash Flows | 19 |
Accounting Policies | 20 - 35 |
Notes to the Financial Statements | 36 - 62 |
Statement of Value Added | 63 |
Five year Financial Summary | 64 |
Afromedia Plc
(Registration number RC 2027)
Annual Report and Financial Statements for the year ended 31 December 2021
Financial Highlights
1.
Statement of Financial Position
2. Statement of Profit or Loss and Other Comprehensive Income
Assets | 31 December | 31 December | Change | Change |
2021 | 2020 | N'000 | % | |
N'000 | N'000 | |||
Non-Current Assets | 1,127,758 | 1,140,778 | (13,020) | (1.14) |
Current Assets | 623,216 | 950,640 | (327,424) | (34.44) |
Non-Current Liabilities | 3,600,900 | 124,399 | 3,476,501 | 2,794.64 |
Current Liabilities | 1,368,489 | 5,329,671 | (3,961,182) | (74.32) |
Equity | ||||
Share capital | 2,219,524 | 2,219,524 | - | - |
Reserves | 2,853,605 | 2,853,605 | - | - |
Share premium | 537,754 | 537,754 | - | - |
Retained (Loss) | (8,829,298) | (8,973,535) | (144,237) | (1.61) |
347,001 | (24,025) | (6.92) | ||
492,915 | (315,730) | (64.05) | ||
544,927 | (367,742) | (67.48) | ||
0.12 | - | - |
Revenue 322,976
Profit before taxation 177,185
Profit from continuing operations after taxation 144,237
3.
Earnings per share
Per share information Basic earnings per share (N)
0.03
3
Afromedia Plc
(Registration number RC 2027)
Annual Report and Financial Statements for the year ended 31 December 2021
Audit Committee Report
1. External auditor
The audit committee has recommended to the Board the appointment of SIAO Partners as the independent auditor and Mr. Abiodun Ariyibi as the designated partner, who is a registered independent auditor, for appointment of the 2021 audit.
The committee satisfied itself through enquiry that the external auditor is independent as defined by the Companies and Allied Matters Act of Nigeria, 2020 and as per the standards stipulated by the auditing profession. Requisite assurance was sought and provided by the Companies and Allied Matters Act of Nigeria, 2020 that internal governance processes within the firm support and demonstrate the claim to independence.
The audit committee in consultation with executive management, agreed to the terms of the engagement. The audit fee for the external audit has been considered and approved taking into consideration such factors as the timing of the audit, the extent of the work required and the scope.
2. Annual Report and Financial Statements
In compliance with Section 404 (7) of the Companies and Allied Matters Act , 2020, we have exercised our statutory functions and have examined the Auditors Report for the period ended 31 December 2021 and hereby state the following:.
We have examined the scope and planning of the audit for the period ended 31 December 2021 which was adequate in our opinion.
We have reviewed the auditors Management letter for the period ended 31 December 2021 as well as the Management responses there on.
The internal control has been constantly and effectively monitored.
We also ascertained the accounting and reporting policies of the Company for the period ended 31 December 2021 are in accordance with legal requirement and ethical practice.
In our opinion, the scope and planning of the audit for the period eneded 31 December 2021 was adequate and management's response to Auditors' finding thereon was satisfactory.
On behalf of the audit committee
Mr, Benjamin Adedigba Chairman Audit Committee FRC/2015/ICAN/00000010983
Other members are
Mrs Elizabeth Gbegbaje | Member |
Alh. Kabir Usman | Member |
Mr Olajide Shokunbi | Member |
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Afromedia plc published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 21:55:07 UTC.