FTN COCOA PROCESSORS PLC
REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
TABLE OF CONTENT
CONTENTS | PAGE |
Corporate information | 3 |
Results at a glance | 4 |
Statement of financial position | 6 |
Statement of comprehensive income | 7 |
Statement of changes in equity | 8 |
Statement of cash flows | 9 |
Notes to the financial statements | 10 |
Other national disclosure | |
Statement of value added | 31 |
P a g e | 3 | ||
FTN COCOA PROCESSORS PLC | ||
CORPORATE INFORMATION | ||
Directors: | High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman) | |
Pastor Akin Laoye | - Managing | |
Otunba' Wale Jubril | ||
Company Secretaries: | Alpha-Genasec Limited, | |
Kresta Laurel Complex, | ||
376, Ikorodu Road, | ||
Maryland, Lagos. | ||
Tel. 234-7035051231 | ||
E-mail:alphagenasec@bakertillynigeria.com | ||
Registered Office: | 21, Emmanuel Keshi Street, | |
Oladipo Sessi Close, | ||
Magodo, GRA, Lagos. | ||
Tel. 234-1-7409651 | ||
Website: www.ftncocoa.com.ng | ||
E-mail:info@ftncocoa.com.ng | ||
Registration Number: | RC 172292 | |
Factory Address: | Km 9, Monatan- Iwo Road, | |
Opposite Arcedem, Wofun Olodo, | ||
Ibadan, Oyo State. | ||
Tel. 234-2-7404744 | ||
Independent Auditors: | Bakertilly Nigeria, | |
(Chartered Accountants), | ||
Kresta Laurel Complex (4th Floor), | ||
376, Ikorodu Road, Maryland, Lagos. | ||
Tel. 234-9031613983 | ||
E-mail:btnlag@bakertillynigeria.com | ||
Registrars: | Meristem Registrars, | |
213, Herbert Macaulay Street, | ||
Yaba, Lagos. | ||
Tel.: 234-1-8920491,234-1-8920492 | ||
E-mail:info@meristemregistrars.com | ||
Bankers: | Ecobank Nigeria Limited | |
Guaranty Trust Bank Plc | ||
United Bank for Africa Plc | ||
Union Bank of Nigeria Plc |
P a g e | 4 | ||||||
FTN COCOA PROCESSORS PLC | ||||||
RESULTS AT A GLANCE | ||||||
Y-T-D | Y-T-D | |||||
For the period | 31/12/2021 | 31/12/2020 | Change | Percentage | ||
N'000 | N'000 | N'000 | % | |||
Revenue | 290,779 | 235,209 | 55,570 | 24 | ||
Loss before taxation | (1,062,493) | (842,807) | (219,686) | 26 | ||
Taxation | - | (588) | 588 | 100 | ||
Loss after taxation | (1,062,493) | (843,395) | (219,098) | 26 | ||
Loss per share | (48.30k) | (38.34k) | (9.96k) | 26 | ||
Y-T-D | Y-T-D | |||||
At period end | 31/12/2021 | 31/12/2020 | Change | Percentage | ||
N'000 | N'000 | N'000 | % | |||
Property, plant and equipment | 5,760,415 | 2,968,519 | 2,791,896 | 94 | ||
Total assets | 7,212,078 | 4,632,684 | 2,579,394 | 56 | ||
Total liabilities | 7,547,547 | 6,940,011 | 607,536 | 9 | ||
Share capital | 1,100,000 | 1,100,000 | - | - | ||
Revenue reserve | (6,866,277) | (5,803,784) | (1,062,493) | 18 | ||
Equity | (335,469) | (2,307,328) | 1,971,859 | (85) | ||
Number | Number | |||||
Number of employees | 73 | 73 | ||||
=== | === |
P a g e | 5
FTN COCOA PROCESSORS PLC
CERTIFICATION PURSUANT TO SECTION 60(2) OF
INVESTMENT AND SECURITIES ACT NO.29 OF 2007
We the undersigned hereby certify the following with regards to our management reports and financial statements for the year ended 31 December, 2021 that:
- We have reviewed the report;
- To the best of our knowledge, the report does not contain:
- any untrue statement of a material fact, or
- omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
- To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in the report;
- We:
- are responsible for establishing and maintaining internal controls;
- have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;
-
have evaluated the effectiveness of the company's internal controls as of date within
90 days prior to the report; - have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
- We have disclosed to the auditors of the company and audit committee:
- all significant deficiency in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's auditors any material weakness in internal controls; and
- any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;
- We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mr. Akin Laoye | Mr. Olumayowa P. Jimoh |
Managing Director | for: Chief Finance Officer |
FRC/2021/003/00000023888 |
26TH JANUARY, 2022
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FTN Cocoa Processors plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 13:52:09 UTC.