FTN COCOA PROCESSORS : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

FTN COCOA PROCESSORS PLC

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

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
Shareholding Structure/Free Float Status	31

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	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. [phone]
	E-mail:[e-mail]
Registered Office:	21, Emmanuel Keshi Street,
	Oladipo Sessi Close,
	Magodo, GRA, Lagos.
	Tel. [phone]
	Website: www.ftncocoa.com.ng
	E-mail:[e-mail]
Registration Number:	RC 172292
Factory Address:	Km 9, Monatan- Iwo Road,
	Opposite Arcedem, Wofun Olodo,
	Ibadan, Oyo State.
	Tel. [phone]
Independent Auditors:	Bakertilly Nigeria,
	(Chartered Accountants),
	Kresta Laurel Complex (4th Floor),
	376, Ikorodu Road, Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registrars:	Meristem Registrars,
	213, Herbert Macaulay Street,
	Yaba, Lagos.
	Tel.: [phone]
	E-mail:[e-mail]
Bankers:	Ecobank Nigeria Limited
	Guaranty Trust Bank Plc
	United Bank for Africa Plc

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FTN COCOA PROCESSORS PLC

		RESULTS AT A GLANCE
		Y-T-D	Y-T-D
For the period	31/12/2022	31/12/2021	Change	Percentage
		N'000	N'000	N'000	%
Revenue	62,194	290,779	(228,585)	(79)
Loss before taxation	(363,231)	(1,477,894)	1,114,663	(75)
Taxation	-	(727)	-	100
Loss after taxation	(363,231)	(1,478,621)	1,115,390	(75)
Loss per share	(9k)	(67k)	58k	(86)
		Y-T-D	Y-T-D
At period end	31/12/2022	31/12/2021	Change	Percentage
		N'000	N'000	N'000	%
Property, plant and equipment	5,804,833	5,913,813	(108,980)	(2)
Total assets	7,276,723	7,441,390	(164,667)	(2)
Total liabilities	8,750,453	8,192,988	557,465	7
Share capital	1,950,000	1,100,000	850,000	77
Revaluation reserve	4,017,369	4,017,369	-	-
Equity	(1,473,730)	(751,598)	(722,132)	96
		Number	Number
Number of employees	55	74
		===	===

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FTN COCOA PROCESSORS PLC

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST DECEMBER 2022

The directors accept responsibility for the preparation of the annual financial statements that give a true and fair view of the statement of financial position of the Company at the end of the year and of its comprehensive income in the manner required by the Companies and Allied Matters Act of Nigeria. The responsibilities include ensuring that the Company:

1. keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company to comply with the requirements of the Companies and Allied Matters Act 2020.
2. establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

1. prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates, that are consistently applied.

The directors accept responsibility for the financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in compliance with:

International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

The directors are of the opinion that the financial statements give a true and fair view of the financial position of the Company and of the loss for the year. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

The directors have made assessment of the Company's ability to continue as a going concern and have no reason to believe that the Company will not remain a going concern in the year ahead.

Signed on behalf of the Board of Directors by:

………………….……………	……………………………….
Pastor Akin Laoye	Otunba Wale Jubril
FRC/2021/003/00000023888	FRC/2014/CISN/00000006703

24 January, 2023

24 January, 2023