IKEJA HOTEL PLC
Contents | Page |
Certification | 2 |
Statement of Financial Position | 3 |
Satement of Comprehensive Income | 4 |
Statement of Changes in Equity | 5 |
Statement of Cash Flows | 6 |
Notes to Financial Statement | 7-25 |
Operating Summary | 26 |
IKEJA HOTEL PLC
Certification of Financial Statements
In compliance with Section 60(2) of the Investment and Securities Act, 2007, we have reviewed the unaudited interim Financial Statements of the Group for the first quarter ended 31 March 2023.
The Financial Statements, based on our knowledge, does not contain any untrue statement of any material fact or contain any misleading information in any respect.
The Financial Statements, and other financial information included therein, present fairly in all material respects the consolidated statement of financial position, consolidated statement of financial performance and consolidated statement of cash flows of the Group for the first quarter ended 31 March 2023.
We are responsible for designing the internal controls and procedures surrounding the financial reporting process and assessing these controls in accordance with Section 60(2) of the Investment and Securities Act, 2007 and have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company is made known to us by others within the entity. The controls, which are properly prepared, have been operating effectively during the year under reference.
Based on the foregoing, we, the undersigned, hereby certify that to the best of our knowledge and belief, the information contained in the unaudited interim Financial Statements of Ikeja Hotel Plc for the first quarter ended 31March 2023 are complete, accurate and free from any material misstatement.
Theophilus E. Netufo | Zacchaeus O. Adeyemo |
Managing Director/CEO | Controller of Finance |
FRC/2013/ICAN/00000004775 | FRC/2018/ICAN/00000017858 |
20 April 2023 | 20 April 2023 |
2
IKEJA HOTEL PLC
Consolidated Statement of Financial Position | ||||||||||||||||
As at 31 March 2023 | ||||||||||||||||
The Group | The Company | |||||||||||||||
Notes | 31-Mar-23 | 31-Dec-22 | 31-Mar-23 | 31-Dec-22 | ||||||||||||
N'000 | N'000 | N'000 | N'000 | |||||||||||||
Non-Current Assets | ||||||||||||||||
Property, plant and equipment | 7 | 7,119,993 | 6,927,608 | 7,119,993 | 6,927,608 | |||||||||||
Capital work in progress | 9 | 66,677 | 67,842 | 66,677 | 67,842 | |||||||||||
Intangible asset | 10 | 19,281 | 18,329 | 19,281 | 18,329 | |||||||||||
Investment in subsidiaries | 35 | - | - | 4,444,518 | 4,444,518 | |||||||||||
Investment accounted for using the equity | ||||||||||||||||
method | 36 | - | - | 798,722 | 798,722 | |||||||||||
Total Non-Current Assets | 7,205,951 | 7,013,779 | 12,449,191 | 12,257,019 | ||||||||||||
Current Assets | ||||||||||||||||
Inventories | 20 | 207,462 | 223,605 | 207,462 | 223,605 | |||||||||||
Trade Receivables | 18 | 1,009,952 | 863,604 | 1,007,677 | 863,604 | |||||||||||
Other Receivables and Prepayment | 19 | 874,786 | 872,080 | 874,786 | 869,787 | |||||||||||
Loan to related party | 21 | 9,952,308 | 9,952,308 | 9,952,308 | 9,952,308 | |||||||||||
Amount due from related parties | 22 | - | - | 267,586 | 643,739 | |||||||||||
Financial investment | 37 | - | 2,332,655 | - | - | |||||||||||
Cash and Cash Equivalents | 23 | 10,385,620 | 8,605,724 | 5,293,158 | 5,494,754 | |||||||||||
Total Current Assets | 22,430,127 | 22,849,976 | 17,602,977 | 18,047,796 | ||||||||||||
Total Assets | 29,636,077 | 29,863,755 | 30,052,168 | 30,304,815 | ||||||||||||
Equity and Liabilities | ||||||||||||||||
Share Capital | 31.2 | 1,039,398 | 1,039,398 | 1,039,398 | 1,039,398 | |||||||||||
Share Premium | 32 | 1,381,072 | 1,381,072 | 1,381,072 | 1,381,072 | |||||||||||
Retained Earnings | 33 | 5,569,314 | 5,551,514 | 5,694,664 | 5,686,510 | |||||||||||
Capital reserve | 1,832 | 1,832 | - | |||||||||||||
Equity attributable to equity holders | ||||||||||||||||
of Parent | 7,991,617 | 7,973,816 | 8,115,134 | 8,106,980 | ||||||||||||
Non-Controlling interest | 34 | (185,708) | (190,903) | - | - | |||||||||||
7,805,908 | 7,782,913 | 8,115,134 | 8,106,980 | |||||||||||||
Liabilities | ||||||||||||||||
Non-Current Liabilities | ||||||||||||||||
Amount Due to Related Parties | 27 | 10,181,425 | 9,888,824 | 10,961,142 | 10,668,541 | |||||||||||
Retirement Benefits Obligation | 30. | 799,866 | 533,726 | 682,747 | 533,726 | |||||||||||
Deferred Tax | 29.2 | 159,133 | 159,133 | 159,133 | 159,133 | |||||||||||
Non-Total Current Liabilities | 11,140,423 | 10,581,683 | 11,803,022 | 11,361,400 | ||||||||||||
Current Liabilities | ||||||||||||||||
Trade and Other Payables | 25 | 1,681,808 | 2,506,564 | 1,299,570 | 2,004,704 | |||||||||||
Deferred Income | 24 | 8,741,666 | 8,742,793 | 8,599,411 | 8,600,538 | |||||||||||
Deposit for Shares | 26 | 93,600 | 93,600 | 93,600 | 93,600 | |||||||||||
Dividend Payable | 28 | 16,691 | 16,691 | 16,691 | 16,691 | |||||||||||
Current Tax Payable | 29.1 | 155,977 | 139,511 | 124,740 | 120,902 | |||||||||||
Total Current Liabilities | 10,689,742 | 11,499,159 | 10,134,012 | 10,836,435 | ||||||||||||
Total Liabilities | 21,830,166 | 22,080,842 | 21,937,033 | 22,197,835 | ||||||||||||
Total Equity and Liabilities | 29,636,077 | 29,863,755 | 30,052,168 | 30,304,815 | ||||||||||||
These consolidated financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 20 April 2023.
Chief Anthony Idigbe, SAN | Alhaji Abatcha Bulama | Mr. Theophilus E. Netufo | Mr. Zacchaeus O. Adeyemo |
Chairman | Director | Managing Director/CEO | Controller of Finance |
FRC/2014/NBA/00000010414 | FRC/2014/ICAN/000006535 | FRC/2013/ICAN/00000004775 | FRC/2018/ICAN/00000017858 |
The accompanying notes on form an integral part of these consolidated financial statements.
3
IKEJA HOTEL PLC
Consolidated Statement of Comprehensive Income | |||||
For The First Quarter Ended 31 March 2023 | |||||
The Group | The Company | ||||
Year to date | Year to date | ||||
Note | 31-Mar-23 | 31-Mar-22 | 31-Mar-23 | 31-Mar-22 | |
N'000 | N'000 | N'000 | N'000 | ||
Revenue | 11 | 2,056,959 | 3,320,708 | 2,056,959 | 2,031,195 |
Cost of Sales | 12 | (1,506,392) | (2,262,820) | (1,506,392) | (1,148,028) |
Gross Profit | 550,566 | 1,057,888 | 550,566 | 883,167 | |
Other Income | 13 | 58,909 | 17,760 | 57,300 | 1,614 |
Sales and Distribution Expenses | 16 | (80,344) | (73,490) | (80,344) | (73,490) |
Administrative and General Expenses | 15 | (285,478) | (575,073) | (224,540) | (401,572) |
Operating Profit/(Loss) | 243,653 | 427,086 | 302,982 | 409,719 | |
Finance Income | 14 | 89,799 | 1,111 | 3,001 | 775 |
Finance Costs | 17 | (293,992) | (267,400) | (293,992) | (267,736) |
Share of loss in investment accounted | |||||
for using equity | - | - | - | - | |
Profit/(Loss) Before Taxation | 39,460 | 160,797 | 11,991 | 142,759 | |
Current Tax (Expense)/Income | 29.3 | (16,465) | (49,969) | (3,837) | (45,683) |
Profit/(Loss) After Taxation | |||||
22,996 | 110,828 | 8,154 | 97,076 | ||
Profit/(Loss) Attributable to: | |||||
Equity Holders of the Parent | 17,801 | 102,336 | 8,154 | 97,076 | |
Non-Controlling Interest | 5,195 | 8,492 | - | - | |
22,996 | 110,828 | 8,154 | 97,076 | ||
Other Comprehensive | |||||
Income/(Loss) for the Period: | |||||
Re-measurement gain/(Loss of Defined | |||||
Benefit Plan) | - | - | - | ||
Other Comprehensive Income for the | |||||
Period | - | - | - | - | |
Total Comprehensive Income for | |||||
the Period | 22,996 | 110,828 | 8,154 | 97,076 | |
Total Comprehensive Income for | |||||
the Period Attributable to: | |||||
Equity holders of the Parent | 17,801 | 102,336 | 8,154 | 97,076 | |
Non-Controlling Interest | 5,195 | 8,492 | - | - | |
Total Comprehensive Income for | |||||
the Period Attributable to: | 22,996 | 110,828 | 8,154 | 97,076 | |
Basic Earnings Per Share (kobo) | 1 | 5 | 0 | 5 | |
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Ikeja Hotel plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 12:02:01 UTC.