JULI : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

JULI PLC

QUARTERLY REPORT

THIRD QUARTER ENDED 30TH SEPTEMBER 2023

19, KODESOH STREET IKEJA LAGOS STATE.

JULI PLC
STATEMENT OF FINANCIAL POSITION
THIRD QUARTER, 2023			30th Sept. 2023
			9 Months Ended	31ST DEC.2022
	NOTES		2023	2022
			₦	₦
ASSETS
Non- Current Assets
Property, Plant & Equipment	5		4,918,278	6,531,133
Product Development Exps
Investments	6		1,000,000	1,000,000
Total Non-Current assets			5,918,278	7,531,133
Current Assets
Inventories	7		17,444,930	38,902,086
Trade Receivables & Prepayments	8		875,000	2,430,350
Cash & Cash Equivalents	9		4,485,403	9,575,482
			22,805,333	50,907,918
TOTAL ASSETS			28,723,611	58,439,051
EQUITY AND LIABILITIES
Share Capital	10		100,000,000	100,000,000
Share Premium
Revaluation Reserve	11		37,253,015	37,253,015
Retained Earning	12		#REF!	(884,810,367)
			#REF!	(747,557,352)
Non-Current Liabilities
Term Loan	13		182,557,320	186,640,505
Deferred Taxation
Current Liabilities
Trade Payables & Accruals	14		79,459,723	50,444,034
Other payables			155,268,777	104,655,867
Tax Payable	15		24,330,865	17,493,000
Related Party- MIDAS Investment Property	16		10,762,500	446,762,998
Bank Overdraft
			269,821,865	619,355,899
TOTAL EQUITY & LIABILITIES			#REF!	58,439,052
	}
	}		Directors	Directors
The Accounting Policies and notes form part of these Financial Statements

Prince Julius Adelusi-Adeluyi, OFR, mni Chairman FRC/2013/NBA/00000004555

Acting Managing Director

FRC/2020/003/00000021997

Osho Olaniyi Thomas, FCA, MBA

FRC/2014/ICAN/000006471

Chief Finance Officer

20th day of October, 2023

JULI PLC

STATEMENT OF COMPREHENSIVE INCOME

THIRD QUARTER, 30TH SEPTEMBER 2023

		3 Months Ended	3 Months Ended
		2023	2022
	NOTE	₦	₦
Turnover		67,782,792.46	63,481,955.99
Cost of Sales		47,614,204.72	41,296,547.93
Gross Profit		20,168,587.74	22,185,408.06
ADMIN. EXPENSES
Adverts & Public Relations		150,000.00	580,600.00
Bank Service Charges		371,505.74	212,709.06
Cleaning Expense		35,800.00	46,570.00
Telephone Expense		143,500.00	140,350.00
Computer and Internet Expenses		223,600.00	48,000.00
License, Registration, Subscription		681,900.00	554,400.00
Insurance Expenses		-	-
Laboratory Expenses		60,500.00	60,500.00
Vehicle Exp.Fuel & Lubricants		505,000.00	410,500.00
Vehicle Exp. Repairs & Maintenance		284,050.00	114,900.00
Vehicle Running Expenses - Others		-	-
Generator Running Expenses		-	-
Generator Expenses: Fuel & Lubricants		3,160,230.00	1,333,160.00
Generator Exp· Repairs & Maintenance		380,500.00	47,500.00
Printing, Postage & Stationery		169,620.00	125,470.00
Professional Fees: Audit & Others		-	1,185,350.00
PAYE		296,197.00	1,038,520.00
Rent & Rates		-	60,000.00
General Repairs and Maintenance		740,200.00	1,031,590.00
Staff: Salaries & Wages		7,092,272.96	6,887,838.28
Staff Medical Expenses		41,750.00	-
Staff Welfare Expenses		29,500.00	22,220.00
Security Expenses		600,000.00	876,250.00
Donation		4,200.00	12,000.00
Directors CCE		227,000.00	70,000.00
Sundry Expenses		733,025.00	215,650.00
Travelling Expenses		575,000.00	41,000.00
Local Transport: Ado - Ekiti		79,870.00	38,480.00
Utilities: PHCN Bill		530,190.00	642,156.00
Utilities: LAWMA Bill		180,000.00	120,000.00
Utilities: Water Bill		33,000.00	12,003.75
Uniforms & Garments		-	48,000.00
Trainning & Development		-	-
Newspapers and periodicals: Ado - Ekiti		-	-
Transportation Expenses		179,100.00	277,150.00
Factory Overheads		-	216,775.00
Office expense		278,790.00	255,690.00
Entertainment		198,220.00	115,480.00
Depreciation		403,229.49	3,411,807.51
Loan Repayment		5,407,474.72	721,219.07
Fines & Penalties		-	600,000.00
Midas Investment		-	-
TOTAL		23,795,224.91	21,573,838.67
GROSS MARGIN		(3,626,637.17)	611,569.39

JULI PLC
STATEMENT OF COMPREHENSIVE INCOME		YEAR - DATE	YEAR - DATE
THIRD QUARTER, 30TH SEPTEMBER 2023		JAN. - SEPT.	JAN. - SEPT.
		9 Months Ended	9 Months Ended
		2023	2022
	NOTE
Turnover		209,009,123.45	183,546,901.77
Cost of Sales		139,319,385.94	119,261,585.95
Gross Profit		69,689,737.51	64,285,315.82
ADMIN. EXPENSES
Adverts & Public Relations		590,573.00	1,688,054.63
Laboratory Expenses		-	259,200.00
Bank Service Charges		1,201,490.08	621,784.97
Cleaning Expense		106,950.00	172,610.00
Telephone Expense		439,500.00	459,650.00
Computer and Internet Expenses		417,800.00	467,350.00
License, Registration, Subscription		1,706,782.35	1,890,888.63
Insurance Expenses		35,000.00	-
Laboratory Expenses		228,500.00	-
Vehicle Running Expenses		-	-
Vehicle Exp.Fuel & Lubricants		1,431,900.00	1,657,490.00
Vehicle Exp. Repairs & Maintenance		699,750.00	554,000.00
Generator Expenses: Fuel & Lubricants		8,399,185.00	6,799,580.00
Generator Exp· Repairs & Maintenance		1,296,450.00	698,690.00
Generator Running Expenses		-	-
Printing, Postage & Stationery		669,890.00	466,450.00
Professional Fees: Audit & Others		800,000.00	2,225,350.00
PAYE		353,977.00	1,038,520.00
Rent & Rates		176,700.00	1,433,529.62
General Repairs and Maintenance		2,312,700.00	2,704,440.00
Staff: Salaries & Wages		21,053,538.12	19,812,835.59
Staff Medical Expenses		156,380.00	153,500.00
Staff Welfare Expenses		360,500.00	507,775.00
Security Expenses		1,800,000.00	2,047,250.00
Directors CCE		907,000.00	444,420.00
Training & Development		3,000.00	45,900.00
Sundry Expenses		2,025,555.00	481,595.00
Utilities: PHCN Bill		2,232,676.43	1,902,536.00
Utilities: PHCN Bill ADO - EKITI		-	-
Utilities: LAWMA Bill		590,000.00	360,000.00
Utilities: Water Bill Ado - Ekiti		57,000.00	21,755.63
Local Transport: Ado - Ekiti		532,810.00	647,405.00
Travelling Expenses		1,409,000.00	241,000.00
Uniforms & Garments		85,000.00	100,500.00
Newspapers and periodicals		-	12,050.00
Transportation Expenses		864,920.00	492,150.00
Factory Overheads		1,062,010.00	2,858,323.00
Office expense		1,075,460.00	593,190.00
Entertainment		389,540.00	374,430.00
Donation		4,200.00	12,000.00
Depreciation		1,209,688.47	9,716,615.01
Fines & Penalties		600,000.00	600,000.00
Loan Repayment		16,607,623.55	5,113,525.47
Midas Investment		-	-
TOTAL		73,893,049.00	69,676,343.55
GROSS MARGIN		(4,203,311.49)	(5,391,027.73)

THIRD QUARTER SEPTEMBER 2023

JULI PLC

BOARD OF DIRECTORS AND THEIR SHAREHOLDING
SHAREHOLDERS	NO. OF SHARES D INDIRECT	% HOLDING
Prince Julius Adelusi-Adeluyi, OFR, mni	57,227,746	#################	###############
Sir Remi Omotosho	1,000,000		0.5
Mrs. Juli Omoshalewa Adelusi-Adeluyi	-	-	-
Mrs Abiola Macaulay-Rep.Access Bank		#################	###############
Mr. Olanrewaju Ajayi-Rep.Wema Bank		#################	###############
Mr. Sylvanus Eneche		-	0
Mrs. Lohdir Asabe Atu-Rep.Tim-Tali Invt. Ltd.		#################	###############
Mrs Olufunke Ogunranti
Shareholders Information
a. Holders of more than 5% of Issued Share Capital
The following Shareholders held more than 5% of the issued share capital of the company as at 31st December, 2022
	Number of		% of Issued
Shareholder	Shares		Share Capital
Wema Bank Plc	60,000,000		30.00
Prince Julius Adelusi-Adeluyi, OFR, mni	57,227,746		28.63
Midas Investment & Property Limited	17,044,254		8.53
	134,272,000		67.16
	% of
Holders	Holders

b. Shareholding Analysis			No. of Holders	% of Ho Units Held	%
1.00		1,000	2067	45.25	1,161,572	0.58
1,001	-	5,000	1722	37.7	3,742,264	1.87
5,001	-	10,000	269	5.89	2,267,720	1.14
10,001	-	50,000	366	8.01	9,483,722	4.74
50,001	-	100,000	77	1.69	5,978,415	2.99
100,001	-	500,000	45	0.98	10,484,866	5.25
500,001	-	1,000,000	13	0.28	10,940,685	5.47
1,000,001	-	5,000,000	4	0.09	12,796,930	6.40
5,000,001	-	200,000,000	5	0.11	143,143,826	71.57
			4,568	100	200,000,000	100

THIRD QUARTER 2023

JULI PLC

SECURITY TRADING POLICY

In compliance with Rule 17.15 Disclosure of Dealings in issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Juli Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees

and all individuals categorized as insiders as to their dealing in the Company's Shares. The Policy undergoes periodic reviews by the Board and is updated accordingly.

The Company has made specific inquiries of all its directors and other insiders and is not aware of any default by any insider during the period.

THIRD QUARTER 30TH SEPTEMBER, 2023

Board Meetings

The Board met one time during the third quarter of the year 2023, to deliberate on the affairs of the company Financial Statement report. Details in respect of attendance of members are shown below:

Prince Julius Adelusi-Adeluyi, OFR, mni - Chairman

Prof. Lere Baale

Mrs. Julia Omoshalewa Adelusi-Adeluyi

Mr. Dele Adesina

Mr. Sylvanus Eneche

Mr. Kayode Falowo

Mrs. Olufunke Ogunranti - Executive

In accordance with Section 359 (3) of Companies and Allied Matters Act 1990, the company has an Audit Committee made up of four (4) members, two each representing the Board and Shareholders. The committee met 13th day of October, 2023 during the year and approved the Financial Statement, details in respect of attendance are as follows:

Attendance

Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman

Mr. Dele Adesina

Mr. Sylvanus Eneche

Mrs. Olufunke Ogunranti

Board Committee

Two committees in addition to the Statutory Audit Committee are in place

1. Finance and General-Purpose Committee
2. Establishment/Human Resource Committee

Members of the Finance and General-Purpose committee met one time during the year and details in respect of attendance are as follows:

Attendance

Prof. Lere Baale- Chairman

Mr. Kayode Falowo

Mrs. Olufunke Ogunranti

Members of the Establishment/Human resources Committee met one time during the year and details in respect of attendance are as follows:

Attendance

Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman

Prof. Lere Baale

BY THE ORDER OF THE BOARD

Dated this 20th day of October, 2023

Olalekan Yusuf (SAN) & Co. Company Secretary

STATEMENT OF DIRECTORS' RESPONSIBILITIES

For the Year ended 30th September, 2023

The Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2004 requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the company at the end of the year and of its profit or loss. The responsibilities include ensuring that the company:

1. Keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company and comply with the requirements of the Companies and Allied Matters Act, Cap C.20, laws of the Federation of Nigeria 2020;
2. Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
3. Prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, and are consistently applied.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with Nigerian Accounting Standards and the requirements of the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2020.

The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the company and of its profit. 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 control.

Nothing has come to the attention of the directors to indicate that the company will not remain a going concern for at least twelve months from the date of this statement.

Chairman

Director

20th October, 2023