RONCHESS GLOBAL RESOURCES PLC
UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2024
1
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
Table of contents | |
Corporate Information | 1 |
Statement of financial position | 8 |
Statement of profit or loss and other comprehensive income | 9 |
Statement of changes in equity | 10 |
Statement of cash flows | 21 |
Notes to the financial statements | 12 |
2
CORPORATE INFORMATION
Board of Directors | Nationality |
Adeolu Adeboye | Nigerian |
Niyi Ogunnowo | Nigerian |
Ukuevo Jackson | Nigerian |
Okafor Akalaka | Nigerian |
Temitope Adeboye | Nigerian |
Tope Adebosin | Nigerian |
Leon Kelly | American |
RC NUMBER:
NATURE OF BUSINESS:
REGISTERED OFFICE:
INDEPENDENT AUDITORS:
BANKERS:
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
Designation
Chairman
Vice Chairman
Managing Director
Independent Non-Executive Director
Independent Non-Executive Director
Non-Executive Director
Independent Non-executive Director
771515
Construction
179A Moshood Olugbani Street,
Victoria Island,
Lagos
Shelze Professional Services
7, Edward Hotunu Street,
Lekki Phase 1,
Lagos
Access Bank
Ecobank
FCMB
Fidelity Bank
Guaranty Trust Bank Plc,
Keystone Bank
Sterling Bank
Parallex Bank
Polaris Bank
Providus Bank Uba
Union Bank
Zenith Bank Plc
3
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
DIRECTORS' REPORT
The Directors submit herewith their report together with the Unaudited financial statements of RONCHESS GLOBAL RESOURCES PLC (the "Company") for the Quarter ended 31 March, 2024.
LEGAL FORM
RONCHESS GLOBAL RESOURCES PLC was incorporated on the 5th of September, 2008. In 2021, the Company converted to a public limited liability company and its shares became listed on the Nigerian Stock Exchange.
PRINCIPAL ACTIVITIES
The company is engaged in the business of Road Marking and Construction.
OPERATING RESULTS
The following is a summary of the Company's operating results:
2024 | 2023 | |
₦'000 | ₦'000 | |
Revenue | 1,330,209 | 1,950,000 |
Cost of sales | (1,066,871) | (924,423) |
Gross profit | 263,338 | 1,025,577 |
Impairment loss on trade receivables | (107,618) | - |
Administrative Expenses | (1,074,741) | (422,374) |
Operating Profit/(Loss) | (919,021) | 603,203 |
DIRECTORS AND THEIR INTERESTS
The names of the present Directors are detailed on page 1. None of the Directors has notified the Company for the purpose of section 303 of the Companies and Allied Matters Act 2020 of any interest in contracts with which the Company was involved during the period under review.
SHAREHOLDERS AND SHAREHOLDING
The names of the shareholders and their allotted shareholdings are as follows:
Number of Ordinary Shares of ₦1 each | |||
Share Range | % Holding | 2024 | 2023 |
1 - 50,000,000 | 29.90% | 20,200,000 | 20,200,000 |
50,000,001-100,000,000 | 70.10% | 70,800,000 | 70,800,000 |
100% | 91,000,000 | 91,000,000 | |
AUTHORIZED SHARE CAPITAL
The authorized share capital of the Company as at 31 March 2024 is N91,000,000 dividends into 91,000,000 ordinary shares of N1 each.
4
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
EMPLOYMENT AND EMPLOYEES (a) Employment of physically challenged persons
The Company operates a non-discriminatory policy in the consideration of applications for employment, including those received from persons with disability. In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continuous employment of such a person without subjecting him or her to any disadvantage in his or her career development. As at 31 March 2024, the Company has no disabled persons in its employment.
(b) Health, safety and welfare at work
Arrangements are made for adequate security and protection of staff in the Company's premises while necessary safety regulations are complied with in order to facilitate the safety of employees of the Company at all times.
(c) Employee involvement and training
The Company provides facilities for regular on the job training for staff. Regular consultative meetings are held by management to keep members of staff abreast with developments within the company as well as its plans and achievements.
EVENTS AFTER REPORTING PERIOD
There is no event after the reporting date that could have a material effect on the state of affairs of the Company as at 31 March 2024.
Whistle Blowing
The Company is committed to conducting its affairs ethically and responsibly. Unethical behaviours cost the Company money, time, human resources and can negatively affect the Company's reputation before its stakeholders.
AUDITORS
Shelze Professional Services having satisfied the relevant corporate governance rules on their tenure in office has indicated their willingness to continue in office as Auditors to the Company. In accordance with Section 401 of the Companies and Allied Matters Act 2020 therefore, the auditors will be reappointed at the next annual general meeting of the Company without any resolution being passed.
A resolution will be proposed authorizing the Directors to determine their remuneration.
BY ORDER OF THE BOARD OF DIRECTORS
___________________
Christopher Egba Oruete Company Secretary
NBA: SC01719
Ronchess Global Resources Plc
Lagos, Nigeria
29 April 2024
5
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
The Directors of RONCHESS GLOBAL RESOURCES PLC are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the company as at 31 March 2024, and the results of its operations, cash flows and changes in equity for the year ended, in compliance with International Financial Reporting Standards ("IFRS"), the Companies and Allied Matters Act 2020 and in the manner required by the Financial Reporting Council of Nigeria Act, 2023.
In preparing the financial statements, the directors are responsible for:
- designing, implementing and maintaining an effective and sound system of internal controls throughout the company;
- maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company, and which enable them to ensure that the financial statements of the company comply with IFRS;
- maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
- taking such steps as are reasonably available to them to safeguard the assets of the company;
- preventing and detecting fraud and other irregularities;
- properly selecting and applying accounting policies;
- presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
- providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the financial position and financial performance; and
- making an assessment of the entity's ability to continue as a going concern.
Going Concern:
The directors have made an assessment of the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the quarter ahead.
Signed on behalf of
RONCHESS GLOBAL RESOURCES PLC
-------------------------- | --------------------------- |
Ukuevo Jackson | Oluwakemi Akinloye |
Chief Executive Officer | Chief Financial Officer |
FRC/2024/PRO/DIR/003/503251 | FRC/2019/ICAN/0000001993 |
6
Shareholding Structure/Free Float Status
31-Mar-24 | 31-Mar-23 | |||||||
Description | ||||||||
Unit | Percentage | Unit | Percentage | |||||
Issued Share Capital | 91,000,000 | 100% | 91,000,000 | 100% | ||||
Substantial Shareholdings (5% and | ||||||||
above) | ||||||||
Jackson Ukuevo | 63,791,000 | 70.10% | 63,791,000 | 70.10% | ||||
Josephine Ukuevo | 14,378,000 | 15.80% | 14,378,000 | 15.80% | ||||
Others | 12,831,000 | 14.10% | 12,831,000 | 14.10% | ||||
Total Substantial Shareholdings | 91,000,000 | 100.00% | 91,000,000 | 100.00% | ||||
Directors' Shareholdings (direct and | ||||||||
indirect), excluding directors with | ||||||||
substantial interests | ||||||||
-- | -- | -- | -- | |||||
0.00% | 0.00% | |||||||
-- | -- | -- | -- | |||||
Total Directors' Shareholdings | 0 | 0.00% | 0 | 0.00% | ||||
Other Influential Shareholdings | ||||||||
0.00% | 0.00% | |||||||
0.00% | 0.00% | |||||||
0.00% | 0.00% | |||||||
Free Float in Units and Percentage | 0 | 0.00% | 0 | 0.00% | ||||
Free Float in Value | ₦ 0.00 | ₦ 0.00 | ||||||
Declaration:
- Ronchess Global Resources Plc with a free float percentage of 14.1% as at 31 March 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.
- Ronchess Global Resources Plc with a free float value of N12,831,000. as at 31 March 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.
RONCHESS GLOBAL RESOURCES PLC | ||||
Unaudited Financial Statements For | ||||
the quarter ended 31 March 2024 | ||||
STATEMENT OF FINANCIAL POSITION | ||||
2024 | 2023 | |||
Assets | Notes | ₦'000 | ₦'000 | |
Non-current assets | ||||
Property, plant and equipment | 5,524,440 | 6,355,842 | ||
Investments | 18 | 795,277 | ||
Total non-current assets | 6,319,717 | 6,355,842 | ||
Current assets | ||||
Cash & cash equivalents | 9 | 64,679 | 35,608 | |
Trade and other receivables | 10 | 2,563,463 | 15,051,011 | |
Prepayments | 11 | - | - | |
Total current assets | 2,628,142 | 15,086,619 | ||
Total assets | 8,947,859 | 21,442,461 | ||
Equity and liabilities | ||||
Equity | ||||
Share capital | 14 | 91,000 | 91,000 | |
Revaluation reserve | 4,449,363 | 5,359,285 | ||
Retained earnings | 1,797,047 | 14,502,123 | ||
Total equity | 6,337,410 | 19,952,408 | ||
Total non-current liabilities | - | - | ||
Current liabilities | ||||
Trade and other payables | 12 | 475,192 | 180,823 | |
Bank overdraft | 16 | 1,041,583 | 200 | |
Income tax payable | 8 | - | - | |
Borrowings | 13 | 1,093,674 | 1,309,030 | |
Total current liabilities | 2,610,449 | 1,490,053 | ||
Total equity and liabilities | 8,947,859 | 21,442,461 | ||
These financial statements were approved by the Directors and signed on its behalf by:
____________________ | ____________________ |
Ukuevo Jackson | Oluwakemi Akinloye |
Chief Executive Officer | Chief Financial Officer |
FRC/2024/PRO/DIR/003/503251 | FRC/2019/ICAN/0000001993 |
RONCHESS GLOBAL RESOURCES PLC
Unaudited Financial Statements For the quarter ended 31 March 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
2024 | 2023 | |||
Notes | ₦'000 | ₦'000 | ||
Revenue | 4 | 1,330,209 | 1,950,000 | |
Cost of sales | 5 | (1,066,871) | (924,423) | |
Gross profit | 263,338 | 1,025,577 | ||
Impairment loss on trade receivables | 10a | - | - | |
Administrative expenses | 7 | (1,071,741) | (422,374) | |
Operating profit | (808,403) | 603,203 | ||
Other income | 6 | - | ||
Finance cost | 15 | (3,000) | - | |
Profit/(loss) before tax | (811,403) | 603,203 | ||
Income tax expense | 8 | |||
Profit for the year | (811,403) | 603,203 | ||
Other comprehensive income | ||||
Exchange gains | 6 | - | - | |
Gain on revaluation | - | - | ||
Total comprehensive income | (811,403) | 603,203 | ||
Earnings per share | 19 | (8.9) | 6.6 |
RONCHESS GLOBAL RESOURCES PLC | |||
Unaudited Financial Statements For | |||
the quarter ended 31 March 2024 | |||
STATEMENT OF CASHFLOW | |||
2024 | 2023 | ||
₦'000 | ₦'000 | ||
Operating Activities | |||
Profit/(Loss) after tax | (811,403) | 603,203 | |
Adjustments for non-cash items | |||
Depreciation of property, plant and equipment | 231,995 | 174,702 | |
Tax provision | - | - | |
Impairment loss on trade receivables | - | - | |
Cashflow from operating activities before changes in | |||
working capital | (579,408) | 777,905 | |
Movement in working capital | |||
Increase/decrease in current assets | 12,487,548 | (487,121) | |
Increase/decrease in current liabilities | 294,369 | (293,817) | |
12,202,510 | (3,033) | ||
Cash generated from operations | |||
Tax paid | - | - | |
Cash generated from operating activities | 12,202,510 | (3,033) | |
Investing Activities | |||
Property, plant and equipment | - | - | |
Investment | (795,277) | ||
Net Cash generated from Investing Activities | (795,277) | - | |
Financing Activities | |||
Proceeds of ordinary share capital | - | ||
Interest paid | - | ||
Proceeds from borrowings | (215,356) | - | |
Net cash generated from financing activities | (215,356) | - | |
Net increase in cash and cash equivalent | 11,191,877 | (3,033) | |
Cash at the beginning of the year | 35,408 | 38,441 | |
Cash at the end of the year | 11,227,285 | 35,408 | |
Represented by: | |||
Cash Balance | 64,679 | 35,608 | |
Bank Overdraft | (1,041,583) | (200) | |
(976,904) | 35,408 | ||
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Ronchess Global Resources plc published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2024 21:16:07 UTC.