SMART PRODUCTS NIGERIA : AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

SMART PRODUCTS NIGERIA PLC

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2022

SMART PRODUCT NIGERIA PLC
FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER, 2022
CONTENTS	PAGE
Corporate information	1
Results at a glance	2
Report of the directors	3
Statement of directors' responsibilities for the financial statements	10
Certificate of No misstatements and adequate internal control system	11
Independent auditors' report	12
Report of the audit committee	14
Statement of financial position	15
Statement of profit or loss and other comprehensive income	16
Statement of changes in equity	17
Statement of cash flows	18
Notes to the financial statements	19
Other national disclosures
Statement of value added	42
Five-year financial summary	43

P a g e | 1

	SMART PRODUCTS NIGERIA PLC
	CORPORATE INFORMATION
Directors:	Dr. Moses O. Ajaja
	Pastor Akin Laoye
	Adejinle O. Adeniji, Esq.,
Registered office:	373, Agege Motor Road,
	Challenge,
	Mushin, Lagos
	Tel: [phone]
Registration number:	RC 4738
Registrars:	Meristem Registrars Limited,
	213, Herbert Macaulay Street,
	Adekunle, Yaba, Lagos
	Tel: [phone]
	E-mail:[e-mail]
Company Secretaries:	Alpha-Genasec Limited,
	Kresta Laurel Complex (4th Floor),
	376, Ikorodu Road,
	Maryland, Lagos
	Tel: [phone]
	E-mail:[e-mail]
Independent Auditors:	Bakertilly Nigeria,
	(Chartered Accountants),
	Kresta Laurel Complex (4th Floor),
	376, Ikorodu Road, Maryland,
	Lagos
	Tel: [phone]
	E-mail:[e-mail]
Bankers:	Access Bank Plc
	Sterling Bank Plc

P a g e | 2

SMART PRODUCTS NIGERIA PLC

RESULTS AT A GLANCE

		2022	2021	Percentage
		N	N	Change
Gross revenue	52,414,833	54,841,828	(4)
Profit before taxation	8,298,149	9,127,023	(9)
Profit after taxation	6,083,897	7,434,656	(18)
Share capital	23,625,000	22,500,000	5
Equity attributable to owners	97,168,814	95,582,917	2
Per share data:
Earnings (in kobo)	14	17
Net assets (in kobo)	216	212
Dividend declared (in kobo)	8	10

P a g e | 3

SMART PRODUCTS NIGERIA PLC

REPORT OF THE DIRECTORS

1. The directors hereby submit their report and the financial statements of the company for the financial year ended 31 December, 2022.

2.	Result	N
	Profit before taxation	8,298,149
	Income tax expense	(948,654)
	Deferred taxation	(1,265,598)
	Profit after taxation	6,083,897
		========

1. Company profile
   The company, formerly Associated Press Limited was incorporated on 11 January 1966 as a private limited liability company and commenced operation as a legal entity immediately. The name was changed to Smurfit Print Nigeria Limited in 1987 and was subsequently converted to a public limited liability company in 1991 which made it change its name to Smurfit Print Nigeria Plc. The name was changed again to Smart Products Nigeria Plc on 25 September, 2005.
2. Principal activities
   The company continued to let out the warehouse and rely on its rental income during the year under review.
3. Review of operational performance
   A profit after tax of N6,083,897 was achieved in 2022 compared to a profit after tax of N7,434,656 in the preceding year.
4. Directors
   The names of the directors of the company are as stated on page 1 of these reports and financial statements.
5. Directors' interests
6. 1. The directors' interests in the company's shares as at 31 December, 2021 were as follows: -

No. of shares

20222021

Dr. M. O. Ajaja	262,500	250,000
Pastor Akin Laoye	429,500	409,000