UNION DICON SALT PLC
UNAUDITED FINANCIAL STATEMENTS 3OTH JUNE 2023
UNION DICON SALT PLC | 2 | |||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
FOR THE PERIOD ENDED 30TH JUNE, 2023 | ||||||
2ND QTR | YEAR TO DATE | |||||
NOTES | 2023 | 2022 | 2023 | 2022 | ||
N'000 | N'000 | N'000 | N'000 | |||
Revenue | 7 | - | - | - | - | |
Cost of sales | 8 | - | - | - | - | |
Gross profit | - | - | - | - | ||
Other operating income | 9 | 93,675 | 20,095 | 187,300 | 37,555 | |
Administrative expenses | 10 | (32,108) | (111,110) | (69,250) | (125,660) | |
Profit before tax | 61,567 | (91,015) | 118,050 | (88,105) | ||
Current tax expense | 13(i) | - | - | - | - | |
Profit for the year | 61,567 | (91,015) | 118,050 | (88,105) | ||
Other comprehensive income | - | - | - | - | ||
Total comprehensive Profit/(Loss) | 61,567 | (91,015) | 118,050 | (88,105) |
The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.
UNION DICON SALT PLC | 3 | ||||||||||||||
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE, 2023 | |||||||||||||||
2023 | 2022 | DECEMBER 2022 | |||||||||||||
Assets | Notes | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||||||||
Non-current | |||||||||||||||
Property, plant and equipment | 14 | 46,212 | 44,548 | 43,900 | |||||||||||
Investment in subsidiary | 15 | 57,682 | 103,894 | 56,481 | 101,029 | 57,682 | 101,582 | ||||||||
Current Assets | |||||||||||||||
Trade and other receivables | 16 | 6,470 | 5,770 | 1,191 | |||||||||||
Cash and cash equivalents | 21 | 53,892 | 1,752 | 94,553 | |||||||||||
60,362 | 7,523 | 95,744 | |||||||||||||
Current liabilities | |||||||||||||||
Trade and other payables | 17 | (1,305,847) | (1,408,925) | (1,542,916) | |||||||||||
Current tax liabilities | 13(iii) | (59,379) | (60,807) | (53,593) | |||||||||||
(1,365,226) | (1,469,733) | (1,596,509) | |||||||||||||
Net current liabilities | (1,304,864) | (1,462,210) | (1,500,765) | ||||||||||||
Total assets less current liabilities | (1,200,970) | (1,361,182) | (1,399,183) | ||||||||||||
Non-current liabilities | |||||||||||||||
Employee benefit liabilities | 18 | (61,252) | (61,552) | (61,552) | |||||||||||
Deferred tax liabilities | 13(v) | (5,384) | (39,591) | (39,591) | |||||||||||
(66,636) | (101,143) | (101,143) | |||||||||||||
Net liabilities | (1,267,606) | (1,462,325) | (1,500,326) | ||||||||||||
Equity | |||||||||||||||
Share capital | 19(a) | 136,673 | 136,673 | 136,673 | |||||||||||
Share premium | 19(b) | 250,638 | 250,638 | 250,638 | |||||||||||
Actuarial Valuation Reserve | 65,692 | 65,692 | 65,692 | ||||||||||||
Revenue reserve | 20 | (1,720,609) | (1,915,329) | (1,953,330) | |||||||||||
Total equity | (1,267,606) | (1,462,325) | (1,500,326) | ||||||||||||
The financial statements were approved by the Board of Directors on, 13th July 2023 and signed on its behalf by: | |||||||||||||||
(i) LT. General T.Y Danjuma (RTD), GCON | Chairman | FRC/2013/IODN/00000003130 | |||||||||||||
(ii) Florence S. Iroye | Ag. Managing Director | FRC/2021/002/00000023527 | |||||||||||||
(iii) Adebunmi Amos | Financial Controller | FRC/2014/ICAN/00000006105 |
The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.
UNION DICON SALT PLC | 4 | |||
STATEMENT OF CHANGES IN EQUITY | ||||
FOR THE PERIOD ENDED 30 JUNE, 2023 | ||||
Reserve for | ||||
Share | Share | Actuarial | Restated | Total |
Capital | Premium | Valuation | Earnings | Equity |
N'000 | N'000 | N'000 | N'000 | N'000 |
Balance at 1 January 2023 | 136,673 | 250,638 | 65,692 | (1,838,659) | (1,385,656) | |
Comprehensive income for the year: | ||||||
Profit for the year | - | - | - | 118,050 | 118,050 | |
Other comprehensive income | - | - | - | - | - | |
Total comprehensive Profit /(Loss) for the year | - | - | - | 118,050 | 118,050 | |
Transactions with owners recorded directly in equity | - | - | - | - | ||
Balance at 30 JUNE 2023 | 136,673 | 250,638 | 65,692 | (1,720,609) | (1,267,606) | |
Balance at 1 January 2022 | 136,673 | 250,638 | 65,692 | (1,827,223) | (1,374,220) | |
Comprehensive income for the year | - | - | - | - | ||
Profit/(Loss) for the year | - | - | - | (11,436) | (11,436) | |
Other comprehensive income | - | - | - | - | - | |
Total comprehensive Loss for the year | - | - | - | (11,436) | (11,436) | |
Transactions with owners, recorded directly in equity: | - | - | - | - | - | |
Balance at 31 December 2022 | 136,673 | 250,638 | 65,692 | (1,838,659) | (1,385,656) | |
The accompanying notes on pages 8 to 23 and other National disclosures on pages 24 and 25 form an integral part of these finacial statements.
UNION DICON SALT PLC | 5 | |||
STATEMENT OF CASHFLOWS | ||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||
2023 | 2022 | |||
Notes | N'000 | N'000 | ||
Cash flows from operating activities | ||||
Profit YTD | 118,050 | (88,105) | ||
Adjustments for non cash items: | ||||
Depreciation of property, plant and equipment | 14 | - | - | |
Accruals | 18(e) | 83,625 | - | |
Income tax expense | 13(i) | - | - | |
201,675 | (88,105) | |||
Changes in working capital | ||||
(Increase)/decrease in other receivables | 16 | (5,280) | (5,260) | |
(Decrease)/increase in employee benefit liabilities | 18(d) | (300) | (804) | |
Decrease in trade and other payables | 17 | (229,306) | 86,805 | |
Tax paid | 13 | (701) | (1,580) | |
Cash generated from operations | (33,912) | (8,944) | ||
Cash flows from investing activities | ||||
Purchase of property, plant and equipment | 14 | (2,665) | (1,159) | |
Purchase of Shares | - | (2,500) | ||
Net cash outflow from investing activities | (2,665) | (3,659) | ||
Net increase in cash and cash equivalents | (36,578) | (12,603) | ||
Cash and cash equivalents at the beginning of the year | 90,470 | 14,355 | ||
Cash and cash equivalents at the end of the quarter | 22 | 53,892 | 1,752 | |
The accompanying notes on | ||||
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Union Dicon Salt plc published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 14:41:03 UTC.