ACCT2023
ACCT2023
(RC:359,165)
CONTENTS PAGE
Corporate Information 1
Balance Sheet 5
Accounting Policies 7
The directors have pleasure in submitting to the members of the company their report
together with the Audited financial statements for the year ended 31st December 2023.
1. PRINCIPAL ACTIVITIES:
2. STATE OF AFFAIRS
In the opinion of the directors, the state of the company’s affairs is satisfactory and there has
been no material change since the date of the balance sheet.
4 DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for the preparation of the financial statements.
1
NEW IDEA CONSTRUCTION COMPANY LIMITED
5 FIXED ASSET
Information relating to fixed assets of the company are contained in Note 1 on
page 8. In the opinion of the directors, there is no substantial difference between
the present market values of the assets and the amounts stated in these accounts.
8 AUDITORS
Messrs. Chika Osuji, Nnakwuzie & Co., having expressed their willingness will
continue in office as the company’s auditors in accordance with Section 357 (2)
of the companies and Allied Matters Act, 1990.
COMPANY SECRETARY.
PORT HARCOURT
2
REPORT OF THE AUDITORS TO THE MEMBERS OF
RESPONSIBILITY OF AUDITORS
Our responsibility as auditors is to form an independent opinion on the financial
statements prepared by the Directors which we have audited.
OPINION
Proper books of accounts have been kept and the financial statements are in agreement
therewith.
In our opinion and to the best of our information and explanation given to us, the
financial statements which have been prepared on the basis of accounting policies set
out on page 7 give the information required by the Companies and Allied Matters Act, CAP
C20 LFN 2004 in the manner so required and give a true and fair view of the state of the
company’s affairs as at 31st December, 2023 and of the profit for the year ended on
that date.
PORT HARCOURT
FEBRUARY 2024
4
NEW IDEA CONSTRUCTION COMPANY LIMITED
(RC:359,165)
BALANCE SHEET
AS AT 31ST DECEMBER, 2023
2023 2022
NOTES N N N N
Preliminary Expenses
339,794,854 125,921,725
339,794,854 125,921,725
0
……………………………………..}
……………………………………..} Directors
……………………………………..}
5
NEW IDEA CONSTRUCTION COMPANY LIMITED
(RC:359,165)
2023 2022
NOTES N N
\
The notes on pages 10 and 11 form parts of these accounts.
6
NEW IDEA CONSTRUCTION COMPANY LIMITED
(RC:359,165)
1. BASIS OF ACCOUNTING
a) The accounts of the company are prepared under the historical cost convention.
Depreciation is calculated to write off the cost or value of the assets over their expected useful
lives as follows:
3. DEBTORS
7
NEW IDEA CONSTRUCTION COMPANY LIMITED
1 FIXED ASSETS
Additions 0 0 0 0 0
Disposal - - 0 - -
DEPRECIATION
Elimination on Disposal - - -
0
Balance at 31/12/2022 6,595,585 360,507,290 97,224,990 1,247,990 465,575,855
8
NEW IDEA CONSTRUCTION COMPANY LIMITED
(RC:359,165)
2b STOCKS
Stocks of Spares 0 0
Work in Progress 60,093,251 40,327,665
60,093,251 40,327,665
3 CURRENT LIABILITIES 0
Advances payments received 58,541,008 151,793,616
Accruals 200,000 200,000
Company Tax 48,709,338 7,962,593
107,450,347 159,956,209
9
NEW IDEA CONSTRUCTION COMPANY LIMITED
(RC:359,165)
2023 2022
5 Director Current Account
AT 1 January 5,250,303
Additions 145,818,520
Additions 151,068,823 5,250,303
6 TAXATION
Provision for income tax is based on the profit of the company as adjusted for taxation purposes.
2023 2022
Balance brought forward 7,962,593 8,245,757
Provision for the year 48,709,338 7,962,593
56,671,932 16,208,351
Adjustment of provision of prior year overprovisions 0
56,671,932 16,208,351
Less Paid 7,962,593 8,245,757
Balance Carried forward 48,709,338 7,962,593
10
NEW IDEA CONSTRUCTION COMPANY LIMITED
9 INCOMES 2023 2022
N N
Contract income 1,593,923,997 142,683,500
Other Income 13,928 1,303,822,389
Direct costs
Opening Stock /Work in Progress 40,327,665 60,327,665
Purchase of Materials 1,274,074,236 1,247,448,446
Direct Labour -
Direct Expenses -
-
1,314,401,901 1,307,776,111
Less: Closing Stock /Work in progress (60,093,251) (40,327,665)
Total cost 1,254,308,650 1,267,448,446
10 Administrative/General costs
1 Traveling and Hotel Expenses 7,074,000 471,600
2 Printing and Stationary 15,700 -
3 Postages and Telephone 192,000 -
4 Repairs and Maintenance 31,152,000 15,576,000
5 Salaries 63,739,371 23,844,000
6 Motor Vehicle Running Expenses 14,788,000 13,405,280
7 Electricity and power 56,632,905 53,936,100
8 Bank Charges and Interest 1,141,814 1,322,643
9 Professional Expenses 750,000 100,000
10 Office Expenses - -
11 Audit fee 600,000 200,000
12 Deprec- Motor vehicles 14,187,500 14,187,500
13 Deprec- Furniture and Fittings - -
14 Deprec- Plant and Machinery 26,643,387 26,643,387
15 Deprec- Land and Building 438,235 438,235
16 Security Expenses 1,180,000 240,000
17 Rent and Rates -
20 Donation 4,000,000 7,211,500
21 Miscellaneous 330,416 132,166
22 Advertisements - 1,050,000
Medical/Other Allowances - 7,478,599
Trip Allowance - -
222,865,327 166,237,010
11
NEW IDEA CONSTRUCTION COMPANY LIMITED
STATEMENT OF VALUE ADDED FOR THE YEAR ENDED 31ST DEC. 2023
2023 2022
N % N %
Turnover 1,593,937,926 1,446,505,889
Less: Bought in materials and services 1,371,415,484 1,368,372,334
Applied as follows:
To pay employees- Salaries and wages 63,739,371 29% 23,844,000 31%
Directors Remunerations 750,000 0% 200,000 0%
64,489,371 29% 24,044,000 31%
To pay Government
Taxation (48,709,338) -22% (7,962,593) -10%
12
NEW IDEA CONSTRUCTION COMPANY LIMITED
Cash and and Cash Equivalent at the beginning of the year 19,765,586 47,488,683
Cash and Cash Equivalent at the end of the year 202,636,390 19,765,586
13
NEW IDEA CONSTRUCTION COMPANY LIMITED
2017 2024
NORM
INITIAL ALLOWANCE 50% 50% 15% 25%
INVESTMENT ALLOWANCE
INITIAL ALLOWANCE 0 0 0 0 0
BALANCING ALLOWANCE 0
0
NET CAP ALLOWANCE 2,957,916 7,327,793 179,583 5,522 10,470,813
15
NEW IDEA CONSTRUCTION COMPANY LIMITED
COMPUTATION OF MINIMUM TAX
FOR 2019 YEAR OF ASSESSMENT
VALUE N TAX N
(i) Share Capital
Tax Due at 0.25%
MINIMUM TAX -
Add Tax on excess Turnover
16
NEW IDEA CONSTRUCTION COMPANY LIMITED
4 YEARS FINANCIAL SUMMARY
LIABILITIES
Non-current liabilities #BEZUG! #BEZUG! 133,333
Current Liabilities #BEZUG! #BEZUG! -
#BEZUG! #BEZUG! 133,333
#BEZUG! #BEZUG! 868,795