3 Years Audited Account 200
3 Years Audited Account 200
3 Years Audited Account 200
INTRODUCTION
MATRIXHUB LIMITED, Financial Statements complies with the applicable requirements of
Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory framework
regarding Annual Financial Statements of the Company for the Eighteen Months Ended
31st December, 2022. The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) issued by International Accounting
Standards Board (IASB) and adopted by the Financial Reporting Council of Nigeria. There
has been no rounding of numbers reported in the Financial Statements and hence it is not
envisaged the numbers will not be added up precisely.
2
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
CONTENTS Page
1. Corporate Information 4
3. Auditors’ Report 7
3
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
CORPORATE INFORMATION
Directors
Managing Director RAYMOND SMITH
Director NENE IWAYANWU
Registered Office
No 27A, ALTERNATIVE DRIVE,
CHEVRON. LEKKI
LAGOS State.
Principal Banker
PROVIDUS Bank
LEKKI L;AGOS
Auditors
Sunday Gogo & Co
(Chartered Accountants)
Alfred Diete Spiff Civic Centre Complex
Moscow Road, Port Harcourt, Rivers State.
Tel: 07034600322.
Tax Consultants
TIG CORPORATE CONSULTANTS
61, Nkpogu Road, Off Trans Amadi,
Port Harcourt. Rivers State.
4
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
DIRECTORS’ REPORT
The Management has pleasure in submitting to members of the Company their report
together with the financial statements of the Company for the period ended 31st
December, 2022.
1. Result of Operations
The following is the summary of the Company’s operating result for the year:
2022 2021
N N
Revenue 19,569,968 -
Gross Profit /(Loss) 10,437,748 -
Operating Profit / (Loss) 139,750 -
Profit /(Loss) Before Taxation 139,750 -
Profit /(Loss) For The Year 79,750 -
5
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
4. Going Concern
The Directors continue to adopt the going concern basis in the preparation of the
financial statements. This is because the Directors, after making enquiries and
following a review of the Company’s budget for the nest year including cashflow,
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future.
5. Internal Control
The Company has a well established internal control environment which is well
documented and regularly reviewed. This incorporates internal financial control
procedures which are designed to provide reasonable assurance that assets are
safeguarded, proper accounting records are maintained and financialinformation
are reliable. The Directors have also established a clear organizational structure
including delegation of appropriate authorities.
No director has any disclose-able interest in contracts in which the Company was
involved during the year under review.
8. Donations
The Company did not make any donations during the year ended. However, our
directors, in their individual capacities, have developed the attitude of showing
concern for the less privilege in the society and therefore make donations to
orphanage homes and pay visitation to hospitals to make donations.
6
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
OPINION
We have audited the accompanying financial statements of LAKEDALE NIGERIA LIMITED
In our opinion, the accompanying financial statements give a true and fair view of the financial position of
MATRIXHUB LIMITED as at 31st December, 2022, and its financial performance and its cash flows for the
period then ended in accordance with International Financial Reporting Standards and in manner required
by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting Council
of Nigeria Act, 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CHARTERED ACCOUNTANTS
PORT HARCOURT, NIGERIA
7
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
2. Revenue
Revenue represents invoiced value of services rendered to clients during the
year.
When parts of an item of PPE have different useful lives, they are accounted for
as separate items (major components) of PPE.
The assets’ carrying values and useful lives are reviewed, and written down if
appropriate at each reporting date.
The cost of replacing an item of PPE is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part
will flow to the Company and its cost can be measured reliably. The costs of the
day-to-day servicing of PPE are recognized in the Statement of Profit or Loss as
incurred.
8
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
5. Inventory
Inventory of consumables, if any, are normally valued at the lower of cost and net
realizable value. Cost includes purchase cost plus all costs incurred in bringing the
inventory to their present and usable location and condition.
6. Trade Receivables
Trade Receivables are normally stated after providing for specific bad and
doubtful debts. No provision was made in this year’s financial statements.
7. Foreign Currencies
Transactions denominated in foreign currencies are normally converted into Naira
at the rate of exchange ruling at the date they arose or as at reporting date.
9
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
Current Assets:
Inventory 2 243,580
Cash and Bank 3 13,208,188 -
TOTAL ASSETS 14,894,018 -
Current Liabilities:
Trade Payables 7 121,468 -
Taxation Payables 8 60,000 -
181,468 -
These Financial Statements have been approved by the Board of Directors on and
signed on its behalf by:
Director
Director
10
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
11
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
FINANCING ACTIVITIES
Loan Obtained 13,632,800 -
Net Cash Flows from Financing Activities 14,632,800 -
12
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
13
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
ACCUMULATED DEP:
Bal. B/F (1/1/2019) - - -
Charged for the Year 128,040 32,210 160,250
Disposals
Bal. C/F (31/12/2019) 128,040 32,210 160,250
CARRYING AMOUNT:
Bal. C/F (31/12/2019) 1,152,360 289,890 1,442,250
2. Inventory
2022 2021
N N
Inventory 243,580 -
243,580 -
14
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
4. Ordinary Shares
2022 2021
N N
Balance B/F 1,000,000 -
Additions - -
Balance C/F 1,000,000 -
5. Retained Earnings
2022 2021
N N
Balance B/F - -
Profit for the year 79,750 -
Balance C/F 79,750 -
7. Trade Payable
2022 2021
N N
Trade Payables 121,468 -
121,468 -
8. Taxation Payable
2022 2021
N N
Company Income tax 50,000 -
Education Tax 10,000 -
60,000 -
9. Revenue
Revenue 19,569,968 -
15
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
12.
Note: We are into supply of raw food materials and our revenue is derived from our
service / delivery charge and is fixed between N20,000 to N50, 000, depending on the
client and distance and vat is deducted from source on our revenue which is our
service charge.
13.
Post Reporting Date Events
There are no significant post reporting date events, which would have had any
material effect on the statement of financial position and the surplus for the year on
that date, which have not been adequately provided for the or disclosed in the
financial statements.
16
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
17
LAKEDALE NIGERIA LIMITED
INTRODUCTION
LAKEDALE NIGERIA LIMITED, Financial Statements complies with the applicable
requirements of Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory
framework regarding Annual Financial Statements of the Company for the Year Ended 31st
December, 2020. The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) issued by International Accounting
Standards Board (IASB) and adopted by the Financial Reporting Council of Nigeria. There
has been no rounding of numbers reported in the Financial Statements and hence it is not
envisaged the numbers will not be added up precisely.
2
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
CONTENTS Page
1. Corporate Information 4
3. Auditors’ Report 7
3
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
CORPORATE INFORMATION
Directors
Managing Director Josephine Nwannedinobi Okwuchukwu
Director Omachi Emmanuel Ekoja
Registered Office
No 3, Lakedale Road, Aleto Eleme,
Port Harcourt.
Rivers State.
Principal Banker
Zenith Bank Plc,
Port Harcourt
Auditors
Sunday Gogo & Co
(Chartered Accountants)
Alfred Diete Spiff Civic Centre Complex
Moscow Road, Port Harcourt, Rivers State.
Tel: 08033366311, 09099240580.
Tax Consultants
TIG CORPORATE CONSULTANTS
61, Nkpogu Road, Off Trans Amadi,
Port Harcourt. Rivers State.
4
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
DIRECTORS’ REPORT
The Management has pleasure in submitting to members of the Company their report
together with the financial statements of the Company for the period ended 31st
December, 2020.
1. Result of Operations
The following is the summary of the Company’s operating result for the year:
2020 2019
N N
Revenue 12,835,410 19,569,968
Gross Profit /(Loss) 13,004,720 10,437,748
Operating Profit / (Loss) 369,906 139,750
Profit /(Loss) Before Taxation 369,906 139,750
Profit /(Loss) For The Year 369,906 79,750
5
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
4. Going Concern
The Directors continue to adopt the going concern basis in the preparation of the
financial statements. This is because the Directors, after making enquiries and
following a review of the Company’s budget for the nest year including cashflow,
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future.
5. Internal Control
The Company has a well established internal control environment which is well
documented and regularly reviewed. This incorporates internal financial control
procedures which are designed to provide reasonable assurance that assets are
safeguarded, proper accounting records are maintained and financialinformation
are reliable. The Directors have also established a clear organizational structure
including delegation of appropriate authorities.
No director has any disclose-able interest in contracts in which the Company was
involved during the year under review.
8. Donations
The Company did not make any donations during the year ended. However, our
directors, in their individual capacities, have developed the attitude of showing
concern for the less privilege in the society and therefore make donations to
orphanage homes and pay visitation to hospitals to make donations.
6
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
OPINION
We have audited the accompanying financial statements of LAKEDALE NIGERIA LIMITED
In our opinion, the accompanying financial statements give a true and fair view of the financial position of
LAKEDALE NIGERIA LIMITED as at 31st December, 2020, and its financial performance and its cash flows
for the period then ended in accordance with International Financial Reporting Standards and in manner
required by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting
Council of Nigeria Act, 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CHARTERED ACCOUNTANTS
PORT HARCOURT, NIGERIA
7
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
2. Revenue
Revenue represents invoiced value of services rendered to clients during the
year.
When parts of an item of PPE have different useful lives, they are accounted for
as separate items (major components) of PPE.
The assets’ carrying values and useful lives are reviewed, and written down if
appropriate at each reporting date.
The cost of replacing an item of PPE is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part
will flow to the Company and its cost can be measured reliably. The costs of the
day-to-day servicing of PPE are recognized in the Statement of Profit or Loss as
incurred.
8
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
5. Inventory
Inventory of consumables, if any, are normally valued at the lower of cost and net
realizable value. Cost includes purchase cost plus all costs incurred in bringing the
inventory to their present and usable location and condition.
6. Trade Receivables
Trade Receivables are normally stated after providing for specific bad and
doubtful debts. No provision was made in this year’s financial statements.
7. Foreign Currencies
Transactions denominated in foreign currencies are normally converted into Naira
at the rate of exchange ruling at the date they arose or as at reporting date.
9
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
Current Assets:
Inventory 2 412,890 243,580
Cash and Bank 3 1,788,096 13,208,188
TOTAL ASSETS 3,482,986 14,894,018
Current Liabilities:
Trade Payables 7 102,410 121,468
102,410 181,468
These Financial Statements have been approved by the Board of Directors on and
signed on its behalf by:
Director
Director
10
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
11
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
FINANCING ACTIVITIES
Loan Obtained (11,701,880) 13,632,800
Net Cash Flows from Financing Activities (11,701,880) 14,632,800
Net Cash and Cash Equivalent for the Year (11,420,092) 13,208,188
Cash and Cash Equivalent B/F 13,208,188 -
Cash and Cash Equivalent C/F 1,788,096 13,208,188
12
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
13
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
ACCUMULATED DEP:
Bal. B/F (1/1/2020) 128,040 32,210 160,250
Charged for the Year 128,040 32,210 160,250
Disposals
Bal. C/F (31/12/2020) 256,080 64,420 320,500
CARRYING AMOUNT:
Bal. C/F (31/12/2020) 1,024,320 257,680 1,282,000
2. Inventory
2020 2019
N N
Inventory 412,890 243,580
412,890 243,580
14
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
4. Ordinary Shares
2020 2019
N N
Balance B/F 1,000,000 1,000,000
Additions - -
Balance C/F 1,000,000 1,000,000
5. Retained Earnings
2020 2019
N N
Balance B/F 79,750 -
Profit for the year 369,906 79,750
Balance C/F 449,656 79,750
7. Trade Payable
2020 2019
N N
Trade Payables 102,410 121,468
102,410 121,468
8. Revenue
Revenue represent Total Mark Up After Deducting
Operating Expenses (Reimbursible) From Total Inflow
2020 2019
N N
Total InflowOperating Inflow 594,928,258 909,537,040
Less Operating Expense (Reimbursible) (582,092,848) (889,967,072)
Admin /Delivery Charges (Markup) 12,835,410 19,569,968
9. Changes in Inventory
2020 2019
N N
Opening Inventory 243,580 -
Less Closing Inventory (412,890) (243,580)
Changes in Inventory (169,310) 9,132,220
15
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
11.
Note: We are into supply of raw food materials and our revenue is derived from our
service / delivery charge and is fixed between N20,000 to N50, 000, depending on the
client and distance and vat is deducted from source on our revenue which is our
service charge.
12.
Post Reporting Date Events
There are no significant post reporting date events, which would have had any
material effect on the statement of financial position and the surplus for the year on
that date, which have not been adequately provided for the or disclosed in the
financial statements.
16
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
CIT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
EDT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
17
LAKEDALE NIGERIA LIMITED
INTRODUCTION
LAKEDALE NIGERIA LIMITED, Financial Statements complies with the applicable
requirements of Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory
framework regarding Annual Financial Statements of the Company for the Year Ended 31st
December, 2021. The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) issued by International Accounting
Standards Board (IASB) and adopted by the Financial Reporting Council of Nigeria. There
has been no rounding of numbers reported in the Financial Statements and hence it is not
envisaged the numbers will not be added up precisely.
2
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
CONTENTS Page
1. Corporate Information 4
3. Auditors’ Report 7
3
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
CORPORATE INFORMATION
Directors
Managing Director Josephine Nwannedinobi Okwuchukwu
Director Omachi Emmanuel Ekoja
Registered Office
No 3, Lakedale Road, Aleto Eleme,
Port Harcourt.
Rivers State.
Principal Banker
Zenith Bank Plc,
Port Harcourt
Auditors
Sunday Gogo & Co
(Chartered Accountants)
Alfred Diete Spiff Civic Centre Complex
Moscow Road, Port Harcourt, Rivers State.
Tel: 08033366311, 09099240580.
Tax Consultants
TIG CORPORATE CONSULTANTS
61, Nkpogu Road, Off Trans Amadi,
Port Harcourt. Rivers State.
4
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
DIRECTORS’ REPORT
The Management has pleasure in submitting to members of the Company their report
together with the financial statements of the Company for the period ended 31st
December, 2021.
1. Result of Operations
The following is the summary of the Company’s operating result for the year:
2021 2020
N N
Revenue 24,397,470 12,835,410
Gross Profit /(Loss) 24,456,680 13,004,720
Operating Profit / (Loss) 2,995,302 369,906
Profit /(Loss) Before Taxation 2,995,302 369,906
Profit /(Loss) For The Year 2,995,302 369,906
5
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
4. Going Concern
The Directors continue to adopt the going concern basis in the preparation of the
financial statements. This is because the Directors, after making enquiries and
following a review of the Company’s budget for the nest year including cashflow,
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future.
5. Internal Control
The Company has a well established internal control environment which is well
documented and regularly reviewed. This incorporates internal financial control
procedures which are designed to provide reasonable assurance that assets are
safeguarded, proper accounting records are maintained and financialinformation
are reliable. The Directors have also established a clear organizational structure
including delegation of appropriate authorities.
No director has any disclose-able interest in contracts in which the Company was
involved during the year under review.
8. Donations
The Company did not make any donations during the year ended. However, our
directors, in their individual capacities, have developed the attitude of showing
concern for the less privilege in the society and therefore make donations to
orphanage homes and pay visitation to hospitals to make donations.
6
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
OPINION
We have audited the accompanying financial statements of LAKEDALE NIGERIA LIMITED
In our opinion, the accompanying financial statements give a true and fair view of the financial position of
LAKEDALE NIGERIA LIMITED as at 31st December, 2021, and its financial performance and its cash flows
for the period then ended in accordance with International Financial Reporting Standards and in manner
required by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting
Council of Nigeria Act, 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CHARTERED ACCOUNTANTS
PORT HARCOURT, NIGERIA
7
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
2. Revenue
Revenue represents invoiced value of services rendered to clients during the
year.
When parts of an item of PPE have different useful lives, they are accounted for
as separate items (major components) of PPE.
The assets’ carrying values and useful lives are reviewed, and written down if
appropriate at each reporting date.
The cost of replacing an item of PPE is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part
will flow to the Company and its cost can be measured reliably. The costs of the
day-to-day servicing of PPE are recognized in the Statement of Profit or Loss as
incurred.
8
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
5. Inventory
Inventory of consumables, if any, are normally valued at the lower of cost and net
realizable value. Cost includes purchase cost plus all costs incurred in bringing the
inventory to their present and usable location and condition.
6. Trade Receivables
Trade Receivables are normally stated after providing for specific bad and
doubtful debts. No provision was made in this year’s financial statements.
7. Foreign Currencies
Transactions denominated in foreign currencies are normally converted into Naira
at the rate of exchange ruling at the date they arose or as at reporting date.
9
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
Current Assets:
Inventory 2 472,100 412,890
Prepaid Expenses 3 2,114,160
Cash and Bank 4 736,949 1,788,096
TOTAL ASSETS 4,444,959 3,482,986
Current Liabilities:
Trade Payables - 102,410
- 102,410
These Financial Statements have been approved by the Board of Directors on and
signed on its behalf by:
Director
Director
10
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
11
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
FINANCING ACTIVITIES
Loan Obtained (1,930,920) (11,701,880)
Net Cash Flows from Financing Activities (1,930,920) (11,701,880)
Net Cash and Cash Equivalent for the Year (1,051,148) (11,420,092)
Cash and Cash Equivalent B/F 1,788,096 13,208,188
Cash and Cash Equivalent C/F 736,949 1,788,096
12
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
13
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
ACCUMULATED DEP:
Bal. B/F (1/1/2021) 256,080 64,420 320,500
Charged for the Year 128,040 32,210 160,250
Disposals
Bal. C/F (31/12/2021) 384,120 96,630 480,750
CARRYING AMOUNT:
Bal. C/F (31/12/2021) 896,280 225,470 1,121,750
2. Inventory
2021 2020
N N
Inventory 472,100 412,890
472,100 412,890
3. Prepaid Expenses
2021 2020
N N
Prepaid Expense 2,114,160 -
2,114,160 -
14
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
5. Ordinary Shares
2021 2020
N N
Balance B/F 1,000,000 1,000,000
Additions - -
Balance C/F 1,000,000 1,000,000
6. Retained Earnings
2021 2020
N N
Balance B/F 449,656 79,750
Profit for the year 2,995,302 369,906
Balance C/F 3,444,959 449,656
7. Revenue
Revenue represent Total Mark Up After Deducting
Operating Expenses (Reimbursible) From Total Inflow
2021 2020
N N
Total InflowOperating Inflow 473,598,701 594,928,258
Less Operating Expense (Reimbursible) (449,201,231) (582,092,848)
Admin /Delivery Charges (Markup) 24,397,470 12,835,410
8. Changes in Inventory
2021 2020
N N
Opening Inventory 412,890 243,580
Less Closing Inventory (472,100) (412,890)
Changes in Inventory (59,210) (169,310)
15
LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
9. Administrative Expenses
2021 2020
N N
-Audit Fees 150,000 150,000
-Bank Charges 278,827 112,914
-Depreciation 160,250 160,250
-Electricity Bills and Cosumables 96,000 58,000
-Fuel, Diesel and Lubricant 575,900 598,700
-Office Toiletries and Other Office Expenses 133,200 72,450
-Printing & Stationeries Expenses 197,100 142,300
-Rent Expenses 500,000 500,000
-Repairs & Maintenance Expenses 281,200 255,600
-Salaries and Wages 11,400,000 3,600,000
-Security Expenses 4,500,000 3,900,000
-Sanitation and Sanitary Expenses 60,000 60,000
-Transport and Travelling 2,890,400 2,920,100
-Telephone and Communication Expenses 238,500 104,500
21,461,377 12,634,814
10.
Note: We are into supply of raw food materials and our revenue is derived from our
service / delivery charge and is fixed between N20,000 to N50, 000, depending on the
client and distance and vat is deducted from source on our revenue which is our
service charge.
11.
Post Reporting Date Events
There are no significant post reporting date events, which would have had any
material effect on the statement of financial position and the surplus for the year on
that date, which have not been adequately provided for the or disclosed in the
financial statements.
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LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 31, DECEMBER
CIT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
EDT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
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