AUSTIN LAZ & COMPANY PLC CONTENT
PAGE | |
CORPORATE INFORMATION | 3 |
REPORT OF THE DIRECTOR | 4 - 8 |
DIRECTOR RESPONSIBILITY | 9 |
REPORT OF THE AUDITORS | 10 - 12 |
REPORT OF AUDIT COMMITTEE | 13 |
STATEMENT OF ACCOUNTING POLICIES | 14 |
STATEMENT OF FINANCIAL POSITION | 15 |
STATEMENT OF COMPREHENSIVE INCOME | 16 |
STATEMENT OF CHANGES IN EQUITY | 17 |
CASH FLOW STATEMENT | 18 |
NOTES TO THE FINANCIAL STATEMENTS | 19 - 21 |
FIVE-YEAR FINANCIAL SUMMARY | 22 |
CORPORATE INFORMATION
DIRECTORS
PROF. PAT UTOMI - CHAIRMAN
DR. A. L. ASIMONYE - VICE CHAIRMAN/CEO BARR. (MRS.) C. O. ASIMONYE - DIRECTOR BARR. IFEANYI OFOR - DIRECTOR
ENGR. CHARLES ODITA - DIRECTOR
DR. OGUIKE TEMPE - DIRECTOR
HEAD OFFICE ADDRESS
KM 8, SAPELE ROAD
BENIN CITY, EDO STATE.
BANKERS
UNION BANK PLC
FIRST BANK OF NIGERIA PLC
ACCESS BANK PLC
UNITED BANK FOR AFRICA PLC
ZENITH BANK OF NIGERIA PLC
AUDITORS
DAVID UGIAGBE & CO.
(CERTIFIED NATIONAL ACCOUNTANTS)
82, 1ST EAST CIRCULAR ROAD,
BENIN CITY.
COMPANY SECRETARY
IFEANYI OFOR & ASSOCIATES
WARRI,
DELTA STATE.
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REPORT OF THE DIRECTORS
The Directors have the pleasure to present their statement of affairs of the company for the year ended 31st December, 2022
PRINCIPAL ACTIVITIES
The principal activities of the company; Austin Lazarus & Co.Plc are Ice Block Machines and
Aluminun Long Spam Roofing Sheet. Operating activities of the company were suspended from the third quarter 2019. The Affairs of the company are as provided thus
RESULT FOR THE YEAR
The summary of business transactions for the year ended 31st December, 2022:-
2022 | 2021 | ||||||
N'000 | N'000 | ||||||
Profit/(Loss)Before Taxation | (44,568) | (44,568) | |||||
Taxation | - | - | |||||
Profit After Taxation | (44,568) | (44,568) | |||||
Profit/(Loss) Brought Forward | (467,032) | (422,464) | |||||
Profit/(Loss) carried forward | (511,600) | (467,032) | |||||
DIVIDEND
The Directors do not recommend payment of any dividend to members.
DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The board of directors has pleasure in submitting to member their report together with the statements of Affairs for the year ended 31 December, 2022
1. INCORPORATION AND LEGAL STATUS OF THE COMPANY
The company was incorporated as privately owned company in 1982 and was converted to a public company in 2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on the Nigeria Stock Exchange (NSE).
The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the company's region, it diversified into other division which includes: Thermoplastic Industry for the production of coolers and other plastic products (2002), Aluminium factory for the corrugation of long span Aluminium roofing sheets (2005). Manufacturing goods for both domestic and industrial use. Currently, about 1,079,860 shares are held by about 370 Nigerians.
PRINCIPAL ACTIVITIES
The principal activities of the company are the manufacturing and sale of ice block machines and aluminum long spam roofing sheets
2. Business Review and future Development
The Company has been running into losses over the years. Board has decided to put operations on hold, make a complete overhaul of the entire system with a view to eliminating areas of possible lapses that hinder operational progress. The result of this action is strongly believed would bring the organisation into operational profitability.
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3. Operating Results
2022 | 2021 | ||||||
N'000 | N'000 | ||||||
Turnover | 0 | 0 | |||||
Gross Profit | - | - | |||||
(Loss)/Profit before Tax | (44,568) | (44,568) | |||||
Tax | - | - | |||||
Profit/(loss) for the Year | (44,568) | (44,568) | |||||
Profit/(Loss) brought down | (467,032) | (422,464) | |||||
Profit/(Loss) Carried Forward | (511,600) | (467,032) | |||||
4. DIVIDEND
In respect of the financial performance of the company in recent years, no dividend is being recommended by the Directors. The Directors are making serious efforts to introduce capital funds into the company which will enhance financial capability of company
5. Share Capital History.
Details of the authorized and issued share capital are set on below.
DETAILS OF SHARE CAPITAL HISTORY AND SHARE HOLDING ANALYSIS
AUTHORIZED | ISSUED AND PAID UP | |||
N | N | |||
YEAR | INCREASED CUMULATIVE | CUMULATIVE | ONSIDERATION | |
1982 | 50,000 | 50,000 | 50,000 | CASH |
2003 | - | 50,000 | 50,000 | - |
2004 | - | 50,000 | 50,000 | - |
2005 | - | 50,000 | 50,000 | - |
2006 | 19,950,00 | 20,000,000 | 20,000,000 | CASH |
2007 | - | 20,000,000 | 20,000,000 | - |
2008 | 587,550,000 | 607,550,000 | 485,930,000 | BONUS |
2008 | 607,550,000 | 485,930,000 | - | |
2010 | 142,450,000 | 750,000,000 | 539,930,000 | BONUS |
DIRECTOR INTEREST IN SHARE
The interest of director, direct and indirect, in the share of the company as recorded in the register of directors' shareholding or as notifies by them for the purpose of complying with the company and allied matter act, LFN 2020 is as follows.
2021 | NATIONALITY | DESIGNATION | |
Prof. Pat Utomi | 1,500,000 | NIGERIAN | CHAIRMAN |
Bar.Ifeanyi Ofor | 100,000 | NIGERIAN | DIRECTOR |
Bar.Obiageli C. Asimonye | 8,000,000 | NIGERIAN | DIRECTOR |
Dr. Oguike Temple | 100,000 | NIGERIAN | DIRECTOR |
Dr. Austin Asimonye | 542,000,000 | NIGERIAN | M.D |
Engr. Charles Odita | 11,240,000 | NIGERIAN | DIRECTOR |
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Austin Laz & Co. plc published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 20:42:03 UTC.
