BETA GLASS : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

Beta Glass Plc

RC: 13215

Annual Report

For the year ended 31 December 2022

BETA GLASS PLC
Annual Report for the year ended 31 December 2022
Table of contents	Page
Directors and Other corporate Information	3
Directors' Report	4
Certification of Audited Financial Statements for the year ended 31 December 2022	9
Statement of Directors' Responsibilities in relation to the preparation of financial statements	10
Report of the Statutory Audit Committee	11
Independent Auditor's Report	12
Statement of Profit or Loss and Other Comprehensive Income	16
Statement of Financial Position	17
Statement of Changes in Equity	18
Statement of Cash Flows	19
Notes to the Financial Statements	20
Other National Disclosures
Value Added Statement	64
Five-Year Financial Summary	65

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BETA GLASS PLC

Annual Report for the year ended 31 December 2022

Directors and Other Corporate Information

Country of incorporation

Nigeria

Incorporation number

13215

Tax identification number (TIN)

01063118-0001

Directors

Secretary:

Secretary

Name	Nationality	Position
Otunba Abimbola Ogunbanjo OFR	Nigerian	Chairman
Mr. Darren Bennett-Voci	British	Managing Director
Mr. Haralambos (Harry) G. David	Cypriot	Non-Executive Director
Mr. Nikolaos Mamoulis	Greek	Non-Executive Director
Dr. Zulikat Wuraola Abiola	Nigerian	Independent Non-Executive Director
Ms. Olufunmilola Adefope	Nigerian	Non-Executive Director
Ms. Oluwaseun Abimisola Oni	Nigerian	Independent Non-Executive Director
Mr. Emmanouil Metaxakis	Greek	Non-Executive Director
Mrs Clare Omatseye	Nigerian	Independent Non-Executive Director
Bola Adebisi (Ms)

Registered Office

Iddo House, Iddo, P. O. Box 159, Lagos, Nigeria

Legal Adviser

Chris Ogunbanjo LP

3, Hospital Road,

Lagos Island, Lagos,Nigeria

Registrar

Cardinalstone Registrars Limited 335/337, Herbert Macaulay Way Yaba, Lagos

AuditorPrincipal Bankers

Ernst & Young Nigeria 10th & 13th Floors

UBA House, Marina, Lagos

Stanbic IBTC Bank Plc Zenith Bank Plc

First City Monument Bank Plc Citibank Nigeria Limited

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DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present to the members of the Company, the Annual Report together with the Audited Financial Statements and Other National Disclosures for the year ended 31 December 2022.

Principal Activities

The principal activity of the Company is the manufacture and sale of glassware.

State of Affairs

In the opinion of the Directors, the state of the Company's affairs is satisfactory, and no events have occurred since the reporting date which would affect the financial statements as presented.

Results for the Year

2022

2021

N'000____________N'000

Revenue	54,340,363	36,982,815
Profit before taxation	6,991,177	7,438,909
Profit after taxation	4,685,414	5,457,671
Appropriation of Profit after Taxation

The Directors recommend to the shareholders, the payment of a gross dividend of N1.17 per ordinary share to all shareholders on the Company's Register of Members as at the close of business on June 16, 2023. If the Directors' recommendation is approved by the shareholders, the profit after taxation of N4,685,414 will be appropriated as follows:

N'000
Proposed dividend (Gross)	701,961
Transfer to general reserve	3,983,453
Directors

The Directors retiring by rotation in accordance with the Articles of Association are Dr Wuraola Abiola,

Ms Oluwaseun Abimisola Oni, Ms Olufunmilola Adefope and being eligible, offer themselves for re-election.

Record of Directors Attendance at Meetings

Pursuant to Section 284 (2) of the Companies and Allied Matters Act, 2020, the records of Directors' attendance at Board meetings during the year under review will be available for inspection at the Annual General Meeting.

Directors' Interests in the Shares of the Company

As at 1 January 2022 and 31 December 2022, the interests of the Directors (and those who served on the Board during the year under review) in the share capital of the Company as recorded in the register of members in compliance with Section 301 of the Companies and Allied Matters Act, 2020 were as follows: 4

DIRECTORS' REPORT - CONTINUED

FOR THE YEAR ENDED 31 DECEMBER 2022

Nature of Holding as at January 1, 2022	Nature of Holding as at December 31, 2022
S/N	Name of Director	Direct	Indirect	Direct	Indirect
1.	Otunba Abimbola Ogunbanjo OFR	Nil	105,400	Nil	126,480
2.	Mr. Darren Bennett-Voci (British)	Nil	Nil	Nil	Nil
3.	Dr. Z. Wuraola Abiola	Nil	Nil	Nil	Nil
4.	Ms. Olufunmilola Adefope	Nil	Nil	Nil	Nil
5.	Mr. Haralambos (Harry) G. David (Cypriot)	25,437	Nil	30,524	Nil
6.	Mr. Nikolaos Mamoulis (Greek)	Nil	Nil	Nil	Nil
7	Ms Oluwaseun Abimisola Oni	Nil	Nil	Nil	Nil
8	Mrs. Clare Omatseye	Nil	Nil	Nil	Nil
9	Mr. Emmanouil Metaxakis (Greek)	Nil	Nil	Nil	Nil

*Otunba Abimbola Ogunbanjo OFR has beneficial interest in 126,480 shares held by Turnbull Investments Limited.

Directors' Interests in Contracts

Otunba Abimbola Ogunbanjo OFR, is the Managing Partner of Chris Ogunbanjo LP. Chris Ogunbanjo LP is retained by the Company for legal matters. In accordance with Section 303 of the Companies and Allied Matters Act, 2020, Otunba Abimbola Ogunbanjo OFR has notified the Board of his interest.

Ms. Olufunmilola Adefope is the Managing Director of Business Travel Management Limited (BTM), one of the providers of travel related services to the Company. In accordance with Section 303 of the Companies and Allied Matters Act, 2020, Ms. Olufunmilola Adefope has notified the Board of her interest.

Ms. Oluwaseun Abimisola Oni is the Group Managing Director/CEO of A.G. Leventis (Nigeria) Limited, one of the transportation/haulage service providers to the Company. In accordance with Section 303 of the Companies and Allied Matters Act, 2020, Ms. Oluwaseun Abimisola Oni has notified the Board of her interest.

None of the other Directors has notified the Company for the purpose of Section 303 of the Companies and Allied Matters Act, 2020 of any disclosable interests in contracts involving the Company either as at 31 December 2022 or at the date of this report.

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