BRICLINKS AFRICA PLC
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2023
C O N T E N T S | Page |
CORPORATE INFORMATION | 3 |
REPORT OF THE DIRECTORS | 4 |
STATEMENT OF FINANCIAL POSITION | 5 |
STATEMENT OF COMPREHENSIVE INCOME | 6 |
STATEMENT OF CASH FLOW | 7 |
NOTES ON THE FINANCIAL STATEMENTS | 8-11 |
VALUE ADDED STATEMENT | 12 |
FINANCIAL SUMMARY | 13 |
TRADING, PROFIT AND LOSS ACCOUNT | 14 |
Page 2
CORPORATE INFORMATION
DIRECTORS
Mohammed Buhari | - | EXECUTIVE DIRECTOR |
Aisha Umar | - | DIRECTOR |
Ademola Abideen Lawal | DIRECTOR | |
Ahmed Galadanci | DIRECTOR |
REGISTERED OFFICE | No 8, Justice Lawal Uwais Street |
off Frederick Chilluba Close, | |
Behind Lagos Street, Govt Lodge, | |
Asokoro, Abuja. |
Page 3
REPORT OF THE DIRECTORS
The Directors have pleasure in submitting to the members of the Company their report, together with the Financial Statements for the period ended 30 September 2023
Principal Activities
The principal activities of the company continue to be Internet Service Provider.
Results for the period | 2023 | 2022 | |
JUL-SEPT | JAN-DEC | ||
=N= | =N= | ||
( Loss)/Profit Before Taxation | 1,363,723 | 5,898,437 | |
Taxation Provision | (500,000) | ||
( Loss)/Profit After Taxation | 1,363,723 | 5,398,437 | |
Profit Brought Forward | 13,600,287 | 8,201,850 | |
PROFIT CARRIED FORWARD | |||
14,964,010 | 13,600,287 |
Directors' Interest
For the purpose of section 275 of Companies and Allied Matters Act, CAP 20 LFN 2004, the direct and indirect interests of the Directors in the issued share capital of the Company as
recorded in the Register of Members are as follows:-
Directors Interest in Contracts
None of the Directors has notified the Company for the purpose of the Section 277 of the Companies and Allied Matters Act,CAP 20 LFN 2004, of any declarable interest in contracts with which
the Company is involved as at 30th September, 2023
Post Balance sheet Events
There was no post balance sheet event which had an impact on the financial statements.
Employment and Employees
The company gives equal opportunity to all employees and does not discriminate against disabled persons. As at 30th September 2023, there was no disabled person in the company's employment.
BY ORDER OF THE BOARD
Page 4
BRICLINKS AFRICA PLC | |||
STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2023 | |||
NOTE | 2023 | 2022 | |
ASSETS | JUL-SEPT | JAN-DEC | |
=N= | =N= | ||
Non Current Assets | |||
Property, Plant and Equipment | 2 | 422,267,875.00 | 425,266,420.00 |
Intangible Assets. | 3 | 316,437,500.00 | 332,000,000.00 |
CURRENT ASSETS | 738,705,375.00 | 757,266,420.00 | |
Inventories | |||
Trade receivables | 4 | 1,114,000.00 | 1,000,000.00 |
Prepayment | 11,383,030.00 | ||
Cash and Cash equivalents | 5 | 20,799,469.00 | 28,462,335.00 |
33,296,499.00 | 29,462,335.00 | ||
Total Assets | 772,001,874.00 | 786,728,755.00 | |
Equity and liabilities | |||
Capital and reserves: | |||
Share Capital | 10,000,000.00 | 10,000,000.00 | |
Retained earnings | 14,964,010.00 | 13,600,287.00 | |
Total Equity | 24,964,010.00 | 23,600,287.00 | |
Non Current Liabilities | |||
Director's Current Account | 738,905,468.00 | 738,905,468.00 | |
Total Non Current Liabilities | 738,905,468.00 | 738,905,468.00 | |
Current Liabilities | |||
Trade & other payables | 8,132,396.00 | 23,223,000.00 | |
Current portion of long term borrowings | |||
Current tax payables | 1,000,000.00 | ||
Total Current Liabilities | 8,132,396.00 | 24,223,000.00 | |
Total Liabilities | 747,037,864.00 | 763,128,468.00 | |
Total Equity & Liabilities | 772,001,874.00 | 786,728,755.00 | |
… | … | ||
Mohammed Buhari | Ahmed Galadanci | ||
Executive Director | Director | ||
FRC/2020/003/00000022224 |
The Notes on pages 8 to 11 form an integral part of these Financial Statements.
Page 5
STATEMENT OF COMPREHENSIVE INCOME
BRICLINKS AFRICA PLC
INCOME STATEMENT
FOR THE PERIOD ENDED 30TH SEPTEMBER 2023
NOTE | 2023 | 2022 | ||
JUL-SEPT | JAN-DEC | |||
=N= | =N= | |||
TURNOVER | 1.3 | 22,647,732 | 107,312,000 | |
COST OF SALES | (13,305,662) | (68,225,000) | ||
GROSS PROFIT | 9,342,070 | 39,087,000 | ||
Other Income | - | |||
Administrative Expenses | (7,962,455) | (33,089,540) | ||
Interest Payable and Similar Charges | (15,892) | (99,023) | ||
(Loss)/ Profit Before Tax | 1,363,723 | 5,898,437 | ||
Taxation | 7 | (500,000) | ||
(Loss )/Profit on Ord. Act. After Tax | 1,363,723 | 5,398,437 | ||
Profit Brought Forward | 13,600,287 | 8,201,850 | ||
PROFIT CARRIED FORWARD | 14,964,010 | 13,600,287 | ||
The Notes on pages 8 to 11 form an integral part of these Financial Statements.
Page 6
BRICLINKS AFRICA PLC
STATEMENT OF CASH FLOW FOR THE
PERIOD ENDED 30TH SEPTEMBER 2023
2023 | 2023 | 2022 | |||||||
JUL-SEPT | JUL-SEPT | JAN-DEC | |||||||
=N= | =N= | =N= | |||||||
Operating (Loss)/Profit | 1,363,723 | 5,898,437 | |||||||
Adjustment for non-cash items: | |||||||||
Depreciation & Amortization | 6,187,015 | 24,748,060 | |||||||
7,550,738 | 30,646,497 | ||||||||
Other adjustments to reconcile operating | |||||||||
loss to cash from operating activities: | |||||||||
(Increase)/Decrease | in | Inventories | |||||||
(Increase)/Decrease | in | debtors | (114,000) | 1,500,000 | |||||
Increase/( Decrease) | in creditors | (15,099,604) | (5,000,000) | ||||||
(15,213,604) | (3,500,000) | ||||||||
Taxes paid | - | ||||||||
Cash Flows from Operating Activities | (7,662,866) | 27,146,497 | |||||||
Investing activities | |||||||||
Purchase of Fixed Assets | - | ||||||||
Purchase of Investment | - | - | |||||||
Purchase of Intangible asset | - | - | |||||||
Proceed from Sale of Assets | - | - | |||||||
Cash Flows from Investing Activities | - |
Financing Activities | |||
Cash Flows from Financing Activities | |||
Share Capital | - | ||
Director's Current Account | - | ||
Total Cash Movement for the Year | (7,662,866) | 27,146,497.00 | |
Cash and cash equivalents at the beginning of the year | 28,462,335 | 1,315,838.00 | |
Cash and cash equivalents at end of the year | 20,799,469.00 | 28,462,335.00 |
The Notes on pages 8 to 11 form an integral part of these Financial Statements.
Page 7
BRICLINKS AFRICA PLC
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023
NOTES ON THE FINANCIAL STATEMENTS
NOTE 1
ACCOUNTING POLICIES
The following is a summary of the significant accounting policies adopted by the Company in the preparation of these Financial Statements.
- Basis of Preparation of Financial Statements
These Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB ( and adopted by FRC) - Principal Activities
The principal activities of the company continue to be provision of Telecommunication, Internet service provider, and installation services. - Turnover
This represents the value of sales external customers less returns and trade discounts. - Depreciation
Depreciation on fixed assets is on a straight line basis at the following rates calculated to write off the cost or valuation of the assets concerned over their estimated useful lives:
Unless revised due to specific changes in the estimated useful life, annual depreciation rates are as follows:
% | |
Land | - |
Building | 2 |
Tower | 10 |
Motor Vehicles | 10 |
Office Furniture | 10 |
Furniture & Fittings | 10 |
No depreciation is provided on fixed assets until they are brought into use.
Page 8
BRICLINKS AFRICA PLC | |||||||
FINANCIAL STATEMENTS FOR THE | |||||||
PERIOD ENDED 30TH SEPTEMBER 2023 | |||||||
NOTES ON THE FINANCIAL STATEMENTS | |||||||
NOTE 2 | |||||||
LAND | BUILDING | TOWER | MOTOR | OFFICE | FURNITURES & | ||
VEHICLES | EQUIPMENT | FITTINGS | TOTAL | ||||
=N= | =N= | =N= | =N= | =N= | =N= | =N= | |
COST/VALUATION | |||||||
Balance at 1 July 2023 | 400,000,000 | 1,000,000 | 28,000,000 | 2,700,000 | 1,825,600 | 7,255,000 | 440,780,600 |
Additions in the Year | - | - | - | - | - | - | |
Balance at 30 July 2023 | 400,000,000 | 1,000,000 | 28,000,000 | 2,700,000 | 1,825,600 | 7,255,000 | 440,780,600 |
DEPRECIATION | |||||||
Balance at 1 July 2023 | - | 90,000 | 12,600,000 | 915,000 | 668,960 | 3,239,250 | 17,513,210 |
Charge in the Year | - | 5,000 | 700,000 | 67,500 | 45,640 | 181,375 | 999,515 |
Balance at 30 September 2023 | - | 95,000 | 13,300,000 | 982,500 | 714,600 | 3,420,625 | 18,512,725 |
NET BOOK VALUE | |||||||
AT 30 SEPTEMBER 2023 | 400,000,000 | 905,000 | 14,700,000 | 1,717,500 | 1,111,000 | 3,834,375 | 422,267,875 |
AT 31 DECEMBER 2022 | 400,000,000 | 920,000 | 16,800,000 | 1,920,000 | 1,247,920 | 4,378,500 | 425,266,420 |
Page 9
BRICLINKS AFRICA PLC | ||||
FINANCIAL STATEMENTS FOR THE | ||||
PERIOD ENDED 30TH SEPTEMBER 2023 | ||||
NOTES ON THE FINANCIAL STATEMENTS | ||||
2023 | 2022 | |||
NOTE | JUL-SEPT | JAN-DEC | ||
=N= | =N= | |||
3 | INTANGIBLE ASSETS | 321,625,000 | 415,000,000 | |
Amortisation cost | (5,187,500) | (83,000,000) | ||
316,437,500 | 332,000,000 | |||
4 | RECEIVABLES | |||
Trade Receivables | 1,114,000 | 1,000,000 | ||
1,114,000 | 1,000,000 | |||
5 | CASH & CASH EQUIVALENT | |||
Cash in Hand | 2,350,000 | 16,324,040 | ||
Cash at Bank | 18,449,469 | 12,120,295 | ||
20,799,469 | 28,444,335 | |||
6(A) PAYABLES: Amounts falling due within one year | ||||
CREDITORS AND ACCRUALS | ||||
Arishmolink Shelter Nigeria Limited | 904,750 | 3,500,000 | ||
Bandwidth | 1,529,696 | 17,523,000 | ||
Accrued expense | 5,697,950 | 2,700,000 | ||
8,132,396 | 23,723,000 | |||
- CREDITORS: Amounts falling due after more than one year
Director's Loan Account | 738,905,468 | 738,905,468 | |
A+B | 747,037,864 | 762,628,468 | |
Page 10
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Briclinks Africa plc published this content on 20 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2023 15:50:32 UTC.