JOHN HOLT PLC

CONSOLIDATED AND SEPARATE REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

JOHN HOLT PLC

CONTENTS

PAGE

Corporate information

1

Reporting entity

2

Financial Highlights

3

Directors' report

4

Corporate governance report

6

Statement of directors' responsibilities for the Financial Statements

7

Statement of Corporate responsibility

8

Report of the Audit Committee

9

Report of the Independent Auditors

10

Consolidated and separate statement of profit or loss

15

Consolidated and separate statement of comprehensive income

16

Consolidated and separate Statement of Financial Position

17

Statement of changes in equity - Group

18

Statement of changes in equity - Company

19

Consolidated and separate Statement of Cash flows

20

Notes to the Financial statements

21

Other national disclosures

Statement of Value Added - Group

62

Statement of Value Added - Company

63

Five-year financial summary - Group

64

Five-year financial summary - Company

65

Page | 1

JOHN HOLT PLC

CORPORATE INFORMATION

CORPORATE INFORMATION

Directors:

Chief Christopher Ikechi Ezeh

- Chairman

Dr. Christopher Ifesonnachi Ezeh

- GMD

Mr. Adeche Boyi Okeje

- Finance Director

Mr Adimabua Renwick Jibunch

- Non Exe Director

Company Registration No:

RC 2662

Company Secretary:

Ada Nkwocha (Mrs.)

Registrars:

Greenwich Registrars and Data Solution Limited

274 Murtala Mohammed Way,

Alagomeji, Yaba, Lagos

Registered Office:

11b, Ilabere Avenue,

Ikoyi, Lagos

Independent Auditor:

Baker Tilly Nigeria,

(Chartered Accountants),

Kresta Laurel Complex (4th Floor),

376, Ikorodu Road,

Maryland,

Lagos, Nigeria.

Bankers:

Fidelity Bank Plc

Keystone Bank Limited

Access Bank Plc

Zenith Bank Plc

Page | 2

JOHN HOLT PLC

REPORTING ENTITY

The company was incorporated in Nigeria 1961, as a subsidiary of John Holt & Company (Liverpool) Limited. It became a public company and was quoted on the Nigeria Stock Exchange Now as the NGX Regulation in May 1974.

The registered office of the company is located at 11b, Ilabere Avenue, Ikoyi, Lagos.

Page | 3

JOHN HOLT PLC

FINANCIAL HIGHLIGHTS

GROUP

2024

2023

Increase/

(decrease)

N'm

N'm

%

Revenue

3,153

1,834

72

Profit/(loss) before taxation

2,573

(1,042)

347

Taxation

(99)

42

(336)

Profit/(loss) after taxation

2,474

(1,000)

347

Major balance sheet items

Issued Share capital

195

195

Total Assets

8,873

14,477

(39)

Total Liabilities

4,076

12,554

(68)

REPORT OF THE AUDIT COMMITTEE TO MEMBERS OF JOHN HOLT PLC

JOHN HOLT PLC COMPLIANCE WITH REGULATORY

REQUIREMENTS:

The Company continues to ensure that it complies with all regulatory requirements as there were no contraventions during the year ended 30th September 2024.

In accordance with the provisions of Section 404(7) of the Companies and Allied Matters Act of Nigeria, 2020, we confirm that the accounting and reporting policies of the Group are in accordance with legal requirements and agreed ethical practices.

In our opinion, the scope and planning of the audit for the year ended 30th September 2024 were adequate and having reviewed the auditors' report and opinion, as well as findings on management matters and with management's responses thereto, we are duly satisfied.

Dated this 27th day of December, 2024.

  1. Olu Akanni Chairman FRC/2013/ICAN/00000005472

Members of the Committee are:

1.

Mr. E Olu Akanni

Shareholder

Chairman

2.

Mr Christopher Nwaguru

Shareholder

Member

3.

Mr Samuel Mpamugo

Shareholder

Member

4.

Adim Jibunoh

Director

Member

Page | 10

4th Floor- Kresta Laurel Complex,

376, Ikorodu Road,

Maryland,

Lagos.

Tel: +234 (0) 903-161-3983 and 08023378194

E-mail: btnlag@bakertillynigeria.com

Website: www.bakertilly.ng

REPORT OF THE INDEPENDENT AUDITOR'S

TO THE SHAREHOLDERS OF JOHN HOLT PLC

Report on the Audit of the Consolidated Financial Statements

We have audited the accompanying consolidated and separate financial statements of John Holt Plc and its subsidiaries together referred to as the Group, which comprise the consolidated and separate statement of financial position as at 30 September 2024, the consolidated and separate statements of comprehensive income, consolidated and separate statement of changes in equity and cash flows for the year then ended, and notes to the consolidated and separate financial statements, including a summary of significant accounting policies.

Opinion

We have audited the accompanying consolidated and separate financial statements of John Holt Plc (''the Company'') and its subsidiary Companies (''together the group'') which comprise the consolidated and separate statements of financial position as at 30 September 2024, the consolidated and separate statements of profit or loss and other comprehensive income, consolidated and separate statements of changes in equity and consolidated and separate statements of cash flows for the year then ended; and notes to the consolidated and separate financial statements, including a summary of the significant accounting policies and other explanatory notes.

In our opinion, the consolidated and separate financial statements give a true and fair view of the state of affairs of the consolidated and separate financial position of John Holt Plc and its Subsidiary companies as at 30 September 2024 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards issued by International Accounting Standards Board and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria Act No 6, 2011 and the Companies and Allied Matters Act, 2020.

ADVISORY ž ASSURANCE ž TAX

Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.

Page | 11

Basis of Opinion

We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor's 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' International Code of Ethics for Professional Accountants (including International Independence Standards) (Parts 1 and 3) (IESBA Code) and other independence requirements applicable to performing audits of financial statements in Nigeria. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code and in accordance with other ethical requirements applicable to performing audits in Nigeria. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit matters

Key audit matters relate to issues that, in our professional judgement, is of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, therefore, we do not provide a separate opinion on these matters

Valuation of Investment properties

The Group and company's investment properties, land and building were revalued by Messrs Knight frank (Nigeria) Estate Surveyors & Valuers at a value of N6.703billion (2023:N5.238billion) and N3.806billion (2023:N3.107billion) respectively as at 30 September 2024 These valuations are dependent on certain key assumptions and significant judgements including capitalisation rates and fair market rents.

Our response

Our audit procedures in relation to management's valuation of investment properties includes:

  • We obtained the independent's external Valuer's report and reviewed;
  • Evaluated the independent external valuer's competence ,capabilities and objectivity;
  • Reviewed the disclosures on property, plant and equipment for reasonableness and completeness.
  • Assessed the methodologies used and the appropriateness of the key assumptions used;
  • Checked the accuracy and relevance of the input data used.

Our Audit procedure did not reveal any material misstatements.

Valuation of inventory

Inventory is a significant Part of the Group's assets, amounting to N237million as at 30 September 2024. Inventory is carried at lower cost and net realisable value. The net relisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Page | 12

Determination of the net realisable value requires management estimates which might be subjective. As a result, there is risk that the carrying value of the inventory may not be accurately reported Particularly when the net realisable value is not properly determined.

Our response

  • Our Audit procedures in relation to valuation of inventory includes;
  • Obtained inventory valuation report at year end.
  • Extracted opening inventory in quantity and value
  • Agreed valuation report to physical inventory count report
  • Obtained Inventory ledgers for selected items.
  • We verified that the final selling price is above costs after making provision for any additional costs to completion and costs to sell.
  • For sales price, we checked selling prices to price lists, prior and current invoicing, allowing for any normal trade and quantity discounts.
  • Reviewed computations of selling costs.

Our Audit procedures did not reveal any material misstatements.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Chairman's statement and Directors' report, but does not include the consolidated and separate financial statements and our auditor's report thereon. Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained during the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the consolidated and separate Financial Statements

The Directors are responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria Act, No 6, 2011 and the Companies and Allied Matters Act, 2020, and for such internal control as the directors determine is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company and its subsidiaries' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

Page | 13

accounting unless the directors either intend to liquidate the Company and its subsidiaries or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the Audit of the consolidated and separate Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements.

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company and its subsidiaries' internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
  • Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company and its subsidiaries' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and its subsidiaries to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures, and whether the Company and its subsidiaries' financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
  • We communicate with the directors regarding, among other matters, the planned scope and timing of the audit, and significant audit findings and any significant deficiencies in internal control that we identify during our audit.
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John Holt plc published this content on January 17, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 17, 2025 at 14:44:03.429.