RONCHESS GLOBAL RESOURCES : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

RONCHESS GLOBAL RESOURCES PLC

UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2024

1

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

Table of contents
Corporate Information	1
Statement of financial position	8
Statement of profit or loss and other comprehensive income	9
Statement of changes in equity	10
Statement of cash flows	21
Notes to the financial statements	12

2

CORPORATE INFORMATION

Board of Directors	Nationality
Adeolu Adeboye	Nigerian
Niyi Ogunnowo	Nigerian
Ukuevo Jackson	Nigerian
Okafor Akalaka	Nigerian
Temitope Adeboye	Nigerian
Tope Adebosin	Nigerian
Leon Kelly	American

RC NUMBER:

NATURE OF BUSINESS:

REGISTERED OFFICE:

INDEPENDENT AUDITORS:

BANKERS:

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

Designation

Chairman

Vice Chairman

Managing Director

Independent Non-Executive Director

Independent Non-Executive Director

Non-Executive Director

Independent Non-executive Director

771515

Construction

179A Moshood Olugbani Street,

Victoria Island,

Lagos

Shelze Professional Services

7, Edward Hotunu Street,

Lekki Phase 1,

Lagos

Access Bank

Ecobank

FCMB

Fidelity Bank

Guaranty Trust Bank Plc,

Keystone Bank

Sterling Bank

Parallex Bank

Polaris Bank

Providus Bank Uba

Union Bank

Zenith Bank Plc

3

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

DIRECTORS' REPORT

The Directors submit herewith their report together with the Unaudited financial statements of RONCHESS GLOBAL RESOURCES PLC (the "Company") for the Quarter ended 31 March, 2024.

LEGAL FORM

RONCHESS GLOBAL RESOURCES PLC was incorporated on the 5th of September, 2008. In 2021, the Company converted to a public limited liability company and its shares became listed on the Nigerian Stock Exchange.

PRINCIPAL ACTIVITIES

The company is engaged in the business of Road Marking and Construction.

OPERATING RESULTS

The following is a summary of the Company's operating results:

	2024	2023
	₦'000	₦'000
Revenue	1,330,209	1,950,000
Cost of sales	(1,066,871)	(924,423)
Gross profit	263,338	1,025,577
Impairment loss on trade receivables	(107,618)	-
Administrative Expenses	(1,074,741)	(422,374)
Operating Profit/(Loss)	(919,021)	603,203

DIRECTORS AND THEIR INTERESTS

The names of the present Directors are detailed on page 1. None of the Directors has notified the Company for the purpose of section 303 of the Companies and Allied Matters Act 2020 of any interest in contracts with which the Company was involved during the period under review.

SHAREHOLDERS AND SHAREHOLDING

The names of the shareholders and their allotted shareholdings are as follows:

	Number of Ordinary Shares of ₦1 each
Share Range	% Holding	2024	2023
1 - 50,000,000	29.90%	20,200,000	20,200,000
50,000,001-100,000,000	70.10%	70,800,000	70,800,000
	100%	91,000,000	91,000,000

AUTHORIZED SHARE CAPITAL

The authorized share capital of the Company as at 31 March 2024 is N91,000,000 dividends into 91,000,000 ordinary shares of N1 each.

4

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

EMPLOYMENT AND EMPLOYEES (a) Employment of physically challenged persons

The Company operates a non-discriminatory policy in the consideration of applications for employment, including those received from persons with disability. In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continuous employment of such a person without subjecting him or her to any disadvantage in his or her career development. As at 31 March 2024, the Company has no disabled persons in its employment.

(b) Health, safety and welfare at work

Arrangements are made for adequate security and protection of staff in the Company's premises while necessary safety regulations are complied with in order to facilitate the safety of employees of the Company at all times.

(c) Employee involvement and training

The Company provides facilities for regular on the job training for staff. Regular consultative meetings are held by management to keep members of staff abreast with developments within the company as well as its plans and achievements.

EVENTS AFTER REPORTING PERIOD

There is no event after the reporting date that could have a material effect on the state of affairs of the Company as at 31 March 2024.

Whistle Blowing

The Company is committed to conducting its affairs ethically and responsibly. Unethical behaviours cost the Company money, time, human resources and can negatively affect the Company's reputation before its stakeholders.

AUDITORS

Shelze Professional Services having satisfied the relevant corporate governance rules on their tenure in office has indicated their willingness to continue in office as Auditors to the Company. In accordance with Section 401 of the Companies and Allied Matters Act 2020 therefore, the auditors will be reappointed at the next annual general meeting of the Company without any resolution being passed.

A resolution will be proposed authorizing the Directors to determine their remuneration.

BY ORDER OF THE BOARD OF DIRECTORS

___________________

Christopher Egba Oruete Company Secretary

NBA: SC01719

Ronchess Global Resources Plc

Lagos, Nigeria

29 April 2024

5

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

The Directors of RONCHESS GLOBAL RESOURCES PLC are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the company as at 31 March 2024, and the results of its operations, cash flows and changes in equity for the year ended, in compliance with International Financial Reporting Standards ("IFRS"), the Companies and Allied Matters Act 2020 and in the manner required by the Financial Reporting Council of Nigeria Act, 2023.

In preparing the financial statements, the directors are responsible for:

• designing, implementing and maintaining an effective and sound system of internal controls throughout the company;
• maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company, and which enable them to ensure that the financial statements of the company comply with IFRS;
• maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
• taking such steps as are reasonably available to them to safeguard the assets of the company;
• preventing and detecting fraud and other irregularities;
• properly selecting and applying accounting policies;
• presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
• providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the financial position and financial performance; and
• making an assessment of the entity's ability to continue as a going concern.

Going Concern:

The directors have made an assessment of the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the quarter ahead.

Signed on behalf of

RONCHESS GLOBAL RESOURCES PLC

--------------------------	---------------------------
Ukuevo Jackson	Oluwakemi Akinloye
Chief Executive Officer	Chief Financial Officer
FRC/2024/PRO/DIR/003/503251	FRC/2019/ICAN/0000001993

6

Shareholding Structure/Free Float Status

		31-Mar-24		31-Mar-23
Description
	Unit		Percentage		Unit		Percentage
Issued Share Capital	91,000,000	100%	91,000,000	100%
Substantial Shareholdings (5% and
above)
Jackson Ukuevo	63,791,000	70.10%	63,791,000	70.10%
Josephine Ukuevo	14,378,000	15.80%	14,378,000	15.80%
Others	12,831,000	14.10%	12,831,000	14.10%
Total Substantial Shareholdings		91,000,000		100.00%		91,000,000		100.00%
Directors' Shareholdings (direct and
indirect), excluding directors with
substantial interests
	--	--	--	--
			0.00%			0.00%
	--	--	--	--
Total Directors' Shareholdings		0		0.00%		0		0.00%
Other Influential Shareholdings
			0.00%			0.00%
			0.00%			0.00%
				0.00%				0.00%
Free Float in Units and Percentage		0		0.00%		0		0.00%
Free Float in Value				₦ 0.00				₦ 0.00

Declaration:

1. Ronchess Global Resources Plc with a free float percentage of 14.1% as at 31 March 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.
2. Ronchess Global Resources Plc with a free float value of N12,831,000. as at 31 March 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.

		RONCHESS GLOBAL RESOURCES PLC
		Unaudited Financial Statements For
		the quarter ended 31 March 2024
STATEMENT OF FINANCIAL POSITION
		2024	2023
Assets	Notes	₦'000	₦'000
Non-current assets
Property, plant and equipment		5,524,440	6,355,842
Investments	18	795,277
Total non-current assets		6,319,717	6,355,842
Current assets
Cash & cash equivalents	9	64,679	35,608
Trade and other receivables	10	2,563,463	15,051,011
Prepayments	11	-	-
Total current assets		2,628,142	15,086,619
Total assets		8,947,859	21,442,461
Equity and liabilities
Equity
Share capital	14	91,000	91,000
Revaluation reserve		4,449,363	5,359,285
Retained earnings		1,797,047	14,502,123
Total equity		6,337,410	19,952,408
Total non-current liabilities		-	-
Current liabilities
Trade and other payables	12	475,192	180,823
Bank overdraft	16	1,041,583	200
Income tax payable	8	-	-
Borrowings	13	1,093,674	1,309,030
Total current liabilities		2,610,449	1,490,053
Total equity and liabilities		8,947,859	21,442,461

These financial statements were approved by the Directors and signed on its behalf by:

____________________	____________________
Ukuevo Jackson	Oluwakemi Akinloye
Chief Executive Officer	Chief Financial Officer
FRC/2024/PRO/DIR/003/503251	FRC/2019/ICAN/0000001993

RONCHESS GLOBAL RESOURCES PLC

Unaudited Financial Statements For the quarter ended 31 March 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		2024	2023
	Notes	₦'000		₦'000
Revenue	4	1,330,209	1,950,000
Cost of sales	5	(1,066,871)		(924,423)
Gross profit		263,338	1,025,577
Impairment loss on trade receivables	10a	-	-
Administrative expenses	7	(1,071,741)		(422,374)
Operating profit		(808,403)	603,203
Other income	6		-
Finance cost	15	(3,000)		-
Profit/(loss) before tax		(811,403)	603,203
Income tax expense	8
Profit for the year		(811,403)	603,203
Other comprehensive income
Exchange gains	6	-	-
Gain on revaluation		-		-
Total comprehensive income		(811,403)	603,203
Earnings per share	19	(8.9)		6.6

	RONCHESS GLOBAL RESOURCES PLC
	Unaudited Financial Statements For
	the quarter ended 31 March 2024
STATEMENT OF CASHFLOW
	2024	2023
		₦'000	₦'000
Operating Activities
Profit/(Loss) after tax	(811,403)	603,203
Adjustments for non-cash items
Depreciation of property, plant and equipment	231,995	174,702
Tax provision	-	-
Impairment loss on trade receivables	-	-
Cashflow from operating activities before changes in
working capital	(579,408)	777,905
Movement in working capital
Increase/decrease in current assets	12,487,548	(487,121)
Increase/decrease in current liabilities	294,369	(293,817)
	12,202,510	(3,033)
Cash generated from operations
Tax paid	-	-
Cash generated from operating activities	12,202,510	(3,033)
Investing Activities
Property, plant and equipment	-	-
Investment	(795,277)
Net Cash generated from Investing Activities	(795,277)	-
Financing Activities
Proceeds of ordinary share capital			-
Interest paid			-
Proceeds from borrowings	(215,356)	-
Net cash generated from financing activities	(215,356)	-
Net increase in cash and cash equivalent	11,191,877	(3,033)
Cash at the beginning of the year	35,408	38,441
Cash at the end of the year	11,227,285	35,408
Represented by:
Cash Balance	64,679	35,608
Bank Overdraft	(1,041,583)	(200)
	(976,904)	35,408