jayo statement of account

LITIMAK VENTURES LIMITED

FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2013

Lucky Dike & Co. Chartered Accountant


FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013

TABLE OF CONTENTS PAGES

AUDITORS REPORT 1

STATEMENT OF ACCOUNTING POLICIES 2

BALANCE SHEET 3

PROFIT AND LOSS ACCOUNT 4

CASH FLOW STATEMENT 5

NOTES TO THE FINANCIAL STATEMENTS 6 – 7


LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2013

AUDITORS’ REPORT TO MEMBERS OFLITIMAK VENTURES LIMITED

We have audited the financial statement on page 2 to7The financial statements are in agreement with thebooks, which in our opinion have been properly kept.We have obtain all the information and explanationswe require

RESPECTIVE RESPONSIBILITY OF DIRECTORS AND AUDITORSThe directors are responsible for preparation of thefinancial statements. It is our responsibility toform an independent opinion, based on our audit ofthe financial statements prepared by the directorsand to report our opinion to you.

BASIS OF OPINIONWe conducted our audit in accordance with theauditing standards. An audit includes examination, ona test basis of evidences relevant to the amounts anddisclosures in the financial statements. It alsoincludes an assessment of the significant estimateand judgments made by the directors in thepreparation of the financial statements and ofweather the accounting policies are appropriate tothe company‘s circumstances, consistently applied andadequately disclosed.

We planned and performed our audit so as to obtainall the information and explanations which weconsidered necessary in order to provide us withsufficient evidence to give reasonable assurance thatthe financial statements are free from material mis-statements, weather caused by fraud or otherirregularities or error . In forming our opinion, wealso evaluate the overall adequacy of thepresentation of information on the financialstatement.

OPINON In our opinion, the financial statements give a trueand fair view of the state of affairs of the companyas at 31st December 2013 and of its profit and cashflow have been properly prepared in accordance withthe provisions of companies and Allied Matters Act,1990.

Lagos, Nigeria 10th February, 2014



ACCOUNTING POLICIES

The following is a summary of the principal

accounting polices adopted by the company in the

preparation of the financial statements.

(A) ACCOUNTING CONVERSION

The financial statements were prepared under the

Historical Cost Convention.

(B) DEPRECIATION OF FIXED ASSETS

Depreciation is calculated to write off the book

value of the assets on a straight line basis over

the expected useful life of the assets concerned.

The principal annual rate used for this purpose

is:

Motor Vehicle 15%

Furniture and Fittings 12.5%

Plant and Machinery 12.5%

Office Equipment 12.5%

Provision is not made for depreciation until an

asset is brought into use

(C) REPAIRS AND RENEWALS

Repairs and renewals are written off as incurred.

(D) TURNOVER

Turnover represents the invoiced value of goods

sold to third parties during the year.

(E) BAD DEPTS

Bad debts are written off and specific provision

is made for those depts. considered to be

doubtful of recovery.



BALANCE SHEET

ASSTES EMPLOYED NOTES 2013 2012

N N

FIXED ASSETS 1 355,474 510,000

CURRENT ASSETS 2 5,732,535 5,148,979

CURRENT LIABILITIES 3 -221,317 -347,155

NET CURRENT ASSETS 5,511,206 4,801,824

TOTAL ASSETS 5,866,680 5,311,824

FINANCED BY

SHARE CAPITAL 4 1,000,000 1,000,000

PROFIT AND LOSS 5,007,215 4,400,000

DIRECTORS ACCOUNT -140,535 -88,176

5,866,680 5,311,824

…………………………………

DIRECTORS…………………………………

LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013

PROFIT AND LOSS ACOOUNT

NOTES 2013 2012

N N

TURNOVER 25,

108,057

23,810,7

35

COST OF SALES -

21,015,2

18

-

20,918,6

10

GROSS PROFIT 8,684,90

2

4,982,09

0

OPERATING EXPENSES -

3,354,79

1

-

2,501,71

6

OPERATING PROFIT 1,235,10

0

2,480,37

4

TAXATION PROVISION -251,512 -317,300

PROFIT AFTER TAXATION 3,843,49

9

2,163,07

4

PROFIT BROUGHT FORWARD 4,400,00

0

2,550,50

0

PROFIT CARRIED FORWARD 5,734,19

7

4,713,57

4


CASH FLOW STATEMENT

2013 2012

CASH GENERALTED FROM OPERATION N N

NET PROFIT FOR THE YEAR 1,732,

374

2,480,3

74

DEPRECIATION 195,70

0

200,000

INCREASE IN INVESTMENT -

431,60

0

-

1,712,0

00

1,496,

674

968,374

CASH FROM OTHER SOURCES

APPLICATION OF FUND 1,496,

674

968,374

TAX PAID -

195,21

4

-

172,798

PURCHASE OF FIXED ASSETS - -

NET INCREASE IN CASH 1,301,

460

795,

578

CASH AT BANK AND IN HAND AT 1ST

JANUARY

502,10

0

551,079

CASH BANK AND IN HAND AT 31ST DEC. 1,201,

578

807,

815


NOTES TO THE FINANCIAL STATEMENTS

FIXED ASSETS FURN

FITTING

S

MOTOR

VEHICLE

OFFICE

EQUIP

TOTAL

COST N N N N

AS AT 1/1/2013 150,000 450,000 303,000 903,000

ADDITIONS 50,000 370,000 45,000 465,000

AS AT

31/12/2013

200,000 820,000 348,000 1,368,0

00

DEPRECIATION

AS AT 1/1/2013 125,000 450,000 253,900 828,900

CHARGE FOR THE YEAR

40,000 164,000 69,600 273,600

AS AT

31/12/2013

165,000 614,000 323,500 1,102,5

00

NET BOOK VALUE

AS AT

31/12/2012

35,000 206,000 24,500 265,500

AS AT

31/12/2013

25,000 - 49,100 74,100

CURRENT ASSETS 2013

N

2012

NINVESTMENT 5,251,6

79

4,341,1

64

BANK AND CASH 1,201,5

78

807,815



3 CURRENT LIABILITIES 2013

N

2012

NACCRUED EXPENSES 50,000 29,855TAXATION PROVISION 251,51

2

317,30

0

167,4

89

347,15

5

4 SHARE CAPITALSAUTHORIZED, ISSUED AND FULLY PAID1,000,000 ORDINARY SHARES OF N1.00

EACH

1,000,

000

1,000,

0005 OPERATING EXPENSESAUDIT FEE 120,00

0

100,00

0STAFF COST 412,32

2

214,92

9DEPRECIATION 273,60

0

135,60

0RENT AND RATES 240,62

5

290,62

5REPAIRS & MAINTENANCE 187,69

8

96,714

PRINTING & STATIONERY 55,221 30,763POSTAGE & TELEPHONE 278,42

8

205,17

9MEDICAL EXPENSES 85,745 32,070ELECTRICITY 63,063 10,756OFFICE EXPENSES 733,46

0

467,43

9DIRECTORS ALLOWANCE 591,14

4

500,10

0FINANCIAL CHARGES 464,58 393,53

5 63,354,

791

2,301,

716






AUDITORS REPORT 1


BALANCE SHEET 3




Lucky Dike & Co.Chartered Accountant



We have audited the financial statement on page 2 to7The financial statements are in agreement with thebooks, which in our opinion have been properly kept.

We have obtain all the information and explanationswe require




OPINON In our opinion, the financial statements give a trueand fair view of the state of affairs of the company

as at 31st December 2012 and of its profit and cashflow have been properly prepared in accordance withthe provisions of companies and Allied Matters Act,1990.

Lagos, Nigeria 11th MARCH, 2013

Lucky Dike & Co.Chartered Accountant


ACCOUNTING POLICIES












is:

Motor Vehicle 15%








(D) TURNOVER



(E) BAD DEPTS






BALANCE SHEET


N N

FIXED ASSETS 1 510,000 1,050,000

CURRENT ASSETS 2 5,148,979 3,485,019



TOTAL ASSETS 5,311,824 4,312,229

FINANCED BY

SHARE CAPITAL 4 1,000,000 1,000,000

PROFIT AND LOSS 4,400,000 2,550,500


5,311,824 4,312,229

…………………………………




NOTES 2012 2011

N N

TURNOVER 23,810,7

35

20,220,2

15

COST OF SALES -

20,918,6

10

-

16,418,8

15


0

3,801,40

0

OPERATING EXPENSES 5 -

2,501,71

6

-

2,361,42

9


4

1,439,97

1



4

1,267,17

5


0

1,312,22

5


4

2,579,40

0


CASH FLOW STATEMENT

2012 2011


NET PROFIT FOR THE YEAR 2,480,3

74

1,439,9

71

DEPRECIATION 200,000 200,000


1,712,0

-

1429,85

00 6

INCREASE IN ACCRUALS - 50,000

968,374 260,115


APPLICATION OF FUND 968,374 260,115

TAX PAID -

172,798

-94,065

NET INCREASE IN CASH 795,

578

101,650

CASH AT BANK AND IN HAND AT 1ST

JANUARY

551,079 395,463

CASH BANK AND IN HAND AT 31ST DEC. 807,

815

497,176



FIXED ASSETS FURN

FITTING

S

MOTOR

VEHICLE

OFFICE

EQUIP

TOTAL

COST N N N N

AS AT 1/1/2012 150,000 450,000 303,000 903,000

ADDITIONS - - - -

AS AT

31/12/2012

150,000 450,000 303,000 903,000

DEPRECIATION

AS AT 1/1/2012 95,000 405,000 193,300 693,000

CHARGE FOR THE YEAR

30,000 45,000 60,600 135,600

AS AT

31/12/2012

1265,00

0

450,000 253,900 828,900

NET BOOK VALUE

AS AT

31/12/2012

25,000 - 49,100 74,100

AS AT

31/12/2011

55,000 45,000 109,700 209,700

CURRENT ASSETS 2012

N

2011

NINVESTMENT 4,341,1

64

2,987,8

43

BANK AND CASH 807,815 497,176

5,148,9

79

3,485,0

19




N

2011

NACCRUED EXPENSES 29,855 50,000TAXATION PROVISION 317,30

0

172,79

6

347,1

55

222,79

6

4 SHARE CAPITALSAUTHORIZED, ISSUED AND FULLY PAID1,000,000 ORDINARY SHARES OF N1.00

EACH

1,000,

000

1,000,

0005 OPERATING EXPENSESAUDIT FEE 100,00

0

100,00

0STAFF COST 214,92

9

122,16

8DEPRECIATION 135,60

0

135,60

0RENT AND RATES 290,62

5

240,62

5REPAIRS & MAINTENANCE 20,719 85,968PRINTING & STATIONERY 30,763 26,867POSTAGE & TELEPHONE 205,17

9

160,54

7MEDICAL EXPENSES 32,070 12,828ELECTRICITY 10,756 9,727OFFICE EXPENSES 467,43

9

662,14

4DIRECTORS ALLOWANCE 300,10

0

350,00

0FINANCIAL CHARGES 393,53

6

454,95

5

2,501,

716

2,361,

429



Lucky Dike & Co. Chartered Accountants.



AUDITORS REPORT 1


BALANCE SHEET 3







We have audited the financial statement on page 2 to7The financial statements are in agreement with thebooks, which in our opinion have been properly kept.

We have obtain all the information and explanationswe require




OPINON In our opinion, the financial statements give a trueand fair view of the state of affairs of the company

as at 31st December 2011 and of its profit and cashflow have been properly prepared in accordance withthe provisions of companies and Allied Matters Act,1990.

Lagos, Nigeria 15th APRIL, 2012



ACCOUNTING POLICIES












is:

Motor Vehicle 15%








(D) TURNOVER



(E) BAD DEPTS






BALANCE SHEET


N N

FIXED ASSETS 1 1,050,000 745,000

CURRENT ASSETS 2 3,485,019 1,953,513



TOTAL ASSETS 4,312,229

FINANCED BY

SHARE CAPITAL 4 1,000,000 1,000,000

PROFIT AND LOSS 2,550,500 1,577,584


4,312,229 3,339,313

…………………………………




NOTES 2011 2010

N N

TURNOVER 20,220,2

15

11,735,5

70

COST OF SALES -

16,418,8

15

-

9,365,78

3


0

2,370,78

7

OPERATING EXPENSES 5 -

2,361,42

9

-

1,448,57

8


1

922,209



5

828,144


5

484,081


0

1,312,22

5


CASH FLOW STATEMENT

2011 2010


NET PROFIT FOR THE YEAR 1,439,97

1

1,012,05

7

DEPRECIATION 200,000 200,000


1429,856

-

1,557,98

7

INCREASE IN ACCRUALS 50,000 -

260,115 345,930


- 1,000,00

0

- -

APPLICATION OF FUND

PURCHASE OF FIXED ASSETS - -300,000

TAX PAID -94,065 -106,434

NET INCREASE IN CASH 101,650 43,392

CASH AT BANK AND IN HAND AT 1ST JANUARY 395,463 352,071

CASH BANK AND IN HAND AT 31ST DEC. 497,176 395,463




FIXED ASSETS FURN

FITTING

S

MOTOR

VEHICLE

OFFICE

EQUIP

TOTAL

COST N N N N

AS AT 1/1/2011 150,000 450,000 303,000 903,000

ADDITIONS - - - -

AS AT

31/12/2011

150,000 450,000 303,000 903,000

DEPRECIATION

AS AT 1/1/2011 65,000 360,000 132,700 557,700

CHARGE FOR THE YEAR

30,000 45,000 60,600 135,600

AS AT

31/12/2011

95,000 405,000 193,300 693,300

NET BOOK VALUE

AS AT

31/12/2010

55,000 45,000 193,300 693,300

AS AT

31/12/2011

85,000 45,000 109,700 209,700

CURRENT ASSETS 2011

N

2010

NINVESTMENT 2,987,8

43

1,557,9

87

BANK AND CASH 497,176 395,526

3,485,0

19

1,953,5

13




N

2010

NACCRUED EXPENSES 50,000 -TAXATION PROVISION 172,796 94,065

222,796 94,0654 SHARE CAPITALSAUTHORIZED, ISSUED AND FULLY PAID1,000,000 ORDINARY SHARES OF N1.00

EACH

1,000,0

00

1,000,0

005 OPERATING EXPENSES

AUDIT FEE 100,000 100,000STAFF COST 122,168 73,729DEPRECIATION 135,600 135,600RENT AND RATES 240,625 140,625REPAIRS & MAINTENANCE 85,968 27,146PRINTING & STATIONERY 26,867 17,005POSTAGE & TELEPHONE 160,547 44,850MEDICAL EXPENSES 12,828 11,403ELECTRICITY 9,727 8,400OFFICE EXPENSES 662,144 515,192DIRECTORS ALLOWANCE 350,000 50,000FINANCIAL CHARGES 454,955 374,628

2,361,4

29

1,448,5

78

jayo statement of account

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