Download - Jayo Statement of Account
Lucky Dike & Co. Chartered Accountant
LITIMAK VENTURES LIMITED
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
Lucky Dike & Co. Chartered Accountant
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
Lucky Dike & Co. Chartered Accountant
LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2013
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.
LITIMAK VENTURES LIMITED
FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2013
NOTES TO THE FINANCIAL STATEMENTS
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
Lucky Dike & Co. Chartered Accountant
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
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
Lucky Dike & Co.Chartered Accountant
LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2012
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 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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2012
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.
LITIMAK VENTURES LIMITED
FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
BALANCE SHEET
ASSTES EMPLOYED NOTES 2012 2011
N N
FIXED ASSETS 1 510,000 1,050,000
CURRENT ASSETS 2 5,148,979 3,485,019
CURRENT LIABILITIES 3 -347,155 -222,796
NET CURRENT ASSETS 4,801,824 3,262,223
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
DIRECTORS ACCOUNT -88,176 -761,729
5,311,824 4,312,229
…………………………………
DIRECTORS…………………………………
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
PROFIT AND LOSS ACOOUNT
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
GROSS PROFIT 4,982,09
0
3,801,40
0
OPERATING EXPENSES 5 -
2,501,71
6
-
2,361,42
9
OPERATING PROFIT 2,480,37
4
1,439,97
1
TAXATION PROVISION -317,300 -172,796
PROFIT AFTER TAXATION 2,163,07
4
1,267,17
5
PROFIT BROUGHT FORWARD 2,550,50
0
1,312,22
5
PROFIT CARRIED FORWARD 4,713,57
4
2,579,40
0
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
CASH FLOW STATEMENT
2012 2011
CASH GENERALTED FROM OPERATION N N
NET PROFIT FOR THE YEAR 2,480,3
74
1,439,9
71
DEPRECIATION 200,000 200,000
INCREASE IN INVESTMENT -
1,712,0
-
1429,85
00 6
INCREASE IN ACCRUALS - 50,000
968,374 260,115
CASH FROM OTHER SOURCES
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
NOTES TO THE FINANCIAL STATEMENTS
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2012
NOTES TO THE FINANCIAL STATEMENTS
3 CURRENT LIABILITIES 2012
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
Lucky Dike & Co. Chartered Accountants.
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
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
Lucky Dike & Co. Chartered Accountants.
LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2011
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 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
Lucky Dike & Co. Chartered Accountants.
LITIMAK VENTURES LIMITED FINANCIAL STATEMENT AS AT 31ST DECEMBER, 2011
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.
LITIMAK VENTURES LIMITED
FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
BALANCE SHEET
ASSTES EMPLOYED NOTES 2011 2010
N N
FIXED ASSETS 1 1,050,000 745,000
CURRENT ASSETS 2 3,485,019 1,953,513
CURRENT LIABILITIES 3 -222,796 -104,200
NET CURRENT ASSETS 3,262,223 2,594,313
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
DIRECTORS ACCOUNT -761,729 -761,729
4,312,229 3,339,313
…………………………………
DIRECTORS…………………………………
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
PROFIT AND LOSS ACOOUNT
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
GROSS PROFIT 3,801,40
0
2,370,78
7
OPERATING EXPENSES 5 -
2,361,42
9
-
1,448,57
8
OPERATING PROFIT 1,439,97
1
922,209
TAXATION PROVISION -172,796 -94,065
PROFIT AFTER TAXATION 1,267,17
5
828,144
PROFIT BROUGHT FORWARD 1,312,22
5
484,081
PROFIT CARRIED FORWARD 2,579,40
0
1,312,22
5
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
CASH FLOW STATEMENT
2011 2010
CASH GENERALTED FROM OPERATION N N
NET PROFIT FOR THE YEAR 1,439,97
1
1,012,05
7
DEPRECIATION 200,000 200,000
INCREASE IN INVESTMENT -
1429,856
-
1,557,98
7
INCREASE IN ACCRUALS 50,000 -
260,115 345,930
CASH FROM OTHER SOURCES
- 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
LITIMAK VENTURES LIMITED
FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
NOTES TO THE FINANCIAL STATEMENTS
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
LITIMAK VENTURES LIMITED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2011
NOTES TO THE FINANCIAL STATEMENTS
3 CURRENT LIABILITIES 2011
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