Omatek Ventures PLC

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST MARCH, 2024

OMATEK VENTURES PLC

Table of Contents

Corporate Information

1

Operational Highlights

2

Report of the Directors

3

Consolidated Statement of Financial Position

11

Consolidated Statement of Profit or Loss and Other Comprehensive Income

12

Consolidated Statement of Changes in Equity

13

Consolidated Statement of Cashflows

15

Notes to the Consolidated Financial Statements

16

Statement of Value Added

32

Consolidated Financial Summary

33

OMATEK VENTURES PLC

CORPORATE INFORMATION

1 BOARD OF DIRECTORS

Dr. Timothy Farinre

- Company Chairman Omatek Ventures Plc.,

Director OVDL, OCL

Mr. Yemi Ogundipe, FCA

- Company MD/CEO Omatek Ventures Plc.,

Director OVDL, OCL, OESL

Mr. Temidayo Seriki

- Director Omatek Ventures Plc.,

Director OVDL, OCL, OESL

Alh. Nakande Dasuki

- Director Omatek Ventures Plc., OCL

OVDL

- Omatek Ventures Distribution Limited

OESL

-

- Omatek Engineering Services Limited

OCL

-

-

Omatek Computers Limited

2

COMPANY SECRETARY

- Femi David Ikotun Esq.,

Ikotun Temowo & Co

Suite 201, 2nd Floor, Copper House

Plot 4, Algiers Street, Zone 5 Wuse, Abuja

3

CORPORATE HEADQUARTERS

12, Bissau Street,

Wuse Zone 6, Abuja FCT

4

MAIN BANKERS

-

WEMA Bank Plc

Access Bank Limited

First Bank of Nigeria Limited

Bank of Industry

1

OMATEK VENTURES PLC

OPERATIONAL HIGHLIGHTS

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

GROUP

COMPANY

2024

2023

2024

2023

N'M

N'M

N'M

N'M

Revenue

0.90

0.10

-

-

Other Income

-

-

-

-

Total Comprehensive Income

0.90

0.10

-

Total Non Current Assets

2,826

2,826

127

127

Total Non Current Liabilities

407

407

436

436

Total Equity

(2,563)

(2,550)

787

797

Earnings/(Loss) Per Share (NGN)

(0.004)

(0.656)

-

-

2

OMATEK VENTURES PLC

REPORT OF THE DIRECTORS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST

MARCH, 2024

The directors submit their report together with the financial statements of Omatek Ventures Plc. for the period ended 31st March, 2024.

1 LEGAL FORM

The Company which commenced operation in Nigeria in 1988, was incorporated as a limited liability Company in Nigeria in 1988. It was converted into a Public Company in 2008 and its name was subsequently amended to reflect its status as a public company. The company's shares are quoted and traded on the Nigerian Exchange Limited.

  1. PRINCIPAL ACTIVITIES AND CORPORATE DEVELOPMENT
    The Company has interests in subsidiaries and associates involved in manufacturing, distribution, selling and servicing of computer equipment and also provides engineering services.
  2. BUSINESS REVIEW AND FUTURE DEVELOPMENT

The Company carried out business activities in accordance with its Memorandum and Articles of Association. A Comprehensive review of the business for the year and the prospects for the ensuing year are contained in the Managing Director's Report.

4 PROPERTY, PLANT & EQUIPMENT

Movement in property, plant & equipment during the year 2024 is shown in note 5 of the Notes to the Financial Statement herein. In the opinion of the directors, the market value of the Company's property plant & equipment is not less than the value shown in the accounts.

5 DIVIDEND

In respect of the period, the Directors do not recommend any dividend.

  1. DIRECTORS
    1. The directors who were in office during the year are listed on page 1.
    2. The re-election of nine Non-Executive Directors is presented to the members for approval.
  3. STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors of Omatek Ventures Plc "the company" accept responsibility for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss and cash flows for that year. In preparing these financial statements, the directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent and in accordance with International Financial Reporting Standards (IFRSs), Companies and Allied Matters Act 2020, Securities and Exchange Commission Act 2007 as well as Corporate Governance Code of the Securities and Exchange Commission 2011, the Financial Reporting Council of Nigeria (Amendment) Act, 2023.guidelines and circulars issued by the Nigerian Exchange Limited and other relevant regulators.

The directors accept responsibilities for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

3

OMATEK VENTURES PLC

REPORT OF THE DIRECTORS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST

MARCH, 2024

In doing so they ensure that:

The going concern basis is used, unless it is inappropriate to presume that the Company will continue in business; and

9 DIRECTORS' INTERESTS IN SHARES

The interest of the Directors in the issued share capital of the company as recorded in the register of Directors as at 31st March 2024 was as follows:

Director

Direct

Indirect

Total

Percentage

shareholding

shareholding

of ordinary

shares of 50

kobo each

1

Dr. Timothy Farinre- Company

Nil

100,357,894

100,357,894

3.411%

Chairman

2

Late Engr. (Mrs.) Florence Seriki,

1,552,315,285

165,717,635

1,718,032,899

58.40%

MFR (Estate reperesented by Mr.

Temidayo Seriki)

3

Alh. Nakande Dasuki

Nil

Nil

4

Mr. Yemi Ogundipe, FCA

80,000

Nil

80,000

0.003%

GMD/CEO

10 SHAREHOLDING ANALYSIS

The Company has an authorized share capital of N3,500,000,000.00 divided into 7,000,000,000 ordinary shares of 50 kobo each. The issued share capital is N1, 470,895,000.00 divided into 2,941,789,472 ordinary shares of 50 kobo each.

According to the Register of members, only two (2) members, namely, Late Mrs. Florence Seriki and Portables Investments Ltd. held more than 5% of the issued share capital as at 31st March 2024.

S/N

Names of shareholders

Units

Percent

1

Estate of Late Engr. Mrs.

1,552,315,285

52.77%

Florence Seriki

2

Portables Investments Ltd

164,639,635

5.60%

4

The range analysis of the shareholding of the company is as shown in the table below:

OMATEK VENTURES PLC

REPORT OF THE DIRECTORS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST

MARCH, 2024

Range

No. of Holders

Percent

Units

Percent

1 - 1,000

434

7.92%

286,348

0.01%

1,001

-

10,000

1,790

32.66%

10,065,876

0.34%

10,001

-

100,000

2,346

42.80%

107,208,495

3.64%

100,001

-

500,000

669

12.21%

158,070,842

5.37%

500,001

-

1,000,000

113

2.06%

93,911,413

3.19%

1,000,001 -

5,000,000

101

1.84%

253,700,254

8.62%

5,000,001 -

10,000,000

17

0.31%

135,346,918

4.60%

10,000,001 - 100,000,000

7

0.13%

187,601,327

6.38%

100,000,001 - 10,000,000,000

4

0.07%

1,995,597,999

67.84%

Total

5,481

100.00%

2,941,789,472

100.00%

11 EMPLOYMENT AND EMPLOYEES

  1. Employment of physically challenged persons

It is the policy of the Company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees are given equal opportunities for self-development. As at 31 March 2024, however, no disabled person was in the employment of the Company.

b) Health, Safety and Welfare of employees

Health and safety regulations are in force within the Company's premises and employees are aware of the existing regulations. The Company provides subsidy to all levels of employees, transportation, housing, etc.

c) Employee involvement and training

The Company is committed to keeping employees informed as much as possible regarding the Company's performance and progress and seeking their views whenever practicable on matters which particularly affect them as employees

Management, professional and technical expertise are the Company's major assets and investment in their further development continues. Training is carried out at various levels through both in-house and external courses.

12 EVENTS AFTER REPORTING DATE

No material transactions have occurred after the reporting period requiring disclosure in or adjustment to the financial statements for the year ended 31 March 2024.

13 GOING CONCERN STATUS

Subsequent to the resolution of the Board on debt crises with the Banks (Bank of Industry & First Bank Limited) and the adoption of the terms of settlement by the Federal High Court Ikoyi, Lagos, the Oregun factory building and Abuja Office and some other fixed assets of the company have been used to settle the major debts, so that the company can continue in business.

With this resolution, the Company is free from material encumbrances and its free to carry out its business into the foreseeable future.

5

OMATEK VENTURES PLC

REPORT OF THE DIRECTORS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST

MARCH, 2024

In this connection, the Board and management has intensified effort at attracting fresh capital from willing investors, both national and international.

The financial statements are prepared on the basis of accounting policies applicable on a going concern basis.

14 AUDIT COMMITTEE

Pursuant to Section 404 of the Companies and Allied Matters Act 2020, the company has in place an Audit Committee comprising of three shareholders and two Director's representatives appointed at the last AGM as follows:

15 COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE

As a company listed on the Nigerian Exchange Limited, Omatek complies with the provisions of the Code of best practice on Corporate Governance for public quoted companies. In its bid to maintain its strong pioneer status and transparency, the Company has adopted the Corporate Governance Code of the Securities and Exchange Commission and strives to maintain compliance with the rules of the Nigerian Exchange Limited, in addition to the relevant laws and guidelines operating in Nigeria.

BY ORDER OF THE BOARD

Femi David Ikotun Esq.

Ikotun Temowo & Co Company Secretary

Dated this 26th day of April, 2024

6

OMATEK VENTURES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31ST MARCH, 2024

GROUP

COMPANY

NOTE

2024

2023

2024

2023

N'M

N'M

N'M

N'M

ASSETS

PROPERTY,PLANT & EQUIPMENT

8

438

438

437

437

INVESTMENT PROPERTY

9

2,200

2,200

2,200

2,200

INVESTMENTS

10

132

132

(2,510)

(2,510)

DEFFERED TAX ASSET

11

56

56

-

-

TOTAL NON CURRENT ASSETS

2,826

2,826

127

127

INVENTORIES

12

25

25

-

-

TRADE & OTHER RECEIVABLES

13

3

3

3,526

3,526

CASH & CASH EQUIVALENTS

15

20

21

TOTAL CURRENT ASSETS

48

49

3,526

3,526

TOTAL ASSETS

2,874

2,875

3,653

3,653

EQUITY

SHARE CAPITAL

16

1,471

1,471

1,471

1,471

SHARE PREMIUM

17

4,376

4,376

4,376

4,376

RETAINED EARNINGS

(5,719)

(5,708)

(5,675)

(5,666)

REVALUATION RESERVE

18

615

615

615

615

NON CONTROLLING INTEREST

(3,306)

(3,304)

-

-

TOTAL EQUITY

(2,563)

(2,550)

787

797

LIABILITIES

LONG TERM LOANS & BORROWINGS

19

-

-

-

-

DEFFERED TAX LIABILITY

11

407

407

436

436

TOTAL NON CURRENT LIABILITIES

407

407

436

436

BANK OVERDRAFT

15

1

1

-

-

TRADE & OTHER PAYABLES

20

3,811

3,799

2,358

2,348

OTHER LIABILITIES

11

216

216

72

72

SHORT TERM LOANS & BORROWINGS

26

1,002

1,002

-

-

TOTAL CURRENT LIABILITIES

5,030

5,018

2,430

2,420

TOTAL LIABILITIES

5,437

5,425

2,866

2,856

TOTAL EQUITIES & LIABILITIES

2,874

2,875

3,653

3,653

The financial statements were approved by the Board of Directors on 26th April 2024 and signed on its behalf by:

…………………………….

…………………………….

Dr. Timothy Farinre

Mr. Anthony O. Omhenke

Mr Yemi Ogundipe, FCA

Group Chairman

Chief Finance Officer

Group Managing Director

FRC/2014/COREN/0000007564

FRC/2014/ICAN/00000008200

FRC/2013/ICAN/00000001615

THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

11

OMATEK VENTURES PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST MARCH, 2024

GROUP

COMPANY

NOT

E

2024

2023

2024

2023

N'M

N'M

N'M

N'M

REVENUE

21

0.90

0.10

-

COST OF SALES

(0.20)

(0.07)

-

-

-

GROSS PROFIT

0.70

0.03

-

-

OTHER INCOME

-

-

-

SELLING AND DISTRIBUTION EXPENSES

-

-

-

ADMINISTRATION EXPENSES

(12.63)

(16.67)

(10.00)

-

-

-

-

RESULTS FROM OPERATING ACTIVITIES

(11.93)

(16.64)

(10.00)

-

-

-

FINANCE COST

-

(352.17)

(295.50)

-

-

-

-

PROFIT/(LOSS) BEFORE TAX

(11.93)

(368.81)

(10.00)

(295.50)

TAX EXPENSE

11

-

-

-

-

-

-

-

-

PROFIT/(LOSS) ON CONTINUING OPERATIONS

(11.93)

(368.81)

(10.00)

(295.50)

OTHER COMPREHENSIVE INCOME

RENTAL INCOME

22

-

-

-

-

OTHER EXPENSE

23

-

-

-

-

TOTAL OTHER COMPREHENSIVE INCOME

(11.93)

(368.81)

(10.00)

(295.50)

-

-

TOTAL COMPREHENSIVE INCOME

(11.93)

(368.81)

(10.00)

(295.50)

PROFIT ATTRIBUTABLE TO THE GROUP

(10.39)

(331.18)

NON CONTROLLING INTEREST

(1.54)

(37.63)

-

-

(11.93)

(368.81)

BASIC EARNINGS/(LOSS) PER SHARE (NGN)

25

(0.004)

(0.656)

DILUTED EARNINGS/(LOSS) PER SHARE (NGN)

(0.004)

(0.656)

THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

12

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Omatek Ventures plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 23:21:20 UTC.