Festus Adeyemi

PRIVATE AND CONFIDENTIAL Monthly Financial Report Month Ended 31ST DECEMBER 2022 DISTRIBUTION: Mr. H. A. Gbajabiamila - Chairman Mr. O. Rufai - Managing Director Mr. F. Adeyemi - Management Accountant Projectscope Limited – Management Report Year Ended 31st December, 2022 Table of Contents 1. Statement of Financial Position 2. Statement of Profit or Loss and Other Comprehensive Income 3. Fixed Assets Schedule 4. Notes to the Accounts 5. Schedule of Operating Expenses 6. Debtors Age Analysis 7. Creditors Age Analysis 8. Project Report PROJECTSCOPE LIMITED Balance Sheet for Period Ending Period- 31-12-22 =N= =N= Current Asset 63,858,731.93 49,793,434.25 Inventory 37,915,285.75 32,357,209.71 Capital Asset 67,442,993.91 63,258,227.11 Other Non-Current Asset 42,598,701.40 156,563,474.53 211,815,712.99 301,972,345.60 Current Liability 215,707,844.25 279,610,429.63 TOTAL LIABILITIES 215,707,844.25 279,610,429.63 ASSETS TOTAL ASSETS LIABILITIES NET ASSETS/LIABILITIES (3,892,131.26) 22,361,915.97 (61,429,991.82) (61,429,991.82) 57,537,860.56 83,791,907.79 (3,892,131.26) 22,361,915.97 EQUITY Share Capital Retained Earnings TOTAL EQUITY PROJECTSCOPE LIMITED Income Statement - Selected Period 12 YTD Actual REVENUE Operating Revenue TOTAL REVENUE Cost of Goods Sold GROSS PROFIT / (LOSS) 177,205,261.91 177,205,261.91 99,579,125.90 77,626,136.01 EXPENSES Expenses 51,372,088.78 TOTAL EXPENSES 51,372,088.78 NET PROFIT / (LOSS) 26,254,047.23 Projectscope Limited FIXED ASSETS SCHEDULE Projectscope Limited Fixed Assets Schedule ASSETS LAND BUILDING PLANT & MACH FURN & FITTINGS WORKSHOP TOOLS & EQUIPMENT VEHICLES OFFICE EQUIPMENT RIGHT OF USE ASSETS TOTAL COST (A) BAL B/F 01/01/22 28,292,828.00 0.00 71,780,784.91 2,676,823.00 24,474,755.00 6,373,494.00 4,206,505.60 28,012,736.25 165,967,926.76 ADDITION 0.00 0.00 430,000.00 0.00 0.00 0.00 52,000.00 0.00 482,000.00 TRANSFER IN / (OUT) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - DISPOSAL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 28,292,828.00 0.00 72,210,784.91 2,676,823.00 24,474,755.00 6,373,494.00 4,258,505.60 BAL C/F 31/12/22 28,012,736.25 166,299,926.76 - TOTAL (A) 28,292,828.00 0.00 72,210,784.91 2,676,823.00 24,474,755.00 6,373,494.00 4,258,505.60 28,012,736.25 166,299,926.76 BAL B/F 01/01/22 0.00 0.00 49,992,349.27 1,818,457.58 24,474,654.69 6,244,013.17 2,733,838.55 13,111,619.59 92,094,987.39 DEPR. FOR THE YEAR 0.00 0.00 778,728.87 96,155.00 0.00 0.00 260,769.06 3,531,113.87 4,666,766.80 TRANSFER (IN) / OUT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - DISPOSAL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 50,771,078.14 1,914,612.58 24,474,654.69 6,244,013.17 2,994,607.61 ACCUMULATED DEPRECIATION (B) BAL C/F 31/12/22 - - 16,642,733.46 103,041,699.65 - TOTAL (B) NET BOOK VALUE (A) - (B) 0.00 0.00 50,771,078.14 1,914,612.58 24,474,654.69 6,244,013.17 2,994,607.61 16,642,733.46 103,041,699.65 28,292,828.00 0.00 21,439,706.77 762,210.42 100.31 129,480.83 1,263,897.99 11,370,002.79 63,258,227.11 PROJECTSCOPE LIMITED Notes to the Accounts SCHEDULES 1 CASH & BANK ACCOUNT FCMB-) 514.65 Sterling Bank -) (461.37) Sterling Bank-) 87.55 Ecobank Nig. Plc-) 154,615.69 Sterling Bank-) 7,073.72 Sterling Dom Acct -) 1,833.00 Sterling Proj A/c -) 5,269.35 Sterling Assets Mgt & Trustees 90,173.50 Sterling Dorm -) 48,-,121.59 2 DEBTORS (ACCOUNTS RECEIVABLE) Puzzles Group 500,000.00 Archikraft Ventures 818,509.79 Hazrat Nigeria Limited 9,944,157.28 Ikoyi Club 1938 1,009,917.64 Willao Nigeria Limited 2,604,572.22 CCP Investment Company Ltd 1,327,850.90 Willcrown Enterprises 3 962,287.08 Akin Sateru Farms 13,935,038.41 Grand Total 31,102,333.32 WORK IN PROGRESS Materials Labour Other Expenses Logistics Grand Total 4 0.00 INVENTORY Stocks/Inventory - Central Stores 1,022,215.50 Stock at Site 31,334,994.21 Grand Total 32,357,209.71 PROJECTSCOPE LIMITED Notes to the Accounts 5 SUNDRY DEBTORS Spancrete Limited - Cement Transferred from Ikota Site 6 Willao Nigeria Limited 3,562,198.86 Grand Total 3,654,342.26 OTHER DEBTORS Staff Debtors and Advance 90,000.00 Salary Advance 83,500.00 Investment in Doherty Grand Total 41,031,-,031,810.45 ADVANCE TO SUPPLIERS/CREDITORS Clement Olurotimi Anthonia - Deposit for Design Works on Road Construction Prestige Quarry and CNC - Balance on Deposit for Granite NNPC Mega Station - Deposit for Diesel Grand Total 9 851,572.00 INVESTMENT PROPERTY Investment Account - Ibara Housing Estate 8 678,072.00 Staff Loans Grand Total 7 92,143.40 1,000,-,814.00 5,329.00 1,093,143.00 TRADE CREDITORS Abbas Mustapha Olek Tech Nigeria Ent. Dele Kuju 55,-,-,000.00 Shefiu Alao 262,550.00 Candid Security Solution Ltd 259,192.40 Nocats Nigeria Limited Majekodunmi Tajudeen Tolani Odupe Stable Cleansing Services Ltd 95,400.00 1,303,490.55 2,-,000.00 Sundry Supplier 589,926.00 Mactavis Tech Ltd 250,000.00 Tobest 001 13,750.00 Topgen Technical Enterprises 35,000.00 Timmy_Manuel Nigeria Limited 18,600.00 Kado Tech Engineering Service 6,300.00 Siky Ventures 4,851.30 PROJECTSCOPE LIMITED Notes to the Accounts Isiah Bukola 30,000.00 Ocean Tech Industries 17,780.39 Prestige Assurance Plc 406,250.00 Ade Electrical works 125,000.00 Henry Imiekholor 13,692.00 Robin Waterproof Nig. Ltd. 26,000.00 Oak Surveys Oluwo Azeez Abiodun 300,000.00 8,500.00 J.O Olajide & Sons Limited 2,585,000.00 Ad-Fantes & Associate 1,028,500.00 Zakariya Lekan Kabiru 12,500.00 Adekunbi Christopher Idowu 34,500.00 Base Concept Limited 172,500.75 LOGON TECHNOLOGIES INT'L LTD -5,300.00 JOSEPH JOHN OLUWASAYO 27,000.00 ISMAILA ABISODUN OLASUNKANMI 498,654.75 MARY SUNDAY (BENJAMIN ADRA) 41,361.04 VICTORIA ADEKEJA Kehinde Ilemehin Grand Total 1,121,-,000.00 9,759,046.36 10 OTHER SUNDRY CREDITORS Grand Total 0.00 11 ACCRUALS & PROVISIONS Pension Fund Payable 8,278,115.90 Accrual for Audit Fees 2,823,750.00 Salaries & Wages Accrued 18,882,649.54 Director's Current Account 35,113,566.25 Provision for Works Due - Akin Sateru Project 40,000,000.00 Leave Allowance Accrued Grand Total 2,369,-,467,705.09 12 INTER COMPANY BALANCES - BODIJA PREMIUM ESTATE Inter Company Balances - Bodija Project Limited -78,064,641.95 SAMTL / Bodija Inter Company Balances 114,439,321.08 Inter Company Loans -3,895,000.00 Grand Total 32,479,679.13 PROJECTSCOPE LIMITED Notes to the Accounts 13 ADVANCE FROM CUSTOMERS Hazrat Nigeria Limited - Deposit for Job 0.00 Akin Sateru Farms Estate 0.00 Grand Total 0.00 14 OTHER FINANCIAL LIABILITIES - LOANS & ADVANCES Hillcrest Development Company Limited Short Term Loan - Omodele Rufai Lease Finance Facility - TrustBanc Asset Management (Sino Truck) SAMTL Loan Account Sterling Bank Loan (N5m Facility) Grand Total 25,337,-,632,-,529,494.58 3,479,-,979,373.25 15 PREPAID INCOME Prepaid Income from Doherty Property 544,585.96 Grand Total 544,585.96 16 OTHER CREDITORS Rent Payable - Igbosere Accrued Rent Suspense Account Grand Total 17,055,000.00 (113,-,941,175.00 17 TAXATION PAYE Taxes 4,201,347.43 Withholding Tax Payable - FIRS 185,387.60 Withholding Tax Payable - LIRS (33,375.00) Withholding Tax Receivable VAT - Output VAT - Input VAT Payable Income Tax Payable 9,932,-,369,144.19 3,895,-,246,515.80 8,912,565.10 Education Tax Payable 0.00 Current Year Taxation 0.00 Grand Total 87,709,650.20 PROJECTSCOPE LIMITED Notes to the Accounts 18 TURNOVER Hazrat Nigeria Limited - Proposed 12 Units of 2 Bedroom Apartment at Oral Estate 44,562,886.17 Ikoyi Club 1938 - Remodelling of Fence at Ikoyi Club CCP Investment Company Ltd - Work Done on Magbon- Main Contract, Scaffold and Plastering Works 32,744,900.05 Akin Sateru Farms-Proposed Development at Chevron Alternative Route Ikota 72,088,247.44 Willcrown Enterprises - Work Done on Ikota Main Contract-Internal Valuation Grand Total 3,242,083.76 7,117,-,756,007.59 19 OTHER INCOMES CCP Investment Company Ltd - Provision of Power for CCP Project at Magbon 5,847,560.10 CCP Investment Company Ltd - Provision of Scaffold for CCP Project at Magbon 4,950,000.00 Hazrat Nigeria Limited - Provision of Scaffold & Labour for Hazrat Homes 1,551,000.00 Willcrown Enterprises - Hiring of Payloader and Construcion of Moulds 396,000.00 Other Income - Amount Realised on Sales of Used Batteries 25,000.00 Other Income - Amount Realized on Sales of Used Construction Nets 50,000.00 Assets Disposal - Sale of Scrap Items at Ikota Site 60,000.00 Exchange Gains on Forex Transactions 1,302,177.50 Income from Rented Property at Campos Square 3,267,516.72 Grand Total 17,449,254.32 20 COST OF OPERATION Ikoyi Club 1938 - Remodelling of Fence at Ikoyi Club 133,489.57 CCP Investment Company Ltd - Work Done on Magbon 29,103,297.35 Willcrown Enterprises - Work Done on Ikota Main Contract -3,454,318.94 Hazrat Nigeria Limited - Proposed 12 Units of 2 Bedroom Apartment at Oral Estate Akin Sateru Farms-Proposed Development at Chevron Alternative Route Ikota Logistics Services Grand Total 7,884,-,190,480.34 5,721,-,579,125.90 PROJECTSCOPE LIMITED Notes to the Accounts 21 ADMINISTRATIVE EXPENSES, FINANCIAL CHGS & DEPRECIATION Electricity-Head office 480,100.00 Security Services - HQ 937,200.00 Fuel Diesel & Lubricants General Expenses 1,895,-,000.00 Insurance 156,000.00 Medical Expenses 178,950.00 Telephone Expenses 156,000.00 Internet Expenses 260,745.00 Printing and Stationery 1,105,450.00 Audit Fees 1,356,875.00 Staff Welfare 2,369,623.40 Salaries Expense Employer's Pension Contributio 28,208,-,317.76 Director's Remuneration 1,309,645.17 Transportation Expenses 132,000.00 Rent and Rates 1,500,000.00 Professional Fees 1,273,000.00 Cleaning & Waste Expenses Bank Charges 450,050.00 1,530,738.82 Interest on Loan/Finance Cost 178,750.00 Terminal Benefits 178,838.46 Business Premises 5,000.00 Land Use Charges 38,704.68 Investment Expense Account New Business Development Development Levy 697,-,000.00 2,100.00 Prepaid Meter Expenses -30,064.86 Repair & Maint-Motor Vehicles 375,500.00 Repair & Maint-Building 109,500.00 Repair & Maint-Plant & Machine 387,000.00 Repair & Maint-Workshop Tools Repair & Maint-Office Equipmen Repair & Maint-Furn & Fittings Depreciation-Plant & Machinery Depreciat-Furniture & Fittings Depreciation-Office Equipment Depr- Right-to-use-asset -Sino 10,-,-,-,-,-,769.06 3,531,113.87 DETAILS OF ADMINISTRATIVE EXPENSES BY DEPARTMENT Description Chairman's Office MD's Office SQS Logistics & Procurement Electricity-Head office Security Services - HQ 210,000.00 Fuel Diesel & Lubricants General Expenses Finance Total 480,100.00 480,100.00 727,200.00 937,200.00 1,895,109.00 1,895,-,000.00 75,000.00 Insurance Medical Expenses Admin 156,000.00 156,-,600.00 18,850.00 34,500.00 178,950.00 Telephone Expenses 156,000.00 156,000.00 Internet Expenses 260,745.00 260,745.00 1,073,250.00 1,105,450.00 Printing and Stationery 32,200.00 Audit Fees Staff Welfare Salaries Expense 804,973.40 9,840,000.00 Employer's Pension Contributio 7,423,956.72 1,534,615.38 800,000.00 1,048,125.00 308,750.00 1,356,875.00 946,350.00 618,300.00 2,369,623.40 1,770,000.00 6,840,000.00 28,208,572.10 400,320.00 933,317.76 532,997.76 Director's Remuneration 1,309,645.17 1,309,645.17 Transportation Expenses Rent and Rates Cleaning & Waste Expenses 132,000.00 132,000.00 1,500,000.00 1,500,000.00 450,050.00 450,050.00 Bank Charges Interest on Loan/Finance Cost Terminal Benefits 81,550.00 Professional Fees Business Premises New Business Development Development Levy 178,750.00 178,750.00 1,273,000.00 5,000.00 5,000.00 Investment Expense Account 1,530,738.82 178,838.46 97,288.46 1,273,000.00 Land Use Charges 1,530,738.82 38,704.68 38,704.68 697,117.45 697,-,000.00 20,000.00 2,100.00 2,100.00 DETAILS OF ADMINISTRATIVE EXPENSES BY DEPARTMENT Description Chairman's Office Prepaid Meter Expenses MD's Office - SQS Logistics & Procurement 1,500.00 15,000.00 30,064.86 375,500.00 375,500.00 5,000.00 88,000.00 109,500.00 114,000.00 273,000.00 387,000.00 10,000.00 10,000.00 Repair & Maint-Workshop Tools 33,000.00 Total - Repair & Maint-Plant & Machine Repair & Maint-Office Equipmen Finance 30,064.86 Repair & Maint-Motor Vehicles Repair & Maint-Building Admin 130,500.00 199,500.00 17,000.00 380,000.00 41,500.00 44,500.00 778,728.87 778,728.87 Depreciat-Furniture & Fittings 96,155.00 96,155.00 Depreciation-Office Equipment 260,769.06 260,769.06 Depr- Right-to-use-asset -Sino 3,531,113.87 3,531,113.87 Repair & Maint-Furn & Fittings 3,000.00 Depreciation-Plant & Machinery 10,060,300.00 10,472,008.19 1,616,165.38 1,016,288.46 18,278,967.93 9,928,358.82 51,372,088.78 DEBTORS AGE ANALYSIS Customer ID Customer 0-30 31-60 61-90 Over 90 days Amount Due 500,000.00 500,000.00 842,597.59 818,509.79 CUS0010 Puzzles Group CUS0015 Archikraft Ventures CUS0016 Hazrat Nigeria Limited 9,944,157.28 9,944,157.28 CUS0018 Ikoyi Club 1938 1,009,917.64 1,009,917.64 CUS0019 Willao Nigeria Limited 2,604,572.22 2,604,572.22 CUS0021 CCP Investment Company Ltd 1,327,850.90 1,327,850.90 CUS0022 Willcrown Enterprises 962,287.08 962,287.08 CUS0025 Akin Sateru Farms Estate TOTAL - 24,087.80 13,935,-,910,950.61 13,935,-,191,382.71 31,102,333.32 CREDITORS AGE ANALYSIS Vendor ID Vendor SUP0008 Abbas Mustapha SUP0018 Olek Tech Nigeria Ent. SUP0030 Dele Kuju SUP0031 0 - 30 31 - 60 61 - 90 Over 90 days Amount Due 55,000.00 55,000.00 149,537.00 149,537.00 44,000.00 44,000.00 Shefiu Alao 262,550.00 262,550.00 SUP0046 Candid Security Solution Ltd 259,192.40 259,192.40 SUP0065 Nocats Nigeria Limited 95,400.00 95,400.00 SUP0078 Majekodunmi Tajudeen 1,303,490.55 1,303,490.55 SUP0101 Tolani Odupe 2,800.00 2,800.00 SUP0123 Stable Cleansing Services Ltd SUP0152 Sundry Supplier 589,926.00 589,926.00 SUP0178 Mactavis Tech Ltd 250,000.00 250,000.00 SUP0179 Tobest 001 13,750.00 13,750.00 SUP0189 Topgen Technical Enterprises 35,000.00 35,000.00 SUP0191 Timmy_Manuel Nigeria Limited 18,600.00 18,600.00 SUP0210 Kado Tech Engineering Service 6,300.00 6,300.00 SUP0212 Siky Ventures 4,851.30 4,851.30 SUP0242 Isiah Bukola 30,000.00 30,000.00 SUP0243 Ocean Tech Industries 17,780.39 17,780.39 SUP0258 Prestige Assurance Plc 406,250.00 406,250.00 SUP0261 Ade Electrical works 125,000.00 125,000.00 SUP0263 Henry Imiekholor 13,692.00 13,692.00 SUP0264 Robin Waterproof Nig. Ltd. 26,000.00 26,000.00 SUP0265 Oak Surveys 300,000.00 300,000.00 SUP0296 Oluwo Azeez Abiodun 8,500.00 8,500.00 60,000.00 60,000.00 Vendor ID Vendor 0 - 30 31 - 60 61 - 90 Over 90 days Amount Due SUP0301 J.O Olajide & Sons Limited 2,585,000.00 2,585,000.00 SUP0308 Ad-Fantes & Associate 1,028,500.00 1,028,500.00 SUP0311 Zakariya Lekan Kabiru 12,500.00 12,500.00 SUP0312 Adekunbi Christopher Idowu 34,500.00 34,500.00 SUP0316 Base Concept Limited 172,500.75 172,500.75 SUP0341 LOGON TECHNOLOGIES INT'L LTD SUP0368 JOSEPH JOHN OLUWASAYO SUP0369 - 5,300.00 - 5,300.00 27,000.00 27,000.00 ISMAILA ABISODUN OLASUNKANMI 498,654.75 498,654.75 SUP0378 MARY SUNDAY (BENJAMIN ADRA) 41,361.04 41,361.04 SUP0384 VICTORIA ADEKEJA 1,121,710.18 1,121,710.18 SUP0397 Kehinde Ilemehin 165,000.00 165,000.00 9,699,046.36 9,759,046.36 TOTAL 60,000.00 1 Prj 005 Construction of 12 Flats Hazrat Nigeria Limited 88,975,699.65 65,000,000.00 34,606,161.20 2 Prj 009 Ikoy Club 1938 Gate House 44,562,886.17 79,169,047.37 41,077,183.62 7,884,263.46 Revenue Backlog Status Total COS COS Current Yr COS Prev Year Total Revenue Rev Current Yr Rev Prev. Yr Payment Received Contract Value Client Contract Description Contract No. S/no PROJECT REPORT - DECEMBER 2022 48,961,447.08 Ongoing 9,806,652.28 Ikoyi Club 48,914,822.90 44,651,061.57 41,718,650.07 41,718,650.07 50,502,773.04 50,502,773.04 Completed Construction of Heineken Bar 3 Prj 009-01 Toilet Ikoyi Club 1,358,270.00 1,290,356.49 1,256,399.75 1,256,399.75 1,287,500.00 12,091,065.76 Completed Ikoyi Club 1938 4 Prj 009-02 Romodelling of Fence Ikoyi Club 20,213,784.00 19,213,490.40 16,971,700.24 20,213,784.00 12,091,065.76 12,224,555.33 Completed - Ikoyi Club 1938 5 Prj 009-03 Construction of Signage Ikoyi Club 768,750.00 768,750.00 768,750.00 600,000.00 600,000.00 Completed - 479,333,830.93 465,167,509.95 32,744,900.05 497,912,410.00 361,102,876.39 29,103,297.35 390,206,173.74 Completed - Completed 768,750.00 3,242,083.76 133,489.57 6 Prj 011 Magbon Residential Development-Main Contract CCP Investment Co. Ltd 7 Prj 012 Ikota Main Building Carcass Project Willao Nig Ltd 236,405,425.05 232,491,325.05 227,140,174.58 7,117,890.17 234,258,064.75 215,025,425.15 - 3,454,318.94 211,571,106.21 Akin Sateru Farms Estate Babajide Akinloye 225,858,370.65 100,000,000.00 34,926,024.57 72,088,247.44 107,014,272.01 25,618,234.91 60,190,480.34 85,808,715.25 1,120,407,532.25 942,748,814.44 822,555,370.36 159,756,007.59 982,311,377.95 707,305,058.87 93,857,211.78 811,965,836.41 8 Prj 013 497,912,410.00 Ongoing - 101,870.25 2,147,-,844,-,899,981.47