Management Account
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