14. 3 years audited account 200

Matrix HUB LIMITED
AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER, 2022
MATRXHUB LIMITED – AUDITED FINANCIAL STATEMENTSFOR 2022
THE EIGHTEEN MONTHS ENDED 31, DECEMBER
INTRODUCTION
MATRIXHUB LIMITED, Financial Statements complies with the applicable requirements of
Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory framework
regarding Annual Financial Statements of the Company for the Eighteen Months Ended
31st December, 2022. The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) issued by International Accounting
Standards Board (IASB) and adopted by the Financial Reporting Council of Nigeria. There
has been no rounding of numbers reported in the Financial Statements and hence it is not
envisaged the numbers will not be added up precisely.
2
CONTENTS Page
1. Corporate Information 4
2. Directors’ Report 5-6
3. Auditors’ Report 7
4. Statement of Significant Accounting Policies 8-9
5. Statement of Financial Position 10
6. Statement of Profit or Loss 11
7. Statement of Cash flow 12
8. Statement of Changes in Equity 13
9. Notes to the Financial Statements 14 - 16
10. Computation of Taxation and Capital Allowance 17
3
CORPORATE INFORMATION
Company Registration Number

RC: 1661055
Directors
Managing Director RAYMOND SMITH
Director NENE IWAYANWU
Registered Office
No 27A, ALTERNATIVE DRIVE,
CHEVRON. LEKKI
LAGOS State.
Principal Banker
PROVIDUS Bank
LEKKI L;AGOS
Auditors
Sunday Gogo & Co
(Chartered Accountants)
Alfred Diete Spiff Civic Centre Complex
Moscow Road, Port Harcourt, Rivers State.
Tel: 07034600322.
Tax Consultants
TIG CORPORATE CONSULTANTS
61, Nkpogu Road, Off Trans Amadi,
Port Harcourt. Rivers State.
4
DIRECTORS’ REPORT
The Management has pleasure in submitting to members of the Company their report
together with the financial statements of the Company for the period ended 31st
December, 2022.
1. Result of Operations
The following is the summary of the Company’s operating result for the year:
2022 2021
N N
Revenue 19,569,968 -
Gross Profit /(Loss) 10,437,748 -
Operating Profit / (Loss) 139,750 -
Profit /(Loss) Before Taxation 139,750 -
Profit /(Loss) For The Year 79,750 -
2. Legal Form and Principal Activities

The Company was incorporated as a Private Limited Liability in the year
The Company is principally engaged in manpower development and support.
3. Statement of Management Responsibilities in Relation to the

Financial Statements For The Eighteen Months Ended 31st December,
2022.
In accordance with the provisions of Sections 334 and 335 of the Companies and
Allied Matters Act (CAMA) CAP C20 LFN 2004, the Management members are
responsible for the preparation of annual financial statements which give true and
fair view of the state of affairs of the Company and the profit/(loss) for the
financial period.
The responsibilities include ensuring that:

a. Appropriate internal controls are established to safeguard the assets of the
Company and to prevent and detect fraud and other irregularities.
b. Proper accounting records are maintained, which disclose with reasonable

accuracy, the financial position of the Company and which ensure that the
financial statements comply with the provisions of the CAMA.
c. The Company has used appropriate accounting policies, consistently

applied and supported by reasonable and prudent judgments and
estimates, and that all applicable accounting standards have been
followed.
d. It is appropriate for the financial statements to be prepared on a going
concern basis unless it is presumed that the Company will not continue in
business.
5
4. Going Concern
The Directors continue to adopt the going concern basis in the preparation of the
financial statements. This is because the Directors, after making enquiries and
following a review of the Company’s budget for the nest year including cashflow,
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future.
5. Internal Control
The Company has a well established internal control environment which is well
documented and regularly reviewed. This incorporates internal financial control
procedures which are designed to provide reasonable assurance that assets are
safeguarded, proper accounting records are maintained and financialinformation
are reliable. The Directors have also established a clear organizational structure
including delegation of appropriate authorities.
6. Directors at the Date of the Report and Their Interests

The names of the Directors at the date of this report and those who have held
office during the year include:
Managing Director RAYMOND SMITH

Director NENE IWANYANWU
No director has any disclose-able interest in contracts in which the Company was
involved during the year under review.
7. Post Reporting Date Events

There are no significant post reporting date events which have not been provided
for in these financial statements.
8. Donations
The Company did not make any donations during the year ended. However, our
directors, in their individual capacities, have developed the attitude of showing
concern for the less privilege in the society and therefore make donations to
orphanage homes and pay visitation to hospitals to make donations.
By order of the Board
6
SUNDAY GOGO & CO.

(CHARTERED ACCOUNTANTS)
3 Azikwe Road, Former PAB Building, 3rd Floor, Suite 343
Port Harcourt, Rivers State
Tel: 07034600322
================================================
INDEPENDENT AUDITORS’ REPORT ON THE AUDITED FINANCIAL STATEMENTS OF LAKEDALE

NIGERIA LIMITED FOR THE EIGHTEEN MONTHS ENDED 31ST DECEMBER, 2022
OPINION
We have audited the accompanying financial statements of LAKEDALE NIGERIA LIMITED
In our opinion, the accompanying financial statements give a true and fair view of the financial position of
MATRIXHUB LIMITED as at 31st December, 2022, and its financial performance and its cash flows for the
period then ended in accordance with International Financial Reporting Standards and in manner required
by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting Council
of Nigeria Act, 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS

In accordance with the provisions of Sections 334 and 335 of the Companies and Allied Matters Act (CAMA)
1990. CAP C20 LFN 2004, the Directors of the reporting entity are responsible for the preparation of annual
financial statements which give true and fair view of the state of affairs of the Company and the profit for the
financial period in accordance with International Financial Reporting Standards and in the manner required by
the CAMA and for such internal controls as the Directors consider necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error. In preparing
the financial statements, management is responsible for assessing the entity’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the business of the entity or to cease operations,
or have no realistic alternative but to do so.
AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion.
CHARTERED ACCOUNTANTS
PORT HARCOURT, NIGERIA
7
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied consistently throughout the
current and preceding financial years is set below:
1. Basis of Preparing the Financial statements

The financial statements have been prepared under the historical cost basis of
measuring financial transactions and events.
2. Revenue
Revenue represents invoiced value of services rendered to clients during the
year.
3. Non-Current Tangible Assets

Non-Current tangible (property, plant and equipment-PPE) assets are recognized
at the time the cost is incurred. These costs include cost incurred initially to
acquire or construct an item of property, plant and equipment. Costs also include
expenditure that are directly attributable to the acquisition of the asset.
Non-current tangible assets are reported/measured at cost less accumulated

depreciation and impairment losses.
When parts of an item of PPE have different useful lives, they are accounted for
as separate items (major components) of PPE.
The assets’ carrying values and useful lives are reviewed, and written down if
appropriate at each reporting date.
Assets are impaired whenever events or changes in circumstances indicate that

the carrying amount is less than the recoverable amount.
The cost of replacing an item of PPE is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part
will flow to the Company and its cost can be measured reliably. The costs of the
day-to-day servicing of PPE are recognized in the Statement of Profit or Loss as
incurred.
An item of PPE is de-recognized on disposal or when no future economic benefits

are expected from its disposal. Any gain or loss arising on de-recognition of the
assets (calculated as the difference between the net disposal proceeds and
carrying amount of the asset) is included in the Statement of Profit or Loss in the
year de-recognized.
8
4. Depreciation of Non-Current Tangible Assets

Depreciation is provided on all tangible non-current assets by applying a fixed
percentage on the cost of its assets over their estimated useful lives using straight
line method. The annual rates of depreciation are as follows:
Furniture, Fittings and Equipment - 10%
5. Inventory
Inventory of consumables, if any, are normally valued at the lower of cost and net
realizable value. Cost includes purchase cost plus all costs incurred in bringing the
inventory to their present and usable location and condition.
6. Trade Receivables
Trade Receivables are normally stated after providing for specific bad and
doubtful debts. No provision was made in this year’s financial statements.
7. Foreign Currencies
Transactions denominated in foreign currencies are normally converted into Naira
at the rate of exchange ruling at the date they arose or as at reporting date.
9
STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER, 2019
Notes 2022 2021
N N
ASSETS
Non-Current Assets:
Property, Plant and Equipment 1 1,442,250 -
Current Assets:
Inventory 2 243,580
Cash and Bank 3 13,208,188 -
TOTAL ASSETS 14,894,018 -
EQUITY AND LIABILITIES

Equity:
Ordinary Shares Capital 4 1,000,000 -
Retained Earnings 5 79,750 -
1,079,750 -
Non-Current Liabilities:
Loan from directors 6 13,632,800 -
Other Long-term Loans - -
13,632,800 -
Current Liabilities:
Trade Payables 7 121,468 -
Taxation Payables 8 60,000 -
181,468 -
TOTAL EQUITY & LIABILITIES 14,894,018 -
These Financial Statements have been approved by the Board of Directors on and
signed on its behalf by:
Director
Director
The notes on pages 14 to 16 form an integral part of these financial statements.
10
STATEMENT OF PROFIT OR LOSS

FOR THE EIGHTEEN MONTHS ENDED 31 DECEMBER, 2019
Notes 2022 2021

N N
Revenue 8 19,569,968 -
Changes in Inventory 9
Cost of Sales/Direct Costs (9,132,220) -
Gross Profit/(Loss) 10,437,748 -
Other Operating Income - -
Administrative/Operating Expenses 10 (10,297,998) -
Distribution Costs - -
Operating Profit/(Loss) 139,750 -
Non-Operating Income - -
Finance Costs - -
Profit/(Loss) Before Taxation 139,750 -
Taxation Expenses (60,000) -
Profit/(Loss) for the Year 79,750 -
11
STATEMENT OF CASH FLOWS

2022 2021
N N
OPERATING ACTIVITIES
Profit/(Loss) for Before Taxation 139,750 -
Add: Finance Costs - -
Less: Investment Income - -
Operating Profit/(Loss) 139,750 -
Adjustment for Non-Cash Items:
Depreciation 160,250 -
Changes In Working Capital:

(Increase)/Decrease in Inventory (243,580)
(Increase)/Decrease Prepayment - -
Increase/(Decrease) in Trade Payables 121,468 -
Taxation Paid - -
Net Cash Flows from Operating Activities 177,888 -
FINANCING ACTIVITIES
Loan Obtained 13,632,800 -
Net Cash Flows from Financing Activities 14,632,800 -
Net Cash and Cash Equivalent for the Year 13,208,188 -

Cash and Cash Equivalent B/F - -
Cash and Cash Equivalent C/F 13,208,188 -
12
STATEMENT OF CHANGES IN EQUITY

Share Capital Retained Total

Earnings
N N N
Balance B/F - - -
Issues of Shares 1,000,000 - 1,000,000
Receipts from Deposit for Shares - - -
Prior Year Adjustments - - -
Dividends Paid in the Year - - -
Profit for the Year - 79,750 79,750
Balance C/F 1,000,000 79,750 1,079,750
13
NOTES TO THE FINANCIAL STATEMENTS

1. Non-Current Tangible Assets Schedule
OFFICE FURNITURE & TOTAL

EQUIPMENT FITTINGS
N N N
Rate (%) 10% 10%
COST:
Bal. B/F (1/1/2019) 1,280,400 322,100 1,602,500
Additions - - -
Revaluations - - -
Reclassification - - -
Disposals - - -
Bal. C/F (31/12/2019) 1,280,400 322,100 1,602,500
ACCUMULATED DEP:
Bal. B/F (1/1/2019) - - -
Charged for the Year 128,040 32,210 160,250
Disposals
Bal. C/F (31/12/2019) 128,040 32,210 160,250
CARRYING AMOUNT:
Bal. C/F (31/12/2019) 1,152,360 289,890 1,442,250
Bal. B/F (1/1/2019) 1,280,400 322,100 1,602,500
2. Inventory
2022 2021
N N
Inventory 243,580 -
243,580 -
3. Cash and Bank

2022 2021
N N
Cash and Bank Balance 13,208,188 -
- -
13,208,188 -
14
4. Ordinary Shares
2022 2021
N N
Balance B/F 1,000,000 -
Additions - -
Balance C/F 1,000,000 -
5. Retained Earnings
2022 2021
N N
Balance B/F - -
Profit for the year 79,750 -
Balance C/F 79,750 -
6. Loan From Director’s

2022 2021
N N
Balance B/F - -
Loan received from (Directors) in the year 29,461,500 -
Loan repaid to (Directors) in the year (15,828,700) -
Balance C/F 13,632,800 -
7. Trade Payable
2022 2021
N N
Trade Payables 121,468 -
121,468 -
8. Taxation Payable
2022 2021
N N
Company Income tax 50,000 -
Education Tax 10,000 -
60,000 -
9. Revenue
Revenue represent Total Mark Up After Deducting

Operating Expenses (Reimbursible) From Total Inflow
2022 2021
N N
Total InflowOperating Inflow 909,537,040 -
Less Operating Expense (Reimbursible) (889,967,072) -
Admin /Delivery Charges (Markup) 19,569,968
Revenue 19,569,968 -
15
10. Changes in Inventory

2022 2021
N N
Opening Inventory - -
Less Closing Inventory (243,580) -
Changes in Inventory 9,132,220 -
11. Administrative Expenses

2022 2021
N N
-Audit Fees 150,000 -
-Bank Charges 123,148 -
-Depreciation 160,250 -
-Electricity Bills and Cosumables 64,200 -
-Fuel, Diesel and Lubricant 625,900 -
-Office Toiletries and Other Office Expenses 74,100
-Printing & Stationeries Expenses 129,800 -
-Rent Expenses 500,000 -
-Repairs & Maintenance Expenses 272,200 -
-Salaries and Wages 3,600,000 -
-Security Expenses 4,500,000 -
-Telephone and Communication Expenses 98,400 -
10,297,998 -
12.
Note: We are into supply of raw food materials and our revenue is derived from our
service / delivery charge and is fixed between N20,000 to N50, 000, depending on the
client and distance and vat is deducted from source on our revenue which is our
service charge.
13.
Post Reporting Date Events
There are no significant post reporting date events, which would have had any
material effect on the statement of financial position and the surplus for the year on
that date, which have not been adequately provided for the or disclosed in the
financial statements.
16
COMPUTATION OF CAPITAL ALLOWANCE

FOR THE 2020 YEAR OF ASSESSMENT
(Accounting Year: Eighteen Months Ended 31st Dec. 2022)
ASSET DESCRIPTION INITIAL ANNUAL Total Initial Annual Annual Total
ALLOWANCE ALLOWANCE Cost Allowance Allowance Allowance WDV C/F
N N N N N
Furniture and Fittings 25% 20% 322,100 80,525 48,315 128,840 193,260
Office Equipment 20% 20% 1,280,400 256,080 204,864 460,944 819,456
1,602,500 336,605 253,179 589,784 1,012,716
COMPUTATION OF TAX CONSIDERING BASIS PERIOD

FOR 2020 YEAR OF ASSESSMENT
(Accounting Year: Eighteen Months Ended 31st Dec. 2019)
YEAR OF ASSESSMENT 01/07/2021-31/12/21 2022 2021
(First Six Months)
N N N
Total Profit/(Loss) 139,750 46,583 93,167 93,167
Add Depreciation 160,250 53,417 106,833 106,833
Adjusted Profit 300,000 100,000 200,000 200,000
Less Capital Allowance (200,000) (66,667) (133,333) (133,333)
Taxable Profit/(Loss) 33,333 66,667 66,667
TOTAL
Company Income Tax @ 30% 10,000 20,000 20,000 50,000
Education Tax @ 2% 2,000 4,000 4,000 10,000
12,000 24,000 24,000 60,000
Less Capital Allowance:

Balance B/F -
Capital Allowance For The Year 1,012,716
Total Capital Allowance 1,012,716
Less Capital Allowance Utilized 200,000
Capital Allowance C/F 812,716
17
LAKEDALE NIGERIA LIMITED

LAKEDALE NIGERIA LIMITED – AUDITED FINANCIAL STATEMENTS 2020
FOR THE YEAR ENDED 31, DECEMBER
INTRODUCTION
LAKEDALE NIGERIA LIMITED, Financial Statements complies with the applicable
requirements of Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory
framework regarding Annual Financial Statements of the Company for the Year Ended 31st
December, 2020. The Financial Statements have been prepared in accordance with
2
CONTENTS Page
3

RC: 1542195
Directors
Managing Director Josephine Nwannedinobi Okwuchukwu
Director Omachi Emmanuel Ekoja
Registered Office
No 3, Lakedale Road, Aleto Eleme,
Port Harcourt.
Rivers State.
Principal Banker
Zenith Bank Plc,
Port Harcourt
Auditors
Sunday Gogo & Co
Tel: 08033366311, 09099240580.
Tax Consultants
4
DIRECTORS’ REPORT
December, 2020.
2020 2019
N N
Revenue 12,835,410 19,569,968
Gross Profit /(Loss) 13,004,720 10,437,748
Operating Profit / (Loss) 369,906 139,750
Profit /(Loss) Before Taxation 369,906 139,750
Profit /(Loss) For The Year 369,906 79,750

The Company was incorporated as a Private Limited Liability in the year The
Company is principally engaged in Agro and Supplies of Raw Food products.

Financial Statements For The Year Ended 31st December, 2020.
financial period.



followed.
business.
5
4. Going Concern
5. Internal Control



8. Donations
6
SUNDAY GOGO & CO.

Tel: 08033366311,08134890006
================================================

NIGERIA LIMITED FOR THE YEAR ENDED 31ST DECEMBER, 2020
OPINION
LAKEDALE NIGERIA LIMITED as at 31st December, 2020, and its financial performance and its cash flows
for the period then ended in accordance with International Financial Reporting Standards and in manner
required by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting
Council of Nigeria Act, 2011.
BASIS OF OPINION


opinion.
7


2. Revenue
year.



incurred.

year de-recognized.
8

5. Inventory
9

Notes 2020 2019
N N
ASSETS
Non-Current Assets:
Property, Plant and Equipment 1 1,282,000 1,442,250
Current Assets:
Inventory 2 412,890 243,580
Cash and Bank 3 1,788,096 13,208,188
TOTAL ASSETS 3,482,986 14,894,018

Equity:
Ordinary Shares Capital 4 1,000,000 1,000,000
Retained Earnings 5 449,656 79,750
1,449,656 1,079,750
Loan from directors 6 1,930,920 13,632,800
1,930,920 13,632,800
Trade Payables 7 102,410 121,468
102,410 181,468
TOTAL EQUITY & LIABILITIES 3,482,986 14,894,018
Director
Director
10

FOR THE YEAR ENDED 31 DECEMBER, 2020
Notes 2020 2019

N N
Revenue 8 12,835,410 19,569,968
Changes in Inventory 9 169,310
Cost of Sales/Direct Costs - (9,132,220)
Gross Profit/(Loss) 13,004,720 10,437,748
Administrative/Operating Expenses 10 (12,634,814) (10,297,998)
Operating Profit/(Loss) 369,906 139,750
Finance Costs - -
Profit/(Loss) Before Taxation 369,906 139,750
Taxation Expenses - (60,000)
Profit/(Loss) for the Year 369,906 79,750
11

2020 2019
N N
Profit/(Loss) for Before Taxation 369,906 139,750
Operating Profit/(Loss) 369,906 139,750
Depreciation 160,250 160,250

(Increase)/Decrease in Inventory (169,310) (243,580)
(Increase)/Decrease Prepayment - -
Increase/(Decrease) in Trade Payables (19,058) 121,468
Taxation Paid (60,000) -
Net Cash Flows from Operating Activities 281,788 177,888
Loan Obtained (11,701,880) 13,632,800
Net Cash Flows from Financing Activities (11,701,880) 14,632,800
Net Cash and Cash Equivalent for the Year (11,420,092) 13,208,188
Cash and Cash Equivalent B/F 13,208,188 -
Cash and Cash Equivalent C/F 1,788,096 13,208,188
12

FOR THE ENDED 31 DECEMBER, 2020

Earnings
N N N
Balance B/F 1,000,000 79,750 1,079,750
Issues of Shares - - -
Profit for the Year - 369,906 369,906
Balance C/F 1,000,000 449,656 1,449,656
13


EQUIPMENT FITTINGS
N N N
Rate (%) 10% 10%
COST:
Bal. B/F (1/1/2020) 1,280,400 322,100 1,602,500
Additions - - -
Revaluations - - -
Disposals - - -
Bal. C/F (31/12/2020) 1,280,400 322,100 1,602,500
ACCUMULATED DEP:
Bal. B/F (1/1/2020) 128,040 32,210 160,250
Disposals
Bal. C/F (31/12/2020) 256,080 64,420 320,500
CARRYING AMOUNT:
Bal. C/F (31/12/2020) 1,024,320 257,680 1,282,000
Bal. B/F (1/1/2020) 1,152,360 289,890 1,442,250
2. Inventory
2020 2019
N N
Inventory 412,890 243,580
412,890 243,580
3. Cash and Bank

2020 2019
N N
Cash and Bank Balance 1,788,096 13,208,188
- -
1,788,096 13,208,188
14
4. Ordinary Shares
2020 2019
N N
Balance B/F 1,000,000 1,000,000
Additions - -
Balance C/F 1,000,000 1,000,000
2020 2019
N N
Balance B/F 79,750 -
Profit for the year 369,906 79,750
Balance C/F 449,656 79,750
6. Loan From Director’s

2020 2019
N N
Balance B/F 13,632,800 -
Loan received from (Directors) in the year 135,121,250 29,461,500
Loan repaid to (Directors) in the year (146,823,130) (15,828,700)
Balance C/F 1,930,920 13,632,800
7. Trade Payable
2020 2019
N N
Trade Payables 102,410 121,468
102,410 121,468
8. Revenue
2020 2019
N N
Total InflowOperating Inflow 594,928,258 909,537,040
Less Operating Expense (Reimbursible) (582,092,848) (889,967,072)
Admin /Delivery Charges (Markup) 12,835,410 19,569,968
Revenue 12,835,410 19,569,968
2020 2019
N N
Opening Inventory 243,580 -
Less Closing Inventory (412,890) (243,580)
Changes in Inventory (169,310) 9,132,220
15

2020 2019
N N
-Audit Fees 150,000 150,000
-Bank Charges 112,914 123,148
-Depreciation 160,250 160,250
-Electricity Bills and Cosumables 58,000 64,200
-Fuel, Diesel and Lubricant 598,700 625,900
-Office Toiletries and Other Office Expenses 72,450 74,100
-Printing & Stationeries Expenses 142,300 129,800
-Rent Expenses 500,000 500,000
-Repairs & Maintenance Expenses 255,600 272,200
-Salaries and Wages 3,600,000 3,600,000
-Security Expenses 3,900,000 4,500,000
-Sanitation and Sanitary Expenses 60,000 -
-Transport and Travelling 2,920,100 -
-Telephone and Communication Expenses 104,500 98,400
12,634,814 10,297,998
11.
service charge.
12.
16

(Accounting Year: 1 Jan to 31 Dec, 2020)
ASSET DESCRIPTION INITIAL ANNUAL Total Initial Annual Total Total
ALLOWANCE ALLOWANCE WDV B/F Allowance Allowance Allowance WDV C/F
N N N N
Furniture and Fittings 25% 20% 193,260 - 48,315 48,315 144,945
Office Equipment 25% 20% 819,456 204,864 204,864 614,592
1,012,716 - 253,179 253,179 759,537
COMPUTATION OF TAX LIABILITY

(Accounting Year: 1 Jan to 31 Dec 2020)
N
Profit/(Loss) Before Taxation 369,906
Add: Depreciation of Non-Current Assets 160,250
Adjusted Profit/(Loss) 530,156
Add: Balancing Charge -
Less: Balance Allowance -

Assessable Profit/(Loss) 530,156

Balance B/F 812,716
Initial Allowance -
Annual Allowance 253,179
Total Capital Allowance 1,065,895
Less Capital Allowance Deducted-Lower of:
-Actual Capital Allowance Computed 1,065,895
-2/3*Assessable Profit - -
Capital Allowance C/F 1,065,895
Taxable Profit/(Loss) 530,156
CIT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
EDT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
Total Taxation Payable -
17
LAKEDALE NIGERIA LIMITED

INTRODUCTION
LAKEDALE NIGERIA LIMITED, Financial Statements complies with the applicable
requirements of Nigeria’s Company and Allied Matters Act (CAMA) and other regulatory
framework regarding Annual Financial Statements of the Company for the Year Ended 31st
December, 2021. The Financial Statements have been prepared in accordance with
2
CONTENTS Page
3

RC: 1542195
Directors
Registered Office
No 3, Lakedale Road, Aleto Eleme,
Port Harcourt.
Rivers State.
Principal Banker
Zenith Bank Plc,
Port Harcourt
Auditors
Sunday Gogo & Co
Tel: 08033366311, 09099240580.
Tax Consultants
4
DIRECTORS’ REPORT
December, 2021.
2021 2020
N N
Revenue 24,397,470 12,835,410
Gross Profit /(Loss) 24,456,680 13,004,720
Operating Profit / (Loss) 2,995,302 369,906
Profit /(Loss) Before Taxation 2,995,302 369,906
Profit /(Loss) For The Year 2,995,302 369,906

The Company was incorporated as a Private Limited Liability in the year
The Company is principally engaged in Agro and Supplies of Raw Food products.

Financial Statements For The Year Ended 31st December, 2021.
financial period.



followed.
business.
5
4. Going Concern
5. Internal Control



8. Donations
6
SUNDAY GOGO & CO.

Tel: 08033366311,08134890006
================================================

NIGERIA LIMITED FOR THE YEAR ENDED 31ST DECEMBER, 2021
OPINION
LAKEDALE NIGERIA LIMITED as at 31st December, 2021, and its financial performance and its cash flows
for the period then ended in accordance with International Financial Reporting Standards and in manner
required by the Companies and Allied Matters Act 1990, CAP C20, LFN 2004 and the Financial Reporting
Council of Nigeria Act, 2011.
BASIS OF OPINION


opinion.
7


2. Revenue
year.



incurred.

year de-recognized.
8

5. Inventory
9

Notes 2021 2020
N N
ASSETS
Non-Current Assets:
Property, Plant and Equipment 1 1,121,750 1,282,000
Current Assets:
Inventory 2 472,100 412,890
Prepaid Expenses 3 2,114,160
Cash and Bank 4 736,949 1,788,096
TOTAL ASSETS 4,444,959 3,482,986

Equity:
Ordinary Shares Capital 5 1,000,000 1,000,000
Retained Earnings 6 3,444,959 449,656
4,444,959 1,449,656
Loan from directors - 1,930,920
- 1,930,920
Trade Payables - 102,410
- 102,410
TOTAL EQUITY & LIABILITIES 4,444,959 3,482,986
Director
Director
10

Notes 2021 2020

N N
Revenue 7 24,397,470 12,835,410
Changes in Inventory 8 59,210 169,310
Cost of Sales/Direct Costs - -
Gross Profit/(Loss) 24,456,680 13,004,720
Administrative/Operating Expenses 9 (21,461,377) (12,634,814)
Operating Profit/(Loss) 2,995,302 369,906
Finance Costs - -
Profit/(Loss) Before Taxation 2,995,302 369,906
Taxation Expenses - -
Profit/(Loss) for the Year 2,995,302 369,906
11

2021 2020
N N
Profit/(Loss) for Before Taxation 2,995,302 369,906
Operating Profit/(Loss) 2,995,302 369,906
Depreciation 160,250 160,250

(Increase)/Decrease in Inventory (59,210) (169,310)
(Increase)/Decrease Prepayment (2,114,160) -
Increase/(Decrease) in Trade Payables (102,410) (19,058)
Taxation Paid - (60,000)
Net Cash Flows from Operating Activities 879,772 281,788
Loan Obtained (1,930,920) (11,701,880)
Net Cash Flows from Financing Activities (1,930,920) (11,701,880)
Net Cash and Cash Equivalent for the Year (1,051,148) (11,420,092)
Cash and Cash Equivalent B/F 1,788,096 13,208,188
Cash and Cash Equivalent C/F 736,949 1,788,096
12

FOR THE ENDED 31 DECEMBER, 2021

Earnings
N N N
Balance B/F 1,000,000 449,656 1,449,656
Issues of Shares - - -
Profit for the Year - 2,995,302 2,995,302
Balance C/F 1,000,000 3,444,959 4,444,959
13


EQUIPMENT FITTINGS
N N N
Rate (%) 10% 10%
COST:
Bal. B/F (1/1/2021) 1,280,400 322,100 1,602,500
Additions - - -
Revaluations - - -
Disposals - - -
Bal. C/F (31/12/2021) 1,280,400 322,100 1,602,500
ACCUMULATED DEP:
Bal. B/F (1/1/2021) 256,080 64,420 320,500
Disposals
Bal. C/F (31/12/2021) 384,120 96,630 480,750
CARRYING AMOUNT:
Bal. C/F (31/12/2021) 896,280 225,470 1,121,750
Bal. B/F (1/1/2021) 1,024,320 257,680 1,282,000
2. Inventory
2021 2020
N N
Inventory 472,100 412,890
472,100 412,890
3. Prepaid Expenses
2021 2020
N N
Prepaid Expense 2,114,160 -
2,114,160 -
14
4. Cash and Bank

2021 2020
N N
Cash and Bank Balance 736,949 1,788,096
- -
736,949 1,788,096
5. Ordinary Shares
2021 2020
N N
Balance B/F 1,000,000 1,000,000
Additions - -
Balance C/F 1,000,000 1,000,000
2021 2020
N N
Balance B/F 449,656 79,750
Profit for the year 2,995,302 369,906
Balance C/F 3,444,959 449,656
7. Revenue
2021 2020
N N
Total InflowOperating Inflow 473,598,701 594,928,258
Less Operating Expense (Reimbursible) (449,201,231) (582,092,848)
Admin /Delivery Charges (Markup) 24,397,470 12,835,410
Revenue 24,397,470 12,835,410
2021 2020
N N
Opening Inventory 412,890 243,580
Less Closing Inventory (472,100) (412,890)
Changes in Inventory (59,210) (169,310)
15
2021 2020
N N
-Audit Fees 150,000 150,000
-Bank Charges 278,827 112,914
-Depreciation 160,250 160,250
-Electricity Bills and Cosumables 96,000 58,000
-Fuel, Diesel and Lubricant 575,900 598,700
-Office Toiletries and Other Office Expenses 133,200 72,450
-Printing & Stationeries Expenses 197,100 142,300
-Rent Expenses 500,000 500,000
-Repairs & Maintenance Expenses 281,200 255,600
-Salaries and Wages 11,400,000 3,600,000
-Security Expenses 4,500,000 3,900,000
-Sanitation and Sanitary Expenses 60,000 60,000
-Transport and Travelling 2,890,400 2,920,100
-Telephone and Communication Expenses 238,500 104,500
21,461,377 12,634,814
10.
service charge.
11.
16

(Accounting Year: 1 Jan to 31 Dec, 2021)
ASSET DESCRIPTION INITIAL ANNUAL Total Initial Annual Total Total
ALLOWANCE ALLOWANCE WDV B/F Allowance Allowance Allowance WDV C/F
N N N N
Furniture and Fittings 25% 20% 144,945 - 48,315 48,315 96,630
Office Equipment 25% 20% 614,592 - 204,864 204,864 409,728
759,537 - 253,179 253,179 506,358
COMPUTATION OF TAX LIABILITY

(Accounting Year: 1 Jan to 31 Dec 2021)
N
Profit/(Loss) Before Taxation 2,995,302
Add: Depreciation of Non-Current Assets 160,250
Adjusted Profit/(Loss) 3,155,552
Add: Balancing Charge -
Less: Balance Allowance -

Assessable Profit/(Loss) 3,155,552

Balance B/F -
Initial Allowance -
Annual Allowance 253,179
Total Capital Allowance 253,179
Less Capital Allowance Deducted-Lower of:
-Actual Capital Allowance Computed 253,179
-2/3*Assessable Profit - -
Capital Allowance C/F 253,179
Taxable Profit/(Loss) 2,902,373
CIT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
EDT (Company Not Liable to pay Tax in accordance with 2020 Finance Act) -
Total Taxation Payable -
17

14. 3 years audited account 200

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14. 3 years audited account 200

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Matrix HUB LIMITED

AUDITED FINANCIAL STATEMENTS

2. Directors’ Report 5-6

4. Statement of Significant Accounting Policies 8-9

5. Statement of Financial Position 10

6. Statement of Profit or Loss 11

7. Statement of Cash flow 12

8. Statement of Changes in Equity 13

9. Notes to the Financial Statements 14 - 16

10. Computation of Taxation and Capital Allowance 17

Company Registration Number

2. Legal Form and Principal Activities

3. Statement of Management Responsibilities in Relation to the

The responsibilities include ensuring that:

b. Proper accounting records are maintained, which disclose with reasonable

c. The Company has used appropriate accounting policies, consistently

6. Directors at the Date of the Report and Their Interests

Managing Director RAYMOND SMITH

7. Post Reporting Date Events

By order of the Board

SUNDAY GOGO & CO.

INDEPENDENT AUDITORS’ REPORT ON THE AUDITED FINANCIAL STATEMENTS OF LAKEDALE

RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparing the Financial statements

3. Non-Current Tangible Assets

Non-current tangible assets are reported/measured at cost less accumulated

Assets are impaired whenever events or changes in circumstances indicate that

An item of PPE is de-recognized on disposal or when no future economic benefits

4. Depreciation of Non-Current Tangible Assets

STATEMENT OF FINANCIAL POSITION

EQUITY AND LIABILITIES

TOTAL EQUITY & LIABILITIES 14,894,018 -

The notes on pages 14 to 16 form an integral part of these financial statements.

STATEMENT OF PROFIT OR LOSS

Notes 2022 2021

The notes on pages 14 to 16 form an integral part of these financial statements.

STATEMENT OF CASH FLOWS

Changes In Working Capital:

Net Cash and Cash Equivalent for the Year 13,208,188 -

The notes on pages 14 to 16 form an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

Share Capital Retained Total

The notes on pages 14 to 16 form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

OFFICE FURNITURE & TOTAL

Bal. B/F (1/1/2019) 1,280,400 322,100 1,602,500

3. Cash and Bank

6. Loan From Director’s

Revenue represent Total Mark Up After Deducting

10. Changes in Inventory

11. Administrative Expenses

COMPUTATION OF CAPITAL ALLOWANCE

COMPUTATION OF TAX CONSIDERING BASIS PERIOD

Less Capital Allowance:

AUDITED FINANCIAL STATEMENTS

2. Directors’ Report 5-6

4. Statement of Significant Accounting Policies 8-9

5. Statement of Financial Position 10

6. Statement of Profit or Loss 11

7. Statement of Cash flow 12

8. Statement of Changes in Equity 13

9. Notes to the Financial Statements 14 - 16