AFROMEDIA: AUDITED FINANCIAL STATEMENTS FOR 2021

0

SARL AFROMEDIA

RC registration number 2027

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Chartered Accountants)

18b Olu Holloway Road

Ikoyi, Lagos Nigeria

Tel: 01-2630870, 2630871 W ebsite: www.siao-ng.com

E-mail: [email protected]

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

General informations

Country of incorporation and domicile

Nature of business and main activities

Directors

Registration deskbusiness addressSecretaryWebsite

Registry and transfer office

NigeriaThe Company’s core business is outdoor advertising which consists of airport advertising, street furniture and billboards.

Alhaji Lateef Akande Bakare Chairman (independent non-executive director)

Otunba Akinlola Irewunmi Olopade – Group Managing Director/CEO

Engineer Patrick Osita Nwabunie – Deputy General Manager of the Group

Mr. Kabir Usman – Independent Non-Executive Director

Mr. Olajide Shokunbi – Non-Executive Director

Kilometer 21, Badagry Expressway, Araromi, Ajangbadi,

PO Box 2377, Marina, Lagos, Nigeria

Tel: +234-1-8980017

39, Ladipo Bateye Street, GRA, Ikeja,

Lagos.

Lexworth Legal Partners

3rd Floor, Wing A, Lofty Heights Office Complex, Bola Hussain Close, Lekki Phase I, Lagos,

Nigeria www.lexworthlegal.comwww.afromediaplc.com

Crescent Registrars Limited OFFICE 23 Olusoji Idowu Street, Ilupeju,

Lagos

Auditors

SIAO Partners (Chartered Accountants)

18b Olu Holloway Road,

PO Box 55461, Falomo, Ikoyi, Lagos

Website: www.siao-ng.com E-mail: enquir[email protected]

bankers

Go to Bank Plc

Ecobank Nigeria Plc

First Bank of Nigeria Limited

First City Monument Bank Limited Guaranty Trust Bank Plc Keystone Bank Limited Polaris Bank Limited Stanbic IBTC Bank Plc

Standard Chartered Bank Limited Sterling Bank Plc

United Bank for Africa Plc Zenith Bank Plc

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

Contents

Page

Financial Highlights

3

Audit committee report

4

Company SecretaryCertificate

5

Directors’ report

6- 9

Responsibilities and Approval of Directors

ten

Certification in accordance with CAMA 2020 Section 405

11

The independent auditor’s report

12

Statement of financial position

16

Statement of net income and other comprehensive income

17

Statement of changes in equity

18

Cash flow statement

19

Accounting rules

20 – 35

Notes to the financial statements

36 – 62

Statement of added value

63

Five-year financial summary

64

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

Financial Highlights

1.

Statement of financial position

2. Statement of net income and other comprehensive income

Assets

December 31st

December 31st

Change

Change

2021

2020

N’000

%

N’000

N’000

Non-current assets

1,127,758

1,140,778

(13,020)

(1.14)

Current assets

623 216

950 640

(327,424)

(34.44)

Non-current liabilities

3,600,900

124,399

3,476,501

2,794.64

Current liabilities

1,368,489

5,329,671

(3,961,182)

(74.32)

Equity

Share the capital

2,219,524

2,219,524

Reservations

2,853,605

2,853,605

Premium

537,754

537,754

Preserved (loss)

(8,829,298)

(8,973,535)

(144,237)

(1.61)

347,001

(24,025)

(6.92)

492,915

(315,730)

(64.05)

544,927

(367,742)

(67.48)

0.12

Turnover 322,976

Profit before tax 177 185

Profit from continuing operations after tax 144 237

3.

Earnings per share

Information per share Basic earnings per share (N)

0.03

3

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

Audit committee report

1. External Auditor

The Audit Committee has recommended to the Board of Directors the appointment of SIAO Partners as Independent Auditor and Mr. Abiodun Ariyibi as Designated Partner, who is a registered Independent Auditor, for the appointment of the Audit 2021.

The Committee satisfied itself, after investigation, that the external auditor is independent as defined by the Companies and Related Matters Act of 2020 of Nigeria and according to the standards stipulated by the audit profession. The required assurance has been sought and provided by the Companies and Allied Matters Act of Nigeria, 2020 that the internal governance processes within the company support and demonstrate the claim of independence.

The Audit Committee, in consultation with senior management, has accepted the terms of the engagement. The audit fees for the external audit were reviewed and approved taking into account factors such as the timing of the audit, the scope of work required and the scope.

2. Annual report and financial statements

Pursuant to section 404(7) of the Companies and Related Matters Act 2020, we have performed our statutory duties and have considered the report of the auditors for the period ended 31 December 2021 and hereby declare that following :.

We have reviewed the scope and planning of the audit for the period ended December 31, 2021 which, in our opinion, was adequate.

We have reviewed the management letter from the auditors for the period ended December 31, 2021 and management’s responses thereto.

Internal control was subject to constant and effective monitoring.

We have also ensured that the Company’s accounting and reporting policies for the period ended December 31, 2021 comply with legal requirements and ethical practices.

In our opinion, the scope and planning of the audit for the period ending December 31, 2021 was adequate and management’s response to the auditors’ findings in this regard was satisfactory.

On behalf of the Audit Committee

Mr. Benjamin Adedigba Chairman Audit Committee FRC/2015/ICAN/00000010983

Other members are

Mrs. Elizabeth Gbegbaje

Member

Alh. Kabir Ousman

Member

Mr. Olajide Shokunbi

Member

This is an excerpt from the original content. To continue reading it, access the original document here.

Share.

Comments are closed.