Briclinks Africa : BRICKLINKS AFRICA PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2023

BRICLINKS AFRICA PLC

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2023

C O N T E N T S	Page
CORPORATE INFORMATION	3
REPORT OF THE DIRECTORS	4
STATEMENT OF FINANCIAL POSITION	5
STATEMENT OF COMPREHENSIVE INCOME	6
STATEMENT OF CASH FLOW	7
NOTES ON THE FINANCIAL STATEMENTS	8-11
VALUE ADDED STATEMENT	12
FINANCIAL SUMMARY	13
TRADING, PROFIT AND LOSS ACCOUNT	14

Page 2

CORPORATE INFORMATION

DIRECTORS

Mohammed Buhari	-	EXECUTIVE DIRECTOR
Aisha Umar	-	DIRECTOR
Ademola Abideen Lawal		DIRECTOR
Ahmed Galadanci		DIRECTOR

REGISTERED OFFICE	No 8, Justice Lawal Uwais Street
	off Frederick Chilluba Close,
	Behind Lagos Street, Govt Lodge,
	Asokoro, Abuja.

Page 3

REPORT OF THE DIRECTORS

The Directors have pleasure in submitting to the members of the Company their report, together with the Financial Statements for the period ended 30 September 2023

Principal Activities

The principal activities of the company continue to be Internet Service Provider.

Results for the period	2023	2022
	JUL-SEPT		JAN-DEC
	=N=		=N=
( Loss)/Profit Before Taxation	1,363,723	5,898,437
Taxation Provision			(500,000)
( Loss)/Profit After Taxation	1,363,723	5,398,437
Profit Brought Forward	13,600,287	8,201,850
PROFIT CARRIED FORWARD
14,964,010		13,600,287

Directors' Interest

For the purpose of section 275 of Companies and Allied Matters Act, CAP 20 LFN 2004, the direct and indirect interests of the Directors in the issued share capital of the Company as

recorded in the Register of Members are as follows:-

Directors Interest in Contracts

None of the Directors has notified the Company for the purpose of the Section 277 of the Companies and Allied Matters Act,CAP 20 LFN 2004, of any declarable interest in contracts with which

the Company is involved as at 30th September, 2023

Post Balance sheet Events

There was no post balance sheet event which had an impact on the financial statements.

Employment and Employees

The company gives equal opportunity to all employees and does not discriminate against disabled persons. As at 30th September 2023, there was no disabled person in the company's employment.

BY ORDER OF THE BOARD

Page 4

BRICLINKS AFRICA PLC
STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2023
	NOTE	2023	2022
ASSETS		JUL-SEPT	JAN-DEC
	=N=	=N=
Non Current Assets
Property, Plant and Equipment	2	422,267,875.00	425,266,420.00
Intangible Assets.	3	316,437,500.00	332,000,000.00
CURRENT ASSETS		738,705,375.00	757,266,420.00
Inventories
Trade receivables	4	1,114,000.00	1,000,000.00
Prepayment		11,383,030.00
Cash and Cash equivalents	5	20,799,469.00	28,462,335.00
		33,296,499.00	29,462,335.00
Total Assets		772,001,874.00	786,728,755.00
Equity and liabilities
Capital and reserves:
Share Capital		10,000,000.00	10,000,000.00
Retained earnings		14,964,010.00	13,600,287.00
Total Equity		24,964,010.00	23,600,287.00
Non Current Liabilities
Director's Current Account		738,905,468.00	738,905,468.00
Total Non Current Liabilities		738,905,468.00	738,905,468.00
Current Liabilities
Trade & other payables		8,132,396.00	23,223,000.00
Current portion of long term borrowings
Current tax payables			1,000,000.00
Total Current Liabilities		8,132,396.00	24,223,000.00
Total Liabilities		747,037,864.00	763,128,468.00
Total Equity & Liabilities		772,001,874.00	786,728,755.00
…		…
Mohammed Buhari		Ahmed Galadanci
Executive Director		Director
FRC/2020/003/00000022224

The Notes on pages 8 to 11 form an integral part of these Financial Statements.

Page 5

STATEMENT OF COMPREHENSIVE INCOME

BRICLINKS AFRICA PLC

INCOME STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER 2023

	NOTE	2023	2022
		JUL-SEPT		JAN-DEC
		=N=		=N=
TURNOVER	1.3	22,647,732	107,312,000
COST OF SALES		(13,305,662)		(68,225,000)
GROSS PROFIT		9,342,070	39,087,000
Other Income		-
Administrative Expenses		(7,962,455)	(33,089,540)
Interest Payable and Similar Charges		(15,892)		(99,023)
(Loss)/ Profit Before Tax		1,363,723	5,898,437
Taxation	7		(500,000)
(Loss )/Profit on Ord. Act. After Tax		1,363,723	5,398,437
Profit Brought Forward		13,600,287	8,201,850
PROFIT CARRIED FORWARD		14,964,010	13,600,287

The Notes on pages 8 to 11 form an integral part of these Financial Statements.

Page 6

BRICLINKS AFRICA PLC

STATEMENT OF CASH FLOW FOR THE

PERIOD ENDED 30TH SEPTEMBER 2023

			2023		2023			2022
			JUL-SEPT	JUL-SEPT	JAN-DEC
			=N=	=N=	=N=
Operating (Loss)/Profit		1,363,723					5,898,437
Adjustment for non-cash items:
Depreciation & Amortization	6,187,015					24,748,060
					7,550,738			30,646,497
Other adjustments to reconcile operating
loss to cash from operating activities:
(Increase)/Decrease	in	Inventories
(Increase)/Decrease	in	debtors	(114,000)				1,500,000
Increase/( Decrease)	in creditors	(15,099,604)				(5,000,000)
					(15,213,604)			(3,500,000)
Taxes paid								-
Cash Flows from Operating Activities			(7,662,866)			27,146,497
Investing activities
Purchase of Fixed Assets			-
Purchase of Investment				-			-
Purchase of Intangible asset			-			-
Proceed from Sale of Assets			-			-
Cash Flows from Investing Activities			-

Financing Activities
Cash Flows from Financing Activities
Share Capital		-
Director's Current Account	-
Total Cash Movement for the Year	(7,662,866)	27,146,497.00
Cash and cash equivalents at the beginning of the year	28,462,335		1,315,838.00
Cash and cash equivalents at end of the year	20,799,469.00		28,462,335.00

The Notes on pages 8 to 11 form an integral part of these Financial Statements.

Page 7

BRICLINKS AFRICA PLC

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023

NOTES ON THE FINANCIAL STATEMENTS

NOTE 1

ACCOUNTING POLICIES

The following is a summary of the significant accounting policies adopted by the Company in the preparation of these Financial Statements.

1. Basis of Preparation of Financial Statements
   These Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB ( and adopted by FRC)
2. Principal Activities
   The principal activities of the company continue to be provision of Telecommunication, Internet service provider, and installation services.
3. Turnover
   This represents the value of sales external customers less returns and trade discounts.
4. Depreciation
   Depreciation on fixed assets is on a straight line basis at the following rates calculated to write off the cost or valuation of the assets concerned over their estimated useful lives:
   Unless revised due to specific changes in the estimated useful life, annual depreciation rates are as follows:

	%
Land	-
Building	2
Tower	10
Motor Vehicles	10
Office Furniture	10
Furniture & Fittings	10

No depreciation is provided on fixed assets until they are brought into use.

Page 8

BRICLINKS AFRICA PLC
FINANCIAL STATEMENTS FOR THE
PERIOD ENDED 30TH SEPTEMBER 2023
NOTES ON THE FINANCIAL STATEMENTS
NOTE 2
	LAND	BUILDING	TOWER	MOTOR	OFFICE	FURNITURES &
				VEHICLES	EQUIPMENT	FITTINGS	TOTAL
	=N=	=N=	=N=	=N=	=N=	=N=	=N=
COST/VALUATION
Balance at 1 July 2023	400,000,000	1,000,000	28,000,000	2,700,000	1,825,600	7,255,000	440,780,600
Additions in the Year	-	-	-	-	-	-
Balance at 30 July 2023	400,000,000	1,000,000	28,000,000	2,700,000	1,825,600	7,255,000	440,780,600
DEPRECIATION
Balance at 1 July 2023	-	90,000	12,600,000	915,000	668,960	3,239,250	17,513,210
Charge in the Year	-	5,000	700,000	67,500	45,640	181,375	999,515
Balance at 30 September 2023	-	95,000	13,300,000	982,500	714,600	3,420,625	18,512,725
NET BOOK VALUE
AT 30 SEPTEMBER 2023	400,000,000	905,000	14,700,000	1,717,500	1,111,000	3,834,375	422,267,875
AT 31 DECEMBER 2022	400,000,000	920,000	16,800,000	1,920,000	1,247,920	4,378,500	425,266,420

Page 9

	BRICLINKS AFRICA PLC
	FINANCIAL STATEMENTS FOR THE
	PERIOD ENDED 30TH SEPTEMBER 2023
	NOTES ON THE FINANCIAL STATEMENTS
		2023	2022
NOTE		JUL-SEPT		JAN-DEC
		=N=		=N=
3	INTANGIBLE ASSETS	321,625,000	415,000,000
	Amortisation cost	(5,187,500)		(83,000,000)
		316,437,500	332,000,000
4	RECEIVABLES
	Trade Receivables	1,114,000		1,000,000
		1,114,000	1,000,000
5	CASH & CASH EQUIVALENT
	Cash in Hand	2,350,000	16,324,040
	Cash at Bank	18,449,469		12,120,295
		20,799,469	28,444,335
6(A) PAYABLES: Amounts falling due within one year
	CREDITORS AND ACCRUALS
	Arishmolink Shelter Nigeria Limited	904,750	3,500,000
	Bandwidth	1,529,696	17,523,000
	Accrued expense	5,697,950		2,700,000
		8,132,396	23,723,000

1. CREDITORS: Amounts falling due after more than one year

Director's Loan Account	738,905,468	738,905,468
A+B	747,037,864	762,628,468

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