REGENCY ASSETS MANAGEMENT LIMITED ANNUAL REPORT AND ACCOUNTS 31ST MARCH, 2011

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1 ANNUAL REPORT AND ACCOUNTS 31ST MARCH, 2011

2 Annual Report and Accounts 31st March, 2011 CONTENTS PAGE Corporate Information 1 Financial Highlights 2 Directors Report 3 4 Report of the Independent Auditors 5 Statement of Significant Accounting Policies 6 7 Profit and Loss Account 8 Balance Sheet 9 Statement of Cash Flows 10 Notes to the Financial Statements Statement of Value Added 16

3 ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 CORPORATE INFORMATION DIRECTORS: Mr. Adewale Adeoye Gbolahan Engr. Adeniyi Yaya Jimoh Mr. Gabriel O. Omowaye (Managing) Mr. Joseph Okoroafor Mr. Okubote Jonathan Tayo OFFICE ADDRESS: Investment House (1st Floor) 21/25, Broad Street P. O. Box 2268, Marina Lagos. BANKERS: Guaranty Trust Bank Plc Zenith Bank Plc. Intercontinental Bank Plc First Bank Plc Oceanic Bank Plc Platinum Habib Bank Plc AUDITORS: Olusegun Oyebola & Co. (Chartered Accountants) 16, Amore Street, Off Toyin Street, P. O. Box 1959, Ikeja Lagos. 1

4 DIRECTORS REPORT The Directors present their Report and the Audited Financial Statements for the year ended 31st March RESPONSIBILITIES OF DIRECTORS In accordance with the provisions of the Companies and Allied Matters Act, CAP C20, LFN 2004, the Directors are responsible for the preparation of the annual financial statements which give a true and fair view of the affairs of the company as at the year end and of its profit or loss for the year ended and comply with the requirements of the Act. These responsibilities include ensuring that: Adequate internal control procedures are instituted to safeguard assets and prevent and detect fraud and other irregularities; Proper accounting records are maintained; Applicable accounting policies are used and consistently applied; The financial statements are prepared on the going concern basis unless it is inappropriate to presume that the company will continue in business. 2. PRINCIPAL ACTIVITIES AND BUSINESS REVIEW The principal activities of the Company continued to be Stockbroking and Securities dealing services. 3. RESULT AND DIVIDEND The Loss for the year after taxation amounted to N7,638, DIRECTORS INTEREST The Directors during the year and their shareholdings as at 31st March, No of Shares Direct Indirect 1. Mr. Adewale Adeoye Gbolahan 52,312, Engr. Adeniyi Yaya Jimoh 15,312, Mr. Gabriel O. Omowaye (Managing) 122,656,249 62,499, Mr. Joseph Okoroafor 121,375, Mr. Jonathan Tayo Okubote 103,437,500 3

5 DIRECTORS REPORT (CONT D) 5. CHARITABLE DONATIONS During the year, the Company did not make donations to charitable organization in Nigeria. No donation was made to any political party. 6. ACQUISITION OF THE COMPANY S OWN SHARE The Company did not acquire any of its shares during the year under review. 7. EMPLOYMENT OF DISABLED PERSONS The Company has no disabled person on its payroll. The Company, however, does not discriminate against individuals by reason of disability. 8. AUDITORS In accordance with Section 357(2) of the Companies and Allied Matters Act, CAP20, LFN 2004, Messrs Olusegun Oyebola & Co. (Chartered Accountants) has indicated their willingness to continue in office. BY ORDER OF THE BOARD SECRETARY 4

6 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF. We have audited the accompanying Financial Statements of Regency Assets Management Limited, as at 31st March 2010, set out on pages 6 to 16 which have been prepared on the basis of the significant accounting policies pages 7 to 8 and other explanatory notes on pages 11 to 15. Directors responsibility for the financial statements The Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the Companies and Allied Matters Act, CAP C20 LFN This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the company has kept proper accounting records and the financial statements are in agreement with the records in all material respects and give in the prescribed manner, information required by the Companies and Allied Matters Act, CAP C20 LFN The financial statements give a true and fair view of the financial position of Regency Assets Management Limited as at 31st March 2010, and of its financial performance and its cash flows for the year then ended in accordance with the Statement of Accounting Standards issued by the Nigerian Accounting Standards Board and relevant International Financial Reporting Standards. CHARTERED ACCOUNTANTS Lagos, Nigeria 13th June,

7 STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH, 2011 The following are the significant accounting policies adopted in the preparation of these financial statements. 1. BASIS OF ACCOUNTING The Financial Statements are prepared under the historical cost convention. 2. GROSS INCOME / EARNINGS Gross Income / Earnings represent the net value of services rendered to third parties during the year. 3. FIXED ASSETS Fixed Assets are stated at cost or valuation less accumulated depreciation. 4. DEPRECIATION Depreciation is calculated on the straight line basis at annual rates calculated to write off the cost or valuation of Fixed Assets over their expected useful lives. The Annual Rates are: Office Improvement - 15% Office Equipments - 20% Motor Vehicles - 20% Office Furniture - 15% 5. DEBTORS Debtors are stated after deduction of specific provision for debts considered bad or doubtful 6. REPAIRS & RENEWALS Repairs and Renewals are written off as incurred. 7. PRELIMINARY EXPENSES Preliminary Expenses are to be written off the books over 4 years. 8. TRADE SECURITIES Trade Securities are stated at the lower of cost and market value. 9. INVESTMENT INCOME Income from investment is accounted for only when received. 6

8 10. Taxation Taxation is charged at current rates on profit for the year. 11. Foreign Currencies There was no foreign denominated transaction during the year. 12. Employees Retirement Benefits The company makes provision for retirement benefits in accordance with the Pension Reform Act The contributions of the employer and employee to the retirement benefits scheme as required by the Pension Reform Act are 7.5% and 7.5% respectively. Annual contributions are charged to the profit and loss account. 13. Deferred Taxation Deferred taxation is provided by the liability method which represents taxation at the current rate of corporate income tax on the difference between the net book values of the fixed assets qualifying for capital allowances and their corresponding tax written down values. 14. Provisions Provision is recognized when the Company has a present obligation whether legal or constructive, as a result of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation in accordance with Statement of Accounting Standard (SAS) 23. 7

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