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ALIFUN HOTEL & CATERING LIMITED

TABLE OF CONTENTS

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AUDITORS REPORT 1

BALANCE SHEET 2

PROFIT AND LOSS ACCOUNT 3

FIXED ASSETS AND DEPRECIATION 4

NOTES TO ACCOUNTS 5
AUDITORS REPORT TO THE MEMBERS OF
ALIFUN HOTEL & CATERING LIMITED
We have examined the financial statement set out on page two to seven and have
obtained all information and explanations which we considered necessary and
adequate for the purpose of our audit.

Proper books of accounts have been kept.

The financial statements which are in agreement with the books and records
complied with the requirement of the Company and Allied Matter Decree, 1990
and Amendments thereof.

To the best of our knowledge and based upon representation received, no


contravention of the guidelines of the Productivity, Price and Income Board in
respect of the year ended 31st December 2009.

In our opinion, the Financial Statements which have been prepared on the basis of
the Accounting policies set out in the notes there to give a true and fair view of the
state of affairs of the company as at 31st December, 2009 and of the profit for the
year then ended.

WARRI NIGERIA UGOLO, EYEFIA&CO.,


Jan., 2010 (CHARTERED ACCOUNTANTS)

2
ALIFUN HOTEL & CATERING LIMITED
BALANCE SHEET AS AT
31ST DECEMBER, 2009

2009 2008
CURRENT ASSETS
Debtors/Prepayment 264,530,000 205,000,000
Stock 175,620,000 171,000,000
Staff Loan 14,000,000 21,000,000
Cash / Bank Balance 43,193,000 35,107,000
497,343,000 432,107,000
LESS: CURRENT LIABILITIES
Trade Creditors/ Accrual 10,341,000 5,200,000

Net Current Assets 487,002,000 426,907,000


FIXED ASSETS (LESS DEP.) 25,863,300 19,104,000
512,865,300 446,011,000

____________________________)
____________________________) DIRECTORS
____________________________)

FINANCED BY AUTHORIED CAPITAL


10,000,000 Ordinary shares of N1.00 each 10,000,000 10,000,000

ISSUED AND FULLY PAID CAPITAL


10,000,000 Ordinary shares of N1.00 each 10,000,000 10,000,000
Profit and Loss Account 577,188,000 526,638,000
Directors Current Account (74,322,700) (90,627,000)
512,865,300 446,011,000

3
ALIFUN HOTEL & CATERING LIMITED
PROFIT AND LOSS ACCOUNT FOR THE
YEAR ENDED 31ST DECEMBER, 2009
2009 2008
N N
Turnover 671,000,000 623,000,000
Less Direct Cost 493,200,000 474,000,000
177,800,000 149,000,000
LESS: ADMINISTRATIVE EXPENSES
Directors Remuneration / Salaries 72,000,000 60,000,000
Insurance & License 480,000 460,000
Expatriate Expenses 25,000,000 24,000,000
Rent and Rate 2,400,000 2,400,000
Finance Costs 10,025,000 9,643,000
Printing and Stationery 814,000 765,000
Medical Expenses 740,000 765,000
Electricity 1,235,000 1,225,000
Audit and Accountancy Fee 800,000 700,000
Office / Security Expenses 5,246,000 5,118,000
Telephone and Postage 1,650,000 1,460,000
Legal Expenses 420,000 480,000
Depreciation 6,440,000 4,642,000
127,250,000 110,893,000
Net profit for the year 50,550,000 38,107,000
Balance B/F 526,638,000 488,531,000
As per Balance B/S. 577,188,000 526,638,000

4
ALIFUN HOTEL & CATERING LIMITED
FIXED ASSETS AND DEPRECIATION
AS AT 31ST DECEMBER, 2009

Asset Land & Plant & Motor Total


Building Machinery Vehicles
N N N N
Cost / Valuation 9,086,000 36,837,000 13,258,000 59,181,000
Addition - - 13,200,000 13,200,000
9,086,000 36,837,000 26,458,000 72,381,000

DEPRECIATION:

Charged for the year 91,700 3,223,000 3,126,000 6,440,700


As at 31/12/2008 896,000 28,187,000 10,994,000 40,077,000

As at 31/12/2009 987,700 31,410,000 14,120,000 46,517,700

NET BOOK VALUE


As at 31/122/2009 8,098,300 5,427,000 12,338,000 25,863,300
As at 31/122/2008 8,190,000 8,650,000 2,264,000 19,104,000

5
ALIFUN HOTEL & CATERING LIMITED
NOTES TO ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES

1. ACCOUNTING CONVENTION
The Financial Statements have been prepared under the historical
cost convention.

2. FIXED ASSETS
Fixed Assets at cost less depreciation

3. DEPRECIATION
Depreciation is provided in respect of fixed assets on a straight-line
basis to write off their cost over their expected economic useful
lives from the year in which they are first acquired.

The rates applied are: -


1. Motor Vehicles 20%
2. Furniture and Fitting 10%
3. Plant and Machinery 10%

INCOME
Incomes represent earning from contracts and supplied of spares parts to
individuals and corporate bodies.

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