GLORY POINT INTEGRATED CONCEPT

LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST DECEMBER, 2021

Olabanji Oyedeji & Co.

(chartered Accountants)
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED

31ST DECEMBER, 2021

Contents Pages

Corporate Information 1

Report of the Directors 2

Report of the Auditors 3

Contracts and Contract Cost Earning 4

Other Income/ Expenses

Notes of the Accounts 7-8

Olabanji Oyedeji & Co.

(chartered Accountants)

ii
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED

31ST DECEMBER, 2021
Corporate Information

Directors
- Okunloye Segun Femi
- James Babatunde
-
-

Registered Office:
Buma, 26, Apapa Road,
Apapa,
Lagos State.

Operation Office:
Ajegunle Area,
Okini,
Osun State.

Auditors:
Olabanji Oyedeji & Co.
(Chartered Accountants)
8, Maduike Street,
Off Raymond Njoku, Street, Ikoyi, Lagos
Tel: 01 - 8537569
Email: femiolabisi80s@yahoo.com

Secretaries:
Okunloye Veronica Ibukunoluwa

Bankers:
Fidelity Bank Plc.

Olabanji Oyedeji & Co.

(chartered Accountants)

Page 1
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED

31ST DECEMBER, 2021
Reports of the Directors
The Directors submit their report together with the financial statement for 12 months ended 31ST
DECEMBER, 2021

Activities
The company was incoperated on 13th December 2011 and commenced business of Building
Construction in 2014.

Directors' Particulars
The Directors of the company who were appointed by the subscribers to the memorandum
and article of association are as follows:

Name
- Okunloye Segun Femi
- James Babatunde
-
-

Directors' Interest:
The Directors of the company during the period under review and their interest in the share capital of the
company were:

Name Authorized

- Okunloye Segun Femi 800,000.00 shares

- James Babatunde 200,000.00 shares

Total: 1,000,000.00 shares

Auditors:
Messrs Olabanji Oyedeji & Co. (chartered Accountants) were
appointed as the company's auditors in accordance with section
357 of the companies and Allied Matters Act. 1990 and have
indicated their willingness to continue in office.

By order of the Board:

Secretaries
Lagos Nigeria.

2021
Olabanji Oyedeji & Co.

Page 2
 (chartered Accountants)

Page 2
 REPORT OF AUDITORS TO THE MEMBERS OF GLORY POINT INTEGRATED CONCEPT LTD

We have examined the annexed Financial Statements which have been prepared under the historical
cost convention and have obtained all the information and explanations which we considered
necessary. We are satisfied that the company has not done any business and as a result no profit or
loss account has been annexed thereto.

BASIS OF OPINION
We conducted our audit, in accordance with International Standards on Auditng (ISA) and relevant
generally accepted auditing standards.

OPINION
In our opinion, the Financial Statements read together with the notes thereon give a true and fair
view of the state of the financial affairs of the company as at 31st December 2021.

Olabanji Oyedeji & Co.

(chartered Accountants)
FRC/2014/ICAN/ 000 000 08195

Page 3
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2021

Income and Retained earnings for the year ended 31st December, 2020

Note 2021
=N=
Revenues 1d 1,300,700.00

Cost of Service 1d (901,065.00)

Gross Profit 1d 399,635.00

###

Administrative Expences (312,050.00)

Operating Income 87,585.00

###

Profit before provisional for income tax 87,585.00

###

Provision for income tax 4 -

Income/Loss 87,585.00
###

Retained Earnings, Beginning of year -

Retained earnings, end of year 87,585.00

###

Okunloye Segun Femi

DIRECTORS

James Babatunde

Olabanji Oyedeji & Co.

(chartered Accountants)

Page 4
 GLORY POINT INTEGRATED CONCEPT LIMITED

Statement of Financial Position as at 31 December 2021

Note 2021 2020

Fixed Assets =N= =N=
Property,plant and Equipment 3 2,940,799.27 3,021,866.27

Current Assets
Cash 235,000 368,500.66
Contract receivables 2
Cost & Estimate on Uncompleted contract
Other Assets

Total Assets 3,175,799.27### 3,390,366.93

- -
Finance by:
Authorized
1,000,000 ordinary share capital @ 50kobo each 1,000,000.00### 1,000,000.00

Equity
Share Capital 500,000.00 500,000.00
Revenue Reserve 87,585.00

Long term Liabilities

Director's Loan 2,543,114.27 2,821,392.00
Bank loan
Current Liabilities
Creditors 45,100.00 68,974.93

3,175,799.27### 3,390,366.93

Olabanji Oyedeji & Co.

(chartered Accountants)
1,311,077.39

Page 5
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED

Shedules of earnings from contracts & contract cost

Earnings from contracts Contract Revenue Contract Costs Gross Profit

=N= =N= =N=
Completed Contracts 1,300,700.00 (901,065.00) 399,635.00

1,300,700.00 (901,065.00) 399,635.00

Olabanji Oyedeji & Co.

(chartered Accountants)

Page 7
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2021

Statement of Cash Flow Year ended 31st December, 2021

2021
Cash Flow from Operating Activities =N=
Cash received from customer 1,300,700.00
Cash paid to subcontractors, Suppliers, and employees -
Interest paid (88,570.00)
Income taxes paid
1,212,130.00

Cash Flow from Investing Activities

construction equipment -

Cash flow from Financing Activities

Advance on line of credit 2,821,392.00
Repayment on line of credit
Repayment of Director's loan 250,000.00
2,571,392.00

Net Increase in Cash - -

Cash Beginning of year -

Cash, end of year - -
 FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2021

NOTES TO THE FINANCIAL STATEMENTS

2021 2020
Administrative Expnses =N=
Wages 250,000 130,000.00

insurance 28,950.00 28,950.00

Audit fee 25,000.00 25,000.00

Vehicle expense 46,750.00

Depreciation 81,067.00 9,020.00

385,017.00 239,720.00

Page 7
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED 2021

Note on the financial statement for the year ended 31st December, 2021

1 Principal Accounting Policies

a Accounting Convention
The preparation of the statement of affairs is in confirmity with generally accepted accounting
principles requires management to make estimates and assumptions that affect certain reported
amounts and disclosures. Accrdingly, actual results could differ from those estimates.

b Assets
Assets are valued and recorded at historical cost

c Depreciation
Depreciatrion is provided using the straight line method of depreciation over the estimated useful
lives of five to seven years. No depreciation was charged in the year under review.

g Taxation
Income taxes are provided based on current enacted and applicable income tax rates.

Olabanji Oyedeji & Co.

(chartered Accountants)

Page 8
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENTS FOR THE YEAR 2019

Note on the t for the year Financial Statements as at 31st December, 2019

2 Contract Receivable 2018 2019

Contract receivable consist of the following: =N= =N=

Contract Receivable 140,452.61

Retention receivable 57,276.14
3 Equipment
Equipment consists of the follolowing: 2018 2019

Vehicles 659,379.00 659,379.00

Construction equipment 517,886.50 3,517,886.50
Office equpiment 308,970.00 308,970.00
1,486,235.50 4,486,235.50
Less accumulated depreciation (58,839.50) (358,839.50)
1,427,396.00 4,127,396.00
4 Accounts Payable
Amounts payable 51,416.67 117,946.00
Subcontractor retention payable 29,411.76
80,828.43 117,946.00

OKUNLOYE OLUSEGUN FEMI------------------------------------------------DIRECTOR

Olabanji Oyedeji & Co.

(chartered Accountants)

page 9

Page 8
 GLORY POINT INTEGRATED CONCEPT LIMITED

FINANCIAL STATEMENT FOR THE YEAR ENDED 2021

Computation of Minimum Tax for the year 31st December, 2021

0.25% of Turnover 1,300,700.00 3,251.75

0.5% of Gross Profit 399,635.00 999.09

0.5% of Total Net Assets 2,940,799.27 14,704.00

0.25% of Paid up Capital 500,000.00 1,250.00

MINIMUM

Highest of the above

0.5% of Total Net Assets 2,940,799.27 14,704.00

0
(chartered Accountants)