01HAVINCE C

RC
HAVINCH
CONSTRUCTION LIMITED
www.havinch.org
THREE (3)YEARS
AUDITED COMPANY
ACCOUNT
HAVINCH CONSTRUCTION LTD.
RC: 1273799
AUDITED FINANCIAL STATEMENT FOR THE

YEAR ENDED 31ST DECEMBER, 2024
N.D ISHAYA & CD

(CERTIFiED NATIONAL ACCOUNTANTS)
ABUJA-NIGERIA
RC: 1273799
FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2024
TABLES OF CONTENTS
CORPORATE INFORMATION
DIRECTORS ANNUAL REPORT
REPORT OF EXTERNAL AUDITOR
STATEMENT OF SIGNIFICANT ACCOUNTNG POLICIES
STATEMENT OF FINANCIAL POSITION
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
STATEMENT OF CASHFLOW
STATEMENT OF CHANGES IN EQUITY
NOTES TO.THE FINANCIAL STATEMENTS
COMPUTATION OF TAX LIABILITY

RC: 1273799
DIRECTORS ANNUAL REPORT TO THE MEMBERS OF

HAVINCH CONSTRUCTION LIMITED
The Directors of the company are pleased to present to the member audited account of the
company for the year ended 31st December. 2024
1. ACTIVITIES
There have been no changes in the activities of the company which continue to be
General contract.
2. RESULT
The result for the year ended of the financial position as at the end of the period are
considered to be satisfactory. The result for the period is set in relevant pages.
3. DIRECTORS AND THEIR INTEREST

There has been no changes in the board of Director during the period, the director
who served under the period were set out on relevant pages. No director has any
beneficial interest which was significant in relation to the business of the company.
4. POLITICAL AND CHARITABLE CONTRIBUTION

During the year the company made no donation to local charitable and other bodies.
No contributions were made to any political parties or any political activities.
5. DISABLE PERON
The company has no disable person on its payroll as at 31’ December, 2024.
However, the company continues to maintain a non discriminatory policy of
employment.
6. HEALTH AND SAFETY

The company has a safety scheme and adequate care ¡s taken to secure the health,
safety and welfare of the company”S employed and also in protecting other persons
against risk to health and safety arising from the activities work of the company’s
employees.
7. EMPLOYEES INVOLVEMENT
The company encourages the involvement of the employee and their views are taken
into account in making decision that is likely to affect their interests. Adequate
facilities are, provided by the company for the training and development of
employees.
8. AUDITOR
Ñ.Õ. ISHAVA & CO. (Certified National Accountants) being appointed external
auditors is to carry out duties accordingly in line with the laid down rules and
regulation of the (CAMA).
BY ORDER OF THE BOARD
................................................
SECRETARY
RC: 1273799
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR

ENDED 31ST DECEMBER 2024
The accounting policies adopted in the preparation of these financial

statements are set out below:
a) Basis of accounting
Thé financial statements have been prepared under the historical cost
convention and comply with the Accounting Standards issued by the Financial
Reporting Council of Nigeria (FRCN) and the International Accounting
Standard Board (IASB)
.b) Non Current Assets

Non Current assets are stated at costs less accumulated depreciation.
Depreciation is calculated on straight line basis to write-off the cost of assets

over théir estimated useful lives as follows:
c) Income recognition
Income are recognized when due on the issuance of invoices and accounted
for on accrual basis.
d) Receivables
Receivables are stated after deduction of specific provisions for debts
considered doubtful of recovery.
e) Investments
Long term investments are carried at cost. Where a permanent decline in
valùe occurs, the carrying amount of the investment is reduced to recognize
the loss. Short term investments are carried at the lower of cost and net
realizable value.
RC: 1273799

AS AT 31ST DECEMBER 2024
2024 2023
N N
Current Asset 805,000

883,500
Inventories
398,200 355,500
Trade & other receivables
9,181,300 7,048500
Cash & Cash Equivalent
10,463,000 8,209,000
Total Assets
Equity
1,000,000 1,000,000
.Authorized share capital
1,000,000 1,000,000
Issued & paid Share Capital
2,108,000 1,428,000
10,108,000 7,928,000
Total Equity
Current Liabilities
35,000 25,000
Trade & other Payables
320,000 256,000
Tax expense
355,000 281,000
Total current Liabilities
10,463,000 8,209,000
Total Equity & Liabilities
..........................................
) Directors
..........................................
RC: 1273799
STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR

THE YEAR ENDED 31ST DECEMBER, 2024
2024 2023
N N
16,500,000
Revenue 18,700,000
Cost of Sales 11,155,000 9,375,500
Gross Profit 7,545,000 7,125,000
Administrative expenses 6,522,500 6,307,760
Finance cost 22,500 17,240
Profit before tax 1,000,000 800,000
Tax expenses 320,000 256,000
ProfitAfterTaX 680,000 544,000
Other comprehensive Income:
Revaluation Surplus -
Total Comprehensive Income 680,000 544,000

RC: 1273799
STATEMENTS OF CASHFLOW FOR THE YEAR ENDED

31ST DECEMBER, 2024
2024 2023
N N
Operatin Activitiies
Profit /loss before Taxation 1,000,000 800,000
Add back non cash adjustments.
Depreciation -
CashfloW b/4 changes in WC 1,000,000 800,000
Change in working capital

Increase/decrease in inventories (78500) (155,000)
Increase/decrease in receivables (42,700) (85,500)

Increase/decrease in payables 10,000 5,000
Tax paid (256,000) (224,000)

Dividend Paid -
Net cashfloW from operating activities 632,800 340,500
CashfloW from Investing Activities:
Purchase/sales of non-current assets -

Net cashfloW from investing activities -
Financing activities ..
Cash from issue ofshares 1,500,000 2,500,000
Loans/Directors Contribution - -
Net cashflow from financing activities 1,500,000 2,500,000
Net increase in cash & cash equivalent 2,132,800 2,840,500

Cash & cash equivalent @ beginning 7,048,500 4,208,000
Cash & cash equivalent @ end 9,181,300 7,048,500

RC: 1273799
COMPUTATION OF TAX LIABILITY FOR 2025 YEAR OF ASSESSMENT
BASIS PERIOD: 1ST JANUARY1 2024 TO 31ST DECEMBERI 2024
N N
Profit I Loss as per accounts 1 ,000,000
Add Back Depreciation -

Adjusted Profit/loss 1,000,000
Capital Allowance
Charge for the year
Total profit 1,000,000
CIT @30% 300,000

Education tax @ 2% of A.P 20,000
Total tax liability 320,000

RC: 1273799
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST

DECEMBER, 2024
Share Retained Total

Capital Earning
N N N•
2024
As at 111/2024 6,500,000 1,428,000 7,928,000
Prior year adjustment -
Restated Amount 6,500,000 1,428,000 7,928,000
Profit for the year . 680,000 680,000
Transaction with owners
Issue of shares 1,500,000 1,500,000
Asat3l/12/2024 8,000,000 2108,000 10,108,000

RC: 1273799
NOTES TO THE FINANCIAL STATEMENT

AS AT 31ST DECEMBER, 2024
2024 2023
N N
Administrative Expenses
Audit fee - 35,000 25,000
Salaries & wages 5,000,000 5,000,000
Transport & travels 250,000 377,000

Printing expenses 198,700 205,760
Telephone expenses 220,400 357,000

Hotel accommodation 273,400 303,000
Contract registration 45,000 40,000
6,022,500 6,307,760
Finance Cost
Bank charges
Cost of Sales
Opening Inventories 805,000 650,000

Add purchases 21,233,500 19,530,500
22,038,500 20,180,500
Less closing inventories 883,500 805,000.

11,155,000 9,375,500
Tax Expenses
Company Income Tax 300,000 240,000
Education Tax 20,000 16,000
Total Tax liability 320,000 256,000

CHUMAC CONSULTANCY LIMITED
RC: 960293

N.D ISHAYA & CO

(CERTIFIED NATIONAL ACCOUNTANTS)
ABUJA-NIGERIA
RC: 1273799
TABLES OF CONTENTS
INCOME

RC: 1273799

1. ACTIVITIES
General contract.
2. RESULT


5. DISABLE PERON
employment.

employees.
employees.
8. AUDITOR
................................................
SECRETARY
NDIC N.D ISHAYA & CO BN; 2056469
AUDITORS REPORT
TO THE MEMBERS OF
RESPECTIVE RESPONSIBILITY OF THE DIRECTORS AND AUDITORS
The Company’s Directors of HAVINCH CONSTRUCTION LIMITED are responsible for the
preparation of the financial statement of account. It is our responsibility, to form an
independent opinion based on our audit of the financial statement, and to our opinion to
you.
BASIS OF OPINION
We conducted our audit ¡n accordance with international standard of Auditing. An Audit
includes examination of the test basis of evidence relevant to the. amount and disclosure in the
financial statement.
It also includes an assessment of the significant estimate and judgments made by Directors in
the preparation of the financial statements and of whether the accounting policies are
appropriate to the company’s circumstances applied and adequately disclosed.
We planned and performed our audit so as to obtain all information and explanation which we
considered necessary, including relevant information from company’s brochures, in order to

provide us with sufficient evidence to give reasonable assurance that the financial statement
are free from material misstatement, whether cause by fraud, other irregularities or error, in
forming our opinion. We also evaluated the overall adequacy of the presentation of
information in the financial statements and assessed the company’s books of accounts had
been properly kept.
OPINION
In our opinion,
i. The company’s books of accounts have been properly kept.
ii. The financial statements referred to above are in agreement with the books of account.
and give a true fair view of the statement of the company as at 31 St December, 2023
iii. The statements of accounts complied with the relevant statement of accounting
standard and the Companies and Allied Matters Acts, (CAMA) 1990.
N.D. IS.YAYA1& CO. NATIONAL

(CERTIFIED NATIONAL ACCOUNTANTS),
Plot 653, Suite 21, Uturu Plaza, Plot 635, T.O.S Benson Crescent, Off Okonjo lweala Way,
Utako, Abuja.
Tel: 08035893802, 08038027748, Email:ishaydado@yahoo.co.uk
RC: 1273799




d) Receivables
e) Investments
realizable value.
RC: 1273799

AS AT 31ST DECEMBER 2023
2023 2022
N N
Current Asset 805,000

883,500
Inventories
398,200 355,500
Trade & other receivables
9,181,300 7,048500
Cash & Cash Equivalent
10,463,000 8,209,000
Total Assets
Equity
1,000,000 1,000,000
.Authorized share capital
1,000,000 1,000,000
Issued & paid Share Capital
2,108,000 1,428,000
10,108,000 7,928,000
Total Equity
Current Liabilities
35,000 25,000
Trade & other Payables
320,000 256,000
Tax expense
355,000 281,000
Total current Liabilities
10,463,000 8,209,000
Total Equity & Liabilities
..........................................
) Directors
..........................................
RC: 1273799
STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR

THE YEAR ENDED 31ST DECEMBER, 2023
2023 2022
N N
16,500,000
Revenue 18,700,000
Cost of Sales 11,155,000 9,375,500
Gross Profit 7,545,000 7,125,000
Administrative expenses 6,522,500 6,307,760
Finance cost 22,500 17,240
Profit before tax 1,000,000 800,000
Tax expenses 320,000 256,000
ProfitAfterTaX 680,000 544,000
Other comprehensive Income:
Revaluation Surplus -
Total Comprehensive Income 680,000 544,000

RC: 1273799
STATEMENTS OF CASHFLOW FOR THE YEAR ENDED

31ST DECEMBER, 2023
2023 2022
N N
Operatin Activitiies
Profit /loss before Taxation 1,000,000 800,000
Add back non cash adjustments.
Depreciation -
CashfloW b/4 changes in WC 1,000,000 800,000
Change in working capital

Increase/decrease in inventories (78500) (155,000)
Increase/decrease in receivables (42,700) (85,500)

Increase/decrease in payables 10,000 5,000
Tax paid (256,000) (224,000)

Dividend Paid -
Net cashfloW from operating activities 632,800 340,500
CashfloW from Investing Activities:
Purchase/sales of non-current assets -

Net cashfloW from investing activities -
Financing activities ..
Cash from issue ofshares 1,500,000 2,500,000
Loans/Directors Contribution - -
Net cashflow from financing activities 1,500,000 2,500,000
Net increase in cash & cash equivalent 2,132,800 2,840,500

Cash & cash equivalent @ beginning 7,048,500 4,208,000
Cash & cash equivalent @ end 9,181,300 7,048,500

RC: 1273799
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST

DECEMBER, 2023
Share Retained Total

Capital Earning
N N N•
2023
As at 111/2023 6,500,000 1,428,000 7,928,000
Prior year adjustment -
Restated Amount 6,500,000 1,428,000 7,928,000
Profit for the year . 680,000 680,000
Transaction with owners
Issue of shares 1,500,000 1,500,000
As at 3l/12/2023 8,000,000 2108,000 10,108,000

RC: 1273799
NOTES TO THE FINANCIAL STATEMENT

AS AT 31ST DECEMBER, 2023
2023 2022
N N
Administrative Expenses
Audit fee - 35,000 25,000
Salaries & wages 5,000,000 5,000,000
Transport & travels 250,000 377,000

Printing expenses 198,700 205,760
Telephone expenses 220,400 357,000

Hotel accommodation 273,400 303,000
Contract registration 45,000 40,000
6,022,500 6,307,760
Finance Cost
Bank charges
Cost of Sales
Opening Inventories 805,000 650,000

Add purchases 21,233,500 19,530,500
22,038,500 20,180,500
Less closing inventories 883,500 805,000.

11,155,000 9,375,500
Tax Expenses
Company Income Tax 300,000 240,000
Education Tax 20,000 16,000
Total Tax liability 320,000 256,000

RC: 1273799
COMPUTATION OF TAX LIABILITY FOR 2025 YEAR OF ASSESSMENT
BASIS PERIOD: 1ST JANUARY1 2023 TO 31ST DECEMBERI 2023
N N
Profit I Loss as per accounts 1 ,000,000
Add Back Depreciation -

Adjusted Profit/loss 1,000,000
Capital Allowance
Charge for the year
Total profit 1,000,000
CIT @30% 300,000

Education tax @ 2% of A.P 20,000
Total tax liability 320,000

CHUMAC CONSULTANCY LIMITED
RC: 1273799

N.D ISHAYA & CO

(CERTIFIED NATIONAL ACCOUNTANTS)
ABUJA-NIGERIA
RC: 1273799
TABLES OF CONTENTS
INCOME

RC: 1273799

1. ACTIVITIES
General contract.
2. RESULT


5. DISABLE PERON
employment.

employees.
employees.
8. AUDITOR
................................................
SECRETARY
NDIC N.D ISHAYA & CO BN; 2056469
AUDITORS REPORT
TO THE MEMBERS OF
RESPECTIVE RESPONSIBILITY OF THE DIRECTORS AND AUDITORS
The Company’s Directors of HAVINCH CONSTRUCTION LIMITED are responsible for the
preparation of the financial statement of account. It is our responsibility, to form an
independent opinion based on our audit of the financial statement, and to our opinion to
you.
BASIS OF OPINION
We conducted our audit ¡n accordance with international standard of Auditing. An Audit
includes examination of the test basis of evidence relevant to the. amount and disclosure in the
financial statement.
It also includes an assessment of the significant estimate and judgments made by Directors in
the preparation of the financial statements and of whether the accounting policies are
appropriate to the company’s circumstances applied and adequately disclosed.
We planned and performed our audit so as to obtain all information and explanation which we
considered necessary, including relevant information from company’s brochures, in order to

provide us with sufficient evidence to give reasonable assurance that the financial statement
are free from material misstatement, whether cause by fraud, other irregularities or error, in
forming our opinion. We also evaluated the overall adequacy of the presentation of
information in the financial statements and assessed the company’s books of accounts had
been properly kept.
OPINION
In our opinion,
i. The company’s books of accounts have been properly kept.
ii. The financial statements referred to above are in agreement with the books of account.
and give a true fair view of the statement of the company as at 31 St December, 2022
iii. The statements of accounts complied with the relevant statement of accounting
standard and the Companies and Allied Matters Acts, (CAMA) 1990.
N.D. IS.YAYA1& CO. NATIONAL

(CERTIFIED NATIONAL ACCOUNTANTS),
Plot 653, Suite 21, Uturu Plaza, Plot 635, T.O.S Benson Crescent, Off Okonjo lweala Way,
Utako, Abuja.
Tel: 08035893802, 08038027748, Email:ishaydado@yahoo.co.uk
RC: 1273799




d) Receivables
e) Investments
realizable value.

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RC

AUDITED FINANCIAL STATEMENT FOR THE

N.D ISHAYA & CD

DIRECTORS ANNUAL REPORT

REPORT OF EXTERNAL AUDITOR

STATEMENT OF SIGNIFICANT ACCOUNTNG POLICIES

STATEMENT OF FINANCIAL POSITION

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE

STATEMENT OF CHANGES IN EQUITY

NOTES TO.THE FINANCIAL STATEMENTS

COMPUTATION OF TAX LIABILITY

DIRECTORS ANNUAL REPORT TO THE MEMBERS OF

3. DIRECTORS AND THEIR INTEREST

4. POLITICAL AND CHARITABLE CONTRIBUTION

6. HEALTH AND SAFETY

BY ORDER OF THE BOARD

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR

The accounting policies adopted in the preparation of these ﬁnancial

.b) Non Current Assets

Depreciation is calculated on straight line basis to write-oﬀ the cost of assets

STATEMENT OF FINANCIAL POSITION

Current Asset 805,000

STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR

Cost of Sales 11,155,000 9,375,500

Gross Proﬁt 7,545,000 7,125,000

Administrative expenses 6,522,500 6,307,760

Finance cost 22,500 17,240

Proﬁt before tax 1,000,000 800,000

Tax expenses 320,000 256,000

ProﬁtAfterTaX 680,000 544,000

Other comprehensive Income:

Total Comprehensive Income 680,000 544,000

STATEMENTS OF CASHFLOW FOR THE YEAR ENDED

Change in working capital

Increase/decrease in receivables (42,700) (85,500)

Tax paid (256,000) (224,000)

Net cashﬂoW from operating activities 632,800 340,500

CashﬂoW from Investing Activities:

Purchase/sales of non-current assets -

Net increase in cash & cash equivalent 2,132,800 2,840,500

Cash & cash equivalent @ end 9,181,300 7,048,500

COMPUTATION OF TAX LIABILITY FOR 2025 YEAR OF ASSESSMENT

BASIS PERIOD: 1ST JANUARY1 2024 TO 31ST DECEMBERI 2024

Proﬁt I Loss as per accounts 1 ,000,000

Add Back Depreciation -

Total proﬁt 1,000,000

CIT @30% 300,000

Total tax liability 320,000

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST

Share Retained Total

As at 111/2024 6,500,000 1,428,000 7,928,000

Prior year adjustment -

Restated Amount 6,500,000 1,428,000 7,928,000

Proﬁt for the year . 680,000 680,000

Transaction with owners

Issue of shares 1,500,000 1,500,000

Asat3l/12/2024 8,000,000 2108,000 10,108,000

NOTES TO THE FINANCIAL STATEMENT

Transport & travels 250,000 377,000