CAPITAL HOTELS PLC CAPITAL HOTELS PLC
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
CAPITAL HOTELS PLC
REPORT OF THE DIRECTORS, AUDITED FINANCIAL STATEMENTS AND
OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 DECEMBER 2022
Content | Page |
Corporate Information | 3 |
Report of the Directors | 4 |
Statement of Corporate Responsibility for Preparation of the Financial Statements | 7 |
Statement of Directors' Responsibilities | 8 |
Report of the Audit Committee | 9 |
Independent Auditor's Report | 10 |
Audited Financial Statements: | |
Statement of Pofit or Loss and Other Comprehensive Income | 15 |
Statement of Financial Position | 16 |
Statement of Changes in Equity | 17 |
Statement of Cash Flows | 18 |
Notes to the Financial Statements | 19 |
Other National Disclosures: | |
Value Added Statement | 60 |
Five-Year Financial Summary | 61 |
CAPITAL HOTELS PLC
ANNUAL REPORT
CORPORATE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
Directors: | Chief Anthony I. Idigbe, SAN | Chairman | Resigned 15 August 2022 | |
Mr. Ramesh Kansagra | Chairman | British | Appointed 15 August 2022 | |
Mr. Robert Itawa | Executive Director | |||
Mr. Chuma Anosike | Non Executive Director | |||
Mr. Akpofure Ibru | Non Executive Director | Resigned 15 August 2022 | ||
Dr. Alexander Thomopulos | Non Executive Director | Resigned 15 August 2022 | ||
Alhaji Abatcha Bulama | Non Executive Director | |||
Mrs. Fadeke Olugbemi | Non Executive Director | Resigned 15 August 2022 | ||
Mr. Toke Alex-Ibru | Non Executive Director | |||
Mrs. Helen Dasouza | Non Executive Director | Resigned 15 August 2022 | ||
Alhaji Aminu Abdulkadir | Non Executive Director | Appointed 15 August 2022 | ||
Mr. Pascal Demarchi | Non Executive Director | French | Appointed 15 August 2022 | |
Chief Paul Obi | Non Executive Director | Appointed 15 August 2022 | ||
Mr. Ravi Bachu | Non Executive Director | Indian | Appointed 15 August 2022 | |
Mr. Rishi Kansagra | Non Executive Director | British | Appointed 15 August 2022 | |
Secretary: | Ifebunandu & Co | |||
Suite 2B South East Pavilion | ||||
Tafawa Balewa Square | ||||
Lagos. | ||||
Registered office: | 1, Ladi Kwali Way | |||
Wuse Zone 4 | ||||
Abuja | ||||
Registration number: | RC 36985 | |||
Registrar: | Cardinal Stone Registrars Limited | |||
335/337 Herbert Macaulay Road | ||||
Yaba, Lagos. | ||||
Principal bankers: | Guaranty Trust Bank Plc | |||
Polaris Bank Ltd | ||||
Union Bank of Nigeria Plc | ||||
Zenith Bank Plc | ||||
Auditor: | Ernst & Young | |||
10th & 13th Floors, UBA House | ||||
57, Marina, Lagos | ||||
Nigeria. |
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CAPITAL HOTELS PLC
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors have pleasure in presenting to the members of Capital Hotels Plc their report together with the audited financial statements for the year ended 31 December 2022.
LEGAL FORM
Capital Hotels Plc was incorporated in Nigeria on 16 January 1981 under the Companies and Allied Matters Act as a private limited liability Company in accordance with the provisions of the Companies and Allied Matters Act, 2020 (As amended). It became a Public Limited Company on 31 May 1986.
Its Hotel, (formerly known as Sheraton Abuja Hotel and managed by Marriott International) commenced business in January 1990. The Hotel is now managed by Capital Hotels Plc and trading under the name of Abuja Continental Hotel.
PRINCIPAL ACTIVITIES
The company is engaged in the hospitality industry. It renders hotel services by providing exotic accommodation; mouth-watering cuisines, leisure and fitness facilities, conferencing facilities and fully equipped meeting rooms for business travelers and tourists. It boast of the best ambience in the market.
RESULT FOR THE YEAR
The company's result for the year ended 31 December 2022 are set out on page 14. The loss for the year of N789.966 million (2021: N320.461 million) has been transferred to retained earnings. The summarised results are presented below.
2022 | 2021 | |||
N'000 | N'000 | |||
Revenue | 5,332,322 | 3,827,964 | ||
Gross (loss)/ profit | (501,359) | 555,929 | ||
Loss before taxation | (808,281) | (2,620) | ||
Taxation | 648,377 | (317,841) | ||
Loss after taxation | (159,904) | (320,461) | ||
DIVIDEND
The directors have not recommended the payment of dividend in respect of the year ended 31 December 2022. (2021: Nil).
DIRECTORS' INTERESTS IN CONTRACTS
None of the Directors has notified the Company for the purpose of Section 303 of the Companies and Allied Matters
Act, 2020 of their direct or indirect interest in contracts or proposed contracts with the Company during the year.
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CAPITAL HOTELS PLC
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
REPORT OF THE DIRECTORS - Continued
DIRECTORS' SHAREHOLDING
None of the directors who held office during the year and to the date of this report has indicated their direct or indirect interests in the issued share capital of the Company as recorded in the register of Directors' shareholdings and/or as notified by the Directors for the purposes of Sections 301 and 302 of the Companies and Allied Matters Act, 2020.
SHAREHOLDING STRUCTURE
The issued and fully paid share capital of the Company as at reporting date was beneficially owned by:
31 December 2022 | 31 December 2021 | |||
Number of | ||||
Name | Number of shares | % holding | shares | % holding |
22 Hospitality Limited | 2,090,199,140 | 66.13 | - | - |
Hans-Gremlin Nig. Ltd. | 333,236,463 | 10.54 | 789,877,800 | 51.00 |
Continental Energy Resources Ltd | 228,564,655 | 7.23 | 228,564,655 | 14.76 |
Oma Investment Ltd | 226,107,523 | 7.15 | 228,648,915 | 14.76 |
Abuja Investments Company Limited | 100,775,620 | 3.19 | 100,775,620 | 6.51 |
Bank of Industry Limited | 13,200,000 | 0.42 | 13,200,000 | 0.85 |
Ministry of Finance Incorporated | 31,348,113 | 0.99 | 31,057,764 | 2.00 |
Associated Ventures Internatinal Ltd | - | - | 43,124,586 | 2.78 |
Nigerian Industral Development | 28,464,040 | 0.90 | 28,464,040 | 1.84 |
Nigeria Re-insurance Corporation | 31,059,600 | 0.98 | 31,059,600 | 2.01 |
Nigeria Airways Pension Board | 7,374,400 | 0.23 | 7,374,400 | 0.48 |
Others | 70,445,956 | 2.24 | 46,632,620 | 3.01 |
Total | 3,160,775,510 | 100.00 | 1,548,780,000 | 100.00 |
PROPERTY PLANT & EQUIPMENT
Information relating to movement in property, plant and equipment is shown in Note 14 to the financial statements. In the opinion of the Directors, the market values of the Company's properties are not less than the value shown in these financial statements.
EMPLOYMENT OF PHYSICALLY CHALLENGED PERSONS
The company has a policy of fair consideration of job applications by disabled persons having regard to their abilities and aptitude. The company's policy prohibits discrimination against disabled persons in the recruitment, training and career development of its employees. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and that appropriate training is arranged.
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Capital Hotels plc published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 15:38:41 UTC.
