PETEL CONSULT LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31 2023
Petel Consult Limited
Annual Report
For the year ended 31 December 2023
Contents Pages
Corporate Information 2
Report of the Directors 3
Report of the Independent Auditor 4-5
Statement of Comprehensive Income and Retained Earnings 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Notes 9 – 10
1
Petel Consult Limited
Report of the Directors
For the year ended 31 December 2023
CORPORATE INFORMATION
Directors: Elsie Ekua Sabah Ghansah
Peter Kwame Ghansah
Secretary Wilfred Kwame Ghansah
Registered office: PO 15/93 Ashongman Estates
P.O. Box CT 1758
Cantoments – Accra
Auditors: Iako Consult
Chartered Accountants
P. O. Box 617
Teshie - Nungua Estates
Accra
2
Petel Consult Limited
Report of the Directors
For the year ended 31 December 2023
REPORT OF THE DIRECTORS
The Directors have the pleasure in presenting the report of the Company for the year ended 31
December, 2023.
Statement of Directors’ Responsibilities
The Directors are responsible for the preparation of financial statements for each financial year which
gives a true and fair view of the state of affairs of the company and of the profit or loss and cash flows
for that period. In preparing these financial statements, the Directors have selected suitable
accounting policies and then applied them consistently, made judgements and estimates that are
reasonable and prudent and followed Ghana Accounting Standards and the requirements of the
Companies Act, 2019 (Act 992).
The Directors are responsible for ensuring that the Company keeps proper accounting records that
disclose with reasonable accuracy, at any time, the financial position of the Company. The Directors
are also responsible for safeguarding the assets of the Company and taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Principal Activities
The principal activities of the company are building construction, civil works and structural
designing.
Financial results
The results of the Company are set out on pages 6 to 8. The Company made net loss of GH¢ 600.00 in
2023 and net loss of GH¢ 500.00 in 2022.
Auditors
In accordance with section 139(5) of the Companies Act, 2019, Iako Consult will continue in office as
Auditors of the company.
By Order of the Board
Name: ………………………………… Name: ……………………………
Signed: ………………………………… Signed: ……………………………
3
REPORT OF THE INDEPENDENT AUDITOR
We have audited the financial statements set out on pages 6 to 8 which have been prepared
under the historical cost convention and on the footing of the accounting policies on page 8. We
have obtained all the information and explanations we required.
Directors’ responsibility for the financial statements
The Directors are responsible for the preparation of financial statements that give a true and fair
view in accordance with Ghana Accounting Standards and with the requirements of the
Companies Act, 2019 (Act 992) and for such internal control, as the Directors determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s 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 about whether the financial statements are free from material
misstatement.
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, proper books have been kept and the financial statements, which are in
agreement therewith, comply with the Companies Act 2019 (Act 992), give a true and fair view
of the state of affairs of the Company at 31 December 2023 and of the results for the period then
ended.
…………………………………………..
Signed by: Arnold Tetteh Okai (ICAG/P/1077)
For and on Behalf of:
IAKO CONSULT (ICAG/F/2015/003)
CHARTERED ACCOUNTANTS
32 Samora Machel Road, Asylum Down
P. O. Box TN 617
Accra
Date………………………..
4
Petel Consult Limited
Financial Statements
For the year ended 31 December 2023
STATEMENT OF COMPREHENSIVE INCOME
Notes 2023 2022
GH¢ GH¢
Income - -
Direct Expenses - -
Gross Profit - -
Other Income - -
Administration Expenses 3 (600) (500)
Depreciation - -
Finance Charges - -
Travelling Expense - -
Net Profit Before Taxation (600) (500)
Tax Expense - -
Net Profit After Taxation (600) (500)
Other comprehensive income: - -
Total Comprehensive Income (600) (500)
5
Petel Consult Limited
Financial Statements
For the year ended 31 December 2023
STATEMENT OF FINANCIAL POSITION
Notes 2023 2022
ASSETS GH¢ GH¢
Non-Current Assets
Plant, Properties & Equipment - -
- -
Current Assets
Inventory - -
Loans and Receivables - -
Receivables from shareholders 4 10,000 10,000
Prepayments - -
Cash & Cash Equivalent - -
10,000 10,000
Total Assets 10,000 10,000
EQUITY AND LIABILITIES
Equity
Stated Capital 5 10,000 10,000
Retained Earnings (4,600) (4,000)
5,400 6,000
Current Liabilities
Trade & Other Payable - -
Accruals 6 4,600 4,000
Income Tax Liabilities - -
4,600 4,000
Long-Term Liabilities - -
Total Liabilities 4,600 4,000
Total Equity and Liabilities 10,000 10,000
The Board of Directors approved these financial statements on
………………………..… …………………………………
DIRECTOR DIRECTOR
The accompanying notes on pages 8 to 10 form part of these financial statements and should be
read in conjunction therewith.
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Petel Consult Limited
Financial Statements
For the year ended 31 December 2023
STATEMENT OF CHANGES IN EQUITY - 2023
Stated Retained
Capital Earnings Total
GH¢ GH¢ GH¢
Year ended 31 December 2023
At the beginning of the year 10,000 (4,000) 6,000
Profit/(Loss) for the period (600) (600)
Capital Injection - - -
Issuance of Ordinary Shares - - -
At the end of the year 10,000 (4,600) 5,400
STATEMENT OF CHANGES IN EQUITY – 2022
Stated Retained
Capital Earnings Total
GH¢ GH¢ GH¢
Year ended 31 December 2022
At the beginning of the year 10,000 (3,500) 6,500
Profit/(Loss) for the period (500) (500)
Capital Injection - - -
Issuance of Ordinary Shares - - -
At the end of the year 10,000 (4,000) 6,000
7
Petel Consult Limited
Financial Statements
For the year ended 31 December 2023
NOTES TO THE FINANCIAL STATEMENTS
1.0 Corporate Information
Petel Consult Limited is registered under the provisions of the Companies Act 2019, Act 179. The
Company is authorized to carry on Building Construction, Civil Works and Structural Designing.
2.0 Summary of significant accounting policies
2.1 Basis of preparation and accounting policies
This is the first set of financial statements prepared by Petel Consult Limited in accordance with
the Ghana Accounting Standards.
The financial statements are presented in the Ghanaian cedis (GHS)
2.1.1 Accounting Policies
The following are the significant accounting policies adopted by the company in the
preparation of the financial statements.
Basis of Accounting
a) Cost Convention
The significant accounting policies adopted by the company and which have
been followed in the preparation of the financial statements are the historical cost
convention.
b) Revenue Recognition
Turnover is recognized upon delivery of product and customer acceptance.
Turnover is shown net of value added tax.
c) Accounts Receivable
Trade and sundry debtors are shown at book value less provision for specific
doubtful debts.
d) Property, Plant and Equipments
Property, plant and equipment is stated at historical cost less depreciation.
Additions during the year are included at cost.
Depreciation is calculated on the straight-line method and on a pro-rated basis to
write-off the cost of each asset, or the revenue amount, to its residual value over
its estimated useful life.
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Petel Consult Limited
Financial Statements
For the year ended 31 December 2023
3. General & Administrative Expenses
2023 2022
GH¢ GH¢
Audit Fees 600 500
600 500
4. Receivables from Shareholders
2023 2022
GH¢ GH¢
Receivables from Shareholders 10,000 10,000
10,000 10,000
5. Stated Capital 2023 2022
GH¢ GH¢
Authorized Shares No. of Shares
Ordinary Shares 1,000,000
Issued Shares
Equity Contribution 10,000 10,000 10,000
Total 10,000 10,000 10,000
6. Accruals
2023 2022
GH¢ GH¢
Audit Fees Accrued 4,600 4,000
4,600 4,000
