Page 109 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements (cont’d)

For the year ended 31 March 2021

29 Litigation and claims
The Company is presently involved in eleven (11) litigation suits as at 31 March 2021.
The claims against the Company from the suits amount to ₦127million (31 March 2020:
₦127 million) as of reporting date.

The Company has been advised by its legal counsel that it is only possible, but not probable
that the suits will succeed. No other provision was made in the financial statements for
other contingent liabilities as the Directors are of the opinion, based on solicitors’ advice,
that they have a good defence against the actions and there is no likelihood of any loss
arising there from.

30 Events after the reporting date
There are no significant events after the reporting date which could have a material effect
on the state of affairs of the Company as at 31 March 2021 that have not been adequately
provided for or disclosed in the financial statements. Management has assessed the impact
of the Coronavirus disease (COVID-19) on the going concern of the Company and has
concluded that the use of the term, going concern, is appropriate and that the Company
will be able to recover its assets and discharge its liabilities in the foreseeable future.

31 Reclassifications
Certain re-classifications have been done to balances as at 31 March 2020 to conform with
current year presentation format.

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