Page 50 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements

For the year ended 31 March 2021

1 Reporting entity

Learn Africa Plc is a public limited liability company incorporated and domiciled in
Nigeria. The Company shares are publicly traded on the Nigerian Stock Exchange. The
registered office is located at 52 Oba Akran Avenue, Ikeja, Lagos in Nigeria.

The principal activities of the Company continue to be the publishing and distribution of
educational materials for all levels of learning – nursery, primary, secondary and tertiary.

2 Basis of preparation

2.1 Statement of compliance
The financial statements of Learn Africa Plc have been prepared in accordance with
International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB), the provisions of the Companies and Allied Matters Act (CAMA)
2020, Laws of the Federation of Nigeria and Financial Reporting Council of Nigeria Act,
No. 6, 2011.

The principal accounting policies adopted in the preparation of these financial statements
are set out below. These policies have been consistently applied to all the years presented,
unless otherwise stated.

The financial statements have been prepared on a historical cost basis, except for investment
properties, which have been measured at fair value.

2.2 Functional and presentation currency and the level of rounding
These financial statements are presented in Naira, which is the Company’s functional
currency. All financial information presented in Naira has been rounded to nearest thousand
($’000), except where otherwise indicated.

2.3 Significant accounting judgement, estimates and assumptions
The preparation of the financial statements requires Management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected
in future periods.

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