PRUDENCE ZOE GLORIOUS LIMITED

DIRECTORS’ REPORT AND

AUDITED FINANCIAL STATEMENTS
FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

MIKIMAS Associates
Certified Public Accountants
P.O. Box 1479
MOSHI
PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

TABLE OF CONTENTS Page

Corporate Information 3

Directors’ report 4-5

Practioner’s Compilation Report 6

Statement of financial position 7

Statement of comprehensive income 8

Statement of cash flows 9

Statement of change equity 10

Notes to the financial statements 11-14

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

CORPORATE INFORMATION AS AT 31ST DECEMBER, 2021

DIRECTORS  PRUDENCE ZOE GLORIOUS

 JOSEPHINE GLORIOUS SHOO

REGISTERED OFFICE P.O.BOX 7333

MOSHI, KILIMANJARO TANZANIA.

AUDITORS MIKIMAS Associates

P.O.BOX 1479 MOSHI

PRINCIPAL BANKERS NMB MANDELA BRANCH

MOSHI

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2021

INTRODUCTION

The Directors hereby submit their report together with audited financial
statements for the 14 month period ended 31st December, 2021 which disclose
the financial position of PRUDENCE ZOE GLORIOUS LIMITED. The audited
financial statements are set out on page 8 to 11 of the report.

2. DIRECTORS

S/NO. NAME STATUS NATIONALITY

1.  Prudence Zoe Glorious Managing Director Tanzanian
2.  Josephine Glorious Shoo Director Tanzanian

3. STATEMENT OF DIRECTORS RESPONSIBILITIES

The Directors are required under the Companies Act of 2002 to prepare financial
statements of the company for each financial year, that show a true and fair view
of the state of affairs of the company as at the end of the financial year, the
operating results, statement of cash flows and statement of changes in equity for
the year then ended.

The Directors confirm that suitable accounting policies have been used and
applied consistently. Reasonable and prudent judgment has been exercised
where estimates were used in the preparation of financial statements for the
year ended 31st December, 2021. The Directors also confirm that the
International Financial Reporting Standards have been followed and that the
financial statements have been prepared on the going concern basis.

The Directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
company and which enable them to ensure that the financial statements comply
with Companies Act of 2002. The Directors are also responsible for safeguarding
the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud, error and other irregularities.

4. PRINCIPAL ACTIVITY

To acquire and take over as a going concern the business now carried on under
the name and style of PRUDENCE ZOE GLORIOUS LIMITED together with all its
assets liabilities. And establish, maintain, conduct, procure, or make available
services of every kind including of consultancy services etc.
To undertake activities in relation consultancy services works like layout, high
impact advisory services, creative and public affairs consultancy, business
consultancy.

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

5. RESULTS

The results for the year are set out on page 8.

6. SOLVENCY

The company’s Financial Position as at 31st December, 2021 is as shown on page

8 of the Financial Statements.

7. AUDITORS

The Auditors MIKIMAS Associates were appointed as auditors of the Company for
the period ended 31st December, 2021 and are eligible for re-appointment.

BY ORDER OF THE BOARD

....................
DIRECTOR
DATE:

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 PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

PRACTIONERS COMPILATION REPORT

FOR THE YEAR ENDED 31STDECEMBER 2021
TO MANAGEMENT OF PRUDENCE ZOE GLORIOUS LIMITED
We have compiled the accompanying financial statements of PRUDENCE ZOE GLORIOUS LIMITED
which comprise the statement of financial position as at 31 December 2021, the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the year then
ended, a summary of significant accounting policies and other explanatory notes.

Management Responsibility
Management of PRUDENCE ZOE GLORIOUS LIMITED are solely responsible for the information
contained in the special purpose financial statements, the reliability, accuracy and completeness of
the information and for the determination that the financial reporting framework/basis of accounting
used is appropriate to meet their needs and for the financial statements prepared. Accordingly,
management have the following overall responsibilities that are fundamental to compilation
engagement in accordance with ISRS 4410 (Revised)

a) Responsibility for the financial statements and the preparation and presentation thereof in
accordance with financial reporting framework that is acceptable in view of the intended use
of the financial statements or intended users

b) Responsible for the accuracy and completeness of the records, documents, explanation and
other information provided in compilation

c) Responsible for the judgements needed in the preparation and presentation of the financial
statements

Our Responsibility
On the basis of information provided by Management we have compiled the accompanying financial
statements in accordance with the International Financial Reporting Standards for Small and Medium
Sized Entities (IFRS for SMEs).

We have applied our expertise in accounting and financial reporting to compile these financial
statements in accordance with the International Financial Reporting Standards for Small and Medium
Sized Entities (IFRS for SMEs). We have complied with the relevant ethical requirements as per Code
of Ethics for Professional Accountants.

MIKIMAS ASSOCIATES (Certified Public Accountants)

E. J. Masawe (ACPA)-PP NO.1369

PARTNER

MIKIMAS ASSOCIATES (Certified Public Accountants)

DATE: 07TH OCTOBER 2022

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 PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

STATEMENTS OF FINANCIAL POSITION AS AT 31st DECEMBER, 2021

31.12.2021
ASSETS Note Tshs
Property, Plant and Equipment 3 10,290,625
Total Non-Current Assets 10,290,625
CURRENT ASSETS
Trade and Other Receivables -
Taxation 4 1,240,312
Cash and Bank Balance 11 175,001
1,415,313
TOTAL ASSETS 11,705,938

EQUITY AND LIABILITIES

Share Capital 5 12,000,000
Retain Earnings/Loss 10 (1,494,062)
Total Equity 10,505,938
LIABILITIES
Non-Current Liabilities
Current Liabilities
Trade and other Payable 6 1,200,000
Total Liabilities 1,200,000
TOTAL EQUITY AND LIABILITIES 11,705,938

The notes on pages 12 to 15 form part of these financial statements. Independent Auditors
Report on page 6 & 7

I, the undersigned Director do hereby declare that the above statement of financial position and
accompanying financial statements are correct and that the accounting records, information and
explanation given to the auditors for the purpose of their audit are true and correct to the best of my
knowledge and belief.

.......................
DIRECTOR

Signature …...………

Date:

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

STATEMENT OF COMPREHENSIVE INCOME FOR 14 MONTH PERIOD ENDED

31st DECEMBER 2021
31.12.2021
Note Tshs

Turnover 7 45,904,458
Direct Cost 8 10,907,744
Gross Profit 34,996,714

Less: Overhead Expenses

Overhead Expenses 9 37,131,088
Total Overhead Expenses 37,131,088

Profit before Tax (2,134,374)

Cooperate Tax (640,312)

Profit After Tax (1,494,062)

The notes on pages 12 to 15 form part of these financial statements. Independent

Auditors Report on page 6 & 7

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2021
31.12.2021
Tshs
Cash Flows from operating Activities
Surplus for the year before Tax
(2,134,374)
Add: Depreciation 2,978,375
844,001

Working Capital Adjustment

(Increase)/Decrease in Trading Inventories -
(Increase)/Decrease Trade and Other Receivables -
Increase/(Decrease)in Accounts Payable 1,200,000
1,200,000
Income Tax paid (600,000)
Net Cash Flows from Operating Activities 1,444,001
Cash Flows from financing Activities
Directors Loan -
Share Capital Injection 12,000,000
Net Cash Flows from Investing Activities 12,000,000
Cash Flows from investing Activities
Acquisition of Property and Equipment
(13,269,000)
Net Cash Flows from Investing Activities (13,269,000)
Net increase /Decrease in Cash and Cash
175,001
equivalents
Cash and Cash equivalents at the beginning of the
-
period
Cash and Cash equivalent at 31-12-2021 175,001

The notes on pages 12 to 15 form part of these financial statements. Independent

Auditors Report on page 6 & 7

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

STATEMENT OF CHANGE EQUITY FOR THE YEAR ENDED 31.12.2021

Share Capital Retained
Total
Fund Earning
TZS TZS TZS
Balance at 01.11.2020 - - -
Surplus /(Deficit) for the
12,000,000 (1,494,062) 10,505,938
year
Balance at 31.12.2021 12,000,000 (1,494,062) 10,505,938

The notes on pages 12 to 15 form part of these financial statements. Independent

Auditors Report on page 6 & 7

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTE:-1 General Information

PRUDENCE ZOE GLORIOUS LIMITED is a company registered under the Company

Business Names. The Company is licensed to carry on business of Information
technology business and other activities.

NOTE:-2 Significant Accounting Policies

(a) Statement of Compliance

The financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS’s) and their interpretations
adopted by the International Accounting Standards Board (IASB).

(b) Basis of preparation

The financial statements are prepared in Tanzanian shillings. They are

prepared on the historical cost basis. The preparation of the financial
statements in conformity with IFRSs requires the management to make
judgements, estimate and assumptions that affect the application of policies
and reported amounts assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis.
Revision to accounting estimates are recognised in the period in which the
estimates are revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods. The accounting policies set out below have been applied
consistently to all periods presented in these financial statements.

(c) Translation of foreign Currencies

Foreign currency transactions are translated into Tanzania Shilling, the

functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognized in the income statement.
Translation differences on non-monetary items, such as equities classified as
available for-sale financial assets, are included in the fair value reserve in
equity.

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

(d) Revenue recognition

Revenue comprises the fair value of income earned. Revenue is recognized

to the extent that it is probable that economic benefits will flow to the
Company and revenue can be reliably measured

(e) Trade and other receivables

Trade receivables are recognized and carried at original invoice amount less
an allowance for any uncollectible amounts. Provision is made when there is
objective evidence that the company will not be able to collect the debts.
Bad debts are written off when identified.

(f) Cash and cash equivalents

Cash and bank balances in the balance sheet comprise cash at banks. For the
purpose of the cash flow statement, cash and cash equivalents consist of
cash and cash equivalents as defined above, net of any outstanding bank
overdrafts.

(g) Provisions

Provisions are recognized when the company has a present obligation (legal
or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.

(h) Taxes

(i) Current tax

Current tax assets and liabilities for the current year are measured at
the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted by the balance sheet
date.

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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

31.12.2021
NOTE 4:TAXATION Tshs
As at 01.11.2020 -
Charge for the year (640,312)
Less: Tax Paid 600,000
As at 31.12.2021 (1,240,312)

NOTE 5: Share Capital

Authorized share capital:600 shares @20,000 12,000,000
Issued share capital:1000 shares @20,000 20,000,000

NOTE 6: Trade and Other Payable

Trade Creditors 1,200,000
Prepaid amount -
Total 1,200,000

NOTE 7: Turnover
Consultancy Fee 45,904,458
Total 45,904,458

NOTE 8: Direct Cost

Digital Consultancy 1,247,600
Design Consultancy 2,500,000
HR Recruitment and Consultancy 5,930,000
Web and Computer Hosting 1,230,144
Total Operating Expenses 10,907,744

NOTE 9: Overhead Expenses

Director's Fee 1,905,000
Advertisement 825,123
Printing and Stationery 1,459,850
Allowance and Per Diem 3,021,000
Accommodation Expenses 436,975
Transport and Travelling Expenses 2,580,220
Utilities: Electricity & Water 478,196
Office Rent 7,400,000
Bank Service Charges 1,179,631
Auditing Fee 1,200,000
Business Licenses and Registration 223,000
Venue Fee 1,190,000
Photography Fee 1,900,000
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PRUDENCE ZOE GLORIOUS LIMITED
FINANCIAL STATEMENTS FOR 14 MONTH PERIOD ENDED 31ST DECEMBER, 2021

Facilitation Fee 7,000,000

office expenses 2,538,718
Depreciation Expenses 2,978,375
EFD Machine 590,000
Penalties and Fine 225,000
Total Administration Expenses 37,131,088

NOTE 10: Revenue Reserve

Balance b/f -
Add Profit for the period 2021 (1,494,062)
Revenue Reserve (1,494,062)

NOTE 11 : Cash Balances:

Bank Account CRDB 1

Petty Cash Account 175,000
Total 175,001

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