Hodik Limited - Audited Financial Statements

REYDEM COMPANY
LIMITED
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
1
Omambia & Associates
Contents
Organization information 3
Report of the independent

auditors 4
Financial
statements
Statement of Financial
Performance 6
Financial
position 7
Notes 9-14
Approval Signatures 15

Page 2
Organization Information
PRINCIPAL PLACE OF BUSINESS REYDEM COMPANY LIMITED

P. O. Box 10-40400
SUNA
SIGNATORIES REYMOND OTIENO ODOYO : DIRECTOR
BANKER 1 FAMILY BANK

MIGORI BRANCH
AUDITORS
OMAMBIA & Associates

Page 3
OMAMBIA & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS (K)
Professional in; Tax Consultant, Accountancy
Management and Auditing Services
Located; Lancaster plaza, 1st floor, Room 29, 30 &31
Report on the Financial Statements

We have audited the Organization's financial statements of HODIK LIMITED, set out on pages 6 to
12 which comprise the statement of financial Performance as at 31st December 2021, and the
statement of financial position for the year then ended, and a summary of significant accounting
policies and other explanatory notes.
Managements' Responsibility for the Financial

Statements
The managements are responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards and the requirements of
Company law Chapter 486. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express an independent opinion of 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 whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depended on our professional judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.

Page 4
In making those risk assessments, we considered the internal control relevant to the Organizations
preparation and fair presentation of the financial statements in order to design audit procedures that
were appropriate in the circumstances, but not for the purpose of expressing an opinion on the
Organization's internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient to provide a basis for our audit
opinion.
Opinion
In our opinion the Organizations financial statements give a true and fair view of the state of financial
affairs of the Organization as at 31st December 2018 and of its income statement and cash flows for the
year then ended in accordance with International Financial Reporting Standards.
Report on Other Legal

Requirements
As required by the Company Law cap 486, we report to you, based on our audit, that:
i) We have obtained most of the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit;
ii)In our opinion, proper books of account have been kept by the Company, so far as appears from
our examination of those books; and
iii) The Organization's balance sheet and income and expenditure account are in agreement with
the books of accounts.
This 14th day of Jan 2022

Page 5
REYDEM COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST DECEMBER 2022 COMPREHENSIVE INCOME STATEMENT
INCOME STATEMENT 2022 2021

Notes
Income 4 2,394,146.65 3,939,016.75
Less Expenses
Administrative Expenses 1 330,023.26 545,234.56
Project Expenditure 2 1,186,438.00 1,843,800.00
Staff Costs 3 615,430.00 786,150.00
Earning before tax 262,255.39 763,832.19

Page 6
31ST DECEMBER 2022 COMPREHENSIVE FINANCIAL POSITION
2022 2021
NON-CURRENT ASSETS
Motor vehicle 7,906,250.00 7,250,000.00
Furniture and fittings 73,500.00 105,000.00
Tools and Equipment 765,625.00 875,000.00
Uniforms 76,562.50 87,500.00
Computer and Peripherals 76,562.50 87,500.00
CURRENT ASSETS
Inventory 245,400.00 346,570.00
Stationery 76,490.00 87,540.00
Bank 704.14 219,951.49
Accounts Receivable 450,380.00 187,600.00
Prepaid Expenses 45,000.00 64,530.00
CURRENT LIABILTIES
Accounts payable (354,090.00) (245,340.00)
Bank overdraft (560,000.00) (280,000.00)

Accrued Expenses

Page 7
(65,780.00) (98,790.00)
Prepaid Income (32,450.00) (102,600.00)
Net Assets 8,704,154.14 8,584,461.49
FINANCED BY
Ordinary Shares 8,000,000.00 7,500,000.00
Share Premium 441,898.75 320,629.30
Retained Earnings 262,255.39 763,832.19
Total Equity 8,704,154.14 8,584,461.49

Page 8
31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS
Notes
Depreciation
nbv201
6 NBV Depreciation
37.50
Motor Vehicles
% 3,906,250.00 1,464,843.75
Computers &
30%
Printers 73,500.00 22,050.00
Furniture & 12.50
Fittings % 76,562.50 9,570.31
12.5
Uniforms
0% 76,562.50 9,570.31
12.5
Equipment
0% 76,562.50 9,570.31
1,515,604.68
Administrative expense
Bank Charges 68,760.00
Stationery 121,340.00
Postage 49,575.00
Telephone 99,350.00
Repairs and Maintenance 67,650.00
License 32,000.00
438,675.00

Page 9
Project Expenditure
Transportation 148,900.00
Electricity posts 1,037,780.00
Installation costs 189,250.00
Meals 99,560.00
1,475,490.00
Staff Costs
Salaries & Wages 563,510.00
Statutory payment NHIF 50,550.00
Statutory payment NSSF 62,500.00
676,560.00

Page 10
31ST DECEMBER 2022
2022 2020
KShs KShs
Cash flows from operating activities
(Deficit)/surplus for the year 763,832.19 262,255.39
Adjustments for non-cash income and expenses:
Depreciation 2,408,062.50 1,515,604.68
Operating surplus before working capital changes - 3,171,895 1,777,860
Changes in working capital:
Debtors and other receivables 292,780.00 (136,900.00)
Creditors & Accruals 429,208 (313,170)
Cash generated from operations - 721,988 (450,070)

Other adjustments stock
Net cash generated from operations - 3,893,883 1,327,790
Cash flows from investing activities
Purchase of property, plant and equipment (133,000)
Proceeds from sale of property, plant and equipment - -
Net cash (used) in investing activities - - (133,000)
Cash flows from financing activities
Ordinary share capital 7,500,000.00 8,000,000.00
Share premium 320,629 441,899
- 320,629 441,899

Page 11
Net cash generated from financing activities
(Decrease) Increase in cash and cash equivalents - 4,214,512.09 1,769,688.72
Cash and cash equivalents at 1st Jun (3,994,560.70) (1,635,506)
Cash and cash equivalents at 31st May 219,951.39 1,183.10

Page 12
HODIK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER
2021
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Statement of compliance
The financial statements have been prepared in accordance with and comply with International
Financial Reporting Standards (IFRS) and are reported in Kenya Shillings.
b) Basis of preparation
The financial statements are prepared under the historical cost of accounting except as specified
under fair value measurement in accordance with applicable IFRS.
c) Comparatives
Comparative figures have been adjusted to conform to changes in presentation in the current
year’s financial statements.
d) Revenue recognition
Interest income is recognized on a time proportion basis by reference to the principal outstanding
and the effective interest rate applicable;-
i. Interest on bank deposits is recognized when received.

ii. Investment income is recognized in the period it is earned.
iii. Other income is recognized when received.
e) Land, Leasehold property

Land, Leasehold property are initially recorded at cost. All items of Land, Leasehold property are
stated at revalued cost. Revalued cost includes expenditure that is directly attributed to the
acquisition of these assets. Costs incurred in the process of acquiring or constructing an item of
Land, Leasehold property is recognized as capital work in progress. Once acquisition or
construction is complete and the item is ready for use, the carrying amount is transferred to the
relevant property and equipment category.
f)Property, plant and

equipment
All categories of property, plant and equipment are initially recognized at historical cost. All
other items of property, plant and equipment are stated at historical cost less accumulated
Depreciation and accumulated impairment losses.
Subsequent costs are included in the asset's carrying value only when it is probable that future
economic benefits associated with the item will flow to the company and the cost of the item can
be measured reliably. Repairs and maintenance is charged to the income and expenditure account
in the year to which it relates.
Depreciation is calculated using the reducing balance method to write down the cost of each asset to its
residual value over its estimated useful life using the following annual rates: Assets are fully

Page 13
Depreciated in the year of acquisition & non in the Year of Disposal.
Rate - %
Land & Operating
Assets Nil
Buildings 2.5%
Motor
Vehicles 37.5%
Computers & Printers 30%
Furniture & Fittings 12.5%
Machinery 12.5%
Equipment 12.5%
g) Notes to the Financial Statements
Amortization is charged on the assets on a straight line basis to write off the cost to its residual
value over their estimated useful lives. The amortization rate is based on the estimated useful life of
the assets.
Gains or losses on disposal of property, plant and equipment are determined by reference to their
carrying amount and are taken into account in determining operating profit. On disposal of a
revalued asset, amount in the revaluation reserve relating to that asset is transferred to retain
earnings
h) Financial assets and liabilities

The financial assets and liabilities are initially recognized on the CHILDRENS HOME’s Financial
Position at cost using settlement date accounting, when the HOME has become a party to the
contractual provisions of the instrument.
i) Held to maturity investments

Financial assets with fixed or determinable payments and fixed maturity where the HOME has the
positive intent and ability to hold other than member’s debts and other receivables originated by
the HOME e are measured as amortized cost.
j) Financial assets at fair value through the profit and loss
This category has two sub-categories: financial assets held for trading and those designated at fair
value through profit and loss at inception. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short term or if so designated by management. Gains
and losses arising from changes in fair value are recognized in the income statement.

Page 14
k) Available-for-sale financial assets
Financial assets that are not
(a) Loans and receivables originated from the home
(b) Held to maturity investments,
(c) Financial assets held for trading, are measured at their fair values, gains and losses arising from
changes in fair value are recognized in equity.
l) Impairment and un-collectability of financial assets

At each balance sheet date, all financial assets are subject to review for impairment. In the instance
that the Welfare will not be able to collect all amounts due (principal and interest) according to the
contractual terms of the members amount due , other receivables, or held to maturity investments
carried at amortized cost, an impairment or bad debt has occurred. The carrying amount of the
asset is reduced to its estimated recoverable amount either directly or through use of an allowance
account. The amount of loss incurred is in the income statement for the period.
m) Financial liabilities
After initial recognition, the Home measures all financial liabilities other than liabilities held for
trading at amortized cost. Liabilities held for trading (financial liabilities acquired principally for
the purpose of generating profit from short-term fluctuations in price or dealer’s margin) are
subsequently measured at their fair values.

Page 15
HODIK LIMITED
31ST DECEMBER 2020
Approval of Financial Statements

The Financial statements as indicated above were approved by Executive Officials and Signed:
DIRECTOR………………………………………………………………
1 4 /0 1 /2 0 2 1
Date… … … … … … .. .. .............
DIRECTOR………………………………………………………………

Page 16
HODIK LIMITED
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
1
Contents
Organization information 3
Report of the independent

auditors 4
Financial
statements
Statement of Financial
Performance 6
Financial
position 7-8
Notes 9-14
Approval Signatures 15

Page 2
Organization Information
HODIK LIMITED
PRINCIPAL PLACE OF BUSINESS
P. O. Box 4020 -40100
KISUMU
SIGNATORIES HARRY BRIAN ODIWUOR :DIRECTOR
BANKER 1 KCB BANK

KAPENGURIA BRANCH
AUDITORS

Page 3
OMAMBIA & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS (K)
Professional in; Tax Consultant, Accountancy
Management and Auditing Services
Located; Lancaster plaza, 1st floor, Room 29, 30 &31
Report on the Financial Statements

We have audited the Organization's financial statements of HODIK LIMITED, set out on pages 6
to 12 which comprise the statement of financial Performance as at 31st December 2020, and
the statement of financial position for the year then ended, and a summary of significant
accounting policies and other explanatory notes.
Managements' Responsibility for the Financial

Statements
The managements are responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards and the requirements of
Company law Chapter 486. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express an independent opinion of 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 whether the financial statements are free from material misstatement.

Page 4
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depended on our professional judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, we considered the internal control relevant to the
Organizations preparation and fair presentation of the financial statements in order to design audit
procedures that were appropriate in the circumstances, but not for the purpose of expressing an
opinion on the Organization's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient to provide a basis for our audit
opinion.
Opinion
In our opinion the Organizations financial statements give a true and fair view of the state of financial
affairs of the Organization as at 31st December 2019 and of its income statement and cash flows for the
year then ended in accordance with International Financial Reporting Standards.
Report on Other Legal

Requirements
As required by the Company Law cap 486, we report to you, based on our audit, that:
i) We have obtained most of the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit;
ii)In our opinion, proper books of account have been kept by the Company, so far as appears from
our examination of those books; and
iii) The Organization's balance sheet and income and expenditure account are in agreement with
the books of accounts.
This 14th day of Jan 2021

Page 5
HODIK LIMITED
31ST DECEMBER 2019 COMPREHENSIVE INCOME STATEMENT
Notes 2020 2019
Income 4 3,939,016.75 2,764,114.90
Less Expenses
Administrative Expenses 1 545,234.56 438,675.00
Project Expenditure 2 1,843,800.00 1,475,490.00
Staff Costs 3 786,150.00 676,560.00
Earning before tax 763,832.19 173,389.90

Page 6
HODIK LIMITED
31ST DECEMBER 2019 COMPREHENSIVE FINANCIAL POSITION
2020 2019
NON-CURRENT ASSETS
Motor vehicle 7,250,000 10,000,000.00
Furniture and fittings 105,000.00 100,000.00
Tools and Equipment 875,000.00 100,000.00
Uniforms 87,500.00 100,000.00
Computer and Peripherals 87,500.00 150,000.00

Total Non-current
CURRENT ASSETS
Inventory 346,570.00 267,500.00
Stationery 87,540.00 121,340.00
Bank 219,951.49 1,183.10
Accounts Receivable 187,600.00 324,500.00
Prepaid Expenses 64,530.00 80,900.00
CURRENT LIABILTIES
Accounts payable (245,340.00) (198,760.00)
Bank overdraft (280,000.00) (198,000.00)
Accrued Expenses (98,790.00) (87,680.00)
Prepaid Income (102,600.00) (243,500.00)
Net Assets 8,584,461.49 10,517,483.10

Page 7
FINANCED BY
Ordinary Shares 7,500,000.00 10,000,000.00
Share Premium 320,629.30 1,344,093.20
Retained Earnings 763,832.19 173,389.90
total Equity 8,584,461.49 11,517,483.10

Page 8
HODIK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST
DECEMBER 2020 NOTES TO THE FINANCIAL STATEMENT
Notes
Depreciation
NBV Depreciation
Motor Vehicles 37.50%
6,250,000 2,343,750.00
105,000.00 31,500.00
87,500.00 10,937.50
Uniforms 12.50%
87,500.00 10,937.50
Equipment 12.50%
87,500.00 10,937.50
2,408,062.50
Administrative expense
Bank Charges 162,324.56
Stationery 87,540.00
Postage 74,570.00
Telephone 118,700.00
Repairs and Maintenance 76,500.00
License 25,600.00
545,234.56
Project Expenditure

Page 9
Transportation 439,030.00
Electricity posts 982,570.00
Installation costs 289,750.00
Meals 132,450.00
1,843,800.00
Staff Costs
Salaries & Wages 673,200.00
Statutory payment NHIF 50,550.00
Statutory payment NSSF 62,400.00
786,150.00

Page 10
HODIK LIMITED
2020
2020 2019
KShs KShs
Cash flows from operating activities
(Deficit)/surplus for the year 173,389.90 763,832.19
Adjustments for non-cash income and expenses:
Depreciation 3,832,500.00 2,408,062.50
Operating surplus before working capital changes 4,005,890 - 3,171,895
Changes in working capital:
Debtors and other receivables (450,380.00) 292,780.00
Creditors & Accruals (354,090.00) 429,208
Cash generated from operations (804,470.00) - 721,988

Other adjustments stock
Net cash generated from operations 3,201,419.90 - 3,893,883
Cash flows from investing activities
Purchase of property, plant and equipment (10,450,000.00)
Proceeds from sale of property, plant and equipment - -
Net cash (used) in investing activities (10,450,000) - -
Cash flows from financing activities
Ordinary share capital 10,000,000.00 7,500,000.00
Share premium 1,344,093 320,629

Page 11
1,344,093 - 320,629
Net cash generated from financing activities
(Decrease) Increase in cash and cash equivalents 4,545,512.90 - 4,214,512.09
Cash and cash equivalents at 1st Jun 5,905,201 (3,994,560.70)
Cash and cash equivalents at 31st May 714.04 219,951.39

Page 12
HODIK LIMITED
2020
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Statement of compliance
The financial statements have been prepared in accordance with and comply with International
Financial Reporting Standards (IFRS) and are reported in Kenya Shillings.
b) Basis of preparation
The financial statements are prepared under the historical cost of accounting except as specified
under fair value measurement in accordance with applicable IFRS.
c) Comparatives
Comparative figures have been adjusted to conform to changes in presentation in the current
year’s financial statements.
d) Revenue recognition
Interest income is recognized on a time proportion basis by reference to the principal outstanding
and the effective interest rate applicable;-
i. Interest on bank deposits is recognized when received.

ii. Investment income is recognized in the period it is earned.
iii. Other income is recognized when received.
e) Land, Leasehold property

Land, Leasehold property are initially recorded at cost. All items of Land, Leasehold property are
stated at revalued cost. Revalued cost includes expenditure that is directly attributed to the
acquisition of these assets. Costs incurred in the process of acquiring or constructing an item of
Land, Leasehold property is recognized as capital work in progress. Once acquisition or
construction is complete and the item is ready for use, the carrying amount is transferred to the
relevant property and equipment category.
f)Property, plant and

equipment
All categories of property, plant and equipment are initially recognized at historical cost. All
other items of property, plant and equipment are stated at historical cost less accumulated
Depreciation and accumulated impairment losses.
Subsequent costs are included in the asset's carrying value only when it is probable that future
economic benefits associated with the item will flow to the company and the cost of the item can
be measured reliably. Repairs and maintenance is charged to the income and expenditure account
in the year to which it relates.
Depreciation is calculated using the reducing balance method to write down the cost of each asset to its
residual value over its estimated useful life using the following annual rates: Assets are fully

Page 13
Depreciated in the year of acquisition & non in the Year of Disposal.
Rate - %
Land & Operating
Assets Nil
Buildings 2.5%
Motor
Vehicles 37.5%
Machinery 12.5%
Equipment 12.5%
g) Notes to the Financial Statements
Amortization is charged on the assets on a straight line basis to write off the cost to its residual
value over their estimated useful lives. The amortization rate is based on the estimated useful life of
the assets.
Gains or losses on disposal of property, plant and equipment are determined by reference to their
carrying amount and are taken into account in determining operating profit. On disposal of a
revalued asset, amount in the revaluation reserve relating to that asset is transferred to retain
earnings
h) Financial assets and liabilities

The financial assets and liabilities are initially recognized on the CHILDRENS HOME’s Financial
Position at cost using settlement date accounting, when the HOME has become a party to the
contractual provisions of the instrument.
i) Held to maturity investments

Financial assets with fixed or determinable payments and fixed maturity where the HOME has the
positive intent and ability to hold other than member’s debts and other receivables originated by
the HOME e are measured as amortized cost.
j) Financial assets at fair value through the profit and loss
This category has two sub-categories: financial assets held for trading and those designated at fair
value through profit and loss at inception. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short term or if so designated by management. Gains
and losses arising from changes in fair value are recognized in the income statement.

Page 14
k) Available-for-sale financial assets
Financial assets that are not
(a) Loans and receivables originated from the home
(b) Held to maturity investments,
(c) Financial assets held for trading, are measured at their fair values, gains and losses arising
from changes in fair value are recognized in equity.
l) Impairment and un-collectability of financial assets

At each balance sheet date, all financial assets are subject to review for impairment. In the instance
that the Welfare will not be able to collect all amounts due (principal and interest) according to the
contractual terms of the members amount due , other receivables, or held to maturity investments
carried at amortized cost, an impairment or bad debt has occurred. The carrying amount of the
asset is reduced to its estimated recoverable amount either directly or through use of an allowance
account. The amount of loss incurred is in the income statement for the period.
m) Financial liabilities
After initial recognition, the Home measures all financial liabilities other than liabilities held for
trading at amortized cost. Liabilities held for trading (financial liabilities acquired principally for
the purpose of generating profit from short-term fluctuations in price or dealer’s margin) are
subsequently measured at their fair values.

Page 15
HODIK LIMITED
2019
Approval of Financial Statements
The Financial statements as indicated above were approved by Executive Officials and Signed:
DIRECTOR………………………………………………………………
0 4 /0 3 /2 0 2 0
Date… … … … … … … … …
DIRECTOR………………………………………………………………

Page 16

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REYDEM COMPANY

FOR THE YEAR ENDED 31ST DECEMBER 2022

Report of the independent

Omambia & Associates

PRINCIPAL PLACE OF BUSINESS REYDEM COMPANY LIMITED

SIGNATORIES REYMOND OTIENO ODOYO : DIRECTOR

BANKER 1 FAMILY BANK

OMAMBIA & Associates

CERTIFIED PUBLIC ACCOUNTANTS (K)

Professional in; Tax Consultant, Accountancy

Management and Auditing Services

Located; Lancaster plaza, 1st floor, Room 29, 30 &31

Report on the Financial Statements

Managements' Responsibility for the Financial

Omambia & Associates

Report on Other Legal

This 14th day of Jan 2022

Omambia & Associates

INCOME STATEMENT 2022 2021

Income 4 2,394,146.65 3,939,016.75

Administrative Expenses 1 330,023.26 545,234.56

Project Expenditure 2 1,186,438.00 1,843,800.00

Staff Costs 3 615,430.00 786,150.00

Earning before tax 262,255.39 763,832.19

Omambia & Associates

Motor vehicle 7,906,250.00 7,250,000.00

Furniture and fittings 73,500.00 105,000.00

Tools and Equipment 765,625.00 875,000.00

Uniforms 76,562.50 87,500.00

Computer and Peripherals 76,562.50 87,500.00

Inventory 245,400.00 346,570.00

Stationery 76,490.00 87,540.00

Bank 704.14 219,951.49

Accounts Receivable 450,380.00 187,600.00

Prepaid Expenses 45,000.00 64,530.00

Accounts payable (354,090.00) (245,340.00)

Bank overdraft (560,000.00) (280,000.00)

Omambia & Associates

Prepaid Income (32,450.00) (102,600.00)

Net Assets 8,704,154.14 8,584,461.49

Ordinary Shares 8,000,000.00 7,500,000.00

Share Premium 441,898.75 320,629.30

Retained Earnings 262,255.39 763,832.19

Total Equity 8,704,154.14 8,584,461.49

Omambia & Associates

Bank Charges 68,760.00

Repairs and Maintenance 67,650.00

Omambia & Associates

Electricity posts 1,037,780.00

Installation costs 189,250.00

Salaries & Wages 563,510.00

Statutory payment NHIF 50,550.00

Statutory payment NSSF 62,500.00

Omambia & Associates

(Deficit)/surplus for the year 763,832.19 262,255.39

Adjustments for non-cash income and expenses:

Depreciation 2,408,062.50 1,515,604.68

Operating surplus before working capital changes - 3,171,895 1,777,860

Changes in working capital:

Debtors and other receivables 292,780.00 (136,900.00)

Creditors & Accruals 429,208 (313,170)

Cash generated from operations - 721,988 (450,070)

Net cash generated from operations - 3,893,883 1,327,790