ARTIMATICS SERVICES & SUPPLIES LIMITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 2020
Artmatics Services & Supplies Ltd
Financial statements
For the year ended 31 December 2020

CONTENTS

Company information
Directors' report
Auditors Report
Statement of directors' responsibilities
Income statement
Statement of financial position
Statement of changes in equity
Statement of cash flow
Accounting policies and Notes To Financial Statements
PAGE

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2
3
4
5
6
7
8
9 - 13
Artmatics
Services &
Supplies Ltd
Company Information
For the year ended 31 December 2020

COMPANY INFORMATION

DIRECTORS

REGISTERED OFFICE Showbe Plaza

PO Box 54386 - 00100
Nairobi

BANKERS
... Branch
Nairobi,
Kenya.

1
1
Artmatics Services & Supplies Ltd
Company Information
For the year ended 31 December 2020

REPORT OF THE DIRECTORS

The directors submit their report for the year ended 31 December 2020 which disclose the state of affairs of the
company.

PRINCIPAL ACTIVITY

The principal activity of the company is general construtction

RESULTS

The results of the company for the year are shown in the income and expenditure on page 5

DIRECTORS

The directors who held office to the date of the reports are shown on page 1.

DIVIDENDS

The directors do not declared payment a dividend.

DIRECTOR:

…………………………………………2021

DIRECTOR:

…………………………………………2021

2
the state of affairs of the

2
Report of the Independent Auditor
Artmatics Services & Supplies Ltd
Report to the Finacial Statements as at 31 December 2020

We have audited the financial statements of Artmatics Services & Supplies Ltd,as shown in subsequenr pages which
comprise of:Financial Position as at 31 December 2020,Income and Expenditure Account,Statement of changes in Equity
and Cash Flow Statement for the year ended 31 December 2020 and a summary of significant accountin policies and
other explanatory notes.

RESPONSIBILITIES OF BOARD OF DIRECTORS TO THE FINANCIAL STATEMENTS

The board of directors are responsible for the preparation and presentation of financial statements in accordance with the
IFRS,which incliuds:designing,implimenting and maintaining internal control sytems relevant to the preparation and fair
presentation of financial statements that are free from material misstatement,free from errors and fraud,sellecting and
applying appropriate accounting policies and making estimates that are reasonable in the circumstances.

AUDITORS RESPONSIBILITIES
Our responsibility is to express an independent opinion on the financial statements on our audit which is in accordance
with International Standard of Auditing.These standard require that we comply with ethical requirements,plan and
perform an audit to obtain reasonable assuarance wether the financial statements are free from material misstatement.

An audit involves perfoming procedures to obtain audit evidence about the amounts and discloser in the financial
statements which depends on auditor's judgment that incliuds assesment of risk of material misstatement of the financial
statements,whether accounts are free from errors and frauds.In making these Judgements,the auditor considers internal
control systems in place relevant to the entity's preparation and fair presentation of the financial statements in order t
design audit procedures that are appropriate in the circumstance,but not for the purpose of expressing an opinn on the
effectiveness of the Fund's internal Controls.

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,the accompanying financial statements give a true and fair view of the state of the financial affairs of the
organisation as at 31 December 2020 and of its Profit and cash flows for the year then ended in accordance with the
International Financial Reporting Standards.

Julie ward and Company

Certified Public Accountant
PO Box 2203-00200
Nairobi
Artmatics Services & Supplies Ltd
Company Information
For the year ended 31 December 2020

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The Kenyan Company's Act requires the directors to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the company as at the end of the financial year and of the operating results of the company for
that year. It also requires the directors to ensure that the company keeps proper accounting records which disclose with
reasonable accuracy at any time the financial position of the company. They are also responsible for safeguarding the assets of
the company.

The directors accept responsibility for the financial statements, which have been prepared using appropriate accounting policies

supported by reasonable prudent judgements and estimates, in conformity with the International Financial Reporting Standards

and in the manner required by the Kenyan Companies Act. The directors are of the opinion that the financial statements give a

true and fair view of the state of the financial affairs of the Company and of its operating results. The directors further accept

responsibility for the maintenance of accounting records which may be relied upon in the preparation of the financial

statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of the directors to indicate that the company will not remain a going concern in at least the
next twelve months from the date of this statement.

Director………………………………………….

………………………………………………2021

Director………………………………………….

………………………………………………2021

3
financial year which give a true and
operating results of the company for
unting records which disclose with
nsible for safeguarding the assets of

sing appropriate accounting policies

ional Financial Reporting Standards

n that the financial statements give a

results. The directors further accept

in the preparation of the financial

main a going concern in at least the

3
Kalamu Limited
Financial statements
For the year ended 31st December 2000
PROFIT AND LOSS ACCOUNT (For construction companies)

2000
Notes Shs

Work done

Cost of work done ( )

Gross profit

Other operating income

Administrative expenses ( )
Other operating expenses ( )

Operating profit/(loss) 3

Finance costs 5 ( )

Profit/(loss) before tax

Tax 6 ( )

Profit/(loss) from ordinary activities

Extraordinary item 7 ( )

Net profit/(loss)

Earnings per share 8

The notes on pages 8 to 21 form an integral part of the financial statements.

Report of the auditors - page 3.

4(a)
 1999
Shs

( )

( )
( )

( )

( )

( )

( )

4(a)
Premier Foods Industries Limited
Financial statements
For the year ended 31st December 2001
PROFIT AND LOSS ACCOUNT (For horticultural companies)
2000
Notes Shs

Produce sales

Production costs ( )

Gross profit

Other operating income

Distribution costs ( )
Administrative expenses ( )
Other operating expenses ( )

Operating profit/(loss) 3

Finance costs 5 ( )

Profit/(loss) before tax

Tax 6 ( )

Profit/(loss) from ordinary activities

Extraordinary item 7 ( )

Net profit/(loss)

Earnings per share 8

The notes on pages 8 to 21 form an integral part of the financial statements.

Report of the auditors - page 3.

4(b)
 1999
Shs

( )

( )
( )
( )

( )

( )

( )

( )

( )

( )

4(b)
REPORT OF THE AUDITORS
TO THE MEMBERS OF....................................................................

We have audited the financial statements set out on pages 4 to 21 which have been prepared on
the basis of the accounting policies set out in note 1. We have obtained all the information and
explanations which to the best of our knowledge and belief were necessary for the purposes of
our audit and to provide a reasonable basis for our opinion. The financial statements of the
company are in agreement with the books of account.

Respective responsibilities of directors and auditors

The directors are responsible for the preparation of the financial statements which give a true and
fair view of the state of affairs of the company and of the operating results. Our responsibility is to
express an independent opinion on the financial statements based on our audit and to report our
opinion to you.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we plan and perform our audit to obtain reasonable assurance that the financial
statements are free from material misstatement. An audit includes an examination on a test basis, of
evidence supporting the amounts and disclosures in the financial statements. It also includes an
assessment of the accounting principles used and significant estimates made by the management, as
well as an evaluation of the overall presentation of the financial statements.

Going concern basis

The balance sheet as at 31st December 2000 indicates an excess of current liabilities over current assets
of Shs..............(1999: Shs...............) and a deficiency in shareholders' funds of Shs.............
(1999: Shs.......... ). Therefore the company is technically insolvent. However, the financial statements
have been prepared on a going concern basis on the assumption that continued financial support will be
made available to the company by its shareholders/directors/creditors/bankers/parent company.

Opinion

Subject to the foregoing, and to the effect of any adjustments that may be necessary, should the going
concern basis not be appropriate, in our opinion proper books of account have been kept and the
financial statements give a true and fair view of the state of financial affairs of the company as at
31st December 2000 and of its results/profit and cash flows for the year then ended and comply with the
Companies Act and the International Accounting Standards.

Certified Public Accountants

Nairobi

………………………2001

......./01

3
 o 21 which have been prepared on
e obtained all the information and
were necessary for the purposes of
The financial statements of the

ial statements which give a true and

rating results. Our responsibility is to
ased on our audit and to report our

ndards on Auditing. Those standards

le assurance that the financial
ludes an examination on a test basis, of
cial statements. It also includes an
estimates made by the management, as

ess of current liabilities over current assets

eholders' funds of Shs.............
solvent. However, the financial statements
on that continued financial support will be
creditors/bankers/parent company.

that may be necessary, should the going

s of account have been kept and the
inancial affairs of the company as at
or the year then ended and comply with the

3
Artmatics Services & Supplies Ltd
Financial Statements
For the year ended 31 December 2020

INCOME STATEMENT

2020 2019
Notes KShs KShs

Turnover 8 7,734,000 4,850,000

Direct costs 9 (4,145,220) (2,687,040)

Administration expenses 10 (1,643,526) (718,800)

Finance Cost 11 (250,000) -

Operating Profit before taxation 1,695,254 1,444,160

Tax Provision 12 (508,576) - (433,248)

Profit after taxation 1,186,678 1,010,912

The notes on pages 9 to 13 form an integral part of the financial statements.

5
Kalamu Limited
Financial statements
For the year ended 31st December 2000
PROFIT AND LOSS ACCOUNT (For educational institutions)
2000
Notes Shs

Income

Other operating income

Administrative expenses ( )
Other operating expenses ( )

Operating profit/(loss) 3

Finance costs 5 ( )

Profit/(loss) before tax

Tax 6 ( )

Profit/(loss) from ordinary activities

Extraordinary item 7 ( )

Net profit/(loss)

Earnings per share 8

The notes on pages 8 to 21 form an integral part of the financial statements.

Report of the auditors - page 3.

4(d)
 1999
Shs

( )
( )

( )

( )

( )

( )

( )

( )

4(d)
Artmatics Services & Supplies Ltd
Financial Statements
For the year ended 31 December 2020

STATEMENT OF FINANCIAL POSITION

2020 2019
KShs KShs

PROPERTY, PLANT AND EQUIPMENT 13 20,787,632 16,059,553

20,787,632 16,059,553
CURRENT ASSETS
Inventories 411,580 117,800
Trade Receivables and Prepayments 2 1,183,997 2,863,808
Cash & bank balances 4 1,395,267 3,348,137
2,990,844 6,329,745
TOTAL ASSETS 23,778,476 22,389,298

SHAREHOLDERS' FUNDS AND LIABILITIES

CAPITAL AND RESERVES
Share capital 3 100,000 100,000
Retained earnings 23,335,976 22,149,298
23,435,976 22,249,298

CURRENT LIABILITIES
Trade and other payables 342,500 140,000
342,500 140,000

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES 23,778,476 22,389,298

The statement of Financial Position is to be read in conjunction with the notes to and forming part of the financial
statements set out on pages 5 to 8.

6
Artmatics Services & Supplies Ltd
Financial Statements
For the year ended 31 December 2020

STATEMENT OF CHANGES IN EQUITY

Share Retained
capital earnings
Kshs Kshs

At 1 January 2020 100,000 22,149,298

Profit Share -
Profit for the year 0 1,186,678
At 31 December 2020 100,000 23,335,976

The notes on pages 9 to 13 form an integral part of the financial statements.

7
 Total
Kshs

22,249,298
-
1,186,678
23,435,976

7
Artmatics Services & Supplies Ltd
Financial Statements
For the year ended 31 December 2020

STATEMENT OF CASH FLOW

2020
KShs
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before taxation 1,695,254
Adjustments for :-
Depreciation 331,137
Operating profit before working capital changes 2,026,391

Inventories (293,780)
Trade and other receivables 1,679,811
Trade and other payables 202,500
Cash (absorbed)/generated by operations 3,614,922
Income taxes paid (433,248)
Net cash used in operating activities 3,181,674

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (5,134,544)
Net cash from investing activities (5,134,544)

Net decrease in cash and cash equivalents (1,952,870)

MOVEMENT IN CASH AND CASH EQUIVALENTS

At 1st January 2020 3,348,137

Decrease/Increase in cash and cash equivalents (1,952,870)
At 31st December 2020 1,395,267

8
2019
KShs

1,010,912

1,010,912

293,780.00
(1,679,811.20)
(202,500)
(577,619)
(2,604,055)
(3,181,674)

-
-

(3,181,674)

6,529,811
(3,181,674)
3,348,137

8
Artmatics Services & Supplies Ltd
Financial Statements
For the year ended 31 December 2020

1. ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below:

a) Basis of preparation

The financial statements are prepared under the historical cost convention, and are in compliance with Internationa
Financial Reporting Standards.

b) Revenue recognition

Revenue represents the fair value of the consideration received or available for the sale investments and is stated n
of rebates and discounts.

c) Equipment

All equipment is recognized at the cost less accumulated depreciation. Depreciation is calculated on the reducing
balance basis to write down the cost of each asset, or the revalued amount, to its residual value over its estimated
useful life using the following annual rates:

Rate %

Motor vehicles 25%

Fixtures and fittings 25.0%
Office equipment 12.5%
Computers 30.0%

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is immediately writte
down to its recoverable amount.

Gains and losses on disposal of property, plant and equipment are determined by reference to their carrying amoun
and are taken into account in determining operating profit. Depreciation is charged fully on the year of purchas
and no charge on the year of disposal.

d) Taxation

Income tax expense is the aggregate of the charge to the profit and loss account in respect of current income an
deferred income tax. Current income tax is the amount of income tax payable on the taxable profit for the yea
determined in accordance with the relevant tax legislation.

Deferred income tax is provided in full, using the liability method, on all temporary differences arising between th

tax bases of assets and liabilities and their carrying values for financial reporting purposes. However, if the deferre

income tax arises from the initial recognition of an asset or liability in a transaction other than a busines

combination that at the time of the transaction affects neither accounting nor taxable profit nor loss, it is no

accounted for. Deferred income tax is determined using tax rates and laws that have been enacted or substantivel

enacted at the balance sheet dated and are expected to apply when the related deferred income tax liability is settled

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will b
available against which the temporary differences can be utilized.

9
e preparation of the financial statements are set out below:

e historical cost convention, and are in compliance with International

eration received or available for the sale investments and is stated net

umulated depreciation. Depreciation is calculated on the reducing

et, or the revalued amount, to its residual value over its estimated

ter than its estimated recoverable amount, it is immediately written

and equipment are determined by reference to their carrying amount

rating profit. Depreciation is charged fully on the year of purchase

arge to the profit and loss account in respect of current income and
e amount of income tax payable on the taxable profit for the year
legislation.

he liability method, on all temporary differences arising between the

ying values for financial reporting purposes. However, if the deferred

on of an asset or liability in a transaction other than a business

on affects neither accounting nor taxable profit nor loss, it is not

ned using tax rates and laws that have been enacted or substantively

cted to apply when the related deferred income tax liability is settled.

y to the extent that it is probable that future taxable profits will be

es can be utilized.

9
Premier Foods Industries Limited
Financial statements
For the year ended 31st December 2001
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2. Segmental reporting

The predominant business of the company is .............................. The other activities do not
come within the "significant" parameters as set out in the International Accounting Standard
No. 14 and accordingly have not been separately reported.

In case of multinational or transnational companies, the following information is required for

each separable segment:

i) the total carrying amount of segment assets;

ii) the segment liabilities;
iii) the capital expenditure;
iv) the depreciation and amortisation expense;
v) any revenue or expense whose disclosure might be relevant to the company;
vi) the total amount of non-cash expenditure other than depreciation or amortisation.
(Note: inter-segmental transfers must be eliminated).

11
 e other activities do not
nal Accounting Standard

nformation is required for

11
Artmatics Services & Supplies Ltd
Financial statements
For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS

e) Imparement

The carrying amount of the companys' assets are reviewed at each balance sheet date to determine whether there is

any indication of impairement . If such condition exist, the assets' recoverable amount is estimated and an

imparement loss recognised whenever the carrying amount of an asset exceeds its recoverable amount.

f) Receivables

Receivables are recognised initially at fair value. Subsequently, a provision for bad and doubtful debts is recognized
in the profit and loss account in the year when the amount due as per the original terms is doubtful. Receivables not
collectible are written off against the related provision. Subsequent recoveries of amounts previously written off are
credited to the profit and loss account in the year of recovery.

g) Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand, deposits held at call

with banks, and investments in money market instruments, net of bank overdrafts and money market lines. In the

balance sheet, bank overdrafts are included in borrowings in current liabilities.

h) Dividends

Dividends are recognised as a liability in the period in which they are declared. Proposed dividend are disclosed as a
separate component of equity until declared.

i) Comparatives
0
Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year.

10
CIAL STATEMENTS

e companys' assets are reviewed at each balance sheet date to determine whether there is

ment . If such condition exist, the assets' recoverable amount is estimated and an

d whenever the carrying amount of an asset exceeds its recoverable amount.

initially at fair value. Subsequently, a provision for bad and doubtful debts is recognized
nt in the year when the amount due as per the original terms is doubtful. Receivables not
gainst the related provision. Subsequent recoveries of amounts previously written off are
ss account in the year of recovery.

h flow statement, cash and cash equivalents comprise cash in hand, deposits held at call

ts in money market instruments, net of bank overdrafts and money market lines. In the

fts are included in borrowings in current liabilities.

s a liability in the period in which they are declared. Proposed dividend are disclosed as a
ty until declared.

ive figures have been adjusted to conform with changes in presentation in the current year.

10
Kalamu Limited
Financial statements
For the year ended 31st December 2000
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2000
Shs
16. Intangible assets

Goodwill

Cost

At 1st January
Additions

31st December

Amortisation

At 1st January
Charge for the year

31st December

Net book amount

17. Investment in subsidiaries

Shares at cost Holding

ABC Limited 60%

XYZ Limited 75%

The following information is given in respect of subsidiary companies whose results have
not been consolidated.

i) ABC Limited is dormant.

ii) XYZ Limited constructs bodies for motor vehicles. The results and abridged balance sheet
of the subsidiary at 31st December 2000 were as follows:

2000
Shs

Profit/(loss) for the year

Balance sheet as at 31st December 1999

Share capital
Revenue reserve
Revaluation reserve

Property, plant and equipment

Current assets
Current liabilities

Net current assets/(liabilities)

18
1999
Shs

1999
Shs

18
Artmatics Services & Supplies Ltd
Financial statements
For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2020
KShs
2 Receivables and prepayment
Trade receivables 1,183,997
1,183,997

3 Share capital
Authorised, issued and fully paid 100,000
100,000

4 Payables and accrued expenses

Trade Payables 342,500
342,500

2020
KShs
5 Cash and cash equivalents
Cash in Bank & Hand 1,395,267
Cash at bank and in hand 1,395,267

6 Country of incorporation
The company is incorporated in Kenya under the Companies Act and is resident in Kenya.
7 Currency
The financial statements are presented in Kenya Shillings (KShs.).

12
 2019
KShs

2,863,808
2,863,808

100,000
100,000

140,000
140,000

2019
KShs

3,348,137
3,348,137

12
Artmatics Services & Supplies Ltd
Financial statements
For the year ended 31 December 2020

SCHEDULE OF INCOME AND EXPENDITURE

2020
KShs
8 INCOME
Turnover 7,734,000
7,734,000
9 DIRECT EXPENSES
Opening Stock 117,800
Material Purchase 2,320,200
Sub Contracts 350,000
Wages 1,546,800
Electricity and Water 102,000
Uniforms and Protective Clothing 120,000
Less:Clossing Stock (411,580)
4,145,220
10 ADMINISTRATIVE EXPENSES
Computer Software Consultancy 17,920
Audit Fee 10,000
Advertising and Marketing 50,000
Accountancy Fee 40,000
Travel,Accomodation and Subsistence 130,500
Bank Charges 22,488
Directors Remuneration 120,000
Depreciation 331,137
General Expenses 203,452
Insurances 134,200
Legal Fees(Contracts and Authentification) 50,000
Lisences 60,000
Motor Vehicle Running Expenses 143,831
Office Rent and Land Rates 180,000
Printing and Staionery 58,798
Repairs and Maintainance 42,000
Telephone,Postage,Fax,Email and Courier 49,200
1,643,526
11 FINANCE COST
Commitment Fee/Tender Security 250,000
250,000
12 TAX 2020
KShs
Profit Before Tax 1,695,253.82
Corporation Tax (At The Rate Of 30%) 508,576.15
Expenses Not Deductible -
Tax Charge 508,576

13
2019
KShs

4,850,000
4,850,000

-
1,455,000
-
970,000
67,340
76,900
117,800
2,687,040

-
10,000
-
40,000
87,000
12,450
120,000
-
122,450
-
-
60,000
-
180,000
48,000
-
38,900
718,800.00

-
0
2019
KShs
1,444,160.00
433,248.00
-
433,248

13
Kalamu Limited
Financial statements
For the year ended 31st December 2000
SCHEDULE OF PRODUCTION AND DISTRIBUTION COSTS (For horticultural companies)

2000
Shs
PRODUCTION COSTS

Salaries and wages

Pest and disease control
Irrigation running
Motor vehicle and tractor running expenses
Field production expenses
Packaging and grading
Loose tools
Maintenance of farm property, plant and equipment
Depreciation

Total production costs

DISTRIBUTION COSTS

Handling, airport and export expenses

Cold storage rental

Total distribution costs

23
1999
Shs

23
13 PROPERTY,PLANT AND EQUIPMENT

Computer Furniture & Machinery & Office

Land & Buildings Motor Vehicles Equipment Fittings Equipments Equipments
Kshs Kshs Kshs Kshs Kshs Kshs

COST

1st January 2019 20,000,000 1,200,000 140,000 158,497 360,218 18,310

Revaluation 0 0 0 0 0 0
Disposal 0 0 0 0 0 0
31st December 2019 20,000,000 1,200,000 140,000 158,497 360,218 18,310
DEPRECIATION 0 0 0 0 0
1st January 2019 0 0 0 0 0 0
Disposal 0 0 0 0 0 0
Charge For The Period 0 300,000 42,000 19,812 45,027 2,289
31st December 2019 0 300,000 42,000 19,812 45,027 2,289

NET BOOK VALUE

31st December 2019 20,000,000 900,000 98,000 138,685 315,191 16,021

1st January 2020 20,000,000 900,000 98,000 138,685 315,191 16,021

Additions 0 0 60,000 0 0 0
Disposal 0 0 0 0 0 0
31st December 2020 20,000,000 900,000 158,000 138,685 315,191 16,021
DEPRECIATION
1st January 2020 0 300,000 42,000 19,812 45,027 2,289
Disposal 0 0 0 0 0 0
Charge For The Period 0 225,000 47,400 17,336 39,399 2,003
31st December 2020 0 525,000 89,400 37,148 84,426 4,291

NET BOOK VALUE

31st December 2020 20,000,000 375,000 68,600 101,537 230,765 11,730
Totals
Kshs

16,443,682
25,000
0
16,468,682

534,062
0
409,128
409,128

16,059,553

16,059,553
60,000
0
16,119,553

409,128
0
331,137
740,265

20,787,632