Hodik Limited - Audited Financial Statements
Hodik Limited - Audited Financial Statements
Hodik Limited - Audited Financial Statements
LIMITED
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
1
Omambia & Associates
Contents
Organization information 3
Financial
statements
Statement of Financial
Performance 6
Financial
position 7
Notes 9-14
Approval Signatures 15
AUDITORS
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.
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.
Less Expenses
2022 2021
NON-CURRENT ASSETS
CURRENT ASSETS
CURRENT LIABILTIES
FINANCED BY
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
Stationery 121,340.00
Postage 49,575.00
Telephone 99,350.00
License 32,000.00
438,675.00
Transportation 148,900.00
Meals 99,560.00
1,475,490.00
Staff Costs
676,560.00
2022 2020
KShs KShs
Cash flows from operating activities
- 320,629 441,899
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;-
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
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%
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
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.
DIRECTOR………………………………………………………………
1 4 /0 1 /2 0 2 1
Date… … … … … … .. .. .............
DIRECTOR………………………………………………………………
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
1
Omambia & Associates
Contents
Organization information 3
Financial
statements
Statement of Financial
Performance 6
Financial
position 7-8
Notes 9-14
Approval Signatures 15
HODIK LIMITED
PRINCIPAL PLACE OF BUSINESS
P. O. Box 4020 -40100
KISUMU
AUDITORS
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.
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.
Less Expenses
2020 2019
NON-CURRENT ASSETS
CURRENT ASSETS
CURRENT LIABILTIES
Notes
Depreciation
NBV Depreciation
Motor Vehicles 37.50%
6,250,000 2,343,750.00
Computers & Printers 30%
105,000.00 31,500.00
Furniture & Fittings 12.50%
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
Stationery 87,540.00
Postage 74,570.00
Telephone 118,700.00
License 25,600.00
545,234.56
Project Expenditure
Meals 132,450.00
1,843,800.00
Staff Costs
786,150.00
2020 2019
KShs KShs
Cash flows from operating activities
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;-
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
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%
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
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.
DIRECTOR………………………………………………………………
0 4 /0 3 /2 0 2 0
Date… … … … … … … … …
DIRECTOR………………………………………………………………