No.

PVT-MKUQRJJ

CERTIFICATE OF INCORPORATION

I hereby CERTIFY that,

KALZET ENTERPRISES LIMITED

is on this date 16 May 2020 Incorporated under the Companies Act, 2015 and that the Company is
a PRIVATE LIMITED COMPANY.

............................................................................

Registrar Of Companies

This is a system generated certificate. To validate this document send the word BRS to 21546
 For General Tax Questions
Contact KRA Call Centre
PIN Certificate Tel: +254 (020) 4999 999
Cell: +254(0711)099 999
Email: [email protected]

www.kra.go.ke

Certificate Date : 28/05/2024

Personal Identification Number
P051906280S

This is to certify that taxpayer shown herein has been registered with Kenya Revenue Authority

Taxpayer Information
Taxpayer Name KALZET ENTERPRISES LIMITED
Email Address [email protected]

Registered Address
L.R. Number : NA Building : Baroda Shopping Mall
Street/Road : Digo Road City/Town : NA
County : Mombasa District : Mombasa North District
Tax Area : Mombasa Station : Mombasa North
P. O. Box : 90282 Postal Code : 80100

Tax Obligation(s) Registration Details

Sr. No. Tax Obligation(s) Effective From Date Effective Till Date Status
1 Value Added Tax (VAT) 28/05/2024 N.A. Active
2 Income Tax - PAYE 16/05/2020 N.A. Cancelled
3 Income Tax - Company 16/05/2020 N.A. Active

The above PIN must appear on all your tax invoices and correspondences with Kenya Revenue Authority. Your
accounting end month is December unless a change has been approved by the Commissioner-Domestic Taxes
Department. The status of Tax Obligation(s) with 'Dormant’ status will automatically change to 'Active' on date
mentioned in "Effective Till Date" or any transaction done during the period. This certificate shall remain in force
till further updated.

Disclaimer : This is a system generated certificate and does not require signature.
 For General Tax Questions
Contact KRA Call Centre
Tax Compliance Certificate Tel: +254 (020) 4999 999
Cell: +254(0711)099 999
Email: [email protected]

www.kra.go.ke

Taxpayer PIN : P051906280S Certificate Date: 28/03/2024

Name and Address :
Kalzet Enterprises Limited Certificate Number:
NA, Baroda Shopping Mall, NA, Mombasa North District, KRAMSN1389568824
PO Box:90282,
Postal Code:80100

This is to confirm that Kalzet Enterprises Limited,

Personal Identification Number P051906280S
has filed relevant tax returns and
paid taxes due as provided by Law.

This Certificate will be valid for

twelve (12) months up to 27/03/2025.

This certificate is issued on the basis of information available with the authority as at the
Caveat: certificate date mentioned above. The Authority reserves the right to withdraw the certificate if
new evidence materially alters the tax compliance status of the recipient.

Disclaimer : This certificate is system Generated and therefore does not require signature.You may confirm validity of this certificate on the
iTax Portal by using the TCC Checker.This certificate confirms your compliance status for a period of five years preceding the
date of issue. The certificate may however be with withdrawn on grounds of outstanding debt affecting periods prior to this.
 BUSINESS REGISTRATION SERVICE
P. O. BOX 30031
NAIROBI
22 SEP 2024

To
ISAAC OMBATI ABUYA
P.O. Box 90282
80100 - MOMBASA G.P.O

THE COMPANIES ACT, 2015

Records relating to the below company held by the Companies Registry as at 22 Sep 2024

..
COMPANY KALZET ENTERPRISES LIMITED
COMPANY NUMBER PVT-MKUQRJJ
NOMINAL SHARE CAPITAL 100,000.00
NUMBER AND TYPE OF SHARES (VALUE PER SHARE) ORDINARY: 100 (KES 1,000.00 EACH)
DATE OF REGISTRATION 16TH MAY, 2020
P.O BOX 90282 MOMBASA G.P.O
TELEPHONE: +254717136308, EMAIL:
[email protected]
REGISTERED OFFICE COUNTY: MOMBASA, DISTRICT: MOMBASA DISTRICT ,
LOCALITY: MOMBASA
STREET: DIGO ROAD, BUILDING: BARODA SHOPPING
MALL
POSTAL ADDRESS P.O BOX 90282 MOMBASA G.P.O
ENCUMBRANCES

Name of Directors and Shareholders of the above company with their particular are as follows

NAME DESCRIPTION ADDRESS NATIONALITY SHARES

ISAAC OMBATI DIRECTOR/SHAREHOLDER

P.O BOX 90282 MOMBASA
KENYAN
ORDINARY:
ABUYA G.P.O 100
TOTAL 100

Yours Faithfully,
REGISTRAR OF COMPANIES
REF NO: OS-LMFLPB7Y

DISCLAIMER: THIS IS A SYSTEM GENERATED CERTIFICATE AND DOES NOT REQUIRE A SIGNATURE
NT/PPD/2024/DGY/7160 VALID UNTIL: 11/09/2026

(YOUTH)

M/s KALZET ENTERPRISES LIMITED PVT-MKUQRJJ

90282 80100 MOM 11TH SEPTEMBER 2024

 TLA031975 22 JAN, 2024
ANNUAL 22 JAN, 2025

KALZET ENTERPRISES LIMITED

- ,, Floor: ,,
- 209,Rattansi Building,Koinange Street,
- Nairobi

600 PROFESSIONAL, SCIENTIFIC AND TECHNICAL SERVICES

Mini professional services firm with 1-5 employees/professionals. Technicians guards etc.
-PROFESSIONAL, SCIENTIFIC AND TECHNICAL SERVICES

KES. 16,500.00 (SIXTEEN THOUSAND FIVE HUNDRED SHILLINGS ONLY)

100 SBP KES. 10,000.00

200 FIRE KES. 6,000.00
400 PEST CONTROL KES. 500.00

Business under this permit shall be conducted at the address as indicated

24 Jan, 2024

TLA031975
M/S KALZET ENTERPRISES LIMITED

has been duly registered as a ROAD WORKS Contractor

Category NCA6
Reg. No 87675/R/0924 Date of Issue: 18/9/2024

Valid Until July 31st 2025

575311
M/S KALZET ENTERPRISES LIMITED
is duly registered as ROAD WORKS CONTRACTOR

Category NCA6 Reg. No 87675/R/0924 Date of Issue: 18/9/2024

This license is awarded for a period of ONE(1) YEAR, starting 1/8/2024 and ending 31/7/2025

575311
TO: THE DIRECTOR GENERAL,
KENYA URBAN ROADS AUTHORITY,
P.O.BOX 40241 – 00100,
NAIROBI.

Dear Sir/Madam, Date: 20th September 2024

RE: MACHINE LEASE AGREEMENT

FOR PERFORMANCE BASED ROUTINE MAINTENANCE OF PACKAGE 15 ROADS (KISII URBAN AREA);
TENDER NO: KURA/RMLF/NZ/073/2024-2025
This agreement is made this 20th day of September Two Thousand and Twenty
Four Between TRIPPLE N CAPITAL VENTURE LIMITED of Post Office Box 101770 -
00101 Nairobi (hereinafter called the “lessor” which expression shall where the
context so admits include its successors and assigns) of the one part and
KALZET ENTERPRISES LIMITED of Post Office Box 90282-80100 Mombasa (hereinafter
called the “Lessee’’ which expression shall where the context so admits
include its successors and assigns) of the other part:-
NOW THIS AGREEMENT WITNESSETH

1. That the lessor shall give and the lessee shall take on lease the said
Machinery
2. The term of the lease shall be two (2) year (renewable) from the date of the
execution of this agreement.
3. The lessee shall pay a percentage to be agreed between parties and the same
shall be payable on a lump sum basis on signing of this agreement.
4. The Lessee is desirous of taking on lease and the lessor is desirous of giving the
same on lease.

THE LESSOR COVENANTS WITH THE LESSEE THAT:-

1. They shall not take way the Machinery from the Lessee’s possession before giving
a notice of to (2) months’ notice.
2. They lessee shall take a comprehensive insurance cover for the Machinery with a
reputable insurance company to be agreed by the owner and the Lessee.
3. The lessee shall take the machinery for servicing to the desires after every three
months of the period of lease.
4. The lessor shall renew all the permits and licenses during the period of lease.
THE LESSEE COVENTANTS WITH THE LESSOR THAT:-

1. They shall keep the machinery in good condition at all times.

2. They shall always have a competent machine operator and shall not give the
machine to a third party who does not possess the competence to operation the
said machine.
3. They shall meet the day to day expenses of running the machine e.g. electricity,
sponges, sand paper, creams, polish, water together with other petty expenses
like marinating cleanliness.
4. They shall take all reasonable care to keep the machine out of danger of any kind.

IN WITNESS WHEREOF the parties hereto hands the day and year hereinabove written.

Signed on behalf of Signed on behalf of Lessee

Lessor
KALZET ENTERPRISES
TRIPPLE N CAPITAL
LIMITED
VENTURE LIMITED P. O. BOX 90282-80100
P.O BOX 101770-00101 MOMBASA
NAIROBI
 FREEMARK TRADERS CO. limited
DEALERS IN: CIVIL AND BUILDING WORKS
OFFICE EQUIPMENT, FURNITURE’S & GENERAL SUPPLIES.
P.O BOX 51659 – 00100, Nairobi.
TEL; 0718240855/0716691368
Email: [email protected]

OUR REF: BKL/KURA/36 VOL.II

YOUR REF: …………………………

DATE: 16TH June 2022

M/S KALZET ENTERPRISES LIMITED,

P.O BOX 90282-80100,
MOMBASA.

Dear Sir/Madam,

RE: NOTIFICATION OF AWARD-FOR SUBCONTRACT FOR NMT WORKS ON LOWER

KABETE ROAD
KURA/RMLF/NRB/080/2022-2023
We refer to the above tender and wish to inform you that you been awarded the above-mentioned works
at a contract sum of Ksh 61,369,113.00 (Kenyan Shillings Sixty One Million Three Hundred and
Sixty-Nine Thousand One Hundred and Thirteen Only).

Please acknowledge receipt of this letter of notification as confirmation of your acceptance within
fourteen (14) days.

The contract shall be signed by the parties within 30 days of the date of this letter but not earlier than
seven days from the date of the letter.

We look forward to working with you.

Yours faithfully,
For and on behalf of FREEMARK TRADERS COMPANY LIMITED

FRED NYAMWEYA OMATO

DIRECTOR

.
 FREEMARK TRADERS CO. limited
DEALERS IN: CIVIL AND BUILDING WORKS
OFFICE EQUIPMENT, FURNITURE’S & GENERAL SUPPLIES.
P.O BOX 51659 – 00100, Nairobi.
TEL; 0718240855/0716691368
Email: [email protected]

COMPLETION CERTIFICATE

NMT WORKS ON LOWER KABETE ROAD

TENDER NO: KURA/RMLF/NRB/080/2022-2023

MAIN CONTRACTOR SUB-CONTRACTOR

FREEMARK TRADERS CO. LIMITED KALZET ENTERPRISES LIMITED
P.O. BOX 51659-00100 P.O BOX 90282-80100
NAIROBI MOMBASA
Works completed : 1.2 Kilometres

Sub-contract amount : 61,369,113.00/=

Commencement date : 4TH July 2022

Completion period : 3 Months

Completion date : 26TH October 2022

Pursuant to the subcontract agreement, it is hereby certified that the sub- contractor has completed the
works detailed above to the satisfaction of the main contractor. Final inspection of works was carried out
on 20th October 2022 by representatives of the main contractor and the sub-contractor

MAIN CONTRACTOR SUB-CONTRACTOR

Signed: _______________________ Signed: _______________________

Name: _________________________ Name: _________________________

Date: _____________________ Date: _____________________

 FREEMARK TRADERS CO. limited
DEALERS IN: CIVIL AND BUILDING WORKS
OFFICE EQUIPMENT, FURNITURE’S & GENERAL SUPPLIES.
P.O BOX 51659 – 00100, Nairobi.
TEL; 0718240855/0716691368
Email: [email protected]
SUB- CONTRACT AGREEMENT

This AGREEMENT is made and entered on this ……...28th……day of .......June……, 2022

between Freemark Traders Company Limited of P.O Box 51659-00100 Nairobi, Kenya
(hereinafter called "the Main Contractor") of one part
AND
Kalzet Enterprises Limited, of P.O Box 90282-80100 Mombasa, Kenya (herein called "the Sub-
Contractor") of the other part as follows:

The Contractor agrees to carry out the works for the IMPROVEMENT OF
NAIROBI ROADS-LOT 3 TENDER NO: KURA/RMLF/HQ/223/2019-2020 (hereinafter
called "the works") at a contract sum of 61,369,113.00 (Kenyan Shillings Sixty One Million
Three Hundred and Sixty-Nine Thousand One Hundred and Thirteen Only) (hereinafter called
"the contract Price").

The Scope of work includes Paving Blocks, Culverts and drainage Works (part).

The Contractor agrees to furnish all labor, materials, tools, equipment and services necessary
for performance of the work described above and as further detailed in the plans and
specifications:

NOW THIS AGREEMENT WITNESSES AS FOLLOWS:

1. In this Agreement, words and expressions shall have the same meanings as are
respectively assigned to them in the Conditions of Contract hereinafter referred to, and they
shall be deemed to form and be read and construed as part of this Agreement;

2. In consideration of the payments to be made by the Procuring Entity to the Contractor

as hereinafter mentioned, the Contractor hereby covenants with the Procuring Entity to
execute and complete the Works and remedy any defects therein in conformity in all respects
with the provisions of the Contract;

3. The Procuring Entity hereby covenants to pay the Contractor in consideration of the
 FREEMARK TRADERS CO. limited
DEALERS IN: CIVIL AND BUILDING WORKS
OFFICE EQUIPMENT, FURNITURE’S & GENERAL SUPPLIES.
P.O BOX 51659 – 00100, Nairobi.
TEL; 0718240855/0716691368
Email: [email protected]
execution and completion of the Works and the remedying of defects wherein the Contract
Price or such other sum as may become payable under the provisions of the Contract at the
times and in the manner prescribed by the Contract and upon certification and approval by the
Employer.

4. The following documents shall be deemed to form and shall be read and construed as
part of this agreement i.e
a. Notification of Award
b. Priced Bill of quantities (Including the grand total summary)
c. Updated Work schedule
d. Schedule of Personnel and Equipment

In witness, where of the parties there to have caused this Agreement to be executed the day and
year first before written.

For and Behalf of the Main Contractor Freemark Traders Company Limited
Name……………………………………
Title: ………………….…....

In the Presence of Name......................................... Sign........................................

For and Behalf of the Sub-Contractor

Name....................................... Kalzet Enterprises Limited
Title: ....................................

In the Presence of Name...................................... Sign................................................................

 KIU CONSTRUCTION LTD. Royal Offices, 3rd Floor Suite 31
Mogotio Rd Off, Chiromo Lane,
Westlands
P.O. Box 10564-00100 Nairoobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]
OUR REF: KCL/KeRRA/AWARD/2021
YOUR REF: …………………………

DATE: 24th May 2021

THE DIRECTOR,
KALZET ENTERPRISES LIMITED,
P.O BOX 90282-80100,
MOMBASA.

Dear Sir/Madam,

RE: NOTIFICATION OF AWARD-FOR SUBCONTRACT FOR UPGRADING TO BITUMEN

STANDARDS AND PERFORMANCE BASED ROUTINE MAINTENANCE OF CHEBORGE
JUNCTION-KIPWASITUIYA MARKET ROAD/SOTIK-SULAL ROADS
CONTRACT NO. RWC/604
We refer to the above tender and wish to inform you that you been awarded the above
mentioned works at a contract sum of Ksh. 24,505,010.000 (Kenyan Shillings TTwenty Four
Million Five Hundred and Five Thousand Ten Shillings Only).

Please acknowledge receipt of this letter of notification as confirmation of your

acceptance within fourteen (14) days.
The contract shall be signed by the parties within 30 days of the date of this letter but
not earlier than seven days from the date of the letter.

We look forward to working with you.

Yours faithfully,

GEOFFREY KIMAIYO
PROCUREMENT DIRECTOR
-
KIU CONSTRUCTION L,TD� Royal Offices, 3rd Floor, Suite 31
Mogotio Rd Off. Chiromo Lane,
'. Westlands
P.O. Box 10564-00100,Nairobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]

CONTRACT AGREEMENT.
th
THIS AGREEMENT is made on the 24 day of May 2021 between Kiu Construction Limited of
P.O. Box 10564-- 00100 Nairobi, Kenya hereinafter called "The Main Contractor" on the one part
and Kalzet Enterprises Limited of P. 0. Box 90282-80100 Mombasa hereinafter cal led "The
Suh-Contractor" of the other part.

lWHEREAS the Main Contractor is desirous that certain works should be executed, viz.

Earthworks, Grading and Gravelling Works under Contract No: - RWC 604for Upgrading to
Bitumen Standards .and Performance Based Routine Maintenance of Cheboge Junction -
Kipwasituiya Marke_t Road/Sotik - Sula/ Roads issued to the Main contractor by Kenya Rural

Roads Authority (KERRA) on 13 April 2021 after a competitive open bid, (Award Letter attached)
th

and has accepted a Quotation by the Sub-Contractor for the execution and completion of such works
within six (6) Months from date of.site possession. ·

NOW THIS AGREEMENT WITNESSETH as follows:

I. fn this agreement words and expressions shall have the same meanings as are respectively
assigned to them in the Conditions of Contract hereinafter referred to.

2. The following do< ument shall be deemed to form and be read and construed as part of this
\
Agreement, viz.:

a). The Special Specifications

b). The Priced Bill of Quantities

All aforesaid docum,!nts are hereinafter referred to as "The Contract".

3. In consideration of the payment to be made by the Main Contractor to the Sub-Contractor, the
Sub-Contractor hereby covenants with the Contractor to execute and complete the works in
conformity in all resnects with the provisions of the Contract.

ITED
KIU CONSTRUCTION LIM
P. O. Box 10564. 00100
NAIROBI . l
0a:� ..q_,1J. MA1 :�..........
....:�........ , .............. ..
!l!llllr'""!'l""''
�-· ·!�--

'
�
The Main Contractor hereby coven
ants to pay the Sub-Contractor
and completion of the works the in consideration of the execution
Contract Price amounting to Twenty Four
and Five Thousand, Ten Shillings Only (KShs. Million Five Hundred
24,505,010) as follows: -

3.1. 10% (K6hs. 1, 2 50,000) of the Contract sum shall be paid at commencement and will be
recovered at� 0% of interim payment certificates until its fully recovered.

3.2 The batahce will be paid on Sub-Contractor raising/issuing of certificates of works worth
not less than 2 0% of the Contract sum.
3.3 There wi!I be retention of 10% on interim payment certificates.
IN WITNESS WHEREOF the parties hereto have caused their respective common seals/ Stampsto
be hereto affixed (or have hereunto set their respective hands and seals/ Stamp) on the day and year
first above written. \
SIGNED SEALED AND DELIVERED
By the said Main Ccntractor:
t
Geoffrey Kimaiyo "1 (Procurement Director, KIU CONSTRUCTION
-. LIMITED) as Main
Contractor.
KIU CONSTRUCTION LIMITED
. P. 0. Box 10564 - 00100

............ �-............. Oa�·•""•·••••·•·••�•�'..�.�.��.,.w••• .. w•••••Y••••"•• ..•.••••• 1: 4/�I .1/!.L l

(Date)

In the presence of

........M.qJ{
(! ...... � � k-/;x,�·.4 R.....................................
(Name of Witness) : (Signature of Witness)

By the said Sub- C�•ntractor:

Oscar Muyodi (Director, Kalzet Enterprises Limited) as Sub-Contr-.ictor .

........................................................ .................................<??. ?t.l.o.5l. ';?. R.?.: I.

(Date)
Representative Name & Signature

In the presence of '.

r � �
.. ���······����
..(Name . . .. . .. .. ....� .............................�t. ) !?:?.l..��.�.. ( .....
..
of Witness) (Signature of Witness)
,.KIU CONSTRUCTION LTD� ·
• Royal Offices, 3rd Floor, Suite 31
Mogotio Rd Off. Chiromo Lane,
Westlands
P.O. Box 10564-00100,Nairobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]

COl\1PLETION & HAND OVER CERTIFICATE

We confirm the below details
,
'
Subcontracting for Earthworks, Grading and Gravelling Works for
Upgrading to Bitumen Standards and Performance Based Routine
Project Name ·i
Maintenance of Cheboge Junction - Kipwasituiya Market
RoadlSotik - Sula! Roads
Contract No.: Rwc604
: Instructed Earthworks, Grading and Gravelling of
Scope of Works :
Works Service Roads
Kiu construction Limited,
'·· Through:
Employer •'i' I . ' .The Director-Procurement,
.
;
P.O Box 10564 -00100
," Nairobi
/ Mis Kalzet Enterprises Limited
� ''
Contractor P.0. Box 90282-80100
,,
Mombasa
Date of Project Award ,, 24th May, _2021 I

Project Period -Instructed Works 6 months

25th November, 2021
Date of Project Completion
Contract Sum ' . KES. 24,505,010.00
Defects Liability Ptriod 30 Days
Date of this Report 28th December, 2021

Limited has to the sati�faction of t�e.

This is to confinn that Mis Kalzet Enterprises
,s no more hab,hty to
En gineer completed the above works and all dues have been paid where there
.
the main contractor. I . .

Main Contrc1ctor. '. Sub-Contractor

KALZET ENTERPRISES
KIU CONS TRUCTION LIMITED LIMITED
. .
,_..,..,._,.,-.,

Kl CONSTRUCTION ll�1(TED
0. Box 10564 100
I I I :

:•a,... . . ....................... .. ,............ ..... 'LP /l'L/. yn.,\ Oscar Muyodi

re 1ma1 0., .................. , .......... ·
Si nature & Date
 KIU CONSTRUCTION LTD. Royal Offices, 3rd Floor Suite 31
Mogotio Rd Off, Chiromo Lane,
Westlands
P.O. Box 10564-00100 Nairoobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]
OUR REF: KCL/KeNHA/AWARD/2021
YOUR REF: …………………………

DATE: 4th April 2022

THE DIRECTOR,
KALZET ENTERPRISES LIMITED,
P.O BOX 90282-80100,
MOMBASA.

Dear Sir/Madam,

RE: NOTIFICATION OF AWARD-FOR SUBCONTRACT FOR PERFOMAMCE BASED

CONTRACT FOR THE MAINTENANCE OF TSAVO RIVER-VOI A8 ROAD
TENDER NO. KeNHA/RD/RA&CM/3568/2022
We refer to the above tender and wish to inform you that you been awarded the above
mentioned works at a contract sum of Ksh 25,697,030-(Twenty Five Million Six Hundred
Ninety- Seven Thousand, Thirty Shillings Only).

Please acknowledge receipt of this letter of notification as confirmation of your

acceptance within fourteen (14) days.
The contract shall be signed by the parties within 30 days of the date of this letter but
not earlier than seven days from the date of the letter.

We look forward to working with you.

Yours faithfully,

GEOFFREY KIMAIYO PROCUREMENT

DIRECTOR
- -·
KIU CONSTRUCTION LTD� Royal Offices, 3rd Floor, Suite 31
Mogotio Rd Off. Chiromo Lane,
Westlands
P.O. Box 10564-00100,Nairobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]

CONTRACT AGREEMENT.

THIS AGREEMENT is made on the 4th day of April 2022 between Kiu Construction Limited of
P.O. Box 10564-- 00100 Nairobi, Kenya hereinafter called "The Main Contractor" on the one part
and Kalzet Enterprises Limited of P. 0. Box 90282-80100 Mombasa hereinafter called "The
Sub-Contractor" of the other part.

WHEREAS the Main Contractor is desirous that certain works should be executed, viz.

Earthworks, Excavation and Filling for Structures, Culvert & Drainage works. under
Contract Number. KeNHA/RD/RA&CM/3568/2022 for Performance Based Contract for the
Maintenance of Tsavo River - Voi (A8) Road in the republic of Kenya, which the Main contractor
was awarded by Kenya National Highways Authority (KeNHA ) on 3rd March 2022 after a
competitive bid (Award attached).

and has accepted a Quotation by the Sub-Contractor for the execution and completion of such works
within six Months from date of site possession.

NOW THIS AGREEMENT WITNESSETH as follows:

1. In this agreement w0rds and expressions shall have the same meanings as are respect!vely
assigned to them in tne Conditions of Contract hereinafter referred to.
' '

2. The following do�ument shall be deemed to form and be read and construed as part of this

Agreement, viz.:

a). The Spedal Specifications

b). The Priced Bill of Quantities

All aforesaid documents are hereinafter referred to as "The Contract".

3. In consideration of the payment to he made by the Main Contractor to the Sub-Contractor, t�e
Sub-Contractor hereby covenants with the Contractor to execute and complete the works in
conformity in all respects with the provisions of the Contract.
J
Ii
'i

' !!
The Main Contractor hereby covenants to pay the Sub-Contractor in consideration of the execution
and completion of tlte works the Contract Price amounting to KShs. 25,697,0J0 a s follows:.

3.1. 10% (KShs.2, 569,703) of the Contract sum shall be paid at commencement and will be
I
recovered at '10% of interim payment certificates until it's fully recovered.

3.2 The balai;ice will be paid on Sub-Contractor raising/issuing of certificates of works worth
,{
not less than 20% of the Contract sum.

3.3 There will be retention of I 0% on interim payment certificates.

IN WITNESS WHEREOF the parties hereto have caused their respective common seals/ Stamps to
be hereto aflixed (or have hereunto set their respective hands and seals/ Stamp) on the day and year
I

first above written.

SIGNED SEALED �ND DELIVERED

• J
By the said Mam Cohtractor:
f.
Geoffrey Kimaiyo (Procurement Director, KIU CONSTRUCTION LIMITED) as Main
Contractor.
KIU CONSTRUCTION LIMITED
o.
IQ 4. 1�2-'-
: P. Box 10564 - 00100
}
•.... • • • ........ ._ .... · .. · ...... ·�ate:.:.::.:.::.:.:.:�:�.�·�·�·�''."·'·w·•·W..............¢...�
( pre ative Name & Sign atun, (Date)

In the presence of ,;

······Mc,,.,,-.-·b.'.1...... xYJ.qk�.h.9.......................................-:.-.� ............

(Name of Witness) :· (Signature of Witness)

I
By the said Sub- CGntractor:
Oscar Muyodi (Director, Kalzet Enterprises Limited) as Sub-Contractor.

....................................................................................................................................Q.4:{.P..4-.l�.��.?,
(Representative Name & Signature) (Date)

In the presence of

tnG N\lA� ��� � · ; �

CN;��·�r wi·;��;�> .............................................. cs;� �i.-wi1 ����;
· · \t4)
04....... . .� d-l)aQ ·
...... .........
KIU CQNSTRUCTION LTD� Royal Offices, 3rd Floor, Suite 31
Mogotio Rd Off. Chiromo Lane,
West/ands
P.O. Box 10564--00100,Nairobi,
Tel: 3743682/3
Wireless: 0202519492
Mobile: 0722528845/0712957819
Email: [email protected]
[email protected]

COMPLETION & HAND OVER CERTIFICATE

We confirm the below details

Earth Works Subcontracting for Performance-Based Contract

Project Name r for the Maintenance ofTsavo River - Voi (A8) Road
Contract No. KeNHAIRDIRA&CMl356812022
Earthworks of service roads, Excavation and
Instructed
I

Scope of Works i Filling for Structures, Culvert & Drainage works

Works
and Shoulder maintenance.
Kiu construction Limited,
·'
Through:
i
•
J

Employer The Director-Procurement,

'., P.O Box 10564 -OOIOO
Nairobi
.. Mis Kalzet Enterprises Limited
Contractor l P. 0. Box 90282-80100,
Mombasa
, 4th April, 2022
Date of Project Award
Project Period - Instructed Works 6 months
Date of Project Completion 05th October, 2022
KES. 25,697,030-(Twenty Five Million Six Hundred Ninety-
Contract Sum
Seven Thousand, Thirty Shillings Only)
Defects Liability Period 30 Days
Date of this Report: 8th November, 2022

This is to confirm thit Mis Kalzet Enterprises Limited has to the satisfaction of the Engineer
completed the above works and all dues have been paid where there is no more liability to the main
contractor.

Main Contractor. Sub-Contractor

KIU CONSTRVCTION.LIMJTED KALZET ENTERPRISES LIMITED

K,· CON�TRUCTION .
P. o. Box 1Q C. F4 - 0

...................:...................
0. di I I {
.................... :/..... ....
/i,o 7-1..- Oscar Muyodi.... . ..'.....3..IU Id../J."'22..
 OUR REF: HCCL/SUB/AWARD/VOL.2021/01
YOUR REF: …………………………

DATE: 28th October 2021

M/S THE DIRECTOR,

KALZET ENTERPRISES LIMITED,
P.O BOX 90282-80100,
MOMBASA.
EMAIL: [email protected]

Dear Sir/Madam,

RE: NOTIFICATION OF AWARD-FOR SUBCONTRACT FOR PERIODIC MAINTENANCE

OF THIKA-GARISSA (LOT 1 MAKONGENI-EMBU JUNCTION (KANYONYO) (A3)
ROAD TENDER NO: KeNHA/R5/115/2019

We refer to the above tender,

and we wish to inform you that you have been awarded the contract for Periodic
Maintenance of Thika-Garissa (Lot 1 Makongeni-Embu Junction (Kanyonyo) (A3) Road
as a subcontractor. The value of works to be undertaken is Ksh 55,607,000.87
(Kenyan Shillings Fifty-Five Million Six Hundred and Seven Thousand Eighty-Seven
Cents Only).

Please acknowledge receipt of this letter of notification as confirmation of your

acceptance within fourteen (14) days.

On acceptance of the offer you will be required to submit a performance security

(1% of the contract sum) in the form of an unconditional Bank Guarantee, as stated
in the appendix to form of tender.

The contract shall be signed by the parties within fourteen 14 days of the date of this
letter but not earlier than seven days from the date of the letter.

We look forward to working with you.

Yours faithfully,

MOHAMED ADAN MOHAMED

MANAGING DIRECTOR
 COMPLETION CERTIFICATE
PERIODIC MAINTENANCE OF THIKA-GARISSA (LOT 1 MAKONGENI-EMBU
JUNCTION (KANYONYO) (A3) ROAD
TENDER NO: KeNHA/R5/115/2019

MAIN CONTRACTOR SUB-CONTRACTOR

Halane Construction Co Limited Kalzet Enterprises Limited
P.O. Box 3-70200 P.O Box 90282-80100
Wajir Mombasa

Works completed : Earthworks of service roads, Excavation and

Filling for Structures, Culvert & Drainage Works
Sub-contract amount : 55,607,000.87/=
Commencement date : 23rd November 2021

Completion period : 6 Months

Completion date : 14th June 2022

Date of Substantial Completion : 18th May 2022

Pursuant to the subcontract agreement, it is hereby certified that the sub- contractor
has completed the works detailed above to the satisfaction of the main contractor.
Final inspection of works was carried out on 9th June 2022 by representatives of the
main contractor and the sub-contractor

MAIN CONTRACTOR SUB-CONTRACTOR

Signed: _______________________ Signed: _______________________

Name: _________________________ Name: _________________________

Date: _____________________ Date: _____________________

 SUB- CONTRACT AGREEMENT
This AGREEMENT is made and entered on this …..16th…… day of ...November,
2021 between Halane Construction Company Limited of P.O Box 3-70200 Wajir
Kenya, (hereinafter called "the Main Contractor") of one part

AND

Kalzet Enterprises Limited, of P.O Box 90282-80100, Mombasa (herein called "theSub-
Contractor") of the other part as follows:

The Contractor agrees to carry out the works for the PERIODIC
MAINTENANCE OF THIKA-GARISSA (LOT 1 MAKONGENI-EMBU JUNCTION
(KANYONYO) (A3) ROAD TENDER NO: KENHA/R5/115/2019 (hereinafter called
"the works") at a contract sum of Kshs. 55,607,000.87 (Kenyan Shillings Fifty-
Five Million Six Hundred and Seven Thousand Shillings and Eighty-Seven Cents
Only) (hereinafter called "the contract Price").

The Scope of work includes Paving Blocks, Culverts and drainage Works (part).

The Contractor agrees to furnish all labor, materials, tools, equipment and
services necessary forperformance of the work described above and as further
detailed in the plans and specifications:

NOW THIS AGREEMENT WITNESSES AS FOLLOWS:

1. In this Agreement, words and expressions shall have the same meanings as
are respectively assigned to them in the Conditions of Contract hereinafter
referred to, and they shall be deemed to form and be read and construed as part of this
Agreement;

2. In consideration of the payments to be made by the Procuring Entity to the

Contractor as hereinafter mentioned, the Contractor hereby covenants with
the Procuring Entity to execute and complete the Works and remedy any defects
therein in conformity in all respects withthe provisions of the Contract;

3. The Procuring Entity hereby covenants to pay the Contractor in consideration

of the execution and completion of the Works and the remedying of defects
wherein the Contract Priceor such other sum as may become payable under the
provisions of the Contract at the times and in the manner prescribed by the
Contract and upon certification and approval by the Employer.

4. The following documents shall be deemed to form and shall be read and
construed as part of thisagreement i.e
 Notification of Award
 Priced Bill of qquantities (Includingg the grand total summaryy)
 Updated Work schedule
 Schedule of Personnel and Equipment

In witness where of the parties there to have caused this Agreement to be executed the day
andyear first before written.

For and Behalf of the Main Contractor

Halane Construction Company Limited
Name...................................

Title:……………………….

In the Presence of

sign...................................
For and Behalf of the Sub-Contractor

Kalzet Enterprises Limited

Name.......................................

Title: ....................................

In the Presence of

sign......................................
 SAMUEL MWANGI KANG’ETHE
P.O BOX 70375-00400
Tel: +2547 11643049
Email: [email protected]
PROFILE SUMMARY

I am a naturally diligent and detail-focused growing professional who possesses software

knowledge together with numerical and analytical skills. I am conversant with accounting
techniques, review and preparation of financial statements. I excel in client liaison, gaining
critical feedback on quality of service offered and contributing to long term client retention. I
demonstrate natural flair for time management and prioritizing complex tasks effectively to
ensure compliance with deadlines. I am a proactive team member capable of working
collaboratively or with minimal supervision. My goal is to become a valuable asset by providing
financial and Audit and Assurance services.

WORK EXPERIENCE

ACCOUNTANT-Kalzet Enterprises Ltd: October 2023-December 2023

Key Responsibilities and Achievements:

• Played a pivotal role in a comprehensive group audit assignment during the secondment at BDO
Mauritius.
• Led and participated in the audit of multiple entities within the group, ensuring adherence to
international accounting standards and regulatory requirements.
• Coordinated closely with cross-functional teams to gather financial information, assess internal
controls, and identify potential risks.
• Conducted detailed analytical procedures and substantive audit testing to provide assurance on
the accuracy and reliability of financial statements.
• Collaborated with client management to address audit queries, provide insights, and ensure a
smooth audit process.
• Successfully navigated the complexities of group structures, consolidations, and intercompany
transactions during the audit engagement.
• Demonstrated proficiency in understanding and applying group audit methodologies.

Skills Acquired:

• In-depth experience in group audit procedures and methodologies.

• Enhanced ability to navigate complex organizational structures and financial consolidations.
• Developed a keen understanding of intercompany transactions and their impact on financial
reporting.
• Strengthened communication and collaboration skills within a multicultural and diverse
professional setting.

1
 ADDITIONAL WORK EXPERIENCE

July 2024 to date-Experienced Senior Auditor (C2) at BDO East Africa

July 2023 to June 2024-Audit Senior 1(C1) at BDO East Africa Kenya

July 2022 to June 2023-Audit Semi-Senior(B2) at BDO East Africa Kenya

November 2021 to June 2022 – Audit Associate (A2) at BDO East Africa Kenya

April 2021-Oct 2021- Audit assistant at Mazars Kenya

Oct 2020- March 2021-Audit intern at Mazars Kenya

Key responsibilities

• Access and evaluate the adequacy of clients accounting and internal control system and
recommend improvements where necessary.
• Performing Analysis on data to get more meaningful information to help make better decisions.
• Prepare financial statements in compliance with internationally accepted financial reporting
standards.
• Performing clients financial and compliances tests on tax, statutory deductions, expenditures
and payroll.
• Vouching to obtain audit evidence to be used in forming audit opinion.
• Examination of financial transactions to determine their accuracy and authenticity.
• Part of the team that conducted Forensic Audit for an international research project.

Education Background

KCA University 2017-2021: Certified Public Accountants-CPA Finalist

2016-2020: Bachelor of Commerce: Finance – Second Class Upper division.

Kirwara High School

2011- 2015: Kenya Certificate of Secondary Education –B-(Minus), 59 Points.

ACC&S Ndaka-ini Education Centre

2003-2010: Kenya Certificate of Primary education-(320 Marks)

KEY SKILLS AND COMPETENCIES

• Microsoft Office Applications: Word, Power point, Excel and Outlook.

• Audit Process Tool (APT)
• Knowledge of IFRS and IAS Standards.
• Atlas Software
• Emotional Intelligence.
• Professional skepticism

2
 • Quick books.
• Caseware Software

TRAININGS

• Audit Evidence, Data Privacy, ISA 315, Effective Engagement, FRCP, IAS 37, IFRS 9,
International standards on audit, performing a detailed review, APT Next Gen-BDO East Africa
Kenya (Training certificates obtained)
• Insurance, Micro-financial Institutions, Atlas, Internal Review Findings, IFRS and IAS Standards,
Stock taking and inventory management, CCOI, Audit must haves, Standard Analytical
procedures, Internal controls-Mazars (CPAs) Kenya
• KCA University finance students workshop - Nairobi Stocks Exchange
• Career talks organized by career and placements department -KCA University

ACTIVITIES

• Voluntary tree planting –Ndaka-ini Dam Environmental conservation programme.

• A member of the Finance Students Association at KCA University.
• Member of the Christian Union at KCA University.
HOBBIES

Reading personal development books, watching football, Hiking, listening to music.

REFEREES.

1. Martin Gichomo

Audit supervisor, Mazars CPAs Kenya

0727294302, 0736717916

Email: [email protected]

2.Gabriel Kamoche

Audit senior, BDO East Africa-Kenya

0701395702

Email: [email protected]

3. Dr. Ibrahim Tirimba

Director KCA University, School of Business.

0797945111

Email: I.tirimba@ kca.ac.ke

3
 CURRICULUM VITAE

PERSONAL BACKGROUND

NAME: Jacob Kibe Ngugi

AGE: 31 years

DATE OF BIRTH: 19th October 1992

NATIONALITY: Kenyan

RELIGION: Christian

ADDRESSES: Postal- 10-00227 Kinale

Phone- 0726962861

Email: [email protected]

EDUCATIONAL BACKGROUND

2012- 2016: Jomo Kenyatta University of Agriculture and Technology – pursued a degree in civil
engineering. Graduated with a Second Class Honours (Upper Division).

2011: Starehe Institutes- did C.P.A sections 1-4.

2007-2010: Starehe Boys Centre –did my O level. Obtained a mean result of an A

1999- 2006: Primary education in various primary schools

WORK EXPERIENCE

Projects in Kenya 2020 to date

Road Manager at Kalzet Enterprises Limited.

Project name: Maintennace of Pl-Tukai Park Boundary - C102 (e397) in

Amboseli National Park
Roles Involved

- Preparation of Monthly Statements and Interim Payment Certificates.

- Preparation of Extension of time claims
- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous

Project name: Improvement of Bondo Town Roads

Roles Involved
- Preparation of Monthly Statements and Interim Payment Certificates.
- Preparation of Extension of time claims
- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous

Project name: Maintenance of Maili Tisa-Ngeria (A8) Road

Roles Involved
- Preparation of Monthly Statements and Interim Payment Certificates.
- Preparation of Extension of time claims
- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous

Project name: Maintenance of Outering Junction Kangundo Road Kamulu (B63)

Roles Involved
- Preparation of Monthly Statements and Interim Payment Certificates.
- Preparation of Extension of time claims
- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous
August 2021 to date
Deputy Project Manager: ARAK Consulting Engineers (Deputy Site Agent –
referral)
Project: Improvement of Affordable Housing Access Roads in Shauri Moyo.
Contractor: TransNile Enterprises Ltd.
Project Length: 3.5km Contract Value: Kshs 391 Million

Responsibilities
- Preparation of claims – Extension of time claims
- Preparation of Monthly Statements and Interim Payment Certificates.
- Preparation of Work Programmes and Work Methodologies
- Liasing with the Resident Engineer team in the interpretation of designs and
integration thereof within the site.
- Coordinating with Foremen and Surveyors for the various site activities.
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous
works).
August 2021 to date

Deputy Project Manager: ARAK Consulting Engineers (referral as the Deputy Site
Agent to the contractor)
Project: Performance Based Maintenance of Narok – Ngoswani Road in Narok
County.
Contractor: TransNile Enterprises Ltd.
Project Length: 45km Contract Value: Kshs 310 Million
Responsibilities

- Preparation of Monthly Statements and Interim Payment Certificates.

- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Resourcing of instructed Works

October 2019 to date

Deputy Project Manager: ARAK Consulting Engineers (referral to the contractor

as the Deputy Site Agent)
Project: Upgrading to Bitumen Standards of Ololulung’a – Mukenyo in Narok
County.
Contractor: TransNile Enterprises Ltd.
 Project Length: 20km Contract Value: Kshs 643 Million
Responsibilities

- Preparation of Monthly Statements and Interim Payment Certificates.

- Preparation of Extension of time claims
- Coordinating with Foremen and Surveyors for the various site activities.
- Correspondences with the Employer
- Preparation of Revised Programme of Works for Ololulung’a - Mukenyo Road.
- Resourcing of outstanding Works (Earthworks, Concrete and Bituminous
works).
September 2019 to December 2020
Civil Works Engineer at Oville Associates (retainer basis).
Projects:
- Geometric and Pavement Design of Adrian Group Deceleration Lane (off
Gitaru - Kanyariri Road) for Plot L.R No. Muguga/Gitaru 185 Kikuyu, Kiambu
County.
- Preparation of Revised Programme of Works using MS project for Muriasi
Bridge in Bomet County.
- Cost Analysis of Kianyaga Roads and Drainage Works Bid BOQ
- Geometric Design of Proposed Access Road for Plot No. L.R 2951/494 in
Kitisuru, Nairobi County.
- Geometric Design Atwood Avenue Access road
- Preliminary and Detailed Structural design, preparation of bill of quantities and
supervision of High Ropes course in Karen.
- Engineering Design Review of Roads and Storm Infrastructure for KCAA –
SBRS on parcel Mavoko Town block 3/2332

October 2017 to September 2019

Assistant Engineer: Odda-Bute-Danaba road Project, KeRRA (RWC 318).

Project length 90Km, cost Kshs 3.5 Billion. Project
Location: Marsabit and Wajir Counties
Responsibilities included:
- Setting up of the materials laboratory and the Resident Engineers office
according to the Special specifications and with the guidance of the Resident
Engineer.
- Preparation of Monthly reports.
- Revision of geometric designs using AutoCAD Civil 3D
- Hydrological modelling using TRRL East Africa model and Modified Rational
Formula, hydraulic design using Manning’s formula for box and pipe culverts.
 - Interpretation of drawings
- Supervision of Materials laboratory testing and analysis of results. Testing
involved: alignment soils, CBR and other gravel tests as outlined in BS 1377,
AASHTO T180, AASHTO T99 and AASHTO T193(BS 1924, cement
improved gravel)): Testing of aggregates for surface dressing and concrete
according to BS 812, Mix design of concrete and cement improved base and
determination of spread rates and spray rates using ALD according to RDM III.
- Supervision of earthworks, cement improved base, concrete works, surface
dressing and material laboratory.
- Measurement of earthworks, pavement layers and concrete works.
May 2017 - September 2017

Assistant Engineer in Laisamis – Ngurunit Road project, KeRRA (RWC 315).

Length 20Km, Cost = Kshs. 894 Million.
Project location: Marsabit County
Key Responsibilities:
- Preparation of monthly reports.
- Design review of geometric designs.
- Interpretation of drawings
- Supervision of Materials laboratory testing and analysis of results. Testing
involved: alignment soils, CBR and other gravel tests as outlined in BS 1377,
AASHTO T180, AASHTO T99 and AASHTO T193 (BS 1924, cement
improved gravel)): Testing of aggregates for surface dressing and concrete
according to BS 812. Determination of spread rates and spray rates using ALD
according to RDM III.
- Supervision of earthworks, cement improved base, concrete works, surface
dressing and material laboratory

April 2017 – May 2017

Site Engineer for Vaghjiyani Enterprises Limited in the Construction of Lecture

Hall IV (Four storeys) at Kabianga University. Project Cost: Kshs. 220M
Key Responsibilities:
- Interpretation of drawings and the bar bending schedule,
- Inspection of formwork, inspection of placement of concrete, setting levels for
positioning of shutters.
- Concrete sampling and testing using the Kisumu Regional materials laboratory.
September 2016 - April 2017

Intern with the Department of Nairobi metropolitan in the Construction of Thika

Railway Station Access roads project.
Project length = 1.6Km Project Cost = Kshs 226 Million
Responsibilities:
- Preparation of monthly progress reports as required
- Inspector of works in the civil works. Civil works involved a 0/50 AC wearing
course, 0/50 binder course with a hand packed stones base. Earthworks involved
a 150mm layer subbase and rock fills in swampy areas.

September 2015 - December 2015

Attaché with Frame Consultants in the Ruiru Sewerage Project.

- Served as an Inspector of works for Kamiti trunk sewer and reticulation.

September 2014 - January 2015

Attaché with the Resident Engineer in the Mathatani- Kaseve- Kaloleni road
project, KeRRA (D 527).
Project Length 22Km
Involved in:
- Material Testing as guided by the Material Technologist.
- Inspection of works.
- Survey.
October 2013 - December 2013

Attaché with Vaghjiyani Enterprises Limited in the construction of KIRDI techno

center in South B.
Involved in:
- Interpretation of the bar bending schedule.
- Inspection of formwork, inspection of placement of concrete, setting levels for
positioning of shutters.
- Setting out footings, inspecting and approving levels of excavation as directed
by the engineer and surveyor.

COURSES AND TRAININGS ATTENDED

 Training on ‘Do Nou’ Road technology program by CORE Kenya- 12th September to 16th
September 2016
 Training on Performance Based Road Maintenance Contract (PBC) held at the Kenya
Institute of Highways and Building Technology from 20th to 24th September 2021
PROFESSIONAL REGISTRATION

1. Registered with the EBK as a graduate engineer, Registration No. B12312

2. Registered with IEK as a graduate engineer, Registration No. G. 7996.

ACHIEVEMENTS

• Served as Vice-Chair in Network Evangelistic Team in the C.U in the period 2013/2014
• Achieved a Gold Award under the President’s Awards scheme (Duke of Edinburgh) going
through bronze, silver and finally Gold

INTERESTS/ HOBBIES

• Hiking

• Reading Books

• Travelling

Referees details and testimonials will be provided when requested.

 CERTIFICATE OF GOOD STANDING

This is to certify that

Ngugi Jacob Kibe Registration Number B12312

is a Graduate Engineer registered by the Engineers Board of Kenya and is in Good Standing.

This Certificate is valid for the period between 12-Mar-24 to 31-Dec-24

Issued this 12th day of March 2024

Serial No. EBK/2024/B12312/012215 Eng. Margaret N. Ogai CE

REGISTRAR/CEO
This e-generated certificate can be validated by contacting EBK
 GABRIEL KEYA WEKESA

CURRICULUM VITAE

PERSONAL INFORMATION:

NAME : Gabriel Keya Wekesa.

PROFESSION : Civil Engineering.
PROFESSION EXPERIENCE : 4 years of experience as at December 2019.
CONTACT ADDRESS : P. O. Box 22433-00100 Nairobi.
MOBILE PHONE : 0704214409
E- MAIL ADDRESS : [email protected]
LANGUAGE : English, Kiswahili.
STATUS : Single.
DATE OF BIRTH : 1st November 1995.
NATIONALITY : Kenyan.
SEX : Male.

OBJECTIVES:
 Flexible enough so as to learn on job.
 To work hard to meet expectations.
 Honest and of good integrity
 To acquire professional skills that will be applied in my engineering endeavor.
EDUCATION BACKGROUND:
2014 – 2019 University of Nairobi, Kenya
Bsc in Civil and Construction Engineering

2009 – 2012 St. Peters Mumias Boys’ High School, Kenya

Kenya Certificate of Secondary Education

2001 – 2008 Nzoia Sugar Primary School, Kenya

Kenya Certificate of Primary Education

MEMBERSHIP OF PROFESSIONAL ASSOCIATION:

2015; Student Member of Institution of Engineers of Kenya (IE
2021; Graduate Engineer Engineers Board of Kenya

SOFTWARES
AutoCAD, Civil 3D, Prokon, Infraworks, Revit, Robot, ArchiCAD. Cubit Pro, ms project, excel
sheets

WORK EXPERIENCE:
PERIOD Organization Job title
June 2016 – September 2016 Sonata Kenya Limited Intern
Dec 2018 – May 2019 Dachi LTD Intern
Aug 2019 - Sept 2020 Ogle Constrction Company Ass. Site Engineer
Sept 2020 - Date Kalzet Enterprises Limited Foreman
Description of projects handled at Kalzet Enterprises Limited
1. Project management and implementation of the construction of the Proposed Nanyuki
Airbase Perimeter wall. Department of Defence.
2. Construction of Chavakali Power Sub-Station. Client Kenya Power and Lighting
Company.
3. Tendering process.

Description of projects handled at Dachi Limited.

1. Project Supervision of tarmac road construction in Kimilili. Bungoma County
Government.
2. Asst. project engineer for the Proposed construction of Civil Servants Housing Project in
Embu Town. Ministry of Housing
3. Design and supervision of Kabete National Polytechnic sewer.
4. Tendering process
Description of Projects handled and activities engaged in at Ogle Construction Company
Improvement of Nairobi Roads Lot 1, Link Connecting Ngong Road and Langata Road
1. Coming up with structural designs and Drawings
2. Interpretation of Structural Drawings
3. Coming up with Bar Bending schedules and Works programs
4. Inspection works done on site
5. Record and book keeping
6. Setting out and construction of structures
7. Coming up with solutions for issues accruing
8. Undertaking lab material tests used in Road construction
9. Earthworks
Description of Projects handled and activities engaged in at KURA (Resident Engineers
Office)
Improvement of Nairobi Roads Lot 1, Link Connecting Ngong Road and Langata Road via
Kibera
1. Interpretation of drawings
2. Inspection of works done on site
3. Dealing with questions/issues raised by the contractors’ team
4. Approval of works to be done onsite
5. Coming up with solutions
6. Record and book keeping
 7. Inspection of materials used
8. Preparation of interim payment certificate

Description of projects handled and activities engaged in at Henford Ltd

Periodic maintenance of roads in Amboseli National Park
1. Preparation of works program.
2. Preparation of site progress reports and comparing them against the planned program of
works.
3. Quantification of works done
4. Record keeping
5. Preparation of interim payment certificates
6. Fleet management
Description of projects handled and activities engaged in at Earthcare Services Ltd
Upgrading of Pamus _Ndengelwa Road to Bitumen Standards in Bungoma Municipality
Upgrading of Mkulima_Nasusi Road to Bitumen Standards in Kimilili Municipality
1. Construction of gravel subgrade layers
2. Construction of gravel sub base and stabilized base of minimum CBR OF 25% to a
finished thickness of 150mm and 175mm respectively
3. Application of surface dressing using 14/20 and 6/20 double seal surface dressing to the
shoulders and carriageway
4. Construction of standard pipe culverts, box culverts, bridges and improvement of other
drainage and soil erosion protection works
5. Preparation of program of works
6. Link between the contractor and the client
7. Preparing progress reports and comparing them against the planned program of works
8. Site record keeping
9. Preparation of interim payment certificates
10. Fleet management
Referees
1. FAUSTINE WELAMONDI
QUANTITY SURVEYOR,
DACHI LINITED.
0721558988

2. Eng. KEVIN NGATIA

CHIEF STRUCTURAL ENGINEER,
MINISTRY OF WORKS.
0724830948

3. HENRY GAYA
MANAGING DIRECTOR,
DACHI LIMITED.
0722816212

4. FRED AMULAVU
SITE ENGINEER
OGLE CONSTRUCTION COMPANY LTD
0724840797

5. ABDULGHAFAR BULLE
ASSISTANT SITE ENGINEER KURA
0720362296
 CURRICULUM VITAE

HABAKUK HENRY OTIENO NDAGA

P.O. BOX 1957 MOMBASA
CELL PHONE : +254 721 973968
: +254 725 073526
EMAIL: [email protected]
: [email protected]
PERSONAL PROFESSIONAL
DATE OF BIRTH : 28/02/1985
GENDER : MALE
NATIONALITY : KENYAN
IDENTITY NO : 24071274
PASSPORT NO : A2466027
MARITAL STATUS : MARIED
RELIGION : CHRISTIAN
LANGUAGE : ENGLISH & KISWAHILI

Key Qualifications:

Working as a Site Supervisor/manager in various civil construction firms, I have been

responsible for the construction teams, which includes planning for scheduled work program,
safety and quality and upfront engineering. I have vast experience in the various construction
firms. I am conversant with the quality requirements and have the experience of interpolating
levels as per the design and involved in the inspection and test plans.
Please see the employment history below for detailed responsibilities in various projects

Education:

From (Month To (Month and GENERAL EDUCATION

and Year) Year)
State College or University Course of Study and
qualification achieved
Jan 2006 Jan 2008 Technical University Of Diploma Certificate In Civil
Mombasa Engineering

From (Month To (Month and SPECIALIZED EDUCATION

and Year) Year)
 State School, College or Course of Study and
University qualification achieved
Feb 2002 Nov 2005 Kambare High School KCSE.
Jan 2001 Nov 2001 Nyasidhi Primary School KCPE.
Jan 1993 Nov 2000 Nyasidhi Primary School KCPE.

EMPLOYMENT RECORDS:
APR. 2020 – TO DATE KALZET ENTERPRISES LIMITED
PROJECT: Maintenance Of Tsavo River-Voi A8 Road
Site Foreman.

 Supervising all earthworks.

 Supervising all concrete works and construction of
manholes.
 In-charge of all site equipment.
 Interpretation of drawings and designs
 Preparing work measurement sheet.

Routine Maintenance Of Cheborge Junction-Kipwasituiya Market Road/

Sotik-Sulal Roads
Site Foreman
 Supervising all earthworks.
 Supervising all concrete works and construction of
manholes.
 In-charge of all site equipment.
 Interpretation of drawings and designs
 Preparing work measurement sheet.

NOV. 2022 – JAN. 2023 KALZET ENTERPRISES LIMITED

PROJECT: DB KIGUMO RD JCT.C538 GAKOIGO SEC.2 RD
MURANGA
Site Supervision.
 Supervising all earthworks and laying of paving
blocks.
 In-charge of all site equipment.
 Interpretation of drawings and designs
  Developing work method statements, work program
and reports.
 Preparing work measurement sheet.

AUGUST 2022 – NOV. 2022 SOBETRA UGUNDA LIMITED: SITE SUPERVISOR

PROJECT:EPCF FOR INFRASTRUCTURE
DEVELOPMENT
FOR PHASE 1 KONZA TECHNOPOLIS
Contract number: KOTDA/EPC contract/001/2016-2017
 Site Supervision
 Supervising all earthworks and laying of GCS
 Supervising all networks i.e gulley pits, ict, street
light, medium and low voltage lines.
 In-charge of all site equipment.
 Interpretation of drawings and designs
 Developing work method statements and jsea
 Preparing of program of work.

JULY 2021 – JULY 2022 AEA LIMITED: SITE SUPERVISOR

PROJECT: CIVIL WORKS FOR THE UPGRADING OF
MUYEMBE-NAKAPIRIPIRIT ROAD (92KM) TO PAVED
(BITUMINOUS) STANDARDS AND SECONDARY LINK
ROADS 25KM
 Site management
 Supervising all earthworks
 Supervising all density tests
 Supervising stone base/GCS stabilization.
 In-charge of all site equipment
 Interpretation of drawings and designs
 Developing work method statements and jsea
 Interpolation and control of design levels
 Preparing of program of work.

APRIL 2021 – JUNE 2021 HANDISI SYSTEMS LIMITED: SITE SUPERVISOR

PRPJECT: UPGRADING OF KAMANGA AIRSTRIP AND
LOSESIA HOTEL ROAD (EBS SOLUTION)
 Site management
 Supervising all earthworks
 Supervising all density tests
  Supervising of EBS soil solution stabilization
 In-charge of all site equipment
 Interpretation of drawings and designs
 Developing work method statements and jsea
 Interpolation and control of design levels
 Preparing of program of work.
 Interacting directly with client representative.

JAN 2021 – APRIL 2021 DONATTA GENERAL AGENCIES LIMITED: SITE AGENT
PROJECT: UPGRADING TO BITUMEN STANDARDS OF
RUIRI-KWA KOOME (C356) – TUTUA-NDUNYU SABU
CATHOLIC CHURCH ROAD
 Site management
 Supervising all earthworks
 Supervising all density tests
 Supervising of soil cement stabilization
 In-charge of all site equipment
 Interpretation of drawings and designs
 Developing work method statements and jsea
 Interpolation and control of design levels
 Making certificate of payments
 Responding to RE’s letters.
 Supervising bitumen priming
 Supervising surface dressing.

SEP 2020 – DEC 2020 HANDISI SYSTEMS LIMITED: SITE SUPERVISOR

PROJECT: UPGRADING OF KAMANGA AIRSTRIP
 Site management
 Supervising all earthworks
 Supervising all density tests
 Supervising of soil solution stabilization
 In-charge of all site equipment
 Interpretation of drawings and designs
 Developing work method statements and jsea
 Interpolation and control of design levels
 Making certificate of payments.

JUNE 2020 - SEP 2020 SOBETRA UGUNDA LIMITED: SITE SUPERVISOR

 PROJECT: EPCF FOR INFRASTRUCTURE
DEVELOPMENT
FOR PHASE 1 KONZA TECHNOPOLIS
Contract number: KOTDA/EPC contract/001/2016-2017

 In-charge of culvert works

 Supervising storm water, gulley pits and sewer piping
 Supervising tunnel works
 Supervising earthworks
 Section manager

AUG 2019 - JUNE 2020 H YOUNG & CO. [EA] LTD: CIVIL FOREMAN.
PROJECT: CIVIL WORKS FOR OLKARIA 1 ADDITIONAL
UNIT 6 (LOT-1)
 In-charge of culvert works
 In-charge of pilling works and pipe supports
 Supervising all earthworks including excavations
 Section manager.
 Managing plants and equipment
 Setting out and putting of levels. (survey works)

MAR 2019-AUG 2019 CIVICON LIMITED: CIVIL FOREMAN

PROJECT: CIVIL WORKS FOR OLKARIA 1 ADDITIONAL
UNIT 6 (LOT-1)
 Supervising all earthworks.
 Planning and executing all works within the scope.
 Concrete works [swale drains, culverts and reinforced
slabs.
 In-charge of all site activities and safety.
 Pilling Foreman.

JAN 2019 MAR 2019 KAJAJA CONSTRUCTION COMPANY: CIVIL FOREMAN

PROJECT: MOYALE-MANDERA ROAD UPGRADING TO
BITUMEN STANDARD
 Site foreman.
 Supervising all earthworks.
 Supervising and stabilizing sub-base and base materials
 Controlling and interpolating levels as per the design.
 Planning and executing all works within the scope.
 In-charge of all earth moving machines
JUNE 2018-DEC 2018 CIVICON LIMITED: GENERAL FOREMAN
PROJECT: CIVIL WORKS FOR REHABILITATION OF
G-SECTION (LOT-A) TENDER NO.20150620
 Supervising all earthworks
 Concrete works (culverts, drains and reinforced slabs.
 Planning and executing all works within the scope

NOV 2017-JUNE 2018 DITTMAN CONSTRUCTION COMPANY: SITE SUPERVISOR

PROJECT: OLD NAIROBI ROAD & BISHOP MUGE ROADS
UPGRADING TO BITUMEN STANDARDS
 Supervising all earthworks
 Supervising concrete works (culverts, drains and protection
works
 Conducting toolbox (safety talks)

JUNE 2017-NOV 2017 DEROW BROTHERS CONST. COMPANY: SITE SUPERVISOR

PROJECT: UPGRADING TO BITUMEN STANDARD LAARE-NDUMURU
ROAD
 Supervising all earthworks.
 In-charge of all concrete works (protection works and culverts).
 Supervising bitumen priming and surface dressing.
 Conducting safety talks.

JAN 2017 – JUN 2017 CIVICON LIMITED: CIVIL SUPERVISOR
PROJECT: CIVIL WORKS FOR PROPOSED REHABILITATION OF
G-SECTION (LOT-A) TENDER NO.20150620
 Supervising all earthworks.
 In-charge of all concrete works (protection works and culverts)
 Conducting safety talks.
 Supervising GCS laying.

AUG 2016 – DEC 2016 CIVICON LIMITED KIGALI RWANDA: CIVIL SUPERVISOR
PROJECT: KIMIRINKO–KANOMBE ROAD UPGRADING TO BITUMEN
STANDARD
 Supervising contractor for and on behalf of the client in the
maintenance and rehabilitation of ware houses, construction of
internal roads upgrading to bitumen standards and laying of road
kerbs.
 Health and safety inductions.

JUNE 2015 – AUG 2016 CIVICON LAKE TURKANA WIND POWER: ROAD FOREMAN
PROJECT: LAISAMIS – LAKE TURKANA ROAD UPGRADING
  Supervising all earthworks in the construction of wind power
hardstands and link roads.
 Supervising concrete works
 Conducting safety talks.

MAR 2014 – JAN 2015 CIVICON LIMITED TULLOW OIL: CIVIL FOREMAN
PROJECT: CIVIL WORKS FOR WELL-PADS AND ROADS
 Supervising all earthworks.
 Supervising concrete works (culverts, drifts, drains and cellar slabs)
 Planning and arranging works as per the pow.
 Conducting toolbox talks

NOV 2012 – NOV 2013 REDIS-CIVICON: GROUTING/CONCRETE FOREMAN

PROJECT: KWALE MINERAL SANDS PROJECT
 In-charge of concrete and grouting works.
 Supervising stabilization of subgrade
 Supervising excavation of dams
 Supervising construction of pre-fab structures
 Conducting safety talks

NOV 2011 – OCT 2012 CIVICON LIMITED: CIVIL FOREMAN

PROJECT: CONSTRUCTION OF TANK 102 & 114 KENYA PETROLEUM
REFINERY LIMITED (KPRL)
 In-charge of all civil works and mechanical fabrications
 Tac-welding, gas cutting, mechanical fitting
 Conducting toolbox talks

FEB 2008 – FEB 2011 WELLS CONSTRUCTION LIMITED: CIVIL FOREMAN

PROJECT: UPGRADING KPRL INTERNAL ROADS AND KPLC ROAD
 Supervising earthworks, concrete and stone-pitching in the
construction of refinery road and underground pipes protection.
 Conducting toolbox talks
 Attachment

JAN 2007 – FEB 2008 H YOUNG & CO. (EA) LIMITED: JACK HAMMER OPERATOR
PROJECT: REHABILITATION OF BERTH 7-10 IN KENYA PORTS
AUTHORITY
 Breaking of existing concrete slabs and berth using jack hammer
and hydro-power jet.
 Compressor operator.
MAR 2006 – JAN 2007 TSOJO INVESTMENT & CONSTRUCTION COMPANY: CARPENTER/
PROJECT: BUILDING OF MODERN HOUSE IN MWEMBE TAYARI
 Assembling and installation of formworks
 Laying blocks and plastering
 Bending and fixing steels as per the bending schedule
 Team leader.
 REFEREES
NAME DESIGNATION COMPANY CONTACT
ROBERT MWEBI PROJECT MANAGER AEA LIMITED +254722981324
WAMBIA WAIGWA PROJECT MANAGER HANDISI SYSTEMS +254723621997
ENGINEER DENNIS ASSISTANT RE DONATTA GENARAL AGENCIES +254715822485
ROBERTO ARTUSO PROJECT MANAGER SOBETRA UGANDA LIMITED +254705777917
JACOB LEANER PROJECT DIRECTOR H YOUNG CO. & (EA) LIMITED +254733609732
GADDAPHY ODHIAMBO CONST. MANAGER CIVICON OLKARIA +254720238530
DAVID MUGO PROJECT MANAGER CIVICON KPA (G-SECTION) +254722266843
STEVE ONONO AST.PROJECT ENGINEER DITTMAN CONSTRUCTION +254727016930
ENGINEER EDWIN ASSISTANT RE DEROW BROTHERS +254726160806
 FREDRICK NZIOKA MUTUKU.
Address: P.O BOX 27, KITHYOKO

Mobile: +254 703 172 894

Email: [email protected].
• Nationality: Kenyan.

• Gender: Male.

Personal • Year of birth: 1984.

Details:
• Languages: English, Swahili and Kamba (Proficiency in written and spoken).

• Religion: Christian.

 Respect and cooperation with all my workmates to achieve the common goals of the
organization.
Personal
Profile:  Upholding my dignity and the entire ethical principles and code of conduct of the
profession.

 Ability to work diligently and faithfully to achieve the organization’s goals through hard
work, honesty and integrity towards those whom I work with.
Career  To be part and parcel of the changing engineering survey world.
Aspiration:
 A challenging position with active involvement in a progressing organization that fosters
creativity, innovation and responsibility and enhances my career development.
• Aggressive and result-oriented

• Excellent Negotiation and persuasive skills

Attributes: • Ability to work well with a team for organizational success.

• Challenge seeker and committed in making positive impact.

• Initiative, self-starter and outstanding personality.

• Good communication and interpersonal skills.

  University Education: University of Nairobi,

(2004-2009) Bachelor of science (Geospatial Engineering),

Educational Degree (Second Class).

Background:  Secondary Education: Machakos school,

(1999-2002) KCSE: B+(plus).

 Primary Education: Ielanthi Primary school,

(1990-1998) KCPE: 571\700 Marks.

 Competent to operate and use Survey equipment: Total station, Dumpy level, Hand held
GPS, Static GPS, Real Time Kinematic GPS (R.T.K), Theodolite.

 Proficiency and experience in various Computer Application Software: Civil 3-D Auto
Technical CAD, 2-D Auto CAD, Civil CAD, Arc GIS, Global Mapper, Arc VIEW, Adobe
Skills: Photoshop, Microsoft Office.

 Ability to collect survey data about the Natural and Man-made features of the land as well
as elevation for the purpose of design as well as creating a map.

 Ability do establish horizontal and vertical controls.

 Ability to do geometrical design for a road using topographical data.

 Ability to establish and re-establish a real property boundaries.

Work April 2023 – To date: Fresica Gen. Contractors Company Limited

Experience:  Project Surveyor at Gotu - Mbarambate Road, Isiolo County.

 Project Task

 Setting out Access and Cross Culverts, Box culverts.

 Designing of invert levels for Culverts.

 Taking Topographical survey for geometrical design.

 Setting out Designed Road center line.

 Drawing Road Cross section for computing Cut and fill quantities.

Demarcating Road corridor as per Registry Index Maps (RIM).

Feb 2023 – April 2023: Fresica Gen. Contractors Company Limited

 Project Surveyor at Kinna – Kulamawe, Isiolo County.

 Project Task

 Designing of invert levels for Culverts.

 Taking Topographical survey for geometrical design.

 Setting out Designed Road center line.

 Drawing Road Cross section for computing Cut and fill quantities.

Demarcating Road corridor as per Registry Index Maps (RIM).

Nov. 2022 – Jan. 2023: Fresica Gen. Contractors Company Limited

 Project Surveyor at DB Kigumo Rd. Jct. C538 Gakoigo Sec.2Rd

 Project Task

 Designing of invert levels for Culverts.

 Taking Topographical survey for geometrical design.

 Setting out Designed Road center line.

 Drawing Road Cross section for computing Cut and fill quantities.

March 2022- May 2022: Fresica Gen. Contractors Company Limited

 Project Surveyor at F2205 Gitugi – Nyangiti (Gitugi – Thakumi River) Road.

 Project Task

 Setting out Access and Cross Culverts, Box culverts.

 Designing of invert levels for Culverts.

 Taking Topographical survey for geometrical design.

 Setting out Designed Road center line.

 Drawing Road Cross section for computing Cut and fill quantities.

Demarcating Road corridor as per Registry Index Maps (RIM).

24th September 2021- Oct.2021:

 Assistant senior Project surveyor under Resident Engineer (Kenya Rural Roads Authority)
at Kiutine-Kina-Garbatula Road (RWC 274).

 Project Task

 Setting out Access and Cross Culverts, Box culverts.

 Designing of invert levels for Culverts.

 Taking Topographical survey for geometrical design.

 Setting out Designed Road center line.

 Drawing Road Cross section for computing Cut and fill quantities.

 Demarcating Road corridor as per Registry Index Maps (RIM).

 Establishing Horizontal and Vertical controls by use Real Time Kinematic (RTK) and
Dumpy level.
 September 2021 to 23 September 2021:

 Project Surveyor for Mau Mau Road Lot 8 Muranga county Section, contract
No.KeNHA/RD/D/2901/2020( Kirwara –Kahunyo-Gatura) under Cremio Engineering LTD.

 Project Tasks;

 Establishing General road boundary using Registry Index Maps (RIM).

 Taking Original ground levels Cross section for Computing earthworks Quantities.

 Concreting and Heghting Bechmarks.

 Drawing Cross sections for earthworks quantities.

 Setting out access culverts and calculating their Invert levels.

 Setting out Designed Alignment Data (center line Data) to establish designed road centerline. .

 Establishing Chainage Reference pegs and putting levels for each pavement layers on offset
pegs(Tops)

 March 2021 to August 2021:

 Engaging in Cadastral and Mutation activities

 January 2021 to May 2021:

  Surveyor for KeRRA under Grading and maintenance Igebe south and Igebe south Meru.

 Tasks;

 Establishing General road boundary using Registry Index Maps (RIM).

 Taking Original ground levels and after grading and borrowing gravel materials to compute
grading and gravel quantities.

 Setting out Box, Cross and Access culverts and computing their Inverts.

March 2017 to December 2020:

 Assistant Senior Surveyor under Resident Engineer (KeRRA) at Maua-Athiru kaiti-kilili-

National Park Road Project (RWC 256), Laare-Ndumuru Road Project (RWC 330) and
Kangeta-Muutini- Laare Road Project (RWC 328).

 Project Task;

 Establishing horizontal and vertical controls using Total station and dumpy level.
 1. Eng. Sospeter Ojamong Obara.

Regional Director, Kenya Rural Roads Authority

Meru Region,

Referees: Cell phone: 0722-422-877

2. Philip Waweru kuria

Kenya Rural Roads Authority Senior Surveyor.

Nairobi.

Cell phone: 0721-567-179

3. Eng. Argwings oyoti

Kenya Rural Roads Authority Engineer.

Nairobi.

Cell phone: 0725-286-533

 R/1791

2024

CPA Bosire Benson Orina

BENSON AND ASSOCIATES

P/951
31st December 2024

1st day of January 2024

 2024

BENSON AND ASSOCIATES

PF/685
31st day of December 2024
KALZET ENTERPRISES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Kalzet Enterprises Limited
Annual report and financial statements
For the year ended 31 December 2023

CONTENTS Page

Corporate Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditor 4

Statement of Comprehensive Income 5

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cashflow 8

Notes to the Financial Statements 9 - 14

Kalzet Enterprises Limited
Corporate information
For the year ended 31 December 2023

Directors
Brian Mwakio
Oscar Muyodi

Registered office
L.R. No. 209/3780
Rattansi Educational Building, Koinange Street
P.O. Box 90282-80100 Mombasa, Kenya.

Bankers
Kenya Commercial Bank
Biashara Street
Nairobi

Independent auditor
Benson and Associates
Certified Public Accountants (K)
P.O. Box 28166 - 00200
Nairobi

1
Kalzet Enterprises Limited
Report of the directors
For the year ended 31 December 2023

The Directors submit their report and the audited financial statements for the year ended 31 December 2023, which
disclose the state of affairs of the company.

Incorporation
The company is incorporated and is domiciled in Kenya under the Kenyan Companies Act.

Principal activities
The principal activity of the company is that of Civil Works.

Results
The profit for the year of Shs. 11,967,417 has been added to retained earnings. The directors do not recommend the
declaration of a dividend for the year.

Auditors
During the year, Benson & Associates, Certified Public Accountants was appointed as the company's auditor and has
expressed its willingness to continue in office in accordance with the Section 159 (2) of the Kenyan Companies Act.

By order of the Board

…………………………………..
Director
…………12/03……..2024

2
Kalzet Enterprises Limited
Statement of directors responsibilities
For the year ended 31 December 2023

The Kenyan Companies 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 its operating results
for the year. It also requires the directors to ensure the company keeps proper accounting records, which disclose,
with reasonable accuracy, the financial position of the company. They are also responsible for safeguarding the assets
of the company.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate
accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International
Financial Reporting Standards and in the manner required by the Kenyan Companies Act. The directors are of the
opinion that 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 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 for at
least the next twelve months from the date of this statement

The statement was approved by the Board of Directors on…………12/03/2024…. and signed on its behalf by:

DIRECTOR ……………………. DIRECTOR …………………….

3
REPORT OF THE INDEPENDENT AUDITOR
To the members of:
Kalzet Enterprises Limited

Report on the Financial Statements

We have audited the financial statements of Kalzet Enterprises Limited set out on page 5 to 14 which comprise the statement of
financial position as at 31 December 2023 and the statement of comprehensive income, statement of changes in equity and
statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Directors' Responsibility on the Financial Statements

The directors are responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards and the requirements of the Kenyan Companies Act. This responsibility include:
designing, presentation of the financial statements that are free from material misstatements, whether due to fraud or error;
selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility
Our responsibility is to express an independent opinion on 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, 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 depend on the auditor's judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
the directors as well as evaluating the overall presentation of the financial statements.

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 company
as at 31 December 2023 and of its profit and cash flow for the year then ended in accordance with the International Financial
Reporting Standards and comply with the requirements of the Kenyan Companies Act.
Report on Other Legal Requirements
As required by the Kenyan Companies Act we report to you , based on our audit, that:
(i) 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;
(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 company's balance sheet and profit and loss account are in agreement with the books of account.

Date……12/03/2024………

4
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

STATEMENT OF COMPREHENSIVE INCOME

Note 2023 2022
Kshs Kshs
Revenue 4 100,772,538 91,611,398

Cost of sales 5 58,951,934 51,760,440

Gross profit 41,820,603 39,850,958

Expenses
Administrative expenses 6 18,589,408 16,943,204

Establishment expenses 7 6,083,640 4,678,260

24,673,048 21,621,464

Profit before tax 8 17,147,555 18,229,494

Income tax charge 5,180,138 5,507,021

Profit for the year attributable to the owners 11,967,417 12,722,473

5
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

STATEMENT OF FINANCIAL POSITION

2023 2022
Assets Note Kshs Kshs

Non current assets

Property, plant and equipment 13 21,854,964 15,497,039

Current Assets
Inventories 5 - -
Trade and other receivables 9 25,547,065 21,942,812
Cash and cash equivalents 10 7,215,398 5,871,263

32,762,463 27,814,075

Total assets 54,617,427 43,311,114

Equity and liabilities

Capital and reserves
Share capital 11 30,000 30,000
Retained earnings 47,904,014 35,936,597

47,934,014 35,966,597
Non current liabilities
Borrowings 12 - -

Current liabilities
Trade and other payables 14 1,503,274 1,837,496
Taxation 5,180,138 5,507,021

6,683,412 7,344,516

Total equity and liabilities 54,617,427 43,311,114

The financial statements on pages 5 to 14 were approved for issue by the board of directors on ----13/03/2024-----
and signed on their behalf by :-

………………………… …………………………
DIRECTOR DIRECTOR

6
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

STATEMENT OF CHANGES IN EQUITY

Share
Capital Retained earnings Total
Kshs Kshs Kshs
Year ended 31 December 2022
At 01 January 2022 30,000 23,214,124 23,244,124

Prior year adjustment - - -

Profit for the year - 12,722,473 12,722,473

At 31 December 2022 30,000 35,936,597 35,966,597

Year ended 31 December 2023

At 01 January 2023 30,000 35,936,597 35,966,597

Prior year adjustment - - -

Profit for the year - 11,967,417 11,967,417

At 31 December 2023 30,000 47,904,014 47,934,014

7
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

STATEMENT OF CASH FLOW

Note 2023 2022
Operating activities Kshs Kshs

Profit before tax 17,147,555 18,229,494

Adjustment for:
Depreciation of Property, plant and equipment 5,195,035 3,824,926
Prior year adjustment - -
Taxpaid (5,507,021) (4,876,515)

Operating Profit before working capital changes 16,835,570 17,177,905

Working capital changes
(Increase) in inventories - -
(Increase) in Trade and other receivables (3,604,254) (8,265,695)
(Increase)/(decrease) in Trade and other payables (334,221) 542,604

Net cashflows (used in) operating activities 12,897,095 9,454,813

Investing activities
Purchase of machinery (6,872,960) (10,900,520)
Purchase of motorvehicle - -
Purchase of equipment (4,680,000) -

Net cash generated from investing activities (11,552,960) (10,900,520)

Financing activities
Proceeds from director - -
Issue of Shares - -

Net cash generated from financing activities - -

Net Increase/(decrease) in cash and cash equivalents 1,344,135 (1,445,707)

Movement in cash and cash equivalents

At start of the year 5,871,263 7,316,970
Movement during the year 1,344,135 (1,445,707)

At end of year 10 7,215,398 5,871,263

8
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

1 SUMMARY SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been applied over the years unless otherwise stated:-

a) Basis of Preparation
The financial statements are prepared in accordance with and comply with International Financial Reporting
Standards (IFRSs). The preparation of financial statements in conformity with IFSRs requires the use of estimates
and assumptions. It also requires management to exercise its judgement in the process of applying the company's
accounting policies. The area involving a higher degree of judgement and complexity, or where assumptions and
estimates are significant to the financial statements are disclosed in note 3.

b) Revenue recognition
Revenue is recognized to the extent that is probable that the economic benefits will flow to the company and revenue
can be reliably measured. The following specific recognition criteria must be met before revenue is recognized.

Other
Other income is recognized when received.

c) Foreign currency transactions

Transactions in foreign currencies during the year are converted into Kenya shillings at the exchange rate ruling at
the date of the transaction . Foreign currency monetary assets and liabilities are translated at the exchange rate ruling
at the balance sheet date. The resulting exchange differences are recognized in the income statement in the period
which they arise.

d) Property, plant and equipment

Property, plant and equipment are initially stated at cost or subsequent at valuation, less accumulated depreciation
and any impairment in value. Subsequent costs are included in the assets carrying amount or recognized as a separate
asset as appropriate, only where it is probable that economic future benefits associated with the item will flow to the
company and the cost can be measured reliably. All other expenses and maintenance costs are classified to the
income statement in the financial period which they are incurred.

Depreciation is charged on Straightline basis, at an annual rates estimated to write off carrying values of property,
plant and equipment over their expected useful lives.

The rates in use are:

Equipment 30.00%
Motor Vehicles 25.00%
Machinery 12.50%

9
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS (Continued)

f) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimate of the selling
price in the ordinary course of business, less the cost of completion and selling expenses.

g) Employment benefits
Pension Obligations
The company contributes to a statutory defined contribution pension scheme, the National Social Security Fund
(NSSF). Contributions are determined by a local statute and are currently to Kshs 200 per employee per month, with
the company contributing a similar amount. The company contributions to the above scheme are charged to the
income statement in the year which they relate.

h) Financial instruments
Financial instruments carried on the balance sheet include cash and cash equivalent, trade and other receivables, trade
and other payables and borrowings. The particular recognition methods adopted are disclosed in the individual policy
statements associated with each item.

i) Trade receivables
Trade and other receivables are recognized at anticipated realizable value less an allowance for any uncollectible
amounts. Bad debts are written off when all reasonable steps to recover them have been taken without success.

k) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and cash in hand.
For the purpose of the cash flow statement, cash and cash equivalent comprise cash and cash equivalents as defined
above, net of outstanding bank overdrafts.

l) Provisions
A provision is recognized in the balance sheet when the company has a present legal or constructive obligation as a
result of past event and it is more likely than not an outflow of economic benefits will be required to settle the
obligation and it can be reliably be estimated.

m) Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events or
present obligations where the transfer of economic benefits is uncertain or cannot be reliably measured. Contingent
liabilities are not recognized but disclosed unless they are remote.

o) Taxation
Current tax
Current taxation is provided for on the basis of the results for the year as shown in the financial statements, adjusted
in accordance with tax legislation.

10
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS (Continued)

o) Taxation
Deferred tax
Deferred tax is provided using the liability method for all temporary timing differences arising between the tax bases
of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used
to determine deferred tax. Deferred tax assets are recognised only to the extent that it is probable that future taxable
profits will be available against which temporary timing differences can be utilised.

The carrying amounts of the deferred tax assets and liabilities is reviewed at each balance sheet date and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
deferred income asset to be utilized.

p) Interest bearing borrowings

All borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs
associated with the borrowings.

11
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2 Financial risk management objectives and policies

The company's activities expose it to a variety of financial risks, including credit risks and effects of changes in
foreign currency exchange rates and interest rates. The company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on its performance. The company
has policies in place to ensure that sales are made to customers with appropriate credit history.

3 Critical accounting esimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
experience of future events that believe to be reasonable under the circumstances:

i) Critical accounting estimate and assumptions

Property, Plant and Equipment
Critical estimates are made by the directors in determining depreciation rates for the property, plant and equipment.
These rates are set out in note 1 ( d ).

ii) Critical Judgements in applying the entity's accounting policies

In the process of applying the company's accounting policies, the management has made judgements in determining:

* Whether the assets are impaired

* The classification of financial assets
2023 2022
4 Revenue Kshs Kshs
Sales 100,772,538 91,611,398

5 Cost of sales
Opening inventories - -
Purchases 58,951,934 51,760,440
Closing inventories - -
58,951,934 51,760,440
6 Administration expenses
Audit fees 50,000 50,000
Bank charges 76,957 69,961
Hire of Transport 2,368,155 2,152,868
Salaries and wages 7,557,940 6,870,855
Printing and stationery 194,023 215,581
tendering Costs 251,931 229,028
Postage and telephone 179,758 163,416
Repairs & Maintenance 1,108,498 1,007,725
Travelling 3,527,039 3,206,399
Hire of Machinery 2,519,313 2,290,285
Machinery running expenses 755,794 687,085
18,589,408 16,943,204

12
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2023 2022
7 Establishment expenses Kshs Kshs
Rent and rates 300,000 300,000
Electricity and water 387,974 352,704
Licenses 45,000 45,000
Insurances 155,630 155,630
Depreciation 5,195,035 3,824,926

6,083,640 4,678,260

8 (Loss) before tax

The (loss) before tax is stated after charging:-
Depreciation of Property, plant and equipment 5,195,035 3,824,926
Auditor's remuneration 50,000 50,000
5,245,035 3,874,926

9 Trade and other receivables

Trade receivables 20,658,370 16031994.6
Directors account 4,888,695 5,910,817
25,547,065 21,942,812

10 Cash and cash equivalents

Cash at bank 7,215,398 5,871,263
Cash in hand - -

7,215,398 5,871,263

11 Share capital
Authorised, issued and fully paid
2,000 Ordinary shares of Kshs.15 each 30,000 30,000

12 Borrowings
The borrowings are analysed as follows:
Non-current liabilities
Directors' account - 0

Current liabilities
Accruals 1,503,274 1,837,496

Total borrowings 1,503,274 1,837,496

The borrowings from the Directors' have no terms of repayment and does not attract any interest.

13
Kalzet Enterprises Limited
Financial statements
For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS (Continued)

13 Property, plant and equipment

Motor vehicle Equipment Machinery Total
As at 31 December 2022 Kshs Kshs Kshs Kshs
Cost 3,037,500 10,200,000 - 13,237,500
Additions - 10,900,520 10,900,520
Disposals

Closing carrying value 3,037,500 10,200,000 10,900,520 24,138,020

As at 01 January 2022
Accumulated depreciation 1,756,055 3,060,000 - 4,816,055
Depreciation charge 320,361 2,142,000 1,362,565 3,824,926

Closing carrying value 2,076,416 5,202,000 1,362,565 8,640,981

Net Carrying amount 961,084 4,998,000 9,537,955 15,497,039

At 31 December 2023
Cost 3,037,500 10,200,000 10,900,520 24,138,020
Additions 4,680,000 6,872,960 11,552,960
Disposals

Closing carrying value 3,037,500 14,880,000 17,773,480 35,690,980

As at 01 January 2023
Accumulated depreciation 2,076,416 5,202,000 1,362,565 8,640,981
Depreciation charge 240,271 2,903,400 2,051,364 5,195,035

Closing carrying value 2,316,687 8,105,400 3,413,929 13,836,016

Net Carrying amount 720,813 6,774,600 14,359,551 21,854,964

2023 2022
Kshs Kshs
14 Trade and other payables
Accruals 1,503,274 10,000

1,503,274 10,000
15 Currency
The financial statements are presented in Kenya shillings (Kshs) and rounded off to the nearest one
shilling.

14
FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME TAX COMPUTATION

FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022

Kshs Kshs
Net Profit before tax as per financial statements 17,147,555 18,229,494
Add Back:
Depreciation of property, plant and equipment 5,195,035 3,824,926
Disposal loss 0 0
Less:
Wear and tear Allowances (5,075,464) (3,697,684)

Adjusted taxable profit 17,267,127 18,356,736

Taxable losses brought forward - -

Taxable profit carried forward 17,267,127 18,356,736

Tax 30% 5,180,138 5,507,021

Wear and Tear schedule

Class 1 Class 11 Class 111
37.5% 30.0% 12.5% Total
Kshs Kshs Kshs Kshs
W.D.V as at 01 January 2022 514,984 7,140,000 - 7,654,984
Additions - 10,900,520 10,900,520
Disposals
Allowance (193,119) (2,142,000) (1,362,565) (3,697,684)

WDV as at 31 December 2022 321,865 4,998,000 9,537,955 14,857,820

W.D.V as at 01 January 2023 321,865 4,998,000 9,537,955 14,857,820

Additions 4,680,000 6,872,960 11,552,960
Disposals
Allowance (120,699) (2,903,400) (2,051,364) (5,075,464)

WDV as at 31 December 2023 201,166 6,774,600 14,359,551 21,335,316

Taxation
 2023 financial ratios
a.) Current Ratios Current Assets
Current Liabilities

32,762,463.19
6,683,412.35

4.902

b.) Debt to Equity Ratio Total Liabilities

Total Equity

6,683,412.35
47,934,014.23

0.139

c.) Working Capital Current Assets - Current Liabilities

32,762,463
(6,683,412)
26,079,051

d.) Operating Cashflow Ratios Cashflow from Operations

Current Liabilities

11,967,417
6,683,412

1.791
KALZET ENTERPRISES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Kalzet Enterprises Limited
Annual report and financial statements
For the year ended 31December 2022

CONTENTS Page

Corporate Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditor 4

Statement of Comprehensive Income 5

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cashflow 8

Notes to the Financial Statements 9 - 14

Kalzet Enterprises Limited
Corporate information
For the year ended 31December 2022

Directors
Brian Mwakio
Oscar Muyodi

Registered office
L.R. No. 209/3780
Rattansi Educational Building, Koinange Street
P.O. Box 90282-80100 Mombasa, Kenya.

Bankers
Kenya Commercial Bank
Biashara Street
Nairobi

Independent auditor
Benson and Associates
Certified Public Accountants (K)
P.O. Box 28166 - 00200
Nairobi

1
Kalzet Enterprises Limited
Report of the directors
For the year ended 31December 2022

The Directors submit their report and the audited financial statements for the year ended 31 December 2022, which
disclose the state of affairs of the company.

Incorporation
The company is incorporated and is domiciled in Kenya under the Kenyan Companies Act.

Principal activities
The principal activity of the company is that of Civil Works.

Results
The profit for the year of Shs. 12,722,473 has been added to retained earnings. The directors do not recommend the
declaration of a dividend for the year.

Auditors
During the year, Benson & Associates, Certified Public Accountants was appointed as the company's auditor and has
expressed its willingness to continue in office in accordance with the Section 159 (2) of the Kenyan Companies Act.

By order of the Board

…………………………………..
Director
…………25/04……..2023

2
Kalzet Enterprises Limited
Statement of directors responsibilities
For the year ended 31December 2022

The Kenyan Companies 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 its operating results
for the year. It also requires the directors to ensure the company keeps proper accounting records, which disclose,
with reasonable accuracy, the financial position of the company. They are also responsible for safeguarding the assets
of the company.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate
accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International
Financial Reporting Standards and in the manner required by the Kenyan Companies Act. The directors are of the
opinion that 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 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 for at
least the next twelve months from the date of this statement

The statement was approved by the Board of Directors on………25/04……2023 and signed on its behalf by:

DIRECTOR ……………………. DIRECTOR …………………….

3
REPORT OF THE INDEPENDENT AUDITOR
To the members of:
KALZET ENTERPRISES LIMITED

Report on the Financial Statements

We have audited the financial statements of Kalzet Enterprises Limited set out on page 5 to 14 which comprise the statement of
financial position as at 31 December 2022 and the statement of comprehensive income, statement of changes in equity and
statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Directors' Responsibility on the Financial Statements

The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards and the requirements of the Kenyan Companies Act. This responsibility include: designing,
presentation of the financial statements that are free from material misstatements, whether due to fraud or error; selecting and
applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility
Our responsibility is to express an independent opinion on 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, 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 depend on the auditor's judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
the directors as well as evaluating the overall presentation of the financial statements.

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 company
as at 31 December 2022 and of its profit and cash flow for the year then ended in accordance with the International Financial
Reporting Standards and comply with the requirements of the Kenyan Companies Act.
Report on Other Legal Requirements
As required by the Kenyan Companies Act we report to you , based on our audit, that:
(i) 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;
(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 company's balance sheet and profit and loss account are in agreement with the books of account.

Date……25/04/2023…………

4
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

STATEMENT OF COMPREHENSIVE INCOME

Note 2022 2021
Kshs Kshs
Revenue 4 91,611,398 70,470,306

Cost of sales 5 51,760,440 36,996,911

Gross profit 39,850,958 33,473,395

Expenses
Administrative expenses 6 16,943,204 13,077,413

Establishment expenses 7 4,678,260 4,259,089

21,621,464 17,336,502

Profit before tax 8 18,229,494 16,136,894

Income tax charge 5,507,021 4,876,515

Profit for the year attributable to the owners 12,722,473 11,260,378

5
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

STATEMENT OF FINANCIAL POSITION

2022 2021
Assets Note Kshs Kshs

Non current assets

Property, plant and equipment 13 15,497,039 8,421,445

Current Assets
Inventories 5 - -
Trade and other receivables 9 21,942,812 13,677,117
Cash and cash equivalents 10 5,871,263 7,316,970

27,814,075 20,994,087

Total assets 43,311,114 29,415,532

Equity and liabilities

Capital and reserves
Share capital 11 30,000 30,000
Retained earnings 35,936,597 23,214,124

35,966,597 23,244,124
Non current liabilities
Borrowings 12 - -

Current liabilities
Trade and other payables 14 1,837,496 1,294,892
Taxation 5,507,021 4,876,515

7,344,516 6,171,407

Total equity and liabilities 43,311,114 29,415,532

The financial statements on pages 5 to 14 were approved for issue by the board of directors on --------25/04----2023
and signed on their behalf by :-

………………………… …………………………
DIRECTOR DIRECTOR

6
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

STATEMENT OF CHANGES IN EQUITY

Share
Capital Retained earnings Total
Kshs Kshs Kshs
Year ended 31 December 2021
At 01 January 2021 30,000 11,953,746 11,983,746

Prior year adjustment - - -

Profit for the year - 11,260,378 11,260,378

At 31 December 2021 30,000 23,214,124 23,244,124

Year ended 31 December 2022

At 01 January 2022 30,000 23,214,124 23,244,124

Prior year adjustment - - -

Profit for the year - 12,722,473 12,722,473

At 31 December 2022 30,000 35,936,597 35,966,597

7
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

STATEMENT OF CASH FLOW

Note 2022 2021
Operating activities Kshs Kshs

Profit before tax 18,229,494 16,136,894

Adjustment for:
Depreciation of Property, plant and equipment 3,824,926 3,487,148
Prior year adjustment - (37,969)
Taxpaid (4,876,515) (2,583,358)

Operating Profit before working capital changes 17,177,905 17,002,716

Working capital changes
(Increase) in inventories - -
(Increase) in Trade and other receivables (8,265,695) (9,170,767)
(Increase)/(decrease) in Trade and other payables 542,604 53,940

Net cashflows (used in) operating activities 9,454,813 7,885,889

Investing activities
Purchase of machinery (10,900,520) -
Purchase of motorvehicle - -
Purchase of equipment - (10,200,000)

Net cash generated from investing activities (10,900,520) (10,200,000)

Financing activities
Proceeds from director - 6,384,111
Issue of Shares - (70,000)

Net cash generated from financing activities - 6,314,111

Net Increase/(decrease) in cash and cash equivalents (1,445,707) 4,000,000

Movement in cash and cash equivalents

At start of the year 7,316,970 3,316,970
Movement during the year (1,445,707) 4,000,000

At end of year 10 5,871,263 7,316,970

8
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS

1 SUMMARY SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been applied over the years unless otherwise stated:-

a) Basis of Preparation
The financial statements are prepared in accordance with and comply with International Financial Reporting
Standards (IFRSs). The preparation of financial statements in conformity with IFSRs requires the use of estimates
and assumptions. It also requires management to exercise its judgement in the process of applying the company's
accounting policies. The area involving a higher degree of judgement and complexity, or where assumptions and
estimates are significant to the financial statements are disclosed in note 3.

b) Revenue recognition
Revenue is recognized to the extent that is probable that the economic benefits will flow to the company and revenue
can be reliably measured. The following specific recognition criteria must be met before revenue is recognized.

Other
Other income is recognized when received.

c) Foreign currency transactions

Transactions in foreign currencies during the year are converted into Kenya shillings at the exchange rate ruling at
the date of the transaction . Foreign currency monetary assets and liabilities are translated at the exchange rate ruling
at the balance sheet date. The resulting exchange differences are recognized in the income statement in the period
which they arise.

d) Property, plant and equipment

Property, plant and equipment are initially stated at cost or subsequent at valuation, less accumulated depreciation
and any impairment in value. Subsequent costs are included in the assets carrying amount or recognized as a separate
asset as appropriate, only where it is probable that economic future benefits associated with the item will flow to the
company and the cost can be measured reliably. All other expenses and maintenance costs are classified to the
income statement in the financial period which they are incurred.

Depreciation is charged on Straightline basis, at an annual rates estimated to write off carrying values of property,
plant and equipment over their expected useful lives.

The rates in use are:

Equipment 30.00%
Motor Vehicles 25.00%
Machinery 12.50%

9
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS (Continued)

f) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimate of the selling
price in the ordinary course of business, less the cost of completion and selling expenses.

g) Employment benefits
Pension Obligations
The company contributes to a statutory defined contribution pension scheme, the National Social Security Fund
(NSSF). Contributions are determined by a local statute and are currently to Kshs 200 per employee per month, with
the company contributing a similar amount. The company contributions to the above scheme are charged to the
income statement in the year which they relate.

h) Financial instruments
Financial instruments carried on the balance sheet include cash and cash equivalent, trade and other receivables, trade
and other payables and borrowings. The particular recognition methods adopted are disclosed in the individual policy
statements associated with each item.

i) Trade receivables
Trade and other receivables are recognized at anticipated realizable value less an allowance for any uncollectible
amounts. Bad debts are written off when all reasonable steps to recover them have been taken without success.

k) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and cash in hand.
For the purpose of the cash flow statement, cash and cash equivalent comprise cash and cash equivalents as defined
above, net of outstanding bank overdrafts.

l) Provisions
A provision is recognized in the balance sheet when the company has a present legal or constructive obligation as a
result of past event and it is more likely than not an outflow of economic benefits will be required to settle the
obligation and it can be reliably be estimated.

m) Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events or
present obligations where the transfer of economic benefits is uncertain or cannot be reliably measured. Contingent
liabilities are not recognized but disclosed unless they are remote.

o) Taxation
Current tax
Current taxation is provided for on the basis of the results for the year as shown in the financial statements, adjusted
in accordance with tax legislation.

10
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS (Continued)

o) Taxation
Deferred tax
Deferred tax is provided using the liability method for all temporary timing differences arising between the tax bases
of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used
to determine deferred tax. Deferred tax assets are recognised only to the extent that it is probable that future taxable
profits will be available against which temporary timing differences can be utilised.

The carrying amounts of the deferred tax assets and liabilities is reviewed at each balance sheet date and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
deferred income asset to be utilized.

p) Interest bearing borrowings

All borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs
associated with the borrowings.

11
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2 Financial risk management objectives and policies

The company's activities expose it to a variety of financial risks, including credit risks and effects of changes in
foreign currency exchange rates and interest rates. The company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on its performance. The company
has policies in place to ensure that sales are made to customers with appropriate credit history.

3 Critical accounting esimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
experience of future events that believe to be reasonable under the circumstances:

i) Critical accounting estimate and assumptions

Property, Plant and Equipment
Critical estimates are made by the directors in determining depreciation rates for the property, plant and equipment.
These rates are set out in note 1 ( d ).

ii) Critical Judgements in applying the entity's accounting policies

In the process of applying the company's accounting policies, the management has made judgements in determining:

* Whether the assets are impaired

* The classification of financial assets
2022 2021
4 Revenue Kshs Kshs
Sales 91,611,398 70,470,306

5 Cost of sales
Opening inventories - -
Purchases 51,760,440 36,996,911
Closing inventories - -
51,760,440 36,996,911
6 Administration expenses
Audit fees 50,000 50,000
Bank charges 69,961 63,601
Hire of Transport 2,152,868 1,656,052
Salaries and wages 6,870,855 5,285,273
Printing and stationery 215,581 165,832
tendering Costs 229,028 176,176
Postage and telephone 163,416 148,560
Repairs & Maintenance 1,007,725 775,173
Travelling 3,206,399 2,466,461
Hire of Machinery 2,290,285 1,761,758
Machinery running expenses 687,085 528,527
16,943,204 13,077,413

12
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2022 2021
7 Establishment expenses Kshs Kshs
Rent and rates 300,000 300,000
Electricity and water 352,704 271,311
Licenses 45,000 45,000
Insurances 155,630 155,630
Depreciation 3,824,926 3,487,148

4,678,260 4,259,089

8 (Loss) before tax

The (loss) before tax is stated after charging:-
Depreciation of Property, plant and equipment 3,824,926 3,487,148
Auditor's remuneration 50,000 50,000
3,874,926 3,537,148

9 Trade and other receivables

Trade receivables 16,031,995 13037006.6
Directors account 5,910,817 640,110
21,942,812 13,677,117

10 Cash and cash equivalents

Cash at bank 5,871,263 7,316,970
Cash in hand - -

5,871,263 7,316,970

11 Share capital
Authorised, issued and fully paid
2,000 Ordinary shares of Kshs.15 each 30,000 30,000

12 Borrowings
The borrowings are analysed as follows:
Non-current liabilities
Directors' account - 0

Current liabilities
Accruals 1,837,496 1,294,892

Total borrowings 1,837,496 1,294,892

The borrowings from the Directors' have no terms of repayment and does not attract any interest.

13
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2022

NOTES TO THE FINANCIAL STATEMENTS (Continued)

13 Property, plant and equipment

Motor vehicle Equipment Machinery Total
As at 31 December 2021 Kshs Kshs Kshs Kshs
Cost 3,037,500 - - 3,037,500
Additions 10,200,000 10,200,000
Disposals

Closing carrying value 3,037,500 10,200,000 - 13,237,500

As at 01 January 2021
Accumulated depreciation 1,328,906 - - 1,328,906
Depreciation charge 427,148 3,060,000 - 3,487,148

Closing carrying value 1,756,055 3,060,000 - 4,816,055

Net Carrying amount 1,281,445 7,140,000 - 8,421,445

At 31 December 2022
Cost 3,037,500 10,200,000 - 13,237,500
Additions - 10,900,520 10,900,520
Disposals

Closing carrying value 3,037,500 10,200,000 10,900,520 24,138,020

As at 01 January 2022
Accumulated depreciation 1,756,055 3,060,000 - 4,816,055
Depreciation charge 320,361 2,142,000 1,362,565 3,824,926

Closing carrying value 2,076,416 5,202,000 1,362,565 8,640,981

Net Carrying amount 961,084 4,998,000 9,537,955 15,497,039

2022 2021
Kshs Kshs
14 Trade and other payables
Accruals 1,837,496 10,000

1,837,496 10,000
15 Currency
The financial statements are presented in Kenya shillings (Kshs) and rounded off to the nearest one
shilling.

14
FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME TAX COMPUTATION

PIN :

For the year ended 31December 2022 2022 2021

Kshs Kshs
Net Profit before tax as per financial statements 18,229,494 16,136,894
Add Back:
Depreciation of property, plant and equipment 3,824,926 3,487,148
Disposal loss 0 0
Less:
Wear and tear Allowances (3,697,684) (3,368,990)

Adjusted taxable profit 18,356,736 16,255,052

Taxable losses brought forward - -

Taxable profit carried forward 18,356,736 16,255,052

Tax 30% 5,507,021 4,876,515

Wear and Tear schedule

Class 1 Class 11 Class 111
37.5% 30.0% 12.5% Total
Kshs Kshs Kshs Kshs
W.D.V as at 01 January 2021 823,975 - - 823,975
Additions 10,200,000
Disposals
Allowance (308,990) (3,060,000) - (3,368,990)

WDV as at 31 December 2021 514,984 7,140,000 - 7,654,984

W.D.V as at 01 January 2022 514,984 7,140,000 - 7,654,984

Additions - 10,900,520 10,900,520
Disposals
Allowance (193,119) (2,142,000) (1,362,565) (3,697,684)

WDV as at 31 December 2022 321,865 4,998,000 9,537,955 14,857,820

Taxation
 2022 FINANCIAL RATIOS

a.) Current Ratios Current Assets

Current Liabilities

27,814,074.60
7,344,516.41

3.787

b.) Debt to Equity Ratio Total Liabilities

Total Equity

7,344,516.41
35,966,597.10

0.204

c.) Working Capital Current Assets - Current Liabilities

27,814,075
(7,344,516)
20,469,558

d.) Operating Cashflow Ratios Cashflow from Operations

Current Liabilities

12,722,473
7,344,516

1.732
KALZET ENTERPRISES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Kalzet Enterprises Limited
Annual report and financial statements
For the year ended 31December 2021

CONTENTS Page

Corporate Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditor 4

Statement of Comprehensive Income 5

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cashflow 8

Notes to the Financial Statements 9 - 14

Kalzet Enterprises Limited
Corporate information
For the year ended 31December 2021

Directors
Brian Mwakio
Oscar Muyodi

Registered office
L.R. No. 209/3780
Rattansi Educational Building, Koinange Street
P.O. Box 90282-80100 Mombasa, Kenya.

Bankers
Kenya Commercial Bank
Biashara Street
Nairobi

Independent auditor
Benson and Associates
Certified Public Accountants (K)
P.O. Box 28166 - 00200
Nairobi

1
Kalzet Enterprises Limited
Report of the directors
For the year ended 31December 2021

The Directors submit their report and the audited financial statements for the year ended 31 December 2021, which
disclose the state of affairs of the company.

Incorporation
The company is incorporated and is domiciled in Kenya under the Kenyan Companies Act.

Principal activities
The principal activity of the company is that of Civil Works.

Results
The profit for the year of Shs. 11,260,378 has been added to retained earnings. The directors do not recommend the
declaration of a dividend for the year.

Auditors
During the year, Benson & Associates, Certified Public Accountants was appointed as the company's auditor and has
expressed its willingness to continue in office in accordance with the Section 159 (2) of the Kenyan Companies Act.

By order of the Board

…………………………………..
Director
…………20/04……..2022

2
Kalzet Enterprises Limited
Statement of directors responsibilities
For the year ended 31December 2021

The Kenyan Companies 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 its operating results
for the year. It also requires the directors to ensure the company keeps proper accounting records, which disclose,
with reasonable accuracy, the financial position of the company. They are also responsible for safeguarding the assets
of the company.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate
accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International
Financial Reporting Standards and in the manner required by the Kenyan Companies Act. The directors are of the
opinion that 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 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 for at
least the next twelve months from the date of this statement

The statement was approved by the Board of Directors on………20/04/……2022 and signed on its behalf by:

DIRECTOR ……………………. DIRECTOR …………………….

3
REPORT OF THE INDEPENDENT AUDITOR
To the members of:
KALZET ENTERPRISES LIMITED

Report on the Financial Statements

We have audited the financial statements of Kalzet Enterprises Limited set out on page 5 to 14 which comprise the statement of
financial position as at 31 December 2021 and the statement of comprehensive income, statement of changes in equity and
statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Directors' Responsibility on the Financial Statements

The directors are responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards and the requirements of the Kenyan Companies Act. This responsibility include:
designing, presentation of the financial statements that are free from material misstatements, whether due to fraud or error;
selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility
Our responsibility is to express an independent opinion on 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, 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 depend on the auditor's judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by the directors as well as evaluating the overall presentation of the financial statements.

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 company
as at 31 December 2021 and of its profit and cash flow for the year then ended in accordance with the International Financial
Reporting Standards and comply with the requirements of the Kenyan Companies Act.
Report on Other Legal Requirements
As required by the Kenyan Companies Act we report to you , based on our audit, that:
(i) 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;
(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 company's balance sheet and profit and loss account are in agreement with the books of account.

Date……20/04/2022………………

4
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

STATEMENT OF COMPREHENSIVE INCOME

Note 2021 2020
Kshs Kshs
Revenue 4 70,470,306 31,250,690

Cost of sales 5 36,996,911 13,125,290

Gross profit 33,473,395 18,125,400

Expenses
Administrative expenses 6 13,077,413 8,456,980

Establishment expenses 7 4,259,089 1,170,344

17,336,502 9,627,324

Profit before tax 8 16,136,894 8,498,077

Income tax charge 4,876,515 2,583,358

Profit for the year attributable to the owners 11,260,378 5,914,719

5
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

STATEMENT OF FINANCIAL POSITION

2021 2020
Assets Note Kshs Kshs

Non current assets

Property, plant and equipment 13 8,421,445 1,670,625

Current Assets
Inventories 5 - -
Trade and other receivables 9 13,677,117 4,506,350
Cash and cash equivalents 10 7,316,970 3,316,970

20,994,087 7,823,320

Total assets 29,415,532 9,493,945

Equity and liabilities

Capital and reserves
Share capital 11 30,000 100,000
Retained earnings 23,214,124 11,953,746

23,244,124 12,053,746
Non current liabilities
Borrowings 12 - (6,384,111)

Current liabilities
Trade and other payables 14 1,294,892 1,240,952
Taxation 4,876,515 2,583,358

6,171,407 3,824,310

Total equity and liabilities 29,415,532 9,493,945

The financial statements on pages 5 to 14 were approved for issue by the board of directors on ------20/04/2022----
and signed on their behalf by :-

………………………… …………………………
DIRECTOR DIRECTOR

6
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

STATEMENT OF CHANGES IN EQUITY

Share
Capital Retained earnings Total
Kshs Kshs Kshs
Year ended 31 December 2020
At 01 January 2020 100,000 6,039,027 6,139,027

Prior year adjustment - - -

Profit for the year - 5,914,719 5,914,719

At 31 December 2020 100,000 11,953,746 12,053,746

Year ended 31 December 2021

At 01 January 2021 100,000 11,953,746 12,053,746

Prior year adjustment - - -

Profit for the year - 11,260,378 11,260,378

At 31 December 2021 100,000 23,214,124 23,314,124

7
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

STATEMENT OF CASH FLOW

Note 2021 2020
Operating activities Kshs Kshs

Profit before tax 16,136,894 8,498,077

Adjustment for:
Depreciation of Property, plant and equipment 3,487,148 607,500
Prior year adjustment (37,969) -
Taxpaid (2,583,358) (1,799,540)

Operating Profit before working capital changes 17,002,716 7,306,037

Working capital changes
(Increase) in inventories - -
(Increase) in Trade and other receivables (9,170,767) (4,506,350)
(Increase)/(decrease) in Trade and other payables 53,940 1,240,952

Net cashflows (used in) operating activities 7,885,889 4,040,639

Investing activities
Purchase of machinery - -
Purchase of motorvehicle - -
Purchase of equipment (10,200,000) -

Net cash generated from investing activities (10,200,000) -

Financing activities
Proceeds from director 6,384,111 (2,924,518)
Issue of Shares (70,000) -

Net cash generated from financing activities 6,314,111 (2,924,518)

Net Increase/(decrease) in cash and cash equivalents 4,000,000 1,116,121

Movement in cash and cash equivalents

At start of the year 3,316,970 2,200,849
Movement during the year 4,000,000 1,116,121

At end of year 10 7,316,970 3,316,970

8
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS

1 SUMMARY SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been applied over the years unless otherwise stated:-

a) Basis of Preparation
The financial statements are prepared in accordance with and comply with International Financial Reporting
Standards (IFRSs). The preparation of financial statements in conformity with IFSRs requires the use of estimates
and assumptions. It also requires management to exercise its judgement in the process of applying the company's
accounting policies. The area involving a higher degree of judgement and complexity, or where assumptions and
estimates are significant to the financial statements are disclosed in note 3.

b) Revenue recognition
Revenue is recognized to the extent that is probable that the economic benefits will flow to the company and revenue
can be reliably measured. The following specific recognition criteria must be met before revenue is recognized.

Other
Other income is recognized when received.

c) Foreign currency transactions

Transactions in foreign currencies during the year are converted into Kenya shillings at the exchange rate ruling at
the date of the transaction . Foreign currency monetary assets and liabilities are translated at the exchange rate ruling
at the balance sheet date. The resulting exchange differences are recognized in the income statement in the period
which they arise.

d) Property, plant and equipment

Property, plant and equipment are initially stated at cost or subsequent at valuation, less accumulated depreciation
and any impairment in value. Subsequent costs are included in the assets carrying amount or recognized as a separate
asset as appropriate, only where it is probable that economic future benefits associated with the item will flow to the
company and the cost can be measured reliably. All other expenses and maintenance costs are classified to the
income statement in the financial period which they are incurred.

Depreciation is charged on Straightline basis, at an annual rates estimated to write off carrying values of property,
plant and equipment over their expected useful lives.

The rates in use are:

Equipment 30.00%
Motor Vehicles 25.00%
Machinery 12.50%

9
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS (Continued)

f) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimate of the selling
price in the ordinary course of business, less the cost of completion and selling expenses.

g) Employment benefits
Pension Obligations
The company contributes to a statutory defined contribution pension scheme, the National Social Security Fund
(NSSF). Contributions are determined by a local statute and are currently to Kshs 200 per employee per month, with
the company contributing a similar amount. The company contributions to the above scheme are charged to the
income statement in the year which they relate.

h) Financial instruments
Financial instruments carried on the balance sheet include cash and cash equivalent, trade and other receivables, trade
and other payables and borrowings. The particular recognition methods adopted are disclosed in the individual policy
statements associated with each item.

i) Trade receivables
Trade and other receivables are recognized at anticipated realizable value less an allowance for any uncollectible
amounts. Bad debts are written off when all reasonable steps to recover them have been taken without success.

k) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and cash in hand.
For the purpose of the cash flow statement, cash and cash equivalent comprise cash and cash equivalents as defined
above, net of outstanding bank overdrafts.

l) Provisions
A provision is recognized in the balance sheet when the company has a present legal or constructive obligation as a
result of past event and it is more likely than not an outflow of economic benefits will be required to settle the
obligation and it can be reliably be estimated.

m) Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events or
present obligations where the transfer of economic benefits is uncertain or cannot be reliably measured. Contingent
liabilities are not recognized but disclosed unless they are remote.

o) Taxation
Current tax
Current taxation is provided for on the basis of the results for the year as shown in the financial statements, adjusted
in accordance with tax legislation.

10
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS (Continued)

o) Taxation
Deferred tax
Deferred tax is provided using the liability method for all temporary timing differences arising between the tax bases
of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used
to determine deferred tax. Deferred tax assets are recognised only to the extent that it is probable that future taxable
profits will be available against which temporary timing differences can be utilised.

The carrying amounts of the deferred tax assets and liabilities is reviewed at each balance sheet date and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
deferred income asset to be utilized.

p) Interest bearing borrowings

All borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs
associated with the borrowings.

11
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2 Financial risk management objectives and policies

The company's activities expose it to a variety of financial risks, including credit risks and effects of changes in
foreign currency exchange rates and interest rates. The company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on its performance. The company
has policies in place to ensure that sales are made to customers with appropriate credit history.

3 Critical accounting esimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
experience of future events that believe to be reasonable under the circumstances:

i) Critical accounting estimate and assumptions

Property, Plant and Equipment
Critical estimates are made by the directors in determining depreciation rates for the property, plant and equipment.
These rates are set out in note 1 ( d ).

ii) Critical Judgements in applying the entity's accounting policies

In the process of applying the company's accounting policies, the management has made judgements in determining:

* Whether the assets are impaired

* The classification of financial assets
2021 2020
4 Revenue Kshs Kshs
Sales 70,470,306 31,250,690

5 Cost of sales
Opening inventories - -
Purchases 36,996,911 13,125,290
Closing inventories - -
36,996,911 13,125,290
6 Administration expenses
Audit fees 50,000 10,000
Bank charges 63,601 53,621
Hire of Transport 1,656,052 1,050,628
Salaries and wages 5,285,273 3,062,568
Printing and stationery 165,832 150,756
tendering Costs 176,176 350,600
Postage and telephone 148,560 192,660
Repairs & Maintenance 775,173 703,814
Travelling 2,466,461 870,342
Hire of Machinery 1,761,758 1,386,360
Machinery running expenses 528,527 625,632
13,077,413 8,456,980

12
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS (Continued)

2021 2020
7 Establishment expenses Kshs Kshs
Rent and rates 300,000 300,000
Electricity and water 271,311 74,844
Licenses 45,000 20,000
Insurances 155,630 168,000
Depreciation 3,487,148 607,500

4,259,089 1,170,344

8 (Loss) before tax

The (loss) before tax is stated after charging:-
Depreciation of Property, plant and equipment 3,487,148 607,500
Auditor's remuneration 50,000 10,000
3,537,148 617,500

9 Trade and other receivables

Trade receivables 13,037,007
Directors account 640,110 6,384,111
13,677,117 6,384,111

10 Cash and cash equivalents

Cash at bank 7,316,970 3,316,970
Cash in hand - -

7,316,970 3,316,970

11 Share capital
Authorised, issued and fully paid
2,000 Ordinary shares of Kshs.15 each 30,000 100,000

12 Borrowings
The borrowings are analysed as follows:
Non-current liabilities
Directors' account -

Current liabilities
Accruals 1,294,892 1,240,952

Total borrowings 1,294,892 1,240,952

The borrowings from the Directors' have no terms of repayment and does not attract any interest.

13
Kalzet Enterprises Limited
Financial statements
For the year ended 31December 2021

NOTES TO THE FINANCIAL STATEMENTS (Continued)

13 Property, plant and equipment

Motor vehicle Equipment Machinery Total
As at 31 December 2020 Kshs Kshs Kshs Kshs
Cost 3,037,500 - - 3,037,500
Additions
Disposals

Closing carrying value 3,037,500 - - 3,037,500

As at 01 January 2020
Accumulated depreciation 759,375 - - 759,375
Depreciation charge 569,531 - - 569,531

Closing carrying value 1,328,906 - - 1,328,906

Net Carrying amount 1,708,594 - - 1,708,594

At 31 December 2021
Cost 3,037,500 - - 3,037,500
Additions 10,200,000 10,200,000
Disposals

Closing carrying value 3,037,500 10,200,000 - 13,237,500

As at 01 January 2021
Accumulated depreciation 1,328,906 - - 1,328,906
Depreciation charge 427,148 3,060,000 - 3,487,148

Closing carrying value 1,756,055 3,060,000 - 4,816,055

Net Carrying amount 1,281,445 7,140,000 - 8,421,445

2021 2020
Kshs Kshs
14 Trade and other payables
Accruals 1,294,892 10,000

1,294,892 10,000
15 Currency
The financial statements are presented in Kenya shillings (Kshs) and rounded off to the nearest one
shilling.

14
FOR THE YEAR ENDED 31 DECEMBER 2021

INCOME TAX COMPUTATION

For the year ended 31December 2021 2021

Kshs
Net Profit before tax as per financial statements 16,136,894
Add Back:
Depreciation of property, plant and equipment 3,487,148
Disposal loss 0
Less:
Wear and tear Allowances (3,368,990)

Adjusted taxable profit 16,255,052

Taxable losses brought forward -

Taxable profit carried forward 16,255,052

Tax 30% 4,876,515

Wear and Tear schedule

Class 1 Class 11 Class 111
37.5% 30.0% 25.0% Total
Kshs Kshs Kshs Kshs
W.D.V as at 01 January 2020 1,318,359 - - 1,318,359
Additions - - - -
Disposals - - - -
Allowance (494,385) - - (494,385)

9WDV as at 31 December 2020 823,975 - - 823,975

W.D.V as at 01 January 2021 823,975 - - 823,975

Additions 10,200,000
Disposals
Allowance (308,990) (3,060,000) - (3,368,990)

WDV as at 31 December 2021 514,984 7,140,000 - 7,654,984

Taxation
 2021 Financial Ratios
a.) Current Ratio = CURRENT ASSESTS
CURRENT LIABILITIES

20,994,086.60
6,171,407.37

3.40

b.) Debt to equity ratio= Total Liabilities

Total Equity

6,171,407.37
23,244,124.17

0.27

c) Working Capital

Current Assets 20,994,086.60

Less: Current Liabilities 6,171,407

Kshs. 14,822,679.23

d.) Operation Cash Flow = Cashflow from Operations

Current Liabilities

11,260,378.20
6,171,407.37

1.825