INTREPID DATA SYSTEMS LIMITED

ANNUAL REPORT
&
FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS PAGE
Corporate information 3

Report of the directors 4-5

Statement of directors' responsibilities 6

Independent auditors' report 7–9

Financial statements

Statement of comprehensive income 10

Statement of financial position 11

Statement of changes in equity 12

Statement of cash flows 13

Notes to the financial statements 14– 20

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

CORPORATE INFORMATION

DIRECTORS Stephen O. Nyumba

REGISTERED OFFICE One Padmore Place

13th Floor,
P.O. BOX 23123-00505
Nairobi, Kenya

AUDITORS Chartafai LLP

Certified Public Accountants (Kenya)
Graceland Court, Keiyo Road
Nairobi, Kenya

BANKERS ABSA Bank of Kenya Ltd

Bunyala Road Branch
Nairobi

ECO Bank Kenya Ltd

Fortis Park Branch
Nairobi

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

REPORT OF THE DIRECTORS

The directors present their annual report together with the audited financial statements for the year
ended 31 December 2023.

PRINCIPAL ACTIVITIES

The company is engaged in real estate investments and principally operates in Kenya.

RESULTS
2023 2022
KES
Profit before tax (20,060) (53,887)
Tax charge (1,847) 16,166

Profit after tax (21,908) (37,721)

DIVIDENDS

The directors do not recommend a declaration of dividend

DIRECTORS

The current membership of the board is set out on page 2.

DIRECTORS’ STATEMENT AS TO THE INFORMATION GIVEN TO THE AUDITORS

Each of the persons who is a director at the date of approval of this report confirms that:

•So far as the director is aware, there is no relevant audit information of which the company’s auditors
are unaware; and

•The director has taken all the steps that he/she ought to have taken as a director in order to make
himself/herself aware of any relevant audit information and to establish that the company’s auditors
are aware of that information.

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

REPORT OF THE DIRECTORS (continued)

BUSINESS REVIEW
Intrepid Data Systems Limited is incorporated in Kenya and its main business is digital branding and
enterprise application development.

AUDITORS

The auditors, Chartafai LLP having expressed their willingness, continue in office in accordance with
the provisions of Section 719 (2) of the Kenya Companies Act, 2015. The directors monitor the
effectiveness, objectivity and independence of the auditor. The directors also approve the annual audit
engagement contract, which sets out the terms of the auditors’ appointment and related fees.

BY ORDER OF THE BOARD

COMPANY SECRETARY/DIRECTOR

Nairobi, Kenya

2024

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Kenya Companies Act 2015 requires the directors to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the company as at the end of the
financial year and of the operating results of the company for that year. It also requires the directors
to ensure the company keeps proper accounting records which disclose with reasonable accuracy at
any time the financial position of the company. The directors are also responsible for safeguarding
the assets of the company.

The directors are responsible for the preparation of financial statements that give a true and fair view
in accordance with International Financial Reporting Standards and the requirements of the Kenya
Companies Act 2015, and for such internal controls as directors determine are necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.

The directors accept responsibility for the annual financial statements, which have been prepared
using appropriate accounting policies supported by reasonable and prudent judgments and estimates,
in conformity with International Financial Reporting Standards and in the manner required by the
Kenyan Companies Act 2015. The directors are of the opinion that the financial statements give a
true and fair view of the state of the financial affairs of 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.

Approved by the board of directors by on………………… 2024 and signed on behalf of the board of
directors by:

Director

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INDEPENDENT AUDITOR’S REPORT
TO THE DIRECTORSS OF INTREPID DATA SYSTEMS LIMITED

Opinion

The financial statements give a true and fair view of the financial position of Intrepid Data
Systems Limited as at 31 December 2023, and its financial performance and its cash flows for
the year then ended in accordance with International Financial Reporting Standards and the
requirements of the Kenyan Companies Act 2015.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibility under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the International Ethics Standards Board for Accountants’ Code
of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements
that are relevant to our audit of the financial statements in Kenya, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Other Information

The Directors are responsible for the other information, which comprises the information
included in the ‘Report of the Directors’. The other information does not include the financial
statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed on the other information
that we obtained prior to the date of this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.

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INDEPENDENT AUDITOR’S REPORT
TO THE DIRECTORS OF INTREPID DATA SYSTEMS LIMITED (CONTINUED)

Report on the financial statements

We have audited the accompanying financial statements of Intrepid Data Systems Limited to
give a true and fair view in accordance with International Financial Reporting Standards, and
in a manner required by the Kenyan Companies Act 2015, and for such internal control as the
directors determine necessary to enable the preparation of the financial statements that are
free from material misstatement, whether due to fraud or error. set out on pages 9 to 20,
which comprise the statement of financial position as at 31 December 2023, the statement of
profit or loss and other comprehensive income, statement of changes in equity and statement
of cash flows for the period then ended, and a summary of significant accounting policies and
other explanatory notes.

Directors' responsibility for the financial statements

The company's directors are responsible for the preparation of financial statements that give a
true and fair view in accordance with International Financial Reporting Standards, and in a
manner required by the Kenyan Companies Act 2015, and for such internal control as the
directors determine necessary to enable the preparation of the financial statements that are
free from material misstatement, whether due to fraud or error.

Auditors' responsibility

Our responsibility is to express an 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 and plan and perform the audit to
obtain reasonable assurance about 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 company's preparation of financial statements that
give a true and fair view 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.

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INDEPENDENT AUDITOR’S REPORT
TO THE DIRECTORS OF INTREPID DATA SYSTEMS LIMITED (CONTINUED)

Report on other legal requirements

As required by the Kenyan Companies Act 2015, we report to you, based on the audit that:

i) We have obtained all the information and explanations which, to the best of our
knowledge and belief, were necessary for the purpose 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 Statement of Financial Position and Statement of Comprehensive income
are in agreement with the books of account.

The engagement partner on the audit resulting in this independent auditor’s report is CPA. J Njeru
Mwangi
- Practising no. 2198

Chartafai LLP
Certified Public Accountants (Kenya)
Nairobi, Kenya

2024

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF COMPREHENSIVE INCOME

2023 2022
Note KES KES

Income 2 12,778,231 6,812,506

Cost of Sales (9,884,680) (2,582,722)

Gross profit 2,893,551 4,229,785

Other Income 3 341,500 1,116,000

Net Income 3,235,051 5,345,785

Staff Costs 4 1,720,000 4,230,332

Administrative expenses 5 1,504,010 1,133,116

Depreciation 9 31,101 36,225

Total expenditure 3,255,111 5,399,672

Profit before tax (20,060) (53,887)

Tax charge 8 (1,847) 16,166

Profit after tax (21,908) (37,721)

Other income (net of taxes)
Gain on disposal of property - -
Profit for the year (21,908) (37,721)

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2023

STATEMENT OF FINANCIAL POSITION

ASSETS Note 2023 2022
Non-current assets KES KES
Property and Equipments 9 234,880 265,980
Due from relater parties 103,265 103,265
338,145 369,245
Current assets

Receivables and prepayments 10 3,723,339 3,152,939

Cash and Bank balances 11 157,051 541,008
3,880,389 3,693,947
Current liabilities

Trade and other payables 12 1,494,426 1,317,177

1,494,426 1,317,177

NET CURRENT ASSETS 2,724,108 2,746,015

Represented by:
Equity and Liabilities
Share capital 13 100,000 100,000

Retained earnings 2,624,107 2,646,015

2,724,107 2,746,015

EQUITY 2,724,108 2,746,015

The financial statements on pages 9 to 22 were authorised for issue by the Board of Directors on

………………….........2024 and signed on its behalf by:

…………………………………… Director

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF CHANGES IN EQUITY

Retained
Share Capital Earnings Total
2023 KES KES KES

As at 1 Jan 2023 100,000 2,646,015 2,746,015

Profit for the period - (21,908) (21,908)

For the year - - -
As at 31 Dec 2023 100,000 2,624,107 2,724,107

2022 KES KES KES

As at 1 Jan 2022 100,000 2,683,737 2,783,737

Profit for the period - (37,722) (37,722)

For the year - - -

As at 31 Dec 2022 100,000 2,646,015 2,746,015

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF CASHFLOWS
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES KES KES

Profit before tax (20,060) (53,887)

Adjustments for:
Gain/Loss in market value of investments -

Depreciation 31,101 36,225

Operating Cash flow before Working Capital Changes 11,041 (17,663)

Changes in Working Capital

Decrease/(Increase) in receivables and prepayments (570,400) 1,834,849

Increase/(Decrease) in accounts payables and accruals 177,249 76,022

Cash Flow (used in)/ Operations (393,151) 1,910,871

Net cash / generated from operating activities (382,110) 1,893,208

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property and Equipment - -
Net cash (used in)/ generated from investing activities - -

CASH FLOW FROM FINANCING ACTIVITIES

Loan Advanced - 1,640,250

Repayment of loan - (68,953)

Net cash used in financing activities - 1,571,297

Cash and Cash Equivalents (382,110) 3,464,505

MOVEMENT IN CASH AND CASH EQUIVALENTS

Cash and cash equivalent at the beginning of the year 3,527,186 62,681

Increase in Cash and Cash Equivalents (382,110) 3,464,505

Cash and cash equivalents at end of the period 3,145,077 3,527,186
Represented by;
Cash and Bank balances 157,051 541,008

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INTREPID DATA SYSYEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

SIGNIFICANT ACCOUNTING POLICIES

1. General Information
Intrepid Data Systems Limited is domiciled in Kenya where it is incorporated under the Kenyan
Companies Act as a private company limited by shares. The address of its registered office and
principal place of business is set in page 2. The principal activities of the company are digital
branding and enterprise application development.

The principal accounting policies adopted in the preparation of the Annual Report and Financial
Statements are set out below. These policies have been consistently applied to all the years presented,
unless otherwise stated.

2. Basis of preparation
The Annual Report and Financial statements are prepared under the historical cost convention in
accordance with International Financial Reporting Standards (IFRS).

a) Adoption of new and revised International Financial Reporting Standards (IFRS)

IFRS 7 Financial Instruments: Disclosures and the Amendment to IAS 1 Presentation of Financial
Statements Capital Disclosures have been adopted in these Annual Report and Financial statements
during the year.
IFRS 7 requires extensive disclosures about the significance of financial instruments for an entity's
financial position and performance, and qualitative and quantitative disclosures on the nature and
extent of risks. The IAS 1 amendment requires disclosures regarding the management of capital.

b) Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods, in
the ordinary course of business and is stated net of Value Added Tax (VAT), rebates and discounts.
The company recognizes revenue when the amount of revenue can be reliably measured, it is probable
that future economic benefits will flow to the entity and when the specific criteria have been met for
sale of goods. The amount of revenue is not considered to be reliably measured until all contingencies
relating to the sale have been resolved. The company bases its estimates on historical results, taking
into consideration the type of customer, type of transaction and specifics of each arrangement.
i) Sales of goods are recognized upon delivery of products and customer
acceptance.
ii) Sales of services are recognized upon performance of the services
rendered.

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the Financial Statements (Continued)

c) Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortization and are tested for impairment
annually. Assets that are subject to amortization are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and
value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units).
Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment
at each balance sheet date.
d) Financial assets
The company's financial assets which include cash and bank balances, trade and other receivables and
tax recoverable fall into the following category:
Loans and receivables: financial assets with fixed or determinable payments that are not quoted in an
active market. Such assets are classified as current assets where maturities are within 12 months of the
balance sheet date. All assets with maturities greater than 12 months after the balance sheet date are
classified as non-current assets. Loans and receivables are classified as trade and other receivables in
the balance sheet. Such assets are carried at amortized cost using the effective interest rate method.
Changes in the carrying amount are recognized in the income statement.
A financial asset is impaired if its carrying amount is greater than its estimated recoverable amount.
The amount of the impairment loss for assets carried at amortized cost is calculated at the difference
between the asset's carrying amount and the present values of expected future cash flows, discounted
at the financial instrument's effective interest rate. Impairment losses are taken into account for
determining operating profit.
e) Financial liabilities
Financial liabilities include trade payables and are recognized initially at fair value and subsequently
measured at amortized cost, using the effective interest rate method.
f) Trade receivables
Trade receivables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest rate method, less impairment.
g) Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand,
deposits held at call with banks, net of bank overdrafts and money market lines. In the balance sheet,
bank overdrafts are included within borrowings in current liabilities.

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the Financial Statements (Continued)

h) Borrowings
Borrowings are initially recognized at fair value; net of transaction costs incurred and are
subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs)
and the redemption value is recognized as interest expense in the income statement under finance
costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
i) Taxation
Current tax is provided on the results for the year, adjusted in accordance with tax legislation.
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
recognized only to the extent that it is probable that future taxable profits will be available against
which temporary timing differences can be utilized.

j) Comparatives
Where necessary, comparative figures have been adjusted to conform to changes in presentation in the
current year.
3. Risk management objectives and policies
Financial risk management
The company’s activities expose it to a variety of financial risks: market risk (including foreign
exchange risk and interest rate risk), credit risk and liquidity risk.
The company’s overall risk management program focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on the company’s financial performance. Risk
management is carried out by the board of directors.
(a) Market Risk
The market risk arises out of land property held by the company. The directors assess the risk taking
into account the in ability to proceed with its development or sell the property.
(b) Credit risk
Credit risk arises from cash and cash equivalents. Management assesses the credit quality of the bank,
taking into account their financial position, past experience and other factors.
Exposure to this risk has been quantified in each financial asset note in the financial statements along
with any concentration of risk.
(c) Capital management
The company's objectives when managing capital are:
 to safeguard the entity’s ability to continue as a going concern, so that it can continue
 to provide returns for shareholders and benefits for other stakeholders, and

The company sets the amount of capital in proportion to risk. The company manages the capital
structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets.

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the Financial Statements (Continued)

1 Basis of preparing the Annual Report and Financial statements

The directors consider the going concern appropriate for the preparation of these financial
statements.

2023 2022
2 Revenue KES KES
Sales 12,778,231 6,812,506
12,778,231 6,812,506

3 Other Income
Administative Income 215,000 900,000
Other Income 126,500 216,000
341,500 1,116,000

4 Staff Costs
Salaries and wages 1,720,000 4,230,332
Staff welfare -
1,720,000 4,230,332

5 Administrative expenses
Audit Fees 35,000 35,000
Bank Charges 32,865 25,830
Loan interest - 139,527
Office rent and rates 860,856 649,443
Depreciation 31,101 36,225
Travelling expense 35,325 2,520
General expenses 25,030 1,225
Licenses 60,000 35,000
Printing and Stationery 36,856 12,510
Insurance 45,375 35,826
Internet and e-mail services 120,000 48,000
Telephone and postage 55,238 6,520
Cleaning and sanitation expenses 25,634 8,820
Utilities 35,870 8,350
Repairs and Maintenance 8,860 4,320
Legal and Professional fee - -
Accountancy fees 96,000 84,000
1,504,010 1,133,116

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the Financial Statements (Continued)

Generator
Property and
9 Computers & Furniture Total
Equipments
Equipments
25% 25.0% 10.0%
2023 KES KES KES KES
Cost

At 1 Jan 2023 1,240,971 187,224 1,243,974 2,672,169

Disposals - - - -

At 31 December 2023 1,240,971 187,224 1,243,974 2,672,169

Accumulated
Depreciation

At 1 Jan 2023 1,220,559 177,615 1,008,014 2,406,188

Charge for the year 5,103 2,402 23,596 31,101

Disposals - - - -

At 31 December 2023 1,225,662 180,017 1,031,610 2,437,289

Net Book Value

At 31 December 2023 15,309 7,207 212,364 234,880

At 1 Jan 2022 1,240,971 187,224 1,243,974 2,672,169

Disposals - - - -

At 31 December 2022 1,240,971 187,224 1,243,974 2,672,169

Accumulated
Depreciation

At 1 Jan 2022 1,213,755 174,412 981,796 2,369,963

Charge for the year 6,804 3,203 26,218 36,225

At 31 December 2022 1,220,559 177,615 1,008,014 2,406,188

Net Book Value

At 31 December 2022 20,412 9,609 235,960 265,981

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Notes to the Financial Statements (Continued)

2023 2022
KES KES
10 Receivables and Prepayments

Trade receivables 2,430,539 1,840,139

VAT Receivable - -

Insurance prepaid 122,800 142,800

Rent deposit 1,170,000 1,170,000

3,723,339 3,152,939

11 Cash and cash equivalents

For the purpose of the cash flow statement ,the year-end Cash & Cash equivalents
comprise the following;

ABSA bank USD 3,128 12,857

ECO Bank USD 239 13,779

ECO Bank KES 31,280 501,602

ABSA bank KES 122,404 12,770

157,051 541,008

12 Payables

Payables and accruals 1,233,536 1,056,287

Prepayments and deposits 225,890 225,890

VAT Payable - -

Accrued expense 35,000 35,000

1,494,426 1,317,177

In the opinion of the directors , the carrying amounts of payables approximate to their fair
value.

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INTREPID DATA SYSTEMS LIMITED
ANNUAL REPORT & FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER
2023

Notes to the Financial Statements (Continued)

2023 2022
13 Share Capital
Authorized share capital
1,000 ordinary shares of KES
100 each 100,000 100,000
Issued and fully paid:
1,000 ordinary shares of KES
100 each 100,000 100,000

100,000 100,000
14 Borrowings

As at start - 1,431,047

Paid - (1,431,047)

- -

The loan is with ABSA Bank at 13% interest

rate.

15 Presentation currency

The Annual Report and Financial statements are presented in

Kenya Shillings (KES).

20