Adeola Company Profile

CompanyProfile
2018
ADEOLA CONSTRUCTION LIMITED

Building Contractors Civil Engineering Works Transporters
Table of Contents
Vision, Mission Statement ....................... 2
Contacts ...................................................... 3
Company Documents ............................... 5
Management Accounts ............................. 19
Particulars of Directors ............................ 39
Staff Resumes ........................................... 41
Organistaion Structure ............................ 57
List of On-going & Completed Projects 58
Construction Contracts ........................... 69
List of Plant and Machinery ..................... 81
Litigation Declaration Form .................... 88
Adeola Construction Limited Company profile 2018

1
Welcome
We appreciate you taking the time to go through the Adeola
Construction company profile. This is a great opportunity
for us to communicate our services and key competitive
strengths to you.
This profile is designed to provide you with an introduction

to Adeola, and we hope and look forward to meeting our cli-
ents personally to develop a relationship through one-on-one
interaction shortly.
We thank all those who have contributed to the development

of Adeola Construction over the years, and we thank you for
your interest in our Company, and look forward to working
with you.

2
Vision
A focus on achieving customer satisfaction through enhanced
quality service delivery, in a timely manner and with attention to
detail
Mission
To be among the leading firms in the building and construction
industry
Mission Statement
“Service Is Our Ernest Endeavour”
Core Values
Integrity Professionalism
Timeliness Partnerships

3
Contacts
Muthaiga Suites,
Suite No. 08 First Floor,
Muthaiga, Off Thika Road.
+254 799 565152

+254 720 737 811
P.O. Box 20915 - 00100

Nairobi, Kenya
adeolaconstructionltd@gmail.com
Adeola Construction Limited • Company profile 2018

4
About us
Adeola Construction Limited is a building and civil works
company. Our business model focuses on client needs that
drive service delivery with particular attention to detail,
quality and timeliness to ensure client satisfaction.
Adeola Construction Limited is a private company

established in 2014. We respond to client needs in the
dynamic Kenyan construction environment. Adeola’s
administrative offices are located in the vibrant and dynamic
Kenyan capital Nairobi. However, we serve clients all over
the country.
After inception, the firm initially concentrated on civil

engineering works only. Afterwards, the firm expanded to
include building contracting works. This has led to a steady
growth in number, type and nature of works undertaken thus
broadening the firms experience and client base. We
collaborate with key stakeholders in the construction
industry to perfect quality of services delivered.

5
Company
Documents

6
Certificate of Incorporation

7
NCA Building Works

Registration
M/S Adeola Construction Limited

Of P.O Box 20915-00100
has been duly registered as a BUILDING WORKS Contractor
Category NCA7
Reg.
Date 2/11/2017
No 16011/B/0215

8
NCA Road Works

Registration
M/S Adeola Construction Limited

Of P.O Box 20915-00100
has been duly registered as a ROAD WORKS Contractor
Category NCA7
Reg.
Date 2/11/2017
No 16011/R/0215

9
NCA Building Works Practicing

Licence
7 8
16011/B/0215 16011/B/0215 16011/B/0215

10
NCA Road Works Practicing

Licence
7 8
16011/R/0215

11
KRA Pin
Certificate
For General Tax Questions
Contact KRA Call Centre
PIN Certificate Tel: +254 (020) 4999 999
Cell: +254(0711)099 999
Email: callcentre@kra.go.ke
www.kra.go.ke
Certificate Date : 12/05/2017

Personal Identification Number
P051455016U
This is to certify that taxpayer shown herein has been registered with Kenya Revenue Authority
Taxpayer Information
Taxpayer Name ADEOLA CONSTRUCTION LIMITED
Email Address ADEOLACONSTRUCTIONLTD@GMAIL.COM
Registered Address
L.R. Number : Building : EMBASSY
Street/Road : HARAMBEE AVENUE City/Town : NAIROBI CITY (EAST)
County : Nairobi District : Nairobi East District
Tax Area : Nairobi East Station : East of Nairobi
P. O. Box : 21134 Postal Code : 00100
Tax Obligation(s) Registration Details

Sr. No. Tax Obligation(s) Effective From Date Effective Till Date Status
1 Value Added Tax (VAT) 01/05/2017 N.A. Active
2 Income Tax - Company 14/03/2014 N.A. Active
The above PIN must appear on all your tax invoices and correspondences with Kenya Revenue Authority. Your
accounting end month is February 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.

12
KRA Tax Compliance Certificate

For General Tax Questions
Contact KRA Call Centre
Tax Compliance Certificate Tel: +254 (020) 4999 999
Cell: +254(0711)099 999
Email: callcentre@kra.go.ke
www.kra.go.ke
Taxpayer PIN : P051455016U Certificate Date: 15/09/2017

Name and Address : Certificate Number:
ADEOLA CONSTRUCTION LIMITED KRAEON8364192017
EMBASSY, NAIROBI CITY (EAST), Nairobi East District,
PO Box:21134,
Postal Code:00100
This is to confirm that ADEOLA CONSTRUCTION

LIMITED,
Personal Identification Number P051455016U
has filed relevant tax returns and
paid taxes due as provided by Law.
This Certificate will be valid for

twelve (12) months up to 14/09/2018.
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.

13
Nairobi City Council Certificate

14
KMFB Compliance
Certificate

15
Electrical Certification

16

17

18
Letter of
Credit

19
Management
Accounts

20
17
ADEOLA CONSTRUCTION LTD
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST DECEMBER 2016
AUDITED BY:
MAINA MWANGI & COMPANY,
Certified Public Accountants (K),
P.O. Box 33745 - 00600,
Nairobi.

21
18 ADEOLA CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
______________________________________________________________________
TABLE OF CONTENTS
Page
Corporate Information 2
Report of the Board of Directors 3
Statement of Board of Directors Responsibilities 4
Report of the Independent Auditors 5
Financial Statements:
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash flows 9
Significant accounting policies 10 to 11
Notes to the financial statements 12 to 16
The following do not form an integral part of these financial statements
Schedule of expenditure 17
Schedule of capital allowances 18

22
_______________________________________________________
Corporate Information
_______________________________________________________
Board of Directors Mr. Samuel N Ndiangui
Mr. Nelson N Ndiritu
Registered Office Muthaiga Suites

P.O.Box 20915 - 00100,
Nairobi.
Principal Bankers Standard

StandardChartered
CharteredBank
Bank
Kenya Commercial Bank
Equity Bank
Auditors MAINA MWANGI & COMPANY,

P.O. Box 33745 - 00600,
Nairobi.
Page 2 of 18

20
____________________________________________________________________
Report of the Board of Directors
____________________________________________________________________
The directors submit their report together with the audited financial statements for the Year ended 31st December
December
2016 which disclose the state of affairs of the company.
2016
PRINCIPLE ACTIVITY
The principal activity of the company is Building & construction
RESULTS AND DIVIDEND

The results of the company are shown on page 7
The directors do not recommend any dividend.
CORPORATE GOVERNANCE AND DIRECTORSHIPS

The Company adheres to high standards of Corporate Governance and complies with the accepted
Codes of Corporate Governance Practices and Conduct.
The directors who held office as at 31st
31st December 2016 and to the date of this report were:
December 2016
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COMPLIANCE WITH THE LAWS

The Board is satisfied that the Company has to the best of its knowledge,complied with all the laws
applicable and has conducted its business in accordance with the relevant laws.
AUDITORS
Maina Mwangi
The company auditors,Maina Mwangi & Co have expressed their willingness to continue in office
in accordance with section 159(2) of the Companies Act ( Cap.486).
APPRECIATION
The Board of Directors wish to thank our clients for their continued support and to assure them of
the Company's commitment to meet their expectations. The Board also expresses its gratitude to
the management and staff for their efforts.
APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved at a meeting of the Directors held on ____day of _________2017.
%\2UGHURIWKH%RDUG
Director / Secretary
Date: _______day of _____________ 2017
Page 3 of 18

ADEOLA CONSTRUCTION LIMITED 24
21
____________________________________________________________
Statement of Board of Directors Responsibilities
____________________________________________________________
The Companies Act requires the Directors to prepare financial statements for each financial year that
give a true and fair view of the state of affairs of the Company as at the end of the financial year and of
the Operating results of the Company for that year. It also requires the Directors to ensure that the
Company keeps proper accounting records that 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 that have been prepared using
appropriate accounting policies supported by reasonable and prudent judgments and estimates, in
conformity with International accounting standards and the requirements of the Companies Act. The
Directors are of the opinion that the financial statements give a true and fair view of the state of the
financial affairs of the Company. The Directors further accept responsibility for the maintenance of
accounting records that 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 twelve months from the date of this statement.
________________________________________________)
Mr. Samuel N Ndiangui
________________________________________________)
Mr. Nelson N Ndiritu
Date: _______day of _____________ 2017
Page 4 of 18

25
22
__________________________________________________________
Report of Independent auditors
__________________________________________________________
TO THE MEMBERS OF ADEOLA CONSTRUCTION LIMITED
OPINION
In our opinion, except for the matter referred to in the preceding paragraph and the effects thereof,
the accompanying financial statement give a true and fair view of the financial position of the
31st December 2016
company as at 31st 2016, and of its financial performance and cash flows for the year then
ended in accordance with International Financial Reporting Standards for Small and Medium Sized
Entities and the requirements of the Kenyan Companies Act.
EMPHASIS OF MATTER
Without qualifying our opinion,we draw attention to the observation that in line with many Small
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involvement of the Board fo Directors. Where independent confirmation of the completeness of the
accounting records was therefore unavailable we have accepted assurances from the Directors that
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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 accounts have been kept by the company, so far as appears from
our examination of those books; and
iii) The company's balance sheet and income statement are in agreement with the books of account.
MAINA MWANGI & COMPANY,

P.O. Box 33745 - 00600,
Nairobi.
Date: _______day of ________________ 2017
Page 5 of 18

26
23
____________________________________________________________________
Statement of Comprehensive Income
____________________________________________________________________
Note 2016 2015
Kshs Kshs
Turnover [11] 26,344,853 16,245,980
Direct costs [16] (12,842,665) (8,734,560)
Administrative Expenses [17] (6,038,292) (3,764,535)
Other operating expenses [18] (1,088,799) (590,056)
Finance Costs [3] (25,250) (22,560)
Operating Profit/(loss) for the period 6,349,847 3,134,269
Other Comprehensive Incomes [12] - -
Total Profit & Other Comprehensive income before taxation 6,349,847 3,134,269
Current Taxation [4] (1,904,954) (940,281)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net Profit & Other Comprehensive Income after taxation 4,444,893 2,193,988
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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DQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV
Page 6 of 18

24ADEOLA CONSTRUCTION LIMITED
27
_____________________________________________________________________
Statement of Financial Position
_____________________________________________________________________
2016 2015
Note Kshs Kshs
SHAREHOLDERS' FUNDS
Share Capital [8] 100,000 100,000
Retained Reserves/ (Losses) 6,638,881 2,193,988
Directors Advances [14] 690,962 2,087,656
_____________________________________________________________________
TOTAL SHAREHOLDERS' FUNDS 7,429,843 4,381,644
_____________________________________________________________________
ASSETS
Non current assets
Property & Equipment [10] 4,549,415 2,890,394
Current assets
Receivables & Prepayments [6] 5,442,500 4,056,000
Cash and Cash Equivalents [7] 1,923,773 683,421
_____________________________________________________________________
TOTAL ASSETS 11,915,687 7,629,815
_____________________________________________________________________
LIABILITIES
Non Current Liabilities
Borrowings [15] - -
Current liabilities
Payables & Accruals [9] 2,580,890 2,307,890
Corporate Tax Liability [5] 1,904,954 940,281
_____________________________________________________________________
TOTAL LIABILITIES 4,485,844 3,248,171
_____________________________________________________________________
_____________________________________________________________________
NET ASSETS 7,429,843 4,381,644
_____________________________________________________________________
The financial statements on pages 7 to 10 were approved by the Board of Directors
on __________ day of _______________ 2017 and were signed on its behalf by:
Mr. Samuel N Ndiangui Mr. Nelson N Ndiritu
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Page 7 of 18

28
25
___________________________________________________________________________________
Statement of Changes in Equity

___________________________________________________________________________________
Share Retained Directors Total

Notes Capital Reserves/(Losses) advances
Kshs Kshs Kshs Kshs
Balance as at 01.01.2016 100,000 2,193,988 2,087,656 4,381,644
Total Comprehensive income for the year

Net Profit & Other Comprehensive Income after taxation - 4,444,893 - 4,444,893
Contributions by and distributions to owners

Proposed Dividend - - - -
Directors advances/ (repayments) [14] - - (1,396,694) (1,396,694)
Additional capital - - - -
-------------------------------------------------------------------------------------------------------------------------------------------
Balance as at 31.12.2016 100,000 6,638,881 690,962 7,429,843
-------------------------------------------------------------------------------------------------------------------------------------------
Share Retained Directors Total
Notes Capital Reserves/(Losses) advances
Kshs Kshs Kshs Kshs
Balance as at 01.01.2015 -
Injection 100,000
Total Comprehensive income for the year

Net Profit & Other Comprehensive Income after taxation - 2,193,988 - 2,193,988
Contributions by and distributions to owners

Proposed Dividend - - - -
Directors advances/ (repayments) [14] - - 2,087,656 2,087,656
Additional capital - - - -
-------------------------------------------------------------------------------------------------------------------------------------------
Balance as at 31.12.2015 100,000 2,193,988 2,087,656 4,281,644
-------------------------------------------------------------------------------------------------------------------------------------------
Page 8 of 18

29
26
________________________________________________________________
Statement of Cash Flows

________________________________________________________________
2016 2015
Notes Kshs Kshs
OPERATING ACTIVITIES
Cash Generated from Operations [13] 5,370,115 1,913,775
NET FINANCE COSTS [2] (25,250) (22,560)
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Net Cash Generated (used in)/ from Operations 5,344,865 1,891,215
----------------------------------------------------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Assets Acquired during the period [10] (2,707,820) (3,395,450)
Net Cash Generated from Investing activities (2,707,820) (3,395,450)
FINANCING ACTIVITIES
Increase/(Decrease) in Share Capital [8] - 100,000
Directors Advances [14] (1,396,694) 2,087,656
Borrowings [15] - -
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Net Cash Generated from Financing activities (1,396,694) 2,187,656
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Movement in Cash and Cash Equivalent

Balance as at 01.01.2016 683,421 -
Decrease 1,240,352 683,421
Balance as at 31.12.2016 1,923,773 683,421
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Breakdown of cash & cash Equivalent

Equity Bank 1,273,314 683,421
Standard Charted
Chartered Ksh
Bank Ksh 650,350 -
Standard Charted
Chartered Usd
Bank Usd 109 -
Petty Cash - -
Balance as at 31.12.2016 [7] 1,923,773 683,421
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Page 9 of 18

27
________________________________________________________________________
Summary of Significant accounting Policies
________________________________________________________________________
The principle accounting policies adopted in the preparation of these financial statements are set out below:
These policies have been consistently applied to all years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with and comply with international Financial
Reporting Standards (IFRS) for Small and Medium Sized Entities.
Critical Judgements and Estimates

In the process of applying the IFRS for SME,the directors are required to use certain critical accounting estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contigent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Estimates and judgments are continually evaluated and are based on the directors best
knowledge of current events and actions and other factors inluding expectations of future events that are believed
to be reasonable under the cicumstances,although actual results may differ from those estimates
Basis of accounting
The financial statements have been prepared under the historical cost convention basis of accounting.
The principal accounting policies adopted remain unchanged from previous year and are set out below:
Currency
The accounts are prepared in Kenya shillings (Kshs) which is the official currency of the republic of Kenya.
Accounting period
The Company prepares its accounts for 12 months period ending 31st December every year
Turnover & Revenue Recognition

Sales are recognized upon delivery and performance of services, and are stated net of VAT and discounts.
Country of incorporation and registered office

The company is incorporated in Kenya under the Companies Act and domiciled in Kenya.
Taxation
Current taxation is provided on the basis of the results for the period as shown in the financial
statements, 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.
Page 10 of 18

31
____________________________________________________________________
Summary of Significant accounting Policies-Continued
____________________________________________________________________
Property and Equipment
Fixed assets acquired under hire purchase agreements are capitalized at the date of the
agreement. The interest element of each installment is charged to the profit and loss account
at the time each installment falls due.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying
amount is greater than its estimated recoverable amount.
Gains and losses on disposal if any of property and equipment are determined by comparing the proceeds
with the carrying amount and taken into account in determining the operating surplus.
On disposal of revalued asset,amounts in the revaluation reserve relating to that asset are transferred to the
general fund.
Depreciation
Fixed assets are stated at historical cost less accumulated depreciation.
Depreciation is calculated on reducing balance method to write off
the cost (carrying values) of each asset to their residual values over their estimated useful lives as follows:
Depreciation rates applicable
Motor Vehicles 25.0%

Computers & printers 30.0%
Equiptment & Machinery 12.5%
Furnuiture & Fittings 12.5%
Receivables & Prepayments

Trade receivables are carried at original invoiced amount less an estimate made for doubtful
debts based on a review of all outstanding amounts at the period-end.
Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand
and deposits held at call with banks.
Retirement benefit obligations

The company contributes to the statutory National Social Security Fund (NSSF),a defined contribution
scheme registered under the NSSF Act where the company's liability is limited to the specific contributions
legislated from time to time and are currently limited to a maximum of 15% of the gross pay per
employee per month.
Comparatives
Comparative figures have been recorded to conform to changes in presentation in the current period.
Page 11 of 18

29
_____________________________________________________________________
Notes to the financial statements
_____________________________________________________________________
[1] OPERATING PROFIT 2016 2015
The operating profit is arrived at after charging: Kshs Kshs
Depreciation on property and equipment 1,048,799 505,056

Auditors' remuneration 40,000 40,000
Staff Related costs (Note 2) 3,124,578 1,214,090
4,213,377 1,759,146
-------------------------------------------------------------------------------------------------------------------
[2] STAFF COSTS
The following items are included within staff costs:-
Salaries and wages 3,124,578 1,214,090

3,124,578 1,214,090
-------------------------------------------------------------------------------------------------------------------
[3] NET FINANCE COSTS
Bank Service charges 25,250 22,560
25,250 22,560
-------------------------------------------------------------------------------------------------------------------
[4] TAXATION
[a] Tax Expense
Current taxation 1,904,954 940,281
Under provision in previous years - -
Deferred tax (credit) // charge
charge - -
Tax charge for the period 1,904,954 940,281
[b] The tax on the company's profit / (loss) before tax differs from the theoretical amount
that would arise using the basic rate as follows:
Operating Profit/(loss) for the period 6,349,847 3,134,269
Tax calculated at a tax rate of 30% 1,904,954 940,281
Tax effect of:

Items not deductible or subject to tax
Provision for Depreciation Tax rate 30% 314,640 505,056
Provision for Wear & Tear Tax rate 30% (314,640) (505,056)
Tax charge for the period 1,904,954 940,281
-------------------------------------------------------------------------------------------------------------------
Page 12 of 18

33
30
_____________________________________________________________________
Notes to the financial statements -Continued
_____________________________________________________________________
------------------------------------------------------------------------------------------------------------------
2016 2015
Kshs Kshs
[5] Corporate Tax Liability
Balance as at 01.01.2016 940,281 -
Current Tax Liability/credit-( Note 4 ) 1,904,954 940,281
Withholding tax paid - -
Installment Tax Paid (940,281) -
Balance as at 31.12.2016 1,904,954 940,281
------------------------------------------------------------------------------------------------------------------
Page 13 of 18

31
______________________________________________________________________
ADEOLA CONSTRUCTION L Page 13
MANAGEMENT ACCOUNT

FOR THE PERIOD ENDED 31
______________________________________________________________________ 2015
Operations and Office Runn Kshs
Office Running costs. 2016 2015

Audit fees 20,000
Kshs Kshs
[6] Receivables & Prepayments
TradeTotal
Debtors & otherCosts
Administration receivables 5,442,500 4,056,000
20,000
5,442,500 4,056,000
Financial Costs
------------------------------------------------------------------------------------------------------------------
Bank charges 23,015
[7] Cash and Cash Equivalents
Total Finance costs
For the purposes of the cash flow statement, the year end cash and cash equivalents comprise the following;23,015
Equity Bank costs
Operations 1,273,314 683,421
Standard Charted
Salaries and Wages
Ksh 650,350 542,000
-
Standard Charted
Telephone Usd
and postage 109 115,000-
Petty Electricity and Water
Cash Documents
Tender - 65,780
45,000-
Licenses and Taxes 1,923,773 683,421
55,000
Site visits and supervision fee 320,890
------------------------------------------------------------------------------------------------------------------
Repair and Maintainance
Motor Vehicle expenses
65,780
165,890
[8] ShareTravel
Capital
and subsistence 385,600
Insurance Share Capital
Authorized 25,000
Pofessional fees 25,000
100 Ordinary
security Shares of Kshs 1000 each 100,000 100,000
313,416
Depreciation 794,086
Printing and stationery 202,493
Issued andRent
Office Fully paid
up 51,600
100 Ordinary Shares of Kshs 1000 each 100,000 100,000
------------------------------------------------------------------------------------------------------------------
Total Operations Costs 3,172,535
[9] Payables & Accruals
Accrued
TotalAudit feesand Office
Operations 40,000 40,000
3,215,550
Trade Creditors 2,540,890 2,267,890
2,580,890 2,307,890
------------------------------------------------------------------------------------------------------------------
Page 14 of 18

35
32 ANNUAL REPORT AND FINANCIAL STATEMENTS
________________________________________________________________________
________________________________________________________________________
[10] PROPERTY & EQUIPMENT
Computer & Equipment & Furniture &

Motor vehicles printers machinery fittings TOTAL
Kshs. Kshs. Kshs. Kshs. Kshs.
COST
Balance as at 01.01.2016 400,000 175,000 2,575,450 245,000 3,395,450
Additions 2,156,600 117,200 320,520 113,500 2,707,820
Disposal - - - - -
Balance as at 31.12.2016 2,556,600 292,200 2,895,970 358,500 6,103,270
Additions 400,000 175,000 2,575,450 245,000 3,395,450
Disposal - - - - -
Balance as at 31.12.2015 400,000 175,000 2,575,450 245,000 3,395,450
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
DEPRECIATION
Balance as at 01.01.2016 100,000 52,500 321,931 30,625 505,056
Charge for the year 614,150 71,910 321,755 40,984 1,048,799
Balance as at 31.12.2016 714,150 124,410 643,686 71,609 1,553,855
Charge for the year 100,000 52,500 321,931 30,625 505,056
Balance as at 31.12.2015 100,000 52,500 321,931 30,625 505,056
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
NET BOOK VALUE

Balance as at 31.12.2016 1,842,450 167,790 2,252,284 286,891 4,549,415
Balance as at 31.12.2015 300,000 122,500 2,253,519 214,375 2,890,394

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Page 15 of 18

36
33
________________________________________________________________________
________________________________________________________________________
2016 2015
Kshs Kshs
[11] TURNOVER FOR THE PERIOD
The following transactions were carried out during the period
Contract Income 26,344,853 16,245,980

26,344,853 16,245,980
----------------------------------------------------------------------------------------------------------------------------------
[12] OTHER COMPREHENSIVE INCOME
Other Incomes - -
- -
Turnover represents revenue from construction activities
The transactions are at arms length in the normal course of business.
----------------------------------------------------------------------------------------------------------------------------------
[13] CASH GENERATED FROM OPERATIONS
Reconciliation of profit / (loss) before tax to cash generated from operations:
Total Profit & Other Comprehensive income before taxation 6,349,847 3,134,269
Adjustments for:
Depreciation 1,048,799 505,056
Finance charges 25,250 22,560
Installment Tax Balance paid (940,281) -
Withholding Tax paid - -
6,483,615 3,661,885
Changes in Working Capital;
Increase/(Decrease) in Receivables & Prepayments (1,386,500) (4,056,000)

Increase/(Decrease) in Payables & Accruals 273,000 2,307,890
Cash Generated from Operations 5,370,115 1,913,775
----------------------------------------------------------------------------------------------------------------------------------
[14] DIRECTORS ACCOUNT
Balance
Balance as
as at
at 01.01.2016
01.01.2016 2,087,656 -
Advances/(Withdrawals )during the period 690,962 2,087,656
Balance as
Balance as at
at 31.12.2016
31.12.2016 2,778,618 2,087,656
This represent a loan extended to the company by the Directors at no fixed repayment period
or interest terms to finance the company's operating expenses.
-----------------------------------------------------------------------------------------------------------------------
[15] BORROWINGS
Long term loan -
- -
-----------------------------------------------------------------------------------------------------------------------
Page 16 of 18

34ADEOLA CONSTRUCTION LIMITED
37
_________________________________________________________________
Schedule of expenditure
_________________________________________________________________
2016 2015
Kshs Kshs
[16] Direct costs 12,842,665 8,734,560

12,842,665 8,734,560
-------------------------------------------------------------------------------------------------------------
[17] Administrative Expenses
Office rent 360,000 200,000
Salaries and wages 3,124,578 1,214,090
Casual wages 1,057,270 -
Repair and Maintanance - 48,240
Licences and permits 125,400 115,000
Computer & software expense - -
Electricity 12,587 45,785
Postage,carriage and Delivery - -
Staff welfare expences - -
Internet expense - -
Telephone & Postage 6,950 96,655
Motor Vehicle Expenses 69,192 360,000
Printing and Stationery 16,703 418,326
Travel & Milleage allowances 63,972 213,978
Insurance expense 89,712 45,000
Cleaning & sanitation 6,894 -
Newspapers & periodicals 5,250 -
Tender expense 60,000 68,450
Advertising & marketing - -
Office Expense 26,815 -
Entertainment 5,409 -
Site visits and supervision 812,458 749,000
Security 195,102 190,011
6,038,292 3,764,535
-------------------------------------------------------------------------------------------------------------
[18] Other operating expenses
Accountancy fees - -
Audit fees 40,000 40,000
Legal & secretarial fees - -
Depreciation 1,048,799 505,056
Professional fees - 45,000
1,088,799 590,056
-------------------------------------------------------------------------------------------------------------
Page 17 of 18

38
35

________________________________________________________________________
Schedule of capital allowances
________________________________________________________________________
[19] SCHEDULE OF WEAR & TEAR ALLOWANCE
CLASS I CLASS II CLASS III CLASS IV TOTAL

Kshs Kshs Kshs Kshs Kshs
37.5% 30.0% 25.0% 12.5%
W.D.V 01.01.2016 - 122,500 300,000 2,467,894 2,890,394

Add:Additions - 117,200 2,156,600 434,020 2,707,820
Sub total - 239,700 2,456,600 2,901,914 5,598,214
Less: Allowances - 71,910 614,150 362,739 1,048,799
W.D.V.31.12.2016 - 167,790 1,842,450 2,539,175 4,549,415
CLASS I CLASS II CLASS III CLASS IV TOTAL

Kshs Kshs Kshs Kshs Kshs
37.5% 30.0% 25.0% 12.5%
W.D.V 01.01.2015 - -
Add:Additions - 175,000 400,000 2,820,450 3,395,450
Sub total - 175,000 400,000 2,820,450 3,395,450
Less: Allowances - 52,500 100,000 352,556 505,056
W.D.V.31.12.2015 - 122,500 300,000 2,467,894 2,890,394
-----------------------------------------------------------------------------------------------------------------------------
Page 18 of 18

39
Particulars of
Directors
Adeola Construction
• Limited Company profile 2018
40

41
Staff
Resumés

42
NDIRITU NELSON NDIANGUI
Position: Technical Director
Profession: Registered Quantity Surveyor.
Nationality: Kenyan.
Membership in Professional Societies

Board of Registration for Architects and Quantity Surveyors (BORAQS)
Institute of Quantity Surveyors of Kenya (IQSK)
Key Qualifications
I hold a Bachelors degree in Quantity Surveying from the University of Nairobi.
I have 4 year post qualification experience with a vast experience in the Kenyan
markets.
I have worked in a number of capacities as Quantity Surveyor and an assistant
on a number of construction projects. I have successfully enjoyed both sole and
shared responsibilities in the management of construction projects.
Education
2008 – 2012 : Bachelors Degree in Building Economics : Second Class
Honors University of Nairobi, School of Built Environment.
Employment Record
March 2014 – Up to date: Adeola Construction Limited (Building
contractors, civil engineering works & Transporters)
Aug 2013 – Feb 2014: Armstrong & Duncan (Quantity Surveyors;
Construction Consultants)
Jan 2013 – July 2013: Tower Cost Consultants (Quantity Surveyors;
Construction Consultants)
Aug 2012 -Dec 2012: Cosmocare Limited (Building Contractors).
Oct 2011 –Aug 2011: Walakis Builders (Contractors in Builders Work).
July 2010 – Sept 2010: BuneiMaungu and associates (Quantity
Surveyors; Construction Consultants) Industrial
attachment.

43
Detailed Tasks Assigned

I have offered the following Quantity Surveying services in the construction
industry at various capacities as detailed herein:
Pre-contract Services:
Carrying out feasibility studies and investment appraisals.
Preliminary cost advice and cost planning.
Preparation of Developer’s Budget & Bankable Proposals for construction
projects.
Preparation of Bills of Quantities, Specifications, Schedule of Materials and
Cost Estimates.
Pre-qualification and short listing of contractors to tender for construction
works.
Preparation of tender documents, evaluation of tenders and reporting.
Cost engineering and negotiations with contractors.
Preparation of contract documents and advising on suitable contractual
agreements.
Post-contract Services:
Initiation of contractual and project correspondences.
Evaluation of contractor’s application claims and valuation of works in
progress.
Participating in consultant’s meetings, site meetings and site inspections.
Preparation of financial appraisals, monitoring project costs and advising
on variations.
Measurement and re-measurement of civil/building works.
Preparation of final accounts and agreeing with contractors and
sub-contractors.

44
Graduation Certificate

45

46
OGONDI SAMWEL OCHIENG

Position: Site Supervisor
Education Qualifications
2000 - 2003 Diploma in Civil Engineering at The Kenya Polytechnic
University College obtaining a pass.
1999 Certificate in Civil Engineering at The Kenya Polytechnic

University College obtaining a pass.
Work Experience
I have offered site supervision services in the construction industry at various
projects as detailed herein:
2016 to date: Adeola Construction Ltd
2015- 2016: Coastal Kenya Enterprises Ltd
Proposed Commercial Development on LR No. Nairobi
/Block 140/291 for Savannah Realty.
2013 - 2015: The Othaya Group of Companies - Highgrove Holdings -
Highgrove village.
Residential Town Houses, Swimming Pools, Restaurant & A
Club House at Farasi Lane off Lower Kabete Road
2010 - 2012: Kenya Wildlife Service
Rehabilitation of KWS HQ Parking, Central Workshop
Access RD, NNP Tarmac RD and Mokoyiet RD.
Rehabilitation of Various Circuits in Nairobi National Park.
2009 - 2010: China Wu Yi Construction Company
Fairview Towers – Pangani

47
Work Experience cont...

Nov 2008: Kewal Construction Company Ltd.
Building and Civil Engineering Contractors
Kenya Breweries Ltd-Ruaraka
Logistics and packaging warehouse extensions
Sept 2008: Insteel ltd
Civil Engineering Technician in charge of factory
maintenance.
Jan-Aug 2008: Zogaam Consultants
Structural and Civil Engineers
Grapes yard children's home construction project (phase
I)-Utawala.
Jun-Dec 2007: Kariuki Construction Company
Kasarani _Mwiki_ Njiru Road (D400) Sec III:
2006: Lirona General Contractors
Repair and rehabilitation of Roysambu _ Kamiti Rd.
Repair and rehabilitation of Thika _Kandara _Kangari Rds.
2004 - 2005: Kitek (7) Limited, Building and Civil Engineering Contractors
Kahawa Garrison Project
2001: Hayer Bishan Singh & Sons Limited
Kisumu _ Yala Road
2001: Nyar Kodindo Construction Company
Industrial attachment at the Ahero Market Rehabilitation
Construction Site

48

49
Liddon Muturi Muthumbi

Position: Head of Administration
Nationality: Kenyan
Jan 2015-to date Pursuing a PhD in Business Administration at
University of Nairobi- currently at Research Proposal stage of the PhD studies
(2010 – 2011): Maastricht School of Management, the Netherlands
MBA: Corporate Strategy and Economic Policy
August 2011-Master’s Thesis Titled:
Transforming Social Enterprises to High Performance Organizations
(1994 - 1998): Kenyatta University - Nairobi, Kenya

B.Com: Marketing Option
(1989 - 1992): Nyeri High School – Nyeri, Kenya
Certification: K.C.S.E
Employment Record
May 2013 - to date- Capacity and Chance Group Ltd
(a Business Process Optimization and Capacity Building Consultancy Firm)
Consulting Partner –Nairobi
May 2013 - Nov 2013- Part Time Lecturer (on Strategy and Management of Change,
Marketing Management) - Kenyatta University, Embu Campus
April 2012- Dec 2012: Barefoot Power Africa, Regional Sales Manager-
East and Southern Africa Region
Apr 2007– Apr 2012: KickStart International, Partnership Business
Development Manager (East, Central & South African Countries)
October 2005 – March 2007: KickStart Kenya, Territorial Sales Representative
(Nairobi)

50
Aug 2003-September 2005: Cooper Brands Ltd- Territorial Sales Manager

(Machakos & Kisii)
November 2002 - July 2003: Mastermind Tobacco (K) Assistant Sales Supervisor
(Nyanza Region)
July 2000 – October 2002: Mastermind Tobacco (K) Sales Rep (Nakuru)
PHILIP BIRECH
Achievements, awards and Honors.
Education2010-
September Qualifications
Full Scholarship, to study an MBA in the University of
Nov 2006: Diploma
Maastricht (MSM), thein Netherlands
Civil Engineering
Rift Valley Tecnical Institute
Year 2008-best Export sales person by growth and revenue; awarded an annual bonus
Year
Work2006- Best Sales Person at KickStart Kenya-led to the promotion to the
Experience
Export B2B2016:
Sept - Dec Program
Owen Construction Company
Settingbusiness
Year 2004-Exemplary out of buildings
growth atand roads forwhile
Mastermind construction.
Sales Supervisor
Design
in Nyanza Region and CAD technology
Approval of the building and road standard
Community Involvement
Habitat for Humanity
Collaborated with other students and engineers to boost up the construction
technology.
Acted as a role model in the improvement of human shelter standard
Provide a good working conditions for the labour and the community at
large.

51

52
MATHENGE ALBAN MARUGU

2012 – 2015: Kenya Institute Of Highways & Building Technology
Diploma in Quantity Surveying
2008 – 2011: RUTHAGATI BOYS HIGH SCHOOL
Kenya Certificate of Secondary Education
1999 – 2007: ST. LWANGA ACADEMY
Kenya Certificate of Primary Education
Work Experience
Sept 2016 – To Date: Adeola Construction Limited
Position Held: Assistant Quantity Surveyor
Responsibilities:
1) Preparation of project estimates and approvals
2) Preparation of bill of quantities
3) Tendering
4) Tender evaluation and reporting
Dec 2015 – Feb 2016: Houseman General Contractors

Position Held: Clerk of Works
Responsibilities
1) Valuation of works in progress
2) Performing regular inspections of the work
on site and comparing completed
works with drawings and specifications
3) Measuring and sampling building materials

53
Douglas Ndung’u Ng’ang’a

Position: Procurement/Logistics Officer
Nationality: Kenya
2004 - Sep 2009 Kenyatta University
Bachelor of commerce (Marketing option)
2000-2003 Thika High School
Kenya Certificate of Secondary Education
1998-1999 Happy Time Primary School
Kenya Certificate of Primary Education
Work Experience
Jan 2017 - Present Adeola Construction, Procurement/Logistics
Officer.
Jan 2015-Dec 2016 Marketing and sales- Jumeirah Safaris Ltd
2013-Jan 2015 Customer Service/Customer service Manager- Luziki Holdings Ltd
July 2012 - Nov 2013 Customer Service/Personal Banker/Relationship Manager
at Jamii Bora Bank Ltd
June 2011 - July 2012 Customer Service Officer –Equatorial Commercial Bank Ltd
July 2010 - May 2011 Operations Officer –Central Processing Unit-Equatorial
Commercial Bank Ltd
May 2009 - June 2010 Acquiring Officer/Merchant services-Southern Credit
Banking Corporation:Senator Card Division

54

55
Monicah Wangare George

Position: Administration Assistant
Nationality: Kenya
2001: Wantech Computer College
2010 – 2012: Certificate in Social Work & Community Development
1996 – 1999: Muthaiti Girls Secondary School [Form 1 – 4]
Work Experience
2017- Present Adeola Construction Limited.
2010 –2016: Secretary at Nduati Charagu & Co. Advocates
2004: Worked in the capacity of a secretary at Africa Poverty Alleviation Centre
(APAC).

56

57
Organisation Structure
MANAGING DIRECTOR
Technical Department Operations Administration
Supply Chain & Sales & Finance & Human Resource

Construction Manager Design Logistics Marketing Accounts Management
Site Agent Architects Interior Designers Accounts Officers Administration Assistant
Site Supervisors
Skilled Staff Unskilled Staff

Painters Subcontractors
Carpenters
Tilers Fabricators
Plumbers
Painters
Welders

Electricians
58
List of On-Going
and Completed Projects

59
List of Recent Projects Portfolio
PROJECT
CLIENT PRODUCT REFEREE VALUE PERIOD
(Kshs.)
Proposed commercial
Mr & Mrs Patrick development on L.R No. 1713 Samuel Mwangi, Dec 2015 -
30,997, 280.82
Mbugua Ngotho /12, Kiambu County 0723 022 702 Aug 2016
Z.N.M Shah Proposed Additions Samuel Persichi 30 July -

& Others & Alterations 0700 929 712 7 000 000.00
on Plot 209/102/2/6 10th Oct 2016
Proposed modification 26 Sept -
World Agro- works for SD3 growth David Mwangangi 471, 101.00
forestry Centre chambers lab 30th Oct 2016
Proposed Refurbishment
& Renovations for Lilian Nderitu 1 367 082.00 Oct 2016-
We Effect 0722 889 242 Nov 2016
Servant Quarters at Lower
Kabete,Ngecha Rd Junction.
Nairobi Proposed Office Fit-out 24 Jan -
Samuel Persichi 15 393 840.00 31st March 2017
Garage The Mirage, Westlands
Proposed Rest Rooms and

French School Emergency doors April -June
Zineb Akhanchouf 2 546 865.38
in French School, 0718 862 851 2017
Proposed extension at Sulieman Adhamani

Muslim School 3 000 000.00 5th May -
Muslim School for Islam 0722 412 750 26th July
Madrasa
Camellia Close Proposed painting works at Rebecca Nyaguthi 440, 000.00 May 2008 -
House Camellia Close House,Gigiri 0711 729 685 26th May 2017
Proposed Interior alternations

Githurai Kimbo & additions at Githurai for Mr. Martin Riri 700, 000.00 June-Aug 2017
& Mrs. Martin Riri 0723 639 344
Marcann Construction Proposed office fit-out Elsie Achieng’ 4 759 000.00 5th May-26th
Company Limited in Blue Violets Plaza 0718 058 789 July
Jamii Fitness Proposed Gym Fit out in Savannah Samuel Ogondi 29th Sep -
2,695,960.00
Centre Centre,Nyayo Estate Embakasi 0724 592 656 16th Nov 2017

60
Proposed Rest Rooms and emergency
doors in French School.

61
Proposed Petrol Station on
LR No. 1713/12 Ruiru

Proposed Additions & Alterations on 62
Plot No.209/102/6 for Z.N.M Shah & Others

63
Proposed painting works at Camellia Close
House,Gigiri

64
Proposed Interior alternations & additions
at Githurai for Mr. & Mrs. Martin Riri

65
Proposed Refurbishment & Renovations
for Servant Quarters on Plot LR No.
Ngecha Road for We Effect

66
Proposed Gym Fit out in Savannah Centre,
Nyayo Estate Embakasi

67
Proposed extension at Muslim School for Islam
Madrasa
List of R

63
Proposed Office Fit-Out in Blue Violets Plaza

69
Construction contracts.

70

71

72
Scanned by CamScanner

73

74

75

76

77

78

79

80

81
List of Plant and Machinery

(Available in Nairobi)
DESCRIPTION QUANTITY
Concrete mixer 2 Number
Porker vibrators 1 Number
Vehicle (pick ups) 1 Number
Vehicle (Saloon) 2 Number
Water pump 1 Number
Material hoist 1 Number
Metallic Shuttering 24 Pieces
Welding Machine 1 Number
Combination Hammer 1Number
Rubi Tile Cutter 1 Number
t Projects Portfolio

82
Vehicle Inventory

83
Concrete Mixer
Material Hoist

84
G-Clamp
Welding Machine

86
Laser Levelling Machine
Cordless drill

87
Makita Grinder Machine

88
Litigation Declaration Form

Contacts
Muthaiga Suites,
Suite No. 08 First floor,
Muthaiga, Off Thika Road.
+254 799 565 152

+254 720 737 811
P.O. Box 20915 - 00100

Nairobi, Kenya
adeolaconstructionltd@gmail.com

Building Contractors t Civil Engineering Works t Transporters

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CompanyProfile

ADEOLA CONSTRUCTION LIMITED

Adeola Construction Limited Company profile 2018

This profile is designed to provide you with an introduction

We thank all those who have contributed to the development

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

+254 799 565152

P.O. Box 20915 - 00100

Adeola Construction Limited • Company profile 2018

Adeola Construction Limited is a private company

After inception, the firm initially concentrated on civil

Adeola Construction Limited  Company profile 2018

Adeola Construction Limited  Company profile 2018

Adeola Construction Limited  Company profile 2018

NCA Building Works

M/S Adeola Construction Limited

Adeola Construction Limited  Company profile 2018

NCA Road Works

M/S Adeola Construction Limited

Adeola Construction Limited • Company profile 2018

NCA Building Works Practicing

16011/B/0215 16011/B/0215 16011/B/0215

Adeola Construction Limited • Company profile 2018

NCA Road Works Practicing

Adeola Construction Limited • Company profile 2018

Certificate Date : 12/05/2017

Tax Obligation(s) Registration Details

Adeola Construction Limited  Company profile 2018

KRA Tax Compliance Certificate

Taxpayer PIN : P051455016U Certificate Date: 15/09/2017

This is to confirm that ADEOLA CONSTRUCTION

This Certificate will be valid for

Adeola Construction Limited  Company profile 2018

Nairobi City Council Certificate

Adeola Construction Limited  Company profile 2018

Adeola Construction Limited  Company profile 2018

Adeola Construction Limited • Company profile 2018

Adeola Construction Limited • Company profile 2018

Adeola Construction Limited • Company profile 2018

Adeola Construction Limited • Company profile 2018

Adeola Construction Limited • Company profile 2018

ADEOLA CONSTRUCTION LTD

FOR THE YEAR ENDED 31 ST DECEMBER 2016

Adeola Construction Limited  Company profile 20178

Report of the Board of Directors 3

Statement of Board of Directors Responsibilities 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 6

Statement of Financial Position 7

Statement of Changes in Equity 8

Statement of Cash flows 9

Significant accounting policies 10 to 11

Notes to the financial statements 12 to 16

The following do not form an integral part of these financial statements

Schedule of capital allowances 18

Adeola Construction Limited  Company profile 20178

Registered Office Muthaiga Suites

Principal Bankers Standard

Auditors MAINA MWANGI & COMPANY,

Adeola Construction Limited  Company profile 20178

RESULTS AND DIVIDEND

CORPORATE GOVERNANCE AND DIRECTORSHIPS

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 2018

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Date: _day of _______ 2017

Adeola Construction Limited Company profile 20178

Date: _day of _______ 2017

Adeola Construction Limited Company profile 20178

Date: _day of __________ 2017

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178

Adeola Construction Limited Company profile 20178