COMPANY PROFILE

CHINA FURNITURE
CITY (KENYA) LIMITED
P.O. BOX 51888 – 00100, Nairobi
Tel 254 020 2180 399 / 699
Mobile: 254 789 518 88 / 254 789 511 888
Opposite City Cabanas, Off Mombasa Road.

Email: [email protected] / [email protected]

2015
CONTENTS PAGE
1)Announcement from Director

2)About our Company

3)Brief History of Business & Mission Statement

4)Company Staffing

5)Clientele List
Announcement from Director
For over 10 years, we have developed a successful business
model, creating an international furniture supply, installation
and maintenance network. Nevertheless, we continue to pride
ourselves on giving undivided attention to each of our clients,
and to ensure that we deliver only the best quality furniture at
competitive prices. The result is an ever-increasing portfolio of
satisfied customers.
Give us the opportunity to work for you.

About Our Company:

China Furniture City (Kenya) Limited (CCFC) was incorporated

under the companies act CAP (486) of the laws of Kenya as a
private company in the year 2013 (Registration Certificate
Number CPR / 2013 / 110239).
Our head offices are located in Nairobi – Kenya. We are
accessible and can readily transport our products. Being one of
the largest importers and distributors of ceramic products, office
furniture, home furniture, lighting and leisure furniture in the
region, we run two stores with a floor area of over 60,000 square
feet. We cover most major towns in the country: Nairobi,
Mombasa, Kisumu , Nakuru, Eldoret, Kiambu, Kirinyaga,
Muranga, Nyeri, Malindi etc.

Our Mission Statement:

We believe in going that extra mile as we strive to provide our
clients with high quality products. We are dedicated to the
delivery of good service.
Our staff are well-trained, honest and people-oriented, all in an
effort to provide you, the customer with the most pleasant
purchasing experience.

OUR CORE VALUES:

 Among our staff, teamwork is key. Respect and openness
in dealing with clients is emphasized.

 Honesty, transparency, accountability, fair pricing and

professionalism lie at the core of our business activities.

 We emphasize on quality control systems to ensure that

only the best products are delivered to our clients.

 We are dedicated to meeting the diverse expectations of our

customers
  All our deliveries are made on time, and at the preferred
location of the client.

OUR MISSION:

To beautify your home and office. We have a wide variety of

furniture that you may choose from.

OUR VISION:
At CCFC, we strive to provide our clients with superior
customer care and service with friendly, knowledgeable and
responsive staff.

We understand the importance of good customer service and

positive impact it can have in creating positive business
relationships with our customers.

To be one of the leading importers and marketers in Kenya by

2017.
COMPANY STAFF

We have 50 employees who generate annual sales volume of

above 250 million Kenya Shillings.
At CCFC, we understand that our success is due to the efforts of
our committed staff. Staff are therefore well-trained and treated
with the respect they deserve and have earned. We create an
enabling and secure working environment.
Our staff’s success is based on;
 Respect and Credibility
 Accountability
 Integrity and ethical behavior
 Positive attitude
 Clear communication
 Diversity and inclusivity
 Performance and excellence

The following is our staffing:

Director 2
Manager 4
Shop attendants 8
Supervisors 4
 Marketers 5
Furniture Fitters 6
Loaders 15
Drivers 5
Engineer 2

The following are our key personnel

Zhou Wu Director
Qiao Jun Director
Grace Kebaso Operation Manger
Richard Gisore Sales & Marketing
Monicah Wambui Shop attendant
 OUR COMPANY STRUCTURE

DIRECTORS

ADMIN / OPERATIONS
MANAGER

TECHNICIANS,
SALES EXECUTIVE,
LOADERS AND
MARKETING TEAM,
DRIVERS, CLEANERS,
ACCOUNTANTS
WAREHOUSE
SOME OF OUR EXISTING CUSTOMERS

CHINA ROAD & BRIDGE(K) LIMITED

MULLEYS SUPERMARKETS LIMITED

CHINA GEZHOUBA GROUP COMPANY LIMITED(CGGC)

TUMAINI SUPERMARKET

OUR CONTACTS:

P.O. BOX 51888 – 00100, Nairobi

Tel 254 020 2180 399 / 699
Mobile: 254 789 518 88 / 254 789 511 888
Opposite City Cabanas, Off Mombasa Road.

Email: [email protected] / [email protected]

- _ ;;.~ - ~ 1f·OOJi\.~1t~~r*J~!f-k:t~~k~JiEl~~
TUE PROPOSED-'lJN'IVERSIT"Y -O'F NAIROBI TOWERS
-PRO-.JECT,-CHINA 'W'U YI C·O., LTD
P. 0. Box74664-00200, Nairobi Email: chinawuyiuonproject@ gmail.com
Our Ref :CWY-UON-CLT-086

25th August 20 I 5

Construction and Maintenance Department

University .ofNai.r.ohi
P.O. Box 30917-00100
NAIR-OBI.
Dear Sir.

.RE: "THEJ>.ROPOSEJ) UNJVERS.JTY OF .NAIRO:BJ TOWERS

MIS CHINA FURNITURE CITY t'KENYA) -LTD

-L ETTER OF RECOMMENDATION

We hereby recommend Mis-China Furniture-City (Kenya} Ltd for works involving suwfy,
installation and maintenan_ce of furniture.

Mis-China Furniture City -{Kenya} Ltd conducts its business internationally and has-a
demonstrated ability to work in Kenya.

Moreover, all work undertaken by the aforementioned has been completed on time and all the
.goods supplie-iLhav.e been .of excellentquality.

Mis China-Furniture City (Kenya}Ltd has access to-a wide- range-of e-xcellent quality -and
competitively priced furniture,. suitable for the needs of every client.

It is oOUF sincerest !rope -that they shall be oeonsidered favourably.

Yours furthfuHy,
) r-;J J ><.

fo\!(
XIONG KAIHIJA
-PROJECT MANAGER

Cc. Mis China Furniture City (Ken;ya}L1d

 For General Tax Questions

~' K E YA REVE1 UE Tax Compliance Certificate

Contact KRA Call Centre
Tel: +254 {020) 4999 999
f}J~ A UTHORITY Cell: +254(0711)099 999
Email: [email protected]
www.kra.go.ke

Taxpayer PIN: P051432525U Certlflcate Date: 12/0212015

Name and Address : Certificate Number:
China Furniture City (kenya) Limited KRAEON0941912015
City Cabanass, Nairobi, Embakasi District,
PO Box:814, II III II Ill IIII IIUI lllllll IIlllll Illll Ill Ill
Postal Code:00100

This is to confirm that China Furniture City (kenya)

Limited,
Personal Identification Number P051432526U
has filed relevant tax returns and
paid taxes due as provided by Law.

This Certificate will be valid for

twelve (12) months up to 12/02/2016.

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.
t ;·~;,.' · !
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~~~ .. K ENYA REVENUE Taxpayer Registration Document Number:

AUTHORITY Certificate 10766310

f·
,-
General Data of the Tax12ayer
CHINA FURN1TURE CITY (KENYA) UMITED

..
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-'; P05143252.6U TaxPayer Category DOMESTIC
Aug 16, 2013
Others

Contact Information
District NAIROBI EAST City /Town NAIROBI CITY (EAST)
treet I Road NORTH AIRPORT ROAO Building MOMBASA ROAD
rea Name 20 LR Number 209/15661
P..0 - Box 00100 - 51888
in Email·Address

Obiigation Register Oate

DEC 31, 2012
AT TAX VAT 3 JUL 31 2013
. -· is certiftcate rs·-computer generated an:d therefore not signed~ It is valld cert:Jffcate issued under the
. uthority of KRA.
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 CHINA FURNITURE CITY (K) LIMITED

REPORT AND FINANCIAL STATEMENT- r -

FOR THE YEAR ENDED 31 sT DECEMB-E R 2-014

I

! i -

NGIGI & PARTNERS I

! .
CERTIFIED PUBLIC ACCOUNTANTS (K)
\ -

Tumain1 House KCB Bui1ding

2nd floor, Moi Avenue 1st Floor
P.O. Box 50281-00200 Njuri Ncheke Street
Tel: 020 2246044m19090 P.O Box 2142-60200
Nairobi Meru
Email: [email protected]!partners.c-0:.ke-
- --·- - -- --------- -- ~-. --- - ------------
- -- -- -----~
- ---
-- - ~-~ - - ......- -~ ~ -~-
CHINA FURNITURE CITY (K) LTD
ANNUAL REPORT AND FI.NANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER -2014-

CONTENTS PAGE

Report of The 'Directors l

Statements of Directors' Responsibilities 2

Report of Independent Auditors 3

Statement of Financial Position 4

Statement of Comprehensive Income 5

Statement of Changes in Equity 6

Statement of Cashflows 7

Notes to the financial Statement 8-9

...
 -1-
CHINA FURNITURE CITY (I\.} LTD
Al\iNUAL REPORT Al''D FINANCIAL STATEMEJ\'TS.
FOR THE YEAR ENDED 31ST DECEMBER 2014
The rlirecrors.have the pleasure n1 submitting their :FepGrtand audited financial statement&
for 'the year ended 31st December 2014

Principal Acthrity:
The principal activity of the company is. purchase and sales of Furnitures. and building
Materials

Results:
The results for the year are set out on page 5.

·Domicile
The company is incoporated and domiciled in Kenya .

Directors
The Director who held office during the-yeanvere:
Zhuo Wu Director
Qiao Jun Direct~

Auditors:
Messrs Ngigi & Partners'CertrnetH~ublic Accounrarrts{K}were appointed audffors-
for the year and have expressed their willingness to continue in office and do so under
the -provision of section 159(2}-ofthe Com@anies-Act( Cap-486)

By order of directors

,_f&/ .
~~~l••••••••••••••••••u•••uoo•

1)~ 1 L .3 IL....................... .2015

D a te ••.•.•..•.......
 -2-
China Furniture City (K) Limited
Statement of the directors' responsibilities
For the year ended 31st December 2014

The ,directors- are required to ·prepare the financial statements for each financial year, which give a
true and fair view of the state of affairs of the organization as at the end of the financial year andof
its operating results for that year. It also requires the directors to ensure that the organization 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
organization.

The directors accept the responsibility for the 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 requirements. The
directors are of the opinion that the financial statements give a true and fair view of the state of the
-organization's affairs -and Df its ·o perating results.

The directors further accept responsibility for the maintenance of the accounting records, which
may be relied upon in thee preparation of the' financial statements as well as adequate ·system of
internal financial control.

Nothing has. come-to the- attention of the· dir ectors to indicate that the organization wiU not remain
a going concern for at least the next twelve months from the date of this statement.

Signed

Directo

. t ', . ·. (l
D 1rec or.......·............................. .
 _3;.
China Fu.rniture City (K) Limited
Report of the independent auditors
F~r the year ended, 3-ht December 2-014

We have audited the financial statements of China Furniture City (K) Limited set out on pages 4 to 9
for the year ended 31st December, 2014 which comprise the statement of finaneial position , the
statement of comprehensive income, the statement of changes in equity, a summary of accounting
policies and the explanatory notes..

Directors' responsibilities for the financial statements

The directors are responsible for the preparation of the financial statements which give a true and
fair view of the state of affairs of the company and of its income and expenditure. This responsibility
includes selecting and applying appropriate accounting policies, making accounting estimates that
are reasonable in the circumstances as well as designing, implementing and maintaining intemal
controls to facilitate preparatfon and presentation of financial statements tnat are fair and free from
material misstatements due to fraud or error.

Auditors' responsibilities and basis of opinion

Our responsibility is to express an opinion on the financial statements in this report based on our
audit. We conducted our audit in accordance with the lntemationa1 Standards on Auditing. These
standards require that we comply with ethical standards and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatements.
An audit includes performing procedures to obtain audit evidencl!' about amounts· and disclosures· in
the financial statements. The procedures selected depend on our assessment of the risk of mateilal
misstatement whether due to fraud or error. An audit also includes assessing the accounting policies
used .ana s.4µiifu:an1 est.imams _made by the dkeaors, .as well .f\S evaluating the. overan financfal
statements presentation.

Opinion . .
In our Opinion, the financial statements give a true and fair view of the financial position of the
company as at December 31, 2014 and the company's profit/loss and cash flows for the year then
endecl .i n accor<lance with International Financial Reporting Standards and oornpty vvith the- ··
Companies Act.

Report on other legal requirements

As required by the Companies. Act we report that,. based on our audit~

We obtained all the information and explanations whiCh to the best of our knowledge and
he! ief were _necessary for the purpose _o f our audit. ·
11 In our opinion, proper books of account have been kept, so far as it appears from the
examination ·of those books .
m The finanda! statements are in agreement with the books 'Of account.
i,

The. engagement partner responsible for the audit resulting in this independent auditors report was

Ngigi and partners

Certified Public Accountan~~~~!t:t:;.:
T:umaini hse
2nd floor ..
Moi Avenue
P.o.box 50281-00200.city square
Naimb.~ra , O , ,
3 ........2015
Dated: V.~•••.• . ..........
 -4-
CHINA FURNITURE CITY (K} LTD
ANNUAL REPORT -AND ·F INANCIAL -ST-A1'EMEN:X:S
FOR THE YEAR ENDED 31ST DECEMBER 2014

Statement of Financial position

Notes 2014
ASSETS Kshs

Non current assets

Property & equipment 2 2,325',678

Current assets
Cash& bank 3 2,945,378
Stock 8 65,lW,698
Debtors & prepayments 4 25,627,659
93,693,735

TOTAL ASSETS 96,018,813

EQUITY AND LIA-BU,ITIES-

EQUITY
Share capital 7 100,000
Revenue reserve 6,291,935
6,39~935

Current Liabilities
Creditors .5 58,389~974
Tax:Payable 12 2,696,543
Directors accounts 6 28,540,361
89;626;8'78

TOTAL EQUITY & LIABILITIES 96,018,813

.
The financial statements were approved by the board of directors am

1tf.-h~~~hy;. ~·

·~~;~~~;······:···········,\ ·:A'
Date••.•CJ... ~ .E.-2 ... ~....2015
 -5-
CHINA FURNITURE CITY (K) LTD
A.."llffllJAL-REPORT AND FINANCIAL-STATEl\11...ENTS
FOR THE YEAR ENDED 31ST DECEMBER 2014

2014
Kshs
Notes-
Sales 2-21,241,232-

Cost of sales 182,547,423

Gross Profit 38,693,809

EXPENDITURE

-Operation-expenses 10,637;028

Administration expenses 10 18,363,323

Financial expenses 11 704,980

29,705,331

Pro.fit befor.e .tax ~88-1418

Tax 12 (2.696.543)

Profits After tax 6,291,935

 --6-
CHINA FURNITURE CITY (K) LTD
Al'i'NUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2014
Statement of Changes in Equity

Share Revenue
capital reserve Total
Kshs Kshs Kshs

1st January 2014

Additions 100,000 100,000

Net profit for me year 6 291 93.;:-

' ' ..J
6,291,935
 -7-
CHINA FURNITURE CITY (K) LTD
ANNUAL RE-POR'I AND-FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2-014

Statement of CashUows
2014
Kshs
CASH FLOW FROM OPERA TING ACTIVITIES
'P rotlt-Dero-re·taxation 8;988,478
Adjustment for:
Depreciation ·650,282
Tax Paid
Operating ~-rofit befwewwking-capital ~hanges

( Increase}/ decrease in debtors & prepayments (.25,627,659)

( Increase)/ decrease in stocks (65, 120,698)
(Decrease)/ increase in creditors 58,389,974
Net Changes in working capital (32~358,383)

Net Cash flow generated from operating activities (22,719,623)

CASH FLOW FROM INVESTMENT ACTIVITIES

Puchase of fixed assets (2,975,360)

CASH FLOW FROM FINANCING ACTIVITIES

Direct-OrS a.ccounts 28,54~,361
Share capital lOU,000
28,640,361

NET 1NCREASE/(DECREASE) IN CASH.& CASH EQUIVALENT 2,945,378

CASH & CASH EQUIVALENT AT THE START OF THE YEAR

CASH & CASH EQUIVALENT AT THE END OF THE YEAR

 -8-
CHINA FURNITURE CITY (K) LTD
.ANNUAL RE.'PORT.AND.FJNANCIALSIATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2014

1. Accounting Policies
(a) Basis of Accounting
The..financial.srat.::me:ntslr~ve.been. pmparetiundt.'Tthe..bfstorii::al..cost .cou~-ention .

(b) Depreciation
~e~:.iaticn.iseakubt.ed.t9- v.~ clf tOO<;flSt 9f .fo:-ed.a~c:;.~ilieir
residUar vafues over dicir estirnatecfusefuflives at& ·ronowing annual
rates using the reducing balance basis.
Rate
o/o

Equipment 12.5
.Ce..-npb'ter go
Motor Vehicle 25
Furniture & Fitting 12.5

2. Non current Assets

. OIIiCe Mator Offit.e

Equipment Vehicles Computer furniture Total
KShs KShs KShs KShs KShs
C$t
AtOl.01.2014
Additional 90,081 1,393,328 595,406 896,545 2,975,360
Uisposal'i
As at 31 .12.7014" ·9iJ;U81 1,:w.f,328' ·595,406 '896,~ 7;975,360

Depreciation
Balance b/forward
Charge for the year 11,260 348,332 178,622 112,068 650,282
Total depreciation 11,260 348,332 178,622 650.282

Net Book Value

Asat 31.12.2014 78,821 1,044,996 416,784 784,~77 ..2,325,07.S

2014
KShs

3 Cash and bank balances

 ~9-

.Nata .t o .t he .f inancial.statement

CHINA FURNITURE CITY (K) LTD

Anrual ~and FmanciaJ Statements
J'OR mE YEARENDEit31's.'f DECEMBER201'4'

2014
KShs
Debtors and Prepavment
Trade debtors 25,147,659
Rent ~ 48fi;i)OO
25,627,659

5 ·Trade and 0th.e r Pavab1es

Accrued expenses 752,384
Other creditors 15,356,931
Trade creditors 42280, 659
58,389,974

6 DiT"Ccton lll!eount
Baranccbff
Additions 28,540,361
Withdrawafs/Refumi
28,540,361

7 Share pmitaJ
Authorised share capital
WOO shar.es.ofkshs lOO~cli 100,000.

Issued share capital

1000 shares of kshs 100 each 100,000

8 Cost ofsales
Opening stocks
.Pmtllases 247..,66i,i2l
Closing stocks (65, I'Z 0,698!

J81,547;423

9 Operation expenses
Printing and stationeries 107,635
Ad'\iertising and Marketing· 5,415,431
Licenses 72,500
Rent 2,290,000
Repairs .and maintenance 956;005
Water and electricity 45,801
Security charges 960,000
Po..<;t.age & tclephane 287]!90
Audit and accountancy fees 350,000
Office expenses 151,760
J 0..63'U>2S
 -10-
Notes ro the financial statement

CHINA FURNITURE CITY (K) LTD

Annual Report and Financial Statements
FORIHE IT....\R.E__NDED 31SI DECEMBER 2014

rn Atlminin1:111inn Hpmw
S~lmi~! &id w~ 9.,RW;~~l
G-oo~.ml-~~~ ;iti}j@
Dtr~rom'~ -4$~,rn~
b.~gal aml pm~§lOOEll ~ 'H~,4l0
t'~~rMakM~ U!i.n1
.\iotof vehie.ies expenses i,~j-:l;34l
Insurance - general 1,561,837
Travelling and Accomodations 3,612,360
ls;J63,J23

11 Financial expenses
' Bank .cl-::a..'T;~& .commisfilon 54;-698
Depreciation 650,282
704,980

12 Taxation
Profit 8,988,478
Add disallowed:Expenses
Depreciation 650,282
Donations
Ta.uhle profits 9/538,760
Less Wear andTear (650,282)
8,988,478
fax@30% 2.696,543

Tax Movement
Balance b/f
a~· rar. it..e }<:a£ 2,690;543
Paid
Bal elf 2,6%,543