REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
AMIRA G FOODS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
AMIRA G FOODS LIMITED |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AMIRA G FOODS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
50 Seymour Street |
London |
W1H 7JG |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Amira G Foods Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors consider that the company will have sufficient funds through funding from its ultimate parent company, Amira Nature Foods Ltd, to meet its liabilities as they fall due, for a period of 12 months from the date of approval of these financial statements. |
The going concern basis is dependent on Amira Nature Foods Ltd not seeking repayment of the amounts currently due, directly or indirectly, to the group and providing additional financial support during that period. |
Amira Nature Foods Ltd has indicated its intention to continue to make available such funds as are needed by the company, and that it does not seek repayment of the amounts due at the balance sheet date where the entity has insufficient liquidity to make such payments. |
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
Consequently the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. |
The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 102 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment. |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The company recognizes revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the company. Revenues are measured at the fair value of the consideration received or receivable, net of discounts, rebates, outgoing sales taxes, and other indirect taxes. Revenues are recognized when all significant risks and rewards of ownership of the goods are transferred to the customer and delivery has occurred as per the contractual terms. |
Tangible fixed assets |
Tangible assets are stated at cost of acquisition less accumulated depreciation and accumulated impairment, if any. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | 25% on reducing balance |
An item of tangible assets is no longer recognized upon disposal or when no future economic benefits are expected from its use. Any resulting gain or loss (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statements in the year the asset is derecognized. |
The assets residual values, useful lives and methods are reviewed by management, and adjusted if appropriate, at each reporting date. |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price in the ordinary course of business less estimated costs of completion and selling expenses. |
The costs of stocks are comprised of purchase price and expenses incurred to bring them to their present location and related taxes net of tax credit available, if any. Cost of such closing stocks are determined on first-in, first-out (FIFO) basis and the same cost formula has been used for all stock items having a similar nature and use. |
At each reporting date, stocks are assessed to determine whether a provision for any impairment is required by comparing the carrying amount of each item of stock (or group of similar items) with its selling price less costs to complete and sell. |
If an item of stock (or group of similar items) is impaired, the carrying amount of the stock (or the group of similar items) is reduced to its selling price less costs to complete and sell. That reduction is an impairment loss and it is recognised immediately in profit or loss |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Loan recoverable | 20,747 | 18,947 |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' current accounts | 5,415 | - |
Accrued expenses |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 2-5 years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £10 | 6,601,750 | 3,500,000 |
Preferred | £10 | 3,101,750 | - |
9,703,500 | 3,500,000 |
The following shares were allotted and fully paid for cash at par during the year: |
310,175 Ordinary shares of £10 each |
310,175 Preferred shares of £10 each |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for Disclaimer of Opinion |
We draw attention to note 2 in the financial statements, which indicates that the directors consider that the financial statements should be prepared on a going concern basis. In reaching that conclusion, the directors acknowledge the company's need to rely on the financial support of the company's ultimate parent company, Amira Nature Foods Ltd, to meet the company's liabilities as they fall due for a period of 12 months from the date of approval of these financial statements, and to not seek repayment of the amounts currently due, directly or indirectly, to the group. |
As stated in note 2, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
We have not been provided with up to date information concerning the solvency of the parent company, Amira Nature Foods Ltd. The latest financial information we have on the financial performance and position of the parent company covers the period to 31 March 2020. We were unable to satisfy ourselves by alternative means concerning the ability of the parent company to continue to provide the financial support the company needs to justify preparing the financial statements on a going concern basis. |
As a result of this matter, we were unable to determine whether it is appropriate to prepare the financial statements on a going concern basis, or whether any adjustments might have been found necessary in respect of assets and liabilities and the elements making up the Income Statement, Balance Sheet and Notes to the Financial Statements. |
Matters required to report by exception |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Included in Creditors at 31 March 2023 was a loan given to Amira G Foods Limited of £708,069 (2022: £673,294) by a shareholder in Amira Nature Foods Limited which is the ultimate parent company of Amira G Foods Limited. |
AMIRA G FOODS LIMITED (REGISTERED NUMBER: 07587965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | POST BALANCE SHEET EVENTS |
The company is in dispute with a supplier and is involved in an ongoing litigation process. The unpaid amount totalling £49,859 has been provided for in the financial statements. The outcome of the litigation process is uncertain. |
There were no other material events subsequent to 31 March 2023 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements. |
13. | ULTIMATE PARENT AND CONTROLLING PARTY |
Amira I Grand Foods Inc, a company incorporated in British Virgin Islands, is the immediate controlling party and Amira Nature Foods Ltd, a company incorporated in the British Virgin Islands, is the ultimate parent company of Amira G Foods Limited. |
Amira I Grand Foods Inc, a company incorporated in British Virgin Islands, is the smallest group and Amira Nature Foods Ltd, a company incorporated in the British Virgin Islands, is the largest group of which the company is a member. |