IRIS Accounts Production v24.3.2.46 07587965 director 1.4.22 31.3.23 31.3.23 17/1/2025 false true false false true false Auditors Opinion Ordinary 10.00000 Preferred 10.00000 10.00000 10.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh075879652022-03-31075879652023-03-31075879652022-04-012023-03-31075879652021-03-31075879652021-04-012022-03-31075879652022-03-3107587965ns15:EnglandWales2022-04-012023-03-3107587965ns14:PoundSterling2022-04-012023-03-3107587965ns10:Director12022-04-012023-03-3107587965ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3107587965ns10:SmallEntities2022-04-012023-03-3107587965ns10:Audited2022-04-012023-03-3107587965ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3107587965ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107587965ns10:FullAccounts2022-04-012023-03-3107587965ns10:OrdinaryShareClass12022-04-012023-03-3107587965ns10:OrdinaryShareClass22022-04-012023-03-31075879651ns10:OrdinaryShareClass12022-04-012023-03-31075879652ns10:OrdinaryShareClass22022-04-012023-03-3107587965ns10:RegisteredOffice2022-04-012023-03-3107587965ns5:CurrentFinancialInstruments2023-03-3107587965ns5:CurrentFinancialInstruments2022-03-3107587965ns5:Non-currentFinancialInstruments2023-03-3107587965ns5:Non-currentFinancialInstruments2022-03-3107587965ns5:ShareCapital2023-03-3107587965ns5:ShareCapital2022-03-3107587965ns5:RetainedEarningsAccumulatedLosses2023-03-3107587965ns5:RetainedEarningsAccumulatedLosses2022-03-3107587965ns5:FurnitureFittings2022-03-3107587965ns5:FurnitureFittings2022-04-012023-03-3107587965ns5:FurnitureFittings2023-03-3107587965ns5:FurnitureFittings2022-03-3107587965ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3107587965ns5:WithinOneYearns5:CurrentFinancialInstruments2022-03-3107587965ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3107587965ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-03-3107587965ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3107587965ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3107587965ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3107587965ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-3107587965ns10:OrdinaryShareClass12023-03-3107587965ns10:OrdinaryShareClass22023-03-310758796512022-04-012023-03-31
REGISTERED NUMBER: 07587965 (England and Wales)




















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: S K M Palaksha





REGISTERED OFFICE: Eaton House
Upper Grosvenor Street
London
W1K 2NG





REGISTERED NUMBER: 07587965 (England and Wales)





AUDITORS: Orcom Civvals Audit Limited
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 4 187 536

CURRENT ASSETS
Stocks 5 14,006 17,506
Debtors 6 48,640 42,662
Cash at bank 4,171 14,326
66,817 74,494
CREDITORS
Amounts falling due within one year 7 746,567 6,727,708
NET CURRENT LIABILITIES (679,750 ) (6,653,214 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(679,563

)

(6,652,678

)

CREDITORS
Amounts falling due after more than
one year

8

729,813

704,740
NET LIABILITIES (1,409,376 ) (7,357,418 )

CAPITAL AND RESERVES
Called up share capital 9 9,703,500 3,500,000
Retained earnings (11,112,876 ) (10,857,418 )
SHAREHOLDERS' FUNDS (1,409,376 ) (7,357,418 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 January 2025 and were signed by:





S K M Palaksha - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 fittings25% 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 3 (2022 - 3 ) .

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 4,021
Disposals (2,150 )
At 31 March 2023 1,871
DEPRECIATION
At 1 April 2022 3,485
Charge for year 62
Eliminated on disposal (1,863 )
At 31 March 2023 1,684
NET BOOK VALUE
At 31 March 2023 187
At 31 March 2022 536

5. STOCKS
2023 2022
£    £   
Stocks 14,006 17,506

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 21,444
Loan recoverable 20,747 18,947
VAT 27,893 2,271
48,640 42,662

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 10,648
Amounts owed to group undertakings 607,946 6,628,665
Social security and other taxes 50,595 41,397
Other creditors 58,712 38,000
Directors' current accounts 5,415 -
Accrued expenses 13,251 8,998
746,567 6,727,708

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 10,648 10,648
Bank loans - 2-5 years 11,096 20,798
Other loans - 2-5 years 708,069 673,294
729,813 704,740

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
660,175 Ordinary £10 6,601,750 3,500,000
310,175 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.

Aamir Kazi (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited

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.