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REGISTERED NUMBER: 01034090 (England and Wales)

















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 April 2024


for



GANDHI ORIENTAL FOODS LIMITED


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)








Contents of the Financial Statements

FOR THE YEAR ENDED 30 APRIL 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

5




Report of the Independent Auditors  

7




Income Statement  

11




Other Comprehensive Income  

12




Statement of Financial Position  

13




Statement of Changes in Equity  

14




Statement of Cash Flows  

15




Notes to the Statement of Cash Flows  

16




Notes to the Financial Statements

17





GANDHI ORIENTAL FOODS LIMITED



Company Information

FOR THE YEAR ENDED 30 APRIL 2024









DIRECTORS:

Mr J.C. Gandhi


Mr D.A. Mody


Mr N.C. Mody


Mr P.A. Mody


Mrs M.J. Gandhi





REGISTERED OFFICE:

Global House


303 Ballards Lane


London


N12 8NP





REGISTERED NUMBER:

01034090 (England and Wales)





SENIOR STATUTORY AUDITOR:

Mr John Kyriacos Pittalis ACCA





AUDITORS:

K J Pittalis and Partners LLP


Chartered Certified Accountants


Statutory Auditor


Global House


303 Ballards Lane


London


N12 8NP


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Strategic Report

FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.


OVERVIEW


Gandhi Oriental Foods Limited is a leading provider of supplies to Asian restaurants in Southeast England. The Company specialises in offering a wide range of high-quality products catering to restaurants, wholesalers, and retailers. Over the years, the Company has built a strong reputation through solid relationships with both customers and suppliers. Despite the challenges posed by economic volatility, the Company remains committed to delivering excellent service and maintaining a continuous supply of products to its customers.


REVIEW OF BUSINESS

The financial year 2023/24 proved to be another successful period for the Company, marked by strong trading activity and sustained growth. The Company continued to build on its solid reputation by nurturing strong relationships with both customers and suppliers, reinforcing its position as a leading provider of Asian restaurant supplies in Southeast England. The Company experienced a 5.27% increase in revenue compared to the previous year, primarily driven by inflationary price adjustments.


To safeguard the Company's gross profit margin, the directors actively sought out high-quality goods, leveraging their network of suppliers to secure the best possible prices.


The retention of key staff and strong relationships with leading customers and suppliers continued to be pivotal to the Company's operational success. By maintaining these critical partnerships, the Company has solidified its position as a trusted supplier of Asian foods in the region.


RESULTS AND PERFORMANCE

The results for the year, as set out on pages 11 - 14 show a profit before tax of £464,689. The retention of key staff members, maintaining solid relationships with leading customers and suppliers and the investment in warehousing facilities and processes, as well as the Company's strong reputation, is continuing to manifest itself in profitability. Results have surpassed management expectations and they have continued to focus on profitable growth which they are confident should maintain the upward trend in net profitability over the next three years.


During the year the growth trajectory continued with sales up 5.27% on the previous year, more importantly, net profit has risen in quantum and percentage to 3.09%. The Directors will continue to manage growth to continue to improve profitability by more efficient and effective use of resources.


As of 30 April 2024, the Shareholders' Funds totalled £8,866,526 (2023: £8,567,912).


TRADING ENVIRONMENT

The UK wholesale market, particularly in the food and restaurant supply sector, faced several challenges in 2023/24, including supply chain disruptions, inflationary pressures, and economic uncertainty. Customers became increasingly price-sensitive as a result of the rising cost of living and broader economic concerns. The wholesale sector, including the cash and carry business, has seen heightened competition as businesses attempt to balance affordability with the rising costs of goods, energy, and labour.


The Company's focus on competitive pricing, cost control, and strategic purchasing allowed it to mitigate these challenges, ensuring that customers continued to receive value for money without compromising on quality. The Directors are also continuously assessing the market and broader environment to identify further opportunities and are optimistic about the potential for growth in the short to medium term.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Strategic Report

FOR THE YEAR ENDED 30 APRIL 2024


STRATEGY

In response to the increasingly competitive and volatile market conditions, the Directors have taken a cautious yet proactive approach. By closely monitoring both purchase and selling prices, the Company ensures it can react swiftly to market shifts, protecting margins while meeting customer expectations. At the same time, the niche focus of the business, concentrating on ethnic foods and specialised sectors like restaurants and takeaways has aided the company to set itself apart from other competitors in the market.


The Directors are optimistic about future growth prospects, especially in the short to medium term. The Company is continuously assessing the market and exploring new opportunities, both in its core business and in potential new product lines or services. Key areas of focus include:


Product Diversification:

Expanding the product range to cater to the growing demand for ethnic and specialty foods, particularly those aligned with evolving consumer trends towards healthier and more sustainable food options.


Sustainability:

The Company is exploring ways to adopt more sustainable practices, such as reducing plastic packaging, improving energy efficiency in operations, and sourcing more ethically produced goods.


PRINCIPAL RISKS AND UNCERTAINTIES

The Directors recognise several key risks and uncertainties that may impact the Company:


Economic conditions:

The current depressed economic climate poses a risk to demand, particularly among smaller restaurants and retailers, who may struggle with higher costs.


Inflation:

Continued inflationary pressure could lead to rising operational costs, potentially squeezing profit margins if not managed carefully.


Foreign Exchange Risks:

The company is subject to fluctuations in currency exchange rates, which can affect the costs of goods and overall financial performance.


Supply Chain Disruptions:

Brexit-related regulations, global supply chain delays, and rising transportation costs could create challenges in sourcing products.


Labour Market Issues:

Staffing challenges, especially in warehouse operations and logistics, could impact the Company's ability to meet demand efficiently.


Despite these risks, the Company remains well-positioned to adapt to market challenges through its agile pricing strategies, strong supplier relationships, liquidity management, supplier diversification and commitment to delivering value to its customers.


KEY PERFORMANCE INDICATORS (KPI)

The following KPIs are used to monitor the efficiency and profitability of the business and to optimise working capital.


Gross profit


>15%


Net profit margin


>2%


Inventory turnover ratio


>75



FUTURE DEVELOPMENTS

The UK economy seems volatile at present, and likely to remain so. Interest rates remain high albeit with a small decrease already seen, with further reductions forecast by the end of 2024.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Strategic Report

FOR THE YEAR ENDED 30 APRIL 2024



To cater for the evolving preferences of consumers, the Company is constantly expanding its product range to include more organic, gluten-free, and health-oriented Asian food products.


Lastly, the Company is also committed to sustainability initiatives with the aim of transitioning to eco-friendly packaging solutions and minimising its overall carbon footprint.


ON BEHALF OF THE BOARD:






Mr N.C. Mody - Director



23 January 2025


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Report of the Directors

FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.  


PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of wholesale distributors of foodstuffs and provisions primarily to the Asian catering establisments.

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect the business to continue at its present rate.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2024.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.


Mr J.C. Gandhi

Mr D.A. Mody

Mr N.C. Mody

Mr P.A. Mody

Mrs M.J. Gandhi


FINANCIAL INSTRUMENTS

The company utilises financial instruments to support its operational and strategic objectives. These instruments primarily include trade receivables, trade payables, borrowings and cash and cash equivalents. The company does not engage in speculative use of financial instruments.


Risk Management Objectives and Policies

The company is exposed to various financial risks arising from its business activities. The primary risks include price risk, credit risk, liquidity risk, and cash flow risk. The board of directors has established policies to identify, measure, and mitigate these risks to safeguard the company's financial stability and ensure compliance with regulatory requirements.


Price Risk

Gandhi Oriental Foods Limited is exposed to price volatility in raw materials, particularly spices, grains, and edible oils, which are critical to its operations. To manage price risk, the company leverages their network of suppliers to secure the best possible prices.


Credit Risk

Credit risk arises from the potential failure of counterparties to meet their contractual obligations. The company's exposure to credit risk is primarily related to trade receivables from customers. Gandhi Oriental Foods Limited mitigates this risk by performing creditworthiness assessments, setting credit limits, and maintaining a diversified customer base.


Liquidity Risk

Liquidity risk pertains to the company's ability to meet its financial obligations as they fall due. Gandhi Oriental Foods Limited manages this risk by regularly monitoring cash flow forecasts and ensuring access to sufficient funding through committed credit facilities, operational cash generation, and maintaining appropriate levels of cash reserves.


Cash Flow Risk

Fluctuations in cash inflows and outflows can impact the company's liquidity position. The company mitigates cash flow risk by aligning payment terms with receivables and payables, and managing the timing of significant expenditures. Seasonal variations in demand are also considered in cash flow planning.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Report of the Directors

FOR THE YEAR ENDED 30 APRIL 2024



Monitoring and Review

The board of directors oversees the company's risk management framework, ensuring that policies and procedures remain effective and aligned with the company's objectives. Financial risks are reviewed periodically, and adjustments are made to the company's strategies and controls in response to changes in the operating environment or financial landscape.


By adopting a proactive approach to risk management, Gandhi Oriental Foods Limited aims to minimise the impact of financial uncertainties on its performance and to uphold stakeholder confidence in its financial stewardship.


DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.


DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  KJ Pittalis and Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:





Mr N.C. Mody - Director



23 January 2025


Report of the Independent Auditors to the Members of

Gandhi Oriental Foods Limited


Opinion

We have audited the financial statements of Gandhi Oriental Foods Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Gandhi Oriental Foods Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or 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

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud is detailed below:


We considered the nature of the Company's industry and its control environment and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We enquired of management about their own identification and assessment of the risks of fraud and irregularities.


We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that:


-


Had a direct effect on the determination of the material amounts and disclosures in the financial

statements. These included UK Companies Act, pensions legislation, tax legislation, financial conduct

authority regulations; and


-


Do not have a direct effect on the financial statements, but compliance with which may be

fundamental to the company's ability to operate or to avoid a material penalty.



We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements. In common with all audits under the ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


Report of the Independent Auditors to the Members of

Gandhi Oriental Foods Limited


In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments: assessed whether the judgements made in making accounting estimates are indicative of a potential bias: and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.








In addition to the above, our procedures to respond to the risks identified included the following:


-


Reviewing financial statement disclosures by testing to supporting documentation to assess

compliance with provisions of relevant laws and regulations described as having direct effect on the

financial statements;


-


Performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud;


-


Enquiring of management, concerning actual and potential litigation and claims, and instances of

noncompliance with laws and regulations; and


-


Reading minutes of meetings of those charged with governance.



As part of an audit in accordance with ISAs (Uk), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:



-


Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for ·one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

control;


-


Obtain an understanding of internal controls relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the

effectiveness of the company's internal control;


-


Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related party disclosures made by the directors;


-


Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, if

uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures

in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit   evidence obtained up to the date of our Auditors' report.

However, future events or conditions may cause the company to cease to-continue as a going

concern;


-


Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in

a manner that achieves fair presentation.







We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Report of the Independent Auditors to the Members of

Gandhi Oriental Foods Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Mr John Kyriacos Pittalis ACCA (Senior Statutory Auditor)

for and on behalf of K J Pittalis and Partners LLP

Chartered Certified Accountants

Statutory Auditor

Global House

303 Ballards Lane

London

N12 8NP


23 January 2025


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Income Statement

FOR THE YEAR ENDED 30 APRIL 2024


30/4/24

30/4/23



Notes

£

£


TURNOVER

11,429,692


10,857,720




Cost of sales

9,195,630


9,307,088



GROSS PROFIT

2,234,062


1,550,632




Administrative expenses

1,631,602


1,444,007



OPERATING PROFIT

5

602,460


106,625




Loan balance write-off

6

141,651


-



460,809


106,625




Interest receivable and similar income

4,478


-



465,287


106,625



Amounts written off investments

7

500


-



464,787


106,625




Interest payable and similar expenses

8

98


6



PROFIT BEFORE TAXATION

464,689


106,619




Tax on profit

9

166,075


31,166



PROFIT FOR THE FINANCIAL YEAR

298,614


75,453




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Other Comprehensive Income

FOR THE YEAR ENDED 30 APRIL 2024


30/4/24

30/4/23



Notes

£

£


PROFIT FOR THE YEAR

298,614


75,453





OTHER COMPREHENSIVE INCOME  


Revaluation of freehold property

-


1,736,483



Depreciation on revaluation

-


(13,709

)


Income tax relating to components of

other comprehensive income

-


(434,121

)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

-


1,288,653



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

298,614


1,364,106




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Statement of Financial Position

30 APRIL 2024


30/4/24

30/4/23



Notes

£

£

£

£

FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

4,476,553


4,524,755



Investments

12

85,120


85,620



4,561,673


4,610,375




CURRENT ASSETS

Stocks

13

1,407,870


1,618,866



Debtors

14

3,278,558


3,487,825



Cash at bank

1,030,585


444,842



5,717,013


5,551,533



CREDITORS

Amounts falling due within one year

15

969,313


972,802



NET CURRENT ASSETS

4,747,700


4,578,731



TOTAL ASSETS LESS CURRENT

LIABILITIES

9,309,373


9,189,106




CREDITORS

Amounts falling due after more than one

year

16

-


(175,295

)



PROVISIONS FOR LIABILITIES

18

(442,847

)

(445,899

)


NET ASSETS

8,866,526


8,567,912




CAPITAL AND RESERVES

Called up share capital

19

250,000


250,000



Revaluation reserve

20

1,274,944


1,288,653



Retained earnings

20

7,341,582


7,029,259



SHAREHOLDERS' FUNDS

8,866,526


8,567,912




The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mr N.C. Mody - Director




Mr D.A. Mody - Director



GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Statement of Changes in Equity

FOR THE YEAR ENDED 30 APRIL 2024


Called up



share

Retained

Revaluation

Total


capital

earnings

reserve

equity



£

£

£

£

Balance at 1 May 2022

250,000


6,953,806


-


7,203,806




Changes in equity

Total comprehensive income

-


75,453


1,288,653


1,364,106



Balance at 30 April 2023

250,000


7,029,259


1,288,653


8,567,912




Changes in equity

Total comprehensive income

-


312,323


(13,709

)

298,614



Balance at 30 April 2024

250,000


7,341,582


1,274,944


8,866,526




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Statement of Cash Flows

FOR THE YEAR ENDED 30 APRIL 2024


30/4/24

30/4/23



Notes

£

£

Cash flows from operating activities

Cash generated from operations

1

582,361


353,420



Interest paid

(98

)

(6

)


Tax paid

59,344


(19,757

)


Net cash from operating activities

641,607


333,657




Cash flows from investing activities

Purchase of tangible fixed assets

(14,541

)

(41,094

)


Interest received

4,478


-



Net cash from investing activities

(10,063

)

(41,094

)



Cash flows from financing activities

Amts owed by/to related co. - Movement

169,494


(211,513

)


Directors' loan repaid

(215,295

)

-



Net cash from financing activities

(45,801

)

(211,513

)



Increase in cash and cash equivalents

585,743


81,050



Cash and cash equivalents at

beginning of year

2

444,842


363,792




Cash and cash equivalents at end of

year

2

1,030,585


444,842




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Statement of Cash Flows

FOR THE YEAR ENDED 30 APRIL 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


30/4/24

30/4/23



£

£


Profit before taxation

464,689


106,619




Depreciation charges

62,743


54,294




Impairment of fixed asset investments

500


-




Finance costs

98


6




Finance income

(4,478

)

-



523,552


160,919




Decrease in stocks

210,996


265,718




(Increase)/decrease in trade and other debtors

(47,542

)

55,511




Decrease in trade and other creditors

(104,645

)

(128,728

)



Cash generated from operations

582,361


353,420




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 30 April 2024


30.4.24


1.5.23


£

£


Cash and cash equivalents

1,030,585


444,842




Year ended 30 April 2023


30.4.23


1.5.22


£

£


Cash and cash equivalents

444,842


363,792





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.5.23

Cash flow

At 30.4.24


£

£

£


Net cash



Cash at bank

444,842


585,743


1,030,585



444,842


585,743


1,030,585




Total

444,842


585,743


1,030,585




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements

FOR THE YEAR ENDED 30 APRIL 2024


1.

STATUTORY INFORMATION



Gandhi Oriental 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.

STATEMENT OF COMPLIANCE



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" and the Companies Act 2006.  


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



Significant judgements and estimates

No significant judgements have had to be made by management in preparing these financial statements.

With regard to freehold property the directors have made key assumptions in the determination of the fair value of freehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in Note 11 together with the valuation of the property at the reporting date.


Turnover


Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.



The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for the company's activities described below.



Sales of goods



Sales of goods are recognised when the risks and rewards of ownership have been transferred and no  other significant obligation remains unfulfilled that may affect the customer's acceptance of the goods. In most cases this is at the point of delivery.



Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of two years.  


Acquired goodwill is written off in equal instalments over the its life.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

Building only over 100 years on building


Plant and machinery

-

25% on reducing balance


Fixtures and fittings

-

25% on reducing balance


Motor vehicles

-

25% on reducing balance



GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


3.

ACCOUNTING POLICIES - continued


Freehold property held for the company's trade are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.



Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings.



Land is not depreciated.



All other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as detailed above.



On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.



Investments in associates


Investments in associates undertakings are recognised at cost less impairment.



Stocks


Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, and other costs incurred in bringing the inventories to their present location and condition. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.



Investments


Equity investments are measured at fair value through profit or loss , except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.



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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


3.

ACCOUNTING POLICIES - continued


Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; 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 or 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 or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


3.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contacts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contacts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate charge on the net obligation outstanding in each period.


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.


Provisions


Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.



Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.



Impairment of non-financial assets


At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.



Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.



If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.



Cash and cash equivalents


Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.



Going concern


The directors believe that preparing the financial statements on a going concern basis is appropriate.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


4.

EMPLOYEES AND DIRECTORS

30/4/24

30/4/23



£

£


Wages and salaries

753,488


643,236




Social security costs

57,903


47,904




Other pension costs

11,996


11,698



823,387


702,838





The average number of employees during the year was as follows:

30/4/24

30/4/23




Logistics and distribution

20


15




Administration and finance

2


2




Procurement and supply chain

9


9



31


26





5.

OPERATING PROFIT



The operating profit is stated after charging:


30/4/24

30/4/23



£

£


Other operating leases

74,514


74,030




Depreciation - owned assets

62,743


68,004




Auditors' remuneration

15,000


-




6.

EXCEPTIONAL ITEMS

30/4/24

30/4/23



£

£


Loan balance write-off

(141,651

)

-




The directors have assessed the loan issued to Mongoose Brewing Company Limited, a company in which Gandhi Oriental Foods Limited holds a 50% interest. Following their review they do not consider that the amount due to the company will be recovered and have therefore written off this amount as an exceptional item.

7.

AMOUNTS WRITTEN OFF INVESTMENTS


30/4/24

30/4/23



£

£


Amounts w/o invs

500


-





As at the year end date, the directors have reviewed the investments held by the company and consider the value of its investment in Mongoose Brewing Company Limited to be impaired. The investment and any associated loans issued have therefore been written off to the income statement.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


8.

INTEREST PAYABLE AND SIMILAR EXPENSES


30/4/24

30/4/23



£

£


Bank interest

-


6




Interest on corporation tax

98


-



98


6




9.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:

30/4/24

30/4/23



£

£


Current tax:


UK corporation tax

166,907


25,751




prior year tax

2,220


-




Total current tax

169,127


25,751





Deferred tax

(3,052

)

5,415




Tax on profit

166,075


31,166





UK corporation tax has been charged at 25% (2023 - 19.49%).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:


30/4/24

30/4/23



£

£


Profit before tax

464,689


106,619




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2023 - 19.493%)  

116,172


20,783





Effects of:


Expenses not deductible for tax purposes

38,573


3,436




Depreciation in excess of capital allowances

12,162


1,531




Adjustments to tax charge in respect of previous periods

2,220


-




Deferred tax on accelerated capital allowances  

(3,052

)

5,416




Total tax charge

166,075


31,166





Tax effects relating to effects of other comprehensive income




There were no tax effects for the year ended 30 April 2024.



GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


9.

TAXATION - continued

30/4/23



Gross


Tax


Net



£

£

£


Revaluation of freehold property

1,736,483


(434,121

)

1,302,362




Depreciation on revaluation

(13,709

)

-


(13,709

)


1,722,774


(434,121

)

1,288,653




In the financial year ended 30 April 2024, the tax rate applicable to the company increased from 19% to 25%. This change was due to the implementation of provisions set out in the Finance Act 2021 and subsequent confirmation in the Finance Act 2022. These acts introduced an increase in the main rate of corporation tax for companies with profits exceeding £250,000, effective from 1 April 2023.

The change in tax rate has been taken into account in the calculation of deferred tax balances as at 30 April 2024.

10.

INTANGIBLE FIXED ASSETS

Goodwill



£


COST


At 1 May 2023


and 30 April 2024

30,000




AMORTISATION


At 1 May 2023


and 30 April 2024

30,000




NET BOOK VALUE


At 30 April 2024

-




At 30 April 2023

-




11.

TANGIBLE FIXED ASSETS

Fixtures



Freehold

Plant and

and

Motor



property

machinery

fittings

vehicles

Totals



£

£

£

£

£


COST OR VALUATION


At 1 May 2023

4,610,000


730,890


112,823


177,888


5,631,601




Additions

4,150


874


9,517


-


14,541




At 30 April 2024

4,614,150


731,764


122,340


177,888


5,646,142




DEPRECIATION


At 1 May 2023

180,070


660,288


106,567


159,921


1,106,846




Charge for year

36,439


17,869


3,943


4,492


62,743




At 30 April 2024

216,509


678,157


110,510


164,413


1,169,589




NET BOOK VALUE


At 30 April 2024

4,397,641


53,607


11,830


13,475


4,476,553




At 30 April 2023

4,429,930


70,602


6,256


17,967


4,524,755




GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


11.

TANGIBLE FIXED ASSETS - continued



Cost or valuation at 30 April 2024 is represented by:


Fixtures



Freehold

Plant and

and

Motor



property

machinery

fittings

vehicles

Totals



£

£

£

£

£


Valuation in 2023

1,736,483


-


-


-


1,736,483




Cost

2,877,667


731,764


122,340


177,888


3,909,659



4,614,150


731,764


122,340


177,888


5,646,142




The fair value of the freehold properties at April 2024 has been arrived at on the basis of a professional valuation carried out in the year ended 30 April 2023 by Copping Joyce, Chartered Certified valuers. Based on the professional valuation carried out, the directors consider that the values are fairly stated at the reporting date.

12.

FIXED ASSET INVESTMENTS

Interest in

Unlisted


associate

investments

Totals



£

£

£


COST


At 1 May 2023

500


85,120


85,620




Impairments

(500

)

-


(500

)



At 30 April 2024

-


85,120


85,120




NET BOOK VALUE


At 30 April 2024

-


85,120


85,120




At 30 April 2023

500


85,120


85,620





The company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Associated company



MONGOOSE BREWING COMPANY LIMITED (07105472)


Registered office: Global House 303 Ballards Lane, London, N12 8NP


Nature of business: Dormant

%



Class of shares:

holding



ORDINARY

50.00


30.9.23

30.9.22



£

£


Aggregate capital and reserves

(124,770

)

(224,290

)



Profit/(loss) for the year

98,520


(42,342

)




The above represent investments in private limited companies, Gandhi Wine Suppliers Limited and Mongoose Brewing Company Limited, at cost. As at the year end date, the directors have reviewed the investments held by the company and consider the value of its investment in Mongoose Brewing Company Limited to be impaired. The investment and any associated loans issued have therefore been written off to the income statement.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


13.

STOCKS

30/4/24

30/4/23



£

£


Finished goods

1,407,870


1,618,866




14.

DEBTORS

30/4/24

30/4/23



£

£


Amounts falling due within one year:


Trade debtors

1,382,852


1,419,179




Amounts owed by participating interests

-


42,651




Amounts owed by associates

1,692,220


1,720,063




Other debtors

20,027


3,571




Tax

-


87,315




Accrued income

52,000


52,000




Prepayments

131,459


64,046



3,278,558


3,388,825





Amounts falling due after more than one year:


Amounts owed by participating interests

-


99,000





Aggregate amounts

3,278,558


3,487,825




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


30/4/24

30/4/23



£

£


Trade creditors

610,851


811,009




Tax

166,907


25,751




PAYE

6,865


6,992




Pension

1,873


1,242




VAT

21,112


1,594




Other creditors

105


115




Directors' current accounts

-


40,000




Accrued expenses

161,600


86,099



969,313


972,802




16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


30/4/24

30/4/23



£

£


Directors' loan accounts

-


175,295




17.

LEASING AGREEMENTS


At 30 April 2024 the company had annual commitments of £74,514 (2023- £74,030) under non-cancellable operating lease which expire within two to five years.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


18.

PROVISIONS FOR LIABILITIES

30/4/24

30/4/23



£

£


Deferred tax


Accelerated capital allowances

8,726


11,778




Deferred tax on freehold


revaluations

434,121


434,121



442,847


445,899




Deferred tax



£


Balance at 1 May 2023

445,899




Provided during year

(3,052

)



Balance at 30 April 2024

442,847




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30/4/24

30/4/23


value:


£

£


30,000

ordinary shares

£1

30,000


30,000




220,000

ordinary 'A' non voting

£1

220,000


220,000



250,000


250,000




20.

RESERVES

Retained

Revaluation


earnings

reserve

Totals



£

£

£



At 1 May 2023

7,029,259


1,288,653


8,317,912




Profit for the year

298,614


298,614




Revaluation reserve

13,709


(13,709

)

-




At 30 April 2024

7,341,582


1,274,944


8,616,526




Share capital

This represents the nominal value of ordinary shares that have been issued by the company and which are classified as equity instruments.

Revaluation reserve account

This reserve represents the excess of the fair value to cost of freehold properties net of any deferred tax due on the revaluation and depreciation thereon.

Profit and Loss account

This reserve comprises all current and prior retained profits and losses after deducting any distributions made to the equity shareholders.


GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2024


21.

RELATED PARTY DISCLOSURES



The company is related to GOF Enterprises Limited by virtue of common directors. During the year the company paid expenses on behalf of GOF Enterprises Limited of £133 (2023: £Nil). As at the Statement of Financial Position date an amount of £133 (2023: £Nil) remains due to the company which is included within other debtors.This amount is unsecured, interest free and repayable on demand.



In addition, during the year the directors' loan account credit balance of £215,295 was repaid in full to the directors. As at the Statement of Financial Position date an amount of £Nil remains due to the directors (2023: £215,295). The director's loan to the company was unsecured and interest free. £40,000 was repayable on demand and £175,295 was due after more than one year. These amounts are included in the comparative figures for the year ended 30 April 2023 within creditors: amounts falling due within one year and creditors: amounts falling due after more than one year, respectively.


22.

ULTIMATE CONTROLLING PARTY



The company is under control of the directors who are also the major shareholders.


23.

FIRST YEAR ADOPTION



These are the first financial statements that comply with FRS 102. The company transitioned from FRS 102 S1A to FRS 102 on 1 May 2022. No transitional adjustments were required.