Caseware UK (AP4) 2023.0.135 2023.0.135 The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. During the prior financial period, the Company issued shares in exchange for shares in the now subsidiary companies. The transaction was accounted for as a group reconstruction as there was no change in ultimate beneficial shareholders or their relative entitlements. As a result of this reconstruction, merger accounting was applied in accordance section 19 of FRS 102. Comparative amounts are presented as if the new group had been in existence for the comparative period.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Financial assets measured at fair value through profit or loss comprise cash and cash equivalents. Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors, and prepayments and accrued income. Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors, and accruals.falsetrue2023-02-01false00false SC705557 2024-01-31 SC705557 2023-02-01 2024-01-31 SC705557 2021-12-01 2023-01-31 SC705557 2023-01-31 SC705557 2021-12-01 SC705557 1 2023-02-01 2024-01-31 SC705557 d:Director1 2023-02-01 2024-01-31 SC705557 d:Director2 2023-02-01 2024-01-31 SC705557 d:RegisteredOffice 2023-02-01 2024-01-31 SC705557 d:Agent1 2023-02-01 2024-01-31 SC705557 d:Agent2 2023-02-01 2024-01-31 SC705557 d:Agent3 2023-02-01 2024-01-31 SC705557 c:Buildings 2023-02-01 2024-01-31 SC705557 c:Buildings c:LongLeaseholdAssets 2023-02-01 2024-01-31 SC705557 c:MotorVehicles 2023-02-01 2024-01-31 SC705557 c:FurnitureFittings 2023-02-01 2024-01-31 SC705557 c:CurrentFinancialInstruments 2024-01-31 SC705557 c:CurrentFinancialInstruments 2023-01-31 SC705557 c:ShareCapital 2023-02-01 2024-01-31 SC705557 c:ShareCapital 2024-01-31 SC705557 c:ShareCapital 2021-12-01 2023-01-31 SC705557 c:ShareCapital 2023-01-31 SC705557 c:ShareCapital 2021-12-01 SC705557 c:RevaluationReserve 2023-02-01 2024-01-31 SC705557 c:ForeignCurrencyTranslationReserve 2023-02-01 2024-01-31 SC705557 c:ForeignCurrencyTranslationReserve 2024-01-31 SC705557 c:ForeignCurrencyTranslationReserve 2021-12-01 2023-01-31 SC705557 c:ForeignCurrencyTranslationReserve 2023-01-31 SC705557 c:ForeignCurrencyTranslationReserve 2021-12-01 SC705557 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 SC705557 c:RetainedEarningsAccumulatedLosses 2024-01-31 SC705557 c:RetainedEarningsAccumulatedLosses 2021-12-01 2023-01-31 SC705557 c:RetainedEarningsAccumulatedLosses 2023-01-31 SC705557 c:RetainedEarningsAccumulatedLosses 2021-12-01 SC705557 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 SC705557 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 SC705557 c:FinancialAssetsAmortisedCost 2024-01-31 SC705557 c:FinancialAssetsAmortisedCost 2023-01-31 SC705557 c:FinancialLiabilitiesAmortisedCost 2024-01-31 SC705557 c:FinancialLiabilitiesAmortisedCost 2023-01-31 SC705557 c:AcceleratedTaxDepreciationDeferredTax 2024-01-31 SC705557 c:RetirementBenefitObligationsDeferredTax 2024-01-31 SC705557 c:OtherDeferredTax 2024-01-31 SC705557 d:OrdinaryShareClass1 2023-02-01 2024-01-31 SC705557 d:OrdinaryShareClass1 2021-12-01 2023-01-31 SC705557 d:OrdinaryShareClass1 2024-01-31 SC705557 d:OrdinaryShareClass1 2023-01-31 SC705557 d:FRS102 2023-02-01 2024-01-31 SC705557 d:Audited 2023-02-01 2024-01-31 SC705557 d:FullAccounts 2023-02-01 2024-01-31 SC705557 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC705557 c:Subsidiary1 2023-02-01 2024-01-31 SC705557 c:Subsidiary1 1 2023-02-01 2024-01-31 SC705557 c:Subsidiary2 2023-02-01 2024-01-31 SC705557 c:Subsidiary2 1 2023-02-01 2024-01-31 SC705557 c:Subsidiary3 2023-02-01 2024-01-31 SC705557 c:Subsidiary3 1 2023-02-01 2024-01-31 SC705557 c:Subsidiary4 2023-02-01 2024-01-31 SC705557 c:Subsidiary4 1 2023-02-01 2024-01-31 SC705557 c:Subsidiary5 2023-02-01 2024-01-31 SC705557 c:Subsidiary5 1 2023-02-01 2024-01-31 SC705557 c:Subsidiary6 2023-02-01 2024-01-31 SC705557 c:Subsidiary6 1 2023-02-01 2024-01-31 SC705557 d:Consolidated 2024-01-31 SC705557 d:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 SC705557 c:Right-of-useInvestmentProperty 2023-02-01 2024-01-31 SC705557 c:Right-of-useInvestmentProperty 2024-01-31 SC705557 c:Right-of-useInvestmentProperty 2023-01-31 SC705557 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

img74ed.png






Consolidated Financial Statements
Savitri Holdings Limited
For the period ended 31 January 2024





































Registered number: SC705557

 
Savitri Holdings Limited
 

Company Information


Directors
Sundeep Tuli 
Raju Tuli 




Registered number
SC705557



Registered office
7 Coates Crescent
Edinburgh

Scotland

EH3 7AL




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Allied Irish Banks p.l.c
1/4 Lower Baggot Street

Dublin 2





Bank of Ireland, p.l.c.

33-35 Nassau Street

Dublin 2





Ulster Bank

Swords Road

Swords

Dublin




Solicitors
Clarke Jeffers & Co. The Mews
Fitzwilliam Hall Fitzwilliam Place

Dublin 2




CMG Cunningham Dickey
18 May St
BT1 4NL
Belfast
United Kingdom





 
Savitri Holdings Limited
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18 - 36


 
Savitri Holdings Limited
 

Strategic report
For the period ended 31 January 2024

Business review
 
The group measures its performance by reviewing revenue, gross profit and net profit margin and also the performance of individual stores.
The revenue of the group slightly decreased by 4% from €146.9m in 2023 to €141.4m.
Gross profit margin has remained steady year on year at 63%. The group manages its inventory levels by ensuring no obsolete inventory is kept and also constantly reviews its sales mix to ensure it is achieving its targeted gross profit margin.
The group had a net asset position amounting to €81.4m. The directors have completed a detailed review of the business trading activities and are confident that they have plans in place to continue to increase revenues and profits going forward.
 
Principal activity

The principal activity of the group during the year were property rental and the operation of cooked foods and coffee outlets.

Principal risks and uncertainties
 
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Competitor Risk
The Company operates in a highly competitive market. The directors of the Company manage competition through close attention to customer service levels and product innovation.
Liquidity and financial risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. Liquidity risk is managed by cashflow planning and ensuring adequate bank funding is in place. All key financial figures are monitored on an on-going basis.
Foreign exchange
The Company derives a portion of its revenue and expenditure from the UK. The company maintains GBP bank facilities for UK customers and suppliers to mitigate against this risk. The Company will continue to monitor and ensure it puts all necessary safeguards in place to mitigate against the economic risk and currency volatility risk.
People in our business
The continued success of the company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as the other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.

Page 1

 
Savitri Holdings Limited
 

Group strategic report (continued)
For the period ended 31 January 2024

Financial key performance indicators
 
The group’s key financial and other performance indicators during the period were as follows:
 

2024
2023
Turnover
141,420,365
146,922,938
Gross profit
88,832,290
93,043,478
Operating profit
16,519,503
5,088,912
Profit before tax for the year
16,502,796
5,087,765
Shareholder's equity
81,379,271
76,323,185


Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors of Savitri Holdings Limited both individually and together, confirm that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, in line with Section 172 (1) (a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 January 2024. The following paragraphs summarise how the directors fulfill their duties:
 
As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner and that the best interest of the company is at the forefront when making decisions.
We recognise that our employees are fundamental and core to our business and services provided by the company. We acknowledge the importance of keeping our employees motivated and engaged through a responsible approach to salary and benefit packages and through training. We ensure our staff are appropriately qualified and can continue to develop within the company through our performance system. We also acknowledge that the health and safety of the employees is key to our business.
As the board of directors, we recognize that our suppliers are fundamental to the quality of our products and ensuring that as a business we meet the high standards of conduct that we have set. We are committed to engaging with our suppliers and customers to maintain and grow our business relationships, ensuring that we receive and provide the best service possible. We endeavour to review feedback from all our stakeholders in  a timely manner and consider it prior to any decision making.
We are committed to engaging with our stakeholders to effectively identify, evaluate, manage and mitigate the risks the company faces in a timely manner. Please see the principal risks and uncertainties in our Strategic report for further details.
We as directors, ensure that the board remains informed and monitors compliance with the relevant Company Law and governance standards resulting in the company maintaining a reputation for high standards of business conduct.


This report was approved by the board on 21 January 2025 and signed on its behalf.



................................................
Sundeep Tuli
Director

Page 2

 
Savitri Holdings Limited
 
 
Directors' report
For the period ended 31 January 2024

The directors present their report and the financial statements for the period ended 31 January 2024.

Principal activity

The principal activities of the group during the year were property rental and the operation of cooked foods and coffee outlets.

Results and dividends

The profit for the period, after taxation, amounted to 13,697,203 (2023: 2,831,697).

The group declared and paid dividends amounting to €9,620,369 (2023: €677,420).

Directors

The directors who served during the period were:

Sundeep Tuli 
Raju Tuli 

Future developments

The directors have no plans to significantly alter the activities of the group for the foreseeable future. Continuous monitoring will be done for each store outlet's profitability to aide in decision making for continuing operations or taking appropriate action in order to mitigate known outlet losses, if any. Directors also include in their plans the opportunity for further expansion through opening of new stores depending on their cash flow capacity and location viability.

Stakeholder engagement

The success of the business is directly attributable to the people working in it. Savitri Holdings Limited have a talented and dedicated team, some who have been with the company since inception, and they are critical to the execution of the company's plans. The ability to find and retain good personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff in a fair and consistent manner. Their continued loyalty and hard work is much appreciated. Savitri Holdings Limited encourages employee feedback and is committed to provide regular open communication with all employees.

The company's customers and suppliers are of critical importance to the business. A significant portion of the company's revenues are generated from recurring sales to its customer base. Monthly and quarterly business reviews ensure that the business maintains good relationships with these key stakeholders.

Employment of disabled person

The group has opted to include this disclosure in the paragraph below.

Page 3

 
Savitri Holdings Limited
 

Directors' report (continued)
For the period ended 31 January 2024

Employees

The group has recruitment policy to ensure that all applications for employment, including those made by disabled persons, are given full and fair consideration in light of the applicant's aptitudes and abilities. There is also an equal opportunities policy to ensure that all emoloyees are treated equally in terms of employment, training, career progression and promotion. Where employees develop a disability during their employment, every effort is made to continue their employment and arrange for appropriate training and support as far as is reasonably practicable.
Further information on employee engagement can be found within the Group's Section 172 Statement in the Strategic Report, in accordance with s414C(11) of the Companies Act 2006, as the directors consider to be strategic importance to the Group.

Energy & Carbon Reporting

To comply with SECR unquoted large entities are required to disclosure the annual energy consumption and carbon emissions in the directors report of the financial statements. The carbon emissions needs to be disclosed under three categories. However, if the group consumes less than 40,000 kWh annually, the group does not have to disclose the detail of the consumption and emissions.

Based on the criteria that :

- the group does not employ staff and only received a charge for the cost of staff;
- the group does not own or lease equipment or other assets and only receive a charge for the cost;
- the group does not occupy a premises and is only charged a fee; and
- the operating subsidiaries or the group that first incurs the cost of the above discloses its annual energy         consumption and carbon emissions in compliance with SECR.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the period end.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
Savitri Holdings Limited
 

Directors' report (continued)
For the period ended 31 January 2024

This report was approved by the board and signed on its behalf.
 





................................................
Sundeep Tuli
Director

Date: 21 January 2025

Page 5

 
Savitri Holdings Limited
 

Directors' responsibilities statement
For the period ended 31 January 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board and signed on its behalf.


................................................
Sundeep Tuli
Director
Date: 21 January 2025
Page 6

 
 
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Independent auditor's report to the members of Savitri Holdings Limited
 
Opinion


We have audited the financial statements of Savitri Holdings Limited (the 'Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity for the period ended 31 January 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the 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, Savitri Holdings Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the Company as at 31 January 2024 and of the Group financial performance and cash flows for the period then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and  Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date 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.


Page 7

 
 
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Independent auditor's report to the members of Savitri Holdings Limited (continued)

Other information


Other information comprises the information included in the report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the period for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


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

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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company 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.
Page 8

 
 
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Independent auditor's report to the members of Savitri Holdings Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Page 9

 
 
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Independent auditor's report to the members of Savitri Holdings Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing challenging assumptions and judgments made by management in their significant accounting estimates, including impairment of trade debtors, useful lives of tangible assets and goodwill, impairment of tangible assets and goodwill and impairment of investments;
review of the financial statement disclosures to underlying supporting documentation and inquiries of management

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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 an auditor’s report 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.



 
 
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Audit Firm
Dublin 2
 
Date:
 21 January 2025
Page 10

 
Savitri Holdings Limited
 

Consolidated statement of comprehensive income
For the period ended 31 January 2024

31 January
Period ended
31 January
2024
2023
Note

  

Turnover
 4 
141,420,365
146,922,938

Cost of sales
  
(52,588,075)
(53,879,460)

Gross profit
  
88,832,290
93,043,478

Administrative expenses
  
(72,640,489)
(88,602,220)

Other operating income
 5 
327,703
647,654

Operating profit
 6 
16,519,504
5,088,912

Interest payable and similar expenses
 10 
(16,707)
(1,147)

Profit before taxation
  
16,502,797
5,087,765

Tax on profit
 11 
(2,805,594)
(2,256,068)

Profit for the financial period
  
13,697,203
2,831,697

  

Unrealised surplus on revaluation of tangible fixed assets
  
662,151
-

Currency translation adjustment
  
317,100
(143,210)

Other comprehensive income for the period
  
979,251
(143,210)

Total comprehensive income for the period
  
14,676,454
2,688,487

Profit for the period attributable to:
  

Owners of the parent Company
  
13,697,203
2,831,697

  
13,697,203
2,831,697

Total comprehensive income for the period attributable to:
  

Owners of the parent Company
  
14,676,454
2,688,487

  
14,676,454
2,688,487

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
Savitri Holdings Limited
Registered number:SC705557

Consolidated statement of financial position
As at 31 January 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 13 
88,599
27,974

Tangible assets
 14 
68,802,496
69,905,352

Investment property
 16 
19,738,275
14,944,189

  
88,629,370
84,877,515

Current assets
  

Stocks
 17 
2,635,972
2,941,902

Debtors: amounts falling due within one year
 18 
10,851,761
10,285,002

Cash at bank and in hand
 19 
11,514,194
12,675,802

  
25,001,927
25,902,706

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(32,252,027)
(34,457,036)

Net current liabilities
  
 
 
(7,250,100)
 
 
(8,554,330)

Net assets
  
81,379,270
76,323,185


Capital and reserves
  

Called up share capital 
 22 
1,174
1,174

Revaluation reserve
 23 
662,151
-

Foreign exchange reserve
 23 
173,890
(143,210)

Other reserves
 23 
71,658,271
71,658,271

Profit and loss account
 23 
8,883,784
4,806,950

Equity attributable to owners of the parent Company
  
81,379,270
76,323,185


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Sundeep Tuli
Director

Date: 21 January 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12

 
Savitri Holdings Limited
Registered number:SC705557

Company statement of financial position
As at 31 January 2024

2024
2023
Note

Fixed assets
  

Investments
 15 
1,174
1,174

Investment property
 16 
10,930,133
10,318,138

  
10,931,307
10,319,312

Current assets
  

Debtors: amounts falling due within one year
 18 
737,441
24,506

Cash at bank and in hand
 19 
91,268
353,015

  
828,709
377,521

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(5,621,102)
(5,679,978)

Net current liabilities
  
 
 
(4,792,393)
 
 
(5,302,457)

Net assets
  
6,138,914
5,016,855


Capital and reserves
  

Called up share capital 
 22 
1,174
1,174

Foreign exchange reserve
 23 
173,890
(143,210)

Profit and loss account
 23 
5,963,850
5,158,891

  
6,138,914
5,016,855


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Sundeep Tuli
Director

Date: 21 January 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 

Savitri Holdings Limited
 
 
 


Consolidated statement of changes in equity
For the period ended 31 January 2024



Called up share capital
Revaluation reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity




At 1 February 2023
1,174
-
(143,210)
71,658,271
4,806,950
76,323,185
76,323,185



Comprehensive income for the period


Profit for the period
-
-
-
-
13,697,203
13,697,203
13,697,203


Surplus on revaluation of property
-
662,151
-
-
-
662,151
662,151


Currency translation adjustment
-
-
317,100
-
-
317,100
317,100


Dividends: Equity capital
-
-
-
-
(9,620,369)
(9,620,369)
(9,620,369)



At 31 January 2024
1,174
662,151
173,890
71,658,271
8,883,784
81,379,270
81,379,270



The notes on pages 18 to 36 form part of these financial statements.

Page 14  

 

Savitri Holdings Limited
 
 
 


Consolidated statement of changes in equity
For the period ended 31 January 2023



Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity




At 1 December 2021
1,174
-
71,658,271
2,652,673
74,312,118
74,312,118



Comprehensive income for the period


Profit for the period
-
-
-
2,831,697
2,831,697
2,831,697


Currency translation adjustment
-
(143,210)
-
-
(143,210)
(143,210)


Dividends: Equity capital
-
-
-
(677,420)
(677,420)
(677,420)



At 31 January 2023
1,174
(143,210)
71,658,271
4,806,950
76,323,185
76,323,185



The notes on pages 18 to 36 form part of these financial statements.

Page 15  

 
Savitri Holdings Limited
 

Company statement of changes in equity
For the period ended 31 January 2024


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity


At 1 February 2023
1,174
(143,210)
5,158,891
5,016,855


Comprehensive income for the period

Profit for the period
-
-
10,425,328
10,425,328

Currency translation adjustment
-
317,100
-
317,100

Dividends: Equity capital
-
-
(9,620,369)
(9,620,369)


At 31 January 2024
1,174
173,890
5,963,850
6,138,914



Company statement of changes in equity
For the period ended 31 January 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity


At 1 December 2021
1,174
-
-
1,174



Profit for the period
-
-
5,158,891
5,158,891

Currency translation adjustment
-
(143,210)
-
(143,210)


At 31 January 2023
1,174
(143,210)
5,158,891
5,016,855


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
Savitri Holdings Limited
 

Consolidated statement of cash flows
For the period ended 31 January 2024

2024
2023

Cash flows from operating activities

Profit for the financial year/period
13,697,203
2,831,697

Adjustments for:

Amortisation of intangible assets
4,166
2,146

Depreciation of tangible assets
8,067,038
9,727,488

Interest paid
16,707
1,147

Taxation charge
2,805,682
2,256,068

Decrease/(increase) in stocks
305,930
(1,239,983)

(Increase)/decrease in debtors
(566,760)
6,546,083

(Decrease)/increase in creditors
(2,216,990)
5,939,012

Corporation tax paid
(2,793,699)
(2,216,032)

Currency translation adjustments
419,191
(143,210)

Net cash generated from operating activities

19,738,468
23,704,416


Cash flows from investing activities

Purchase of intangible fixed assets
(64,791)
-

Purchase of tangible fixed assets
(9,423,179)
(30,636,243)

Sale of tangible fixed assets
964,338
9,316,092

Purchase of investment properties
(2,739,368)
(10,318,138)

Net cash from investing activities

(11,263,000)
(31,638,289)

Cash flows from financing activities

Dividends paid
(9,620,369)
(677,420)

Interest paid
(16,707)
(1,147)

Net cash used in financing activities
(9,637,076)
(678,567)

Net (decrease) in cash and cash equivalents
(1,161,608)
(8,612,440)

Cash and cash equivalents at beginning of period
12,675,802
21,288,242

Cash and cash equivalents at the end of period
11,514,194
12,675,802


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
11,514,194
12,675,802

11,514,194
12,675,802


The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

1.


General information

Savitri Holdings Limited was incorporated in Scotland on 2 August 2021 with a registered address at 7 Coates Crescent, Edinburgh, Scotland, EH3 7AL, Scotland.
The principal activities of the Group during the year were property rental and the operation of cooked foods and coffee outlets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

During the prior financial period, the Company issued shares in exchange for shares in the now subsidiary companies. The transaction was accounted for as a group reconstruction as there was no change in ultimate beneficial shareholders or their relative entitlements. As a result of this reconstruction, merger accounting was applied in accordance section 19 of FRS 102. Comparative amounts are presented as if the new group had been in existence for the comparative period.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's and Groups functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

Page 18

 
Savitri Holdings Limited
 

Notes to the financial statements
For the period ended 31 January 2024

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
Savitri Holdings Limited
 

Notes to the financial statements
For the period ended 31 January 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 
Savitri Holdings Limited
 

Notes to the financial statements
For the period ended 31 January 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Long-term leasehold property
-
14% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% to 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 21

 
Savitri Holdings Limited
 

Notes to the financial statements
For the period ended 31 January 2024

2.Accounting policies (continued)

 
2.12

 Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
Savitri Holdings Limited
 

Notes to the financial statements
For the period ended 31 January 2024

2.Accounting policies (continued)

 
2.18

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

 Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the Consolidated statement of comprehensive income.

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 best estimate of the recoverable amount, which is an approximation of the amount that the Group 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.

 
2.20

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 23

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management makes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

The following are significant management judgments in applying the accounting policies of the group that have the most significant effect on the financial statements.

Impairment of debtors
Allowance is made for specific and groups of accounts, where objective evidence of impairment exists. The group evaluates the amount of allowance for impairment based on available facts and circumstances affecting the collectability of the accounts, including, but not limited to, the length of the group’s relationship with the customers, the customers’ current credit status, and average age of accounts, collection experience and historical loss experience.

Estimating useful lives of tangible and intangible assets
The group estimates the useful lives of tangible fixed assets and intangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed and intangible assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.
 
Fair value measurement
Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date. 


4.


Turnover

An analysis of turnover by class of business is as follows:


31 January
Period ended
31 January
2024
2023

Republic of Ireland
102,054,881
108,139,044

United Kingdom
39,365,484
38,783,894

141,420,365
146,922,938


Page 24

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

5.


Other operating income

31 January
Period ended
31 January
2024
2023

Net rents receivable
103,454
108,053

Government grants receivable
75,182
-

Other operating income
149,067
539,601

327,703
647,654



6.


Operating profit

The operating profit is stated after charging:

31 January
Period ended
31 January
2024
2023

Depreciation of tangible fixed assets
8,088,516
9,727,488

Exchange differences
(144,713)
(66,652)

Other operating lease rentals
9,388,185
9,107,999

Amortisation of intangible assets
4,166
2,146


7.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


31 January
Period ended
31 January
2024
2023

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
92,500
60,000

All other services
228,000
10,000

Page 25

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


      
Unaudited
2024
2023


Wages and salaries
34,886,190
44,621,018

Social security costs
3,065,095
3,349,232

Cost of defined benefit scheme
115,543
1,140,313

38,066,828
49,110,563


The average monthly number of employees, including the directors, during the period was as follows:


      31 January
     Period ended
       31 January
        2024
        2023
            No.
            No.







Sales and administrative staff
2,451
2,238



Management staff
4
4

2,455
2,242


9.


Directors' remuneration

31 January
Period ended
31 January
2024
2023

Directors' emoluments
233,838
706,498



10.

Interest payable and similar expenses
31 January
Period ended
31 January
2024
2023


Bank interest
16,707
1,147
Page 26

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

11.


Taxation


31 January
Period ended
31 January
2024
2023

Corporation tax


Current tax on profits for the year
2,701,294
2,574,666

Adjustments in respect of previous periods
54,642
(85,675)


Deferred tax


Origination and reversal of timing differences
49,658
(232,923)


Tax on profit
2,805,594
2,256,068

Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023: higher than) the blended standard rate of corporation tax  in the UK of24% (2023: 19%). The differences are explained below:
31 January
Period ended
31 January
2024
2023


Profit on ordinary activities before tax
16,502,797
5,087,765


Profit on ordinary activities multiplied by blended standard rate of corporation tax in the UK of 24% (2023: 19%)
3,960,671
966,675

Effects of:


Expenses not deductible for tax purposes
353,784
462,307

Capital allowances for financial period in excess of depreciation
(491,342)
(562,390)

Effect of foreign tax rates
(1,259,776)
(217,624)

Double taxation relief
291,105
105,546

Deferred tax movement
55,059
(232,923)

Under provision from prior years
49,241
(85,675)

Other tax movement
(153,148)
1,820,152

Total tax charge for the period
2,805,594
2,256,068


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

12.


Deferred taxation


Group



2024








At beginning of year
128,812


Charged to profit or loss
(8,375)



At end of year
120,437

Company


2024








Charged to profit or loss
23,522



At end of year
23,522

Group
Group
Company
2024
2023
2024

Accelerated capital allowances
682,283
718,737
-

Pension surplus
2,368
(612,465)
-

Timing differences on lease incentives
(564,214)
22,540
23,522

120,437
128,812
23,522

Page 28

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

13.


Intangible assets

Group and Company





Franchise fees




Cost


At 1 February 2023
30,120


Additions
64,791



At 31 January 2024

94,911



Amortisation


At 1 February 2023
2,146


Charge for the period
4,166



At 31 January 2024

6,312



Net book value



At 31 January 2024
88,599



At 31 January 2023
27,974



Page 29

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

14.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total




Cost or valuation


At 1 February 2023
21,847,768
43,763,442
845,027
64,852,047
131,308,284


Additions
415,007
4,157,952
69,184
4,730,339
9,372,482


Disposals
(781,828)
(37,187)
(120,625)
(896,159)
(1,835,799)


Transfers between classes
33,656
17,040
-
-
50,696


Reclassified to held for sale
-
(2,290,778)
-
-
(2,290,778)


Exchange adjustments
(25,347)
(27,866)
-
(27,406)
(80,619)



At 31 January 2024

21,489,256
45,582,603
793,586
68,658,821
136,524,266



Depreciation


At 1 February 2023
1,942,066
7,427,136
527,000
51,506,730
61,402,932


Charge for the period
378,122
2,624,943
131,601
4,932,372
8,067,038


Disposals
-
(37,187)
(117,375)
(716,899)
(871,461)


Reclassified to held for sale
-
(898,210)
-
-
(898,210)


Exchange adjustments
983
5,281
192
15,015
21,471



At 31 January 2024

2,321,171
9,121,963
541,418
55,737,218
67,721,770



Net book value



At 31 January 2024
19,168,085
36,460,640
252,168
12,921,603
68,802,496



At 31 January 2023
19,905,702
36,336,306
318,027
13,345,317
69,905,352

Page 30

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies




Cost or valuation


At 1 February 2023
1,174



At 31 January 2024
1,174





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Tuli (Holdings) Ireland Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Holding company
Ordinary
100%
MGT Foods Ireland Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Cooked food outlet
Ordinary and Preference
100%
MBCC Foods (Ireland) Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Cooked food and coffee outlet
Ordinary
100%
MBCC Costa Ireland Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Distribution, retail and wholesale of coffee and all associated products
Ordinary
100%
Kashmiri Foods (Ireland) Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Leasing of coffee machines and retail of associated products
Ordinary
100%
Kashmiri Properties (Ireland) Limited
Unit 12, Eastgate Retail and Business Park, Little Island, Cork
Property rental
Ordinary
100%

Page 31

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

16.


Investment property

Group


Freehold investment property




Valuation


At 1 February 2023
14,944,189


Additions 
4,475,492


Foreign exchange movement
318,594



At 31 January 2024
19,738,275








Company





Freehold investment property




Valuation


At 1 February 2023
10,318,138


Additions
293,401


Foreign exchange movement
318,594



At 31 January 2024
10,930,133

The value of the company's and group's investment properties as at 31 January 2024 reflect a fair valuation carried out in January 2024 by Michael Conroy, a director of the subsidiaries (except for MGT Foods Ireland Limited), having appropriately recognised professional qualifications and recent experience in the location and categories of the properties being valued.
The method of determining the fair value was based on the existing use and yield methods. There are no restrictions on the realisability of the investment property.


Page 32

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

17.


Stocks

Group

Group
Company

Company
2024
2023
2024
2023

Finished goods and goods for resale
2,635,972
2,941,902
-
-



18.


Debtors

Group

Group
Company

Company
2024
2023
2024
2023


Trade debtors
2,412,425
2,275,168
-
23,005

Amounts owed by related parties
4,716,704
4,628,023
551,818
-

Other debtors
609,355
399,725
60,320
-

Director's loan (Note 25)
735,195
403,075
-
-

Prepayments and accrued income
2,257,645
2,450,199
101,781
1,501

Deferred taxation
120,437
128,812
23,522
-

10,851,761
10,285,002
737,441
24,506


The amounts owed by group companies and related parties are unsecured, interest bearing and repayable within one year, based on terms set out in intercompany agreements and relevant policies.


19.


Cash and cash equivalents

Group

Group
Company

Company
2024
2023
2024
2023

Cash at bank and in hand
11,514,194
12,675,802
91,268
353,015


Page 33

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

20.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023

Trade creditors
12,175,868
12,924,352
155,688
10,873

Amounts owed to group companies
-
-
2,038,227
1,097,494

Amounts owed to related parties
3,349,218
3,342,896
3,349,218
3,342,896

Corporation tax
377,681
316,655
54,397
-

Other taxation and social security
5,116,669
2,913,584
-
26,049

Director's loan (Note 25)
-
1,182,880
-
1,182,880

Other creditors
6,550,823
9,146,881
23,572
19,786

Accruals
4,566,726
4,563,062
-
-

Deferred income
115,042
66,726
-
-

32,252,027
34,457,036
5,621,102
5,679,978


Trade and other creditors are payable at various dates in the coming months in accordance with the suppliers’ usual and customary credit terms.

Corporation tax and other taxes including social welfare are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Loans with credit institutions are payable over a fixed term as set out in the terms of the loan. Amounts due owed to group undertakings are unsecured, repayable on demand and interest free.


21.


Financial instruments

Group

Group
Company

Company
2024
2023
2024
2023

Financial assets

Financial assets measured at fair value through profit or loss
11,514,194
12,675,802
91,268
353,015

Financial assets measured at amortised cost
8,413,359
7,705,991
100,280
23,005

19,927,553
20,381,793
191,548
376,020


Financial liabilities

Financial liabilities measured at amortised cost
22,075,909
31,160,070
5,566,705
5,653,928


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors, and prepayments and accrued income.

Page 34

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

21.Financial instruments (continued)


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors, and accruals.


22.


Share capital

2024
2023
Allotted, called up and fully paid



1,000 (2023: 1,000) Ordinary shares of £1.00 each
1,174
1,174



23.


Reserves

Revaluation reserve

The revaluation reserve pertains to differences of fair value and carrying amount of assets transferred from tangible fixed assets to Investment property.

Foreign exchange reserve

The foreign exchange reserve comprises translation differences arising from the conversion of functional currency balance into the presentational  currency of the Group.

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses.


24.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group

Group
2024
2023

Not later than 1 year
13,305,993
13,361,021

Later than 1 year and not later than 5 years
35,401,453
47,630,825

Later than 5 years
86,825,419
99,037,201

135,532,865
160,029,047
Page 35

 
Savitri Holdings Limited
 
 
Notes to the financial statements
For the period ended 31 January 2024

25.


Directors' loan

At 31 January 2024, a balance of €Nil (2023: €289,533) is owing to Mr. Raju Tuli by the company. During the financial year, the company received advances from Mr. Raju Tuli amounting to €Nil and repaid amounts totaling €289,533.
At 31 January 2024, a balance of €Nil (2023: €893,348) is owing to Mr. Sundeep Tuli by the company. During the financial year, the company received advances from Mr. Sundeep Tuli amounting to €Nil and repaid amounts totaling €893,348.
At 31 January 2024, a balance of €585,240 (2023: €403,075) is owed by Mr. Raju Tuli to MBCC Foods (Ireland) Limited, a subsidiary. The maximum amount owed by Mr. Raju Tuli at any time during the year was €585,240.
At 31 January 2024, the balance of €149,955 (2023: nil) is owed by Mr. Sundeep Tuli to MBCC Foods (Ireland ) Limited. The maximum amount owed by Mr. Sundeep TUli at any time during the year was €149,955.


26.


Related party transactions

During the year, the group entered into the following related party transactions. The companies are related by virtue of common shareholders and directors:
The group was owed €4,716,704 (2023: €4,628,023) by MBCC (Foods) Limited, a UK company. The company owed MBCC (Foods) Limited €3,349,218 (2023: €3,293,508), S & R Properties €nil (2023: €25,079), and M R & S Properties Limited €nil (2023: €24,309).
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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.


27.


Post balance sheet events

There have been no significant events affecting the Group since the year end.


28.


Controlling party

The ultimate parent company is KLT Holdings Limited, a company incorporated and registered in Isle of Man.
Raju Tuli and Sundeep Tuli, acting in unison, are considered to be the ultimate controlling parties of Savitri Holdings Limited.

Page 36