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Company registration number: 00692906
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE PERIOD ENDED 31 MARCH 2025
| S. FIORI LIMITED
S. FIORI LIMITED |  |
COMPANY INFORMATION
Directors | Varun Talreja (resigned 16 September 2024)
| Dinesh Nair
| Kiran Bhojwani
| Samyukta Nair
| Salini Nair
| Surinder Mohan
Company secretary | Kiran Bhojwani
Registered number | 00692906
Registered office | Ground Floor 9 Ritz Parade
| London
| W5 3RA
Trading Address | Jamavar
| 8 Mount Street
| London
| W1K 3NF
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
S. FIORI LIMITED |  |
CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Statement of cash flows | 12
Analysis of net debt | 13
Notes to the financial statements | 14 - 29
S. FIORI LIMITED |  |
STRATEGIC REPORT FOR THE PERIOD ENDED 31 MARCH 2025
Introduction
The Directors present their Strategic Report and audited financial statements for the period ended 31 March 2025.
Business review
In the period under review, the Company operated as a high-end Indian restaurant under the trading name of "Jamavar". The trading results, balance sheet and other financial statements for the period are shown on pages 9 to 12. As can be seen from the KPI section below, turnover has increased when compared to the prior year. Turnover has increased mainly due to Jamavar continuing to build on its excellent reputation as a quality restaurant, offering some of the best Indian cuisine in London. Management have been proactive in ensuring that costs are effectively managed however this positive effort has somewhat been impacted by a provision against intercompany debtor balances. This has resulted in a loss before tax of £3,238,199. At the period end date there is a net liability position of £4,356,349 (2024: £1,080,871). The movement is largely due to the loss incurred during the period which has arisen due to significant impairments of amounts owed from group undertakings. EBITDA has improved during the period and the Company is expected to generate profits in future years. Therefore the net liability position is expected to reduce.
Principal risks and uncertainties
UK Economic Outlook The UK economic environment has worsened in recent years, with inflationary cost pressures exacerbated by rising interest rates implemented by the Bank of England in a bid to curb the inflation being seen. Customer disposable income is expected to be impacted by this. For most, eating out remains discretionary spending so some short-term market contraction is expected, however economists are no longer forecasting a recession and instead inflation is widely expected to fall. This has been seen recently with the fall in interest rates. Operational Risk The business is multi-faceted in its operations and therefore inherently has many operational risk categories. Key risks in this area include our ability to attract and retain talent, both back and front of house, and an increased responsibility to protect our teams and customers. There remains considerable competition for employees, with a reduction in the available work pool due to migration movements. The Company invests in people, technology and training to mitigate such risks. Liquidity and Financing Risk There is little by way of day-to-day credit risk in the business as the vast majority of customers pay at the point of sale. As the business looks to expand, stringent liquidity management for both capital spending and operations remain vital. The business does not have any external debt, but rather relies on funding from the Parent Company. Cost Pressures As for other businesses in the sector, the Company is affected by cost inflationary pressures, especially on key lines such as labour, food, and utilities. Competitive remuneration packages support improved recruitment and retention levels, and supply chain management measures including consolidation and contracted price negotiations help to mitigate some of these pressures. Page 1
S. FIORI LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
Financial key performance indicators
The Directors consider the following information to be key indicators of the Company's performance:
| 11 month period ended 31 March 2025 | Year ended 30 April 2024
| £ | £
Turnover | 5,278,312 | 5,501,603
Gross Profit Margin (%) | 56 | 54
EBITDA | 1,544,094 | 1,323,022
Average number of employees | 64 | 57
Other key performance indicators
Non-financial KPIs are largely focused on employee and customer experiences. Internal and external CPI measures have all shown improvement over the period. This report was approved by the board and signed on its behalf.
Kiran Bhojwani Director
Date: 27 November 2025
Page 2
S. FIORI LIMITED |  |
DIRECTORS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The directors present their report and the financial statements for the period ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company'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 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 to 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.
Results and dividends
The loss for the period, after taxation, amounted to £3,316,764 (2024 - profit £881,162). There were no dividends paid during the period (2024 - £NIL). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the period were:
Varun Talreja (resigned 16 September 2024)
Dinesh Nair
Kiran Bhojwani
Samyukta Nair
Salini Nair
Surinder Mohan
Future developments
The Company expects another strong period, with further growth in turnover as the restaurant's reputation continues to grow.
Matters covered 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 (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors'' report. This has been set out in the directors' statement of compliance with duty to promote the success of the Company. Page 3
S. FIORI LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
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'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's auditor is aware of that information.
Auditor
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Kiran Bhojwani Director
Date: 27 November 2025
Page 4
S. FIORI LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED
Opinion
We have audited the financial statements of S. Fiori Limited (the 'Company') for the period ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 31 March 2025 and of its loss for the period 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 5
S. FIORI LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' 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 obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' 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, 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 3, 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 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, 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. Page 6
S. FIORI LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
Auditor's 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 an Auditor's report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: ∙Companies Act 2006; ∙UK tax legislation; and ∙Financial Reporting Standard 102 We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: ∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; ∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; ∙Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: ∙Posting of unusual journals and complex transactions; or ∙The use of management override. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 7
S. FIORI LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
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 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. Andrew Wooding FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 4th Floor 95 Gresham Street London EC2V 7AB 28 November 2025 Page 8
S. FIORI LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2025
| 11 month period ended 31 March 2025 | Year ended 30 April 2024
Note | £ | £
Turnover | 4 | 5,278,312 | 5,501,603
Cost of sales |  | (2,341,658) | (2,524,369)
Gross profit |  | 2,936,654 | 2,977,234
Administrative expenses |  | (1,858,984) | (2,116,059)
Operating profit | 5 | 1,077,670 | 861,175
Amounts written off loans with group undertakings |  | (4,300,298) | -
Interest payable and similar expenses | 9 | (15,571) | (9,091)
(Loss)/profit before tax |  | (3,238,199) | 852,084
Tax on (loss)/profit | 10 | (78,565) | 29,078
(Loss)/profit for the financial period |  | (3,316,764) | 881,162
Other comprehensive income for the period |  |  |
Provision for the period | 10 | 41,286 | (9,714)
Other comprehensive income for the period |  | 41,286 | (9,714)
Total comprehensive income for the period |  | (3,275,478) | 871,448
The notes on pages 14 to 29 form part of these financial statements.
Page 9
S. FIORI LIMITED REGISTERED NUMBER:00692906 |  |
BALANCE SHEET AS AT 31 MARCH 2025
|  | 31 March 2025 |  | 30 April 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 649,150 |  | 1,100,041
Investments | 12 |  | 3,475 |  | 3,475
|  |  | 652,625 |  | 1,103,516
Current assets |  |  |  |  |
Stocks | 13 | 57,087 |  | 57,090 |
Debtors: amounts falling due within one year | 14 | 3,721,175 |  | 5,974,019 |
Cash at bank and in hand | 15 | 69,140 |  | 251,549 |
|  | 3,847,402 |  | 6,282,658 |
Creditors: amounts falling due within one year | 16 | (8,746,175) |  | (8,346,501) |
Net current liabilities |  |  | (4,898,773) |  | (2,063,843)
Total assets less current liabilities |  |  | (4,246,148) |  | (960,327)
Creditors: amounts falling due after more than one year | 17 |  | - |  | (47,622)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (110,201) |  | (72,922) |
|  |  | (110,201) |  | (72,922)
Net liabilities |  |  | (4,356,349) |  | (1,080,871)
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Revaluation reserve | 21 |  | 182,142 |  | 1,597,999
Profit and loss account | 21 |  | (4,538,591) |  | (2,678,970)
|  |  | (4,356,349) |  | (1,080,871)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Kiran Bhojwani
Director
Date: 27 November 2025
The notes on pages 14 to 29 form part of these financial statements. Page 10
S. FIORI LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 100 | 1,607,713 | (3,560,132) | (1,952,319)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 881,162 | 881,162
Deferred tax movement on revalued fixed assets | - | (9,714) | - | (9,714)
Other comprehensive income for the year | - | (9,714) | - | (9,714)
Total comprehensive income for the year | - | (9,714) | 881,162 | 871,448
At 1 May 2024 | 100 | 1,597,999 | (2,678,970) | (1,080,871)
Comprehensive income for the period |  |  |  |
Loss for the period | - | - | (3,316,764) | (3,316,764)
Deferred tax movement on revalued fixed assets | - | 41,286 | - | 41,286
Total comprehensive income for the period | - | 41,286 | (3,316,764) | (3,275,478)
Transfer to/from profit and loss account | - | (1,457,143) | 1,457,143 | -
At 31 March 2025 | 100 | 182,142 | (4,538,591) | (4,356,349)
| The notes on pages 14 to 29 form part of these financial statements.
Page 11
S. FIORI LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025
|  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial period | (3,316,764) | 881,162
Adjustments for: |  |
Depreciation of tangible assets | 466,424 | 461,850
Interest payable | 15,571 | 9,091
Taxation charge | 78,565 | (29,078)
Decrease/(increase) in stocks | 3 | (2,639)
Decrease/(increase) in debtors | 2,252,844 | (1,487,323)
Increase in creditors | 249,417 | 103,276
Interest paid | (7,945) | (1,465)
Net cash generated from operating activities | (261,885) | (65,126)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (15,533) | (71,170)
Purchase of fixed asset investments | - | (99)
HP interest paid | (7,626) | (7,626)
Net cash from investing activities | (23,159) | (78,895)
Cash flows from financing activities |  |
Repayment of/new finance leases | (20,939) | (22,843)
Loans repaid by(repaid to) directors | 123,574 | 98,142
Net cash used in financing activities | 102,635 | 75,299
Net (decrease) in cash and cash equivalents | (182,409) | (68,722)
Cash and cash equivalents at beginning of period | 251,549 | 320,271
Cash and cash equivalents at the end of period | 69,140 | 251,549
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 69,140 | 251,549
| 69,140 | 251,549
The notes on pages 14 to 29 form part of these financial statements.
Page 12
S. FIORI LIMITED |  |
ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 31 MARCH 2025
|  | At 1 May 2024 | Cash flows | At 31 March 2025
|  | £ | £ | £
Cash at bank and in hand | 251,549 | (182,409) | 69,140
Debt due within 1 year | - | - | -
Finance leases | (70,465) | 20,939 | (49,526)
| 181,084 | (161,470) | 19,614
The notes on pages 14 to 29 form part of these financial statements.
Page 13
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | General information
S. Fiori Limited is a private company limited by shares and is incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. | Reporting period
On 27 January 2025, the directors elected to shorten the current accounting period to 31 March 2025, the prior period of accounts covers 12 months to 30 April 2024. As such, the current period and prior period are not directly comparable. 3.Accounting policies
| 3.1 | 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 management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 3.2 | Preparation of consolidated financial statements
The financial statements contain information about S. Fiori Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent. LSL Holdings Pvt Limited, 703 Leela Business Park, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, India.
| 3.3 | Going concern
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The Company Directors having made appropriate enquiries consider that adequate resources exist for the company to continue in operational existence for the foreseeable future. The company has received confirmation from its parent of continued support to meet its liabilities as they fall due and has received similar confirmation from its ultimate parent company. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements. Page 14
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 3.Accounting policies (continued)
| 3.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP and is rounded to the nearest pound. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. 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 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'.
| 3.5 | Turnover
Turnover represents net invoiced food and drink sales from the restaurant Jamavar. Turnover is recognised once the food and drink has been delivered to the customers and a sales transaction with the customer has been recognised using an EPOS system.
| 3.6 | Operating leases: the Company 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.
| 3.7 | 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. Page 15
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 3.Accounting policies (continued)
| 3.8 | 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 balance sheet date.
| 3.9 | 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. Depreciation is provided on the following basis:
|  |  |  | Improvements to property | - | over the lease term
|  |  |  | Short-term leasehold property | - | over the lease term
|  |  |  | Plant and machinery | - | over the lease term
|  |  |  | Motor vehicles | - | 15% on cost
|  |  |  | Fixtures and fittings | - | over the lease term
|  |  |  | Computer equipment | - | 20% on cost
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. Page 16
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 3.Accounting policies (continued)
| 3.10 | Revaluation of tangible fixed assets
Short-term 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 balance sheet 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.
| 3.11 | Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less cost to complete to sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
| 3.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 3.13 | 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 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 Company's cash management.
| 3.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 3.15 | 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. Page 17
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
4. | Turnover
The whole of the turnover is attributable to restaurant sales of food and drink.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 259,755 | 292,371
6. | Auditor's remuneration
| During the period, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 15,100 | 13,000
Page 18
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,157,538 | 1,424,539
| Social security costs | 128,956 | 128,714
| Cost of defined contribution scheme | 11,952 | 18,260
|  | 1,298,446 | 1,571,513
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 4 | 6
|  | Kitchen, Waiting & Other Staff | 60 | 51
|  |  | 64 | 57
8. | Directors' remuneration
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Directors' emoluments | 87,585 | 113,000
| Company contributions to defined contribution pension schemes | 883 | 4,242
|  | 88,468 | 117,242
| During the period retirement benefits were accruing to 2 directors (2024 -2) in respect of defined contribution pension schemes.
Page 19
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
9. | Interest payable and similar expenses
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 7,626 | 7,626
| Other interest payable | 7,945 | 1,465
|  | 15,571 | 9,091
10. | Taxation
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Deferred tax - current period | 78,565 | (29,078)
| Total deferred tax | 78,565 | (29,078)
| Tax on (loss)/profit | 78,565 | (29,078)
Page 20
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is different to the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (3,238,199) | 852,084
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | (809,550) | 213,021
| Effects of: |  |
| Expenses not deductible for tax purposes | 1,077,426 | -
| Group relief (claimed) | (210,239) | -
| Utilisation of tax losses | - | (242,099)
| Other differences leading to an increase (decrease) in the tax charge | 20,928 | -
| Total tax charge for the period/year | 78,565 | (29,078)
| Factors that may affect future tax charges
Changes in tax rates and losses have possible affects on future tax charges. Page 21

S. FIORI LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
| 11. | Tangible fixed assets
|  | Short-term leasehold property | Improvement to property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 May 2024 | 1,700,000 | 2,022,040 | 176,320 | 114,729 | 270,982 | 106,464 | 4,390,535
| Additions | - | 5,610 | 2,701 | - | 7,222 | - | 15,533
| At 31 March 2025 | 1,700,000 | 2,027,650 | 179,021 | 114,729 | 278,204 | 106,464 | 4,406,068
| Depreciation |  |  |  |  |  |  |
| At 1 May 2024 | 1,335,715 | 1,551,103 | 105,152 | 26,832 | 173,902 | 97,790 | 3,290,494
| Charge for the period | 121,428 | 237,253 | 36,934 | 17,209 | 49,849 | 3,751 | 466,424
| At 31 March 2025 | 1,457,143 | 1,788,356 | 142,086 | 44,041 | 223,751 | 101,541 | 3,756,918
| Net book value |  |  |  |  |  |  |
| At 31 March 2025 | 242,857 | 239,294 | 36,935 | 70,688 | 54,453 | 4,923 | 649,150
| At 30 April 2024 | 364,285 | 470,937 | 71,168 | 87,897 | 97,080 | 8,674 | 1,100,041
Page 22

S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 11.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Motor vehicles | 70,688 | 87,897
|  | 70,688 | 87,897
Cost or valuation at 31 March 2025 is as follows:
|  |  | Short-term leasehold property
|  |  | £
|  | At cost | 1
|  | At valuation: |
|  | Valuation conducted in 2013 | 1,699,999
|  |  | 1,700,000
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 11 month period ended 31 March 2025 | Year ended 30 April 2024
|  |  |  |  | £ | £
| Cost | 1 | 1
| Net book value | 1 | 1
Page 23
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 3,475
| At 31 March 2025 | 3,475
| The Company held 100% of the ordinary share capital in the following subsidiaries during the period: ∙Samadin Limited ∙Far East Holdings Limited ∙Le Fiori Limited ∙Audley Hospitality Limited ∙HSQ Hospitality Limited ∙MDS Hospitality Limited The Company held 75% of the ordinary share capital in the following subsidiary during the period: ∙KRB Capital Limited. The registered address for each of the above subsidiaries was Ground Floor Office No 9, Ritz Parade, London, W5 3RA.
13. | Stocks
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Food and drink stock | 57,087 | 57,090
|  | 57,087 | 57,090
Page 24
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
14. | Debtors
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Trade debtors | - | 18,006
| Amounts owed by group undertakings | 3,574,994 | 5,848,322
| Amounts owed by joint ventures and associated undertakings | 13,199 | -
| Other debtors | 38,028 | 49,253
| Prepayments and accrued income | 94,954 | 58,438
|  | 3,721,175 | 5,974,019
Included within other debtors due within one year is a loan to one of the directors: Surinder Mohan, amounting to £2,043 (2024 -£382). Amounts repaid during the period totalled £382. Amounts advanced during the period totalled £2,043. The loan is repayable on demand and does not accrue interest.
15. | Cash and cash equivalents
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 69,140 | 251,549
|  | 69,140 | 251,549
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Trade creditors | 694,850 | 321,443
| Amounts owed to group undertakings | 7,075,099 | 7,162,561
| Other taxation and social security | 518,257 | 213,895
| Obligations under finance lease and hire purchase contracts | 49,526 | 22,843
| Other creditors | 338,248 | 556,924
| Accruals and deferred income | 70,195 | 68,835
|  | 8,746,175 | 8,346,501
Page 25
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 47,622
|  | - | 47,622
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Within one year | 49,526 | 22,843
| Later than 1 year and not later than 5 years | - | 47,622
|  | 49,526 | 70,465
Page 26
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
19. | Deferred taxation
|  | 31 March 2025
|  | £
| At beginning of period | (72,922)
| Charged to profit or loss | (78,565)
| Charged to other comprehensive income | 41,286
| At end of period | (110,201)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (50,203) | (131,308)
| Tax losses carried forward | 716 | 160,386
| Revaluation reserve | (60,714) | (102,000)
|  | (110,201) | (72,922)
Page 27
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
20. | Share capital
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 -100) Ordinary Shares shares of £1.00 each | 100 | 100
21. | Reserves
Revaluation reserve This reserve represents the accumulated gains and losses arising from the revaluation of property, plant and equipment as permitted under the applicable accounting standards. Profit and loss account This reserve records retained earnings and accumulated losses.
22. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 March 2025 | 30 April 2024
|  |  |  |  | £ | £
| Not later than 1 year | 270,000 | 250,833
| Later than 1 year and not later than 5 years | 422,500 | 670,417
|  | 692,500 | 921,250
Page 28
S. FIORI LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
23. | Related party transactions
| Wholly-owned group undertakings The company has taken advantage of the exemption in FRS 102 33.1A not to disclose transactions entered into between two or more members of the group where subsidiaries party to the transaction are wholly owned members of the group. The balances outstanding with the company are shown in aggregate in debtors and creditors under amounts owned by and to group undertakings respectively. Other related parties At the reporting date, the company was owed £2,005,090 (2024: £968,191) by KRB Capital Limited, a subsidiary company. Amounts repayable to the company are unsecured, and repayable on demand. This amount has been fully provided for at the year end date on the basis that KRB Capital Limited has ceased trading and therefore uncertainty exists in respect of the recoverability of the balance. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the group. The directors are of the opinion that those persons for the group are the directors of S. Fiori Limited only, and the aggregate of their remuneration is already disclosed in the notes to these accounts. Included within other creditors are amounts owed to two directors amounting to £261,494.
24. | Controlling party
The company is a subsidiary of LSL Capital Limited, a company incorporated in England and Wales. The ultimate controlling party of the company is LSL Holdings Pvt Ltd, a company incorporated in India. The financial statements are consolidated in the financial statements of LSL Holdings Pvt Ltd, and is available from 703 Leela Business Park, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, India. This is the smallest and largest undertaking for which group accounts are prepared.
Page 29