Company registration number: 00692906
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
The Directors present their Strategic Report and audited financial statements for the period ended 31 March 2025.
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.
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.
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
The Directors consider the following information to be key indicators of the Company's performance:
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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.
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.
The directors who served during the period were:
The Company expects another strong period, with further growth in turnover as the restaurant's reputation continues to grow.
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED
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 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
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:
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. FIORI LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025
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BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
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STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025
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ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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.
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
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
3.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
3.Accounting policies (continued)
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
3.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
The whole of the turnover is attributable to restaurant sales of food and drink.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
10.Taxation (continued)
Changes in tax rates and losses have possible affects on future tax charges.
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