Samadin Limited - Limited company accounts 22.3

REGISTERED NUMBER: 11509372 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2021 TO 30 APRIL 2022

FOR

SAMADIN LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

D Nair

Mrs S Nair

Miss S Nair

K R Bhojwani

S Mohan

REGISTERED OFFICE:

Central House, Ground Floor Office

No 9, Ritz Parade

Western Avenue

London

W5 3RA

REGISTERED NUMBER:

11509372 (England and Wales)

AUDITORS:

Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

The directors present their report with the financial statements of the company for the period 1 September 2021 to 30 April 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of restaurateurs.

REVIEW OF BUSINESS

The new restaurant Mi Mi Meifair at 55 Curzon Street, Mayfair was opened in September 2021. Since opening the annual turnover has been on course to reach £3.5m.

Key performance indicators:

PE 30.04.2022

YE 30.08.2021

£

£

Turnover

2,339,137

-

Gross profit / (loss)

840,492

(301,323

)

EBITDA

(42,843

)

(807,569

)

The Directors are confident that the Company will achieve an EBITDA of £720K next year .

All indications are that the Hospitality Industry has bounced back after the recent Pandemic.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2021 to the date of this report.

D Nair

Mrs S Nair

Miss S Nair

K R Bhojwani

S Mohan

Other changes in directors holding office are as follows:

A A Nageshkar - resigned 11 February 2022

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Butler & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

K Bhojwani - Director

28 November 2022

Opinion

We have audited the financial statements of Samadin Limited (the 'company') for the period ended 30 April 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2022 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Emphasis of matter

Material uncertainty related to the entity's ability to operate as a going concern exists. However, the parent company has provided assurances that it would continue to support the entity as a going concern and meet its liabilities as they fall due as stated in Going concern policy (note 2) of the financial statements. The audit opinion is not modified in respect of this matter.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Report of the Directors has 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 Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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.

- Enquiries of management, concerning the company's policies and procedures relating to:

* Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance

* Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in.

- Performed analytical review procedures to identify any unusual transactions or relationships

- Tested journal entries to identify any unusual transactions

- Reviewed and tested material accounting estimates for reasonableness

- Reviewed for appropriateness and reasonableness of accounting policies used.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance.

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

Use of our report

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

Sanjeev Phadke (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

28 November 2022

TURNOVER

2,339,137

-

Cost of sales

1,697,753

373,166

GROSS PROFIT/(LOSS)

641,384

(373,166

)

Administrative expenses

889,894

568,882

(248,510

)

(942,048

)

Other operating income

21,897

13,113

OPERATING LOSS and

LOSS BEFORE TAXATION

(226,613

)

(928,935

)

Tax on loss

5

-

-

LOSS FOR THE FINANCIAL PERIOD

(226,613

)

(928,935

)

LOSS FOR THE PERIOD

(226,613

)

(928,935

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(226,613

)

(928,935

)

FIXED ASSETS

Intangible assets

6

96,900

-

Tangible assets

7

3,401,906

3,584,043

3,498,806

3,584,043

CURRENT ASSETS

Stocks

8

121,119

49,241

Debtors

9

408,617

607,353

Cash at bank and in hand

253,221

34,958

782,957

691,552

CREDITORS

Amounts falling due within one year

10

1,006,612

968,831

NET CURRENT LIABILITIES

(223,655

)

(277,279

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,275,151

3,306,764

CREDITORS

Amounts falling due after more than one year

11

4,580,000

4,385,000

NET LIABILITIES

(1,304,849

)

(1,078,236

)

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

(1,304,949

)

(1,078,336

)

SHAREHOLDERS' FUNDS

(1,304,849

)

(1,078,236

)

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 28 November 2022 and were signed on its behalf by:

K Bhojwani - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2020

100

(149,401

)

(149,301

)

Changes in equity

Total comprehensive income

-

(928,935

)

(928,935

)

Balance at 31 August 2021

100

(1,078,336

)

(1,078,236

)

Changes in equity

Total comprehensive income

-

(226,613

)

(226,613

)

Balance at 30 April 2022

100

(1,304,949

)

(1,304,849

)

Cash flows from operating activities

Cash generated from operations

1

317,004

2,978,407

Net cash from operating activities

317,004

2,978,407

Cash flows from investing activities

Purchase of intangible fixed assets

(2,400

)

-

Purchase of tangible fixed assets

(116,132

)

(2,972,581

)

Sale of tangible fixed assets

19,791

-

Net cash from investing activities

(98,741

)

(2,972,581

)

Increase in cash and cash equivalents

218,263

5,826

Cash and cash equivalents at beginning of period

2

34,958

29,132

Cash and cash equivalents at end of period

2

253,221

34,958

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1/9/21

to

Year ended

30/4/22

31/8/21

£

£

Loss before taxation

(226,613

)

(928,935

)

Depreciation charges

183,770

121,366

(42,843

)

(807,569

)

Increase in stocks

(71,878

)

(49,241

)

Decrease/(increase) in trade and other debtors

205,957

(271,969

)

Increase in trade and other creditors

225,768

4,107,186

Cash generated from operations

317,004

2,978,407

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 April 2022

30/4/22

1/9/21

£

£

Cash and cash equivalents

253,221

34,958

Year ended 31 August 2021

31/8/21

1/9/20

£

£

Cash and cash equivalents

34,958

29,132

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/21

Cash flow

At 30/4/22

£

£

£

Net cash

Cash at bank and in hand

34,958

218,263

253,221

34,958

218,263

253,221

Total

34,958

218,263

253,221

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 Directors, having made appropriate enquiries, consider that adequate resources exist for the company to continue in operational existence for the foreseeable future and with the continued support of the company's ultimate shareholders, the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements. The ultimate parent company has confirmed continued support to the company.

There were uncertainties relating to COVID19 pandemic throughout the financial period which may impact on recoverability of the investments and debtors. No provisions have been made in the financial statements.

The financial year end is shortened to that of the immediate parent under-taking's year-end. Therefore, the comparatives are not entirely comparable.

Financial statements are prepared under FRS102. The previous financial statements for the year ended 31st August 2021 were prepared under FRS 102-1a.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Key sources of estimation uncertainty and judgements: The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Brand costs - 5 years straight lline

Tangible fixed assets

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

Land and building - Up to lease term on cost

Plant and machinery - 8 years on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants receivables

Coronavirus Job Retention Scheme grants received during the year are included as other income in the financial statements.

Government Grants

Government grants are recognised at the fair value of the asset received when there is reasonable assurance that the grants condition will be met and the grants will be received.

A grant that specifies performance condition is recognised in income when the performance conditions are met. Where a grant does not specify performance condition, it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

Period

1/9/21

to

Year ended

30/4/22

31/8/21

£

£

Wages and salaries

1,022,501

297,150

Social security costs

108,995

32,434

Other pension costs

15,420

3,523

1,146,916

333,107

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

Period

1/9/21

to

Year ended

30/4/22

31/8/21

Operational

49

10

Administration

3

3

Management

3

3

55

16

Period

1/9/21

to

Year ended

30/4/22

31/8/21

£

£

Directors' remuneration

34,423

-

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1/9/21

to

Year ended

30/4/22

31/8/21

£

£

Other operating leases

153,493

220,558

Depreciation - owned assets

169,070

121,366

Brand costs amortisation

14,908

-

Auditors' remuneration

7,010

4,500

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 30 April 2022 nor for the year ended 31 August 2021.

Reconciliation of total tax charge included in profit and loss

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

Period

1/9/21

to

Year ended

30/4/22

31/8/21

£

£

Loss before tax

(226,613

)

(928,935

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

(43,056

)

(176,498

)

Effects of:

Capital allowances in excess of depreciation

-

(720,389

)

Depreciation in excess of capital allowances

107,367

-

Utilisation of tax losses

(64,311

)

896,887

Total tax charge

-

-

6.	INTANGIBLE FIXED ASSETS

Brand

costs

£

COST

Additions

2,400

Reclassification/transfer

110,811

At 30 April 2022

113,211

AMORTISATION

Amortisation for period

14,908

Reclassification/transfer

1,403

At 30 April 2022

16,311

NET BOOK VALUE

At 30 April 2022

96,900

7.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 September 2021

2,885,421

373,398

468,357

3,727,176

Additions

80,296

21,737

14,099

116,132

Disposals

(20,000

)

-

-

(20,000

)

Reclassification/transfer

(110,811

)

-

-

(110,811

)

At 30 April 2022

2,834,906

395,135

482,456

3,712,497

DEPRECIATION

At 1 September 2021

107,905

16,899

18,329

143,133

Charge for period

93,256

35,813

40,001

169,070

Eliminated on disposal

(209

)

-

-

(209

)

Reclassification/transfer

(1,403

)

-

-

(1,403

)

At 30 April 2022

199,549

52,712

58,330

310,591

NET BOOK VALUE

At 30 April 2022

2,635,357

342,423

424,126

3,401,906

At 31 August 2021

2,777,516

356,499

450,028

3,584,043

8.

STOCKS

2022

2021

£

£

Wine and drinks stock

121,119

49,241