MITRA_SUGAR_LIMITED - Accounts

The directors present the annual report and financial statements for the year ended 31 March 2018.

The company ceased trading on 30 September 2016 and has remained dormant since that date.

The directors are are responsible for preparing the Annual 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 UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS101 Reduced Disclosure Framework. 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 judgments and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mitra Sugar Limited for the year ended 31 March 2018 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Mitra Sugar Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mitra Sugar Limited and state those matters that we have agreed to state to the Board of Directors of Mitra Sugar Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mitra Sugar Limited and its Board of Directors as a body, for our work or for this report.

The Company ceased trading with effect from 30 September 2016. The financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the entity’s assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the end of the reporting period. The financial statements do not include any provision for the future costs of terminating the business of the entity except to the extent that such costs were committed at the end of the reporting period.

The financial statements are prepared in Euros, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest Euro.

Mitra Sugar Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is Weston Centre, 10 Grosvenor Street, London, W1K 4QY.

These financial statements have been prepared in accordance with Financial Reporting Standard 101 'Reduced disclosure Framework' (FRS 101) and the Companies Act 2006. The recognition, measurement and disclosure requirements of International Financial Reporting Standard as adopted by the EU (EU-adopted IFRS) have been applied to these financial statements and, where necessary, amendments have been made in order to comply with the Companies Act 2006 and The Large and Medium-sized Companies and Groups Regulations 2008/410 ('Regulations').

The Company meets the definition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial Reporting Council. The financial statements have therefore been prepared in accordance with FRS 101 (Financial Reporting Standard 101) ‘Reduced Disclosure Framework’ as issued by the Financial Reporting Council.

Details of the parent in whose consolidated financial statements the Company is included are shown in note 12 to the financial statements.

As permitted by FRS 101, exemptions from applying the following requirements have been adopted:

a) IAS 1 ‘Presentation of Financial Statements paragraphs 10(d) and 134-136;

b) IAS 7 ‘Statement of Cash Flows’;

c) IAS 24 ‘Related Party Disclosures’ paragraph 17;

d) IFRS 7 ‘Financial Instruments: Disclosures’

The Company has applied the exemption from the requirements in IAS 24 ‘Related Party Disclosures’ to disclose related party transactions entered into between two or more members of the Illovo group where those party to the transaction are wholly owned by a member of the group.

Revenue represents amounts receivable for goods and services net of VAT and trade discounts. The Company is acting as an agent for the parent company Illovo Sugar Africa Proprietary Limited and so the revenue includes the handling fees charged.

The Company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Statement of comprehensive income in the year they are payable.

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange ruling at the Statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of comprehensive income.

Current taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Judgements and key estimates

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Financial Instruments

The employees ceased employment at 30 September 2016. At the end of the financial year there were no (2017: 2) employees.

Finance Act No.2 2015, which was substantively enacted on 26 October 2015, includes provisions to reduce the corporation tax to 19% with effect from 1 April 2017 and 18% with effect from 1 April 2020. In addition, the Finance Act 2016 which was substantively enacted on 6th September 2016 introduced a further reduction in the main rate of corporation tax from 18% to 17% from 1 April 2020.

Reserves

Retained earnings

The retained earnings represents profits and losses retained in the previous and current years.

The Company's immediate holding company is Illovo Group Holdings Limited, a company registered and incorporated in Mauritius. The ultimate holding company is Wittington Investments Limited which is incorporated in Great Britain and registered in England and Wales.

The largest group in which the results of the company are consolidated is headed by Wittington Investments Limited, incorporated in Great Britain. The smallest group in which they are consolidated is headed by Associated British Foods plc, which is incorporated in Great Britain and registered in England and Wales. The consolidated accounts of these groups are available to the public and may be obtained from Associated British Foods plc, Weston Centre, 10 Grosvenor Street, London, W1K 4QY. The consolidated accounts of Associated British Foods plc are also available for download on the Group's website at www.abf.co.uk.

The Company has applied the exemption available in FRS 101 paragraph 8(j) "Related party transactions" whereby it has not disclosed transactions entered into between the ultimate parent company or any wholly owned subsidiary undertaking of the group.