AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2024

2024 2023
ASSETS Note Rupees Rupees

NON-CURRENT ASSETS
Property, plant and equipment 4 30,384,178 35,072,018
30,384,178 35,072,018

CURRENT ASSETS
Inventory 5 3,200,000 338,389
Advances & Other Receivables 6 461,413 191,465
Trade Receivables 7 4,517,746 4,020,189
Cash and bank balances 8 5,577,809 19,936,939
13,756,968 24,486,982

44,141,146 59,559,000

EQUITY AND LIABILITIES

SHARE CAPITAL & RESERVES

Authorized share capital 9 5,000,000 5,000,000

Issued, subscribed and paid up capital 5,000,000 5,000,000

Unappropriated Profit/(Loss) 333,682 (913,618)
5,333,681 4,086,381

CURRENT LIABILITIES
Trade and other payables 10 38,298,007 55,212,851
Provision for Taxation 15 509,461 259,770

38,807,468 55,472,621
44,141,147 59,559,000

The annexed notes from 1 to 18 form an integral part of these financial statements.
0 (1)

CHIEF EXECUTIVE DIRECTOR

 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 2024

2024 2023
Note
Rupees Rupees

Revenue 11 160,751,621 103,908,172

Cost of Revenue 12 (146,085,818) (95,688,765)

Gross profit 14,665,803 8,219,407

Administrative Expenses 13 (3,293,960) (2,860,439)

Financial Charges 14 (9,648,982) (4,501,212)

Other Income 15 33,900 -

Profit before Tax 1,756,761 857,755

Tax 16 (509,461) (259,770)

Profit After Tax 1,247,300 597,985

Loss B/f (913,618) (1,511,604)

Unappropriated profit and loss account 333,682 (913,618)

The annexed notes from 1 to 18 form an integral part of these Financial Statements

CHIEF EXECUTIVE DIRECTOR

 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note Rupees Rupees
A) CASH FLOW FROM OPERATING ACTIVITIES
Profit/( Loss) before taxation 1,247,300 597,985
Adjustments for non cash items:
Depreciation 13 4,687,840 5,445,699

Operating profit before working capital changes 5,935,140 6,043,684

Changes in Working capital:

(Increase)/ Decrease in current assets
Inventory (2,861,611) 1,461,611
Trade and other receivable (767,505) 66,311
Increase / (Decrease) in current liabilities
Trade and other payables (16,914,844) 7,910,744
(20,543,960) 9,438,666
Cash generated from / (used in) operating activities (14,608,820) 15,482,349

Taxation paid 249,691 -

Net cash generated from / (used in) operating activities (14,359,129) 15,482,349

B) CASH FLOW FROM INVESTING ACTIVITIES

Fixed capital expenditure - -

Net cash used in investing activities - -

C) CASH FLOW FROM FINANCING ACTIVITIES

Cash from Subscription Money - -

Net cash generated from financing activities - -

Net increase/(decrease) in cash and cash equivalents (A+B+C) (14,359,129) 15,482,349

CASH AND CASH EQUIVALENTS AT THE
Beginning of the year 19,936,939 4,454,591
End of the year 8 5,577,809 19,936,939

The annexed notes from 1 to 18 form an integral part of these Financial Statements 5,577,809
0

CHIEF EXECUTIVE DIRECTOR

 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2024
1. STATUS AND OPERATIONS
AgriAqua Foods Industry (Private) Limited (the company) was incorporated in Pakistan on August 21, 2020 as a Private Limited
company under the companies ordinance 1984 (Repealed) now companies Act 2017. The Registered office of the company is
situated at Chak No 96/NP, Khata No 25, Khatooni No 61, Acor No 16, 17 Km RYK Road Khanpur Rahimyar Khan Punjab .

2. BASIS OF PREPARATION

2.1 Statement of Compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable
in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:

Accounting and Financial Reporting Standards (AFRS) for Small and Medium Sized Entities (SMEs) as notified under
the Companies Act, 2017; and

Provisions of and directives issued under the Companies Act, 2017.

Where provisions of and directives issued under the Companies Act, 2017 differ from the AFRS, the provisions of and

directives issued under the Companies Act, 2017 have been followed.

2.2 Accounting convention

These accounts have been prepared under the historical cost convention.

The Financial Statements have been prepared following accrual basis of accounting.

The preparation of these Financial Statements in conformity with approved accounting standards requires the
management to exercise its judgment in the process of applying the company’s accounting policies and use of certain
accounting estimates. The areas involve a high degree of judgment, critical accounting estimates and significant
assumption are disclosed in note 2.4.

2.3 Functional and Presentational Currency

These financial statements are presented in Pakistan Rupee (Rs. / Rupees) which is the Company’s functional currency.
Amounts presented in the financial statements have been rounded off to the nearest of Rs. / Rupees, unless otherwise
stated.

2.4 Key judgements and estimates

The preparation of financial statements in conformity with the accounting and reporting standards as applicable in
Pakistan requires the use of certain critical accounting estimates. In addition, it requires management to exercise
judgement in the process of applying the Company’s accounting policies. The areas involving a high degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements, are documented in
the following accounting policies and notes, and relate primarily to:

- Estimation of provisions - (Note 3.3)

 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

3. SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of these financial statements are set out below:

3.1 Stores, spares and loose tools

These are valued at weighted average cost except for items in transit that valued at cost comprising invoice value plus
incidental charges paid thereon.

3.2 Stock in trade

Inventories are valued at lower of cost and net realizable value as per requirement of IAS-2. Cost of major stocks items is
determined as follows:

Basis of valuation are as under:

Particulars Mode of valuation

Finished goods: At weighted average cost including manufacturing cost

Net realizable value signifies the selling price at which goods in stock could be currently sold less any further costs which
would be incurred to complete the sale.

Raw material in transit is valued at cost comprising invoice value plus incidental charges paid thereon.

3.3 Financial Instrument

A financial instrument, or its component parts, shall be classified as a financial liability, a financial asset or an equity
instrument in accordance with the substance of the contractual arrangement rather than its legal form.

The entity initially measures its financial assets and financial liabilities at fair value, except for certain non-arm’s length
transactions.

The entity subsequently measures all its financial assets and financial liabilities at amortized cost, except for investments
in equity instruments. Investments in equity instruments that are quoted in an active market shall be measured at fair
value and investments in equity instruments that do not have active market shall be carried at cost less impairment, if
any. Changes in fair value are recognized in net income.

Financial assets measured at amortized cost include cash, investment, accounts receivable and term deposits.

Financial liabilities measured at amortized cost include, the bank loan, accounts payable, amounts due to directors and
officers and long-term debt.

3.4 Provisions

Provisions are recognized in the balance sheet when a company has a present, legal or constructive obligation as a result
of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate of the amount of obligation can be made. Provisions are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

3.5 Taxation

Company applies the taxes payable method to account for its income taxes. The taxes payable method is a method of
accounting under which an entity reports as an expense only the current income taxes for that period, determined in
accordance with the Tax Law.

Current income taxes, to the extent unpaid or recoverable, shall be recognized as a liability or asset as the case may be.

The liability for current income taxes included in the balance sheet is the cost of current income taxes for current and
prior periods less amounts already paid in respect of these income taxes. When the amount already paid in respect of the
cost of current income taxes for a period exceeds the liability for that period, any excess amount is shown as an asset.

Income tax liabilities and income tax assets shall be measured using the income tax rates prescribed by the Tax Law, at
the reporting date, which are normally those enacted at the reporting date.

3.6 Revenue recognition

Revenue is recognized to the extent the Company has delivered goods, the amount of revenue can be measured reliably
and it is probable that the economic benefits associated with the transaction will flow to the Company.

Revenue from the sale of goods is recognized when the significant risks and rewards of ownership of the goods have been
transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

3.7 Related Party

All transactions with related parties are conducted at value determined by directors. Parties are said to be related when
they meet definition as provided in AFRS for SSEs.

4 PROPERTY PLANT & EQUIPMENT Notes 2024 2023

Rupees Rupees

Operating fixed assets - owned 30,384,178 35,072,018

COST DEPRECIATION Written down

As on July 01, As at June As at July Charge for the As at June value as at June Rate (%)
PARTICULARS Addition Disposal
2022 30, 2023 01, 2022 year 30, 2023 30, 2023
-----------------------------(Rupees)------------------------

Furniture and Fixture 150,000 - 150,000 33,125 17,531 50,656 99,344 15

Building 14,510,197 - 14,510,197 1,451,020 1,305,918 2,756,937 11,753,260 10
Computer and IT Equipment 200,000 - 200,000 60,000 42,000 102,000 98,000 30
Plant and Machinery 31,251,913 - 31,251,913 4,050,248 4,080,250 8,130,498 23,121,415 15
TOTAL 46,112,110 - - 46,112,110 5,594,393 5,445,699 11,040,092 35,072,018

Depreciation Allocation 2023 2022

Rupees Rupees
Administrative expenses 59,531 80,625
Cost of Sale 5,386,167 5,501,268
5,445,699 5,581,893

COST DEPRECIATION Written down

value as at June Rate (%)
PARTICULARS
30, 2022
 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

Notes 2024 2023

5 INVENTORY Rupees Rupees

Inventory at 30th June 2022 3,200,000 338,389

6 ADVANCES AND OTHER RECEIVABLES

Advance income Tax 461,413 191,465

7 TRADE RECEIVABLES 4,517,746 4,020,189

These are receivable from customers and unsecured.

8 CASH & BANK BALANCE

Cash in hand 164,699 346,500

Cash at bank 5,413,110 19,590,439
5,577,809 19,936,939
9 SHARE CAPITAL & RESERVES

Authorized Share Capital

500,000 Ordinary Shares of Rs 10/- each 5,000,000 5,000,000

Issued, Subscribed and Paid Up Capital

500,000 Ordinary Shares of Rs 10/- each 5,000,000 5,000,000

10 TRADE & OTHER PAYABLES

Creditors 5,019,021 8,022,468

Advances from Director 29,203,768 47,011,510
Auditors' Remuneration 45,000 45,000
Short Term Finance 4,030,218 133,874
38,298,007 55,212,851

11 REVENUE

Sale 160,751,621 103,908,172

12 COST OF REVENUE

Opening Finished Goods 338,389 1,800,000

Purchase Cost 12.1 148,947,429 94,227,154
Available for Sale 149,285,818 96,027,154
Closing Finished Goods (3,200,000) (338,389)
146,085,818 95,688,765
 AGRIAQUA FOODS INDUSTRY (PRIVATE) LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

Notes 2024 2023

12.1 PURCHASE COST Rupees Rupees

Purchases 130,000,000 80,539,635

Other Direct Expense 12.2 18,490,729 13,687,519
148,490,729 94,227,154
12.2 Other Direct Expenses

Salaries, wages & benefits 949,787 1,215,450

Freight Expenses 313,158 720,400
Utilities 8,481,918 3,223,849
Paddy Handling, Loading & Unloading & Processing Charges 1,795,500 1,494,400
Repair & Maintanence 1,138,445 525,200
Fuel Expenses - 661,853
Bardana Chemical and Salt 1,032,983 460,200
Stock Insurance 135,400
Depreciation 4,643,538 5,386,167
18,490,729 13,687,519

13 ADMINISTRATIVE EXPENSES

Salaries, wages & benefits 1,342,452 625,950

Travelling expenses 141,120 126,000
Utilities 1,015,959 568,914
Other Indirect Expenses 210,337 226,608
Fee and Subscription 218,000 365,055
Repair & Maintanence 51,790 202,145
Fuel Expenses 225,000 441,236
Insurance Expense - 200,000
Depreciation 44,302 59,531
Auditors' Remuneration 45,000 45,000
3,293,960 2,860,439

14 FINANCIAL CHARGES 9,648,982 4,501,212

15 OTHER INCOME
Scrap Sale 33,900 -

16 TAXATION

Current year 509,461 259,770

30/06/2023
17 NUMBER OF EMPLOYEES

Total number of employees as on 30 June 4 4

Average number of employees during the year 5 5

18 GENERAL

The figures have been rounded off to the nearest rupee.

CHIEF EXECUTIVE DIRECTOR

CHIEF EXECUTIVE DIRECTOR