-- Amala Foods Plc

("Amala" or the "Company")

 

Further Re: 2021 Annual Financial Report

 

Amala Foods Plc (LON: DISH), a food technology company, is pleased to provide a copy of the Annual Financial Report for the Year Ended 31 March 2021 below this announcement in addition to being available via the National Storage Mechanism and on a PDF link in yesterday's announcement as well soon being available on the Company website.

The Directors would like to highlight on page 11 that the Independent Auditors state "In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included reviewing and challenging cashflow forecasts prepared by Management covering the going concern period, including the key assumptions made and discussing their strategies regarding future fund raises."

The going concern period is the period of twelve months following the publication of the Annual Financial Report.

The Company is aware that future fund raises will be required. The Company stated in yesterday's announcement that it has a low cash burn and utilises a Salary Sacrifice Scheme which ensures cash outlay is minimal. The Company is having active discussions with investors so that the business can continue to grow and will update the market during the first quarter of 2022.

The Half-Yearly Report to 30 September 2021 is due to be published by the end of January 2022.

 

 

Enquiries:

 

Jonathan Morley-Kirk, Non-Executive Chairman

jmk@bigdish.com 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors                                                              Aidan Bishop                                        Executive Director                              

                                                                                Jonathan Morley-Kirk                         Non-executive Chairman

 

                               

Company Secretary                                          Roger Matthews                                  

                                                                               

 

Registered office of the Company                 1st Floor, Woodford House

Peter Street

St Helier JE2 4SP

Jersey

 

 

Auditor                                                                  PKF Littlejohn LLP

                                                                                15 Westferry Circus

Canary Wharf

London E14 4HD                                               

 

 

Banker                                                                  Barclays Bank

                                                                                39-41 Broad Street

                                                                                St Helier

                                                                                Jersey

 

 

                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTENTS

 

 

 

Chairman's Report                                                                                                                                                                              4

Report of the Directors                                                                                                                                                                       5

Strategic Report                                                                                                                                                                                   10

 

 

Independent Auditor's Report to the Members of Amala Foods PLC                                                                                       11

Consolidated Statement of Comprehensive Income                                                                                                                  14

Consolidated Statement of Financial Position                                                                                                                                              15

Consolidated Statement of Changes in Equity                                                                                                                             16

Consolidated Cash Flow Statement                                                                                                                                                                17

Notes to the Accounts                                                                                                                                                                         18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAIRMAN'S REPORT

 

The year ended 31 March 2021 saw the end of the first year of the COVID-19 global pandemic. It was a year that saw a terrible loss of life, huge disruption for businesses and working practices, as well as a general lack of investment capital for businesses. In many ways it was a perfect storm for smaller businesses.

 

The UK hospitality sector was particularly badly hit by the pandemic. The UK government closed pubs, restaurants and nightclubs with devastating drops to their revenues. There have been many such businesses that have closed and will never re-open.

 

BigDish clearly could not survive solely in the UK hospitality sector. Therefore, the Board of Directors looked at a number of compatible other sectors and geographical locations with a view of adapting BigDish technology. This has led to a number of potential opportunities being evaluated and monitored.

 

On 22 March 2021 the Company announced an exciting Joint Venture with a plant-based foods business based in South-East Asia. The formation was approved on 27 May 2021 and the Company was re-branded as Amala Foods PLC. This is a fast-growing sector as plant-based diets become more mainstream. The Company will actively review options to utilise technology to reach restaurants and consumers.

 

The Group has discontinued operations in Hong Kong, Indonesia and the Philippines in the year ended 31 March 2021 and the losses of GBP 162,589 associated with those entities are outlined in note 9 of the audited accounts. Details of the prior year adjustments related to salary sacrifice are outlined in note 22 of the audited accounts. 

 

The Company has sought to conserve cash and remain nimble in the hope of riding out the COVID-19 storm.

 

 

 

 

 

Jonathan Morley-Kirk

Chairman

01 December 2021

 

 

 

 

 

 

 

REPORT OF THE DIRECTORS

 

The Directors present the report together with the audited accounts of the Company for the year ended 31 March 2021.

 

The Company

 

Amala Foods Plc (Formerly BigDish Plc), the parent Company, is registered (registered number 121041) and domiciled in Jersey. It was incorporated on 11 April 2016.

 

Principal Activity and Business Review

 

The Company's principal activity during the year ended 31 March 2021 was a holding company, holding subsidiaries trading under the "BigDish" brand in United Kingdom and a technology development centre in the Philippines. The Group's principal activity during this period was to develop and market a food technology platform. The Company also has, post-year end, a a Joint Venture plant-based food technology business in the Philippines, Amala Foods Inc, which undertakes research and development with a view to achieve commercialization. The Directors believe this will be the value driver of the business going forward

 

Results and Dividends

 

The results of the Group for the period ended 31 March 2021 show a loss before taxation of GBP 998,368 (31 March 2020 showed a re-stated loss of GBP 1,480,457).

 

The Directors do not recommend the payment of a dividend for the period ended 31 March 2021 (2020: GBP Nil).

 

Carbon Dioxide Emissions

 

At the current stage of development carbon dioxide emissions is not material. As the business develops to commercial scale the Company intends to actively monitor carbon dioxide emissions and will devise strategies to reduce emissions where possible and ensure applicable reporting thereon.

 

Future Developments

 

The Company's future developments are outlined in the Strategic Report section.

 

Going Concern

 

The Directors acknowledge COVID-19 has had, and may continue to have, an adverse impact on economic growth globally and capital markets. However, the Directors are confident that despite this, sufficient funds will be able to be raised when required during the next 12 months to enable the Group to meet its obligations as they fall due. However, as a result of the requirement to raise further funds in the next 12 months, they acknowledge that a material uncertainty relating to going concern exists.

 

The accounts have therefore been prepared on a going concern basis. The auditors make reference to going concern by way of a material uncertainty within their audit report.

 

Principal Risks and Uncertainties

 

The principal business risks that have been identified are as below.

 

COVID-19 Risks

 

The restaurant sector has experienced significant disruption from COVID-19. This has impacted the Company's business and continues to do so. The Company continues to monitor the impact of COVID-19 on an ongoing basis and expects that some of its restaurant partners may not remain in business as a result. The Company is assessing how best to utilise the BigDish technology platform for its future business activities in the light of the changing hospitality landscape due to the COVID-19 pandemic.

 

The Joint Venture company is expected to be impacted by COVID-19 due to lockdowns in the Philippines which may affect operations periodically and also delay ordering equipment and supplies.

 

Marketplace Risk

 

The Company is operating in a competitive market and faces competition from other companies who do or may in the future offer a similar service on similar terms. Competitors may have much greater access to capital than the Company and therefore may be able to bring products to market sooner.

 

If the Company is unable to attract sufficient and potential customers at the rate expected, the Company may be unable to successfully compete in the market which may have a material adverse impact on its future prospects. 

 

Joint Venture Risk

 

The Company has entered a Joint Venture and formed Amala Foods, Inc. in the Philippines to use food technology to create plant-based products for restaurants and consumers.  Whilst the Joint Venture partners are experienced in the food industry, the marketplace for plant-based products is competitive and there can be no guarantee that the Joint Venture will result in a profitable business venture.

 

Funding Risk

 

The Company has not reached breakeven due to the early stage of business development. This therefore requires that the Company raises additional capital periodically. There can be no guarantees that additional capital will be available when required.   

 

Key Personnel Risk

 

The loss of/inability to attract key personnel could adversely affect the business of the Company. The Company is dependent on the experience and abilities of its executive Directors and certain Senior Managers and technology staff. If such individuals were to leave the Company, and the Company was unable to attract suitable experienced personnel to compensate for those departing, it could have a negative impact on the rate of growth of the business.

 

Compliance Risk

 

The Company may process personal data (names, emails and telephone numbers), which may be considered sensitive, as part of its business. The Company may be subject to investigative or enforcement action by regulatory authorities in the Company's countries of operations if it acts or is perceived to be acting inconsistently with the terms of its privacy policy, customer expectations or the law. The Company will continue to monitor its policies to ensure on-going compliance with the General Data Protection Regulation (GDPR) regulations.

 

Brexit Risk

 

The Company has not made contingency plans for risks associated with Brexit albeit this is not expected to impact the business given the locations of its current activities.

 

Any risks that may arise will be mitigated through on-going review by Management and reporting of KPIs to the Board for periodic review and strategy amendment as required. Further details are provided in the Strategic Report section.

 

Corporate Governance

 

The Company is registered in Jersey. There is no applicable regime of corporate governance to which the directors of a Jersey company must adhere over and above the general fiduciary duties and duties of care, skill and diligence imposed on such directors under Jersey law. As a Jersey company and a company with a Standard Listing, the Company is not required to comply with the provisions of the UK Corporate Governance Code. The Directors have responsibility for the overall corporate governance of the Company and recognise the need for appropriate standards of behaviour and accountability.

 

The Directors are committed to the principles underlying best practice in corporate governance and have regard to certain principles outlined in the UK Corporate Governance Code to the extent they are considered appropriate for the Company given its size, early stage of operations and complexities.

 

Internal Control

 

The Directors acknowledge they are responsible for the Group's system of internal control and for reviewing the effectiveness of these systems. The risk management process and systems of internal control are designed to manage rather than eliminate the risk of the Group failing to achieve its strategic objectives. It should be recognised that such systems can only provide reasonable and not absolute assurance against material misstatement or loss. The Company has well established procedures which are considered adequate given the size of the business. The Company is at an early stage in its development and directors and senior management are directly involved in approving all significant investment and expenditure decisions of the Company and its subsidiaries.

 

Audit Committee

 

The Company has established an Audit Committee with delegated duties and responsibilities. The Audit Committee is responsible, amongst other things, for making recommendations to the Board on the appointment of auditors and the audit fee, monitoring and reviewing the integrity of the Company's accounts and any formal announcements on the Company's financial performance as well as reports from the Company's auditors on those accounts. Since the resignation of Simon Perrée, the Audit Committee includes only Jonathan Morley-Kirk, which the Board has deemed is reasonable for the time being but will be expanded once growth allows it.

 

Events after the Reporting Period

 

Refer note 23 to the audited accounts.

 

Company Directors (served during the year)

 

	Position	Appointment Date	Audit Committee	Remuneration Committee
Jonathan Morley-Kirk	Non-Executive Chairman	16 April 2016	Chair	Member
Simon Perrée*	Non-Executive Director	30 July 2018	Member	Chair
Aidan Bishop	Executive Director	16 April 2016	-	-

 

* Resigned 24 September 2020

 

Role of the Board

 

The Board sets the Group's strategy, ensuring that the necessary resources are in place to achieve the agreed strategic priorities, and reviews management and financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and monitoring the Group's affairs within a framework of controls which enable risk to be assessed and managed effectively. The Board also has responsibility for setting the Group's core values and standards of business conduct and for ensuring that these, together with the Group's obligations to its stakeholders, are widely understood throughout the Company.

 

Directors Remuneration

 

The remuneration of the Executive Director is fixed by the Remuneration Committee, which comprises of the Non-Executive Director. The Remuneration Committee is responsible for reviewing and determining the Company policy on executive remuneration and the allocation of long-term incentives to executives and employees. The remuneration of Non-Executive Directors is determined by the Board. In setting remuneration levels, the Company seeks to provide appropriate reward for the skill and time commitment required in order to retain the right caliber of Director at an appropriate cost to the Company.

 

The remuneration paid to, or receivable by, Directors in respect of 2021 and 2020 in relation to the period of their appointment as Director is GBP 150,000 (2020 - GBP 160,000). The Directors agreed these would be converted to equity through the Company's Salary Sacrifice scheme (as outlined in note 7 to the audited accounts). All amounts are short term in nature. The directors did not receive any remuneration in the form of share based payments, post-employment benefits, termination benefits or other long-term benefits in the year ended 31 March 2021 (2020: none)

 

	31 Mar 2021 (GBP)	31 Mar 2020 (GBP)
Executive Directors
Aidan Bishop	120,000	120,000
Non-executive Directors
Jonathan Morley-Kirk	20,000	20,000
Simon Perrée*	10,000	20,000
Total Remuneration	150,000	160,000

*  Resigned 24 September 2020. No termination benefits were paid.

 

Monza Capital Ventures Limited, which is associated with Aidan Bishop. held 55,018,687 shares in the Company at 31 March 2020 and 31 March 2021. Jonathan Morley-Kirk held no shares in the Company at 31 March 2020 and 31 March 2021. Aidan Bishop held 16,267,462 share options at 31 March 2020 and 31 March 2021. Jonathan Morley-Kirk held 444,444 share options at 31 March 2020 and 31 March 2021.

 

Share Capital

 

At 31 March 2021 the issued share capital of the Company stood at 373,620,823 - with 24,670,468 new shares having been issued during the period (refer note 18 to the audited accounts).

 

Substantial Shareholders

 

At 31 March 2021 the following had notified the Company of disclosable interests in 5% or more of the nominal value of the Company's shares.

	Number	%
Fiske Nominees Limited*	141,989,699	38.0%
Hargreaves Lansdowne (Nominees) Limited Interactive Investor Services Nominees Limited	38,419,130 22,611,716	10.3% 6.1%

 

  *  Includes 55,018,687 shares held by Monza Capital Ventures Limited, which is associated with Aidan Bishop. Monza Capital Ventures Limited continued to hold 55,018,687 shares at the date of this Annual Report.

 

Employees

 

The Company has a policy of equal opportunities throughout the organisation and is proud of its culture of diversity and tolerance. Employees benefit from regular communication both informally and formally with regard to Company issues.

 

Disclosure of Information to Auditor

 

So far as the Directors are aware, there is no relevant audit information of which the company's auditor is unaware; and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

 

The Directors confirm to the best of their knowledge that:

 

·    the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as whole;

·    the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

·    the annual report and accounts, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

 

Auditor Appointment

 

The Company's auditor, PKF Littlejohn LLP, was initially appointed on 23 March 2020 and reappointed on 12 Dec 2020 and this is their second year of continuous appointment. It is proposed by the Board that they be reappointed as auditors at the forthcoming AGM. The auditors have expressed their willingness to continue in office.

 

 

Statement of Directors Responsibilities

 

The Directors are responsible for preparing the Annual Report and the accounts in accordance with applicable laws and regulations. The Directors have prepared the accounts for each financial period which present fairly the state of affairs of the Group and the profit or loss of the Group for that period.

 

The Directors have chosen to use the International Financial Reporting Standards ("IFRS") as adopted by the European Union in preparing the Company's accounts.

 

International Accounting Standard 1 requires that accounts present fairly for each financial period the Company's financial position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board's 'Framework for the preparation and presentation of accounts. In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable International Financial Reporting Standards.

 

A fair presentation also requires the Directors to:

 

·    consistently select and apply appropriate accounting policies;

·    present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

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

·    provide additional disclosures when compliance with the specific requirements in IFRS as adopted by the European Union is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; 

·    state that the Group has complied with IFRS as adopted by the European Union, subject to any material departures disclosed and explained in the accounts; and 

·    prepare the accounts on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

The Directors are also required to prepare accounts in accordance with the rules of the London Stock Exchange for companies trading securities on the Stock Exchange.

 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of accounts.

 

Financial information is published on the Company's website. The maintenance and integrity of this website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may occur to the accounts after they are initially presented on the website.

 

Legislation in Jersey governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

 

Directors' Responsibility Statement

 

The Directors confirm to the best of their knowledge:

 

·       The Company's accounts have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group.

·       The annual report includes a fair review of the development and performance of the business and the financial position of the Company, together with a description of the principal risks and uncertainties that they face.

 

This Directors' Report was approved by the Board of Directors on 01 December 2021 and is signed on its behalf.

 

By Order of the Board

 

 

 

 

 

Jonathan Morley-Kirk

Chairman

01 December 2021

 

 

 

STRATEGIC REPORT

 

The Company's strategy has undergone several significant strategic changes during the year.

 

COVID-19 had a significant impact on the BigDish technology business with the hospitality industry in UK experiencing much upheaval. The outlook for sector remains uncertain.

 

The Company determined that due to the uncertainty in the UK hospitality sector, it was best to monitor how the BigDish technology could best serve restaurants and consumers. The Company continues to monitor the situation and is evaluating how best to modify its technology.

 

There were positive developments when the Company created a Joint Venture Company, Amala Foods, Inc. which was announced on 3 February 2021 and formally approved by the SEC on 27 May 2021. The Company will produce plant-based food products and distribute to restaurants and consumers. It is envisaged that a technology platform will be beneficial to the Company as digital distribution channels will enable the Company to reach more customers. 

 

The Joint Venture is at early stage and the Company announced the Key Performance Indicators for the venture on 3 February 2021 for the initial six-month period which is to complete the development of up to six products ready to be commercialized through both direct-to-consumer and business-to-business (B2B) sales channels.

 

The Company changed its name to Amala Foods PLC on 25 February 2021.  On 9 August 2021, the Company announced that the initial targets had been achieved.

 

The plant-based sector is experiencing exponential growth and is an exciting opportunity for the Company. The experience of the Joint Venture partners has accelerated the research and development process significantly.

 

The Directors continue to monitor the hospitality sector and are confident that opportunities will once again be presented for technology to benefit the business.

 

 

 

 

 

Aidan Bishop

Executive Director

01 December 2021

 

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMALA FOODS PLC

 

Independent Auditor's Report to the Members of the Company

 

Opinion

 

We have audited the financial statements of Amala Foods Plc (the 'Group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Cashflow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Report Standards (IFRSs) as adopted by the European Union.

 

In our opinion, the financial statements:

 

·      give a true and fair view of the state of the group's affairs as at 31 March 2021 and of its loss for the year then ended; and

·      have been properly prepared in accordance with IFRSs as adopted by the European Union

 

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 UK, including the FRC's Ethical Standard as applied to listed entities, 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.

 

Material uncertainty related to going concern

 

We draw attention to note 2 in the financial statements, which indicates that the Group are loss making, having incurred a loss of £998,368 in the year ended 31 March 2021 and are dependent on obtaining financing in order to meet its working capital requirements over the 12 months from the date of this audit report. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included reviewing and challenging cashflow forecasts prepared by Management covering the going concern period, including the  key assumptions made and discussing their strategies regarding future fund raises.

 

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

 

Our application of materiality

 

The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. Materiality for the consolidated financial statements was set as £40,000 (2020: £70,000) based upon loss before tax. Materiality has been based upon loss before tax due to the significant value of the items within the Consolidated Statement of Comprehensive Income relative to the balances within the Consolidated Statement of Financial Position. Performance materiality and the triviality threshold for the consolidated financial statements was set at £30,000 (2020: £49,000) and £2,000 (2020: £3,500) respectively due to this being our second year of engagement and the assessed level of risk. We also agreed to report any other differences below that threshold that we believe warranted reporting on qualitative grounds.

 

Our approach to the audit

 

In designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular we looked at areas involving significant accounting estimates and judgements by the directors and considered future events that are inherently uncertain, such as the recoverable value of the Group's investment in joint ventures. We also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

A full scope audit was performed on the complete financial information of all 5 components of the Group, two of which were struck off in the year and one which was disposed of.

 

Of the five reporting components of the Group, one is located in each of the following: Jersey, the United Kingdom, Hong Kong, the Philippines and Indonesia. PKF Littlejohn LLP audited the ultimate parent company, situated in Jersey, and all reporting components. The Engagement team conducted audit work in the United Kingdom but interacted regularly with the Management team in the Philippines during all stages of the audit and was responsible for the scope and direction of the audit process. This, in conjunction with additional procedures performed, gave us appropriate evidence for our opinion on the Group financial statements.

 

Key audit matters

 

Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to communicate in our 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 Group financial statements does not cover the other information and  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.

 

Responsibilities of directors

 

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the Group 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 Group financial statements, the directors are responsible for assessing the Group'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 Group or to cease operations, or have no realistic alternative but to do so.

 

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:

 

·      We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the Directors, namely the UK Listing Rules, Disclosure Rules and Transparency Rules and the Companies (Jersey) Law 1991. We considered the event of compliance with those laws and regulations as part of our procedures on the related financial statement items. We communicated laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit of the Group.

 

·      We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group with those laws and regulations. These procedures included, but were not limited to:

o  Discussions with Management regarding compliance with laws and regulations by the Company and all components;

o  Reviewing board minutes; and

o  Review of regulatory news announcements made.

 

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.

 

Use of our report

 

This report is made solely to the company's members, as a body, in accordance with our engagement letter dated 23 March 2020.  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.

 

 

 

 

Joseph Archer (Engagement Partner)                                                                                                            15 Westferry Circus

For and on behalf of PKF Littlejohn LLP                                                                                                                      Canary Wharf

Statutory Auditor                                                                                                                                                          London E14 4HD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2021 and 31 March 2020

                                                                                                                                                                                               

                                31 Mar 2020

                                                                                                                                                                31 Mar 2021         (Re-stated)

                                                                                                                Note                                       GBP                        GBP

 

Sales income                                                                                                                                       -                               22,304

Cost of sales                                                                                                                                        -                               (2,823)

 

 

Administrative expenses                                                                                                                   (754,562)              (1,404,533)

Impairment loss/gain                                                                                                                          -                               -

Share based payments expense                                                     21                                           (193,727)              (103,145)

 

 

Interest income                                                                                                                                    22,082                   7,740

Other income                                                                                       6                                              82,344                   -

Loan note interest                                                                                                                               (19,413)                 -

 

 

 

 

Income tax expense                                                                           8                                              -                               -              

 

 

 

 

Earnings per share:

Basic and diluted loss per share                                                      18                                           (0.0028)                 (0.0044)

 

*To be reclassified to Profit and Loss if the foreign entity is sold.

 

The accompanying accounting policies and notes form an integral part of these accounts.

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2021

                                                                                                                                                                                               

31 Mar 2020         31 Mar 2019

31 Mar 2021         (Re-stated)            (Re-stated)

                                                                                                                Note       GBP                        GBP                        GBP

 

Property, Plant & Equipment                                                             13           -                               15,080                   -

 

                                                                                                                                -                               15,080                   -

Current assets

 

Trade and other receivables                                                             12           229,923                 280,216                 28,568

 

                                                                                                                                369,556                 667,832                 72,072

Current liabilities

 

Trade and other payables                                                                 15/22      (116,775)              (147,269)              (987,932)

Borrowings                                                                                           15           -                               (5,186)                   (4,744)

 

 

Non-current liabilities

 

Trade and other payables                                                                 15           -                               -                               (31,562)

Borrowings                                                                                           15           (200,000)              (10,561)                 (12,500)

 

 

Net assets/(liabilities)                                                                                       52,781                   519,896                 (964,666)

 

Equity

 

Issued share capital                                                                            18           6,455,154              5,972,980              3,239,914

Retained earnings                                                                                               (7,762,748)           (6,841,192)           (5,360,735)

Other reserves                                                                                     17/22      1,360,375              1,388,108              1,156,155

 

 

The accompanying accounting policies and notes form an integral part of these accounts.

 

These accounts were approved and signed by the Chairman.

 

 

 

 

 

Jonathan Morley-Kirk

Chairman

01 December 2021
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 

At 31 March 2021

                                                                                               

                                                                                                                Share         Retained            Other                      Total                                                                                                                            Capital       Earnings            reserves                Equity

                                                                                        Note               GBP            GBP                    GBP                        GBP

 

 

Prior period adjustment                                               22                -                     -                           276,452               276,452

               

 

Loss for the period                                                                                -                    (1,455,457)      -                             (1,455,457)

Other comprehensive income for the period                                  -                    -                          45,363                 45,363 

 

Total comprehensive income for the period                                  -                     (1,455,457)      45,363                 (1,410,094)

 

Share options reserves                                                                      -                      -                         103,145               103,145

Shares to be issued reserve                                                              -                      -                         (29,516)               (29,516)

Issue of new ordinary shares (net)                              18               2,733,066     -                        -                             2,733,066

 

 

 

Prior period adjustment                                               22                -                      (25,000)            112,961               87,961

 

 

Loss for the period                                                                                -                    (998,368)         -                             (998,368)

Other comprehensive income for the period                                  -                    -                          3,272                    3,272     

 

Total comprehensive income for the period                                  -                     (998,368)         3,272                    (995,096)

 

Share options reserves                                                                        -                    -                          166,765               166,765

Shares to be issued reserve                                                               -                    -                          (120,958)            (120,958)

Issue of new ordinary shares (net)                              18               482,174        -                         -                             482,174

Share based payments                                                                        -                    76,812              (76,812)               -

 

 

 

The accompanying accounting policies and notes form an integral part of these accounts.

 

 

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 March 2021 and 31 March 2021            

                               

31 Mar 2021         31 Mar 2020

                                                                                                                                Note                       GBP                        GBP

 

 

Cash received from customers                                                                                                        -                               16,048

Cash paid to suppliers & employees                                                                                                              (366,318)              (1,349,440)

Cash received as subsidy from UK government                                                                          82,344                   -

 

 

Cash flows from investing activities

 

Property, plant & equipment purchase                                                                                           -                               (18,991)

 

 

Cash flows from financing activities

 

Loan repayments                                                                                                                                                (14,009)                 (4,740)

Loan issued                                                                                                                                          -                               (250,000)

Cash received from loan receivable                                                                                                               50,000                   -

Net proceeds from share capital issue                                                                                           -                               1,951,235

 

 

Net increase in cash                                                                                                                         (247,983)              344,112

 

 

Cash and cash equivalents at start of period                                                                                                387,616                 43,504

Cash and cash equivalents at end of the period                                          14                           139,633                 387,616

 

There have been significant non-cash transactions relating to the settlement of operating and financial liabilities in the period with all shares issued in the year were to settled operating and financial liabilities (refer notes 16 and 18).

 

The accompanying accounting policies and notes form an integral part of these accounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO THE ACCOUNTS

For the year ended 31 March 2021
 

1. GENERAL INFORMATION

 

Amala Foods Plc ('Company') is a public company limited by shares. It was incorporated on 11 April 2016 and is registered (registered number 121041) and domiciled in Jersey. The Company's ordinary shares are on the Official List of the UK Listing Authority in the standard listing section of the London Stock Exchange (reference DISH).

 

 

2. BASIS OF PREPARATION AND ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

 

The Group's accounts have been prepared in accordance with IFRS and International Financial Reporting Interpretations Committee ('IFRIC') interpretations as adopted by the European Union at 31 March 2021.

 

The accounts are prepared under the historical cost convention unless otherwise stated in the accounting policies.

 

The accounts are presented in GB Pounds ('GBP'), which is the functional currency of the Group and are rounded to the nearest pound.

 

Certain amounts included in the consolidated accounts involve the use of judgement and/or estimation. Judgements, estimations and sources of estimation uncertainty are discussed in note 3.

 

2.1 In issue and effective for periods commencing on 01 April 2020

 

New standards and interpretations currently in issue and effective, based on EU mandatory effective dates, for accounting periods commencing on 01 April 2020 are:

 

Standard	Impact on initial application	Effective date
IFRS 3 (amendments) IFRS standards (amendments)	Definition of a Business References to the Conceptual Framework	01 January 2020 01 January 2020
IAS 1 (amendments)	Definition of Material	01 January 2020
IAS 8 (amendments)	Definition of Material	01 January 2020
IFRS 9, IAS 39 and IFRS 7 (amendments)	Interest Rate Benchmark Reform	01 January 2020
IFRS 3 (amendments) IFRS standards (amendments)	Definition of a Business References to the Conceptual Framework	01 January 2020 01 January 2020
IFRS 3 (amendments) IFRS standards (amendments)	Definition of a Business References to the Conceptual Framework	01 January 2020 01 January 2020
IAS 1 (amendments)	Definition of Material	01 January 2020
IAS 8 (amendments)	Definition of Material	01 January 2020

 

The implementation of the standards and interpretations above did not have a material impact on the Group.

 

Other standards and amendments did not have a material impact on the Group in the year.

 

2.2 In issue but not effective for periods commencing on 01 April 2020

 

The following standards, amendments and interpretations which have been recently issued or revised and are mandatory for the Group's accounting periods beginning on or after 1 April 2020 or later periods have not been adopted early:

 

Standard	Impact on initial application	Effective date
IFRS standards (amendments)	Interest rate benchmark reform	01 January 2021
IFRS 3 (amendments)	Business combinations	01 January 2022
IAS 37 (amendments)	Onerous contracts	01 January 2022
IFRS standards (amendments)	2018-2020 annual improvement cycle	01 January 2022
IAS 16 (amendments)	Proceeds before intended use	01 January 2022
IFRS 17	Insurance Contracts	01 January 2023
IFRS 17 (amendments)	Insurance contracts	01 January 2023
IAS 1 (amendments)	Reclassification of liabilities as current or non-current	01 January 2023

 

 

 

2.2 In issue but not effective for periods commencing on 01 April 2020 (continued)

 

The Directors are evaluating the impact of the new and amended standards above. The Directors believe that these new and amended standards are not expected to have a material impact on the financial statements of the Group.

 

2.3 Going Concern

 

The Group has the following loans, which total GBP 200,000 at 31 March 2021 (31 March 2020, GBP 15,747):
 

31 Mar 2021         31 Mar 2020

GBP                        GBP

 

 

The Group made a consolidated loss in the year of GBP 998,368. At 31 March 2021, the consolidated cash held was GBP 139,633 and the Group had consolidated current liabilities of GBP 116,775.

 

The Company announced on 24 September 2020 that it had entered into a short-term funding arrangement for GBP 500,000 of which GBP 200,000 was drawn down. After the period, the Company announced on 9 August 2021 that the funding term had been extended to Q1 2022 with the remaining loan balance being received.

 

Based on the above and the cashflows forecasted by the Directors over the next 12 months, the Directors believe that further funding will be required to be raised during this period in order to enable the Group to meet its obligations as they fall due and to continue to fund the operations of the new joint venture Company.

 

The Directors are confident that further funds will be able to be raised either via share placings, through additional loan facilities being obtained or a combination and therefore the financial statements have been prepared on the going concern basis. However, as a result of the requirement to raise further funds in the next 12 months, they acknowledge that a material uncertainty relating to going concern exists.

 

The Directors acknowledge COVID-19 has had, and may continue to have, an adverse impact on economic growth globally and capital markets. However, the Directors are confident that despite this, sufficient funds will be able to be raised when required during the next 12 months to enable the Group to meet its obligations as they fall due.

 

The accounts have therefore been prepared on a going concern basis. The auditors make reference to going concern by way of a material uncertainty within their audit report.

 

 

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND SOURCES OF ESTIMATION UNCERTAINTY

 

Certain amounts included in the accounts involve the use of judgement and/or estimation. These are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience. However, judgements and estimations regarding the future are a key source of uncertainty and actual results may differ from the amounts included in the accounts. Information about judgements and estimation is contained in the accounting policies and/or other notes to the accounts. The key areas are summarised below.

 

3.1 Share based payments

 

Judgement is required when share based options made available to management (refer note 21 of the audited accounts), to determine the nature of the derivatives and the model to be used when valuing the instruments. Management have determined that the Monte Carlo and Black-Scholes models are appropriate models for the valuation of the share based payments.

 

 

4. ACCOUNTING POLICIES

 

The principal accounting policies are as determined below.

 

4.1 Business combinations and goodwill

 

The Group financial statements consolidate the results of the Company and its subsidiary undertakings using the acquisition accounting method. On acquisition of a subsidiary, all of the subsidiary's identifiable assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition on that date. The results of subsidiary undertakings acquired are included from the date of acquisition. In the event of the sale of a subsidiary, the subsidiary results are consolidated up to the date of completion of the sale.

Subsidiaries are all those entities over which the parent has control. Control exists if the parent is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

 

The costs of acquisition are recognised in the income statement. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date irrespective of the extent of any Non-controlling interest.

 

The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement as a gain.

 

Transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated, unless the unrealised loss provides evidence of an impairment of the asset transferred.

There is no goodwill in the Group's consolidated statement of financial position.

 

4.2 Financial assets

 

Financial assets are classified as either financial assets at amortised cost, at fair value through other comprehensive income or at fair value through profit or loss depending upon the business model for managing the financial assets and the nature of the contractual cash flow characteristics of the financial asset.

 

A loss allowance for expected credit losses is determined for all financial assets, other than those at FVPL, at the end of each reporting period. The Group applies a simplified approach to measure the credit loss allowance for trade receivables using the lifetime expected credit loss provision.

 

The lifetime expected credit loss is evaluated for each trade receivable taking into account payment history, payments made subsequent to year end and prior to reporting, past default experience and the impact of any other relevant and current observable data. The Group applies a general approach on all other receivables classified as financial assets. The general approach recognises lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition.

 

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

 

The Group derecognises financial liabilities when the Group's obligations are discharged, cancelled or have expired.

 

4.3 Foreign currency translation

 

Functional and presentational currency

 

The functional currency of the Company is GBP in the reporting period as it is the currency which most affects each company's revenue, costs and financing. The Group's presentation currency is the GBP.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at reporting period end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

 

4.4 Cash and cash equivalents

 

Cash and cash equivalents are defined as cash on hand, demand deposits and short term highly liquid investments and are measured at cost which is deemed to be fair value as they have short-term maturities.

 

4.5 Financial liabilities

 

Financial liabilities include convertible loans and trade and other payables. In the statement of financial position these items are included within Current liabilities. Financial liabilities are recognised when the Group becomes a party to the contractual agreements giving rise to the liability. Interest related charges are recognised as an expense in Finance costs in the income statement unless they meet the criteria of being attributable to the funding of construction of a qualifying asset, in which case the finance costs are capitalised.

 

Trade and other payables and convertible loans are recognised initially at their fair value and subsequently measured at amortised costs using the effective interest rate, less settlement payments.

 

4.6 Income taxes

 

Current income tax liabilities comprise those obligations to fiscal authorities in the countries in which the Group carries out operations and where it generates its profits. They are calculated according to the tax rates and tax laws applicable to the financial period and the country to which they relate. All changes to current tax assets and liabilities are recognised as a component of the tax charge in the income statement.

 

Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the carrying amount of assets and liabilities in the consolidated accounts with their respective tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects taxes or accounting profit.

 

Deferred tax liabilities are provided for in full; deferred tax assets are recognised when there is sufficient probability of utilisation. Deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.

 

4.7 Revenue

 

Revenue is generated from one stream - the provision of BigDish services to restaurant partners. The Group, in accordance with IFRS15, recognises Revenue when control of goods and services are transferred to a customer, which is when the user of the BigDish App has dined with the restaurant partners.

 

4.8 Research and Development

 

Expenditure on research activities is recognised as an expense in the period in which it is incurred. When expenditure meets the relevant recognition criteria for development these costs are capitalised..

 

4.9 Segmental Reporting

 

An operating segment is a component of the Group engaged in revenue generation activity that is regularly reviewed by the Chief Operating Decision Maker (CODM) for the purposes of allocating resources and assessing financial performance. The CODM is considered to be the Board of Directors.

 

The Group's operating segments are based on geographical location determined as Jersey, Hong Kong, Indonesia, Philippines and the United Kingdom (refer note 5).

 

4.10 Share capital and unissued share capital

 

Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Company's ordinary shares are classified as equity and have no par value. Costs directly associated with the issue of shares are charged to share capital.

 

Where the Company has a contractual right to issue a fixed number of shares to settle a fixed liability it recognises unissued share capital pending the issue of shares.

 

4.11 Provisions, contingent liabilities and contingent assets

 

Other provisions are recognised when the present obligations arising from legal or constructive commitment, resulting from past events, will probably lead to an outflow of economic resources from the Group which can be estimated reliably.

 

Provisions are measured at the present value of the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the balance sheet date. All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

 

4.12 Share-based payments and valuation of share options and warrants  

 

The calculation of the fair value of equity-settled share-based awards requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the Company's share price. These assumptions are then applied to a recognised valuation model in order to calculate the fair value of the awards.

 

Where employees, directors or advisers are rewarded using share-based payments, the fair value of the employees', directors' or advisers' services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised at the date of grant and excludes the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Warrants issued in association with the issue of Convertible Loan Notes are also represent share-based payments and a share-based payment charge is calculated for these instruments.

 

In accordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options based upon the fair value of the instrument used. A corresponding credit is made to other reserves, in the case of options/warrants awarded to employees, directors, advisers and other consultants.

 

If service conditions or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options/warrants expected to vest. Non-market vesting conditions are included in assumptions of the number of options / warrants that are expected to become exercisable, and hence reflected in the share-based payment charge.

 

Estimates are subsequently revised, if there is any indication that the number of share options/warrants expected to vest differs from previous estimates. No adjustment is made to the expense or share issue cost recognised in prior periods if the number of share options ultimately vest differs from previous estimates.

 

Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, up to the nominal value of the shares issued, are allocated to share capital.

 

Where share options are cancelled, this is treated as an acceleration of the vesting period of the options. The amount that otherwise would have been recognised for services received over the remainder of the vesting period is recognised immediately within the Statement of Comprehensive Income.

 

All goods and services received in exchange for the grant of any share-based payment are measured at their fair value.

 

4.13 Basis of consolidation

 

The Group financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) prepared to 30 March 2021. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:

 

·    Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee).

·    Exposure, or rights, to variable returns from its involvement with the investee

·    The ability to use its power over the investee to affect its returns.

 

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

 

·    The contractual arrangement with the other vote holders of the investee.

·    Rights arising from other contractual arrangements.

·    The Group's voting rights and potential voting rights.

 

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control   of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. The acquisition method is used to account for the acquisition of subsidiaries.

 

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

 

4.14 Property plant and equipment

 

Plant and equipment is stated at cost less accumulated depreciation. Computer equipment is capitalised for items with a value of more than GBP 1,000 and amortised over 2 years.

 

4.15 Discontinued Operations

 

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or are of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss

 

 

 

4.16 Joint Ventures

 

A joint arrangement is classified as either a joint operation or a joint venture, depending on the rights and obligations of the parties to the arrangement.

 

Joint operations arise when the Group has a direct ownership interest in jointly controlled assets and obligations for liabilities. The Group does not currently hold this type of arrangement.

Joint ventures arise when the Group has rights to the net assets of the arrangement. The Group does not currently hold this type of arrangement. For these arrangements, the Group uses equity accounting and recognises initial and subsequent investments at cost, adjusting for the Group's share of the joint venture's income or loss, less dividends received thereafter. When the Group's share of losses in a joint venture equals or exceeds its interest in a joint venture it does not recognise further losses.

 

Joint ventures are tested for impairment whenever objective evidence indicates that the carrying amount of the investment may not be recoverable. The impairment amount is measured as the difference between the carrying amount of the investment and the higher of its fair value less costs of disposal and its value in use. Impairment losses are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised.