Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 292 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD 47. Interest in a material joint venture (a) The Group has interest in a single joint venture ("HNFPL"), which, in the opinion of the Holding Company's Board of Directors, is material to the Group. The principal activity of HNFPL is manufacturing and selling of fruit and flavoured yoghurts. The joint venture has share capital consisting solely of equity shares, which are held directly by the Holding Company. The country of incorporation is also its principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. Refer note 39 for further details. Equity shares of the joint venture are unlisted, therefore no quoted price is available. (b) The tables below provide summarised financial information about the joint venture. The information disclosed reflects the amounts presented in the financial statements of the joint venture and not the Group's share of those amounts. (i) Summarised Balance Sheet As at 31 March 2024 31 March 2023 Assets Non-current assets Non-current assets 350.13 367.89 Current assets 91.99 59.06 Total assets 442.12 426.95 Liabilities Non-current liabilities 48.96 77.00 Current liabilities 48.35 71.27 Total liabilities 97.31 148.27 Net assets 344.81 278.68 (ii) Summarised Statement of Profit and Loss For the year ended 31 March 2024 31 March 2023 Total income 47.48 31.31 Total expenses 178.32 202.59 Loss before tax (130.84) (171.28) Tax expense - - Loss for the year (130.84) (171.28) Other comprehensive income for the year 1.47 0.83 Total comprehensive loss for the year (129.37) (170.45) (c) Reconciliation of carrying amounts As at 31 March 2024 31 March 2023 Opening net assets 278.68 338.63 Equity shares issued during the year 195.00 110.00 Loss for the year (129.37) (170.45) Other adjustments made directly to equity 0.50 0.50 Closing net assets 344.81 278.68 Group's share in % 50.00% 50.00% Group's share in closing net assets 172.41 139.34 Other adjustments 4.30 4.80 Carrying amount (refer note 9) 176.71 144.14 Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated)
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