Notes forming part of accounts [line items] | | |
Disclosure of notes and other explanatory information [text block] | | |
Disclosure of general information about reporting entity [abstract] | | |
Disclosure of information about major activities of reporting entity [text block] | Raydan Food Company is a Saudi joint stock Company registered in the Kingdom of Saudi Arabia under Commercial Registration No. 4030180055 issued in Jeddah on Jumada II 11 1429H corresponding to 15 June 2008. | |
Disclosure of other general disclosures about reporting entity [text block] | The Company is engaged in running restaurants and offering catering services | |
Disclosure of major shareholders of reporting entity [text block] | On 17 November 2019, the Company obtained the approval of the Capital Market Authority to transfer Raydan Food Company from the parallel market to the main market and accordingly list its shares in the main capital market. | |
Disclosure of determination of control over investee [text block] | The interim condensed consolidated financial statements include the accounts of the Company and its subsidiary as at 31 march 2020 and 31 December 2019 (hereinafter referred to as (the "Group") as follows: 99% Raydan Kitchens and Restaurants Egypt---the main activities Establishing and operating fixed restaurants for selling and providing ready meals and real estate investment. | |
Other disclosures about reporting entity [text block] | The company changed it is name from Raydan Kitches and Resturants tp Raydan Food company on the shareholders unusal assembly on 15 Shawal 1440 corresponding to 18 June 2019 | |
Disclosure of basis of preparation of financial statements [abstract] | | |
Disclosure of basis of preparation of financial statements [text block] | The interim condensed consolidated financial statements ("statements") for the period ending 31 March 2020 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) as endorsed in the Kingdom of Saudi Arabia. note 33 | |
Disclosure of functional and presentation currency [text block] | The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in Saudi Riyals which is also the functional currency of the Company and all values are rounded to the nearest Saudi Riyal (SR), except when otherwise indicated. | |
Disclosure of critical accounting judgements, estimates and assumptions [abstract] | | |
Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The preparation of the Group's interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. | |
Disclosure of impairment of non-financial assets [text block] | The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company's of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group’s CGU to which the individual assets are allocated. These budgets and forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss in those expense categories consistent with the function of the impaired asset. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. Such reversal is recognized in the consolidated statement of profit or loss. | |
Disclosure of revaluation and useful lives of property, plant and equipment, intangible assets and investment properties [text block] | The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. | |
Disclosure of impairment of financial assets [text block] | The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. | |
Disclosure of classification of held-to-maturity investments [text block] | An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.The considerations made in determining whether significant influence or joint control are similar to those necessary to determine control over subsidiaries.The Group’s investments in its associates are accounted for using the equity method.The consolidated statement of profit or loss reflects the Group’s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate, the Group recognizes its share of any changes, when applicable, in the consolidated statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate.The aggregate of the Group’s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the subsidiary.The consolidated financial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the loss as ‘Share of profit of an associate in the consolidated statement of profit or loss.Upon loss of significant influence, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the investment upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in profit or loss. | |
Disclosure of defined benefit plans [text block] | The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit method.Re-measurements, comprising of actuarial gains and losses are recognized immediately in the consolidated statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. | |
Disclosure of first-time adoption of IFRS [abstract] | | |
Disclosure of estimates [text block] | In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the consolidated financial statements:The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.'Long-term assumptions for employees' termination benefitsEmployees’ termination benefits represent obligations that will be settled in the future. Management is required to make further assumptions regarding variables such as discount rates, rate of salary increase, mortality rates, and employment turnover. Periodically, management of the Group consults with external actuaries regarding these assumptions. Changes in key assumptions can have a significant impact on the projected benefit obligations and periodic employee defined benefit costs incurred.The Group determines the estimated useful lives of its property, plant and equipment for calculating depreciation after considering the expected usage of the assets or physical wear and tear. Management has not put any residual value as it was considered as insignificant. Management reviews the useful lives annually.Rental payments are discounted using the Group's incremental borrowing rate (IBR). The management has applied judgments and estimates to determine the incremental borrowing rate at the inception of the lease. | |
Disclosure of summary of significant accounting policies [abstract] | | |
Description of accounting policy for cash and cash equivalents [text block] | Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. | |
Description of accounting policy for current/ non-current classification [text block] | The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingCash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodAll other assets are classified as non-current.A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingThere is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodThe Group classifies all other liabilities as non-current. | |
Description of accounting policy for financial assets [text block] | Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. All financial assets are recognized initially at fair value plus, in the case of assets not at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial assetSubsequent measurementFinancial assets at amortized costAfter initial measurement, financial assets at amortized cost are measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of profit or loss when the asset is derecognized, modified or impaired.DerecognitionA financial asset is primarily derecognized when:The rights to receive cash flows from the asset have expired, orThe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. | |
Description of accounting policy for associates and joint ventures [text block] | An associate is a company over which the company exercises significant influence. Significant influence is the ability to participate in the financial decisions and operating policies of the investee, but it does not amount to control, or joint control over those policies.The same considerations are used to determine whether the Company exercises significant influence in the assessment of control over the subsidiaries. Investment in associate companies In the event of such evidence, the company calculates the impairment, which is the difference between the recoverable amount of the investment value and the book value, and these losses are recorded within the company’s share in the profits and losses of the associate in the consolidated statement of profit or loss.When significant influence over the associate is lost, the company measures and recognizes any remaining investment at fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in the consolidated statement of profit or loss. | |
Description of accounting policy for inventories [text block] | Inventories are valued at the lower of cost and net realizable value. Cost is calculated based on the weighted average prices. | |
Description of accounting policy for property, plant and equipment [text block] | Plant and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any, construction work in progress are not depreciated. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Repair and maintenance costs are recognized in profit or loss as incurred. Land and buildings are measured at cost, less accumulated depreciation on buildings, and any accumulated impairment losses.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:Buildings: 20 yearsLeasehold improvements: 5 to 7 yearsVehicles: 4 to 5 yearsOperating machinery and equipment: 5 to 10 yearsFurniture and fixtures: 5 to 10 yearsAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. | |
Description of accounting policy for intangible assets [text block] | Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Internally generated intangible assets are not capitalized and expenditure is recognized in the statement of profit or loss when it is incurred.The useful lives of intangible assets are assessed as either finite or indefinite.Intangible assets with finite lives are amortized over their useful economic lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit or loss in the expense category consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized | |
Description of accounting policy for impairment of financial and non-financial assets [text block] | IMPAIRMENT OF NON-FINANCIAL ASSETSThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company's of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group’s CGU to which the individual assets are allocated. These budgets and forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.Impairment losses of continuing operations are recognized in the consolidated statement of profit or loss in those expense categories consistent with the function of the impaired asset. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. Such reversal is recognized in the consolidated statement of profit or loss. | |
Description of accounting policy for foreign currencies [text block] | Transactions and balancesTransactions in a foreign currency are initially recorded at the rate prevailing in the functional currency on the date on which the transaction qualifies for recognition. Monetary assets and liabilities in foreign currencies are retranslated into the functional currency at the rate prevailing on the date of preparing the consolidated financial statements. All differences arising from settlements or transactions on monetary items are recorded on profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated primarily at the exchange rate ruling at the dates of the transactions. Non-monetary items in foreign currencies that are measured at fair value are translated at the currency rate ruling at the date when their fair value was determined. Gains or losses arising from the translation of non-monetary items measured at fair value are treated in line with the recognition of gains and losses arising from a change in the fair value of that item. That is, translation differences for items whose fair value gains and losses are recognized in the statement of other comprehensive income are recognized in other comprehensive income, and items whose fair value gains and losses are recognized in profit and losses are recognized in profit and loss. Group companiesUpon consolidation, the assets and liabilities of foreign operations are translated into Saudi riyals at the exchange rate prevailing on the date of preparing the financial statements, and the statement of profit or loss is translated at the exchange rate prevailing on the date of the transactions. Currency differences arising from translation are recognized directly in other comprehensive income. When a foreign operation is disposed of, the related portion of other comprehensive income is recognized in profit or loss. | |
Description of accounting policy for provisions [text block] | GeneralProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of profit or loss net of any reimbursement.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. | |
Description of accounting policy for debt securities, term loans, borrowings, sukuks and murabahas [text block] | After initial recognition, loans and advances are measured at amortized cost using the effective interest rate method. The gain or loss is recognized in the statement of profit or loss when the obligations are disposed of, as well as through the process of amortizing the effective interest rate. | |
Description of accounting policy for employees' terminal benefits [text block] | The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit method.Re-measurements, comprising of actuarial gains and losses are recognized immediately in the consolidated statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. | |
Description of accounting policy for zakat [text block] | ZAKAT AND TAXZakat and income taxThe Group provide for zakat and income tax in accordance with the regulations of the authorities in the areas which it opperate. The provision is charged to the consolidated statement of profit or loss. Uncertain zakat and tax positionsDifferences that may arise at the finalization of an assessment are accounted for when the assessment is finalized with the authorities. | |
Description of accounting policy for statutory reserves [text block] | As required by the Saudi Arabian Regulations for Companies, the Company transfers 10% of its profit for the year to the statutory reserve until the reserve equals 30% of capital. The reserve is not available for distribution as dividends. | |
Description of accounting policy for revenue recognition [text block] | Revenue is recognized when the invoice is issued and the meals are delivered to customers, revenue is shown net of commercial discount. | |
Description of accounting policy for selling and distribution expenses [text block] | Expenses related to operations are allocated on a consistent basis to cost of sales, selling and marketing expenses and general and administration expenses in accordance with consistent allocation factors determined as appropriate by the Group. | |
Description of accounting policy for general and administrative expenses [text block] | Expenses related to operations are allocated on a consistent basis to cost of sales, selling and marketing expenses and general and administration expenses in accordance with consistent allocation factors determined as appropriate by the Group. | |
Description of accounting policy for borrowing costs [text block] | Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. | |
Description of accounting policy for derivative financial instruments and hedge accounting [text block] | The Group’s activities expose it to a variety of financial risks, credit risk, liquidity risk, market price risk, currency risk and the risk of change in interest rates.Credit Risk: Credit risk is the risk that one party to financial instruments will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on its due from related parties, trade receivables and bank balances as follows.The carrying amount of financial assets represents the maximum credit exposure. The Group manages credit risk in relation to due from related parties and trade receivables by setting credit limits for each customer and monitoring uncollected receivables on an ongoing basis. Debit balances are monitored so that the Group does not incur material bad debts.Bank cash balances are maintained with high credit rating financial institutions.Liquidity Risk:Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from the inability to sell a financial asset quickly at an amount close to its fair value. Following are the contractual maturities at the end of the reporting period of financial liabilities. | |
Description of accounting policy for financial liabilities[text block] | Initial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.Subsequent measurementThe subsequent measurement of financial liabilities depends on their classification as described below:After initial recognition, loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Accounts payable and accrualsLiabilities are recognized for amounts to be paid in the future for goods or services received, whether or not the Group is billed. | |
Disclosure of other notes forming part of accounts [abstract] | | |
Disclosure of bank balances and cash [text block] | Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. | |
Disclosure of inventories [text block] | Inventories are valued at the lower of cost and net realizable value. Cost is calculated based on the weighted average prices. | |
Disclosure of prepayments [text block] | A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets. | |
Disclosure of property, plant and equipment [text block] | Plant and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any, construction work in progress are not depreciated. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Repair and maintenance costs are recognized in profit or loss as incurred. Land and buildings are measured at cost, less accumulated depreciation on buildings, and any accumulated impairment losses.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:Buildings: 20 yearsLeasehold improvements: 5 to 7 yearsVehicles: 4 to 5 yearsOperating machinery and equipment: 5 to 10 yearsFurniture and fixtures: 5 to 10 yearsAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. | |
Disclosure of intangible assets [text block] | Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Internally generated intangible assets are not capitalized and expenditure is recognized in the statement of profit or loss when it is incurred.The useful lives of intangible assets are assessed as either finite or indefinite.Intangible assets with finite lives are amortized over their useful economic lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit or loss in the expense category consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized | |
Disclosure of zakat [text block] | ZAKAT AND TAXZakat and income taxThe Group provide for zakat and income tax in accordance with the regulations of the authorities in the areas which it opperate. The provision is charged to the consolidated statement of profit or loss. authorities. | |
Disclosure of dividends [text block] | During the year 2020 no dividents was declared or paid | |
Disclosure of debt securities, term loans, borrowings, sukuks and murabahas [text block] | After initial recognition, loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. | |
Disclosure of employees' terminal benefits [text block] | The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit method. Re-measurements, comprising of actuarial gains and losses are recognized immediately in the consolidated statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. | |
Disclosure of sales [text block] | Revenue is recognized when the invoice is issued and the meals are delivered to customers, revenue is shown net of commercial discount. | |
Disclosure of selling and distribution expenses [text block] | Expenses related to operations are allocated on a consistent basis to cost of sales, selling and marketing expenses and general and administration expenses in accordance with consistent allocation factors determined as appropriate by the Group. | |
Disclosure of risk management [abstract] | | |
Disclosure of credit risk [text block] | Credit risk is the risk that one party to financial instruments will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on its due from related parties, trade receivables and bank balances as follows. | |
Disclosure of liquidity risk [text block] | Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from the inability to sell a financial asset quickly at an amount close to its fair value. Following are the contractual maturities at the end of the reporting period of financial liabilities. | |
Disclosure of currency risk [text block] | Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that’s not the Group’s functional currency. The Group exposure to foreign currency risk is primarily limited to transactions in United State Dollars (“USD”) and Egyptian Pound. The Group’s management believes that their exposure to currency risk associated with USD is limited as Saudi Riyal currency is pegged to USD. The fluctuation in exchange rates against other currencies is monitored on a continuous basis. | |
Disclosure of board of director's approval of the financial statements [text block] | These consolidated financial statements were authorized for issue by the Company's board of directors on 20 shawal 1441H corresponding to 28 June 2020. | |
Disclosure of capital management [text block] | For the purpose of capital management, capital includes capital, statutory reserve and all other equity reserves attributable to the shareholders of the Company. The primary objective of capital management is to maximize the shareholder value. | |
Disclosure of financial liabilities [text block] | Initial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.Subsequent measurementThe subsequent measurement of financial liabilities depends on their classification as described below:After initial recognition, loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Accounts payable and accrualsLiabilities are recognized for amounts to be paid in the future for goods or services received, whether or not the Group is billed. | |
Disclosures of assets held for sale and discontinued operations [text block] | Impairment losses from continuing operations are recognized in the consolidated statement of profit or loss within the expenses appropriate to the function of the assets that have suffered a decline in value. | |