AEL Textiles : SIL-Annual Accounts 2022

EY Ford Rhodes	UAN: [phone] (EYFR)
Chartered Accountants	Tel: [phone]
4th Floor, 96, B1 Pace Mall Building	Fax: [phone]
M.M. Alam Road, Gulberg II	[e-mail]
P.O. Box 104, Lahore 54660	ey.com/pk

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STYLERS INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

• THE COMPANY AND ITS OPERATIONS
  Stylers International Limited ('the Company' or 'SIL') was incorporated in Pakistan as a private limited company under the Companies Ordinance, 1984 (now Companies Act, 2017) on 27 November 1991 and was converted into a public limited company with effect from 21 May 2021. The Company is principally engaged in carrying out manufacturing, marketing of ready made garments and processing services.

BUSINESS UNIT	LOCATION
Registered office and manufacturing units	20-K.M., Ferozepur Road, Anum Road, Glaxo Town, Lahore.

The Company has total 3 manufacturing units at the same location.

• STATEMENT OF COMPLIANCE

1. These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:
2. • International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
   • Provisions of and directives issued under the Companies Act, 2017.
     Where provisions of and directives issued under the Companies Act, 2017 differ from the lFRS Standards, the provisions of and directives issued under the Companies Act, 2017 have been followed.
3. New standards, interpretations and amendments applicable to the financial statements for the year ended 30 June
4. 
   The accounting policies adopted are consistent with those of the previous financial year, except for the following new and amended standards and interpretations effective for annual period beginning on 01 July 2021, as listed below. The Company has not early-adopted any standard, interpretation or amendment that has been issued but is not yet effective.
   New Amendments

IFRS 9, IAS 39, IFRS 7, IFRS	Interest Rate Benchmark Reform - Phase 2 - Amendments
4 and IFRS 16
Amendment to IFRS 16	Covid-19-Related Rent Concessions beyond 30 June 2021

The adoption of amendments applied for the first time in the year did not have any material impact on the financial statements of the Company.

2.3 Standards, Interpretations and amendments to approved accounting standards that are not yet effective:

The following revised standards, amendments and interpretations with respect to the approved accounting standards as applicable in Pakistan would be effective from the dates mentioned below against the respective standard or interpretation:

		IASB Effective date
		(annual periods
		beginning on or
Standard or Interpretation		after)
IFRS 3	- Reference to conceptual framework - (Amendments)	1 January 2022
IAS 16	- Property, plant and equipment - (Amendments)	1 January 2022
IAS 37	- Provisions, Contingent Liabilities and Contingent Assets to specify	1 January 2022
	which costs an entity needs to include when assessing whether a
	contract is onerous or loss-making.
IAS 1	- Presentation of Financial Statements to clarify how to classify debt and	01 January 2022
	other liabilities as current or non-current.
IAS 1 and IFRS Practice	- Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS	01 January 2023
Statement 2	Practice Statement 2 - The amendments aim to help entities provide
	accounting policy disclosures that are more useful by:
	Replacing the requirement for entities to disclose their 'significant'
	accounting policies with a requirement to disclose their 'material'
	accounting policies; and
	Adding guidance on how entities apply the concept of materiality in
	making decisions about accounting policy disclosures.

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