REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
PAYASH SECURITIES PRIVATE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
PAYASH SECURITIES PRIVATE LIMITED |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PAYASH SECURITIES PRIVATE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Doughty Street |
London |
WC1N 2PH |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium - equity |
conversion account |
Fair value reserve | 9 |
Retained earnings | 4,721,916 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Payash Securities Private Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have reviewed the company's affairs as at the balance sheet date, and projection for the next year.The parent company has given assurance of continuous support and no material uncertainties that may cast significant doubt about the ability of the company to continue as going concern have been identified. |
These financial statements have accordingly been prepared on the going concern basis. |
Significant judgements and estimates |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts in the Balance Sheet, the Income Statement and the disclosures in the notes to the financial statements at the date of the financial statements. The estimates and associated assumptions are based on historical experience and other factors that are considered to the relevant. These are reviewed on an ongoing basis. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Company as at the balance sheet date are discussed below. |
- Investments in unlisted companies whose fair values cannot be reliably measured are included at cost less impairment provision as at the balance sheet date. Due to the nature of the investment in unlisted companies, financial and other information is not always available for management to perform an impairment review. For this reason, management has to form an opinion based on the limited set of information that they have access to on the unlisted investment. |
- Market interest rates: The application of the UK GAAP requires that loans at non-market interest rates are recognised initially at the present values of the future payments discounted at a market rate of interest for a similar debt instrument. The market rate of interest for a similar debt instrument is not always known as this depends on a number of factors such as the borrower's credit standing, quality and size of collateral, the loan amounts, relationship with the lender and the lender's other criteria. The directors have used market information such as base rates and fed rates at the time the loans were issued as well as their experience in dealing with financial securities to determine the market rate of interest on such loans. |
Revenue |
Interest Income |
Interest income is recorded on the accrual basis. |
Dividend income |
Dividend income is recognised when the right to receive payment is established on the ex-dividend date. |
All other income is accounted for on a time-apportioned accruals basis in the Income Statement. |
Transaction and finance costs and management expenses |
Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are immediately recognised in profit or loss as an expense. |
All expenses and finance costs are accounted for on an accruals basis in the Income Statement. |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Derivative financial instruments |
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of derivative. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
The Company's business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. The portfolio of financial assets is managed and its performance evaluated on a fair value basis. |
Investments are measured initially at cost and at subsequent reporting dates at fair value and derecognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time-frame of the relevant market. For listed investments this is deemed to be bid market prices or closing prices. |
When it is not possible to measure the fair value of investments reliably, these investments are shown at cost less impairment. |
Changes in fair value of investments, realised gains and losses on disposals are also recognised in the Income Statement as capital items. |
Cash and cash equivalents |
Cash equivalents include money market funds and highly liquid investments with a maturity of ninety days or less when purchased. Cash equivalents also include cash held with brokers and investment managers. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
Impairments | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Amounts owed to group undertakings |
At the year end, the Company owed the parent undertaking £9,266,531 (2022: £8,435,886) by way of zero coupon unsecured convertible bonds of £1 each, with an option for conversion into ordinary shares within 5 years from the date of allotment. |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 10,000 | 10,000 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st April 2022 |
Transfer | (776,238 | ) |
At 31st March 2023 |
PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
The Company's investment in an unlisted shares of an American company through a fund is carried at $500,000 in its balance sheet as at 31st March 2022. Management does not have access to the financial statements and other information on the unlisted company to be able to perform an impairment review of the investment. As a result, we were unable to determine whether any impairment adjustments were necessary in respect of the investment. |
We conducted our audit in accordance with International Standards on Auditing (UK) (iss (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, 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 qualified opinion. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. |
Arising solely from the limitation on the scope of our work relating to unlisted investments, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Vimal Shah (Senior Statutory Auditor) |
for and on behalf of PSJ Alexander & Co |
11. | RELATED PARTY DISCLOSURES |
The company undertook the following transactions with group companies: |
2023 | 2022 |
New loan provided to group undertakings | $8,000,000 | $3,000,000 |
Interest received | £164,536 | £37,558 |
Interest paid | £347,907 | £289,117 |
Amounts due to group undertakings at balance sheet date | £9,266,531 | £8,435,886 |
Amounts due from group undertakings at balance sheet date | £8,893,201 | £2,183,247 |
12. | ULTIMATE PARENT UNDERTAKING |
The immediate and ultimate parent undertaking is Profitex Shares & Securities Private Limited, a company incorporated in India. |