REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
NUVAMA FINANCIAL SERVICES (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
NUVAMA FINANCIAL SERVICES (UK) LIMITED |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
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 |
NUVAMA FINANCIAL SERVICES (UK) 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 |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
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 |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Nuvama Financial Services (UK) Limited (formerly known as Edelweiss Financial Services (UK) Limited) is a private company, limited by shares, registered in England and Wales. The company's registered number is 09752231 and registered office address is 23 Harcourt Street, 2nd Floor, London W1H 4HJ, United Kingdom. |
2. | GOING CONCERN |
Based on their assessment of and enquiries made on the financial position of the Company as well as that of the parent company and the fellow group company, the company’s directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The Company earns soft commissions for which there is no basis of estimation until received from customers. This is customary in the industry. |
The company has transfer pricing agreements in place with the parent company and a related company. As per the agreements, the service fee is a mark-up over the net cost incurred by Nuvama Financial Services Limited (UK). However, the transfer pricing agreements do not specify the percentage of the net costs that will be apportioned to each respective company. Hence, the management have estimated this based on the time spent by employees of Nuvama Financial Services Limited (UK) on services rendered to the parent and related company. |
Fee income |
Fee income, including soft commission, is determined on a case by case basis according to the terms negotiated by management and is generally recognised at the time the service is complete and the income is reasonably determinable. This represents referral that is available to institutional investors.The principal customer was its parent company during this year. |
Fee income excludes discounts, rebates, value added tax and other sales taxes. |
Fee income also includes services rendered to the parent undertaking; income is determined under a transfer pricing cost plus basis. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use. |
Depreciation is computed using the straight-line method to write off the cost of these assets over their estimated useful lives as follows: |
Plant and machinery - 4 years |
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. |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
The company's functional and presentation currency is the UK pound sterling. |
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. |
Use of estimates |
The preparation of the financial statements in conformity with the generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent liabilities on date of the financial statements and reported amount of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results could differ from the estimates. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 300,000 | 300,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The company had financial commitments arising from operating leases at the balance sheet date of £3,040 (2022: £2,570). |
11. | RELATED PARTY DISCLOSURES |
The following transactions took place during the year between the Company and other entities with common directors and/or shareholders: |
2023 | 2022 |
£ | £ |
Income received from related parties during the year | 504,610 | 302,131 |
Amounts owed from related parties at the balance sheet date | 122,126 | 83,929 |
Fees and charges paid to related parties during the year | 4,512 | 25,699 |
NUVAMA FINANCIAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 09752231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The Company's immediate parent entity is Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) a company incorporated and registered in India. Its registered office address is 801- 804, Wing A, Building No. 3, Inspire BKC, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051, India. |
The ultimate parent entity is PAG Asia III LP, registered in Cayman Islands. The ultimate parent entity's registered office address is International Corporation Services Ltd., P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1106, Cayman Islands. |
13. | SHARE OPTION SCHEME |
Key employees of the company have received share options during the year in the parent undertaking. No shares have vested during the year. |