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REGISTERED NUMBER: 09752231 (England and Wales)















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: Mr R Purushothaman
Mr R S Durve





REGISTERED OFFICE: 23 Harcourt Street
2nd Floor
London
W1H 4HJ





REGISTERED NUMBER: 09752231 (England and Wales)





AUDITORS: PSJ Alexander & Co
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 1,026 1,061

CURRENT ASSETS
Debtors 6 185,505 90,989
Cash at bank 321,028 353,254
506,533 444,243
CREDITORS
Amounts falling due within one year 7 163,551 129,917
NET CURRENT ASSETS 342,982 314,326
TOTAL ASSETS LESS CURRENT
LIABILITIES

344,008

315,387

PROVISIONS FOR LIABILITIES 201 200
NET ASSETS 343,807 315,187

CAPITAL AND RESERVES
Called up share capital 8 300,000 300,000
Retained earnings 43,807 15,187
SHAREHOLDERS' FUNDS 343,807 315,187

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 7th October 2023 and were signed on its behalf by:





Mr R Purushothaman - Director


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
The financial statements have been prepared under the historical cost convention.

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 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 3,580
Additions 1,639
At 31st March 2023 5,219
DEPRECIATION
At 1st April 2022 2,519
Charge for year 1,674
At 31st March 2023 4,193
NET BOOK VALUE
At 31st March 2023 1,026
At 31st March 2022 1,061

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 47,500 -
Amounts owed by group undertakings 122,126 83,929
Other debtors 869 869
VAT 2,545 2,501
Prepayments 12,465 3,690
185,505 90,989

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 108
Taxation and social security 19,515 12,173
Other creditors 144,036 117,636
163,551 129,917

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary 1 300,000 300,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Vimal Shah (Senior Statutory Auditor)
for and on behalf of PSJ Alexander & Co

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.