Company registration number 06506067 (England and Wales)
IIFL WEALTH (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
IIFL WEALTH (UK) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
IIFL WEALTH (UK) LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
-
0
890
Cash at bank and in hand
166,871
207,534
166,871
208,424
Creditors: amounts falling due within one year
5
(7,502)
(40,976)
Net current assets
159,369
167,448
Capital and reserves
Called up share capital
150,000
150,000
Profit and loss reserves
6
9,369
17,448
Total equity
159,369
167,448

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 5 July 2024
Mr A Garg
Director
Company Registration No. 06506067
IIFL WEALTH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

IIFL Wealth (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o Ashley King Ltd, 68 St. Margarets Road, Edgware, Middlesex, HA8 9UU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of IIFL Securities Limited, company No L99999MH1996PLC132983. These consolidated financial statements are available from its registered office, IIFL House, Sun Infotech Park, Road No.16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane -400604, Mumbai, India

 

1.2
Going concern

At the time of approving these financial statements the director has reasonable expectation that the company will continue to receive support from its parent company and group companies.

However, as the company has currently suspended operations pending the outcome of a civil suit against it, the company has adopted an alternative basis of preparing these accounts, with the assets and liabilities stated at their current values.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

IIFL WEALTH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

IIFL WEALTH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1

The company had no paid employees during the period. The director served the company without being remunerated.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
890
IIFL WEALTH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
33,476
Taxation and social security
2
-
0
Other creditors
7,500
7,500
7,502
40,976
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
17,448
24,900
Loss for the year
(8,079)
(7,452)
At the end of the year
9,369
17,448
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

Auditor’s report did not express an opinion.

The company was unable to provide sufficient, reliable and relevant information the on the level of liability which it may have in relation to the ongoing civil claim against it.

The Auditors were therefore unable to satisfy themselves whether or not any provisions are required for any liabilities in relation to the civil claim against it.

 

Emphasis of matter – basis of preparation of financial statements

 

 

We draw attention to Note 1.2 to the financial statements which explains why the director considers that it is not appropriate to adopt the going concern basis of accounting in preparing these financial statements.

Senior Statutory Auditor:
Ravi Jagetia
Statutory Auditor:
Ashley King Ltd
IIFL WEALTH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Financial commitments, guarantees and contingent liabilities

There is currently an ongoing civil suit against the company in High Court of Justice, in England and Wales. The claim was issued several years ago, and whilst certain Judgements on procedural matters have been issued in favour of the claimants in the High Court in March 2023, substantive proceedings have yet to take place.

Whilst the director remains optimistic that the matter will be resolved in the company’s favour, at this stage, both the timetable for the substantive proceedings and the outcome remains difficult to predict with any certainty and how the case develops or the time it will take to conclude. Following the Judgement in March 2023, the company has taken a decision not to be represented in the Court proceedings by legal Counsel, and has left it to the other parties in the proceedings to argue out the matter.

In absence of advice and assessment of the company’s position from suitably qualified UK based legal advisors, the director is not in a position to provide the necessary information required and the likely outcome of the case, and the contingent liabilities for the preparation of these accounts.

The company has no directors or personnel based in the UK, and as a result the we have not been able to provide our auditors with all the information and clarifications they have requested.

 

 

 

 

9
Related party transactions

The company did not render any services during both the year current or previous year.

 

Ding the year the company incurred a liability of £nil (2023 - £342,979) to a group undertaking. This liability which was released by the group in previous period end there was no balance due to the company from group undertakings.

10
Parent company

The company is under control of IIFL Securities Limited, registered in Mumbai, Maharashtra, India

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