IRIS Accounts Production v24.2.0.383 11306521 Board of Directors 1.4.23 31.3.24 31.3.24 4/10/2024 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113065212023-03-31113065212024-03-31113065212023-04-012024-03-31113065212022-03-31113065212022-04-012023-03-31113065212023-03-3111306521ns15:EnglandWales2023-04-012024-03-3111306521ns14:PoundSterling2023-04-012024-03-3111306521ns10:Director12023-04-012024-03-3111306521ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111306521ns10:SmallEntities2023-04-012024-03-3111306521ns10:Audited2023-04-012024-03-3111306521ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111306521ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111306521ns10:FullAccounts2023-04-012024-03-3111306521ns10:OrdinaryShareClass12023-04-012024-03-3111306521ns10:Director22023-04-012024-03-3111306521ns10:Director32023-04-012024-03-3111306521ns10:Director42023-04-012024-03-3111306521ns10:Director52023-04-012024-03-3111306521ns10:RegisteredOffice2023-04-012024-03-3111306521ns5:CurrentFinancialInstruments2024-03-3111306521ns5:CurrentFinancialInstruments2023-03-3111306521ns5:Non-currentFinancialInstruments2024-03-3111306521ns5:Non-currentFinancialInstruments2023-03-3111306521ns5:ShareCapital2024-03-3111306521ns5:ShareCapital2023-03-3111306521ns5:SharePremium2024-03-3111306521ns5:SharePremium2023-03-3111306521ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3111306521ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3111306521ns5:RetainedEarningsAccumulatedLosses2024-03-3111306521ns5:RetainedEarningsAccumulatedLosses2023-03-3111306521ns5:CostValuation2023-03-3111306521ns5:AdditionsToInvestments2024-03-3111306521ns5:DisposalsRepaymentsInvestments2024-03-3111306521ns5:RevaluationsIncreaseDecreaseInInvestments2024-03-3111306521ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-03-3111306521ns5:CostValuation2024-03-3111306521ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3111306521ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3111306521ns5:Non-currentFinancialInstruments2023-04-012024-03-3111306521ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 11306521 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PAYASH SECURITIES PRIVATE LIMITED

PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










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 2024







DIRECTORS: Mr A M Bhanshali
Mr G Jain
Mr B P Dusara
Mr S Jain
Mr S Madaan





REGISTERED OFFICE: 1 Doughty Street
London
WC1N2PH





REGISTERED NUMBER: 11306521 (England and Wales)





AUDITORS: PSJ Alexander & Co
Chartered Accountants & Statutory Auditors
1 Doughty Street
London
WC1N 2PH

PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,715,126 5,004,721

CURRENT ASSETS
Debtors 5 8,919,845 9,166,830
Cash at bank 6,052,222 3,447,327
14,972,067 12,614,157
CREDITORS
Amounts falling due within one year 6 109,441 543,483
NET CURRENT ASSETS 14,862,626 12,070,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,577,752

17,075,395

CREDITORS
Amounts falling due after more than one year 7 9,150,457 9,266,531
NET ASSETS 8,427,295 7,808,864

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Share premium - equity
conversion account 1,910,583 1,599,099
Fair value reserve 227,764 364,418
Retained earnings 6,278,948 5,835,347
SHAREHOLDERS' FUNDS 8,427,295 7,808,864

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 4th October 2024 and were signed on its behalf by:





Mr G Jain - Director


PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Payash Securities Private Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2024


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 1 (2023 - 1 ) .

PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st April 2023 5,004,721
Additions 4,025,639
Disposals (6,187,699 )
Revaluations 352,150
Impairments (479,685 )
At 31st March 2024 2,715,126
NET BOOK VALUE
At 31st March 2024 2,715,126
At 31st March 2023 5,004,721


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 210,045 273,629

Amounts falling due after more than one year:
Amounts owed by group undertakings 8,709,800 8,893,201

Aggregate amounts 8,919,845 9,166,830

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 94,703 530,695
Other creditors 14,738 12,788
109,441 543,483

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 9,150,457 9,266,531

At the year end, the Company owed the parent undertaking £9,150,457 (2023: £9,266,531) 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.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

PAYASH SECURITIES PRIVATE LIMITED (REGISTERED NUMBER: 11306521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


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. RELATED PARTY DISCLOSURES

The company undertook the following transactions with group companies:

2024 2023

New loan provided to group undertaking - $8,000,000

Interest received £376,041 £164,536
Interest paid £366,859 £347,907

Amounts due from group undertakings at balance sheet date £8,847,118 £9,032,363
Amounts due to group undertakings at balance sheet date £9,150,457 £9,266,531


11. ULTIMATE PARENT UNDERTAKING

The immediate and ultimate parent undertaking is Profitex Shares & Securities Private Limited, a company incorporated in India.