Company registration number 14085740 (England and Wales)
SPI Ventures Private Limited
Audited Financial Statements
For the year ended
31 March 2024
Pages for filing with registrar
SPI Ventures Private Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SPI Ventures Private Limited
Statement Of Financial Position
As at 31 March 2024
- 1 -
2024
2023
Notes
Fixed assets
Investments
5
14,463,480
12,099,500
Current assets
Debtors
6
7,180
6,607
Cash at bank and in hand
20,644
24,052
27,824
30,659
Creditors: amounts falling due within one year
7
(23,658)
(16,352)
Net current assets
4,166
14,307
Net assets
14,467,646
12,113,807
Capital and reserves
Called up share capital
16,161,179
12,174,931
Profit and loss reserves
(1,693,533)
(61,124)
Total equity
14,467,646
12,113,807

The notes on pages 2 to 5 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement 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 by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
P.A. Robertson
Director
Company registration number 14085740 (England and Wales)
SPI Ventures Private Limited
Notes To The Financial Statements
For the year ended 31 March 2024
- 2 -
1
General information

SPI Ventures Private Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

2
Accounting policies
2.1
Reporting period

The financial statements present information for the year ended 31 March 2024. The comparatives present information for the period from incorporation on 4 May 2022 to 31 March 2023.

2.2
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 Euros 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 under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.5
Cash and cash equivalents

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

2.6
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 classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 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. Financial assets classified as receivable within one year are not amortised.

SPI Ventures Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
2
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

 

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.

2.7
Foreign exchange

Transactions in currencies other than euros 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.

3
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

4
Employees

The company employed no persons during the current period.

SPI Ventures Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
- 4 -
5
Fixed asset investments
2024
2023
Shares in group undertakings and participating interests
14,463,480
12,099,500

 

Movements in fixed asset investments
Shares in subsidiaries
Cost or valuation
At 1 April 2023
12,099,500
Additions
3,961,226
At 31 March 2024
16,060,726
Impairment
At 1 April 2023
-
Impairment losses
1,597,246
At 31 March 2024
1,597,246
Carrying amount
At 31 March 2024
14,463,480
At 31 March 2023
12,099,500
6
Debtors
2024
2023
Amounts falling due within one year:
Other debtors
7,180
6,607
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
2,269
2,044
Other creditors
21,389
14,308
23,658
16,352
SPI Ventures Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
- 5 -
8
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:

The auditor's report was unqualified.

Senior Statutory Auditor:
Rebecca White BSc FCA
Statutory Auditor:
Riches & Company
Date of audit report:
19 September 2024
9
Parent company

The parent company is SPI Power Operations Private Limited, incorporated in India. Madurai Power Corporation Private Limited is the parent of the smallest group for which consolidated accounts including SPI Ventures Private Limited are drawn up, and copies of these accounts can be obtained from its registered office at N0.3, 1st Floor, 2nd Street, Subba Rao Avenue, College Road, Chennai-600006.

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