Company registration number 10830489 (England and Wales)
JSW GLOBAL MINERALS TRADING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
JSW GLOBAL MINERALS TRADING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
JSW GLOBAL MINERALS TRADING LIMITED
COMPANY INFORMATION
- 1 -
Directors
J Javeri
B Shrestha
Company number
10830489
Registered office
5th Floor
Watson House
54-60 Baker Street
London
United Kingdom
W1U 7BU
Auditor
King & King
Chartered Accountants & Statutory Auditors
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
JSW GLOBAL MINERALS TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
22,070,704
22,651,972
Investment property
4
23,349,613
45,420,317
22,651,972
Current assets
Debtors
6
15,982
37,952
Cash at bank and in hand
230,434
2,064,318
246,416
2,102,270
Creditors: amounts falling due within one year
7
(406,977)
(14,285)
Net current (liabilities)/assets
(160,561)
2,087,985
Total assets less current liabilities
45,259,756
24,739,957
Creditors: amounts falling due after more than one year
8
(17,000,000)
-
Net assets
28,259,756
24,739,957
Capital and reserves
Called up share capital
9
39,190,000
33,780,000
Profit and loss reserves
10
(10,930,244)
(9,040,043)
Total equity
28,259,756
24,739,957
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
J Javeri
Director
Company registration number 10830489 (England and Wales)
JSW GLOBAL MINERALS TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
33,630,000
(8,193,256)
25,436,744
Year ended 31 March 2024:
Loss and total comprehensive income
-
(846,787)
(846,787)
Issue of share capital
9
150,000
-
150,000
Balance at 31 March 2024
33,780,000
(9,040,043)
24,739,957
Year ended 31 March 2025:
Loss and total comprehensive income
-
(1,890,201)
(1,890,201)
Issue of share capital
9
5,410,000
-
5,410,000
Balance at 31 March 2025
39,190,000
(10,930,244)
28,259,756
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information
JSW Global Minerals Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU.
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 under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has incurred a loss for the year amounting to £1,890,201 (2024: loss of £846,787). 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 as the company enjoys the support of the parent company, JSW International Tradecorp Pte Ltd. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The company has had no revenue during the year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the remaining useful life of 43 years
Fixtures and fittings
10% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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.
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
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.
1.9
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.
1.10
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.
1.11
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.
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful lives of property, plant and equipment
Management reviews the useful lives of property, plant and equipment on a regular basis. Any changes in estimates may affect the carrying amounts of the respective property, plant and equipment with a corresponding effect on the related depreciation charge.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment Reviews
In performing their impairment tests the directors have determined that the business unit represents the smallest identifiable group of assets that generate independent cash flows. The result of these impairment tests has shown that the leasehold property has impaired as at the year end. The resulting impairment loss has been recognised in the profit and loss account and the leasehold property has been written down to its recoverable amount. As part of their ongoing review of the carrying amounts and useful lives of these assets, the management will continue to monitor the market values of these assets to determine whether further impairment charges will be required in the future.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
4
Investment property
2025
£
Fair value
At 1 April 2024
Additions
23,349,613
At 31 March 2025
23,349,613
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Investment property
(Continued)
- 8 -
Investment property comprises of flats in Hans Place, London. The investment properties have been acquired in the current year. The fair value of the investment properties at the reporting date has been determined by the directors who are satisfied that the current open market value is not materially different from the value included within the financial statements.
The investment properties have been pledged as security against loans taken by the company.
5
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024 and 31 March 2025
26,515,282
427,174
118,589
27,061,045
Depreciation and impairment
At 1 April 2024
4,059,726
296,074
53,273
4,409,073
Depreciation charged in the year
522,222
42,717
16,329
581,268
At 31 March 2025
4,581,948
338,791
69,602
4,990,341
Carrying amount
At 31 March 2025
21,933,334
88,383
48,987
22,070,704
At 31 March 2024
22,455,556
131,100
65,316
22,651,972
The properties of the company with a carrying amount of £21,933,334 (2024: £22,455,556) have been pledged as security against a loan facility taken by a fellow subsidiary.
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
15,982
37,952
7
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
406,977
14,285
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
17,000,000
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
The bank loans represent term loans obtained from Standard Chartered Bank (Singapore) Limited. The loans are secured by way of fixed charge over the investment properties of the company as stated in note 4 to the financial statements.
The loans are repayable 66 months after the first utilisation date and bear interest at term SONIA rate plus 4% margin per annum.
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £10 each
3,919,000
3,378,000
39,190,000
33,780,000
During the year 541,000 ordinary shares of £10 each were allotted and fully paid at par for cash. The ordinary shares have full voting rights and entitlement to assets on winding up or sale of the company.
10
Profit and loss reserves
This reserve relates to the cumulative profit and loss less amounts distributed to shareholders, if any.
11
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Milankumar Patel
Statutory Auditor:
King & King
Date of audit report:
7 August 2025
JSW GLOBAL MINERALS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
12
Financial commitments, guarantees and contingent liabilities
The parent company, JSW International Tradecorp Pte Ltd, has given a corporate guarantee in respect of the bank borrowings of JSW Ventures Singapore Pte Ltd, a fellow subsidiary of the company, for a facility agreement of US$ 225 million. As at the year-end, the amount drawn down from the facility and payable to the banks was US$ 183.6 million.
The guarantee is secured by a charge on the company’s property as stated in note 5 to the financial statements.
13
Capital commitments
Amounts contracted for but not provided in the financial statements:
2025
2024
£
£
Improvement works on investment properties
2,258,789
-
14
Related party transactions
The company has taken exemptions under the sections of Financial Reporting Standards of FRS102 “The Financial Standards and applicable in the UK and Republic of Ireland not to disclose related party transactions with wholly owned subsidiaries within the group.
15
Parent company
The company is a wholly subsidiary of JSW International Tradecorp Pte Ltd, a company incorporated in Singapore.
The ultimate controlling parent of the company is Reynold Traders Private Limited, a company incorporated in India. The ultimate parent undertaking prepares consolidated accounts which are available at JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai, India.
The trustees of Sajjan Jindal Lineage Trust are the ultimate controlling party.
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