COMPANY REGISTRATION NUMBER:
00113970
|
Wallace Brothers Trading & Industrial Limited |
|
|
Filleted Financial Statements |
|
|
Wallace Brothers Trading & Industrial Limited |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Investments |
5 |
|
116,914,820 |
106,354,669 |
|
|
|
|
|
Current assets
|
Debtors |
6 |
237,620 |
|
548 |
|
Cash at bank and in hand |
1,735,399 |
|
941,774 |
|
---------- |
|
-------- |
|
1,973,019 |
|
942,322 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
14,066 |
|
12,049 |
|
---------- |
|
-------- |
|
Net current assets |
|
1,958,953 |
930,273 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
118,873,773 |
107,284,942 |
|
|
|
|
|
Provisions
|
Deferred taxation |
|
28,932,653 |
26,292,615 |
|
|
------------ |
------------ |
|
Net assets |
|
89,941,120 |
80,992,327 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1,716,600 |
1,716,600 |
|
Profit and loss account |
|
88,224,520 |
79,275,727 |
|
|
----------- |
----------- |
|
Shareholders funds |
|
89,941,120 |
80,992,327 |
|
|
----------- |
----------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2025
, and are signed on behalf of the board by:
Mr Poopalasingham Rudran
Director
Company registration number:
00113970
|
Wallace Brothers Trading & Industrial Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5-11 Mortimer Street, London, W1T 3HS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in U.S. dollars, which is the functional currency of the entity.
(b)
Revenue recognition
The turnover shown in the profit and loss account represents dividends received during the year.
(c)
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of income. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amount of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d)
Foreign currencies
Assets and liabilities in foreign currencies are converted into U.S. dollars at rates of exchange prevailing at the balance sheet date. Differences on short term monetary items are dealt with in arriving at the Company's results for the year. The Company's share capital is denominated in sterling and included at the rate of exchange ruling at the date of issue of U.S. $1.7166 to £1. The rates of exchange prevailing at the balance sheet date are as follows: U.S. $1.2910 to £1 (March 2024: U.S. $1.2632 to £1)
(e)
Investments
Listed fixed asset investments are measured at fair value with changes in fair value being recognised in profit or loss.
(f)
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(g)
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.
4.
Tax on profit
The tax charge for the year comprises:
|
|
2025 |
2024 |
|
|
$ |
$ |
|
United Kingdom corporation tax at 25% |
3,066 |
5,549 |
|
Foreign witholding tax on overseas income |
127,664 |
16,613 |
|
Deferred tax on financial assets at fair value |
2,640,038 |
26,292,615 |
|
|
---------- |
----------- |
|
|
2,770,768 |
26,314,777 |
|
|
---------- |
----------- |
|
|
|
|
5.
Investments
|
Other investments other than loans |
|
$ |
|
Valuation |
|
|
At 1 April 2024 |
106,354,669 |
|
Revaluations |
10,560,151 |
|
------------ |
|
At 31 March 2025 |
116,914,820 |
|
------------ |
|
Impairment |
|
|
At 1 April 2024 and 31 March 2025 |
– |
|
------------ |
|
|
|
Carrying amount |
|
|
At 31 March 2025 |
116,914,820 |
|
------------ |
|
At 31 March 2024 |
106,354,669 |
|
------------ |
|
|
The holding of shares owned by the Company comprises Bombay Burmah Trading Corporation Limited (registered in India) Equity Shares of Rs2. The shareholding represents an 8.11% holding in the investee company and the shares are listed on the National Stock Exchange of India.
6.
Debtors
|
2025 |
2024 |
|
$ |
$ |
|
Other debtors |
237,620 |
548 |
|
-------- |
--- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
$ |
$ |
|
Corporation tax |
3,066 |
5,549 |
|
Other creditors |
11,000 |
6,500 |
|
------- |
------- |
|
14,066 |
12,049 |
|
------- |
------- |
|
|
|
8.
Undistributable reserves
Included in the profit and loss account are undistributable reserves relating to unrealised gains on the Company's investments net of deferred tax of $86,797,958 (2024: $78,887,844).
9.
Summary audit opinion
The auditor's report dated
4 December 2025
was
unqualified
.
The senior statutory auditor was
David Bartlett, FCA
, for and on behalf of
Daly, Hoggett & Co.
.
10.
Controlling party
The Company's holding company is O.S.E. Holdings (H.K.) Limited, a company incorporated in Hong Kong. Its ultimate holding company is Malvern Limited, a company incorporated in the British Virgin Islands. The income for the year is stated after management charges payable to the Company's holding company of $5,000 (2024: $11,284).