Sterlite Technologies UK Ventures Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08550019 (England and Wales)

Financial Statements for the Year Ended 31 March 2020

for

STERLITE TECHNOLOGIES UK VENTURES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Agarwal

K S Rao

REGISTERED OFFICE:

Third Floor

126-134 Baker Street

London

W1U 6UE

REGISTERED NUMBER:

08550019 (England and Wales)

AUDITORS:

Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Investments

4

2,072,447

2,041,571

CURRENT ASSETS

Cash at bank

11,042

1,965

CREDITORS

Amounts falling due within one year

5

3,350

3,350

NET CURRENT ASSETS/(LIABILITIES)

7,692

(1,385

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,080,139

2,040,186

CREDITORS

Amounts falling due after more than one year

6

2,262,597

2,181,502

NET LIABILITIES

(182,458

)

(141,316

)

CAPITAL AND RESERVES

Called up share capital

3,150

3,150

Retained earnings

(185,608

)

(144,466

)

SHAREHOLDERS' FUNDS

(182,458

)

(141,316

)

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 authorised for issue by the Board of Directors and authorised for issue on 29 May 2020 and were signed on its behalf by:

A Agarwal - Director

1.	STATUTORY INFORMATION

Sterlite Technologies UK Ventures Ltd 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.

Key sources of estimation uncertainty and judgements

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as

the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues

and expenses during the reported period.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments policy

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to

the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price.Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance

of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in assets of the company after deducting all

of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct

issue costs.

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.

Going concern:

The financial statements have been prepared on a going concern basis. The parent company will provide the

necessary support to maintain the company as a going concern. The financial statements do not include the

adjustments that would result if the company was unable to continue as a going concern.

Since the financial year end, there are uncertainties relating to the COVID19 pandemic.The directors have

analysed how the risk might affect the company financial resources and ability to continue operations and have

nothing to report in this respect. No provisions have been made in the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

2,041,571

Additions

30,876

At 31 March 2020

2,072,447

NET BOOK VALUE

At 31 March 2020

2,072,447

At 31 March 2019

2,041,571

The above investment represents a 58% holding in Sterlite Conduspar Industrial LTDA, a company incorporated

in Brazil.

These financial statements contain information about Sterlite Technologies UK Ventures Ltd as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under section 401 of the Companies Act 2006 as the company itself is a subsidiary undertaking and its parent

undertaking is not established under the law of an EEA state. The company is included in consolidated accounts

of its parent company.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

3,350

3,350

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

2,262,597

2,181,502

The parent company has provided a line of credit of $ 3,500,000. As at the year end a sum of £2,262,597 (2019:

£2,181,502) has been drawn. Interest is payable in quarterly instalments at the rate of LIBOR+0.75%.

The amount drawn is repayable on demand. However, the lender has confirmed that the amount outstanding will

not be recalled within the next 12 months.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sanjeev Phadke (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

8.	RELATED PARTY DISCLOSURES

As at 31 March 2020 the company owed a sum of £2,262,597 (2019: £2,181,502) to Sterlite Technologies Ltd

(the ultimate parent company). Interest payable on this loan was £36,746 (2019: £33,667).

There are no fixed terms as to repayment of these balances.

9.	PARENT COMAPANY

The company is wholly-owned subsidiary of Sterlite Technologies Limited a company incorporated in India.