Essel Propack UK Limited - Limited company accounts 16.3

REGISTERED NUMBER: 02864279 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 March 2017

for

Essel Propack UK Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

Reconciliation of Equity

12

Reconciliation of Profit

14

DIRECTORS:

A Conner

P Chaturvedi

REGISTERED OFFICE:

Castle Court

41 London Road

Reigate

Surrey

RH2 9RJ

REGISTERED NUMBER:

02864279 (England and Wales)

AUDITORS:

Pawley & Malyon

14 Austin Friars

London

EC2N 2HE

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

DIRECTORS

A Conner has held office during the whole of the period from 1 April 2016 to the date of this report.

Other changes in directors holding office are as follows:

A Goel - resigned 30 November 2016

P Chaturvedi - appointed 30 November 2016

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under

that law the directors have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). Under company law the directors must not approve the financial statements unless

they are satisfied that they give a true and fair view of the state of affairs of the company and of

the profit or loss of the company for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show

and explain the company's transactions and disclose with reasonable accuracy at any time the

financial position of the company and enable them to ensure that the financial statements comply

with the Companies Act 2006. They are also responsible for safeguarding the assets of the

company and hence for taking reasonable steps for the prevention and detection of fraud and

other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418

of the Companies Act 2006) of which the company's auditors are unaware, and each director has

taken all the steps that he ought to have taken as a director in order to make himself aware of any

relevant audit information and to establish that the company's auditors are aware of that

information.

AUDITORS

The auditors, Pawley & Malyon, will be proposed for re-appointment at the forthcoming Annual

General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

A Conner - Director

20 April 2017

We have audited the financial statements of Essel Propack UK Limited for the year ended

31 March 2017 on pages six to fourteen. The financial reporting framework that has been applied

in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom

Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to

the company's members those matters we are required to state to them in a Report of the Auditors

and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and the company's members as a body, for our

audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements

sufficient to give reasonable assurance that the financial statements are free from material

misstatement, whether caused by fraud or error. This includes an assessment of: whether the

accounting policies are appropriate to the company's circumstances and have been consistently

applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the

financial and non-financial information in the Report of the Directors to identify material

inconsistencies with the audited financial statements and to identify any information that is

apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by

us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its profit 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in

the Report of the Directors for the financial year for which the financial statements are prepared is

consistent with the financial statements, and has been prepared in accordance with applicable

legal requirements. In the light of the knowledge and understanding of the company and its

environment, we have not identified any material misstatements in the Report of the Directors.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

David H Malyon (Senior Statutory Auditor)

for and on behalf of Pawley & Malyon

14 Austin Friars

London

EC2N 2HE

21 April 2017

TURNOVER

1,882,455

1,694,293

Cost of sales

1,264,843

1,200,493

GROSS PROFIT

617,612

493,800

Distribution costs

208

413

Administrative expenses

430,501

418,476

430,709

418,889

186,903

74,911

Other operating income

1,200,793

-

OPERATING PROFIT

4

1,387,696

74,911

Interest payable and similar expenses

12,174

13,217

PROFIT BEFORE TAXATION

1,375,522

61,694

Tax on profit

718,147

-

PROFIT FOR THE FINANCIAL YEAR

657,375

61,694

FIXED ASSETS

Tangible assets

5

331

503

CURRENT ASSETS

Debtors

6

910,112

1,264,796

Cash at bank

293,562

82,552

1,203,674

1,347,348

CREDITORS

Amounts falling due within one year

7

123,957

709,803

NET CURRENT ASSETS

1,079,717

637,545

TOTAL ASSETS LESS CURRENT LIABILITIES

1,080,048

638,048

CREDITORS

Amounts falling due after more than one year

8

-

215,375

NET ASSETS

1,080,048

422,673

CAPITAL AND RESERVES

Called up share capital

5,011,370

5,011,370

Capital redemption reserve

1,000

1,000

Retained earnings

(3,932,322

)

(4,589,697

)

SHAREHOLDERS' FUNDS

1,080,048

422,673

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 April 2017 and were signed on its behalf by:

A Conner - Director

1.	Statutory information

Essel Propack UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

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

The accounts have been prepared on the going concern basis. The company is reliant on

the continuing financial support from the group and the ultimate parent company, Essel

Propack Limited, has confirmed this support for a period greater than 12 months from the

approval of these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland', not to disclose related party transactions with wholly owned subsidiaries within the

group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

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.

3.	Employees and directors

The average number of employees during the year was 3 .

4.	Operating profit

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

172

3,716

5.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 April 2016

and 31 March 2017

27,776

Depreciation

At 1 April 2016

27,273

Charge for year

172

At 31 March 2017

27,445

Net book value

At 31 March 2017

331

At 31 March 2016

503

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

323,589

209,285

Amounts owed by group undertakings

473,829

224,471

Other debtors

112,694

831,040

910,112

1,264,796

Deferred tax asset

2017

2016

£

£

Accelerated capital allowances

(66

)

(102

)

Tax losses carried forward

100,921

819,102

100,855

819,000

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Amounts owed to group undertakings

682

527,047

Taxation and social security

40,793

60,370

Other creditors

82,482

122,386

123,957

709,803

8.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Other creditors

-

215,375

9.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Other creditors

520

48,779

Security is by way of a debenture over all the company's assets.

10.	Ultimate controlling party

The immediate holding company is Lamitube Technologies Limited (Mauritius). The ultimate

parent undertaking is Essel Propack Limited, a company incorporated in India. The

consolidated accounts of Essel Propack Limited are available from The Registrar of

Companies, Maharashtra, Hakoba Mills Compound, Dattaram Laud Marg, Kalachowkie,

Mumbai - 400 033.

FIXED ASSETS

Tangible assets

3,701

-

3,701

CURRENT ASSETS

Debtors

1,244,579

-

1,244,579

Cash at bank

142,407

-

142,407

1,386,986

-

1,386,986

CREDITORS

Amounts falling due within one year

(814,333

)

-

(814,333

)

NET CURRENT ASSETS

572,653

-

572,653

TOTAL ASSETS LESS CURRENT LIABILITIES

576,354

-

576,354

CREDITORS

Amounts falling due after more than one year

(215,375

)

-

(215,375

)

NET ASSETS

360,979

-

360,979

CAPITAL AND RESERVES

Called up share capital

5,011,370

-

5,011,370

Capital redemption reserve

1,000

-

1,000

Retained earnings

(4,651,391

)

-

(4,651,391

)

SHAREHOLDERS' FUNDS

360,979

-

360,979

FIXED ASSETS

Tangible assets

503

-

503

CURRENT ASSETS

Debtors

1,264,796

-

1,264,796

Cash at bank

82,552

-

82,552

1,347,348

-

1,347,348

CREDITORS

Amounts falling due within one year

(709,803

)

-

(709,803

)

NET CURRENT ASSETS

637,545

-

637,545

TOTAL ASSETS LESS CURRENT LIABILITIES

638,048

-

638,048

CREDITORS

Amounts falling due after more than one year

(215,375

)

-

(215,375

)

NET ASSETS

422,673

-

422,673

CAPITAL AND RESERVES

Called up share capital

5,011,370

-

5,011,370

Capital redemption reserve

1,000

-

1,000

Retained earnings

(4,589,697

)

-

(4,589,697

)

SHAREHOLDERS' FUNDS

422,673

-

422,673

TURNOVER

1,694,293

-

1,694,293

Cost of sales

(1,200,493

)

-

(1,200,493

)

GROSS PROFIT

493,800

-

493,800

Distribution costs

(413

)

-

(413

)

Administrative expenses

(418,476

)

-

(418,476

)

OPERATING PROFIT

74,911

-

74,911

Interest payable and similar expenses

(13,217

)

-

(13,217

)

PROFIT BEFORE TAXATION

61,694

-

61,694

Tax on profit

-

-

-

PROFIT FOR THE FINANCIAL YEAR

61,694

-

61,694