j. Provisions, Contingent Liabilities and
Assets
Provisions are recognised when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation.
If the effect of the time value of money is
material, provisions are discounted using a
current pre-tax rate that reflects, when
appropriate, the risks specific to the liability.
When discounting is used, the increase in the
provision due to the passage of time is
recognised as a finance cost.
A contingent liability exists when there is a
possible but not probable obligation, or a
present obligation that may, but probably will
not, require and outflow of resources, or a
present obligation whose amount cannot be
estimated reliably. Contingent liabilities do not
warrant provisions, but are disclosed unless
the possibility of outflow of resources is remote.
Contingent assets are neither recognised nor
disclosed in the financial statements.
However, contingent assets are assessed
continuously and if it is virtually certain that
an inflow of economic benefits will arise, the
asset and related income are recognised in the
period in which the change occurs.
A contingent asset is not recognised but
disclosed, when possible asset that arises from
past events and whose existence will be
confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events
not wholly within the control of the Company.
k. Employee Benefits
l. Short-Term Obligations
Short-term obligations liabilities for wages and
salaries, including nonmonetary benefits that are
expected to be settled wholly within twelve
months after the end of the period in which the
employees render the related service are
recognised in respect of employees' services up to
the end of the reporting period and are measured
at the undiscounted amounts expected to be paid
when the liabilities are settled. The liabilities are
presented as current benefit obligations in the
balance sheet
ii. Retirement and Other Employee Benefits
The Company provides for Gratuity covering
eligible employees of company. The Gratuity
provides a lumpsum payment to vested
employees at retirement, death, incapacitation
or termination of employment, of an amount
based on the respective employee's salary and
the tenure of employment with the Company.
The company does not have any policy for
leave encashment/ carry forward of leaves.
Liabilities with regard to the Gratuity are
determined by actuarial valuation, performed
by an independent actuary, at each balance
sheet date using the projected unit credit
method.
The net interest cost is calculated by applying
the discount rate to the net balance of the
defined benefit obligation and fair value of
plan assets. This cost is included in employee
benefit expense in the statement of profit and
loss.
Re-measurement gain and loss arising from
experience adjustments and change actuarial
assumptions are recognised in the period in
which they occur, directly in other
comprehensive income. They are included in
retained earnings in the statement of change
in equity and in the balance sheet.
i. Cash and Cash Equivalents
Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and
current deposits with an original maturity of
three months or less, which are subject to an
insignificant risk of changes in value.
m. Financial Instruments
A financial instrument is any contract that
gives rise to a financial asset of one entity and
a financial liability or equity instrument of
another company.
(A) Financial Assets
Initial Recognition and Measurement
All financial assets and liabilities are initially
recognized at fair value. Transaction costs that
are directly attributable to the acquisition or
issue of financial assets and financial liabilities,
which are not at fair value through profit or
loss, are adjusted to the fair value on initial
recognition.
Subsequent Measurement
For purposes of subsequent measurement,
financial assets are classified in following
categories:
(i) Financial Assets carried at Amortised
Cost (AC)
A financial asset is measured at amortised
cost if it is held within a business model
whose objective is to hold the asset in order
to collect contractual cash flows and the
contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest on
the principal amount outstanding.
(ii) Financial Assets at Fair Value through
Other Comprehensive Income
(FVTOCI)
A financial asset is measured at FVTOCI if it
is held within a business model whose
objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the
financial asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding. Interest income for
these financial assets is included in other
income using the effective interest rate
method.
(iii) Financial Assets at Fair Value through
Profit or Loss (FVTPL)
A financial asset/equity investment which
is in scope of Ind AS 109 and is not classified
in any of the above categories are measured
at FVTPL.
During the year under review the company
has invested in Listed equity shares, In which
case the company has identified the valuation
at the end of Quarter/year and respective
increase/ diminution in value have been dealt
in the financials of the company.
(B) Financial Liabilities
Initial Recognition and Measurement
All financial liabilities are recognized at fair
value and in case of loans, net of directly
attributable cost. Fees of recurring nature are
directly recognised in the Statement of Profit
and Loss as finance cost.
Subsequent Measurement
Financial liabilities are carried at amortized
cost using the effective interest method. For
trade and other payables maturing within one
year from the balance sheet date, the carrying
amounts approximate fair value due to the
short maturity of these instruments.
(C) Derecognition of Financial Instruments
The Company derecognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire or it transfers
the financial asset and the transfer qualifies for
derecognition under Ind AS 109. A financial
liability (or a part of a financial liability) is
derecognized from the Company's Balance
Sheet when the obligation specified in the
contract is discharged or cancelled or expires.
(D) Reclassification of Financial Assets
The Company determines classification of
financial assets and liabilities on initial
recognition. After initial recognition, no
reclassification is made for financial assets
which are equity instruments and financial
liabilities. For financial assets which are debt
instruments, a reclassification is made only if
there is a change in the business model for
managing those assets. Changes to the
business model are expected to be infrequent.
The company's senior management
determines change in the business model as
a result of external or internal changes which
are significant to the company's operations.
Such changes are evident to external parties.
A change in the business model occurs when
the company either begins or ceases to
perform an activity that is significant to its
operations. If the company reclassifies
financial assets, it applies the reclassification
prospectively from the reclassification date
which is the first day of the immediately next
reporting period following the change in
business model. The company does not
restate any previously recognised gains,
losses (including impairment gains or losses)
or interest.
(E) Offsetting of Financial Instruments
Financial assets and financial liabilities are
offset and the net amount is reported in the
balance sheet if there is a currently enforceable
legal right to offset the recognised amounts and
there is an intention to settle on a net basis, to
realise the assets and settle the liabilities
simultaneously.
(n) Earnings per Share
Basic earnings per share is computed using the
weighted average number of equity shares
outstanding during the year. Diluted earnings
per share is computed using the weighted average
number of equity and equivalent dilutive
equity shares outstanding during the year,
except where the result would be anti-dilutive.
o. Use of Estimates
The preparation of financial statements in
conformity with Indian Accounting Standards
(Ind AS) requires management of the Company
to make judgments, estimates and assumptions
that affect the reported amount of revenues,
expenses, assets and liabilities (including
disclosure of contingent liabilities) at the end of
the reporting period.
The areas involving critical judgements are as
follows-
(i) Depreciation/Amortisation and useful
lives of Property, Plant and Equipment/
Intangible assets
Property, plant and equipment / intangible
assets are depreciated / amortised over their
estimated useful lives, after taking into account
estimated residual value. Management reviews
the estimated useful lives and residual values
of the assets annually in order to determine the
amount of depreciation / amortisation to be
recorded during any reporting period. The
useful lives and residual values are based on
the Company's historical experience with
similar assets and take into account anticipated
technological changes. The depreciation /
amortisation for future periods is revised if
there are significant changes from previous
estimates.
(ii) Provisions
Provisions and liabilities are recognized in the
period when it becomes probable that there
will be a future outflow of funds resulting
from past operations or events and the
amount of cash outflow can be reliably
estimated. The timing of recognition and
quantification of the liability requires the
application of judgment to existing facts and
circumstances, which can be subject to change.
The carrying amounts of provisions and
liabilities are reviewed regularly and revised to
take account of changing facts and
circumstances.
(iii) Defined Benefit Obligations
The costs of providing gratuity and other
post-employment benefits are charged to the
Statement of Profit and Loss in accordance
with Ind AS 19 'Employee benefits' over the
period during which benefit is derived from
the employees' services. The costs are assessed
on the basis of assumptions selected by the
management. These assumptions include
salary escalation rate, discount rates, expected
rate of return on assets and mortality rates.
The same is disclosed in Note 18.
(iv) Income Tax
The Company's tax jurisdiction is India.
Significant judgements are involved in
estimating budgeted profits for the purpose of
paying advance tax, determining the
provision for income taxes, including amount
expected to be paid/ recovered for uncertain
tax positions.
Notes to Account
1. The party balances classified under sundry
debtors, sundry creditors, loans &
advances are subject to confirmation and
reconciliation with the respective parties.
2. The Company could not account/reconcile
entire amount of Tax deducted at source,
by its clients as the clients have yet to file
their quarterly TD5 return for March 2025
Qtr. In view of this the company has
accounted the TDS amount to the extent
amount appearing in Form 26AS and TDS
deducted by clients in case of bill wise
payment received.
3. Contingent liability may be incurred in
respect of pending direct & indirect taxes
& statutory dues the amount of which is
neither known nor presently
ascertainable. Further inone case the
company has filed anappeal with GST
department (Mumbai) and paid an
amount of Rs. 7.02 lacs.
4. In the opinion of the management the
value of Current Assets & Loans &
Advances is not less than the amounts
stated in books of accounts and are
considered good.
5. The Company was allotted a Pent
House at JAYPEE GREENS, NOIDA
vide provisional allotment letter
bearing No. 47698/390115/
KRH0213202 dated 09/11/2013 for a
total consideration of Rs.220.32 lacs.
Till the close of the current financial
year the company has paid a sum of
Rs.113.49 lacs. M/s Jaypee Infratech
Limited is in process of resolution of
insolvency but the company's
management is confident of getting the
possession of the property in the
coming time. Therefore no provision
for diminution in the value of
advance given for the same is
considered. This amount is classified
under "Loan Under Financial Liability
(Non Current)."
6. Further an amount of Rs. 25 lacs had
been seized by the investigation wing
of IT Department during the FY 2018¬
19 and the company has shown the
same under "Other Current Assets."
The company is replying to the query
raised on this matter.
7. Provision for Current income tax has
been made as per the provisions of
Income tax Act 1961 which is subject
to assessment.
8. As certified by the directors of the
Company no legal case against the
company was pending as on Balance
sheet date. However the company has
filed two suits for recovery of some
advance paid to parties (Amount Rs. 3.20
Crores).
9. The company has taken prior approval
from the shareholders for paying
Remuneration to Managing Director and
Executive director in accordance with
Schedule-V of The Companies Act.
10. The Company has communicated with
its Sundry Creditors to enquire whether
they are registered under Micro, Small
and Medium Enterprises Development
Act, 2006 or not. The company has
recognized and considered that these
creditors are not covered within the
Provisions of Micro, Small and Medium
Enterprises Development Act, 2006 . As
pier the data and information provided
by the management all the creditors at the
end of the year are identified under Micro,
Small and Medium Enterprises
Development Act, 2006.
11. Subsidiaries ; The company has two
subsidiaries, namely, out of which one is
wholly owned and had made investment
in previous financial year;
a) MakeMeUp Private Limited (subsidiary)
b) WedAdvisor Solutions Private Limited
(wholly owned subsidiary)
During the year under review,
MakeMeUp Pvt Ltd, has started
commercial operations in FY 2022-23
however WedAdvisor Solutions Pvt Ltd.,
shall start the same from the next finandal
year. The company on the date of Balance
sheet have diluted all investment capital,
made by the Touchwood Entertainment
Ltd., into equity share capital.
12. Segment Reporting : As per Ind-AS 108,
the company has multiple business
segment i.e. "event management " "
Construction services" and "trading
activities" and all the revenue comes from
them have been identified and provided in
the financials of the company. During the
year under review the company has carried
it's one subsidiary and one wholly owned
subsidiary companies namely MakeMeUp
Private Limited and WedAdvisor Solutions
Private Limited respectively and they have
/ shall carry on different segments of
business revenue from the this/next
financial years. There is no specific
geographical reporting segment as the
company is doing business across India.
13. Previous year figures have been regrouped
or reclassified wherever found necessary to
make them comparable with the figures of
the current year.
17. Disclosures as per Ind AS 19 "Employee
Benefits" relating to Actuarial Valuation
of Gratuity
The Company has a defined benefit gratuity
plan in India, governed by the Payment of
Gratuity Act, 1972. The plan entitles an
employee, who has rendered at least five
years of continuous service, to gratuity at the
rate of fifteen days wages for every
completed year of service or part thereof in
excess of six months, based on the rate of
wages last drawn by the employee concerned.
Membership Information
Membership data of the Plan as at 31-Mar 2025
(Census Date) was provided by the Sponsor. A
summary of membership data provided is
given below:
For and on Behalf of the Board of Directors
For VSD & Associates Touchwood Entertainments Limited
Chartered Accountants
(Firm Registration No. 008726N)
Sd/- Sd/- Sd/-
(Sanjay Sharma) Manjit Singh Vijay Arora
; (Managing Director) (WholeTimeDirector)
Membership No. 087382 DIN:00996 149 DIN:00996193
Sd/ Sd/
Place : New Delhi Dinesh Singla Ritika Vats
Dated : 20th May 2025 Lcial Officer Company Secretary
& Compliance Officer
PAN: BLVP S6089N PAN: CBKPV2742K
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