Financial liabilities
Financial liabilities are measured at amortised
cost using the effective interest method.
Equity instruments
An equity instrument is a contract that evidences
residual interest in the assets of the company after
deducting all of its liabilities. Equity instruments
issued by the Company are recognised at the
proceeds received net of direct issue cost.
i Statement of cashflow
Cash flows are reported using the indirect
method, whereby net profit before tax is adjusted
for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or
future cash receipts or payments.
The cash flows from operating, investing
and financing activities of the Company are
segregated. For the purpose of the statement of
cash flows, cash and cash equivalents consist of
cash and short-term deposits, as defined above,
net of outstanding bank overdraft and book
overdraft as they are considered an integral part
of the Company's cash management.
j Operating segments
Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision maker.
k New and amended standards
The Company applied for the first-time certain
standards and amendments, which are effective
for annual periods beginning on or after 1 April
2025. The Company has not early adopted any
standard, interpretation or amendment that has
been issued but is not yet effective.
i) Amendments to Ind AS 7 and Ind AS 107 -
Supplier Finance Arrangements
In August 2025, the MCA notified
amendments to Ind AS 7 Statement of Cash
Flows and Ind AS 107 Financial Instruments:
Disclosures to clarify the characteristics of
supplier finance arrangements and require
additional disclosure of such arrangements.
The disclosure requirements in the
amendments are intended to assist users of
financial statements in understanding the
effects of supplier finance arrangements
on an entity's liabilities, cash flows and
exposure to liquidity risk.
The amendment does not result in any impact
on the company's financial statements.
ii) Rights, preferences and restrictions
Equity shares
The Company has only one class of Equity Shares having par value of C 2 per share.
Each holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend, if any proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the Company, holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
Preference shares
The Company has only one class of Preference shares having par value of C 10 per
share. These shares carry a right to cumulative dividend of 8% p.a. The shares are
redeemable at any time within 20 years from the date of issue at the option of the
Company by giving a 48 hour prior written notice to the holders at the specified
redemption price.
iii) Information regarding aggregate number of equity shares issued during
the five years immediately preceding the date of Balance Sheet:
The Company has not issued shares for consideration other than cash and has not
bought back any shares during the past five years.
No equity shares have been forfeited.
iv) Details of shares in the Company held by each shareholder holding more
than 5% shares is as follows:
Equity Shares of C 2 each fully paid up:
Notes:
(a) Capital reserve
Capital reserve was created pursuant to the composite scheme of arrangement (amalgamation
of WestPoint Leisureparks Private Limited, Triple A Foods Private Limited and demerger of
Westlife Development Limited) under section 391 to 394 of the Companies Act, 1956 sanctioned
by the Hon'ble High Court of Bombay.
The excess amount of the book value of investment under the composite scheme of arrangement
over its cost of investment is treated as capital reserve.
(b) Securities premium reserve
Securities premium reserve is used to record the premium received on issue of shares by the
Company. The reserve can be utilised in accordance with the provision of Section 52(2) of
Companies Act, 2013.
(c) General reserve
The general reserve is a free reserve which is used from time to time to transfer profits from /
to retained earnings for appropriation purposes. As the general reserve is created by a transfer
from one component of equity to another and is not an item of other comprehensive income,
items included in the general reserve will not be reclassified subsequently to statement of profit
and loss.
(d) Employee stock options outstanding
The Company has established equity-settled share-based payment plans for certain categories
of employees of subsidiary company. Refer note 26 for further details on these plans.
(e) Retained earnings
Retained earnings represent the profits that the Company has earned till date, less any transfers
to general reserve. Retained Earnings is a free reserve.
b Fair value hierarchy
This section explains the judgement and estimates made in determining the fair values of the financial
instruments that are
a) recognised and measured at fair value.
b) measured at amortised cost and for which fair values are disclosed in the
standalone financial statements.
To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into three levels
prescribed under the Indian accounting standard. An explanation of each level is
mentioned below :
Level 1 - Level 1 hierarchy includes financial instruments measured using quoted
prices. This includes listed equity instruments, traded bonds and mutual funds
that have quoted price. The fair value of all equity instruments (including bonds)
which are traded in the stock exchanges is valued using the closing price as at the
reporting period. The mutual funds are valued using the closing NAV.
Level 2 - The fair value of financial instruments that are not traded in an active
market (for example, over-the counter derivatives) is determined using valuation
techniques which maximise the use of observable market data and rely as little as
possible on entity-specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in level 2.
Level 3 - If one or more of the significant inputs is not based on observable market
data, the instrument is included in level 3. This is the case for unlisted equity
securities, contingent consideration and indemnification asset included in level
3. Fair values are determined in whole or in part using a valuation model based
on assumptions that are neither supported by prices from observable current
market transactions in the same instrument nor are they based on available
market data.
Risk management framework
In the course of its business, the Company is exposed to a number of financial risks:
credit risk, liquidity risk and market risk. This note presents the Company's objectives,
policies and processes for managing its financial risk and capital. The key risks and
mitigating actions are also placed before the Board of Directors of the Company. The
Company's risk management policies are established to identify and analyse the
risks faced by the Company, to set appropriate risk limits and controls and to monitor
risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Company's activities.
The Company manages the risk through the finance department that ensures that the
Company's financial risk activities are governed by appropriate policies and procedures
and that financial risks are identified, measured and managed in accordance with the
Company's policies and risk objectives. The activities are designed to:
- protect the Company's financial results and position from financial risks
- maintain market risks within acceptable parameters, while optimising returns; and
- protect the Company's financial investments, while maximising returns.
The Company's Audit Committee oversees how management monitors compliance
with the Company's risk management policies and procedures, and reviews the
adequacy of the risk management framework in relation to the risks faced by the
Company. The Audit Committee is assisted in its oversight role by internal audit.
Internal audit undertakes both regular and ad hoc reviews of risk management
controls and procedures, the results of which are reported to the Audit Committee.
i. Credit risk
The Company limits its exposure to credit risk by generally investing in liquid
securities and only with counterparties that have a good credit rating. The
Company does not expect any losses from non-performance by these counter¬
parties, and does not have any significant concentration of exposures to specific
industry sectors.
The gross carrying amount of financial assets, net of any impairment
losses recognised represents the maximum credit exposure.
A financial asset is 'credit-impaired' when one or more events that have a
detrimental impact on the estimated future cash flows of the financial asset have
occurred such as a breach of contract.
In respect of its investments the Company aims to minimize its financial credit
risk through the application of risk management policies.
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The Company has Loan receivable of C 54.18 million at March 31, 2026 (March 31,
2025 - C 64.18 millions) (refer note 24) and other receivables of C 0.96 million as
at March 31, 2026 (March 31, 2025 - Nil). There are no significant amounts due
by more than 180 days and not provided for. Management believes that other
receivables and loans being amounts receivable from its wholly owned subsidiary
and controlled trust are fully collectible based on their ability to generate
independent cash flows. These amounts can be called for by the Company at
short notice.
Credit risk on cash and cash equivalent (including bank balances) is limited as
the Company generally transacts with banks and financial institutions with high
credit ratings assigned by international and domestic credit rating agencies.
None of the financial instruments of the Company result in material concentration
of credit risk.
ii. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the
obligations associated with its financial liabilities that are settled by delivering
cash or another financial asset. Prudent liquidity risk management implies
maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of committed credit facilities. The Company's
approach to managing liquidity is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions.
Exposure to liquidity risk
The table below analyses the Company's financial liabilities into relevant maturity
analysis based on their contractual maturities for all derivative and non derivative
financial liabilities.
iii. Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange
rates, interest rates and equity prices, which will affect the Company's income
or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.
i) Currency risk is the risk that the fair value or future cash flows of an exposure
will fluctuate because of changes in foreign exchange rates. The Company
does not have any currency exposure and all its assets and liabilities as also
commitments are denominated in Indian rupees (functional currency). The
currencies in which the transactions are denominated is Indian Rupees.
ii) Interest rate risk is the risk that the that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in market
interest rates.
iii) Other price risk is the risk that that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market prices.
The Company's investment in mutual funds is exposed to pricing risk.
Other financial instruments held by the company does not possess any risk
associated with trading. An increase of 5 percent in Net Assets Value (NAV) of
mutual funds would increase the profit before tax / decrease the loss before
tax by approximately C 7.24 million (March 31, 2025 - C 6.97 million). A similar
percentage decrease would have resulted equivalent opposite impact.
21 Capital Management
The Company's objective for capital management is to maximise shareholder value,
safeguard business continuity and support the growth of the Company. The Company
determines the capital requirement based on annual operating plans and long-term
and other strategic investment plans. The funding requirements are met through loans
and operating cash flows generated. The Company is not subject to any externally
imposed capital requirements.
The Company monitors capital using a ratio of 'net debt' to 'equity'. For this purpose,
net debt is defined as total interest bearing loans and borrowings less cash and cash
equivalents. Equity comprises all components of equity. The Company debt to equity
ratio as at March 31, 2026 and March 31, 2025 was as follows.
25 Contingent liabilities not provided for in the accounts:
a) The Company had no contingent liabilities as at March 31, 2026 (March 31, 2025 :
Nil).
26 Employee Stock Option Scheme
a) The Company provides share based payment scheme (the 'Scheme') which
covers certain eligible employees of the Company and its subsidiary company.
According to the Scheme, the employees selected by the Nomination and
Remuneration Committee from time to time would be entitled to options, subject
to satisfaction of the prescribed vesting conditions. Westlife ESOS Trust (the
'Trust') has been established to facilitate the scheme.
ESOS Scheme 2021
The shareholders of the Company at its meeting held on September 16, 2021
by way of special resolution, formulated the “The Westlife Development Limited
Employees Stock Option Scheme 2021” (referred to as 'the Company's 2021
ESOS Scheme'). ESOP is the primary arrangement under which shared plan
service incentive are provided to certain employees of it's subsidiary.
For options exercised during the year, the weighted average share price at the
exercise date was C 705.11 per share (March 31, 2025: C 837.45 per share).
The weighted average remaining contractual life for the stock options
outstanding as at March 31, 2026 is 5.31 years (March 31, 2025: 6.38 years). The
range of exercise prices for options outstanding at the end of the year was C 2/-
to C 897.80/- (March 31, 2025: C2/- to C 897.80/-)
c) Effect of employee share based payment plans on the Statement of Profit and
Loss and on its financial position.
27 Segment reporting
There is no separate reportable segment as per Ind AS 108 on 'Operating Segments' in
respect of the Company.
The Company operates in single segment only. There are no operations outside India
and hence there is no external revenue or assets which require disclosure.
There is no revenue from external customers during the year ended March 31, 2026
(March 31, 2025: Nil)
28 No funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any
other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall
directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. The
Company has not received any fund from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like from or on
behalf of the Ultimate Beneficiaries.
i) There are no advances given in the nature of loan.
ii) There are no loans granted without specifying any terms or period
of repayment
b) Disclosure Of Transactions With Struck Off Companies
The Company did not have any material transactions with companies struck off
under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act,
1956 during the financial year.
c) No transactions to report against the following disclosure requirements as
notified by MCA pursuant to amended Schedule III:
(1) Crypto Currency or Virtual Currency
(2) Benami Property held under Prohibition of Benami Property Transactions
Act, 1988 and rules made thereunder
(3) Registration of charges or satisfaction with Registrar of Companies
(4) Transaction not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961
d) Analytical ratios
The Company is termed as an Unregistered Core Investment Company (CIC) as
per Reserve Bank of India Guidelines dated 13 August 2020 and is not exposed
to any regulatory imposed capital requirements. Thus, the following analytical
ratios are not applicable to the Company:
1. Capital to risk-weighted assets ratio (CRAR)
2. Tier I CRAR
3. Tier II CRAR
4. Liquidity Coverage Ratio
30 The company has maintained proper books of account as required by law which are
accessible in India at all times and their backup is to be kept on servers located in India
on a daily basis.
31 a) With effect from August 5, 2022, the Ministry of Corporate Affairs (MCA) has
amended the Companies (Accounts) Rules, 2014, relating to maintenance of
electronic books of account and other relevant books and papers. Pursuant to
this amendment, the Company is required to maintain the books of account
which are accessible in India at all times and their backup is to be kept on servers
located in India on a daily basis.
The Company has a process to take daily back-up of books of account maintained
in electronic mode and along with the logs of the back-up of such books
of account.
b) The Company has used accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the
software. Further, there are no instance of audit trail feature being tampered with.
Additionally, the audit trail of prior years has been preserved by the Company as
per the statutory requirements for record retention to the extent it was enabled
in the respective years.
32 Subsequent events
The Company has evaluated subsequent events from the balance sheet date till May
07, 2026, the date at which the financial statements were available to be issued, and
determined that there are no items to report.
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