First Quarter Accounts
for the Period Ended
September 30, 2023
CONTENTS
Company Information | 2 |
Directors' Report | 3 |
Condensed Interim Statement of Financial Position | 4 |
Condensed Interim Statement of Profit or Loss | 5 |
Condensed Interim Statement of Comprehensive Income | 6 |
Condensed Interim Statement of Changes in Equity | 7 |
Condensed Interim Statement of Cash Flows | 8 |
Selected Notes to the Condensed Interim Un-audited Financial Statements | 9 |
First Quarter September 30, 2023
COMPANY INFORMATION
Board of Directors | Mr. Ali Pervez Ahmed | Chief Executive |
Mr. Muhammad Khalid Khan | Chairman | |
Mrs. Rehana Pervez Ahmed | ||
Mrs. Ayesha Ahmed Mansoor | ||
Mr. Muhammad Razzaq | ||
Mr. Waqas Ahmad Khan | ||
Mian Basit Rasheed | ||
Audit Committee | Mian Basit Rasheed | Chairman |
Mr. Muhammad Khalid Khan | ||
Mrs. Ayesha Ahmed Mansoor | ||
Chief Financial Officer | Mr. Muhammad Yousuf | |
Company Secretary | Mr. Rizwan Atta | |
Auditors | M/s Rizwan & Company | |
Chartered Accountants | ||
Legal Advisor | Cornelius, Lane & Mufti | |
Advocates & Solicitors | ||
Banks | Al Baraka Bank (Pakistan) Limited | |
MCB Bank Limited | ||
Summit Bank Limited | ||
Registered Office | 20-K, Gulberg II, Lahore. | |
Share Registrars | THK Associates (Pvt.) Limited | |
32-C, Jami Commercial, Street No 2, | ||
D.H.A. Phase VII, | ||
Karachi - 75500 | ||
Website | www.pervezahmed.net |
02 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
DIRECTORS' REPORT
The Board of Directors of Pervez Ahmed Consultancy Services Limited is pleased to present the Company's un-audited financial statements for the first quarter ended September 30, 2023.
Financial Results of the Company
The Company suffered a loss of Rs. 64,815 during the first quarter that ended on September 30, 2023, as opposed to a profit of Rs. 71,938 during the same period in the previous year. Despite the limited operations, the management is optimistic that things will improve in the future.
Future Outlook
Local businesses are experiencing instability and uncertainty due to unfavourable economic conditions like growing inflation and high energy costs. If the inflation rate is not brought under control, it could cause the country's economic growth to slow down and have a significant negative impact on economic activity. The Pakistan's economy will remain susceptible to both domestic and external shocks until the political stability. Projected on the effective execution of the IMF Stand-By Arrangement, the infusion of new external financing, and the ongoing fiscal discipline, it is anticipated that real GDP growth will persist below its full potential in the medium term, albeit with some enhancements in investment and exports.
Acknowledgement
The Board is thankful to its valued shareholders for their confidence in the Company, its clients, the Securities & Exchange Commission of Pakistan and to the management of Pakistan Stock Exchange Limited for their valuable support, assistance and guidance.
For & on behalf of the Board
Lahore
October 30, 2023
Ayesha Ahmed Mansoor | Ali Pervez Ahmed |
Director | Chief Executive |
03 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
September 30 | June 30 | |
2023 | 2023 | |
Note | (Un-Audited) | (Audited) |
Rupees | Rupees |
Non Current Assets
Property and equipment
Long term investment in associate
Long term security deposits
Current Assets
Short term investments
Advances, prepayments & receivables
Bank balances
Current Liabilities
Trade and other payables
Unclaimed dividend
Accrued mark up
Short term borrowings
Due to related parties
Provision for taxation
Net Current Assets
Non Current Liabilities
NET ASSETS
REPRESENTED BY
Authorized share capital
230,000,000 (2023:230,000,000) ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital
Discount on issue of shares
Accumulated losses
Advance against issue of ordinary shares
Contingencies and Commitments | 4 |
20,347
78,902,338
150,000
79,072,685
2,131,631
1,992,333
1,521,145
5,645,109
(481,055,687)
(885,404)
(21,757,327)
(89,839,551)
(54,620,713)
(60,000)
(648,218,682)
(642,573,573)
-
(563,500,888)
2,300,000,000
1,865,684,870
(818,331,810)
(1,631,476,798)
(584,123,738)
20,622,850
(563,500,888)
-
(563,500,888)
21,600
78,619,334
150,000
78,790,934
2,141,199
1,180,000
1,542,766
4,863,965
(481,197,977)
(885,404)
(21,757,327)
(89,839,551)
(53,350,713)
(60,000)
(647,090,972)
(642,227,007)
-
(563,436,073)
2,300,000,000
1,865,684,870
(818,331,810)
(1,631,411,983)
(584,058,923)
20,622,850
(563,436,073)
-
(563,436,073)
The annexed notes form an integral part of these un-audited accounts.
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER | DIRECTOR |
04 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
July 1 to | July 1 to | ||
September 30 | September 30 | ||
2023 | 2022 | ||
(Un-Audited) | (Un-Audited) | ||
Rupees | Rupees | ||
Operating income - Net | - | 600,000 | |
Administrative expenses | (338,251) | (404,132) | |
Operating (loss)/profit | (338,251) | 195,868 | |
(Deficit)/surplus on remeasurement of investments | |||
at fair value through profit or loss - Net | (9,568) | 109,221 | |
(Loss)/profit before taxation and share | |||
from associated undertaking | (347,819) | 305,089 | |
Share of profit/(loss) of associate | 283,004 | (233,151) | |
Taxation | - | - | |
(Loss)/profit after taxation | (64,815) | 71,938 | |
(loss)/earning per share | (0.000) | 0.000 | |
The annexed notes form an integral part of these un-audited accounts.
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER | DIRECTOR |
05 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
July 1 to | July 1 to | ||
September 30 | September 30 | ||
2023 | 2022 | ||
(Un-Audited) | (Un-Audited) | ||
Rupees | Rupees | ||
(Loss)/profit after taxation | (64,815) | 71,938 | |
Other comprehensive income | - | - | |
Total comprehensive (loss)/income for the quarter | (64,815) | 71,938 | |
The annexed notes form an integral part of these accounts. | |||
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER | DIRECTOR |
06 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Share | Share | Discount on | Unappropriated | |||||||
Capital | Deposit Money | Issue of Shares | (Loss) | Total | ||||||
Rupees | Rupees | Rupees | Rupees | Rupees | ||||||
(Un-Audited) | (Un-Audited) | (Un-Audited) | (Un-Audited) | (Un-Audited) | ||||||
Balance as at July 1, 2022 | 1,865,684,870 | 20,622,850 | (818,331,810) | (1,628,816,220) | (560,840,310) | |||||
Total comprehensive income for the | ||||||||||
quarter ended September 30, 2022 | - | - | 71,938 | 71,938 | ||||||
Balance as at September 30, 2022 | 1,865,684,870 | 20,622,850 | (818,331,810) | (1,628,744,282) | (560,768,372) | |||||
Balance as at July 1, 2023 | 1,865,684,870 | 20,622,850 | (818,331,810) | (1,631,411,983) | (563,436,073) | |||||
Total comprehensive loss for the | ||||||||||
quarter ended September 30, 2023 | - | - | - | (64,815) | (64,815) | |||||
Balance as at September 30, 2023 | 1,865,684,870 | 20,622,850 | (818,331,810) | (1,631,476,798) | (563,500,888) | |||||
The annexed notes form an integral part of these accounts.
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER | DIRECTOR |
07 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
July 1 to | July 1 to |
September 30 | September 30 |
2023 | 2022 |
(Un-Audited) | (Un-Audited) |
Rupees | Rupees |
CASH FLOW FROM OPERATING ACTIVITIES |
Profit/(loss) before taxation
Adjustments for:
- Deficit/(surplus) on remeasurement of investments
at fair value through profit and loss - Net
Share of (profit)/loss from investment in associated undertaking
- Depreciation
Operating (loss)/profit before working capital changes
(increase) / decrease in current assets
- Advances & prepayments Increase / (decrease) in current liabilities:
- Trade and other payables
Cash used in operations
Taxes paid
Net cash used in operating activities
CASH FLOW FROM INVESTING ACTIVITIES
(64,815)
9,568
(283,004)
1,253
(272,183)
(336,998)
(812,333)
(142,290)
(954,623)
(1,291,621)
-
(1,291,621)
71,938
(109,221)
233,151
1,675
125,605
197,543
(1,500,640)
1,235,089
(265,551)
(68,008)
-
(68,008)
- Funds received from related parties | - | - | |
- Property, plant & equipment | - | - | |
(1,291,621) | (68,008) | ||
Net cash from financing activities | |||
- Short term borrowings | 1,270,000 | 85,000 | |
Net Increase in Cash and Cash Equivalents | (21,621) | 16,992 | |
Cash and cash equivalents at the beginning of the period | 1,542,766 | 1,474,467 | |
Cash and Cash Equivalents at the End of the period | 1,521,145 | 1,491,459 | |
The annexed notes form an integral part of these accounts. | |||
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER | DIRECTOR |
08 Pervez Ahmed Consultancy Services Ltd.
First Quarter September 30, 2023
PERVEZ AHMED CONSULTANCY SERVICES LIMITED
SELECTED NOTES TO THE CONDENSED INTERIM UN-AUDITED FINANCIAL
STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Note 1
The Company and its Operations
Pervez Ahmed Consultancy Services Limited (FormerlyPervez Ahmed Securities Limited) was incorporated in Pakistan on June 8, 2005 as a Single Member Company under the repealed Companies Ordinance, 1984 (Now Companies Act, 2017) and was later converted to Public Limited Company and listed on Pakistan Stock Exchanges Limited. The Company was primarily a brokerage house engaged in the shares brokerage & trading, consultancy services and underwritings. However, the Company has amended its memorandum of association to change its principal activity to act as consultants and advisors. The registered office of the Company is situated at 20-K Gulberg II, Lahore.
Note 2
Basis of Preparation
These accounts have been prepared in accordance with the requirements of the Companies Act, 2017 and International accounting Standard, IAS 34 " Interim Financial Reporting."
This condensed interim financial statements should be read in conjunction with annual audited financial statements for the year ended June 30, 2023. Comprehensive balance sheet is extracted from annual audited financial statements of the Company for the year ended June 30, 2023, whereas comparative profit or loss account, statement of comprehensive income, statement of changes in equity and cash flow statement are stated from unaudited interim financial statements for the quarter ended on September 30, 2022.
Note 3
Accounting Policies
The accounting policies and methods of computation followed in the preparation of these financial statements are the same as those of the published in the annual financial statements of the Company for the year ended June 30,2023.
Note 4
Contingencies and Commitments
Contingencies
One of the creditors of the Company filed suit against the Company for the recovery of Rs. 36.57 million including late payment surcharge amounting to Rs. 17.45. million. The Company has filed a counter claim of Rs. 18.86 million against the creditor. No additional liability has been provided as management expects favourable outcome of the suit.
The Additional Registrar of Companies has filed a petition in the Lahore High Court against the Company and its directors. The petition is pending adjudication.
Al Baraka Bank (Pakistan) Limited has filed a suit before the Lahore High Court against the Company for recovery of outstanding debts finances and mark-up thereon
09 Pervez Ahmed Consultancy Services Ltd.
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Pervez Ahmed Securities Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 09:29:41 UTC.