l) Provisions, Contingent Liabilities, and Contingent Assets

Provisions are recognized when there is a present legal or constructive obligation due to past
events and it is probable that an outflow of resources will be required. Contingent liabilities are
disclosed when the possibility of outflow is not remote. Contingent assets are not recognized but
disclosed when inflow is probable.

m) Earnings Per Share (EPS)

Basic EPS is calculated by dividing net profit for the year attributable to equity shareholders by
the weighted average number of equity shares outstanding. Diluted EPS adjusts the figures for
the effects of all dilutive potential equity shares.

n) Cash and Cash Equivalents

Cash and cash equivalents include balances with banks, cash on hand, and short-term deposits
with original maturities of three months or less that are readily convertible to known amounts of
cash.

Thanking You

For UVS HOSPITALITY AND SERVICES LIMITED

(Formerly known as Thirdwave Financial Intermediaries Ltd)

Sd/-

Utkarsh Vartak
Director
DIN: 09306253
Date: 30/05/2025
Place: Mumbai

* On 15th May, 2024 , All Mr. Utkarsh Vartak, Mr. Kiran Prakash Hurkadli and Mr.Sachin Dilip Nanche
collectively transferred 100% of their shareholding in UVS Investment Management PTY Ltd to
Thirdwave Financial Intermediaries Limited subject to terms and conditions of the share purchase
agreement executed amongst the parties thereto.

* The company alloted 2,50,00,000 shares to Mr. Utkarsh Vartak, Mr. Kiran Prakash Hurkadli and Mr.
Sachin Nanche towards the discharge of consideration for the aforesaid transfer on share swap basis.

* On 14th November, 2024, All the shareholders of the M/s. British Brewing Company collectively
transferred 100% of their shareholding to UVS Hospitality and Services Limited (Formerly known as M/s.
Thirdwave Financial Intermediaries Limited subject to terms and conditions of the share purchase
agreement executed amongst the parties thereto. the company has discharged the consideration on cash
basis.

* The investment has been recorded at cost and the management has estimated that there is no permanent
diminution in the value of investment as on 31st March 2025.

* The additional Investment in subsidiaries mentioned as EQUITY CONTRIBUTION is the equity
component in fair valuation of loan given to subsidiary M/s. British Brewing Company Private Limited at
concessional rate as per Ind AS.

b) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

Equity Capital

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets on winding up. The equity shares are
entitled to receive dividend as declared from time to time, subject to preferential right of preference shareholders to payment of dividend. The voting rights of an equity shareholder on a poll are in
proportion to his/its share of the paid-up equity share capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid.
Failure to pay any amount called up on shares may lead to their forfeiture. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company,
remaining after distribution of all preferential amounts, in proportion to the number of equity shares held.

Fair value hierarchy

Fair value hierarchy 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 financial statements.

To provide an indicatton about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into
the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

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, traded bonds, 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

B Measurement of fair values

(i) Valuation techniques and significant unobservable inputs

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidaton sale. The following methods and assumptions were used to estimate
the fair values:

The fair values of the Company's interest-bearing loans are determined by using DCF method using discount rate that reflects the issuer's
borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2025 was assessed to be insignificant.

The following tables show the valuation techniques used in measuring Level 2 fair values. The significant unobservable inputs used have not been
disclosed as no financial assets and liabilities have been measured at fair value:

C Financial risk management

The Company has exposure to the following risks arising from financial instruments

- credit risk (see (b));

- liquidity risk (see (c)); and

- market risk (see (d)).

(a) Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. 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, through its training and management standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.

Board 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. Board 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.

(b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers; loans and investments in debt
securities.

The carrying amounts of financial assets represent the maximum credit risk exposure.
i) Trade receivables and loans:

The Company's trade receivable primarily includes receivables from E-Commarce Platform such as Swiggy, Zomato and third
parties payment collector such as UPI, Card swipe POS Machine.The Company has established a credit policy under which
each new customer is analysed individually for credit worthiness before the Company's standard payment and delivery
terms and conditions are offered. The Company's review includes external ratings, if they are available, financial
statements, credit agency information, industry information and in some cases bank references.

The Company's loans include recoverable from loans given to wholly owned subsidiaries

The Company considers the probability of default upon initial recognition of asset and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a
significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting
date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive
forwarding-looking information.

Based on the above analysis, the Company does not expect any credit risk from its trade receivables and loans recoverable for
any of the years reported in this financial statements.

(d) 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

The Company is not exposed to any currency risk. The currencies in which these transactons are denominated is INR.

37 Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the parent. The primary objective of the Company's capital
management is to maximise the shareholder value.

The Company monitors capital using a ratio of net debt to equity. For this purpose, net debt is defined as total
liabilities, comprising borrowings, trade payables and other liabilities less cash and cash equivalents. Equity comprises all
components of equity. The Company's net debt to equity rato at 31 March 2025 was as follows.