Pervez Ahmed Consultancy Services : Transmission of Quarterly Report for the Period Ended

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.