SIGNIFICANT ACCOUNTING POLICIES AS AT MARCH 31, 2024 1. BASIS OF PREPARATION:
i) COMPLIANCE WITH IND AS:
The Financial Statements comply in all material respects with Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (the Act), [Companies (Indian Accounting Standards) Rules, 2015] As amended from time to time and other relevant provisions of the Act.
ii) HISTORICAL COST CONVENTION:
The Financial Statements have been prepared on accrual, going Concern basis and historical cost basis.
IND AS 01: PRESENTATION OF FINANCIAL STATEMENTS
IND AS 01 has been applied in preparing and presenting, General purpose Financial Statements. Appending notes contain information in addition to that, presented in Balance Sheet, Statement of Profit & Loss, Statement of Change in Equity and Statement of Cash Flows. Notes to financial statements provide narrative description or disaggregation of items presented in these Financial Statements and information about the items that do not qualify for recognition in Financial Statements.
Other Comprehensive Income comprises items of income and expenses that are not recognised in profit and loss, as required or permitted by other IND AS. Financial Statements have been prepared on going concern assumption.
IND AS 02: INVENTORIES
The Company does not deal in inventory hence IND AS 2 is not applicable.
IND AS 07: STATEMENT OF CASH FLOWS
Statement of Cash Flows has been prepared in accordance with requirements of IND AS 07 & is presented as an integral part of Financial Statements for each period for which reporting is required.
This statement reports cash flows during the period classified by Operating, Investing & Financial activities. Cash flows from operating activities is reported using the indirect method.
Cash & Cash Equivalents comprises of cash in hand demand deposit with bank and short-term balance with maturity of three months or less and highly liquid funds that are convertible into known amount of cash and which are subject to insignificant risk of change in value.
The income tax expenses or credit for the period is the tax payable on taxable income of current period based on applicable income tax rates adjusted by changes in deferred tax assets and liabilities attributable to temporary difference and unused tax losses.
The current income tax charges are calculated on the basis of tax laws enacted or substantively enacted at the end of reported period. The management periodically evaluates position taken in tax returns with respect to situation in which applicable tax regulation is subject to interpretation. It establishes provision where appropriate, on the basis of amount expected to be paid to tax authorities.
Deferred tax asset is recognised for all deductible temporary differences and unused tax losses only if it is probable that future tax amount will be available to utilize those temporary differences and losses. Current and deferred tax is recognised in profit and losses, except to the extent that it relates to items recognised in Other Comprehensive Income.
IND AS 16: PROPERTY, PLANT AND EQUIPMENTS
Free hold land is carried at historical cost.
All other items of Property, Plant and Equipments are stated at acquisition cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of items.
Subsequent expenses are included in the carrying amount of assets or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repair and maintenance are charged to the statement of profit and loss during the period in which they are incurred. Gains or losses arising on retirement, or disposal of assets are recognised in statement of profit and loss.
DEPRECIATION METHODS, ESTIMATED USEFUL LIVES AND RESIDUAL VALUE:
Depreciation is provided on the written down value method (except premises on which Straight Line Method is followed) to allocate the cost of assets, net of the residual values, over their estimated useful lives. Depreciation is calculated on pro-rata basis, both, from the date of acquisition in the year of acquisition and till the date of disposal/retirement, in the year of disposal/retirement.
Disclosures of related party relationships, transactions and outstanding balances including commitments in the financial statements have been given, where ever required. Items of similar nature have been disclosed in aggregate except when separate disclosure is required for understanding the effects of the same on financial statements of entity.
IND AS 33: EARNING PER SHARE
Basic and diluted earnings per share for profit or loss from continuing operations attributable to the ordinary equity holders of the entity for each class of ordinary shares, have been disclosed as per the requirements of IND AS 33.
|