Home  »  Company  »  A F Enterprises  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of A F Enterprises Ltd. Company

Mar 31, 2015

A. Changes in accounting policy

During the year ended 31st March 2015, the revised Schedule III notified under the Companies Act, 2013, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule III does not impact recognition and measurement principles followed for preparation of financial statements. However, it only impact on the presentation and disclosures made in the financial statements. The company has also reclassified previous year's figure in accordance with the requirements applicable for the current year.

b. Revenue recognition

Having regard to the size, nature and level of operation of the business, the company is applying accrual basis of accounting for recognition of income earned and expenses incurred in the normal course of business.

c. Fixed assets:

Fixed Assets are valued at cost of purchase and/ or construction as increased by necessary expenditure incurred to make them ready for use in the business.

d. Inventories

Inventories include investments in shares of other companies. The Company classifies such investments as inventory and valuation of them has been made at lower of cost or Market Value. However, unquoted investments are stated at cost.

e. Depreciation

The company didn't charge depreciation on Office Premises as same is not put fixed assets on straight line method as per rates prescribed under Companies Act, 2013 on pro- rata basis. However, no Depreciation is being charged on asset depreciated upto 95% of its historical cost.

f. Taxes on income

Current taxes on income have been provided by the Company in accordance with the relevant provisions of the Income Tax Act, 1961. Deferred Taxes has been recognised on timing differences between accounting income and taxable income subject to consideration of prudence.


Mar 31, 2014

1. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended from time to time) and the relevant provisions of the Companies Act, 1956.

The financial statements have been prepared on accrual basis and under the historical cost convention. The accounting policies not specifically referred, are consistently applied from the past accounting periods.

2. Summary of significant accounting policies

a. Changes in accounting policy

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it only impact on the presentation and disclosures made in the financial statements. The company has also reclassified previous year''s figure in accordance with the requirements applicable for the current year.

b. Revenue recognition

Having regard to the size, nature and level of operation of the business, the company is applying accrual basis of accounting for recognition of income earned and expenses incurred In the normal course of business.

c. Fixed assets:

Fixed Assets are valued at cost of purchase and/or construction as increased by necessary expenditure incurred to make them ready for use in the business.

d. Inventories

Inventories include investments in shares of other companies. The Company classifies such investments as inventory and valuation of them has been made at lower of cost or Market Value. However, unquoted investments are stated at cost.

e. Depreciation

The company didn''t charge depreciation on Office Premises as same is not put fixed assets on straight line method as per rates prescribed under Schedule XIV of the Companies Act, 1956 on pro-rata basis. However, no Depreciation is being charged on asset depreciated upto 95% of its historical cost.

f. Taxes on income

Current taxes on Income have been provided by the Company in accordance with the relevant provisions of the Income Tax Act, 1961. Deferred Taxes has been recognised on timing differences between accounting income and taxable income subject to consideration of prudence.


Mar 31, 2013

1.1 Corporate Information

Enterprises is incorporated under the Companies Act,1956, on 18th August,1983 as a Public Limited Company. Its authorized share capital is Rs.1.25 crore. Registered office of the company has been changed from 72 Janpath. New Delhi-110001 to 123, Ground Floor, Vinoba Puri Lajpat Nagar, New Delhi-110024 w.e.f. 10.05.2013. Company is carrying on the business as investment company for purchase and sale of shares, debentures, bonds, securities and also the business of consultancy service for staff training. Staff Personal Grooming etc.

1.2 Management is planning to arrange additional funds for repayment of its liabilities. Therefore going concern assumption seems to be unaffected.

Note 2 Significant Accounting Policies

2.1 The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India including the applicable Accounting standards Issued pursuant to the companies (Accounting standards) Rules, 2006.AII Income and Expenditures having a material bearing on the financial statements recognized on an accrual basis.

2.2 Investments are stated after considering permanent diminution in their value.

2.3 The employees benefits for Leave Encashment etc. are accounted for in the year they are incurred.

2 4 income taxes are accrued in the same period that the related revenue and expenses arise. A provision is made for income tax annually based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability, is recognized as an asset in the Balance Sheet if there is convincing evidence that the Company will pay normal tax and the resultant asset can be measured reliably.

2.5 The Basic Earning Per Share (BEPS) is calculated by dividing the Net profit after Tax for the year Attributable to the equity Shareholders of the Company by the Weighted average number of Equity Shares outstanding during the Year.

The Diluted Earning Per Share (DEPS) is calculated by dividing the Net profit after Tax for the year Attributable to the equity Shareholders of the Company by the Weighted average number of shares determined by assuming conversion on exercise of conversion rights for all Potential Dilutive Securities

2.6 The Cash Flow Statement is prepared by the Indirect Method set out in the "Accounting Standard 3 on "Cash Flow Statements" and presents the Cash Flows from Operating, Investing and Financing activities of the Company.

2.7 Accounting policies not specifically referred to are in consonance with the generally accepted accounting practices.


Mar 31, 2012

1.1 Corporate Information

Enterprises is incorporated under the Companies Act,1956, on 18th August,1983 as a Public Limited Company. Its authorized share capital is Rs.1.25 crore. Registered office of the company has been changed from 72 Janpath. New Delhi-110001 to 123, Ground Floor, Vinoba Puri Lajpat Nagar, New Delhi-110024 w.e.f. 10.05.2013. Company is carrying on the business as investment company for purchase and sale of shares, debentures, bonds, securities and also the business of consultancy service for staff training. Staff Personal Grooming etc.

1.2 Management is planning to arrange additional funds for repayment of its liabilities. Therefore going concern assumption seems to be unaffected.

Note 2 Significant Accounting Policies

2.1 These account s have been provided on "Historical Cost" basis.

2.2 The Company generally follows "accrual concept" of accounting in the preparation of the accounts.

2.3 Investments are stated after considering permanent diminution in their value.

2.4 The employees benefits for Leave Encashment etc. are accounted for in the year they are incurred.

2.5 income taxes are accrued in the same period that the related revenue and expenses arise. A provision is made for income tax annually based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability, is recognized as an asset in the Balance Sheet if there is convincing evidence that the Company will pay normal tax and the resultant asset can be measured reliably.

2.6 Accounting policies not specifically referred to are in consonance with the generally accepted accounting practices


Mar 31, 2011

1, These accounts have been prepared on " Historical cost" basis.

2 The company generally follows " accrual concept " of accounting in the preparation of the accounts.

3 Investments are stated at their original cost of acquisition.

4 Accounting policies not specifically referred to are in consonance with the generally accepted accounting practices

Find IFSC