Home  »  Company  »  Angels Enterpris  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Angels Enterprises Ltd. Company

Mar 31, 2015

1 Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.

2 Changes in Accounting policies

The accounting policies adopted are consistent wit h those of previous financial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise stated.

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises t he purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

4 (A)- Depreciation on tangible fixed assets

Depreciation on Fixed Assets is provided to the extent of depre ciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

5 Taxes on Income

Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.The DTA is recognised only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realised.

6 Contingent Liability

The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is mad e in the accounts, if it becomes probable that there will be outflow of resouces for settling the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liablities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with generally accepted accounting princi ples, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate. There are no any foreign currency transaction occured during the year.














Mar 31, 2014

1 Basis of Accounting

The financial statements are prepared under the historical cost conv ention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under the Companies (Accounting Standards) Rules, 2006 and as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The accounting policies adopted are consistent with those of previous financial year. The managem ent assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Sales represent invoiced Value of goods Sold. Other Income is recognized and accounted for on acc rual basis unless otherwise stated.

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulate d depreciation and i mpairment losses, if any. Cos t comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

5 Taxes on Income

Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. The DTA is recognized only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realized.

6 Contingent Liability

The contingent liabilities, if any, are disclosed i n the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with genera lly accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign currencies are norm ally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.


Mar 31, 2013

1 Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under the Companies (Accounting Standards) Rules, 2006 and as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The accounting policies adopted are consistent with those of previous financial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Export Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise stated.

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

5 Taxes on Income

Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.The DTA is recognised only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realised.

6 Contingent Liability

The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resouces for settling the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liablities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.


Mar 31, 2012

1) REVENUE RECOGNITION

Revenue is being recognised on accrual basis of accounting in accordance with the Guidance note issued by the Institute of charteredAccountants of India. Accordingly, if there are any uncertainties in realisation, Income is not accounted for.

2) FIXED ASSETS

Fixed assets are accounted for on historical cost basis, inclusive of the cost of installation.

3) GRATUITY

No provision for gratuity is made as no staff falling under this category at the last day of the financial year.

4) FOREIGN CURRENCY

Not Applicable, as no Sales are made during the year under review.

5) INVESTMENT

Investments are valued at cost inclusive of expenses incidental to their acquistion, if any. Investments if such diminution in value, in the opinion of the management, is temporary meant for long term are carried at cost and any diminution in value, though material is not recognised in nature.

6) TRANSACTIONS IN FOREIGN CURRENCIES(Other than for Fixed Assets)

Not applicable, as no transaction in Foreign Currency are carried out during the year under review.

7) TAXATION

(a) Provision for Income Tax is made in accordance with Income Tax Act, 1961

8) PROVISION FOR DOUBTFUL DEBTS

The Company does not make provision for doubtful debts, and follow the practice or writing off bad debts as and when determined. However, all the debts exceding more than one year.

9) PROVISION FOR EXPENSES

The Company made necessary provision for all the required expenses pertaning to financial year 2010 -2011.


Mar 31, 2011

1. BASIC FOR PREPARATION OF FINANCIAL STATEMENT

The financial statements are prepared under the historical cost convention, in accordance With generally accepted accounting principles and the provision of the companies Act, 1956, as adopted consistently by the company.

2. RECOGNITION OF INCOME AND EXPENDITURE

All income and expenditure having material bearing on the financial statements are recognized on the accrual basis.

3. RECOGNITION OF EXPENSES

Expenses are accounted on the accrual basis and provisions are made for all known Losses and liabilities.

4. TAXATION

Current Tax: Provision for current taxes on income is made on the basis of the actual liabilities for the year.

Deferred Tax : in accordance with Accounting Standard -22 " Accounting for Taxes on income, issued by the Institute of Chartered Accountants of India , the deferred tax for timing difference between the book and tax profits for the year is accounted for using the tax rates and laws that have been enacted for subsequently enacted as of the balance sheet date. Deferred Tax liability arising from timing differences are Recognized to the extent there is reasonable certainty that liability can be realized in future.

 
Subscribe now to get personal finance updates in your inbox!