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Accounting Policies of Autumn Builders Ltd. Company

Mar 31, 2015

A) The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) The financial statements have been prepared on Historical Cost basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 2013 as adopted consistently by the company.

c) Accounting Policies not referred hereto are consistent with generally accepted accounting principles.


Mar 31, 2014

A) The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) The financial statements have been prepared on Historical Cost basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the company.

c) Fixed Assets stated at cost less accumulated depreciation

d) Depreciation has been provided as per Schedule XIV of The Companies Act, 1956.


Mar 31, 2013

A) Basis of Accounting :

The accounts have been prepared in accordance with historical cost basis as a going concern and are consistent with generally accepted accounting principles and Accounting Standards issued by The Institute of Chartered Accountants of India. The Company follows the Mercantile System of accounting and recognize Income & Expenditure on accrual basis unless otherwise stated.

b) Fixed Assets:

The Fixed Assets is stated at cost less depreciation. Depreciation is charged at the rate prescribed under Schedule XIV to Companies Act,1956.

c) Depreciation

Depreciation on Fixed Assets provided on Written Down Value Method at the rates specified in Schedule XIV of the Companies Act, 1956.

d) Investments:- Long Term Investments are stated at cost.

e) Revenue Recognition

Items of Income and Expenditure, are recognized on accrual basis.

f) Taxation :

i) Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

ii) Deferred tax resulting from timing differences between books and tax profit is accounted for at the substantively enacted tax rate, to the extent that the timing differences are expected to crystalise as deferred tax charged / benefit in the profit and loss statement and as the deferred tax asset /liabilities in the Balance Sheet.

f) impairment of Assets:

In accordance with Accounting Standard -28" Impairment of Assets" issued by the Institute of Chartered Accountants of India, fixed assets are reviewed for impairment whenever events or changes in circumstances warrant that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of tie carrying amount of the asset to the future net discounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognised is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

h) Contingencies

Liabilities which are material and whose future outcome cannot be ascertained with the reasonable certainty are disclosed by way of Notes on Accounts.

i) Size of Company:

The Company is Small and Medium size Company (SMC) as defined in the general instruction in respect of Accounting Standard Notified under the Companies Act, 1956. Accordingly the Company has complied with the Accounting Standard as applicable to the Small and Medium size Company( SMC) j) Employees'' Benefit:

In view of the management the Company is not required to provide for any amount for Employee Benefit except amount paid/provided in the books of Accounts as per the terms with past/continue employee as envisaged by the Accounting Standard-15 " Employees Benefit issued by the Institute of Chartered Accountants of India.


Mar 31, 2012

A) Basis of Accounting

The financial statements have been prepared in accordance with the accounting standard prescribed by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the Company.

b) Recognition of Inonmn and Expenditure :

Items of Income and Expenditure are recognized on accrual basis.

c) Borrowing Costs :

Borrowing Costs that are attributable to the acquisition or construction of qualifying assets are charged to the asset as part of the cost of such assets. All other borrowing costs are charged to revenue.

d) Contingent Liability :

Contingent Liability is not provided for in the accounts but is disclosed by way of notes.

e) Taxation

Th tax expenses comprises of Current Tax and Deferred Tax. Current Tax is determined as the amount of tax payable in respect of table income for the year under the provision of Income Tax Act 1961. The Deferred Tax is measured in accordance with the Accounting Standards AS-2: "Accounting foot Taxes on Income" issued by the Institute of Chartered Accountants of India and effective from 01.04.2002. The Differed Tax charge or credit is recognised, using current ta rate for timing differences between book and profits since it is not applicable with the Company.

f) Size of Company

The Company is Small and Medium size Company (SMC) as defined in the general instruction in respect of Accounting Standers Notified under the Companied Act, 1956. Accordingly to the Company has complied with the Accounting Standard as applicable to the Small and Medium size Company (SMC).

g) Employee Benefit

In veiw of the management the Company is not required to provide for any amount for Employee Benefit except amount paid/provided in the books of Accounts as per the terms with past/continue employee as envisaged by the Accounting Standard-1 "Employee''s Benefit" issued by the Institute of Chartered Accountants of India.

h) Related Party Disclosure

Related Party Disclosure as required under Accounting Standard-18 "Related Party Disclosures" issued by the Institute of Chartered Accountant of India are as under-a) Transaction during the year with related Party-Directors Remuneration of Rs. Nil: and b) amount due from/ to related parties at the end of the year-Nil


Mar 31, 2011

A) Basis of Accounting :

The accounts has been prepared in accordance with historical cost basis as a going concern and are consistent with generally accepted accounting principles and Accounting Standards issued by The Institute of Chartered Accountants of India. The Company follows the Mercantile System of accounting & recognise Income & Expenditure on accrual basis unless otherwise stated.

b) Fixed Assets:

All fixed assets are stated at acquisition cost less depreciation.

c) Depreciation :-

Depreciation on fixed assets has been provided on Written Down Value method at the rates prescribed under the schedule XIV to the Companies Act, 1956.

d) Investments:-

Investment are made in the unquoted Equity shares of the Company and all are valued at cost.

e) Deferred Taxation : Deterred tax resulting from timing differences between books and tax profit is not accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise as deferred tax charged / benefit in the profit and loss account and as the deferred tax asset /liabilities in the balance sheet.

f) Impairment of Assets:

In accordance with Accounting Standard -28 " Impairment of Assets" issued by the Institute of Chartered Accountants of India, fixed assets are reviewed for impairment whenever events or changes in circumstances warrant that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparision of the carrying amount of the asset to the future net discounted cash flows expected to be generated by the asset If such assets are considered to be impaired, the impairment to be recognised is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

g) Size of Company: The Company is Small and Medium size Company (SMC) as defined in the general instruction in respect of Accounting Standard Notified under the Companies Act, 1956. Accordingly to the Company has complied with the Accounting Standard as applicable to the Small and Medium size Company( SMC)

h) Employee''s Benefit: In view of the management the Company is not required to provide for any amount for Employee Benefit except amount paid/ provided in the books of Accounts as per the terms with past / continue employee as envisaged by the Accounting Standard-15 " Employee''s Benefit" issued by the Institute of Chartered Accountants of India

i) Related Party Disclosure:- Related Party Disclosure as required under Accounting Standard-18 " Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as under-

a) Transaction during the year with related Party- Nil and

b) amount due from / to related parties at the end of the year- Nil


Mar 31, 2010

A) Basis of Accounting :

The accounts has been prepared in accordance with historical cost basis as a going concern and are consistent with generally accepted accounting principles and Accounting Standards issued by The Institute of Chartered Accountants of India. The Company follows the Mercantile System of accounting & recognise Income & Expenditure on accrual basis unless otherwise stated.

b) Fixed Assets:

All fixed assets are stated at acquisition cost less depreciation.

c) Depreciation :-

Depreciation on fixed assets has been provided on Written Down Value method at the rates prescribed under the schedule XIV to the Companies Act, 1956.

d) Investments:-

The Company has an Investment during the year under review.

e) Deferred Taxation :

Deferred tax resulting from timing differences between books and tax profit is not accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise as deferred tax charged7 benefit in the profit and loss account and as the deferred tax asset /liabilities in the balance sheet.

f) Size of Company:

The Company is Small and Medium size Company (SMC)as defined in the general instruction in respect of Accounting Standard

Notified under the Companies Act, 1956. Accordingly to the Company has complied with the Accounting Standard as applicable to the Small and Medium size Company SMC)

g) Employee''s Benefit: In view of the management the Company is not required to provide for any amount for Employee Benefit except amount paid/ provided in the books of Accounts as per the terms with past / continue employee as envisaged by the Accounting Standard-15" Employee''s Benefit" issued bv the Institute of Chartered Accountants of India

h) Related Party Disclosure:- Related Party Disclosure as required under Accounting Standard-18" Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as under- a) Transaction during the year with related Party- Nil and b) amount due from / to related parties at the end of the year- Nil

 
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