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Accounting Policies of BFL Developers Ltd. Company

Mar 31, 2015

(1) SYSTEM OF ACCOUNTING

a. The accounts are prepared on the historical cost basis and on the accounting principles of a going concern.

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. All expenditure and income to the extent considered payable and receivable respectively are accounted for on accrual basis except dividend income and Interest income in respect of loans and advances considered by the management as sticky, which have been accounted for on cash basis.

d. Transactions in futures & options and currency segments have been accounted for on 'net for the day' basis.

(2) USE OF ESTIMATES

Preparation of financial statements requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities and reported amounts of income and expenditure during the period. Actual results might differ from such estimates. Difference between the actual results and estimates are recognized in the period in which the results are known.

(3) FIXED ASSETS

The only fixed asset is Building which has been stated at cost.

(4) DEPRECIATION

No depreciation has been provided for on Company's building.

(5) VALUATION OF INVENTORIES

Inventories of shares have been valued at lesser of cost ascertained following first-in-first-out method and the respective market values of individual shares. Exposure in futures and options has been valued at market value.

(6) INVESTMENTS:

Investments are 'stated at cost.

Provision for diminution in shares of private limited companies, wherever so, has been ignored in view of the long-term nature of such investments and existence of adequate underlying assets.

Market value of quoted shares has been separately disclosed in the relevant note.

Dividend and capital gain from sale of shares held as investments have been disclosed separately in the relevant note.


Mar 31, 2014

(1.) SYSTEM OF ACCOUNTING

a. The accounts are prepared on the historical cost basis and on the accounting principles of a going concern.

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. All expenditure and Income to the extent considered payable and receivable respectively are accounted for on accrual basis except dividend income and Interest income in respect of loans and advances considered by the management as sticky, which have been accounted for on cash basis.

d. Transactions in futures & options and currency segments have been accounted for on 'net for the day' basis.

(2.) FIXED ASSETS

The only fixed asset is Building which has been stated at cost.

(3.) DEPRECIATION

No depreciation has been provided for on Company's building.

(4.) VALUATION OF INVENTORIES AND INVESTMENTS:

a. Inventories are stated at cost or market value whichever is less. FIFO method has been adopted for identifying a security in company's stock in depository account.

b. Exposure in futures and options has been valued at market value.

c. Investments are stated at cost. No provision in diminution in value of investments in unlisted equities has been considered necessary in view of their long-term nature. The market value of quoted shares, however, have been separately disclosed elsewhere.


Mar 31, 2013

(1) SYSTEM OF ACCOUNTING

a. The accounts are prepared on the historical cost basis and on the accounting principles of a going concern.

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. At expenditure and income to the extend considered payable and receivable respectively are accounted for on accrual Dais except dividend income and Interest income in respect of loans and advances considered by the management as sticky, which have been accounted tor on cash basis.

d. Transactions in Mores & options and currency segments have been accounted for on 'net for the day' basis. ,

(2) FIXED ASSETS

The only fixed asset is Building which has been stated at cost.

(3) DEPRECIATION

No depreciation has been provided for on Company's building.

(4) VALUATION OF INVENTORIES AND INVESTMENTS;

a. Inventories are stated at cost or market value whichever is less. FIFO method has been adopted for identifying a security in company's stock.

b. Exposure in futures and options has been valued at market value.

c. Investments are slated at cost. No provision in diminution in value of investments has been considered necessary in view to their long-term nature. the market value of quoted shares, however, have been separately disclosed elsewhere.

(5) DEFERRED TAX ASSET:

Deferred tax asset has been created 'his year in respect of carried forward MAT and the business loss excluding loss under capital gains huge industrial general rate of 30.9%. Its brought forward balance would have been Rs. 20,905/- if it were created in the preceding year also.


Mar 31, 2012

(1) SYSTEM OF ACCOUNTING

a. The accounts are prepared on the historical cost basis and on the accounting principles ot a going concern.

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. All expenditure and income to the extent considered payable and receivable respectively are accounted for on accrual basis except dividend income and Interest income in respect of loans and advances considered by the management as sticky, which have been accounted for on cash basis.

d. Transactions in futures & options and currency segments have been accounted for on 'net for the day' basis.

(2) FIXED ASSETS

The only fixed asset is Building which has been stated at cost.

(3) DEPRECIATION

No depreciation has been provided for on Company's building.

(4) VALUATION OF INVENTORIES AND INVESTMENTS:

a. Inventories are stated at cost or market value whichever is less. FIFO method has been adopted for identifying a security in company's stock.

b. Exposure in futures and options has been valued at market value.

c. Investments are stated at cost. No provision in diminution in value of investments has been considered necessary in view of their long-term nature. The market value of quoted shares, however, have been separately disclosed elsewhere.


Mar 31, 2011

1) SYSTEM OF ACCOUNTING

The accounts are prepared on the historical cost basis and on the accounting principles of a going concern Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

A) All expenditure and income to the extent considered payable and receivable respectively are accounted for on accrual basis except dividend income and Interest income in respect of loans and advances considered by the management as sticky, which have been accounted for on cash basis.

B) Transactions in futures & options and currency segments have been accounted for on 'net for the day' basis

2) FIXED ASSETS

The only fixed asset is Building which has been stated at cost.

3). DEPRECIATION

No depreciation has been provided for on Company's building.

4). VALUATION OF INVENTORIES AND INVESTMENTS:

Inventories are stated at cost or market value whichever is less FIFO method has been adopted for identifying a security in company's stock

Exposure in futures and options has been valued at market value.

Investments are stated at cost. No provision in diminution in value of investments has been considered necessary in view of their long-term nature. The market value of quoted shares, however, have been separately disclosed elsewhere.

 
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