Home  »  Company  »  Brand Realty Service  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Brand Realty Services Ltd. Company

Mar 31, 2015

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

i) The financial statements of the Company have been prepared in accordance with the generally accepted accounting principlesin India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies(Accounts) Rules, 2014.

ii) The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year, except for the change in accounting policy.

b) FIXED ASSETS AND DEPRECIATION:

(i) Valuation of fixed assets

Fixed assets are maintained at cost less accumulated depreciation.

(ii) Depreciation and amortization

Depreciation is calculated on straight line method on all other assets except the land as mentioned in under para , based on useful life of various assets, as specified in Schedule II to Companies Act, 2013, as amended from time to time. Depreciation for day to day is calculated when any asset is first put to use on any day during that month.

Lease hold Land: The company had purchased a residential plot in NOIDA. The matter is in dispute regarding ownership and allotment. The company is taking suitable legal action for this and the case is pending at Allahabad High Court. The amount had been shown as fixed assets in the Balance Sheet and depreciation has not been provided for.

(iii) Write-off losses on assets

All assets dismantled/discarded are written off assuming that scrap value for the same is Nil. If and when such discarded assets are disposed off partially or fully, the amounts realized during the year on account of sale are credited to profit and loss account of that year.

(iv) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets are amortised on a straight line basis over their estimated useful economic life. The following are the acquired intangible assets:

Software

Cost of software is amortized over its useful life of 10 years starting from the year of project implementation. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

c) FOREIGN EXCHANGE TRANSACTION: N. A.

d) REVENUE RECOGNITION:

i) Revenue/Income and Cost/Expenditure are being accounting on accrual basis, as they are earned or incurred.

ii) Dividend income is recognised when the right to receive payment is established.

iii) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate applicable.

e) EMPLOYEES RETIREMENT BENEFITS :

* Provident Fund:- Contribution towards provident fund is made to the regulatory authorities. Such benefits are classified as defined contribution schemes as the Company does not carry any further obligations, apart from the contribution made on a monthly basis.

* Gratuity: - The Company provides for gratuity, a defined Benefit plans (the "Gratuity Plan") covering eligible employees in accordance with the payment of Gratuity Act, 1972. The Gratuity plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee,s salary and the nature of employment.The Company,s liability is actuarially determined at the end of each year. Actuarial losses / gains are recognized in the statement of Profit and Loss account in the year in which they arise.

f) INVESTMENTS:

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as non-current investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Non-current investments are carried at cost and includes interest on the specific borrowings for the purposes of investment.

g) INVENTORIES:

Closing stock of properties have been valued at lower of cost or market value.

h) CASH FLOW STATEMENT :

The Cash Flow Statement is prepared by the indirect method set out in Accounting Standard 3 on Cash Flow Statement and presents the cash flows by operating, investing and financing activities of the Company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

i) 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 disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management,s best knowledge of current events and actions, actual results could differ from these estimates.

j) SEGMENT REPORTING:

The segments of the company have been identified in line with the Accounting Standard on segment reporting (AS17) taking into account the organisation structure as well as the differential risks and returns of these segments.

The company,s reportable operating segments consist of the following business group :

* Real Estate/Publishing of Newspaper/Shares sale purchase business and Miscellaneous income Segment revenues, results and capital employed include the respective amounts identifiable to each of the segments. Other unallocable expenditure includes expenses incurred on common services provided to the segments which are not directly identifiable.

* The expenses of employee benefits expenses has been bifurcated on the basis of revenue generated in each segment and the same has been shown as other administrative expenses in the segment of Publishing of News Paper.

k) IMPAIRMENT OF FIXED ASSETS:

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the statement of profit and loss in the period in which an assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

l) EARNING PER SHARE:

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting Attributable taxes ) by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

m) TAXATION :

Tax expense for the period, comprises current tax and deferred tax for determining the net Profit/(Loss) for the year. Current tax is determined on the basis of tax liability on the total income computed under the provision of Income Tax Act, 1961, or tax for the year. Deferred Tax is recognised as timing difference. Deferred Tax charges is recognized by using current tax rates where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized if there is virtual certainty of realization of such assets. Other deferred tax assets are recognised only to extent if there is reasonable certainty of realization of a such assets. Such assets reviewed at the end of each are Balance Sheet to reassess realization.




Mar 31, 2014

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

i) The financial statements have been prepared under the historical cost convention basis and generally accepted Accounting Principles and the Accounting Standards referred under section 211(3C) of Companies Act,1956 and disclosures made in accordance with the requirements of schedule VI of the Companies Act, 1956, read with the General Circular 15/2013 dated 13th September , 2013 of the Ministry of Corporate Affairs in India in respect of Section 133 of the Companies Act, 2013.

ii) The accounting policies not specifically referred to otherwise, are consistent with the generally accepted accounting policies.

b) FIXED ASSETS AND DEPRECIATION:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets has been charged on straight line basis as per the rates prescribed in Schedule XIV of the Companies Act,1956.

iii) Land: The company had purchased a residential plot in NOIDA. The matter is in dispute regarding ownership and allotment. The company is taking suitable legal action for this. The amount had been shown as fixed assets in the Balance Sheet.

c) FOREIGN EXCHANGE TRANSACTION: N. A.

d) REVENUE RECOGNITION:

i) Revenue/Income and Cost/Expenditure are being accounting on accrual basis, as they are earned or incurred.

ii) Dividend income is recognised when the right to receive payment is established.

iii) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate applicable.

e) EMPLOYEES RETIREMENT BENEFITS :

Liability on account of retirement benefits such as provident fund, and gratuity are accrued on actuarial valuation basis and charged to Statement of Profit and Loss at the year end.

f) INVESTMENTS:

Investments in Quoted and Unquoted shares are long term investments and valued at cost basis unless there is permanent fall in the values thereof, Investment in Properties are valued at cost.

g) INVENTORIES:

Closing stock of properties have been valued at lower of cost or net relisable value.

h) CASH FLOW STATEMENT :

The Cash Flow Statement is prepared by the indirect method set out in Accounting Standard 3 on Cash Flow Statement and presents the cash flows by operating, investing and financing activities of the Company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

i) 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 disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

j) SEGMENT REPORTING:

The segments of the company have been identified in line with the Accounting Standard on segment reporting (AS17) taking into account the organisation structure as well as the differential risks and returns of these segments.

The company''s reportable operating segments consist of the following business group :

* Real Estate/Shares sale purchase business and Miscellaneous income

Segment revenues, results and capital employed include the respective amounts identifiable to each of the segments. Other unallocable expenditure includes expenses incurred on common services provided to the segments which are not directly identifiable.

k) IMPAIRMENT OF FIXED ASSETS:

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the statement of profit and loss in the period in which an assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

l) EARNING PER SHARE:

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting Attributable taxes ) by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

m) TAXATION :

Tax expense for the period, comprises current tax and deferred tax for determining the net Profit/(Loss) for the year. Current tax is determined on the basis of tax liability on the total income computed under the provision of Income Tax Act, 1961, or tax for the year. Deferred Tax is recognised as timing difference. Deferred Tax charges is recognized by using current tax rates.where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized if there is virtual certainty of realization of such assets. Other deferred tax assets are recognised only to extent if there is reasonable certainty of realization of a such assets. Such assets reviewed at the end of each are Balance Sheet to reassess realization.


Mar 31, 2013

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

i) The financial statements have been prepared under the historical cost convention basis and generally accepted accounting principles and the Accounting Standards referred under section 211 (3C) of Companies Act,1956 and disclosures made in accordance with the requirements of schedule VI of the Companies Act, 1956.

ii) The accounting policies not specifically referred to otherwise, are consistent with the generally accepted accounting policies.

b) FIXED ASSETS AND DEPRECIATION:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets has been charged on straight line basis as per the rates prescribed in Schedule XIV of the Companies Act, 1956.

iii) Land: The company had purchased a residential plot in NOIDA. The matter is in dispute regarding ownership and allotment. The company is taking suitable legal action for this. The amount had been shown as fixed assets in the Balance Sheet.

c) FOREIGN EXCHANGE TRANSACTION: Not Applicable.

d) BASIS OF ACCOUNTING: Revenues/Incomes and Cost/Expenditures are being accouted on accrual basis, as they are earned or incurred.

e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement benefits such as provident fund are not applicable, however the gratuity is accrued on actuarial valuation basis and charged to Profit and Loss account at the year end.

f) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: Not Applicable

g) INVESTMENTS: Investments in Quoted and Unquoted shares are long term investments and valued at cost basis unless there is permanent fall in the values thereof, Investment in Properties are valued at cost.

h) STOCK IN TRADE : Closing stock of properties have been valued at lower of cost or net reusable value.

i) CASH FLOW STATEMENT : The Cash Flow Statement is prepared by the indirect method set out in Accounting Standard 3 on Cash Flow Statement and presents the cash flows by operating, investing and financing activities of the Company. Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

j) SEGMENT REPORTING: The segments of the company have been identified in line with the Accounting Standard on segment reporting (AS17) taking into account the organisation structure as well as the differential risks and returns of these segments.

The company''s reportable operating segments consist of the following business group : - Real Estate/Shares sale purchase business and Miscellaneous income.

Segment revenues, results and capital employed include the respective amounts identifiable to each of the segments. Other unallocable expenditure includes expenses incurred on common services provided to the segments which are not directly identifiable.

k) IMPAIRMENT OF FIXED ASSETS: An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the profit and loss account in the period in which an assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

l) EARNING PER SHARE: Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

m) TAXATION : Tax expense for the period, comprises current tax and deferred tax for determining the net Profit/(Loss) for the year. Current tax is determined on the basis of tax liability on the total income computed under the provision of Income Tax Act, 1961, or tax for the year. Deferred Tax is recognised as timing difference. Deferred Tax charges is recognized by using current tax rates. Where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized if there is virtual certainty of realization of such assets. Other deferred tax assets are recognised only to extent if there is reasonable certainty of realization of such assets. Such assets are reviewed at the end of each Balance Sheet to reassess realization.


Mar 31, 2012

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

i) The financial statements have been prepared under the historical cost convention basis and generally accepted accounting principles and the Accounting Standards referred under section 211(3C) of Companies Act,1956 and disclosures made in accordance with the requirements of schedule VI of the Companies Act, 1956.

ii) The accounting policies not specifically referred to otherwise, are consistent with the generally accepted accounting policies.

iii) During the year ended March 31, 2012 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 has significant impact on presentation and disclosures made in the financial statement. The company has also realigned the previous year figures in accordance with the requirements.

b) FIXED ASSETS AND DEPRECIATION:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets has been charged on straight line basis as per the rates prescribed in Schedule XIV of the Companies Act,1956.

iii) Land: The company had purchased a residential plot in NOIDA. The matter is in dispute regarding ownership and allotment. The company is taking suitable legal action for this. The amount had been shown as fixed assets in the Balance Sheet.

c) FOREIGN EXCHANGE TRANSACTION: Not Applicable.

d) BASIS OF ACCOUNTING: Revenues/Incomes and Cost/Expenditures are being accouted on accrual basis, as they are earned or incurred.

e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement benefits such as provident fund are not applicable, however the gratuity is accrued on actuarial valuation basis and charged to Profit and Loss account at the year end.

I) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: Not Applicable

g) INVESTMENTS: Investments in Quoted and Unquoted shares are long term investments and valued at cost basis unless there is permanent fall in the values thereof, Investment in Properties are valued at cost.

h) STOCK IN TRADE : Closing stock of properties have been valued at lower of cost or net relisable value

i) SEGMENT REPORTING: The segments of the company have been identified in line with the Accounting Standard on segment reporting (AS17) taking into account the organisation structure as well as the differential risks and returns of these segments.

The company's reportable operating segments consist of the following business group :

Real Estate/Shares sale purchase business and Miscellaneous income.

Segment revenues, results and capital employed include the respective amounts identifiable to each of the segments. Other unallocable expenditure includes expenses incurred on common services provided to the segments which are not directly identifiable.

j) IMPAIRMENT OF FIXED ASSETS: An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the profit and loss account in the period in which an assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

k) EARNING PER SHARE: Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting Attributable taxes ) by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

l) TAXATION : Tax expense for the period, comprises current tax and deferred tax for determining the net Profit/(Loss) for the year. Current tax is determined on the basis of tax liability on the total income computed under the provision of Income Tax Act, 1961, or tax for the year. Deferred Tax is recognised as timing difference. Deferred Tax charges is recognized by using current tax rates. Where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized if there is virtual certainty of realization of such assets. Other deferred tax assets are recognised only to extent if there is reasonable certainty of realization of such assets. Such assets are reviewed at the end of each Balance Sheet to reassess realization.


Mar 31, 2010

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

i) The financial statements have been prepared under the historical cost convention basis and generally accepted accounting principles and the Accounting Standards referred under section 211(3C) of Companies Act, 1956 and disclosures made in accordance with the requirements of schedule VI of the Companies Act, 1956.

ii) The accounting policies not specifically referred to otherwise, are consistent with the generally accepted accounting policies.

b) FIXED ASSETS AND DEPRECIATION:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets has been charged on straight line basis as per the rates prescribed in Schedule XIV of the Companies Act, 1956.

iii) Land: The company had purchased a residential plot in NOIDA. The matter is in dispute regarding ownership and allotment. The company is taking suitable legal action for this. The amount had been shown as fixed assets in the Balance Sheet.

C) FOREIGN EXCHANGE TRANSACTION: N.A.

d) BASIS OF ACCOUNTING:

Revenues/Incomes and Cost/Expenditures are being accounting on accrual basis, as they are earned or incurred, Expenditures have been disclosed net of Service Tax which are Modvatable.

e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement benefits such as provident fund are not applicable, however the gratuity is accrued on actuarial valuation basis and charged to Profit and Loss account during the year.

f) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: N.A.

g) INVESTMENTS : Investments in Shares are long term investments and valued at cost basis unless there is a permanent fall in the values thereof.

h) STOCK IN TRADE : Closing stock of properties have been valued at lower of cost or net relisable value.

i) SEGMENT REPORTING

The segments of the company have been identified in line with the Accounting Standrad on segment reporting(AS17) taking into account the organisation structure as well as the differential risks and returns of these segments.

The companys reportable operating segments consist of the following business group:

* Real Estate/Shares sale purchase business and Miscellaneous income Segment revenues, results and capital employed include the respective amounts identifiable to each of the segments.

Other unallocable expenditure includes expenses incurred on common services provided to the segments which are not directly identifiable.

j) IMPAIRMENT OF FIXED ASSETS

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the profit and loss account in the year in which an assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

k) EARNING PER SHARE

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deductiong attributable taxes) by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilative potential equity shares.

l) TAXATION :

Tax expense for the period, comprising current tax and deferred tax is included in determining the net Profit/(Loss)for the year. Current tax is determined on the basis of tax liability on the total income computed under the provision of Income Tax Act, 1961, or tax for the year. Deferred Tax is recognised as timming difference. Deferred Tax charges is recognised by using current tax rates Where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognised if there is virtual certainity of realisation of such assets. Other deferred tax assets are recognised only to extent there is reasonable certainity of realisation of a such assets. Such assets are reviewed at each Balance Sheet to reassess realisation.

 
Subscribe now to get personal finance updates in your inbox!