Home  »  Company  »  Citadel Realty & Dev  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Citadel Realty & Developers Ltd. Company

Mar 31, 2015

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.

B. USE OF ESTIMATES

The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

C. REVENUE RECOGNITION

Revenue in respect of real estate business recognized only when risks and rewards incidental to ownership are transferred to the buyer, in terms of underlying Sale Agreement provided it is not unreasonable to expect ultimate collection.

As per the terms of a Sale of Development Rights agreement, wherein company is entitled to receive constructed residential saleable area post receipt of Occupation Certificate from developer in lieu of development rights transferred to them, the company would recognise the revenue in its books only on transfer of physical possession to buyer.

D. INVESTMENTS

Non Current investments are stated at cost. Provision for diminution in the value of Non Current investments is made only if such a decline is other than temporary.

E. BORROWING COSTS

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Profit and Loss Statement in the period in which they are incurred.

F. INCOME TAXES

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates.

Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the same.

G. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made.

Contingent assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2014

A) The financial statements have been prepared on historical costs and on the basis of going concern and are in accordance with the Generally Accepted Accounting Principles in India ("GAAP") and the provisions of the Companies Act 1956.

b) The accounting policies of the company have been consistent over a period of time.


Mar 31, 2013

A) The financial statements have been prepared on historical costs and on th basis of going concern and are in accordance with the Generally Accepted Accounting Principles in India ("GAAP") and the provisions of the Companies Act 1956.

b) The accounting policies of the company have been consistent over a period of time.


Mar 31, 2012

A) The financial statements have been prepared on historical costs and on the basis of going concern and are in accordance with the Generally Accepted Accounting Principles in India ("GAAP") and the provisions of the Companies Act 1956.

b) The accounting policies of the company have been consistent over a period of time.

1) Revenue:

In respect of realty development activities is recognized upon the transfer of significant risks and rewards to the buyer in terms of the underlying sale agreement, provided it is not unreasonable to expect ultimate collection


Mar 31, 2011

A) The financial statements have been prepared on historical costs and on the basis of going concern and are in accordance with the Generally Accepted Accounting Principles in India ("GAAP") and the provisions of the Companies Act 1956.

b) The accounting policies of the company have been consistent over a period of time.

2) Contingent Liabilities not provided for in respect of :

31.03.11 31.03.10 Amount Amount Rs. In Lacs Rs. In Lacs

a) Show Cause Notice from Central Excise Authorities 1.42 1.42

b) Estimated Liability in respect of Suit filed by Ex Workers 5.00 5.00 of the Company in Labour Court.

c) Claims not acknowledged as debt 2.06 2.06

d) Income Tax :

During the previous year the company was served notices under Sec. 147 of the Income Tax Act, 1961 for Assessment Years 200405, 200506 and 200607 relating to sale of property of the company by the erstwhile management. The company filed the returns for the said three years on the basis of which the Assessing Officer passsed orders enhancing the income for the said assessment years. The company has appealed against the orders of the assessing officer with the Commissioner of Appeals.(CIT Appeals.)

On the basis of representations made by the company the CIT ( Appeals ) granted substantial reliefs. Any enhancement in the income has been absorbed by the carry forward of assessed losses and unabsorbed depreciation available to the company.


Mar 31, 2010

A) The financial statements have been prepared in accordance with the Generally Accepted. Accounting Principles in India ("GAAP") under the historical cost convention on an accrual basis and comply with all material respects with the manadatory Accounting Standards.

b) The accounting policies have been consistently applied by the company and are consistent with those used in the previous years.

c) The financial statements have been prepared on the assumption that the company is a "Going Concern".

 
Subscribe now to get personal finance updates in your inbox!