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Notes to Accounts of Funworld & Tourism Development Ltd.

Mar 31, 2014

1. SHARE CAPITAL

The Company has only one class of shares referred to as Equity Shares having a face value of Rs. 10/-. Each holder of Equity shares is entitled to one vote per share.

The Company declare and Pays dividend in Indian Rupees.

The Dividend Proposed by Board of Directors is subject to approval of the shareholder in the next Annual General Meeting

3. Related Parties Disclosure:

Related party disclosure is in accordance with the Accounting Standards (AS) 18 on "Related Party Disclosure" notified by Companies (Accounting Standards) Rules, 2006 Identified by management and relied by us.

4. Segment Reporting:

Segment Information as required by Accounting Standards (AS) 17 on "Segment Reporting" notified by Companies (Accounting Standards) Rules 2006 is not applicable as company is in the business of one segment only.

5. Deferred Tax:

There is difference of about Rs. 1799723.09/- between depreciation as per Companies Act. 1956 (Rs.4644382.82) and Depreciation as per Income Tax Act. 1961 (Rs. 2844659.73). The Company has reduced the deferred tax liabilities provided earlier by Rs. 556114/- and transferred the same to Statement of Profit & Loss.

6. The balance of loans, advances, debtors, secured and unsecured loans, creditors and bank balances and other items of the current assets and liabilities are subject to confirmation/reconciliation.

7. The Company does not possess information as to which of its suppliers are ancillary industrial undertakings/small scale industrial undertakings holding permanent registration certificate issued by directorate of Industries of a State of Union Territory. Consequently the liability if any of interest which would be payable under "the interest on Delayed payments to small Scale and Ancillary Industrial Undertaking Act. 1993" cannot be ascertained. However the company has not received any claims in respect of Interest.


Mar 31, 2013

1. Corporate Information

Funworld and Tourism Development Limited (The Company) is in amusement and entertainment industry running an amuse- ment park at Rajkot since 1991. The share of the Company is registered on BSE.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Financial statements have been prepared in accordance with the notified Accounting Standards issued under Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statement have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those applied in previous year.

3 Related Parties Disclosure :

Related party disclosure is in accordance with the Accounting Standards (AS) 18 on "Related Party Disclosure" notified by Companies (Accounting Standards) Rules, 2006

A. Name of related parties and description of relationship :

a. Key Management Personnel: 1) Hitendrasinh Jadeja

2) Praveensinh Zala

b. Relative of Key Management personnel:

1) Sohansinh Jadeja

c. Enterprise Controlled by Key Management personnel or Relative of Key Management Personnel: 1) Gujarat Amusements Funworld Ltd.

2) Harikrishan Associate

3) Sagun Services

4) S D Jadeja HUF

4 Segment Reporting :

Segment Information as required by Accounting Standards (AS) 17 on "Segment Reporting" notified by Companies (Accounting Standards) Rules 2006 is not applicable as company is in the business of one segment only.

5 Deferred Tax :

There is difference of about Rs. 1463471.45/- between depreciation as per Companies Act. 1956 ( Rs.4697926.45) and Depreciation as per Income Tax Act. 1961 ( Rs.3234455). The Company has reduced the deferred tax liabilities provided earlier by Rs. 497434/- and transferred the same to Statement of Profit & Loss.

6 The balance of loans, advances, debtors, secured and unsecured loans, creditors and bank balances and other items of the current assets and liabilities are subject to confirmation / reconciliation.

7 The Company does not possess information as to which of its suppliers are ancillary industrial undertakings/small scale industrial undertakings holding permanent registration certificate issued by directorate of Industries of a State of Union Territory. Consequently the liability if any of interest which would be payable under "the interest on Delayed payments to small Scale and Ancillary Industrial Undertaking Act. 1993" cannot be ascertained. However the company has not received any claims in respect of Interest.


Mar 31, 2012

1. Corporate Information

Funworld and Tourism Development Limited (The Company) is in amusement and entertainment industry running an amuse- ment park at Rajkot since 1991. The share of the Company is registered on BSE.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Financial statements have been prepared in accordance with the notified Accounting Standards issued under Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statement have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those applied in previous year.

3 Related Parties Disclosure:

Related party disclosure is in accordance with the Accounting Standards (AS) 18 on "Related Party Disclosure" notified by Companies (Accounting Standards) Rules, 2006

A. Name of related parties and description of relationship:

a. Key Management Personnel: 1) Hitendrasinh Jadeja

2) Praveensinh Zala

b. Enterprise controller by key management personnel:

1) Gujarat Amusements Funworld Ltd

B. Transaction during the year with related parties:

C. Related party relationship is as identified by Management and related upon by Auditors'.

4 Segment Reporting:

Segment Information as required by Accounting Standards (AS) 17 on "Segment Reporting" notified by Companies (Accounting Standards) Rules 2006 is not applicable as company is in the business of one segment only.

5 Deferred Tax:

There is difference of about Rs.741339.75/- between depreciation as per Companies Act. 1956( Rs.4395848.75) and Depreciation as per Income Tax Act. 1961 ( Rs.3654509). The Company has reduced the deferred tax liabilities provided earlier by Rs.251981/- and transferred the same to Profit & Loss Account.

6 The balance of loans, advances, debtors, secured and unsecured loans, creditors and bank balances and other items of the current assets and liabilities are subject to confirmation / reconciliation.

7 According to the explanation given to us. Pursuant to resolution passed at the meeting or the board of directors of the company held on 29th march. 1997 24,95,000 equity shares of Rs. 10/-each were forfeited due to none payment of allotment money of Rs. 7.50 per share for which 15th August 1996 being the last date was fixed for the payment. Application money of Rs. 2.50 each received on above forfeited shares have been transferred to share capital account

8 The Company does not possess information as to which of its suppliers are ancillary industrial undertakings/small scale industrial undertakings holding permanent registration certificate issued by directorate of Industries of a State of Union Territory. Consequently the liability if any of interest which would be payable under "the interest on Delayed payments to small Scale and Ancillary Industrial Undertaking Act. 1993" cannot be ascertained. However the company has not received any claims in respect of interest.


Mar 31, 2011

1. In the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.

2. Related Parties Disclosure:

Related party disclosure is in accordance with the Accounting Standards (AS) 18 on "Related Party Disclosure" notified by Companies (Accounting Standards) Rules, 2006

A. Name of related parties and description of relationship:

a. Key Management Personnel:

1) Hitendrasinh Jadeja

2) Praveensinh Zala

b. Enterprise controller by key management personnel:

1) Gujarat Amusement & Funworld Ltd.

3. Deferred Tax:

There is difference of about Rs.3,83,973/- between depreciation as per Companies Act. 1956 (Rs. 3658470) and Depreciation as per Income Tax Act. 1961 (Rs. 3274497). The Company has reduced the deferred tax liabilities provided earlier by Rs. 130352/- and transferred the same to Profit & Loss Account.

4. The balance of loans, advances, debtors, secured and unsecured loans, creditors and bank balances and other items of the current assets and liabilities are subject to confirmation / reconciliation.

5. There was no employee who if employed through out the year was in receipt of remuneration in excess of Rs. 24.00,000/- p.a. or if employed for a part of the year was in receipt of remuneration in excess of Rs.2,00,000/- p.m.

6. The information required by Para 3 & 4 of Part II of Schedule VI to the Companies Act 1956:-

a. Expenditure in Foreign Currency - Rs. Nil (Previous Year Rs. Nil)

b. Earning in Foreign Currency - Rs. Nil - (Previous year Rs. Nil)

c. Amount remitted during the year in foreign currency - Rs. Nil (Previous Year Rs. Nil)

d. Previous year figures have been regrouped and re-arranged wherever necessary so as to confirm to current year grouping.

e. The other clauses of the above referred para are not applicable.

7. No further information pursuant to paragraph 4C and 4D of the part II of the Schedule VI of the Companies Act, 1956 is given, as the same does not apply to the company.

8. CONTINGENT LIABILITIES NOT PROVIDED FOR IN REAPECT OF: Stamp duty payable on lease agreement to be executed for the extended period is unquantifiable, hence not provided.

9. According to the explanation given to us. Pursuant to resolution passed at the meeting or the board of directors of the company held on 29th march. 1997 24,95,000 equity shares of Rs. 10/-each were forfeited due to none payment of allotment money of Rs. 7.50 per share for which 15th August 1996 being the last date was fixed for the payment. Application money of Rs. 2.50 each received on above forfeited shares have been transferred to share capital account

10. The Company does not possess information as to which of its suppliers are ancillary industrial undertakings/small scale industrial undertakings holding permanent registration certificate issued by directorate of Industries of a State of Union Territory. Consequently the liability if any of interest which would be payable under "the interest on Delayed payments to small Scale and Ancillary Industrial Undertaking Act. 1993" cannot be ascertained. However the company has not received any claims in respect of interest.

11. Balance Sheet abstract and company's general business profile as per schedule VI Part (IV) of the Companies Act.


Mar 31, 2010

1. in the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.

2. Related Parties Disclosure:

Related party disclosure is in accordance with the Accounting Standards (AS) 18 on "Related Party Disclosure" notified by Companies (Accounting Standards) Rules, 2006

A. Name of related parties and description of relationship:

a. Key Management Personnel: 1) Hitendrasinh Jadeja

2) Praveensinh Jhala

b. Enterprise controller by key management personnel:

1) Gujarat Amusement & Funworld Ltd.

C. Related party relationship is as identified by Management and related upon by Auditors.

3. Segment Reporting :

Segment Information as required by Accounting Standards (AS) 17 on "Segment Reporting" notified by Companies (Accounting Standards) Rules 2006 is not applicable as company is in the business of one segment only.

4. Deferred Tax :

There is difference of about Rs. 12,30,866/- between depreciation as per Companies Act. 1956 (Rs. 3343771) and Depreciation as per Income Tax Act. 1961 (Rs. 2112905). The Company has reduced the deferred tax liabilities provided earlier by Rs.414309/- and transferred the same to Profit & Loss Account.

5. The balance of loans, advances, debtors, secured and unsecured loans, creditors and bank balances and other items of the current assets and liabilities are subject to confirmation / reconciliation.

6. There was no employee who if employed through out the year was in receipt of remuneration in excess of Rs. 24.00,000/- p.a. or if employed for a part of the year was in receipt of remuneration in excess of Rs.2,00,000/- p.m.

7. Directors Remuneration - Rs. 2,16,000/- Previous Year- Rs. 2,16,000/-

8. The information required by para 3 & 4 of Part II of Schedule VI to the Companies Act 1956:-

a. Expenditure in Foreign Currency - Rs. Nil (Previous Year Rs. Nil)

b. Earning in Foreign Currency - Rs. Nil - (Previous year Rs. Nil)

c. Amount remitted during the year in foreign currency - Rs. Nil ( Previous Year Rs. Nil)

d. Previous year figures have been regrouped and re-arranged wherever necessary so as to confirm to current year grouping.

e. The other clauses of the above referred para are not applicable.

9. No further information pursuant to paragraph 4C and 4D of the part II of the Schedule VI of the Companies Act, 1956 is given, as the same does not apply to the company.

10. CONTINGENT LIABILITIES NOT PROVIDED FOR IN REAPECT OF:

Stamp duty payable on lease agreement to be executed for the extended period is unquantifiable, hence not provided.

11. According to the explanation given to us. Pursuant to resolution passed at the meeting or the board of directors of the company held on 29th march.1997 24,95,000 equity shares of Rs. 10/-each were forfeited due to none payment of allotment money of Rs. 7.50 per share for which 15th August 1996 being the last date was fixed for the payment. Application money of Rs. 2.50 each received on above forfeited shares have been transferred to share capital account

12. The Company does not possess information as to which of its suppliers are ancillary industrial undertakings/small scale industrial undertakings holding permanent registration certificate issued by directorate of Industries of a State of Union Territory. Consequently the liability if any of interest which would be payable under "the interest on Delayed payments to small Scale and Ancillary Industrial Undertaking Act. 1993" cannot be ascertained. However the company has not received any claims in respect of interest.

13. Balance Sheet abstract and companys general business profile as per schedule VI Part (IV) of the Companies Act.


Mar 31, 2009

1. In the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.

2. Related Parties Disclosure:

Related party disclosure is in accordance with the Accounting Standards (AS) I8 on "Related Party Disclosure" notified by Companies (Accounting. Standards] Rules. 2006

A. Name of related parties and description of relationship: a. Key Management Personnel: 1)Hitendrasinh Jadoja

3) Praveensinh, Zala

b. Enterprise controller by key management personnel;

1) Gujarat Amusement & Funworld Ltd

4 Segment Reporting:

Segment Information as required toy Accounting stanards (AS) 17 on "Segment Reporting notified by Companies (Accounting Standards) Rules 2006 is not applicable as company is in the business of one segment only.

5. Deferred Tax:

There is difference of about Rs. 13,77,390/- between depreciation as per Companies Act. 1956. and Depreciation as per Income Tax Act 1961. The Company has reduced the deferred tax liabilities provided earlierr by Rs.463630/- and transferred the same to profit Loss Account

6. The balance of loans, advances, debtors, secured and unsecured leans, creditors and bank: balances and other items of the current assets and liabilities are subject to confirmation/ reconcilliation.

 
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