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Accounting Policies of Greycells Education Ltd. Company

Mar 31, 2015

The financial statements are prepared under the historical cost convention, on accrual basis of accounting, in accordance with the accounting principles generally accepted in India and comply with the standards on accounting issued by the Institute of Chartered Accountants of India and referred to in Section 133 of the Companies Act, 2013. The significant accounting policies are as follows:

a. Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Income from the student fees are recognized over the period of instruction of course. Non-refundable premier relationship fees receivable under business association agreements are taken to income as and when due.

Dividend income is accounted for as and when declared.

b. Fixed assets and depreciation

a) Depreciation is provided on the assets on their original costs up to their net residual value estimated at 1% of the original cost, prorata to the period of use on the written down value method, over their estimated useful life as per schedule II to the Companies Act, 2013.

b) Intangible assets are amortized as under :

i) Goodwill over the period of five years.

ii) Trade Mark over the period of ten years.

iii) Capital expenditure on office improvement is amortized equally over the lease period.

c. Impairment of Assets

At each balance sheet date, the Company reviews the carrying value of assets for any possible impairment. An impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount which is the higher of net realizable amount as on the Balance Sheet date and the present value of the economic benefit resulting from the future use of the asset.

d. Investments

Investments are capitalized at cost of acquisition plus direct incidental expenses. Provision for diminution in the value of long term investments is made in accordance with Accounting Standard 13 issued by the Institute of Chartered Accountants of India.

e. Employee Benefits

The Company provides for gratuity benefits to its employees as per the provisions of The Payment of Gratuity Act, 1972. The gratuity benefit scheme is unfunded and provision for the same is made on actuarial basis.

f. Foreign Currency Translation

Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of profit and loss of the year.

Monetary assets and liabilities in foreign currency, which are outstanding as at the yearend are translated at the year end at the closing exchange rate and resultant exchange difference are recognized in the statement of profit and loss.

Non monetary assets and non-monetary liabilities denomination in foreign currency are measured at historical cost and are translated at exchange rate prevailing at the date of transaction.

g. Provisions and Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outfow of resources. Contingent liabilities are disclosed in the notes to accounts.

h. Taxation

Provision for taxation has been made in accordance with the Income Tax laws prevailing for the relevant assessment years.

i. Deferred Tax

Deferred tax assets / liabilities resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallize in future. Deferred tax assets in respect of carried forward business losses and unabsorbed depreciation as per Income Tax provisions is recognized only if there is virtual certainty of recoupment of the same out of future taxable income.


Mar 31, 2014

A. Accounting Convention

The accompanying Financial Statements have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspects with applicable accounting standards issued by the Institute of Chartered Accountants of India.

b. Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Income from the student fees are recognized over the period of instruction of course. Non-refundable premier relationship fees receivable under business association agreements are taken to income as and when due.

Dividend income is accounted for as and when declared.

c. Fixed assets and depreciation

Fixed assets are carried at cost of acquisition less accumulated depreciation / amortization.

a) The Company provides depreciation on tangible fixed assets as per written down value method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

b) Intangible assets are amortized as under :

i) Goodwill over the period of five years.

ii) Trade Mark over the period of ten years.

iii) Capital expenditure on office improvement is amortized equally over the lease period.

d. Impairment of Assets

At each balance sheet date, the Company reviews the carrying value of assets for any possible impairment. An impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount which is the higher of net realizable amount as on the Balance Sheet date and the present value of the economic benefit resulting from the future use of the asset.

e. Investments

Investments are capitalized at cost of acquisition plus direct incidental expenses. Provision for diminution in the value of long term investments is made in accordance with Accounting Standard 13 issued by the Institute of Chartered Accountants of India.

f. Employee Benefits

The Company provides for gratuity benefits to its employees as per the provisions of The Payment of Gratuity Act, 1972. The gratuity benefit scheme is unfunded and provision for the same is made on actuarial basis.

g. Foreign Currency Translation

Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of profit and loss of the year.

Monetary assets and liabilities in foreign currency, which are outstanding as at the year end are translated at the year end at the closing exchange rate and resultant exchange difference are recognized in the statement of profit and loss.

Non monetary assets and non-monetary liabilities denomination in foreign currency are measured at historical cost and are translated at exchange rate prevailing at the date of transaction.

h. Provisions and Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are disclosed in the notes to accounts.

i. Taxation

Provision for taxation has been made in accordance with the Income Tax laws prevailing for the relevant assessment years.

j. Deferred Tax

Deferred tax assets / liabilities resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallize in future. Deferred tax assets in respect of carried forward business losses and unabsorbed depreciation as per Income Tax provisions is recognized only if there is virtual certainty of recoupment of the same out of future taxable income.


Mar 31, 2013

A. Accounting Convention

The Accompanying Financial Statements have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspects with applicable accounting standards issued by the Institute of Chartered Accountants of India.

b. Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Income from the student fees are recognized over the period of instruction of course. Non-refundable premier relationship fees receivable under business association agreements are taken to income as and when due.

Dividend income is accounted for as and when declared.

c. Fixed assets and depreciation

Fixed assets are carried at cost of acquisition less accumulated depreciation / amortization.

a) The Company provides depreciation on tangible fxed assets as per written down value method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

b) Intangible assets are amortized as under : i) Goodwill over the period of fve years.

ii) Trade Mark over the period of ten years.

iii) Capital expenditure on offce improvement is amortized equally over the lease period.

d. Impairment of Assets

At each balance sheet date the Company reviews the carrying value of assets for any possible impairment. An impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount which is the higher of net realizable amount as on the Balance Sheet date and the present value of the economic beneft resulting from the future use of the asset.

e. Investments

Investments are capitalized at cost of acquisition plus incidental expenses. Provision for diminution in the value of long term investments is made in accordance with Accounting Standard 13 issued by the Institute of Chartered Accountants of India.

f. Employee Benefts

The Company provides for gratuity benefts to its employees as per the provisions of The Payment of Gratuity Act, 1972. The gratuity beneft scheme is unfunded and provision for the same is made on actuarial basis.

g. Foreign Currency Translation

Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of proft & loss of the year.

Monetary assets and liabilities in foreign currency, which are outstanding as at the year end are translated at the year end at the closing exchange rate & resultant exchange difference are recognized in the statement of proft & loss.

Non monetary assets & non-monetary liabilities denomination in foreign currency and are measured at historical cost are translated at exchange rate prevailing at the date of transaction.

h. Provisions and Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outfow of resources. Contingent liabilities are disclosed in the notes to accounts.

i. Taxation

Provision for taxation has been made in accordance with the Income Tax laws prevailing for the relevant assessment years.

j. Deferred Tax

Deferred tax assets / liabilities resulting from timing differences between book and tax profts is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallize in future. Deferred tax assets in respect of carried forward business losses and unabsorbed depreciation as per Income Tax provisions is recognized only if there is virtual certainty of recoupment of the same out of future taxable income.


Mar 31, 2012

A. Accounting Convention

The Accompanying Financial Statements have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspects with applicable accounting standards issued by the Institute of Chartered Accountants of India.

b. Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Income from the student fees are recognized over the period of instruction of course. Non-refundable premier relationship fees receivable under business association agreements are taken to income as and when due.

Dividend income is accounted for as and when declared.

c. Fixed assets and depreciation

Fixed assets are carried at cost of acquisition less accumulated depreciation/amortization.

a) The Company provides depreciation on tangible fixed assets as per written down value method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

b) Intangible assets are amortized as under:

i) Goodwill over the period of five years.

ii) Trade Mark over the period of ten years.

iii) Computer software are written off equally over a period of three years.

iv) Capital expenditure on office improvement is amortized equally over the lease period.

d. Impairment of Assets

At each balance sheet date the Company reviews the carrying value of assets for any possible impairment. An impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount which is the higher of net realizable amount as on the Balance Sheet date and the present value of the economic benefit resulting from the future use of the asset.

e. Investments

Investments are capitalized at cost of acquisition plus incidental expenses. Provision for diminution in the value of long term investments is made in accordance with Accounting Standard 13 issued by the Institute of Chartered Accountants of India.

f. Employee Benefits

The Company provides for gratuity benefits to its employees as per the provisions of The Payment of Gratuity Act, 1972. The gratuity benefit scheme is unfunded and provision for the same is made on actuarial basis.

g. Foreign Currency Translation

Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the profit & loss account of the year.

Monetary assets and liabilities in foreign currency, which are outstanding as at the year end are translated at the year end at the closing exchange rate & resultant exchange difference are recognized in the profit & loss account.

Non monetary assets & non-monetary liabilities denomination in foreign currency & measured at historical cost are translated at exchange rate prevailing at the date of transaction.

h. Provisions and Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are disclosed in the notes to accounts.

i. Taxation

Provision for taxation has been made in accordance with the income tax laws prevailing for the relevant assessment years.

j. Deferred Tax

Deferred tax assets/liabilities resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallize in future. Deferred tax assets in respect of carried forward business losses and unabsorbed depreciation as per Income Tax provisions is recognized only if there is virtual certainty of recoupment of the same out of future taxable income.


Mar 31, 2010

(i) Accounting Convention

The accompanying Financial Statements have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspects with applicable accounting standards issued by the Institute of Chartered Accountants of India.

(ii) Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Income from the student fees are recognized over the period of instruction of course. Non-refundable premier relationship fees receivable under business association agreements are taken to income as and when due.

Dividend income is accounted for as and when declared.

(iii) Fixed assets and depreciation

Fixed assets are carried at cost of acquisition less accumulated depreciation / amortization.

a) The Company provides depreciation on tangible fixed assets as per written down value method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

b) Intangible assets are amortized as under : i) Goodwill over the period of five years.

ii) Trade Mark over the period of ten years. iii) Computer software are written off equally over a period of three years.

(iv) Impairment of Assets

At each balance sheet date the Company reviews the carrying value of assets for any possible impairment. An impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount which is the higher of net realizable amount as on the Balance Sheet date and the present value of the economic benefit resulting from the future use of the asset.

(v) Investments

Investments are capitalized at cost of acquisition plus incidental expenses. Provision for diminution in the value of long term investments is made in accordance with Accounting Standard 13 issued by the Institute of Chartered Accountants of India.

(vi) Employee Benefits

The Company provides for gratuity benefits to its employees as per the provisions of The Payment of Gratuity Act, 1972. The gratuity benefit scheme is unfunded and provision for the same is made on actuarial basis.

(vii) Provisions and Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are disclosed in the notes to accounts.

(viii) Taxation

Provision for taxation has been made in accordance with the income tax laws prevailing for the relevant assessment years.

(ix) Deferred Taxation

Deferred tax assets / liabilities resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallise in future. Deferred tax assets in respect of carried forward business losses and unabsorbed depreciation as per Income Tax provisions is recognized only if there is virtual certainty of recoupment of the same out of future taxable income.

 
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