Mar 31, 2014
A) Basis of Preparation of Financial Statement
The financial statements are consistently prepared on the basis of
historical cost convention, in accordance with the applicable
accounting standards and on the accounting principles of a going
concern. All expenses and income to the extent ascertainable with
reasonable certainty are accounted for on accrual basis and are in
accordance with the requirements of the Companies Act, 1956 except
Gratuity expenses, bonus, which is accounted on cash basis if any
wherever applicable.
b) Uses of Estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and during the
reporting year. Difference between the actual result and estimates are
recognized in the year in which the results are known / materialized.
c) Change of Accounting Policy
There is no change in accounting policy as compared to last year.
d) Investments
There is no investment except, the capital invested as a partner in a
construction firm and the same is reflected at cost at Rs. 36,000/-
representing 36% share in the firm M/s. Prescon Developers.
e) Transactions in foreign exchange
Transactions in foreign exchange during the year NIL and previous year
NIL
f) Fixed Assets
i) Leased Assets
The Company do not have any lease hold asset as such, hence type of
lease, capitalization & depreciation policy of same is not required.
ii) Other Fixed Assets
a. Fixed Assets including Intangible Assets have been capitalised at
Cost of Acquisition and Other Incidental Expenses.
b. Depreciation on Fixed Assets has been computed on the Written Down
Method at the rates provided under Schedule XIV to the Companies Act,
1956.
c. Depreciation on the fixed assets added during the year is provided
on pro-rata basis with reference to the days of addition.
g) Revenue Recognition
Sales and Services are recognized are recorded inclusive of statutory
duty, taxes and Labour charges but are net of returns and trade
discount.
h) Purchase
There are no purchases during the year.
i) Contingent Liabilities
As explained and informed to us there is no Contingent Liability.
k) Taxes on Income :
i. Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at
the amount of tax payable in respect of taxable income for the year as
per the Income-tax Act, 1961, based on the estimates of weighted
average income tax rate expected for the full financial year.
ii. Deferred Tax Assets and Liabilities are recognized for the future
tax consequences of timing differences between the book profit and tax
profit. Deferred Tax Assets and Liabilities other than on carry
forward losses and unabsorbed depreciation under tax laws are
recognized when it is reasonably certain that there will be future
taxable income.
iii. Net Deferred Tax Liability and/or Assets is recognized on timing
differences between accounting income and taxable income for the year
and quantified using the tax rates and laws enacted or subsequently
enacted as on the Balance Sheet date. Net Deferred Tax liability has
been recognized in the Books as required by AS-22 of the Institute of
Chartered Accountants of India.
l) In the opinion of the Board, current assets, loans and advances have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated. The balances of Loans
and advances, Deposits, Sundry Creditors and Unsecured Loans and other
personal accounts are subject to confirmations and adjustments, if
any.
m) Related Parties Disclosures:
There was not any transaction with Related Party during 2013-14.
Mar 31, 2013
A) BasisofPreparation ofFinancial Statement
The financial statements are consistently prepared on the basis of
historical cost convention, in accordance with the applicable
accounting standards and on the accounting principles of a going
concern.All expenses and income to the extent ascertainable with
reasonable certainty are accounted for on accrual basis and are in
accordance with the requirements of the Companies Act, 1956 except
Gratuity expenses, bonus, whichisaccountedoncash basis if any wherever
applicable.
b) UsesofEstimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and during the
reporting year. Difference between the actual result and estimates are
recognizedinthe year inwhich the results are known/materialized.
c) ChangeofAccountingPolicy
Thereisnochange inaccounting policyas compared tolast year.
d) Investments
There is no investment except, the capital invested as a partner in a
construction firm and the same is reflected atcostat Rs..36,000/-
representing 36% shareinthe firm M/s. Prescon Developers.
e) Transactionsin foreign exchange
Transactionsinforeign exchange during the year NILand previous year NIL
f) FixedAssets
i) LeasedAssets
The Company do not have any lease hold asset as such, hence type of
lease, capitalization & depreciation policyof same isnot required.
ii) Other FixedAssets
a. Fixed Assets including Intangible Assets have been capitalised at
Cost of Acquisition and Other Incidental Expenses.
b. Depreciation on Fixed Assets has been computed on the Written Down
Method at the rates provided under Schedule XIVtothe CompaniesAct,
1956.
c. Depreciation on the fixed assets added during the year is provided
on pro-rata basis with referencetothe daysof addition.
g) RevenueRecognition
Sales and Services are recognized are recorded inclusive of statutory
duty, taxes and Labour charges but are net ofreturns and trade
discount.
h) Purchase
There arenopurchases during the year.
i) Contingent Liabilities
As explained and informedtousthere isnoContingent Liability.
k) Taxes on Income :
i. Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961, based on the estimates of weighted average
income tax rate expected for the full financial year.
ii. Deferred Tax Assets and Liabilities are recognized for the future
tax consequences of timing differences between the book profit and tax
profit. Deferred Tax Assets and Liabilities other than on carry forward
losses and unabsorbed depreciation under tax laws are recognized
whenitisreasonably certain that there willbefuture taxable income.
iii. Net Deferred Tax Liability and/or Assets is recognized on timing
differences between accounting income and taxable income for the year
and quantified using the tax rates and laws enacted or subsequently
enacted as on the Balance Sheet date. Net Deferred Tax liability has
been recognized in the Books as required by AS-22 of the Institute of
Chartered Accountantsof India.
l) In the opinion of the Board, current assets, loans and advances have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated. The balances of Loans and
advances, Deposits, Sundry Creditors and Unsecured Loans and other
personal accounts are subject toconfirmations and adjustments,ifany.
ii) Party Paid up Shares - Nil
d) The Company has not proposed dividend for the year ended March 31,
2013.
Mar 31, 2012
A) Basis of Preparation of Financial Statement
The financial statements are consistently prepared on the basis of
historical cost convention, in accordance with the applicable
accounting standards and on the accounting principles of a going
concern. All expenses and income to the extent ascertainable with
reasonable certainty are accounted for on accrual basis and are in
accordance with the requirements of the Companies Act, 1956 except
Gratuity expenses, bonus, which is accounted on cash basis if any
wherever applicable.
b) Uses of Estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and during the
reporting year. Difference between the actual result and estimates are
recognized in the year in which the results are known/materialized.
c) Change of Accounting Policy
There is no change in accounting policy as compared to last year.
d) Investments
There is no investment except, the capital invested as a partner in a
construction firm and the same is reflected at cost at Rs. 36,000/-
representing 36% share in the firm M/s. Prescon Developers.
e) Transactions in foreign exchange
Transactions in foreign exchange during the year NIL and previous year
NIL
f) Fixed Assets
i) Leased Assets
The Company do not have any lease hold asset as such, hence type of
lease, capitalization & depreciation policy of same is not required.
ii) Other Fixed Assets
a. Fixed Assets including Intangible Assets have been capitalised at
Cost of Acquisition and Other Incidental Expenses.
b. Depreciation on Fixed Assets has been computed on the Written Down
Method at the rates provided under Schedule XIV to the Companies Act,
1956.
c. Depreciation on the fixed assets added during the year is provided
on pro-rata basis with reference to the days of addition.
g) Revenue Recognition
Sales and Services are recognized are recorded inclusive of statutory
duty, taxes and Labour charges but are net of returns and trade
discount.
h) Purchase
There are no purchase during the year.
i) Contingent Liabilities
As explained and informed to us there is no Contingent Liability.
k) Taxes on Income :
i. Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961, based on the estimates of weighted average
income tax rate expected for the full financial year.
ii. Deferred Tax Assets and Liabilities are recognized for the future
tax consequences of timing differences between the book profit and tax
profit. Deferred Tax Assets and Liabilities other than on carry forward
losses and unabsorbed depreciation under tax laws are recognized when
it is reasonably certain that there will be future taxable income.
iii. Net Deferred Tax Liability and Assets is recognized on timing
differences between accounting income and taxable income for the year
and quantified using the tax rates and laws enacted or subsequently
enacted as on the Balance Sheet date. Net Deferred Tax liability has
been recognized in the Books as required by AS-22 of the Institute of
Chartered Accountants of India.
l) In the opinion of the Board, current assets, loans and advances have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated. The balances of Loans and
advances, Deposits, Sundry Creditors and Unsecured Loans and other
personal accounts are subject to confirmations and adjustments, if any.
Mar 31, 2011
1. Basis of Preparation of Financial Statement
The financial statements are consistently prepared on the basis of
historical cost convention, in accordance with the applicable
accounting standards and on the accounting principles of a going
concern. All expenses and income to the extent ascertainable with
reasonable certainty are accounted for on accrual basis and are in
accordance with the requirements of the Companies Act, 1956 except
Gratuity expenses, bonus, which is accounted on cash basis if any
wherever applicable.
2. Uses of Estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and during the
reporting year. Difference between the actual result and estimates are
recognized in the year in which the results are known / materialized.
3. Change of Accounting Policy
There is no change in accounting policy as compared to last year.
4. Fixed Assets
(i) Fixed Assets are carried at cost of acquisition or construction,
inclusive of duties, incidental expenses, erection and installation
etc., upto the date the asset is put to use.
(ii) The Company provides depreciation at the rate prescribed and in
the manner described under Schedule XIV of Companies Act, 1956 on
written down method.
5. Investments
There is no investment except, the capital invested as a partner in a
construction firm and the same is reflected at cost at Rs. 36,000/-
representing 36% share in the firm M/S Prescon Developers.
6. Transactions in foreign exchange
Transactions in foreign exchange during the year NIL and previous year
NIL
Mar 31, 2010
1. Basis of Preparation of Financial Satatement
The financial statements are consistently prepared on the basis of
historical cost convention, in accordance with the applicable
accounting standards and on the accounting principles of a going
concern. All expenses and income to the extent ascertainable with
reasonable certainly are accounted for on accrual basis and are in
accordance with the requirements of the Companies Act, 1956 except
Gratuity expenses, bonus, which is accounted on cash basis if any
wherever applicable.
2. Uses of Estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and during the
reporting year. Difference between the actual result and estimates are
recognized in the year in which the results are known /materialized.
3. Changeof Accounting Policy
There is no change in accounting policy as compared to last year.
4. Fixed Assets
(i) Fixed Assets are carried at cost of acquisition or construction,
inclusive of duties, incidental expenses, erection and installation
etc.. upto the date the asset is put to use.
(it) The Company provides depreciation at the rate prescribed and in
the manner described under Schedule XIV of Companies Act, 1956 on
written down method.
5. Investments
There is no investment except, the capital invested as a partner in a
construction firm and the same is reflected at cost at Rs. 36,000/-
representing 36% share in the firm MIS Prescon Developers.
6. Transactions in foreign exchange
Transactions in foreign exchange during the year NlL and previous year
NIL