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Accounting Policies of Kedia Construction Company Ltd. Company

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

 
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