Mar 31, 2016
Notes to Balance sheet and Profit & Loss Account
1. Significant Accounting Policies-
i) Basis of Accounting:
Financial Statement is prepared under historical cost convention on a accrual basis in accordance with the requirements of the Companies Act. 2013.
ii) Fixed Assets and Depreciation
a) There is no any Fixed Assets, hence not Applicable.
b) Depreciation:
(i) N.A.
ii) INVENTORIES
There is no Inventory hence not applicable.
iii) MISCELLANEOUS EXPENSES
Balance of Preliminary Expenditure at the year end is Rs. 8,1 7,270/-
iv) CONTINGENT LIABILITIES
No provision is made for liabilities, which are contingent in nature but, if material the same is disclosed by way of notes to the accounts.
2. Deferred Tax
Deferred Tax is calculated at the tax rate and laws that have been enacted or subsequently enacted as of the Balance Sheet date and is recognized on timing difference that originate in one period and are capable of reversing in one period and are capable of reversing in one or more subsequent period. Deferred Tax, subject to consideration of prudence are recognized and carried forward only to the extent that they can be realized
Deferred Tax Assets
On account of Depreciation on Fixed Assets Rs. NIL/
3. None of the employees of the Company has crossed the Limits Prescribed u/s. 217 (2A) of the Companies (Particulars of Employees) Amendment Rules, 1988 during the year.
6. In the opinion of the Board, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if in the ordinary course of business and are subject to confirmation.
7. Additional Information under Schedule III of the Companies Act, 2013: Nil
8. Previous Yearâs figure have been re-grouped / rearranged wherever essential.
9. All the Balances of Sundry Creditors, and Sundry Debtors are subject to confirmation and realized in the ordinary course of business.
10. Cash on hand at the yearend certified by the management. Moreover we are not physically verified the Cash Balance as on 31-03-2016.
Mar 31, 2015
I) Basis of Accounting :
Financial Statement are prepared under historical cost convention on a
accrual basis in accordance with the requirements of the Companies Act.
2013.
ii) Fixed Assets and Depreciation
a) There is no any Fixed Assets, hence Not Applicable.
b) Depreciation :
(i) N.A.
ii) INVENTORIES
There is no Inventory hence not applicable.
iii) MISCELLANEOUS XPENSES
Balance of Preliminary Expenditure at the year end is Rs. 10,87,088/-
iv) CONTINGENT LIABILITIES
No provision is made for liabilities, which are contingent in nature
but, if material the same is disclosed by way of notes to the accounts.
Mar 31, 2013
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on written
down value of the asset.
- All the fixed assets of the company have been disposed off during the
year.
d) INVENTORIES
- Raw material and other material are valued at cost or net realizable
value whichever is lower.
- Finished goods are valued at cost or market value whichever is lower.
- At the end of the year company have no inventory.
Mar 31, 2011
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XTV to the Companies Act 1956 on written
down value of the asset.
d) INVENTORIES
- Raw material and other material are valued at cost or net realizable
value whichever is lower.
- Finished goods are valued at cost or market value whichever is lower.
Mar 31, 2010
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on written
down value of the asset.
d) INVENTORIES
- Raw material and other material are valued at cost or net realizable
value whichever is lower.
- Finished goods are valued at cost or market value whichever is lower.
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