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Accounting Policies of Landmark Property Development Company Ltd. Company

Mar 31, 2014

1. Accounting Convention

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with applicable accounting standards.

2. Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they materialize.

3. Fixed Assets and Depreciation

a) Fixed assets are shown at cost less accumulated depreciation. All significant costs incidental to the acquisition of assets are capitalized.

b) Depreciation is provided on WDV method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956, except on intangible Assets, which is amortized over the period of 3years. However intangible assets costing less than Rs. 10,000/- are fully amortized in the year of acquisition.

c) Depreciation on additions is calculated pro-rata from the month of addition.

4. Investments

Current investments are stated at cost or fair value which ever is lower.

5. Inventories

Stocks in trade- finished and partly finished goods are valued at cost or net realizable value whichever is lower.

6. Revenue Recognition

i) Incomes from Advisory Services are accounted for when it becomes due.

ii) The sale of stock in trade is recognized when significant risks and rewards of ownerships are transferred or handing over possession to the buyer, retaining no effective control to a degree usually associated with ownership.

iii) Interest on bank deposits/loans is recognized on time proportion basis. Interest on Post Office Savings Bank Accounts is accounted for as and when received.

7. Employee Benefits

a) Contribution to Provident Fund is accounted for on accrual basis.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year in conformity with the Accounting Standard -15. Actuarial gains or losses are recognised in the profit and loss account.

8. Deferred Tax

In accordance with Accounting Standard-22 "Taxes on Income'', deferred tax is recognized, subject to consideration of prudence, being the difference between accounting and taxable income that originate in one year and are capable of reversal in subsequent year.

9. Impairment of Assets

Impairment losses, if any are recognized in accordance with Accounting Standard-28.

10. Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of the obligation can not be made.


Mar 31, 2013

1. Accounting Convention

The financial statements are prepared under historical cost convention, on a going concern basts and in accordance with applicable accounting standards,

2. Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that effect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they materialize.

3. Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. All significant costs incidental to the acquisition of assets are capitalized.

a) Depreciation is provided on WDV method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956, except on intangible Assets, which is amortized over the period of 3years. However intangible assets costing less than Rs. 10,000/- are fully amortized in the year of acquisition,

b) Depreciation on additions is calculated pro-rata from the month of addition.

4. Investments

Investments are stated at cost or fair value which ever is lower.

5. Revenue Recognition

Incomes from Advisory Services are accounted for when it becomes due. Interest on bank deposits/loans is recognized on time proportion basis. Interest on Post Office Savings Bank Accounts is accounted for as and when received.

6. Employee Benefits

a) Contribution to Provident Fund is accounted for on accrual basis.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year in conformity with the Accounting Standard -15. Actuarial gains or losses are recognised in the profit and loss account.

7. Deferred Tax

In accordance with Accounting Standard-22 "Taxes on Income'', deferred tax is recognized, subject to consideration of prudence, being the difference between accounting and taxable income that originate in one year and are capable of reversal in subsequent year.

8. Impairment of Assets

Impairment losses, if any are recognized in accordance with Accounting Standard-28.

9. Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. Adrsclosure of contingent liability is made when there is a possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of the obligation can not be made.


Mar 31, 2012

1. Accounting Convention

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with applicable accounting standards.

2. Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that effect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they materialize.

3. Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. All significant costs incidental to the acquisition of assets are capitalized.

a) Depreciation is provided on WDV method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956, except on intangible Assets, which is amortized over the period of 3years. However intangible assets costing less than Rs. 10,000/- are fully amortized in the year of acquisition.

b) Depreciation on additions is calculated pro-rata from the month of addition.

4. Interest Income

Interest on bank deposits/loans is recognized on time proportion basis. Interest on Post Office Savings Bank Accounts is accounted for as and when received. .

5. Employee Benefits

a) Contribution to Provident Fund is accounted for on accrual basis.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year in conformity with the Accounting Standard -15. Actuarial gains or losses are recognised in the profit and loss account.

6. Deferred Tax

In accordance with Accounting Standard-22 "Taxes on Income', deferred tax is recognized, subject to consideration of prudence, being the difference between accounting and taxable income that originate in one year and are capable of reversal in subsequent year.

7. Impairment of Assets

Impairment losses, if any are recognized in accordance with Accounting Standard-28.

8. Provisfons and Contingencies

The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of the obligation can not be made.


Mar 31, 2011

1. Accounting Convention

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with applicable accounting standards.

2. Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that effect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they materialize.

3. Fixed Assets and Depreciation

a) Fixed assets are shown at cost less accumulated depreciation. All significant costs incidental to the acquisition of assets are capitalized.

b) Depreciation is provided on WDV method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956, except on intangible Assets, which is amortized over the period of 3 years. However intangible assets costing less than Rs. 10,000/- are fully depreciated in the year of acquisition.

c) Depreciation on additions is calculated pro-rata from the month of addition.

4. Interest Income

Interest on bank deposits/loans is recognized on time proportion basis. Interest on Post Office Savings Bank Accounts is accounted for as and when received.

5. Employee Benefits

a) Contribution to Provident Fund is accounted for on accrual basis.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year in conformity with the Accounting Standard -15. Actuarial gains or losses are recognised in the profit and loss account.

6. Deferred Tax

In accordance with Accounting Standard-22 "Taxes on Income", deferred tax is recognized, subject to consideration of prudence, being the difference between accounting and taxable income that originate in one year and are capable of reversal in subsequent year.

7. Impairment of Assets

Impairment losses, if any are recognized in accordance with Accounting Standard-28.

8. Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of the obligation can not be made.


Mar 31, 2010

1. Accounting Convention

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with applicable accounting standards.

2. Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

3 Fixed Assets and Depreciation

a) Fixed assets are shown at cost less accumulated depreciation. All significant costs incidental to the acquisition of assets are capitalized.

b) Depreciation is provided on WDV method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956, except on Intangible Assets, which is amortized over the period of 3 years. However intangible assets costing less than Rs. 10,000/- are fully depreciated in the year of acquisition.

c) Depreciation on additions is calculated prorata from the month of addition.

4 Interest Income

Interest on bank deposits / loans is recognized on time proportion basis. Interest on Post Office Savings sBank Accounts are accounted for as and when received.

5 Employee Benefits

a) Contribution to Provident Fund is accounted for on accrual basis.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year in conformity with the Accounting Standard - 15. Actuarial gains or losses are recognized in the profit and loss account.

6 Deferred Tax

In accordance with Accounting Standard-22 Taxes on income, deferred tax is recognized, subject to consideration of prudence, being the difference between accounting and taxable income that originate in one year and are capable of reversal in subsequent year.

7 Impairment of Assets

Impairment loss, if any, are recognized in accordance with Accounting Standard-28.

8 Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of the obligation can not be made