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Accounting Policies of Lykis Ltd. Company

Mar 31, 2015

1. Basis of Accounting:

(a) General:

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act") / Companies Act, 1956 ("the 1956 Act"), as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year except for change in the accounting policy for depreciation. All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. The Company's activities in its business segments have operating cycles which do not exceed 12 months. As a result, current assets comprise elements that are expected to be realised within 12 months after the reporting date and current liabilities comprise elements that are due for settlement within 12 months after the reporting date.

(b) Revenue Items:

Items of Incomes and Expenses are accounted for on Accrual Basis, unless otherwise specifically stated hereunder in this Schedule.

(c) Fixed Assets

Tangible fixed assets acquired by the Company are reported at acquisition cost, with deductions for accumulated depreciation and impairment losses, if any depreciation on the acquisition cost includes the purchase price (excluding refundable taxes) and expenses directly attributable to bring the asset to the location and condition for its intended use. Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Tangible fixed assets has been provided on the SLM method as per the useful life prescribed in Schedule II to the Companies Act, 2013

(d) Depreciation

i Depreciation has been provided on assets acquired and/or purchased prior to 01.04.87 on WDV method as per the useful life prescribed in schedule II of company's Act, 2013. ii On assets acquired after 1.4.87 on SLM basis as per the useful life prescribed in schedule II of company's Act, 2013.

(e) Investments

Investments have been stated at cost.

(f) Stock In Trade

Inventories are valued at as under :

i Stores and spares Parts-At Cost

ii Stock of unsold Tea-At Estimated net realizable value

iii Stock of Nursery Plants- At estimated net realizable value

(g) Provisions for Current and Deferred Tax

Provision for Income tax has been made in accordance with the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax liability is recognised and carried forward.

(h) Contingent Liabilities

Contingent Liabilities, if any not provided for are disclosed by way of Notes on Accounts.

(i) Foreign Currency Transactions

Transactions in foreign currencies are translated to the reporting currency based on the exchange rate on the date of the transaction. Exchange differences arising on settlement thereof during the year are recognised as income or expenses in the Statement of Profit and Loss. Cash and bank balances, receivables and liabilities (monetary items) in foreign currencies as at the year end are valued at year end rates, and unrealised translation differences are included in the Statement of Profit and Loss.


Mar 31, 2014

1. Basis of Accounting:

(a) General:

The financial statements have been prepared under the Historical Cost Convention on the basis of Going Concern Concept in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently.

(b) Revenue Items:

Items of incomes and expenses are accounted for on the Accrual Basis, unless otherwise specifically stated hereunder in this Schedule.

(c) Fixed assets

Fixed assets are carried at cost of acquisition and / or revalued figures less depreciation.The cost of extension of planting cultivable land including cost of development is capitalized.

(d) Depreciation

i Depreciation has been provided on assets acquired and / or purchased prior to 01.04.87 on WDV method as per the WDV rates under schedule XIV of the Companies Act,(as amended) 1956.

ii On assets acquired after 1.4.87 on SLM basis as per the SLM rates prescribed under Schedule XIV of the Companies Act, (as amended) 1956.

iii Depreciation for the year includes depreciation on revalued items of fixed assets amounting to Rs. 1,38,644.00 and accordingly an equivalent amount has been transferred to Profit & Loss Account from Revaluation Reserve Account.

(e) Investments:

Investments have been stated at cost.

(f) Stock In Trade:

Inventories are valued at as under:

i Stores and Spare Parts-At cost

ii Stock of unsold Tea-At estimated net realizable value

iii Stock of Nursery Plants- At estimated net realizable value

(g) Provisions for Current and Deferred Tax

Provision for Income tax has been made in accordance with the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax liability is recognised and carried forward.

(h) Contingent Liabilities:

Contingent Liabilities, if any not provided for are disclosed by way of Notes on Accounts.

(i) Foreign Currency Transactions:

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transactions or that approximates the actual rate at the date of the transactions.

(b) Any income or expense on account of exchange difference either on settlement or on transaction is recognised in the Statement of Profit & Loss.


Mar 31, 2013

(a) General:

The financial statements have been prepared under the Historical Cost Convention on the basis of ! Going Concern Concept in accordance with the generally accepted accounting principles and the j provisions of the Companies Act, 1956 as adopted consistently.

(b) Revenue Items: j Items of incomes and expenses are accounted for on the Accrual Basis, unless otherwise specifically j stated hereunder in this Schedule

(c) Fixed assets

Fixed assets are carried at cost of acquisition and / or revalued figures less depreciation.The cost of j ''* extension of planting cultivable land including cost of development is capitalized.

(d) Depreciation

Depreciation has been provided on assets acquired and / or purchased prior to 01.04.87 on WDV method as per the WDV rates under schedule XIV of the Companies Act,(as amended) 1956

ii On assets acquired after 1.4.87 on SLM basis as per the SLM rates prescribed under Schedule XIV of the Companies Act, (as amended) 1956.

iii Depreciation for the 12 months period includes depreciation on revalued items of fixed assets amounting to Rs. 1,38,644.00 and accordingly an equivalent amount has been transfened to Profit & Loss Account from Revaluation Reserve Account.

(e) Investments: Investments have been stated at cost.

(f) Stock In Trade: Inventories are valued at as under: Stores and Spare Parts-At cost

ii Stock of unsold Tea-At estimated net realizable value iii Stock of Nursery Plants-At estimated net realizable value

(g) Taxation

Current Tax is determined on the basis of the amount of tax payable underthe Income TaxAct, 1961 if any. Deferred tax liability is recognised and carried forward and there is reasonable Certainty that sufficient taxable income will be available against which such deferred tax liability can be adjusted.

(h) Contingent Liabilities;

Contingent Liabilities, if any not provided for are disclosed by way of Notes on Accounts.

(i) Foreign Currency Transactions

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transactions or that approximates the actual rate at the date of the transactions.

(b) Any income or expanse on account of exchange difference either on settlement or on transaction is recognised in the Statement of Profit & Loss.


Mar 31, 2012

1. Basis of Accounting:

(a) General:

The Financial Statements have been prepared under the Historical Cost Convention on the basis of Going Concern Concept in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently.

(b) Revenue Items:

Items of incomes and Expenses are accounted for on the Accrual Basis, unless otherwise specifically stated hereunder in this Schedule

(c) Fixed assets

Fixed assets are carried at cost of acquisition and / or revalued figures less depreciation.The cost of extension of Planting cultivable Land including cost of development is capitalized.

(d) Depreciation

i Depreciation has been provided on assets acquired and/or purchased prior to 01.04.87 on WDV method as per the WDV rates under Schedule XIV of the Companies Act,(as amended) 1956

ii On assets acquired after 1.4.87 on SLM basis as per the SLM rates prescribed under Schedule XIV of the Companies Act, (as amended) 1956.

iii Depreciation for the 6 months period includes depreciation on revalued items of Fixed Assets amounting to Rs.69,321.96 and accordingly an equivalent amount has been transferred to Profit & Loss Account from Revaluation Reserve Account.

(e) Investments:

Investments have been stated at cost.

(f) Stock In Trade:

Inventories are valued at as under:

i Stores and Spare Parts-At Cost

ii Stock of unsold Tea-At Estimated net realizable value

iii Stock of Nursery Plants-At Estimated net relizable value

(g) Taxation

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961 if any. Deferred tax liability is recognised and carried forward and there is reasonable certainty that sufficient taxable income will be available against which such deferred tax liability can be adjusted.

(h) Contingent Liabilities;

Contingent Liabilities, if any not provided for are disclosed by way of Notes on Accounts.


Sep 30, 2011

1. GENERAL

i. These accounts have been prepared on the historical cost basis unless otherwise stated and on the accounting principles of going concern.

ii. The income and expenses have been accounted on mercantile basis, unless specifically stated to be otherwise.

iii. Accounting policies have been adopted in consonance with generally accepted accounting principles.

2. FIXED ASSETS

Fixed assets are carried at cost of acquisition and or revalued figures less depreciation. The cost ' of extension planting or cultivable land including cost of development is capitalized.

3. INVESTMENTS

Investments are stated at cost. Gains/losses on sale of investments are recognized as income/ ' expenditure. Dividend and Interest received is accounted for as and when received.

4. DEPRECIATION

i. Depreciation has been provided on assets acquired and or purchased prior to 1.4.87 on WDV ' method as per the WDV rates under Schedule XIV of the companies Act, (as amended) 1956 ,

ii. On assets acquired after 1.4.87 on S.L.M basis as per the SLM Rates prescribed under XIV of the companies Act (as amended) 1956.

iii. Depreciation for the 12 months period included depreciation on revalued items of fixed assets , amounting to Rs. 1,38,644.00 and accordingly an equivalent amount has been transferred to Profit & Loss Account from Revaluation Reserve Account.

- TAXATION

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets subject to consideration of prudence shall be recognized and carried forward only when there is reasonable certainty that sufficient taxable income will be , available against which such Deferred Tax Liabilities/Assets can be adjusted

INVENTORIES:

Inventories are valued at under

i. Stores and Spare parts - At cost

ii. Stock of unsold Tea - At estimated net realizable value.

iii. Stock of Nursery Plants - At estimated net realizable value.

CONTINGENT LIABILITIES :

Contingent liabilities have not been accounted for and are being disclosed by way of notes on accounts.


Sep 30, 2010

1. GENERAL

i. These accounts have been prepared on the historical cost basis unless otherwise stated and on the accounting principles of going concern.

ii. The income and expenses have been accounted on mercantile basis, unless specifically stated to be otherwise.

iii. Accounting policies have been adopted in consonance with generally accepted accounting principles.

2. FIXED ASSETS

Fixed assets are carried at cost of acquisition and or revalued figures less depreciation. The cost of extension planting or cultivable land including cost of development is capitalized.

3. INVESTMENTS

Investments are stated at cost. Gains/losses on sale of investments are recognized as income/expenditure, Dividend and Interest received is accounted for as and when received.

4. DEPRECIATION

i. Depreciation has been provided on assets acquired and or purchased prior to 1.4.87 on WDV method as per the WDV rates under Schedule XIV of the companies Act,(as amended) 1956

ii. On assets acquired after 1.4.87 on S.L.M basis as per the S.LM Rates prescribed under XIV of the companies Act (as amended) 1956.

iii. Depreciation for the 15 months period included depreciation on revalued items of fixed assets amounting to Rs. 1,73,305.10 and accordingly and equivalent amount has been transferred to Profit & Loss Account from Revaluation Reserve Account.

TAXATION

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets subject to consideration of prudence shall be recognized and carried forward only when there is reasonable certainty that sufficient taxable income will be available against which such Deferred Tax Liabilities/Assets can be adjusted

INVENTORIES:

Inventories are valued at under

i. Stores and Spare parts-At cost

ii. Stock of unsold Tea-A testimated net realizable value.

iii. Stock of Nursery Plants-A testimated net realizable value.

CONTINGENT LIABILITIES:

Contingent liabilities have not been accounted for and are being disclosed byway of notes on accounts.


Jun 30, 2009

1. GENERAL

(i) These accounts have been prepared on the historical cost basis unless otherwise stated and on the accounting principles of going concern.

(ii) All expenses and income to the extent considered payable and receivable respectively, unless specifically state to be otherwise area accounted for on mercantile basis.

(iii) Accounting policies unless specifically states to be otherwise are consistent and are in consonance with generally accepted accounting principles.

2. FIXED ASSETS :

Fixed assets are carried at cost of acquisition and or revalued figures less depreciation. The cost of extension planting or cultivable land including cost of development are capitalised.

3. INVESTMENTS :

Investment are stated at cost Gains/losses on sale of investments are recognised as income/expenditure. Dividends. Interest received are accounted for as and when received.

4. DEPRECIATION

(i) Depreciation has been provided on assets acquired and or purchased prior to 1.4.87 on WDV method as per the WDV rates under Schedule XIV of the companies Act, (as amended) 1956

(ii) On assets acquired after 1.4.87 on S.L.M basis as per the S.LM Rates prescribed under XIV of the companies Act (as amended) 1956.

(iii) Depreciation for the year included depreciation on revalued items of fixed assets amounting to Rs. 1,39,025.00 and accordingly and equivalent amount has been transferred to Profit & Loss Account from Revaluation Reserve Account.

5. TAXATION

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets subject to consideration of prudence shall be recognized and carried forward only when there is reasonable certainty that sufficient taxable income will be available against which such Deferred Tax Liabilities/Assets can be adjusted.

6. INVENTORIES :

Inventories are valued at under

(i) Stores and Spare parts - At cost

(ii) Stock of unsold Tea - At estimated net realizable value.

(iii) Stock of Nursary Plants - At estimated net realizable value.

7. CONTINGENT LIABILITIES :

Contingent liabilities have not been accounted for and are being disclosed by way of notes on accounts.

 
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