Mar 31, 2017
1) CORPORATE INFORMATION
PHOENIX TOWNSHIP LIMITED (the company) is a Public limited company incorporated on 10/02/1993 under the provisions of the Indian Companies Act, 1956 having Corporate Identity Number(CIN) L67190GA1993PLC001327. Its shares are listed in Bomby stock exchange. The Registered office situated at PANJI, State GOA. The company is engaged in providing Services relating to hotel business.
1. Significant Accounting Policies
a) Basis of Preparation of Financial Statements
The financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 2013 (''the Act''), and the accounting principles generally accepted in India and comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable.
b) Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles in India (Indian GAAP) requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of financial statements which in management''s opinion are prudent and reasonable. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognized prospectively in current and future periods.
c) Fixed Assets / Intangible Assets
Fixed Assets are stated on cost less accumulated depreciation. The total cost of assets comprises its purchase price, freight, duties, taxes and any other incidental expenses directly attributable to bringing the asset to the working condition for its intended use.
d) Depreciation
â On Tangible Assets The Company has provided depreciation on basis of useful lives as prescribed in
Schedule II of the Companies Act, 2013 consequent to schedule II becoming applicable w. e. f. 01st April 2014. On Intangible Assets:- Intangible Assets are amortized on Straight Line Method over the useful life, based on the economic benefits that would be derived, as per the estimates made by the management, computer software to be written off over a period of three years.â
e) Inventories
Stock of food and beverages and operating supplies and consumables stores are valued at cost (FIFO).As the market value of these items of the stock is unascertainable to their basic nature.
As the turnover of the company is in respect of hotel stay and food and beverages it is not possible to quantitative wise details of the turnover.
f) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
- Service Income
Service income is recognized as per the terms of the contract when the related services are rendered. It is stated net of service tax.
- Interest income
Interest income is recognized on time proportion basis.
g) Investments
Investments are classified under Non-current and current categories.
''Non-current Investments'' are carried at acquisition/ amortized cost. A provision is made for diminution other than temporary on an individual basis.
''Current Investments'' are carried at the lower of cost or fair value on an individual basis.
h) Retirement and Other Employee Benefits
The Company provides for retirement benefits to employees. However there is no liability on this account at end of the year under the applicable laws.
i) Leases
Lease Rent pertains to Agricultural Land taken on Lease & sub-lease for 99 years by the Company,
j) Taxation
Provision for Income Tax has been made in accordance with the provision of Income Act, 1961. Deferred tax liability is provided for on the basis of timing difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
2. Prior period comparatives
Previous year''s figures are presented as per the Revised Schedule VI to make comparables with current year. However, groupings of previous year''s figures presented in these financial statements are not matching with those presented in previous year''s financial statements.
Mar 31, 2015
A) Basis of Preparation of Financial Statements
The financial statements are prepared and presented under the
historical cost convention, on the accrual basis of accounting and in
accordance with the provisions of the Companies Act, 2013 (''the Act''),
and the accounting principles generally accepted in India and comply
with the accounting standards prescribed in the Companies (Accounting
Standards) Rules, 2006 issued by the Central Government, in
consultation with the National Advisory Committee on Accounting
Standards, to the extent applicable.
b) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (Indian GAAP) requires
management to make estimates and assumptions that affect the reported
amount of assets, liabilities, revenues and expenses and disclosure of
contingent liabilities on the date of the financial statements. The
estimates and assumptions used in the accompanying financial statements
are based upon management''s evaluation of the relevant facts and
circumstances as of the date of financial statements which in
management''s opinion are prudent and reasonable. Actual results may
differ from the estimates used in preparing the accompanying financial
statements. Any revision to accounting estimates is recognised
prospectively in current and future periods.
c) Fixed Assets /Intangible Assets
Fixed Assets are stated on cost less accumulated depreciation. The
total cost of assets comprises its purchase price, freight, duties,
taxes and any other incidental expenses directly attributable to
bringing the asset to the working condition for its intended use.
d) Depredation
- Leasehold Improvements are amortized over the period of lease or
estimated period of useful life of such improvement, whichever is
lower.
- Depreciation on other fixed assets is provided on SLM Method on a
pro rata basis over its economic useful lives, estimated by the
management or at the rates prescribed under Companies ACT, 2013
whichever is higher.
- Assets costing less than or equal to Rs. 5,000 are depreciated
fully in the year of purchase.
e) Inventories
Stock of food and beverages and operating supplies and consumables
stores are valued at cost (FIFO).As the market value of these items of
the stock is unascertainable to their basic nature.
As the turnover of the company is in respect of hotel stay and food and
beverages it is not possible to quantitative wise details of the
turnover. However the breakup of food and beverages is provided as
under:-
f) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
- Service Income
Service income is recognised as per the terms of the contract when the
related services are rendered. It is stated net of service tax.
- Interest income
Interest income is recognized on time proportion basis.
g) Investments
Investments are classified under Non-current and current categories.
Non-current Investments'' are carried at acquisition /amortized cost.
Aprovision is made for diminution other than temporary on an individual
basis.
''Current Investments'' are carried at the lower of cost or fair value on
an individual basis.
h) Retirement and Other Employee Benefits
The Company provides for retirement benefits to employees. However
there is no liability on this account at end of the year under the
applicable laws.
i) Leases
Lease Rent pertains to Agricultural Land taken on Lease & sub-lease for
99 years by the Company.
j) Taxation
Provision for Income Tax has been made in accordance with the provision
of Incom Act, 1961. Deferred tax liability is provided for on the basis
of timing difference betwee taxable income and accounting income that
originate in one period and are capableo reversal in one or more
subsequent periods.
Mar 31, 2014
A) Basis of Preparation of Financial Statements
The financial statements are prepared and presented under the
historical cost convention, on the accrual basis of accounting and in
accordance with the provisions of the Companies Act, 1956 (''the
Act''), and the accounting principles generally accepted in India and
comply with the accounting standards prescribed in the Companies
(Accounting Standards) Rules, 2006 issued by the Central Government, in
consultation with the National Advisory Committee on Accounting
Standards, to the extent applicable.
b) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (Indian GAAP) requires
management to make estimates and assumptions that affect the reported
amount of assets, liabilities, revenues and expenses and disclosure of
contingent liabilities on the date of the financial statements. The
estimates and assumptions used in the accompanying financial statements
are based upon management''s evaluation of the relevant facts and
circumstances as of the date of financial statements which in
management''s opinion are prudent and reasonable. Actual results may
differ from the estimates used in preparing the accompanying financial
statements. Any revision to accounting estimates is recognised
prospectively in current and future periods.
c) Fixed Assets / Intangible Assets
Fixed Assets are stated on cost less accumulated depreciation. The
total cost of assets comprises ts purchase price, freight, duties,
taxes and any other incidental expenses directly attributable to
bringing the asset to the working condition for its intended use.
d) Depreciation
- Leasehold Improvements are amortized over the period of lease or
estimated period of useful life of such improvement, whichever is
lower.
- Depreciation on other fixed assets is provided on written down
value Method on a pro rata basis over its economic useful lives,
estimated by the management or at the rates prescribed under Schedule
XIV of the Act whichever is higher.
Accompanying notes to the financial statements for the year ended March
31, 2014
- Assets costing less than or equal to Rs. 5,000 are depreciated
fully in the year of purchase.
e) Inventories
Inventories: Phoenix Park Inn Resort
Stock of food and beverages and operating supplies and consumables
stores are valued at cost (FIFO).As the market value of these items of
the stock is unascertainable to their basic nature.
As the turnover of the company is in respect of hotel stay and food and
beverages it is not possible to quantitative wise details of the
turnover. However the breakup of food and beverages is provided as
under:-
f) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
- Service Income
Service income is recognised as per the terms of the contract when the
related services are rendered. It is stated net of service tax.
- Interest income
Interest income is recognized on time proportion basis.
g) Investments
Investments are classified under Non-current and current categories.
''Non-current Investments'' are carried at acquisition /amortized
cost. A provision is made for diminution other than temporary on an
individual basis.
''Current Investments'' are carried at the lower of cost or fair
value on an individual basis.
h) Retirement and Other Employee Benefits
The Company provides for retirement benefits to employees. However
there is no liability on this account at end of the year under the
applicable laws.
i) Leases
Lease Rent pertains to Agricultural Land taken on Lease & sub-lease for
99 years by the Company.
j) Taxation
Provision for Income Tax has been made in accordance with the provision
of Income Tax Act, 1961. Deferred tax liability is provided for on the
basis of timing difference between taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods.
Accompanying notes to the financial statements for the year ended March
31, 2014