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Accounting Policies of Polo Hotels Ltd. Company

Mar 31, 2014

1. The accounts of the company arc prepared under the historical cost convention and materially comply with mandatory accounting standards issued by the institute of Chartered Accountants of India. The significant accounting policies followed by the Company are stated below;

2. Use of Estimates

The preparation of Financial Statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities as on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based on the management evaluations of the relevant facts and the circumstances its on the date of the financial statements. Actual results could differ from these estimates.

3. Fixed Assets:

Fixed assets have been carried at historical cost, inclusive of incidental expenses, less accumulated depreciation.

4. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to recoverable amount and the impairment loss is charged to Profit and Loss Account. If, at Balance Sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

5 Depreciation:

Depreciation on fixed assets has been provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 over their useful fife.

6. inventories:

Inventories arc Nil as the Company''s only venture Hotel North Park has been given on lease and operations arc being managed by Lessee.

7. Revenue Recognition

Revenue from Lease Income is recognized as per the terms of Lease agreement

8. Investments:

Long term investments are stated at cost.

9 Miscellaneous Expenditure:

Deferred Revenue Expenditure is being written off in the ratio of I /15th every year i.e. over the total lease period.

10. Borrowing Costs:

Borrowing costs that are directly attributable to qualifying asset are capitalized as part of the cost of the asset Other borrowing costs are recognized as an expense in the period in which they are incurred.

11. Capital work in progress

Tangible assets not ready for the intended use on the date of the Balance Sheet are disclosed as "capital work-in-progress". (Also refer to policy on borrowing costs ) CWIP includes incidental expenses and advances given for acquisition of fixed assets during the period of construction.

12 Accounting for Taxes on Income :

Income Tax:

Current Taxation-

Provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions.

Deferred Taxation-

Deferred income tax is provided on all timing differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the balance sheet date.

13 Provisions and Contingent Liabilities:

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probale that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of Outflow of resources embodying economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities unless the probability of outflow of resources embodying economic benefits is remote.


Mar 31, 2013

1. The accounts of the company are prepared under the historical cost convention and materially comply with mandatory accounting standards issued by the institute of Chartered Accountants of India. The significant accounting policies followed by the Company are stated below;

2. Use of Estimates

The preparation of Financial Statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities as on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based on the management evaluations of the relevant facts and the circumstances as on the date of the financial statements. Actual results could differ from these estimates.

3. Fixed Assets:

Fixed assets have been carried at historical cost, inclusive of incidental expenses, less accumulated depreciation.

4. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to recoverable amount and the impairment loss is charged to Profit and Loss Account. If, at Balance Sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

5. Depreciation:

Depreciation on fixed assets has been provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 over their useful life.

6. Inventories:

Inventories are Nil as the Company''s only venture Hotel North Park has been given on lease and operations are being managed by Lessee.

7. Revenue Recognition

Revenue from Lease Income is recognized as per the terms of Lease agreement.

8. Investments:

Long term investments are stated at cost.

9 Miscellaneous Expenditure:

Deferred Revenue Expenditure is being written off in the ratio of 1/15* every year i.e. over the total lease period.

10. Borrowing Costs:

Borrowing costs that are directly attributable to qualifying asset are capitalized as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

11 Accounting for Taxes on Income:

Income Tax:

Current Taxation-

Provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions.

Deferred Taxation-

Deferred income tax is provided on all timing differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the balance sheet date.

12 Provisions and Contingent Liabilities:

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of resources embodying economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities unless the probability of outflow of resources embodying economic benefits is remote.


Mar 31, 2012

1. The accounts of the company are prepared under the historical cost convention and materially comply with mandatory accounting standards issued by the institute of Chartered Accountants of India. The significant accounting policies followed by the Company are stated below;

2. Use of Estimates

The preparation of Financial Statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities as on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based on the management evaluations of the relevant facts and the circumstances as on the date of the financial statements. Actual results could differ from these estimates.

3. Fixed Assets:

Fixed assets have been carried at historical cost, inclusive of incidental expenses, less accumulated depreciation.

4. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to recoverable amount and the impairment loss is charged to Profit and Loss Account. If, at Balance Sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

5. Depreciation:

Depreciation on fixed assets has been provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 over their useful life.

6. Inventories:

Inventories are Nil as the Company's only venture Hotel North Park has been given on lease and operations are being managed by Lessee.

7. Revenue Recognition

Revenue from Lease Income is recognized as per the terms of Lease agreement.

8. Investments:

Long term investments are stated at cost.

9 Miscellaneous Expenditure:

Deferred Revenue Expenditure is being written off in the ratio of 1/15th every year i.e. over the total lease period.

10. Borrowing Costs:

Borrowing costs that are directly attributable to qualifying asset are capitalized as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

11 Accounting for Taxes on Income:

Income Tax:

Current Taxation-

Provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions.

Deferred Taxation-

Deferred income tax is provided on all timing differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the balance sheet date.

12 Provisions and Contingent Liabilities:

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of resources embodying economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities unless the probability of outflow of resources embodying economic benefits is remote.


Mar 31, 2010

1. The accounts of the company are prepared under the historical cost convention and materially comply with mandatory accounting standards issued by the institute of Chartered Accountants of India, The significant accounting policies followed by the Company are stated below;

2. Use of Estimates

The preparation of Financial Statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities as on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based on the management evaluations of the relevant facts and the circumstances as on the date of the financial statements. Actual results could differ from these estimates.

3. Fixed Assets:

Fixed assets have been carried at historical cost, inclusive of incidental expenses, less accumulated depreciation.

4. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to recoverable amount and the impairment loss is charged to Profit and Loss Account. If, at Balance Sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

5. Depreciation:

Depreciation on fixed assets has been provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 over their useful life.

6. Inventories:

Inventories are Nil as the Companys only venture Hotel North Park has been given on lease and operations are being managed by Lessee.

7. Revenue Recognition

Revenue from Lease Income is recognized as per the terms of Lease agreement.

8. Investments:

Long term investments are stated at cost.

9 Miscellaneous Expenditure: i Deferred Revenue Expenditure is being written off in the ratio of l/15,th every year i.e. over the total lease period.

10. Borrowing Costs:

Borrowing costs that are directly attributable to qualifying asset are capitalized as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

11 Accounting for Taxes on Income:

Income Tax:

Current Taxation-

Provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions. Deferred Taxation -

Deferred income tax is provided on all timing differences at the balance sheet date between the fax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the balance sheet date.

12 Provisions and Contingent Liabilities:

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of resources embodying economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities unless the probability of outflow of resources embodying economic benefits is remote.

 
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