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.