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Accounting Policies of Regent Enterprises Ltd. Company

Mar 31, 2015

1. ACCOUNTING CONVENTIONS:

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 2013.

The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION:

Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto.

Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule II to the Companies Act, 2013, on W.D.V. method.

3. INVESTMENTS:

Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFERRED REVENUE EXPENSES:

Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES:

Inventories are valued at cost or market price whichever is less.

6. STAFF BENEFITS:

The payment of Gratuity Act is not applicable to the company as the number of persons employed or were employed is below the limit fixed under the Act.

Provisions of Employees Provident Fund & Miscellaneous Act, 1952 and Provisions of ESI Act, 1948 are not applicable to the company.






Mar 31, 2013

A) ACCOUNTING CONVENTIONS:

i) The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 1956

ii) The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

b) FIXED ASSETS AND DEPRECIATION:

Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto.

Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule XIV to the Companies Act, 1956, on W.D.V. method.

c) INVESTMENTS: Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

d) DEFERRED REVENUE EXPENSES: Preliminary expenses are written off over a period of ten year from the year of payment.

e) INVENTORIES: Inventories are valued at cost or market price whichever is less.

f) STAFF BENEFITS:

-The payment of Gratuity Act is not applicable to the company as the number of persons employed or were employed is below the limit fixed under the Act.


Mar 31, 2012

1. ACCOUNTING CONVENTIONS:

- The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 1956

- The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION:

Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto. Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule XIV to the Companies Act, 1956, on W.D.V. method.

3. INVESTMENTS:

Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFERRED REVENUE EXPENSES:

Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES:

Inventories are valued at cost or market price whichever is less

6. STAFF BENEFITS:

- The payment of Gratuity Act is not applicable to the company as the number of persons employed or were employed is below the limit fixed under the Act.

- Provisions of Employees Provident Fund & Miscellaneous Act, 1952 and Provisions of ESI Act, 1948 are not applicable to the company.


Mar 31, 2011

1. ACCOUNTING CONVENTIONS :

- The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 1956

- The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION : Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto. Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule XIV to the Companies Act, 1956, on W.D.V. method.

3. INVESTMENTS: Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFERRED REVENUE EXPENSES: Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES: Inventories are valued at cost or market price whichever is less .

6. STAFF BENEFITS:

- The payment of Gratuity Act is not applicable to the company as the number of persons employed or were employed is below the limit fixed under the Act.

- Liability for leave is treated as a short term liability and is accounted for as and when earned by the employee.

- Provisions of Employees Provident Fund & Miscellaneous Act, 1952 and Provisions of ESI Act, 1948 are not applicable to the company.


Mar 31, 2010

1. ACCOUNTING CONVENTIONS :

- The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 1956

- The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION :

Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto.

Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule XIV to the Companies Act, 1956, on W.D.V. method.

3. INVESTMENTS:

Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFFERED REVENUE EXPENSES:

Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES:

Inventories are valued at cost or market price whichever is less .

6. STAFF BENEFITS:

- Gratuity is determined on the basis of 15 days last drawn salary for each completed year of service or part thereof in excess of six months, taking month of 26 days for all employees. However gratuity is accounted only at the time of actual payment.

- Leave encashment is determined on the basis of leave accrued to the respective employees at the close of the year on last drawn salary taking month of 26 days. However Leave encashment is accounted only at the time of actual payment.

- Provisions of Employees Provident Fund & Miscellaneous Act, 1952 and Provisions of ESI Act, 1948 are not applicable to the company.


Mar 31, 2009

1. ACCOUNTING CONVENTIONS :

a) The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of the Companies Act, 1956

b) The company generally follows mercantile system of accounting and recognizes significant items of income & expenditure on actual basis.

2. FIXED ASSETS AND DEPRECIATION :

Fixed assets are recorded at their actual cost, freight and incidental expenses related thereto. Depreciation on fixed assets is charged from the date of installation in accordance with the rates specified under Schedule XIV to the Companies Act, 1956, on W.D.V. method.

3. INVESTMENTS

Investment in shares, securities are valued at cost. The market value of quoted investment is not ascertained.

4. DEFFERED REVENUE EXPENSES

Preliminary expenses are written off over a period of ten year from the year of payment.

5. INVENTORIES

Inventories are valued at cost or market price whichever is less.


Mar 31, 2002

I. The financial statements are prepared under historical cost convention in accordance with applicable accounting standards and relevant presentation requirement of the Companies Act, 1956 and on the basis of going concern.

ii. a) Fixed assets owned are stated at original cost less accumulated depreciation. Cost of acquisition includes of freight, duties taxes and other incidenta1 expenses, if any,

b) The depreciation has been charged at Straight Line Method as per rates prescribed in schedule XIV of the Companies Act. 1956.

2. Investments

Investments are valued at cost.

In the opinion of the Management the decline in the value of long term investment have been considered temporary, therefore provisions of dimunition in value have not been made.

3. Stock in Trade

Closing stock has been valued at cost or market price which ever is less.

4. Revenue Recognition

Revenue items have been recognised on mercantile system.

5. Retirement Benefits/ Gratuity

None of the employees of the Company have completed five years.

 
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