Home  »  Company  »  SMIFS Capital Ma  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of SMIFS Capital Markets Ltd. Company

Mar 31, 2015

(a) Basis of preparation of financial statements

The financial statements have been prepared in conformity with accounting principles generally accepted in India and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and referred to Sec 129 & 133 of the Companies Act, 2013.

The financial statements have been prepared under the historical cost convention, except for certain class of fixed assets which are revalued as and when undertaken, in accordance with the generally accepted accounting principles in India.

The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

(b) Fixed Assets

Fixed assets are stated at cost and includes amount added on revaluation less accumulated depreciation and Lease Terminal Adjustment account. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(c) Depreciation

Depreciation on Fixed assets is provided on written down value method. Depreciation is provided based on the rates derived from the useful life assigned to each asset as prescribed in Schedule II to the Companies Act, 2013.

Depreciation on Fixed assets added/disposed during the year is provided on a pro-rata basis with reference to the date of addition/disposal.

(d) Lease Equalisation Charges

Lease rental income is recognised on accrual basis over the lease period. Except in cases where lease contracts have become non-performing assets, the cost of all leased assets is fully amortised during the lease period as per Accounting Standard-19"Accounting for Leases" issued by the Institute of Chartered Accountants of India. Lease Equalisation charge is accordingly accounted for.

(e) Investments

As per the Accounting Standard issued by The Institute of Chartered Accountants of India, Non- Current investments in shares and securities are carried at cost less provision for diminution, other than temporary, determined separately for each individual Investment. Current investments are carried at lower of cost or fair value.

(f) Stock-in-trade

i) Stock-in-trade consisting of shares and securities has been individually valued script wise at lower of cost and market rate, in case they are quoted. Other Stock-in-trade are valued at cost / net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.

ii) Stock-in-trade includes construction work-in-progress in respect of real estate development.

(g) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of lease rentals arising out of lease agreements, it is the company's policy to recognise income as per the terms of the agreements entered into with lessees. However, where lease rentals are past due for more than one year, the Company has not recognised any income as per the past practice followed by the company.

Revenue from real estate development activity is recognized when all significant risk and rewards of ownership in the fl ats being developed are transferred to the customers and a reasonable expectation of collection of the sale consideration from the customers exists.

Revenue from sale of incomplete properties / projects is recognised on the basis of percentage of completion method. Estimated costs relating to construction / development are charged to the Statement of Profit and Loss in proportion with the revenue recognised during the year. The balance costs are carried as part of 'Construction Work in Progress' under inventories under current assets. Amounts receivable / payable are reflected as Trade Receivables or Advances from Customers, respectively, after considering income recognised in the aforesaid manner.

Costs of the projects are based on the management's estimate of the cost to be incurred upto the completion of the projects and include cost of land, materials, services and other expenses attributable to the projects. Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes in cost, if any, is recognised in the financial statements for the period in which such changes are determined.

(h) Employee Benefits

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The Present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The compensated absences are unfunded. Provision for leave encashment has been made on the basis of Actuarial valuation as at the end of the fi nancial year and are charged to Statement of Profit & Loss during the year.

Short-term employee benefits are recognised as an expense in the Statement of Profit &Loss of the year in which the related service is rendered.

(i) Provision for Current and Deferred Tax

The accounting treatment for income tax in respect of the income is based on the Accounting Standards on 'Accounting for Taxes on Income' (AS 22) issued by the Institute of Chartered Accountants of India.

A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax liability / asset for timing differences arising between taxable incomes and accounting income at currently enacted tax rates.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of Profit and Loss as current tax. The Company recognises MAT credit as an asset only to the extent that there is convincing evidence that the Company will pay normal tax during the specified period i.e the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income Tax Act, 1961, the said assets is created by way of credit to the statement of Profit and loss and shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(j) Contingencies i

Claims against the Company which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the financial statements.

(k) Impairment of Assets

In compliance with Accounting Standard (AS) 28- "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the carrying amounts of Cash Generating Units/Assets are reviewed at Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated at the higher of net selling price and value in use. Impairment loss is recognised wherever carrying amount exceeds the recoverable amount.

(l) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable. Contingent liabilities are shown by way of Notes to the financial statements in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable. Contingent assets are not recognised in the fi nancial statements.


Mar 31, 2014

(a) Basis of preparation of financial statements

The financial statements have been prepared to comply in all material respects with the applicable accounting principles in India, mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 which as per a clarification issued by the Ministry of Corporate Affairs continue to apply under section 133 of the Companies Act 2013 (which has superseded section 211(3C) of the Companies Act 1956 w.e.f 12 September 2013), other pronouncement of the Institute of Chartered Accountants of India, the provisions of the Companies Act, 2013(to the extent notified and applicable) and the Companies Act, 1956(to the extent applicable).

The financial statements have been prepared under the historical cost convention, except for certain class of fixed assets which are revalued as and when undertaken, in accordance with the generally accepted accounting principles in India and the provisions of Companies Act, 1956.

The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

(b) Fixed Assets

Fixed assets are stated at cost and includes amount added on revaluation less accumulated depreciation and Lease Terminal Adjustment account. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(c) Depreciation

Depreciation on Fixed assets is provided on written down value method at the rates prescribed in Schedule XIV of the Companies Act 1956, (as amended), except for leased assets which is written off on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. For lease contracts, which have become non-performing assets, depreciation has been provided at accelerated rate of depreciation calculated on principal recovery method.

Depreciation on Fixed assets added/disposed during the year is provided on a pro-rata basis with reference to the date of addition/disposal.

(d) Lease Equalisation Charges

Lease rental income is recognised on accrual basis over the lease period. Except in cases where lease contracts have become non-performing assets, the cost of all leased assets is fully amortised during the lease period as per Accounting Standard-19 "Accounting for Leases" issued by the Institute of Chartered Accountants of India. Lease Equalisation charge is accordingly accounted for.

(e) Investments

As per the Accounting Standard issued by The Institute of Chartered Accountants of India, Non- Current investments in shares and securities are carried at cost less provision for diminution, other than temporary, determined separately for each individual Investment. Current investments are carried at lower of cost or fair value.

(f) Stock-in-trade

i) Stock-in-trade consisting of shares and securities has been individually valued script wise at lower of cost and market rate, in case they are quoted. Other Stock-in-trade are valued at cost/net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.

ii) Stock-in-trade includes construction work-in-progress in respect of real estate development.

(g) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of lease rentals arising out of lease agreements, it is the company''s policy to recognise income as per the terms of the agreements entered into with lessees. However, where lease rentals are past due for more than one year, the Company has not recognised any income as per the past practice followed by the company.

Revenue from real estate development activity is recognized when all significant risk and rewards of ownership in the flats being developed are transferred to the customers and a reasonable expectation of collection of the sale consideration from the customers exists.

Revenue from sale of incomplete properties/projects is recognised on the basis of percentage of completion method. Estimated costs relating to construction/development are charged to the Statement of Profit and Loss in proportion with the revenue recognised during the year. The balance costs are carried as part of ''Construction Work in Progress'' under inventories under current assets. Amounts receivable/payable are reflected as Trade Receivables or Advances from Customers, respectively, after considering income recognised in the aforesaid manner.

Costs of the projects are based on the management''s estimate of the cost to be incurred upto the completion of the projects and include cost of land, materials, services and other expenses attributable to the projects. Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes in cost, if any, is recognised in the financial statements for the period in which such changes are determined.

(h) Employee Benefits

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The compensated absences are unfunded. Provision for leave encashment has been made on the basis of Actuarial valuation as at the end of the financial year and are charged to Statement of Profit & Loss during the year.

Short-term employee benefits are recognised as an expense in the Statement of Profit &Loss of the year in which the related service is rendered.

(i) Provision for Current and Deferred Tax

The accounting treatment for income tax in respect of the income is based on the Accounting Standards on ''Accounting for Taxes on Income'' (AS 22) issued by the Institute of Chartered Accountants of India.

A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax liability/asset for timing differences arising between taxable incomes and accounting income at currently enacted tax rates.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of Profit and Loss as current tax. The Company recognises MAT credit as an asset only to the extent that there is convincing evidence that the Company will pay normal tax during the specified period i.e the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income Tax Act, 1961, the said assets is created by way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(j) Contingencies

Claims against the Company which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the financial statements.

(k) Impairment of Assets

In compliance with Accounting Standard (AS) 28 - "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the carrying amounts of Cash Generating Units/Assets are reviewed at Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated at the higher of net selling price and value in use. Impairment loss is recognised wherever carrying amount exceeds the recoverable amount.

(l) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable. Contingent liabilities are shown by way of Notes to the financial statements in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable. Contingent assets are not recognised in the financial statements.


Mar 31, 2013

(a) Basis of preparation of financial statements

The financial statements have been prepared to comply, in all material respects, with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

The financial statements have been prepared under the historical cost convention, except for certain class of fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of Companies Act, 1956.

The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

(b) Fixed Assets

Fixed assets are stated at cost and includes amount added on revaluation less accumulated depreciation and Lease Terminal Adjustment account. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(c) Depreciation

Depreciation on Fixed assets is provided on written down value method at the rates prescribed in Schedule XIV of the Companies Act 1956, (as amended), except for leased assets which is written off on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. For lease contracts, which have become non-performing assets, depreciation has been provided at accelerated rate of depreciation calculated on principal recovery method.

Depreciation on Fixed assets added/disposed during the year is provided on a pro-rata basis with reference to the date of addition/disposal.

(d) Lease Equalisation Charges:

Lease rental income is recognised on accrual basis over the lease period. Except in cases where lease contracts have become non-performing assets, the cost of all leased assets is fully amortised during the lease period as per Accounting Standard-19" Accounting for Leases" issued by the Institute of Chartered Accountants of India. Lease Equalisation charge is accordingly accounted for.

(e) Investments

As per the Accounting Standard issued by The Institute of Chartered Accountants of India, Non- Current investments in shares and securities are carried at cost less provision for diminution, other than temporary, determined separately for each individual Investment. Current investments are carried at lower of cost or fair value.

(f) Stock-in-trade

i) Stock-in-trade consisting of shares and securities has been individually valued script wise at lower of cost and market rate, in case they are quoted. Other Stock-in-trade are valued at cost / net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.

ii) Stock-in-trade includes construction work-in-progress in respect of real estate development.

(g) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of lease rentals arising out of lease agreements, it is the Company''s policy to recognise income as per the terms of the agreements entered into with lessees. However, where lease rentals are past due for more than one year, the Company has not recognised any income as per the past practice followed by the company.

Revenue from real estate development activity is recognized when all significant risk and rewards of ownership in the flats being developed are transferred to the customers and a reasonable expectation of collection of the sale consideration from the customers exists.

Revenue from sale of incomplete properties / projects is recognised on the basis of percentage of completion method. Estimated costs relating to construction / development are charged to the Statement of Profit and Loss in proportion with the revenue recognised during the year. The balance costs are carried as part of ''Construction Work in Progress'' under inventories under current assets. Amounts receivable / payable are reflected as Trade Receivables or Advances from Customers, respectively, after considering income recognised in the aforesaid manner.

Costs of the projects are based on the management''s estimate of the cost to be incurred upto the completion of the projects and include cost of land, materials, services and other expenses attributable to the projects. Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes in cost, if any, is recognised in the financial statements for the period in which such changes are determined.

(h) Employee Benefits

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The Present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The compensated absences are unfunded. Provision for leave encashment has been made on the basis of Actuarial valuation as at the end of the financial year and are charged to Statement of Profit & Loss during the year.

Short-term employee benefits are recognised as an expense in the Statement of Profit & Loss of the year in which the related service is rendered.

(i) Provision for Current and Deferred Tax

The accounting treatment for income tax in respect of the income is based on the Accounting Standards on "Accounting for Taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India.

A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax liability / asset for timing differences arising between taxable incomes and accounting income at currently enacted tax rates.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of Profit and Loss as current tax. The Company recognises MAT credit as an asset only to the extent that there is convincing evidence that the Company will pay normal tax during the specified period i.e the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income Tax Act, 1961, the said assets is created by way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(j) Contingencies

Claims against the Company which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the financial statements.

(k) Impairment of Assets

In compliance with Accounting Standard (AS) 28- "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the carrying amounts of Cash Generating Units/Assets are reviewed at Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated at the higher of net selling price and value in use. Impairment loss is recognised wherever carrying amount exceeds the recoverable amount.

(l) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable. Contingent liabilities are shown by way of Notes to the financial statements in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable. Contingent assets are not recognised in the financial statements.


Mar 31, 2012

(a) Basis of preparation of financial statements

The financial statements have been prepared to comply, in all material respects, with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

The financial statements have been prepared under the historical cost convention, except for certain class of fixed assets that are revalued, in accordance with the generally accepted accounting principles in India and the provisions of Companies Act, 1 956.

The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

(b) Fixed Assets

Fixed assets are stated at cost and includes amount added on revaluation less accumulated depreciation and Lease Terminal Adjustment account. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. During the year the Company has revalued its Land and Building by Rs. 291,682,913 crediting revaluation reserve by the said amount. I

(c) Depreciation

Depreciation on Fixed assets is provided on written down value method at the rates prescribed in Schedule XIV of the Companies Act 1956, (as amended), except for leased assets which is written off on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. For lease contracts, which have become non-performing assets, depreciation has been provided at accelerated rate of depreciation calculated on principal recovery method.

Depreciation on Fixed assets added/disposed during the year is provided on a pro-rata basis with reference to the date of addition/disposal.

(d) Lease Equalisation Charges

Lease rental income is recognised on accrual basis over the lease period. Except in cases where lease contracts have become non-performing assets, the cost of all leased assets is fully amortised during the lease period as per Accounting Standard-" 19 Accounting for Leases" issued by the Institute of Chartered Accountants of India. Lease Equalisation charge is accordingly accounted for.

(e) Investments

As per the Accounting Standard issued by The Institute of Chartered Accountants of India, Non-Current investments in shares and securities are carried at cost less provision for diminution, other than temporary, determined separately for each individual Investment. Current investments are carried at lower of cost or fair value.

(f) Stock-in-trade

i) Stock-in-trade consisting of shares and securities has been individually valued script wise at lower of cost and market rate, in case they are quoted. Other Stock-in-trade are valued at cost / net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.

ii) During the year the Company has converted its capital asset into stock-in-trade. Stock- in-trade includes construction work-in-progress in respect of real estate development.

(g) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of lease rentals arising out of lease agreements, it is the company's policy to recognise income as per the terms of the agreements entered into with lessees. However, where lease rentals are past due for more than one year, the Company has not recognised any income as per the past practice followed by the company.

Revenue from real estate development activity is recognized when all significant risk and rewards of ownership in the flats being developed are transferred to the customers and a reasonable expectation of collection of the sale consideration from the customers exists.

(h) Employee Benefits

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The Present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The compensated absences are unfunded.

Short-term employee benefits are recognised as an expense in the statement of profit & loss of the year in which the related service is rendered. Provision has been made for the monetary value of the leave due to staff.

(i) Provision for Current and Deferred Tax

The accounting treatment for income tax in respect of the income is based on the Accounting Standards on 'Accounting for Taxes on Income' (AS 22) issued by the Institute of Chartered Accountants of India.

A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax liability / asset for timing differences arising between taxable incomes and accounting income at currently enacted tax rates.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of Profit and Loss as current tax. The Company recognises MAT credit as an asset only to the extent that there is convincing evidence that the Company will pay normal tax during the specified period i.e. the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the

Income Tax Act, 1961, the said assets is created by way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(j) Contingencies

Claims against the Company which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the Financial Statement.

(k) Impairment of Assets

In compliance with Accounting Standard (AS) 28- "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the carrying amounts of Cash Generating Units/Assets are reviewed at Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated at the higher of net selling price and value in use. Impairment loss is recognised wherever carrying amount exceeds the recoverable amount.

(I) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable. Contingent liabilities are shown by way of Notes to the financial statements in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable. Contingent assets are not recognised in the Accounts.

 
Subscribe now to get personal finance updates in your inbox!