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Accounting Policies of Speedage Commercials Ltd. Company

Mar 31, 2014

I) Accounting Convention:

The financial statements have been prepared on an accrual basis and under the historical cost convention, to comply in all material aspects, with the applicable accounting principles in India, mandatory Aceounling Standards noli lied by the Companies (Accounting Standards) Rule. 2006 (as. amended) and.the relevant provisions. oJ''the Companies Act, 1956.

All the assets and liabilities have been classified as currenl or non-current as per the Company''s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, J95f>. Based on the nature of products and Lhe lime between the acquisition of assets lor processing and their realisation in cash & cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of currenl/ non-current class i Heat ion of assets and liabilities.

ii) Use of Estimates:

The prepare ion of financial statements in .conformity with generally accepted accounting principles requires estimates and assumptions lo be made, I hat affect the reported amounts of assets and liabilities on the date of the financial statements and Lhe reported amounts of revenue and expenses during the reporting year- Differences between actual results and estimates arc recognized in lhe year in which the results are known /materialize:

iii) Investments

Lung term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income Is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with lhe Income Tax Act 1961.

(b) Deferred fax is recognised on the liming differences, between book profits and tax profits that originate in one period and arc capable of reversal in one or more subsequent periods. Deferred tax asset are noi recognized unless there is virtual certainty thai sufficient future taxable income would be available against which such deferred lax assets can be realized,, lhe carrying amount of deferred tax is reviewed at each balance sheer date.

v) Provisions. Contingent Liabilities & Contigent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable- that there will be an outflow of resources. Contingent Liabilities are not recognized bul are disclosed in the nolcs. Contingent Assets arc neither recognized nor disclosed in the financial statements.


Mar 31, 2013

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Kstimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset arc not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions. Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2012

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known/materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2011

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act. 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known/ materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act. 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions. Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2010

I) Basis of Accounting;

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.



 
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