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Accounting Policies of Woodsvilla Ltd. Company

Mar 31, 2014

(i) ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and presentational requirements of the Companies Act, 1956, on the basis of going concern and on an accrual basis unless otherwise stated.

(ii) USE OF ESTIMATES

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provision for doubtful debts, future obligations under employee retirement benefit plans, provision for income taxes and the useful life of fixed assets. Contingencies are recorded when it is probable that a liability will be incurred and the amount can be reasonably estimated. Actual results could differ from such estimates.

(iii) REVENUE RECOGNITION

(a) Income from dividends on shares are accounted for on receipt basis.

(b) Income from guest accommodation is recognised on a day to day basis after the guest checks into the Resort.

(c) Sale of Hotel Apartments are accounted for on the receipt of full payment and registration being done in the name of buyers.

(iv) EXPENDITURE

All expenses are accounted for on accrual basis.

(v) FIXED ASSETS, DEPRECIATION & IMPAIRMENT

Fixed assets are stated at cost including those related to acquisition, less accumulated depreciation. The Company follows the straight line method of depreciation in respect of all its assets at the rates prescribed by Schedule XIV of the Companies Act, 1956.Depreciation is calculated on a pro-rata basis from the date of additions, except in the case of assets costing up to Rs. 5,000/- each, where each such asset is fully depreciated in the year of purchase.

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, an impairment loss, that is the amount by which the carrying amount of assets exceeds its recoverable amount, is provided in the books of account.

(vi) INVESTMENTS

Long term investments are carried at cost. Provision is made for diminution in value, other than temporary, on an individual basis.

Current investments are carried at the lower of cost or fair value, determined on a category-wise basis.

(vii) INVENTORIES

Stock of consumables at restaurant and stock of residency apartments valued at lower of cost or net realisable value, ascertained on weighted average purchase price.

(viii) EMPLOYEE BENEFITS

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The amount charged off is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and long term benefits are charged to Statement of Profit & Loss.

(ix) PROVISION FOR INCOME TAX AND DEFERRED TAX

Provision for Minimum Alternate Tax (MAT) amounting to Rs. 0.65 lacs has been made under section 115JB of the Income Tax Act, 1961.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. In consonance with Accounting Standard-22, "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Company has recognized deferred tax liability for the year ended March 31, 2014 of Rs. 0.16/- Lakh in the Statement of Profit & Loss. Breakup of net deferred tax Liability as on 31.03.2014.

(x) FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction.

a) Monetary items outstanding as at the Balance Sheet date are translated at the exchange rate prevailing at the Balance Sheet date and the resultant difference is recognised as income or expense, as the case may be;

b) Non-monetary items outstanding as at the Balance Sheet date are reported, using the exchange rate prevailing on the date of each transaction.


Mar 31, 2013

(A) SIGNIFICANT ACCOUNTING POLICIES

(i) ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and presentational requirements of the Companies Act, 1956, on the basis of going concern and on an accrual basis unless otherwise stated..

(ii) USE OF ESTIMATES

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provision for doubtful debts, future obligations under employee retirement benefit plans, provision for income taxes and the useful life of fixed assets. Contingencies are recorded when it is probable that liability will be incurred and the amount can be reasonably estimated. Actual results could differ from such estimates.

(iii) REVENUE RECOGNITION

(a) Income from dividends on shares are accounted for on receipt basis.

(b) Income from guest accommodation is recognised on a day to day basis after the guest checks into the Resort.

(c) Sale of Hotel Apartments are accounted for on the receipt of full payment and registration being done in the name of buyers.

(iv) EXPENDITURE

All expenses are accounted for on accrual basis.

(v) FIXED ASSETS, DEPRECIATION & IMPAIRMENT

Fixed assets are stated at cost including those related to acquisition, less accumulated depreciation. The Company follows the straight line method of depreciation in respect of all its assets at the rates prescribed by Schedule XIV of the Companies Act, 1956.Depreciation is calculated on a pro-rata basis from the date of additions, except in the case of assets costing up to Rs.5,000/- each, where each such asset is fully depreciated in the year of purchase.

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, an impairment loss, that is the amount by which the carrying amount of assets exceeds its recoverable amount, is provided in the books of account.

(vi) INVESTMENTS

Long term investments are carried at cost. Provision is made for diminution in value, other than temporary, on an individual basis.

Current investments are carried at the lower of cost or fair value, determined on a category-wise basis.

(vii) INVENTORIES

Stock of consumables at restaurant and stock of residency apartments valued at lower of cost or net realisable value, ascertained on weighted average purchase price.

(viii) EMPLOYEE BENEFITS

Short-term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The amount charged off is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and long term benefits are charged to Statement of Profit & Loss.

(ix) PROVISION FOR INCOME TAX AND DEFERRED TAX

Provision for Minimum Alternate Tax (MAT) amounting to Rs. 0.15 lacs has been made under section 115JB of the Income Tax Act, 1961

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. In consonance with Accounting Standard-22, "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Company has recognized deferred tax asset for the year ended March 31, 2013 of Rs.0.69/- Lakh in the Statement of Profit & Loss. Breakup of net deferred tax Liability as on 31.03.2013 is as follows

(x) FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction.

a) Monetary items outstanding as at the Balance Sheet date are translated at the exchange rate prevailing at the Balance Sheet date and the resultant difference is recognised as income or expense, as the case may be;

b) Non-monetary items outstanding as at the Balance Sheet date are reported, using the exchange rate prevailing on the date of each transaction


Mar 31, 2011

1. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and presentational requirements of the Companies Act, 1956, on the basis of going concern and on an accrual basis unless otherwise stated.

2. USE OF ESTIMATES

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provision for doubtful debts, future obligations under employee retirement benefit plans, provision for income taxes and the useful life of fixed assets. Contingencies are recorded when it is probable that a liability will be incurred and the amount can be reasonably estimated. Actual results could differ from such estimates.

3. REVENUE RECOGNITION

(a) Income from dividends on shares are accounted for on receipt basis.

(c) Income from guest accommodation is recognised on a day to day basis after the guest checks into the Resort.

4. EXPENDITURE

All expenses are accounted for on accrual basis.

5. FIXED ASSETS. DEPRECIATION & IMPAIRMENT

Fixed assets are stated at cost including those related to acquisition, less accumulated depreciation. The Company follows the straight line method of depreciation in respect of all its assets at the rates prescribed by Schedule XIV of the Companies Act, 1956.Depreciation is calculated on a pro-rata basis from the date of additions, except in the case of assets costing up to Rs.5,000/- each, where each such asset is fully depreciated in the year of purchase.

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, an impairment loss, that is the amount by which the carrying amount of assets exceeds its recoverable amount, is provided in the books of account.

6. INVESTMENTS

Long term investments are carried at cost. Provision is made for diminution in value, other than temporary, on an individual basis.

Current investments are carried at the lower of cost and fair value, determined on a category-wise basis.

7. INVENTORIES

Stock of consumables at restaurant is valued at cost, ascertained on weighted average purchase price.

8. EMPLOYEE BENEFITS

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered. Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The amount charged off is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and long term benefits are charged to Profit & Loss Account. As the Company does not have any employee having service tenure of over 5 years, provisions for gratuity have not been made in terms of the Accounting Standard on "Accounting for Retirement Benefits in the Financial Statements of Employees" (AS-15).

9. PROVISION FOR INCOME TAX AND DEFFERED TAX

Provision for Minimum Alternate Tax (MAT) amounting to Rs.1.33 lacs has been made under section 115JB of the Income Tax Act, 1961.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. In consonance with Accounting Standard-22, "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Company has recognized deferred tax asset for the year ended March 31, 201 of Rs.0.39 Lacs in the Profit & Loss Account. Breakup of net deferred tax Liability as on 31.03.2011 is as follows:

(Amount in Rs.)

10. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction.

i). Monetary items outstanding as at the Balance Sheet date are translated at the exchange rate prevailing at the Balance Sheet date and the resultant difference is recognised as income or expense, as the case may be;

ii). Non-monetary items outstanding as at the Balance Sheet date are reported, using the exchange rate prevailing on the date of each transaction.


Mar 31, 2010

1. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and presentational requirements of the Companies Act, 1956, on the basis of going concern and on an accrual basis unless otherwise stated.

2. USE OF ESTIMATES

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provision for doubtful debts, future obligations under employee retirement benefit plans, provision for income taxes and the useful life of fixed assets. Contingencies are recorded when it is probable that a liability will be incurred and the amount can be reasonably estimated. Actual results could differ from such estimates.

3. REVENUE RECOGNITION

(a) Income from dividends on shares are accounted for on receipt basis.

(c) Income from guest accommodation is recognised on a day to day basis after the guest checks into the Resort.

4. EXPENDITURE

All expenses are accounted for on accrual basis.

5. FIXED ASSETS, DEPRECIATION & IMPAIRMENT

Fixed assets are stated at cost including those related to acquisition, less accumulated depreciation. The Company follows the straight line method of depreciation in respect of all its assets at the rates prescribed by Schedule XIV of the Companies Act, 1956.Depreciation is calculated on a pro-rata basis from the date of additions, except in the case of assets costing up to Rs.5,000/- each, where each such asset is fully depreciated in the year of purchase. At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, an impairment loss, that is the amount by which the carrying amount of assets exceeds its recoverable amount, is provided in the books of account.

6. INVESTMENTS

Long term investments are carried at cost. Provision is made for diminution in value, other than temporary, on an individual basis. Current investments are carried at the lower of cost and fair value, determined on a category-wise basis.

7. INVENTORIES

Stock of consumables at restaurant is valued at cost, ascertained on weighted average purchase price

8. EMPLOYEE BENEFITS

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered. Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The amount charged off is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and long term benefits are charged to Profit & Loss Account. As the Company does not have any employee having service tenure of over 5 years, provisions for gratuity have not been made in terms of the Accounting Standard on "Accounting for Retirement Benefits in the Financial Statements of Employees" (AS-15).

9. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction.

i). Monetary items outstanding as at the Balance Sheet date are translated at the exchange rate prevailing at the Balance Sheet dateand the resultant difference is recognised as income or expense, as the case may be;

ii). Non-monetary items outstanding as at the Balance Sheet date are reported, using the exchange rate prevailing on the date of each transaction.


Mar 31, 2009

1. BASIS OF ACCOUNTING

The financial statements are prepared under the historical cost convention and are in Accordance with the requirements

of the Companies Act, 1956 and accepted accounting standards.

2. REVENUE RECOGNITION

(a) Income from trading in shares, brokerage, and other services are accounted for on accrual basis.

(b) Income from dividends on shares are accounted for on receipt basis.

(c) Income from guest accomodation is recognised on a day to day basis after the guest checks into the Resort.

3. EXPENDITURE

All expenses are accounted for on accrual basis.

4. FIXED ASSETS & DEPRECIATION

Fixed assets are stated at cost including those related to acquisition, less accumulated depreciation. The Company follows the straight line method of depreciation in respect of all its assets at the rates prescribed by Schedule XIV of the Companies Act, 1956.Depreciation is calculated on a pro-rata basis from the date of additions, except in the case of assets costing up to Rs.5,000/- each, where each such asset is fully depreciated in the year of purchase.

5. INVESTMENTS

Investments in shares/securities are valued at historical direct cost, using the average cost formula.



6 STOCK IN TRADE

Stock in trade of shares is valued at lower of cost or market value. The cost is ascertained on weighted average purchase price.

Stock in trade at restaurant is valued at cost, ascertained on weighted average purchase price

7. INCOME TAX

Provision for Minimum Alternate Tax (MAT) amounting to Rs. 1.57 lacs has been made under section 115JB of the

Income Tax Act, 1961.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. In consonance with Accounting Standard-22, "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Company has recognized additional deferred tax liability for the year ended March 31, 2009 of Rs. 0.35 Lacs in the Profit & Loss Account. The entire deferred tax liability is on account of depreciation. Fringe Benefit Tax is accounted for in accordance with the provisions of the Income Tax Act 1961.

8. As the Company does not have any employee having service tenure of over 5 years, provisions for gratuity have not been made in terms of the Accounting Standard on "Accounting for Retirement Benefits in the Financial Statements of Employees" (AS-15).

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