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Accounting Policies of Olympic Management & Financial Services Ltd. Company

Mar 31, 2014

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Closing Stock

Stock-in-trade are valued at lower of cost or market value.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.


Mar 31, 2013

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.


Mar 31, 2012

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation' costs comprise purchase price and attributable cost

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act' 1956 on the straight-line method. In respect of additions made during the year' Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.


Mar 31, 2011

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

H) NOTE TO THE ACCOUNTS:

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/-per annum.

6. As the company is not manufacturing any items, the additional information pursuant to part II-B of Schedule VI of the companies Act, 1956 has not been furnished

7. The payment of gratuity is accounted for on cash basis as and when it is due.

8. Remuneration to Auditors as Auditor Rs.,9927/- ( Previous year Rs, 7000/-) In other capacity Rs. 5516/- (Previous year Rs. Nil)

9. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realised in the ordinary course of business.

10. The figures of sundry Debtors, Sundry Creditors and loans and advances are subject to confirmation and reconciliation, wherever required.

11. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

12. The Company is Operating in single segment

13. No provision for disputed Income Tax liability of Rs. 29,47,580/- has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

14. The closing stock of books published by the company was negligible and hence not shown as closing stock.

15. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainte regarding accounts on prudent basis.

b) CURRENT TAXES

In view of the carry forward unabsorbed losses/ depreciation, the company does not expect any current tax liability for the financial year 2010-2011 (Assessment year - 2011-2012) and hence no provision has been made for the current income tax.


Mar 31, 2010

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.


Mar 31, 2009

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained-

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.


Mar 31, 2008

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed, in notes to the account.


Mar 31, 2007

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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