Accounting Policies of TTL Enterprises Ltd. Company

Mar 31, 2024

NOTE: 1.1 - SIGNIFICANT ACCOUNTING POLICIES

This note provides a list of the significant accounting policies adopted in the preparation of these
standalone financial statements. These Policies have been consistently applied to all the years
presented, unless otherwise stated.

(i) Corporate Information

TTL Enterprises Limited (bearing CIN L17119GJ1988PLC096379) was incorporated on
November 2, 1988 under the Companies Act, 1956 with the Registrar of Companies, NCT
of Ahmedabad. The Company is currently engaged in the business of dealing and trading
in all types of Agriculture goods, commodities and other related materials on retail as well
as on wholesale basis.

(ii) Basis Of Preparation

The financial statements have been prepared in accordance with the Indian Accounting
Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate
Affairs pursuant to Section 133 of the Companies Act, 2013 (‘Act’) read with of the
companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and
other accounting principal generally accepted in India.

(iii) Basis of Measurement

These financial statements prepared and presented under the historical cost convention with
the exception of certain assets and liabilities that are required to be carried at fair value by
Ind AS. The fair value is the price that would be received to sell an asset or paid to transfer
liability in an orderly transaction between the market participant at the measurement date.

The Financial Statements have been presented in Indian Rupees (INR), which is also the
company’s function currency. All values are rounded off to the nearest rupees, unless
otherwise indicated.

(iv) Revenue Recognition

Effective 1 st April, 2018, the Company has applied Ind AS 115 - Revenue from Contracts
with Customers. Pursuant to adoption of Ind AS 115, Revenue from contracts with
customers are recognized when the control over the goods or services promised in the
contract are transferred to the customer. The amount of revenue recognized depicts the
transfer of promised goods and services to customers for an amount that reflects the
consideration to which the Company is entitled to in exchange for the goods or services.

(v) Use of Estimates

The estimates and judgements used in the preparation of the financial statements are
continuously evaluated by the company and are based on historical experience and various
other assumptions and factors (including expectations of future events) that the company
believes to be reasonable under the existing circumstances. Difference between actual
results and estimates are recognized in the period in which the results are
known/materialized.

The said estimates are based on the facts and events, that existed as at the reporting date,
or that occurred after that due provide additional evidence about conditions existing as at
the reporting date.

The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the period in which the estimates are revised and
future periods affected. Significant judgements and estimates about the carrying amount of
assets and liabilities include useful lives of tangible and intangible assets, impairment of
tangible assets, intangible assets including goodwill, investments, employee benefits and
other provisions and recoverability of deferred tax assets.

(vi) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted
for the effects of transactions of a noncash nature, any deferrals or accruals of past or future
operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing
activities of the Company are segregated.