Alacrity Housing Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2014

1. BASIS OF ACCOUNTING :

The Financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis.

2. REVENUE & EXPENDITURE RECOGNITION :

INCOME FROM OPERATIONS:

The Company has had no construction activities during the year.

3. FIXED ASSETS AND DEPRECIATION:

i. Expenditure, which is of a capital nature, is capitalised at cost, which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets. Depreciation is provided, from the date the assets have been installed and put to use, on written down value method at the rates specified under Schedule XIV of the Companies Act 1956.

ii. Assets acquired under hire purchase agreement/financial lease agreement are capitalised to the extent of their principal value, while the financial charges incurred in the hire charges payment/ financial charges on lease are charged to revenue in the year in which they are payable. Depreciation on such assets is provided in accordance with the policy of the company for owned assets.

4. RETIREMENT BENEFITS:

Contribution to Provident Fund is made monthly at a predetermined rate to a recognised Provident Fund Trust and debited to the Profit and Loss Account on an accrual basis. The Company has no leave encashment scheme.

5. CONTINGENT LIABILITIES:

All liabilities have been provided for in the accounts except those of a contingent nature, which have been disclosed at their estimated value in the notes on accounts.

6. TAXES ON INCOME:

i. Provision for current tax is made in accordance with the Income Tax Act, 1961.

ii. In accordance with the Accounting Standard AS-22 ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accountants of India, Deferred Tax Liability / Asset arising from timing differences between book and income tax profits is accounted for at the current rate of tax to the extent these differences are expected to crystallize in later years However, Deferred Tax Assets/ are recognized only if there is a reasonable / virtual certainty of realization thereof.

7. PROVISIONS AND CONTINGENCIES:

Provisions involving a 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 accounts by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2013

1. BASIS OF ACCOUNTING :

The Financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accruai basis.

2. REVENUE & EXPENDITURE RECOGNITION :

INCOME FROM OPERATIONS:

Income from operations is determined as the aggregate during the year of the project promotion fee earned and the value of construction work done.

VALUE OF CONSTRUCTION WORK :

The value of construction work done during the year is determined as follows :

i. In the case of projects completed during the year, it is the difference between the value of construction to customers on completion of the projects and the value of construction to customers at the beginning of the accounting year.

ii. In the case of projects in progress at the close of the accounting year, it is the difference between the value of construction to customers determined at close of the accounting year and the value of construction to customers at the beginning of the accounting year.

iii. Value of construction to customers in respect of completed projects is the full value that is paid/payable by the customers for the projects on this account

iv. Value of construction to customers in respect of projects in progress at the beginning of the accounting year and at close of the accounting year is the value of work-in-progress on those dates respectively.

3. FIXED ASSETS AND DEPRECIATION :

i. Expenditure, which is of a capital nature, is capitalised at cost, which comprises purchase price

(net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets. Depreciation is provided, from the date the assets have been installed and put to use, on written down value method at the rates specified under Schedule XIV of the Companies Act 1956.

ii. Assets acquired under hire purchase agreement/financial lease agreement are capitalised to the extent of their principal value, while the financial charges incurred in the hire charges payment/ financial charges on lease are charged to revenue in the year in which they are payable. Depreciation on such assets is provided in accordance with the policy of the company for owned assets.

4. RETIREMENT BENEFITS:

Contribution to Provident Fund is made monthly at a predetermined rate to a recognised Provident Fund Trust and debited to the Profit and Loss Account on an accrual basis. The Company has no leave encashment scheme.

5. CONTINGENT LIABILITIES :

All liabilities have been provided for in the accounts except those of a contingent nature, which have been disclosed at their estimated value in the notes on accounts.

6. TAXES ON INCOME:

i. Provision for current tax is made in accordance with the Income Tax Act, 1961.

ii. In accordance with the Accounting Standard AS-22 ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accountants of India, Deferred Tax Liability / Asset arising from timing differences between book and income tax profits is accounted for at the current rate of tax to the extent these differences are expected to crystallize in later years However, Deferred Tax Assets are recognized only if there is a reasonable / virtual certainty of realization thereof.

7. PROVISIONS AND CONTINGENCIES:

Provisions involving a 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 accounts by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2010

1. BASIS OF ACCOUNTING :

The Financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis.

2. REVENUE & EXPENDITURE RECOGNITION :

INCOME FROM OPERATIONS:

Income from operations is determined as the aggregate during the year of the project promotion fee earned and the value of construction work done.

- PROJECT PROMOTION FEE :

Project promotion fee is the fee charged to customers on allotment of flats at a specific rate per square foot of built-up area to be constructed, in consideration of the various services rendered by the Company for promoting the respective projects.

- VALUE OF CONSTRUCTION WORK :

The value of construction work done during the year is determined as follows :

i. In the case of projects completed during the year, it is the difference between the value of construction to customers on completion of the projects and the value of construction to customers at the beginning of the accounting year.

ii. In the case of projects in progress at the close of the accounting year, it is the difference between the value of construction to customers determined at close of the accounting year and the value of construction to customers at the beginning of the accounting year.

iii. Value of construction to customers in respect of completed projects is the full value that is paid/payable by the customers for the projects on this account.

iv. Value of construction to customers in respect of projects in progress at the beginning of the accounting year and at close of the accounting year is the value of work-in-progress on those dates respectively.

3. FIXED ASSETS AND DEPRECIATION :

i. Expenditure, which is of a capital nature, is capitalised at cost, which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets. Depreciation is provided, from the date the assets have been installed and put to use, on written down value method at the rates specified under Schedule XIV of the Companies Act 1956.

ii. Assets acquired under hire purchase agreement/financial lease agreement are capitalised to the extent of their principal value, while the financial charges incurred in the hire charges payment/ financial charges on lease are charged to revenue in the year in which they are payable. Depreciation on such assets is provided in accordance with the policy of the company for owned assets.

4. RETIREMENT BENEFITS:

Contribution to Provident Fund is made monthly at a predetermined rate to a recognised Provident Fund Trust and debited to the Profit and Loss Account on an accrual basis. The Company has no leave encashment scheme.

5. CONTINGENT LIABILITIES :

All liabilities have been provided for in the accounts except those of a contingent nature, which have been disclosed at their estimated value in the notes on accounts.

6. INVESTMENTS:

Current Investments are carried at lower of cost or fair value. Long-term Investments are stated at cost. Provision for diminution in the value is made in accordance with AS 13 – Accounting for Investments if the decline/ diminution is other than temporary.

7. TAXES ON INCOME:

i. Provision for current tax is made in accordance with the Income Tax Act, 1961.

ii. In accordance with the Accounting Standard AS-22 ‘Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, Deferred Tax Liability / Asset arising from timing differences between book and income tax profits is accounted for at the current rate of tax to the extent these differences are expected to crystallize in later years However, Deferred Tax Assets are recognized only if there is a reasonable / virtual certainty of realization thereof.

8. PROVISIONS AND CONTINGENCIES:

Provisions involving a 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 accounts by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2009

1 BASIS OF ACCOUNTING :

The Financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis.

2. REVENUE & EXPENDITURE RECOGNITION :

INCOME FROM OPERATIONS:

Income from operations is determined as the aggregate during the year of the project promotion fee earned and the value of construction work done.

- PROJECT PROMOTION FEE :

Project promotion fee is the fee charged to customers on allotment of flats at a specific rate per square foot of built-up area to be constructed, in consideration of the various services rendered by the Company for promoting the respective projects.

- VALUE OF CONSTRUCTION WORK :

The value of construction work done during the year is determined as follows :

i. In the case of projects completed during the year, it is the difference between the value of

construction to customers on completion of the projects and the value of construction to

customers at the beginning of the accounting year. ii. In the case of projects in progress at the close of the accounting year, it is the difference

between the value of construction to customers determined at close of the accounting year

and the value of construction to customers at the beginning of the accounting year. iii. Value of construction to customers in respect of completed projects is the full value that is

paid/payable by the customers for the projects on this account. iv. Value of construction to customers in respect of projects in progress at the beginning of the accounting year and at close of the accounting year is the value of work-in-progress on those dates respectively.

3 FIXED ASSETS AND DEPRECIATION :

i. Expenditure, which is of a capital nature, is capitalised at cost, which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets. Depreciation is provided, from the date the assets have been installed and put to use, on written down value method at the rates specified under Schedule XIV of the Companies Act 1956.

ii. Assets acquired under hire purchase agreement/financial lease agreement are capitalised to the extent of their principal value, while the financial charges incurred in the hire charges payment/ financial charges on lease are charged to revenue in the year in which they are payable. Depreciation on such assets is provided in accordance with the policy of the company for owned assets.

4. RETIREMENT BENEFITS:

Contribution to Provident Fund is made monthly at a predetermined rate to a recognised Provident Fund Trust and debited to the Profit and Loss Account on an accrual basis. The Company has no leave encashment scheme.

5. CONTINGENT LIABILITIES :

All liabilities have been provided for in the accounts except those of a contingent nature, which have been disclosed at their estimated value in the notes on accounts.

6. INVESTMENTS:

Current Investments are carried at lower of cost or fair value. Long-term Investments are stated at cost. Provision for diminution in the value is made in accordance with AS 13 - Accounting for Investments if the decline/ diminution is other than temporary.

7. TAXES ON INCOME:

i. Provision for current tax is made in accordance with the Income Tax Act, 1961.

ii. In accordance with the Accounting Standard AS-22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, Deferred Tax Liability / Asset arising from timing differences between book and income tax profits is accounted for at the current rate of tax to the extent these differences are expected to crystallize in later years. However, Deferred Tax Assets are recognized only if there is a reasonable / virtual certainty of realization thereof.

8. PROVISIONS AND CONTINGENCIES:

Provisions involving a 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 accounts by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.