2a. SIGNIFICANT ACCOUNTING POLICIES
i) Statement of Compliance
These financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act)
[Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act.
ii) Basis of Accounting
The accounts of the company are prepared under the historical convention using accrual method of accounting.
There has been no change in the method of accounting as compared to preceding previous year.
iii) Property, Plant and Equipment
All Property Plant & Equipments are stated at cost of acquisition, less accumulated depreciation and accumulated impairment losses, if any. Direct costs are
capitalised until the assets are ready for use and includes freight, duties, taxes and expenses incidental to acquisition and installation.
Subsequent expenditures related to an item of Property Plant & Equipment are added to its carrying value only when it is probable that the future economic benefits
from the asset will flow to the Company Et cost can be reliably measured.
Losses arising from the retirement of, and gains or losses arising from disposal of Property, Plant and Equipment are recognised in the Statement of Profit and Loss.
As per Schedule II of the Companies Act, 2013 since the asset is depreciated over it's estmiated useful lives, No Depreciation as on 31.03.2025 is being charged on the
asset and fixed assets are shown at their salvage value.
iv) Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates
the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less
than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the
Statement of Profit and Loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount
is reassessed and the asset is reflected at the recoverable amount.
v) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable.
vi) Retirement Benefits :
Compensation payable to employees retired is charged out in full in the year in which such expenditure is incurred.
No provision has been made in the books of accounts of the Company on account of retirement benefits of the employees, in accordance with the Ind AS-19, as the
same is made on cash basis and shall be provided in the books of the company as and when paid.
vii( Foreign Currency Transactions
Initial Recognition:
Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of transaction.
Conversion:
At the year end, monetary items denominated in foreign currencies are converted into rupee equivalents at the year end exchange rates. However, for few parties
foreign exchange fluctuation effect is not taken into account as the amount is in dispute.
Exchange Differences:
All exchange differences arising on settlement and/or conversion on foreign currency transaction are included in the Profit & Loss Account.
viiiTaxes on Income
a) Provision for Current Tax is made with reference to taxable income computed for the accounting period, for which the financial statements are prepared by the
tax rates as applicable. However, the company has not provided for income tax as there is no income tax payable.
b) No Deferred Tax Assets are created in the books of the company as in the opinion of the management, they are not reasonably certain that there will be sufficient
future income to recover such Deferred Tax Assets.
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