2. Significant accounting policies ;
2.1 The financial statements as at and for the year ended March 31, 2024 have been prepared in
accordance with Indian Accounting Standards ("Ind AS") notified under the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards)
Amendment Rules, 2016.
2.2 Basis of measurement
The financial statements have been prepared on a historical cost convention and on an accrual
basis, except for certain items that are measured at fair value as required by relevant Ind AS:
(i) Financial assets and financial liabilities measured at fair value;
(ii) Defined benefit and other long-term employee benefits, if any.
(iii)
2.3 Functional Currency and Foreign currency
No Foreign currency transaction has taken place during the relevant period.
2.4 Use of Estimates and Judgments:
The preparation of these financial statements in conformity with the recognition and
measurement principles of Ind AS requires the management of the Company to make
estimates and assumptions that affect the reported balances of assets and liabilities,
disclosures relating to Contingent Liabilities as at the date of the financial statements and the
reported amounts of income and expense for the periods presented.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimates are revised and
future periods are affected.
2.5 Revenue recognition
2.5.1 Interest income from a financial asset is recognised when it is probable that the
economic benefits will flow to the company and the amount of income can be
measured reliably. Interest income is accured on a time basis, by reference to the
principle outstanding and the effective interest rate applicable, which is the rate
exactly discounts the estimated future cash receipts through expected life of the
financial asset to that asset's net carrying amount on initial recognition.
2.5.2 Commission Income is recognized when it has accrued.
2.5 Leases
No Operating & Finance lease has taken by the company
2.6 Cost recognition
Costs and expenses are recognised when incurred and have been classified according to their
primary nature.
2.7 Income Tax
Tax expenses comprises current tax (i.e. amount of tax for the period determined in
accordance with the income tax-law) and deferred tax charge or credit (reflecting the tax
effects of timing deference between accounting income and taxable income for the year).
Current tax is measured at the amount expected to be paid to the taxation authorities, using
applicable tax rates and tax laws. Deferred income tax is recognized using the balance sheet
approach.
Deferred income tax assets and liabilities are recognized for deductible and taxable temporary
differences arising between the tax base of assets and liabilities and their carrying amount,
except when the deferred income tax arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and affects neither accounting
nor taxable profit or loss at the time of the transaction.
Deferred income tax asset are recognized to the extent that it is probable that taxable profit
will be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilized. The carrying amount of deferred
income tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be utilised.
Deferred tax assets and liabilities are measured using substantively enacted tax rates
expected to apply to taxable income in the years in which the temporary differences are
expected to be received or settled.
2.8 Financial Instruments
Financial assets and liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument. Financial assets and liabilities are initially measured
at fair value. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value measured on
initial recognition of financial asset or financial liability.
2.9.1 Cash and cash equivalents: Cash and cash equivalents considers all highly liquid
financial instruments, which are readily convertible into known amounts of cash that
are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents. Cash and cash
equivalents consist of balances with banks which are unrestricted for withdrawal and
usage.
2.9.2 Financial assets at amortised cost: Financial assets are subsequently measured at
amortised cost if these financial assets are held within a business whose objective is to
hold these assets in order to collect contractual cash flows and the contractual terms
of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
2.9.3 Equity Instruments (Share capital): Ordinary shares:- Ordinary shares are
classified as equity. Incremental costs directly attributable to the issuance of new
ordinary shares are recognised as a deduction from equity, net of any tax effect (if
any).
2.9 Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation (other than
freehold land) and impairment loss, if any. The cost of tangible assets comprises purchase
price and any cost directly attributable to bringing the assets to its working condition for its
intended use
2.10 Earnings per share
Basic earnings per share are computed by dividing profit or loss attributable to equity
shareholders of BSE Limited by the weighted average number of equity shares outstanding
during the period. The company did not have any potentially dilutive securities in any of the
periods presented.
3. Transition to Ind AS
Transition to Ind AS was carried out from Previous GAAP.
4. Related Party Disclosure
No Related Parties Transaction has taken place during the period.
5. Segment Reporting
6.
Company is working in only one segment hence reporting Segment is not required as per Indian
Accounting Standard 108 "Operating Segments".
For G.P.KESHRI & ASSOCIATES ON BEHALF OF THE BOARD OF DIRECTORS
CHARTERED ACCOUNTANTS CITURGIA BIOCHEMICALS LIMITED
Sd- Sd- Sd-
(GOPAL PRASAD KESHRI) DHARMENDRA KASHI NATH
PARTNER (Director) (Director)
MEMBERSHIP NO. 098476 DIN: 08664816 DIN: 02072952
FRN:017251N
P lace: New Delhi
Date: 22.05.2024
UDIN:24098476BKHJQU7075
|