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ISTREET NETWORK LTD.

03 July 2025 | 04:01

Industry >> Internet & Catalogue Retail

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ISIN No INE532B01020 BSE Code / NSE Code 524622 / ISTRNETWK Book Value (Rs.) -0.71 Face Value 4.00
Bookclosure 28/09/2024 52Week High 7 EPS 0.11 P/E 66.26
Market Cap. 16.15 Cr. 52Week Low 3 P/BV / Div Yield (%) -10.63 / 0.00 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2024-03 

B. Significant Accounting Policies

I) Basis of Preparation

These financial statements are Separate Financial Statements as per Indian Accounting Standards (hereinafter
referred to as the ‘Ind AS') - Separate Financial Statements are prepared in accordance with Indian Accounting
Standards (Ind AS) prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

These financial Statements are prepared under the historical cost convention on the accrual basis except stated
otherwise.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

II) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions. These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent
assets and liabilities at the date of financial statements and reported amounts of revenues and expenses during
the period. Accounting estimates could change from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as management becomes aware of circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statement in the period in which
changes are made and if material, their effects are disclosed in the notes to the financial statements.

III) Summary of significant accounting policies

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and
cash equivalents. The Company has identified twelve months as its operating cycle.

(a) Current and non-current classification

All assets and liabilities have been classified as current or non-current as per the Company's normal operating
cycle (twelve months) and other criteria set out in the Schedule III to the Act.

(b) Property, Plant and Equipment

i) Capital Work In Progress represents expenditure incurred on capital assets that are under construction or are
pending capitalisation and includes Project expenses pending allocation. Project expenses pending allocation are
apportioned to the property, plant and equipment of the project proportionately on capitalisation.

ii) Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably. The carrying amount of any component accounted
for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or
loss during the reporting period in which they are incurred.

iii) The residual useful life of Property is reviewed at each balance sheet date and adjusted if required in the
depreciation rates.

iv) Property, Plant and Equipment are stated at cost, less accumalated depreciation and impairment losses if any.
Cost comprises purchase price and any attributable cost of bringing the asset to its working condition for its
intended use.

v) Depreciation methods, estimated useful lives and residual value:

Depreciation on all assets of the Company is charged on straight-line method over the useful life of assets
mentioned in Schedule II to the Companies Act ,2013 or the useful life previously assessed by the management
based on technical review whichever is lower for the proportionate period of use during the year.

The management's estimated useful life/ useful life as per schedule II whichever is lower for the various tangible
assets are as follows.

Assets Estimated useful life (Years)

Office and other equipments 5

Computers 3

Furniture and fixtures 10

c) Intangible assets

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are
amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are
available for use.

The management has estimated the economic useful life for the intangible assets as follows:

Assets Estimated useful life (Years)

Software 4

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit or Loss
when the asset is derecognised.

d) Borrowings

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its
intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready
for their intended use or sale. Other Borrowing costs are expensed in the period in which they are incurred.

e) Impairment Loss

Assets subject to amortization/ depreciation are tested for impairment provided that an event or change in
circumstances indicates that their carrying amount might not be recoverable. An impairment loss is recognized in
the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the
higher between an asset's fair value less sale costs and value in use.

f) Inventories

Traded Goods are valued at lower of purchase cost and net realizable value. Cost is determined on First-in-First-
out basis.

g) Cash and cash equivalents

Cash and cash equivalents include cash in hand, demand deposits in banks and other short-term highly liquid
investments with original maturities of three months or less. Bank overdrafts are shown within bank borrowings in
current liabilities on the balance sheet.