2.14 Contingencies and Provisions:
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
Contingent liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of obligation cannot be made. Contingent assets are not recognized in the financial statements.
2.15 Statement of Cash Flow:
Cash flows are reported using the indirect method, whereby profit/ (loss) before exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on available information.
2.16 Financial Instruments:
Financial Assets and Financial Liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Financial Assets are derecognized when the rights to receive benefits have expired or been transferred, and the Company has transferred substantially all risks and rewards of ownership of such financial asset. Financial liabilities are derecognized when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expired. Purchase or sale of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place are recognized on trade date i.e. the date when the Company commits to purchase or sale the asset.
3. NOTES TO ACCOUNTS:
3.1 Some of the Balances of sundry creditors, sundry debtors, loans &advances and other liabilities are subject to confirmation and reconciliation.
3.2 In the opinion of the Board of Directors, Current Assets, Loans & Advances are approximately of the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.
3.3 The Company operates in one segment i.e. Hotel business and within one geographical segment i.e. India.
3.4 The Company manages its capital to ensure that it will be able to continue as a going concern. The structure is managed to provide ongoing returns to shareholders and service debt obligations, whilst maintaining maximum operational flexibility.
3.5 The carrying amounts of trade payables, other financial liabilities, cash and cash equivalents, other bank balances, trade receivables and other financial assets are considered to be the same as their fair values due to their short-term nature.
3.6 The Company opines that no provision for expected credit loss is required.
3.7 There is no significant market risk or liquidity risk to which the Company is exposed.
3.8 The Company has no amount/ interest unpaid as at this financial year end/ previous financial year end, to Micro/Small vendors registered under the Micro, Small and medium enterprises Development Act, 2006, except Rs. 42.61 Lakhs (P.Y. Rs. 14.83 Lakhs), as per information received from vendors regarding their status. Also, Company does not have any liability of interest under this Act to any Micro/Small vendor during this financial year/previous financial year.
3.15 The Company has re grouped and re-classified the previous year's figures in accordance with the requirements applicable in the current year. In view of this, certain figures of the current year are not strictly comparable with those of the previous year.
3.16 Notes 1 to 31 form integral part of accounts.
As per our report of even date attached For and on behalf of the Board of Directors of
For, NAIMISH N. SHAH & CO Royale Manor Hotels & Industries Limited
Chartered Accountants
(F R No.106829W) Sd/-
Vishwajeet Singh U. Champawat
Chairman and Managing Director DIN-00519755
Sd/- Sd/- Sd/-
CA Pranav N. Shah Seema Kalwani Dr. Ram Prakash Kothari
Proprietor Company Secretary Director
Membership No. 033747 DIN-00294060
(UDIN :24033747BJZYAW3651)
Sd/- Sd/-
Devraj Singh Chauhan Jayesh Dave
Chief Financial Officer Director
DIN-01808753
Ahmedabad Ahmedabad
29th May, 2024 29th May, 2024
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