accounting policy 1-3

LIMITLESS GRANITO PRIVATE LIMITED
NOTES ON FINANCIAL STATEMENTS FOR THE PERIOD FROM 01.04.2023 TO 15.05.2023

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the
generally accepted accounting principles in India, the applicable mandatory accounting standards as notified by Companies
(Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 2013.
2. USE OF ESTIMATES:
The preparation of financial statements are in conformity with generally accepted accounting principles (GAAP) requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
relating to contingent liabilities as at the date of financial statements and reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates. Difference between the actual result and estimates are
recognized in periods in which the results are known/materialized.
3. DETAILS OF FOREIGN EXCHANGE EARNING AND OUTGO:

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the
transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which
are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract
is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the
contract.
(c ) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Profit
and Loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they
are adjusted to the carrying cost of such assets.
(d) In respect of derivative contracts, premium paid, gains / losses on settlement and losses on restatement are recognised in
the Profit and Loss account except in case where they relate to the acquisition or construction of fixed assets, in which
case, they are adjusted to the carrying cost of such assets.
(In Rs.)
PARTICULARS 2023-2024 2022-2023
A Earnings in Foreign Currency - -
B Expenditure in Foreign Currency
a CIF Value of Imports
i Raw Materials, Components, Spare parts - -
ii Others - -
4. GOVERNMENT GRANTS:
Where the grant or subsidy relates to revenue, it is recognized as income on a systematic basis in the statement of profit and
loss over the periods necessary to match them with the related costs, which they are intended to compensate. Where the grant
relates to an asset, it is recognized as deferred income and released to income in equal amounts over the expected useful life of
the related asset.
5. INVESTMENTS:
Current investments are carried at lower of cost and quoted/fair value, computed category wise. Long Term Investments are
stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than
temporary.
6. PROPERTY, PLANT AND EQUIPMENT:
Property, Plant and Equipment are stated at cost net of recoverable taxes and includes amounts added on revaluation, less
accumulated depreciation and impairment loss, if any. All costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to
theProperty, Plant and Equipment are capitalised.Profit & Loss on sales of assets is calculated when the whole block of assets
ceases to exist.If a part of assets is sold then the sale amount is deducted from the block.
7. SEGMENT REPORTING:
As the company is operating only in one segment of business, i.e. Tiles Manufacturing, no disclosures are required to comply
with the said AS-17.
8. RELATED PARTY DISCLOSURES:

As per Accounting Standard 18 “Related Party Disclosures” issued by the Companies (Accounting Standards) Rules, 2006 and
the provisions of The Companies Act, 2013, the Company’s related parties and transactions are disclosed below:
I. Enterprise under the control of the company NIL

Amrutlal S Fefar
II. Key Management Personnel Manoj Trambakbhai Fefar
Trambaklal S Fefar
Nature of Balance as on
III. Other related parties Transaction 31.03.2024 (In Rs.)
Un secured
1 From Directors' Loan -
a) Relative of Key Management Personnel & Shareholders:

Un secured
1 From Directors' Relatives & Shareholders Loan -
Krishna Wall & Glaze Tiles P Ltd.

Motto Tiles P Ltd.
Motto Ceramic P Ltd.
Motto Stone P Ltd.
b) Enterprise in which Director has interest Rolls Granite LLP
Aggregate transactions with related parties for the year

Relatives of
Key
Sr. Key
Nature of Transactions Co-ventures Subsidiary Management Total
No Management
Personnel
Personnel
1 Sales: NIL
2 Purchase & Jobwork: NIL
3 Remuneration: NIL
4 Balance as at the year end
a Receivable: NIL
9. EARNING PER SHARE (EPS):
Earning per Share (EPS) computed in accordance with Accounting Standard 20 “Earning per Share
As at As at
Computation for Basic & Diluted Earning per Share
15.05.2023 31.3.2023
Profit/(Loss) as per Profit & Loss Account - 174,040
Number of Equity Shares outstanding 20,000 20,000
Basic & Diluted EPS (Rupees) of face value Rs. 10 (In Rupees) - 8.70
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving 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 recognised but are disclosed in the notes.
Contingent Assets are neither recognized nor disclosed in the financial statements.
Current year Income Tax payable (Net of Advance Tax) Rs. 0.00
11 AUDITOR'S REMUNERATION (EXCLUDING GST):
Sr. No. PARTICULARS 2023-2024 2022-2023
1 For Statutory Audit - -
2 For Taxation matters - -
3 For Company law matters - -
TOTAL - -
12. MANAGERIAL REMUNERATION:
Sr. No. PARTICULARS 2023-2024 2022-2023
1 Amount paid to Directors:
a) Salaries and allowances - 350,000
b) Value of other perquisites - -
TOTAL - 350,000
13. Previous year's figures have been regrouped and rearranged wherever necessary to conform to current year’s
presentation.
As per our attached report of even date
FOR S. SHARDA & ASSOCIATES FOR AND ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS
FRN.: 117361W
NAVEEN KUMAR MANDOVARA Amrutlal S Fefar Trambaklal S Fefar

( PARTNER ) Director Director
MEM. NO.117422 DIN -05155008 DIN - 02730044
PLACE: MORBI
DATE: 19.05.2023

accounting policy 1-3

Uploaded by

Copyright:

Available Formats

accounting policy 1-3

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

accounting policy 1-3

Uploaded by

Copyright:

Available Formats

LIMITLESS GRANITO PRIVATE LIMITED

NOTES ON FINANCIAL STATEMENTS FOR THE PERIOD FROM 01.04.2023 TO 15.05.2023

3. DETAILS OF FOREIGN EXCHANGE EARNING AND OUTGO:

8. RELATED PARTY DISCLOSURES:

I. Enterprise under the control of the company NIL

a) Relative of Key Management Personnel & Shareholders:

Krishna Wall & Glaze Tiles P Ltd.

Aggregate transactions with related parties for the year

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

1 For Statutory Audit - -

2 For Taxation matters - -

3 For Company law matters - -

1 Amount paid to Directors:

a) Salaries and allowances - 350,000

b) Value of other perquisites - -

As per our attached report of even date

FOR S. SHARDA & ASSOCIATES FOR AND ON BEHALF OF THE BOARD

NAVEEN KUMAR MANDOVARA Amrutlal S Fefar Trambaklal S Fefar

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.