Gconnect Logitech and Supply Chain Ltd. कंपली की लेखा नीति

Mar 31, 2025

Summary of significant accounting policies

a) Method of Accounting :

These financial statements have been prepared in accordance with the generally accepted accounting
principles in India under the historical cost convention on accrual basis. These financial statements have
been prepared to comply in all material aspects with the accounting standards notified under the Companies
(Accounts) Rules, 2014 under section 133 of the Companies Act, 2013 and other relevant provisions of the
Companies Act, 2013.

b) Use of Estimates

The preparation of financial statements requires the management of the Company to make estimates and
assumptions that affect the reported balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and reported amounts of income and expense
during the period. Examples of such estimates include provisions for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of
depreciable fixed assets and provisions for impairment. Future results could differ due to changes in these
estimates and the difference between the actual results and the estimates are recognised in the period in
which the results are known/materialise.

c) Income Recognition :

Revenue is recognized when Goods/ services are delivered/ provided and related costs are incurred by
the company.

d) Fixed Assets :

Fixed assets are stated at cost, less accumulated depreciation. Costs include all expenses incurred to bring
the asset to its present location and condition.

e) Depreciation :

Depreciation is provided on Written down value method, pro-rata to the month of use, as per the useful life
specified in Schedule II of the Act.

f) Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included in each
cash generating unit to determine whether there is any indication that those assets were impaired. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
impairment. Recoverable amount is the higher of an asset''s net selling price and value in use. In assessing
value in use, the estimated future cash flows expected from the continuing use of the asset and from its
disposal are discounted to their present value using a pre-tax discount rate that reflects the current market
assessments of time value of money and the risks specific to the asset.

Reversal of impairment loss is recognised as income in the statement of profit and loss.

g) Foreign Currency Transactions :

Foreign currency Transactions are accounted for the exchange rates prevailing on the date of transactions.
The difference arising at the time of settlement of transaction is accounted in statement of Profit & Loss
Account. The outstanding amounts are converted at the year end at the rates prevailing on that date and the
difference arising on conversion is accounted for in the statement of Profit and Loss account.

h) Employees Benefits :

Defined Contribution Benefit :

Provident Fund is a defined contribution scheme and is paid to the regulatory authorities on monthly basis at
the prescribed rates both by the employer and employee and the company has no further obligations. The
company''s contributions to the provident fund is charged to the statement of profit and loss as and when they
are due.

Other Employees Benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as an actuarially determined liability at the
present value of the defined benefit obligation at the balance sheet date.

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Mar 31, 2024

Summary of significant accounting policies

a) Method ofAccounting :

These financial statements have been prepared in accordance with the generally accepted accounting
principles in India under the historical cost convention on accrual basis. These financial statements have
been prepared to comply in all material aspects with the accounting standards notified under the
Companies (Accounts) Rules, 2014 under section 133 of the Companies Act, 2013 and other relevant
provisions of the Companies Act, 2013.

b) Use of Estimates

The preparation of financial statements requires the management of the Company to make estimates and
assumptions that affect the reported balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and reported amounts of income and
expense during the period. Examples of such estimates include provisions for doubtful receivables,
employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the
useful lives of depreciable fixed assets and provisions for impairment. Future results could differ due to
changes in these estimates and the difference between the actual results and the estimates are recognised
in the period in which the results are known/materialise.

c) Income Recognition :

Revenue is recognized when Goods/ services are delivered/ provided and related costs are incurred by
the company.

d) Fixed Assets :

Fixed assets are stated at cost, less accumulated depreciation. Costs include all expenses incurred to
bring the asset to its present location and condition.

e) Depreciation :

Depreciation is provided on Written down value method, pro-rata to the month of use, as per the useful life
specified in Schedule II of the Act.

f) Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included in each
cash generating unit to determine whether there is any indication that those assets were impaired. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
impairment. Recoverable amount is the higher of an asset’s net selling price and value in use. In assessing
value in use, the estimated future cash flows expected from the continuing use of the asset and from its
disposal are discounted to their present value using a pre-tax discount rate that reflects the current market
assessments of time value of money and the risks specific to the asset.

Reversal of impairment loss is recognised as income in the statement of profit and loss.

g) Foreign Currency Transactions :

Foreign currency Transactions are accounted for the exchange rates prevailing on the date of transactions.
The difference arising at the time of settlement of transaction is accounted in statement of Profit & Loss
Account. The outstanding amounts are converted at the year end at the rates prevailing on that date and
the difference arising on conversion is accounted for in the statement of Profit and Loss account.

h) Employees Benefits :

Defined Contribution Benefit:

Provident Fund is a defined contribution scheme and is paid to the regulatory authorities on monthly basis
at the prescribed rates both by the employer and employee and the company has no further obligations.
The company''s contributions to the provident fund is charged to the statement of profit and loss as and
when they are due.

Other Employees Benefits

Compensated absences which are not expected to occur within twelve months after the end of the period
in which the employee renders the related services are recognised as an actuarially determined liability at
the present value of the defined benefit obligation at the balance sheet date.