Olympic Management & Financial Services Ltd. कंपली की लेखा नीति

Mar 31, 2024

Note 3- Significant Accounting Policies

3.1) Method of accounting:

The accounts arc prepared on the basis oT historical cost convention, in accordance with Lire
applicable accounting standards and on the accounting principles of a going concern. All expenses
and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

Use of estimates:

3.2) The preparation of financial statements in conformity with Ind AS requires management to make
estimates, judgements and assumptions. These estimates, judgements and assumptions effect the
application of the accounting policies and the reported amounts of assets and liabilities, the
disclosures of contingent assets and liabilities at the date of the financial statements and reported
amounts of revenue and expenditure during the period. Application of accounting policies that
require critical accounting estimates involving complex and subjective judgements and the use of
assumptions in theses financial statements have been disclosed below. Accounting estimates conid
change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as management becomes aware of changes in circumstances
surrounding these estimates. Changes in estimates are reflected in the financial statements in the
period in which changes are made and if material their effects are disclosed in the notes to the
financial

_{3 3)} INVESTMENTS

’ Investment of the company comprises of long term mvetment only. The company measure its
equity investment at fair value through profit &. loss. Investments in both quoted/unquoted shares
are valued at fair market value.

3.4) REVENUE RECOGNITION:

Dividend income shall be when the shareholders right to receive payment is established.
Interest income is recognized on accrual basis at effective interest rate.

3.5) PROVISION FORCURRENT&DEFERRED INCOME TAX:

Provision for current tax is made on the basis of estimated taxable income for the current
accounting year in accordance with the IncomeTaxAct, 1961.

Deferred tax is recognised subject to the consideration of prudence, on timing differences being
the difference between taxable income and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using
the tax Tates and laws enacted or substantively enacted as on the Balance sheet date.The
Company has carry forward losses under the Income Tax Laws, In absence of virtual certainty
of sufficient future taxable income, deferred tax asset has not been recognised by way of
prudence in accordance with Indian Accounting Standard 12 "Income Taxes" Issued by The
Institute of Chartered Accountants of India.

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Mar 31, 2014

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Closing Stock

Stock-in-trade are valued at lower of cost or market value.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2013

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2012

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation' costs comprise purchase price and attributable cost

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act' 1956 on the straight-line method. In respect of additions made during the year' Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2011

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

H) NOTE TO THE ACCOUNTS:

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/-per annum.

6. As the company is not manufacturing any items, the additional information pursuant to part II-B of Schedule VI of the companies Act, 1956 has not been furnished

7. The payment of gratuity is accounted for on cash basis as and when it is due.

8. Remuneration to Auditors as Auditor Rs.,9927/- ( Previous year Rs, 7000/-) In other capacity Rs. 5516/- (Previous year Rs. Nil)

9. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realised in the ordinary course of business.

10. The figures of sundry Debtors, Sundry Creditors and loans and advances are subject to confirmation and reconciliation, wherever required.

11. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

12. The Company is Operating in single segment

13. No provision for disputed Income Tax liability of Rs. 29,47,580/- has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

14. The closing stock of books published by the company was negligible and hence not shown as closing stock.

15. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainte regarding accounts on prudent basis.

b) CURRENT TAXES

In view of the carry forward unabsorbed losses/ depreciation, the company does not expect any current tax liability for the financial year 2010-2011 (Assessment year - 2011-2012) and hence no provision has been made for the current income tax.

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Mar 31, 2010

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2009

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained-

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2008

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed, in notes to the account.

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Mar 31, 2007

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.