Shikhar Consultants Ltd. कंपली की लेखा नीति

Mar 31, 2024

NOTE 1: Summary of Significant Accounting Policies

A. Basis of preparation of financial statements

These financial statements have been prepared to comply with the accounting
principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. The financial statements have been prepared on a going
concern basis under the historical cost convention on accrual basis. The
accounting policies have been consistently applied by the Company unless
otherwise stated.

All assets and liabilities have been classified as current or non-current as per the
Company’s normal operating cycle and other criteria set out in the Schedule III
to the Companies Act, 2013. Based on the nature of products and the time
between the acquisition of assets for processing and their realization in cash and
cash equivalents, the Company has ascertained its operating cycle as 12 months
for the purpose of current and non-current classification of assets and liabilities.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires estimates and assumptions to be made that affect
the reported amount of assets and liabilities on the date of the financial
statements and reported amounts of revenues and expenses during the reporting
period. Differences between actual results and estimated are recognized in the
period in which the results are known / materialized.

C. Revenue Recognition

Revenue from sale of goods is recognized on transfer of significant risks and
rewards of ownership of the goods to the buyer. Sales of products are stated net
of sales tax, returns, discounts and allowances.

Interest income are recognized on time proportion basis taking into account the
amount outstanding and the applicable interest rate except, where the recovery
is uncertain, in which case it is accounted for on receipt.

D. Other Income

Interest income is recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable.

Dividend is accounted when the right to receive payment is established

E. Fixed Assets

There are no fixed assets as on the balance sheet date.

F. Depreciation

As there are no fixed assets, depreciation also not provided.

G. Investments

Investments are classified into long term investments and current investments.
Investments which are intended to be held for one year or more are classified as
long term investments and investments which are intended to be held for less
than one year are classified as current investments. Long term investments are
carried at cost less other than any temporary diminution in value, determined
separately for each investment. Current investments are carried at lower of cost
or fair value. The comparison of cost and fair value is done separately in respect
of each category of investment.

H. Inventories

Inventories are stated at the lower of cost or net realizable value. Cost includes
product’s invoice price, duties, vendor obligation, if any, and other expenses
incurred to bring the inventories to their present condition and location. Costs of
inventories are determined on the basis of First-In-First-Out (‘FIFO’) method.

I. Miscellaneous Expenditure

Preliminary expenditures are amortized in the year in which incurred.

J. Accounting for Taxation of Income

Tax expense for the period, comprising current tax and deferred tax, are included
in the determination of the net profit or loss for the period. Current tax is
measured at the amount expected to be paid to the tax authorities in accordance
with the taxation laws prevailing in the respective jurisdictions.

Deferred tax is recognized for all the timing differences, subject to the
consideration of prudence in respect of deferred tax assets. Deferred tax assets
are recognized and carried forward only to the extent that there is a reasonable
certainty that sufficient future taxable income will be available against which
such deferred tax assets can be realized. Deferred tax assets and liabilities are
measured using the tax rates and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. At each Balance Sheet date, the
group reassesses unrecognized deferred tax assets, if any.

Current tax assets and current tax liabilities are offset when there is a legally
enforceable right to set off the recognized amounts and there is an intention to
settle the asset and the liability on a net basis. Deferred tax assets and deferred
tax liabilities are offset when there is a legally enforceable right to set off assets
against liabilities representing current tax and where the deferred tax assets and
the deferred tax liabilities relate to taxes on income levied by the same governing
taxation laws.

K. Accounting for Commodity Derivatives

Commodity Instruments are initially measured at cost, which is the fair value of
whatever was paid or received to acquire the financial asset or liability.
Transaction costs are included in the initial measurement of financial
instruments. Subsequent to initial measurement, at each reporting date, all such
instruments are re-measured to fair value (mark-to-market) with gains and
losses recognized in the statement of profit and loss immediately. Gains or losses
on settlement of Commodity Instruments during the year are recognized in the
statement of profit and loss immediately.

---

Mar 31, 2013

01) Accounting conventions:

The accounts are prepared on historical cost basis and as a going concern. Accounting policies not specifically referred to otherwise are in consistence with generally accepted accounting principles

02) Income recognition

a) Income from sale of shares and securities of companies acquired for the purpose of trading and held as stock in trade are recognized on trade dates on "First In First Out" basis. Diminution in the value of closing stock of shares and securities as stock in trade is recongized on the basis of rate quoted at recognized stock exchanges, where shares / securities are dealt with, on last date of the financial year, then on the basis of the latest quotation of last trading available and the profit and loss from the same is included in income from operations. Unquoted shares are valued at cost.

b) Profit or losses from sale of investment are recognized on trade dates on first in first out basis.

c) Income from dividend is accounted on actual receipt basis.

d) Interest on loans & advances is accounted on accrual basis except in case of loans which are doubtful of recovery & in such cases interest income will be counted on actual receipt basis.

e) Revenues and expenses are accounted on accrual basis of accounting.

03) Depreciation:

Depreciation fix assets has been provided on straight line method. Method At rate and in the manner prescribed in schedule XIV of Companies Act, 1956

04) Fix Assets:

Fix assets are stated at historical cost less depreciation

05) Accounting for investment / Stock in trade

a) Share and securities those are intended, at the time of acquisitions to be held for a period exceeding 12 months are classified as "long term" investment and other than long term investment are classified as current investment.

b) Share and securities held for sale in the ordinary course of business are disclosed as stock in trade under the head current assets.

05) Valuation of investments / stock in trade

a) The shares & securities of quoted companies acquired for the purpose of trading are considered as stock in trade & classified as current assets and valued at lower of cost or market value & market value is taken from quotation available as on last date of financial year or if quotation is not available as on last date of them on the basis of latest quotation for last trading available.

b) Long term quoted investment is valued at cost less provision for diminution in value of share provision for diminution in the value of share provision for diminution in the value of investment is made by company to recognize permanent decline.

c) The cost of investments / stock in trade include brokerage but does not include stamp duty which is charged to revenue.

d) Transaction of sale & purchase of shares and securities are accounted on the date on which transaction took place.

---

Mar 31, 2011

01) Accounting conventions:

The accounts are prepared on historical cost basis and as a going concern. Accounting policies not specifically referred to otherwise are in Consistence with generally accepted accounting principles

02) Income recognition

a) Income from sale of shares and securities of companies acquired for the purpose of trading and held as stock in trade are recognized on trade dates on First In First Our basis. Diminution in the value of closing stock of shares and securities as stock in trade is recognized on the basis of rate quoted at recognized stock exchanges, where shares securities are deals with. on last date of the financial year. then on the basis of the latest quotation of last trading available and the profit and loss from the same is included in income from operations, Unquoted shares art valued at cost,

b) Profit, or losses from sale of investment are recognized on trade dates on first in firs out basis.

c) Income from dividend is accounted on actual receipt basis

d) Interest on loans & advances is accounted on accrual basis except in case of loans which are doubtful of recovery & in .such cases interest income will be counted on actual receipt basis

c) Revenues and expenses arc accounted on accrual basis of accounting.

03) Depreciation :

Depreciation on fix assets has been provided on straight line method. Method ; 1) At rate and in the manner prescribed in schedule XIA of Companies Act 1956

04) Fix assets:

Fix assets are stated at historical cost less depreciation

05) Accounting for investment stock in trade

a) Share and securities those are intended, at the time of acquisitions to be held for a period exceeding 12 months are classified as long term investment and other than long term investment are classified as current investment.

b) Share and securities held for sale in the ordinary course of business are disclosed as stock in trade under the head current assets current assets and valued at lower of cost or market value & market value is taken from quotation available as on last date of financial year or if quotation is not available as on last date of them on the basis of latest quotation of last trading available.

b) Long term quoted investment is valued at cost less provision for diminution in value of share provision for diminution in the value of investment is made by company to recognize permanent decline.

c) The cost of investments' stock in trade include brokerage but does not include stamp duty which is charged to revenue.

d) Transaction of sale & purchase of shares and securities are accounted on the date on which transaction took place

---

Mar 31, 2010

01) Accounting Conventions

The accounts are prepared on historical cost basis and as a going concern. Accounting policies not specifically referred to otherwise are in consistence with generally accepted accounting principles.

02) Income Recognition.

a) Income from sale of shares and securities of companies acquired for the purpose of trading and held as stock in trade are recognized on trade dates on "First in First out" basis.

Diminution in the value of closing stock of Shares and securities as stock in trade is recognized on the basis of rate quoted at recognized stock exchanges, where shares/ securities are dealt with, on last date of the financial year, then on the basis of the latest quotation of the last trading available and the profit/loss from the same is included in income from operations. Unquoted shares are valued at cost.

b) Profit or losses from sale of investment are reconised on trade dates on first in first out basis

c) Income from dividend is accounted on actual receipt basis.

d) Interest on loans & advances is accounted on accrual basis except in case of loans Which are doubtful of recovery & in such cases interest income will be accounted on actual receipt basis.

e) Revenues and expenses are accounted on accrual basis of accounting.

03) Depreciation.

Deprecation on fixed assets has been provided on Straight Line Method

Method -1) At the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

04) Fixed assets.

Fixed Assets are stated at historical cost less depreciation.

05) Accounting for investments/Stock in Trade.

a) Share and securities those are intended, at the time of acquisitions to be held tor a period exceeding 12 months are classified as long terms investment and other than, long term investment are classified as current investment.

b) Shares and securities held for sale in the ordinary course of business are disclosed as stock in trade under the head current assets.

06) Valuation of investments/Stock in trade.

a) The shares & securities of quoted companies acquired for the purpose of trading are considered as stock in trade and classified as current assets and valued at lower of cost or . market value and market value is taken from quotation available as on the last date of the financial year or if quotation is not available as on the last date of them on the basis of latest quotations of the last trading available

b) Long-Term Quoted investments is valued at cost less provision for diminution in value of shares Provision for diminution in value of investment is made by the company to recognize permanent decline,

c) The cost of investments/ Stock in trade includes brokerage but does not include stamp duty which is charged to revenue.

d). Transaction Of sale & purchase of shares and securities are accounted on the date on which transaction took place.

---

Mar 31, 2008

01) Accounting Conventions

The accounts are prepared on historical cost basis and as a going concern. Accounting policies not specifically referred to otherwise are in consistence with generally accepted accounting principles.

02) Income Recognition.

a) Income from sale of shares and securities of companies acquired for the purpose of trading and held as stock in trade are recognized on trade dates on "First in First out" basis.

Diminution / appreciation in the value of closing stock of Shares and securities classified as stock in trade is recognized on the basis of rate quoted at recognized stock exchanges, where the shares/ securities are dealt with, on last date of the financial year, then on the basis of the latest quotation of the last trading available and the profit/loss from the same is included in income from operations. Unquoted shares are valued at cost.

b) Profit or losses from sale of investment are reconised on trade dates on first in first out basis

c) Income from dividend is accounted on actual receipt basis.

d) interest on loans & advances is accounted on accrual basis except in case of loans which are doubtful of recovery & in such cases interest income will be accounted on actual receipt basis.

e) Revenues and expenses are accounted on accrual basis of accounting.

03) Depreciation.

Deprecation on fixed assets has been provided on Straight Line Method Method -1) At the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1.956.

04) Fixed assets.

Fixed Assets are stated at historical cost less depreciation.

05) Accounting for investments/Stock in Trade.

a) Share and securities those are intended, at the time of acquisitions to be held for a period exceeding 12 months are classified as long terms investment and other than long term investment are classified as current investment.

b) Shares and securities held for sale in the ordinary course of business are disclosed as stock in trade under the head current assets.

06) Valuation of investments/Stock in trade.

a) The shares & securities of quoted companies acquired for the purpose of trading are considered as stock in trade and classified as current assets and valued at lower of cost or market value and market value is taken from quotation available as on the last date of the financial year or if quotation is not available as on the last date of then on the basis of latest quotations of the last trading available

b) Long-Term Quoted investments is valued at cost less provision for diminution in value of shares Provision for diminution in value of investment is made by the company, to recognize permanent decline.

c) The cost of investments/ Stock in trade includes brokerage but does not include stamp duty which is charged to revenue.

d) Transaction of sale & purchase of shares and securities are accounted on the date on which transaction took place.

---

Mar 31, 2000

1.1 Accounting Convention

The accounts are prepared on historical cost basis and as going concern. Accounting policies not specifically referred to otherwise are in consistence with generally accepted accounting principles.

1.2 Income Recognition

(a) Income from sale of shares & securities of companies acquired for the purpose of trading are recognised on trade dates on "First in First Out" basis.

Profit/Loss on Stock-in-trade are recognised on trade dates on "First in First out" basis.

(b) Merchant banking and advisory fees are accounted on accrued bass as per the terms of contract.

(c) Income on bills discounted during the period is accounted on accrual basis.

(d) Income from Dividend is accounted on actual receipt basis.

1.3 Depreciation

Depreciation on assets is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Fixed Assets are stated at historical cost less depreciation.

2. Valuation of Investments/Stock in Trade

(a) The shares & securities of companies acquired for the purpose of trading are considered as stock-in-trade and classified as current assets and valued at lower of cost or market value.

(b) The investment are valued at cost.

(c) The cost of Investment/Stock-in-trade includes brokerage but does not include stamp duty which is charged to revenue.

(d) Transactions of sale & purchase of shares & securities are accounted on the date on which transaction took place.

3. Preliminary/Public Issue Expenses

Preliminary/Public Issue expenses are being amortised over a period of 10 years.

---

Mar 31, 1999

Details are collected from 1999-2000 annual reports therefore information is not available.