Springform Technology Ltd. कंपली की लेखा नीति

Mar 31, 2024

2. Significant accounting policies

2.1. Basis of preparation

(i) Compliance with Ind AS

The standalone financial statements comply in all material aspects with Indian Accounting
Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act)
[Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the
Act. The financial statements up to year ended March 31, 2024 were prepared in accordance
with the accounting standards notified under Companies (Accounting Standard) Rules, 2006
(as amended) and other relevant provisions of the Act.

All assets and liabilities have been classified as current and 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
it''s operating cycle as twelve months for the purpose of current/non-current classification of
assets and liabilities.

(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis.

• certain financial assets and liabilities (including derivative instruments) that are
measured at fair value;

• defined benefit plans - plan assets measured at fair value;

• share based payments; and

• assets held for sale - measured at lower of cost or fair value less cost to sell.

2.2. Foreign Currencies

The company during the year consideration has no foreign currency transaction.

2.3. Revenue Recognition

Revenue from sale of goods is recognised when all the significant risks and rewards of

ownership in the goods are transferred to the buyer, the amount of revenue can be

measured reliably and it is probable that future economic benefits will flow to the entity.

This generally happens upon dispatch of the goods to customers, except for sale of

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Income from services is recognised when the service is rendered in terms of the
agreements/ arrangements with parties, net of Goods & Service tax.

Revenue is measured at the fair value of the consideration received or receivable, after the
deduction of any discounts, volume rebates, other trade promotion costs and any taxes or
duties collected on behalf of the government which are levied on sales such as Goods &
Service Tax etc.

2.4. Income Taxes

The income tax expense or credit for the period is the tax payable on the current period s
taxable income based on the applicable income tax rate adjusted by changes in deferred tax
assets and liabilities attributable to temporary differences and to unused tax losses, if any.

The current income tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the end of the reporting period in the country where the company
generates taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts expected to be paid to the
tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
standalone financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the end of the reporting period
and are expected to apply when the related deferred income tax assets is realised or the
deferred income tax liability is settled.

Deferred Tax assets are recognised for all deductible temporary differences and unused tax
losses only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets and liabilities and when the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities are offset where the entity has
a legally enforceable right to offset and intends either to settle on a net basis, or to realise
the assets and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the
extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.

2.5. Leases

As a lessee

Leases in which a significant portion of the risks and rewards of ownership are not
transferred to the Company as lessee are classified as operating leases. Payments made
under operating leases are charged to Statement of Profit and Loss on a straight-line basis
over the period of the lease unless the payments are structured to increase in line with
expected general inflation to compensate for the lessor''s expected inflationary cost
increases.

2.6. The Company has not revalued any of its property, Plant, Equipment and In-Tangible Assets
during the year.

2.7. Impairment of Assets

Non-Financial assets are tested for impairment whenever events or d^fesn^X
circumstances indicate not be recoverable. n.

loss is recognised for the amount by which the asset''s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs
of disposal and value in use. For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets (cash-generating
units). Non-financial assets other than goodwill that suffered an impairment are reviewed
for possible reversal of the impairment at the end of each reporting period.

2.8. Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value. For the purpose of Cash Flow Statement, Cash
and cash equivalents are considered net of outstanding overdrafts, if any, as they are
considered an integral part of Company''s cash management.

2.9. Inventories

The Inventory valued at cost.

2.10. Non-Current Assets (or disposal groups) held for sale

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount
will be recovered principally through a sale transaction rather than through continuing use
and a sale is considered highly probable. They are measured at the lower of their carrying
amount and fair value less costs to sell. However, there is no non current assets have been
identified / classified during the year.

2.11. Financial Instruments

(i) Financial Assets

Classification

The Company classifies its financial assets in the following measurement categories.

• those to be measured subsequently at fair value (either through othei
comprehensive income, or through profit or loss), and

• those measured at amortised cost.

The classification depends on the entity''s business model for managing the financial
assets and the contractual terms of the cash flows. The company has not held any
financial assets during the year.

For assets measured at fair value, gains and losses will either be recorded in
Statement of Profit and Loss or Other Comprehensive Income.

(ii) Financial Liabilities
Classification as debt or equity

Financial liabilities and equity instruments issued by the Company are classified
according to the substance of the contractual arrangements entered into and the
definitions of a financial liability and an equity instrument.

Initial recognition and measurement

\ Financial liabilities are recognised when the Company becomes a party to the

x/ contractual provisions of the instrument. Financial liabilities are initially measured at

„ AC / _the amortised cost unless at initial recognition, they are classified as fair value

\\ through profit and loss.

Subsequent measurement

V Financial linhiliTi"—^at amortised cost using the effective

(mvmba/)S interest rateat fair value through profit or loss

are measured at fair value with all changes in fair value recognised in the Statement
of Profit and Loss.

Derecognition

A financial liability is derecognised when the obligation specified in the contract is
discharged, cancelled or expires.

(iii) Derivatives
N.A.

2.12. Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet
where there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the assets and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

2.13. Property, Plant and Equipment

All items of property, plant and equipment are stated at historical cost less depreciation.
Historical cost includes expenditure that is directly attributable to the acquisition of the
items. Subsequent costs are included in the asset’s carrying amount or recognised as a
separate assets, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Company and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate assets is
derecognised when replaced. All other repairs and maintenance expenses are charged to
Statement of Profit and Loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value

Depreciation is calculated using the straight-line method to allocate their cost, net of their
residual values, if any, over their estimated useful lives. The Company, based on technical
assessment made by technical expert, depreciates following assets over estimated useful
li\/p<; pq detailed below :

The residual values are not more than 5% of the original cost of the assets. The assets''
residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period. An assets carrying amount is written down immediately to its recoverable
amount if the asset''s carrying amount is higher than its estimated recoverable amount.

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Gains or losses arising from the retirement or disposal of a tangible assets are determined as
the difference between the net disposal proceeds and the carrying amount of the assets and
recognised as income or expense in the Statement of Profit and Loss.

The property, plant and equipment including land acquired under finance leases is
depreciated over the asset''s useful life or the lease term if there is no reasonable certainty
that the Company will obtain ownership at the end of the lease term.

Assets costing INR 5,000 or less are depreciated fully in the year of acquisition.

2.14. Intangible Assets

Separately acquired intangibles are shown at historical cost. Such assets acquired in a
business combination are recognised at fair value at the acquisition date. They have a finite
useful life and are subsequently carried at cost less accumulated amortisation and
impairment losses. Costs associated with maintaining software programs are recognised as
an expense as incurred.

Amortisation method and periods

The Company amortises intangible assets with a finite useful life using the straight-line
method over the following periods:

The assets'' residual values and useful lives are reviewed, and adjusted if appropriate, at the
end of each reporting period.

Gains or losses arising from the retirement or disposal of an intangible asset are determined
as the difference between the net disposal proceeds and the carrying amount of the asset
and recognised as income or expense in the Statement of Profit and Loss.

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Mar 31, 2014

A) Basis for preparation of Accounts

The financial statements are prepared under the historical cost convention, in accordance with applicable mandatory accounting standards prescribed under the Companies (Accounting Standards), Rules, 2006 and the relevant provisions of the Companies Act, 1956.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and as per the criteria set out In Revised Schedule VI of Companies Act, 1956.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

c) Depreciation:

Depreciation on Fixed Asset is provided on pro-rata basis on WDV basis, at the rate prescribed under Schedule XIV.

d) Inventories :

Inventories are valued at lower of cost or estimated net realisble value as certified by the management.

e) Taxation:

In accordance with Accounting Standard 22 "Accounting for Taxes on Income", Issued by ICAI of India, the deferred tax for timing differences is accounted for, using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

f) Earning per share:

In determining the earning per share, the Company considers the net profit after tax and post tax effect of any extra ordinary/exceptional Item Is shown separately. The number of shares considered in computing basic earnings per share is the weighted average number of shares outstanding during the year.

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Mar 31, 2013

A) Basis for preparation of Accounts

The financial statements are prepared under the historical cost convention, in accordance with applicable mandatory accounting standards prescribed under the Companies (Accounting Standards), Rules,2006 and the relevant provisions of the Companies Act,1956.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and as per the criteria set out in Revised Schedule VI of Companies Act, 1956.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

c) Depreciation:

Depreciation on Fixed Asset is provided on pro-rata basis on WDV basis, at the rate prescribed under Schedule XIV.

d) Inventories:

Inventories are valued at lower of cost or estimated net realizable value as certified by the management.

e) Taxation:

In accordance with Accounting Standard 22 "Accounting for Taxes on Income", issued by ICAI of India, the deferred tax for timing differences is accounted for, using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

f) Earnings per share:

In determining the earning per share, the Company considers the net profit after tax and post tax effect of any extra ordinary/exceptional item is shown separately. The number of shares considered in computing basic earnings per share is the weighted average number of shares outstanding during the year.

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Mar 31, 2012

1. Accounting Convention

The Financial statements are prepared under the Historical Cost convention on accrual basis and comply with accounting standards referred to in section 211(3 C) of the Companies Act' 1956.

2. Fixed Asset

Fixed asset are stated at cost of acquisition less depreciation.

3. Depreciation

Depreciation is provided on straight line method at the rate specified in schedule II to the Companies Act' 1956.

4. Revenue recognition Income is booked on raising of Invoices

5. Taxation

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted for using tax rate and laws that has been enacted at the balance sheet date.

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Mar 31, 2011

1. Accounting Convention

The Financial statements are prepared under the Historical Cost convention on accrual basis and comply with accounting standards referred to in section 211(3C) of the Companies Act, 1956.

2. Fixed Asset

Fixed asset are stated at cost of acquisition less depreciation.

3. Depreciation

Depreciation is provided on straight line method at the rate specified in schedule II to the Companies Act, 1956.

4. Revenue recognition Income is booked on raising of Invoices

5. Taxation

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted for using tax rate and laws that has been enacted at the balance sheet date.

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Mar 31, 2010

1 .Accounting Convention

The Financial statements are prepared under the Historical Cost convention on accrual basis and comply with accounting standards referred to in section 211(3C) of the Companies Act, 1956.

2.Fixed Asset

Fixed asset are stated at cost of acquisition less depreciation.

3.Depredation

Depreciation is provided on straight line method at the rate specified in schedule II to the Companies Act, 1956.

4. Revenue recognition

Income is booked on raising of Invoices

5 .Taxation

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted for using tax rate and laws that has been enacted at the balance sheet date.