Accounting Policies of Grandma Trading & Agencies Ltd. Company

Mar 31, 2024

significant accounting policies for the year ended 31^st march, 2024

1. corporate information:

Grandma Trading and Agencies Limited ("Company") is a Public Limited Company
incorporated under the provisions of the Companies Act, 1956 on 28-01-1981. The
Registered Office of the Company is situated at Office No. 117, First Floor, Hubtown Solaris,
NS Phadke Marg, Andheri (E), Mumbai - 400069, Maharashtra. The equity shares of the
Company are exclusively listed on BSE Limited.

2. basis of preparation of financial statements:

The financial statements are prepared in accordance with and in compliance, in all material
aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the
Companies Act, 2013 (the Act) read along with Companies (Indian Accounting Standards)
Rules, as amended and other relevant provisions of the Act. The presentation of the
Financial Statements is based on Ind AS Schedule III of the Companies Act, 2013.

Financials are prepared on Historical cost basis except few financial assets and financial
liabilities that are measured in Fair value.

These financial statements are presented in Indian Rupees, which is the Company''s
functional currency, and all values are rounded to the nearest lakhs, except otherwise
indicated. Due to rounding off, financials statements in a few places may face truncation.

3. USE OF ESTIMATES:

In preparing these Standalone financial statements, management has made judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income, and expenses. Accounting estimates can
change from period to period. Actual results may differ from those estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis and appropriate changes are
made as management becomes aware of changes in circumstances surrounding the
estimates. Revisions to accounting estimates are reflected in the period in which such
changes are made and if material, their effects are disclosed in the financial statements.

4. property, plant and EQUIPEMENT:

Property, plant, and equipment are accounted for on historical cost basis (inclusive of the
cost of installation and other incidental costs till commencement of commercial production)
net of recoverable taxes, less accumulated depreciation, and impairment loss, if any. Cost
comprises the purchase price and any costs of bringing the asset to its working condition for
intended use.

Expenditure on renovation / modernization relating to existing fixed assets is added to the
cost of such assets where it increases its performance/life significantly.

Depreciation on Property, plant and equipment is provided on a written down value basis
over the useful life of the assets estimated by the management, in the manner prescribed in
Schedule II of the Companies Act, 2013.

Depreciation on addition or on sale / discard of an assets is provided on pro-rata basis from
/ up to the date of addition or on sale / discard.

5. REVENUE RECOGNITION:

Sale Revenue is recognized as a net of trade discount, on transfer of the significant risks and
rewards of ownership of the goods to the buyer and it is reasonable to expect ultimate
collection. Sale revenue excludes the GST which is recoverable from the buyer.

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

Dividend is recognized when the right to receive is established.

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Mar 31, 2016

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on a going concern basis. Pursuant to Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014, till the standards of accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the Company will continue to apply the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956; the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013.

All the assets and Liabilities have been classified as current or non-current as per the criteria set out in Schedule III to the Companies Act, 2013. The accounting policies, in all material respects, have been consistently applied by the Company and are consistent with those used in the previous year.

2. REVENUE RECOGNITION:

Revenue from sale of products is recognized when the risk and rewards of ownership of products are passed on to the customers.

Interest income is recognized on the time proportion basis.

Dividend income is recognized when right to receive is established.

3. FIXED ASSETS:

Fixed Assets, if any, are stated at cost of acquisition and other direct or indirect cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.

4. DEPRECIATION:

Effective from 1st April, 2014 the Company depreciates its fixed assets over the useful life or residual value as in the manner prescribed in Part C of Schedule II to the Companies Act, 2013, as against the earlier practice of depreciating at the rate prescribed in Schedule XIV of the Companies Act, 1956

Depreciation on additions/disposals to the fixed assets during the year is provided on pro-rata basis from/to the date of such additions/disposals as the case may be.

Since the Company has no fixed assets no depreciation has been charged for the Financial Year 2015-16.

5. INVESTMENTS:

Long term Investments are valued at cost. Provision for diminution in value of investment is made to recognize a decline other than temporary.

Current Investments are valued at lower of cost or fair market value.

However, the Company does not have any investments during the year.

6. INVENTORIES:

Stocks of Shares are valued at Cost or Net Realizable Value whichever is lower.

7. MISCELLANEOUS EXPENDITURE:

Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.

8. SUNDRY DEBTORS AND RECEIVABLES:

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per management''s judgment or only upon final settlement of accounts with the parties.

9. TAXES ON INCOME:

Provision for income tax is made on the basis of estimated taxable income for the current year at current rates.

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

10. EARNING PER SHARE:

The Company reports basic and diluted Earning Per Share (EPS) in accordance with Accounting Standard 20 on "Earning Per Share". Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year end.

11. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when

a) there is a present obligation as a result of past events.

b) there is a probability that there will be an outflow of resources.

c) the amount of obligation can be reliably estimated.

Contingent Liabilities are not recognized but are disclosed in the notes in case of:

a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.

b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.

12. OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices.

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Mar 31, 2015

Depreciation on Fixed Assets:

The Schedule II of the Companies Act, 2013 is being implemented from 1st April, 2014 and the Company has adopted the new method of Depreciation on its Fixed Asset i.e. "Depreciation on the basis of useful life" as provided in Part C of Schedule II.

However during the reporting period the Company does not hold any fixed assets.

3. REVENUE RECOGNITION:

Revenue from sale of products is recognized when the risk and rewards of ownership of products are passed on to the customers.

Interest income is recognized on the time proportion basis.

Dividend income is recognized when right to receive is established.

4. FIXED ASSETS:

Fixed Assets, if any, are stated at cost of acquisition and other direct or indirect cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.

5. DEPRECIATION:

Since the Company has no fixed assets no depreciation has been charged for the Financial Year 2014-2015.

6. INVESTMENTS:

Long term Investments are valued at cost. Provision for diminution in value of investment is made to recognize a decline other than temporary.

Current Investments are valued at lower of cost or fair market value.

However, the company does not have any investments during the year.

7. INVENTORIES:

Stocks of Shares are valued at Cost or Net Realizable Value whichever is lower.

8. MISCELLANEOUS EXPENDITURE:

Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.

9. SUNDRY DEBTORS AND RECEIVABLES:

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per management's judgment or only upon final settlement of accounts with the parties.

10. TAXES ON INCOME:

Provision for income tax is made on the basis of estimated taxable income for the current year at current rates.

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

11. EARNING PER SHARE:

The Company reports basic and diluted Earning Per Share (EPS) in accordance with Accounting Standard 20 on "Earning Per Share". Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year end.

12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when

a) there is a present obligation as a result of past events.

b) there is a probability that there will be an outflow of resources.

c) the amount of obligation can be reliably estimated.

Contingent Liabilities are not recognized but are disclosed in the notes in case of:

a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.

b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.

13. OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices

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Mar 31, 2014

1. GENERAL:

a) Financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

b) Financial Statements are prepared on historical cost basis and in consonance with the Generally Accepted Accounting Principles.

c) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. REVENUE RECOGNITION:

Revenue from sale of products is recognized when the risk and rewards of ownership of products are passed on to the customers. Interest income is recognized on the time proportion basis.Dividend income is recognized when right to receive is established.

3. FIXED ASSETS:

Fixed Assets, if any, are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.

4. DEPRECIATION:

Since the Company has no fixed assets no depreciation has been charged for the Financial Year 2013-2014.

5. INVESTMENTS:

Long term Investments are valued at cost. Provision for diminution in value of investment is made to recognize a decline other than temporary.

6. INVENTORIES:

Stocks of Shares are valued at Cost or Net Realizable Value whichever is lower.

7. MISCELLANEOUS EXPENDITURE:

Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.

8. SUNDRY DEBTORS AND RECEIVABLES:

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per management''s judgment or only upon final settlement of accounts with the parties.

9. TAXES ON INCOME:

Provision for income tax is made on the basis of estimated taxable income for the current year at current rates.

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

10. EARNING PER SHARE:

The Company reports basic and diluted Earning Per Share (EPS) in accordance with Accounting Standard 20 on "Earning Per Share". Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year end.

11. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when

a) there is a present obligation as a result of past events.

b) there is a probability that there will be an outflow of resources.

c) the amount of obligation can be reliably estimated.

Contingent Liabilities are not recognized but are disclosed in the notes in case of:

a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.

b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.

12. OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices

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Mar 31, 2012

1. GENERAL:

a) Financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

b) Financial Statements are prepared on historical cost basis and in consonance with the Generally Accepted Accounting Principles.

c) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.

3. DEPRECIATION:

Since the Company has no fixed assets no depreciation has been charged for the Financial Year 2011-2012.

4. INVENTORIES:

Inventories are valued at lower of Cost or Net Realizable Value.

5. MISCELLANEOUS EXPENDITURE:

Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.

6. SUNDRY DEBTORS AND RECEIVABLES:

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per management's judgment or only upon final settlement of accounts with the parties.

7. TAXES ON INCOME:

Provision for income tax is made on the basis of estimated taxable income for the current year at current rates.

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

8. EARNING PER SHARE

The Company reports basic and diluted Earning Per Share (EPS) in accordance with Accounting Standard 20 on "Earning Per Share". Basic and Diluted EPS are Computed by dividing the net profit for the year attributable to equity share holders by the number of equity shares outstanding during the year.

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Mar 31, 2010

A) RECOGNIATION OF REVENUE:

The Financial statements are prepared under the historical cost convention, on accrual basis of accounting, in conformity with the accounting principles generally accepted in India and comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956 of India.

B) FIXED ASSETS :

Fixed Assets are stated at historical cost of acquisition/ construction less depreciation, attributable interest and expenses of bringing the respective assets working condition for their intended commercial use are capitalised.

C) DEPRECIATION

Depreciation is charged at written down value method at the rates prescribed in Schedule XIV of the Companies Act1956.

D) SYSTEM OF ACCOUNTING :

Company has followed Mercantile Method of Accounting.