Accounting Policies of Regal Entertainment & Consultants Ltd. Company

Mar 31, 2024

2 Significant Accounting Policies

A summary of the significant accounting policies applied in the preparation of the financial statements is as given below. These
accounting policies have been applied consistently to all the periods presented in the financial statements.

A Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The
cost comprises purchase price, directly attributable cost of bringing the asset to its working condition for the intended use and initial
estimate of decommissioning, restoring and similar liabilities. Any trade discounts and rebates are deducted in arriving at the purchase
price.

Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable that future economic benefit
associated with these will flow with the Company and the cost of the item can be measured reliably.

Borrowing costs to the extent related/attributable to the acquisition/construction of property , plant and equipment that takes
substantial period of time to get ready for their intended use are capitalized up to the date such asset is ready for use.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and loss
when the asset is derecognised.

The Company identifies and determines cost of each component/ part of the asset separately, if the component/ part has a cost which
is significant to the total cost of the asset and has useful life that is materially different from that of the remaining asset.

Transition date:

The Company has elected to continue with the carrying value of all of its property, plant and equipment recognised as of April 1, 2018
(the transition date) measured as per the previous GAAP and use such carrying value as its deemed cost as of the transition date.

Depreciation on plant, property and equipment

Depreciation on property, plant and equipment is provided on straightline method at estimated useful life, which is in line with the
estimated useful life as specified in Schedule II of the Companies Act, 2013.

B Revenue recognition

Interest income for all financial instruments except for those measured or designated as at FVTPL are recognised in the profit or loss
account using the effective interest method (EIR). Interest on financial instruments measured as at FVTPL is included within the fair
value movement during the period.

C Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity
shares.

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Mar 31, 2014

1. Basis for Accounting:

Accounts are prepared under the historical cost convention. The Company has materially complied with accounting standards as recommended by the Institute of Chartered Accountants Of India

2. Depreciation:

Depreciation is charged on all the assets on Straight Line basis (SLM) at the rates and manner prescribed in schedule XIV of the Companies Act, 1956 as amended upto date.

3. Inventories:

Inventories of shares and securities are carried at cost.

4. Revenue Recognition as per AS 9:

(a) Revenue from Sale is recognized at the time when transaction is entered into.

(b) Revenue from Interest is recognized on time proportion basis except interest on certain loans amounting to Rs.3123814/- on which the Company charges no Interest.

(c) Revenue from Dividend is recognized when right to receive the same is established.

(d) Revenue from Capital Market Transactions is recorded at the point of squaring up of transactions.

5. Accounting for Fixed Assets as per AS 10:

Fixed Assets are stated at cost less depreciation. Costs comprised of cost of acquisition and all attributable costs of bringing the assets to condition for their intended use.

6. Accounting for Retirement Benefits Of Employees as per AS 15:

Not applicable to the company since there are No Employees eligible for Retirement Benefits

7. Segment Reporting under Accounting Standard (AS) 17:

Not applicable to the Company as Company operates only one segment of Business i.e. Finance

8. Related party disclosure as per Accounting Standard (AS) 18:

The list of related parties as identified by the management are as under

The Company has identified all related parties. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties.

9. Lease Accounting as per Accounting Standard 19:

Not applicable to the Company since no lease transaction took place during the year

10. Consolidated Financial Statement as per Accounting Standard (AS) 21:

Not applicable as the Company does not have any subsidiary.

11. Accounting for Taxes on Income as per Accounting Standard (AS) 22:

Income tax expenses is accrued in accordance with AS-22" Accounting for taxes on Income" which includes Deferred Taxes. Deferred Income taxes reflects the impact of current year timing differences & timing difference of earlier years.Deferred tax assets are recognized only to the extent that there is reasonable virtual certainity that sufficient future taxable income will be available.

12. Accounting Of Intangible Assets as per Accounting Standard (AS) 26:

Not applicable as the Company does not have intangible Assets.

13. Deferred Revenue Expenditure:

Expenses for increase in Authorised Share Capital have been written off 1/10 of the aggreagate during the year.

14. Financial Reporting of Interest in Joint Venture as per Accounting Standard (AS –27)

Not applicable as the Company does not have any Joint Venture

15. Impairment of Assets as per Accounting Standard (AS- 28):

Since carrying amount of assets does not exceeds recoverable amount, there is no need for provision of impairment of the assets as per Accounting Standard 28.

16. Provisions, Contingent Liabilities and Contingent Assets (AS- 29):

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Assets are neither recognized nor disclosed in the financial statements. Contingent Liabilities, if material, are disclosed by way of notes.

17. There are no S.S.I. creditors above 30 days exceeding Rs. 1,00,000 /-.

18. Expenditure on employee getting remuneration not less than Rs. 60,00,000 / - p.a. or Rs. 5,00,000 / - p.m. is Nil

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Mar 31, 2013

1. Basis for Accounting:

Accounts are prepared under the historical cost convention. The Company has materially complied with accounting standards as recommended by the Institute of Chartered Accountants Of India

2. Depreciation:

Depreciation is charged on all the assets on Straight Line basis (SLM) at the rates and manner prescribed in schedule XIV of the Companies Act, 1956 as amended upto date.

3. Inventories:

Inventories of shares and securities are carried at cost.

4. Revenue Recognition as per AS 9:

(a) Revenue from Sale is recognized at the time when transaction is entered into.

(b) Revenue from Interest is recognized on time proportion basis except interest on certain loans amounting to Rs.35,89,866/- on which the Company charges no Interest.

(c) Revenue from Dividend is recognized when right to receive the same is established.

(d) Revenue from Capital Market Transactions is recorded at the point of squaring up of transactions.

5. Accounting for Fixed Assets as per AS 10:

Fixed Assets are stated at cost less depreciation. Costs comprised of cost of acquisition and all attributable costs of bringing the assets to condition for their intended use.

6. Accounting for Retirement Benefits Of Employers as per AS 15:

Not applicable to the company since there are No Employees eligible for Retirement Benefits

7. Segment Reporting under Accounting Standard (AS) 17:

Not applicable to the Company as Company operates only one segment of Business i.e. Finance

8. Related party disclosure as per Accounting Standard (AS) 18:

The list of related parties as identified by the management are as under

The Company has identified all related parties. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties.

9. Lease Accounting as per Accounting Standard 19:

Not applicable to the Company since no lease transaction took place during the year

10. Consolidated Financial Statement as per Accounting Standard (AS) 21:

Not applicable as the Company does not have any subsidiary.

11. Accounting for Taxes on Income as per Accounting Standard (AS) 22:

Income tax expenses is accrued in accordance with AS-22" Accounting for taxes on Income" which includes Deferred Taxes. Deferred Income taxes reflects the impact of current year timing differences & timing difference of earlier years.Deferred tax assets are recognized only to the extent that there is reasonable virtual certainity that sufficient future taxable income will be available.

12. Accounting Of Intangible Assets as per Accounting Standard (AS) 26:

The Company has amortized Goodwill of Rs. 20,000/- as per Accounting Standard 26

13. Deferred Revenue Expenditure:

Expenses for increase in Authorised Share Capital have been written off 1/10 of the aggreagate during the year.

14. Financial Reporting of Interest in Joint Venture as per Accounting Standard (AS –27)

Not applicable as the Company does not have any Joint Venture

15. Impairment of Assets as per Accounting Standard (AS- 28):

Since carrying amount of assets does not exceeds recoverable amount, there is no need for provision of impairment of the assets as per Accounting Standard 28.

16. Provisions, Contingent Liabilities and Contingent Assets (AS- 29):

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Assets are neither recognized nor disclosed in the financial statements. Contingent Liabilities, if material, are disclosed by way of notes.

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Mar 31, 2012

1. Basis for Accounting:

Accounts are prepared under the historical cost convention. The Company has materially complied with account standards as recommended by the Institute of Chartered Accountants Of India

2. Depreciation:

Depreciation is charged on all the assets on Straight Line basis (SLM) at the rates and manner rescribed in schedule XIV of the Companies Act, 1956 as amended upto date.

3. Inventories:

Inventories of shares and securities are carried at cost.

4. Revenue Recognition as per AS 9:

(a) Revenue from Sale is recognized at the time when transaction is entered into.

(b) Revenue from Interest is recognized on time proportion basis except interest on certain loans amounting to Rs.41,19,997 on which the Company charges no Interest.

(c) Revenue from Dividend is recognized when right to receive the same is established.

(d) Revenue from Capital Market Transactions is recorded at the point of squaring up of transactions.

5. Accounting for Fixed Assets as per AS 10:

Fixed Assets are stated at cost less depreciation. Costs comprised of cost of acquisition and all attributable costs of bringing the assets to condition for their intended use.

6. Accounting for Retirement Benefits Of Employers as per AS 15:

Not applicable to the company since there are No Employees eligible for Retirement Benefits

7. Segment Reporting under Accounting Standard (AS) 17:

Not applicable to the Company as Company operates only one segment of Business i.e. Finance

8. Related party disclosure as per Accounting Standard (AS) 18:

The list of related parties as identified by the management are as under

The Company has identified all related parties. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties.

9. Lease Accounting as per Accounting Standard 19:

Not applicable to the Company since no lease transaction took place during the year

10. Consolidated Financial Statement as per Accounting Standard (AS) 21 Not applicable as the Company does not have any subsidiary.

11. Accounting for Taxes on Income as per Accounting Standard (AS) 22:

Income tax expenses is accrued in accordance with AS-22" Accounting for taxes on Income" which includes Deferred Taxes. Deferred Income taxes reflects the impact of current year timing differences & timing difference of earlier years.Deferred tax assets are recognized only to the extent that there is reasonable virtual certainity that sufficient future taxable income will be available.

12. Accounting Of Intangible Assets as per Accounting Standard (AS) 26:

The Company has amortized Goodwill of Rs. 20,000/- as per Accounting Standard 26

13. Deferred Revenue Expenditure:

Expenses for increase in Authorised Share Capital have been written off 1/10 of the aggreagate during the year

14. Financial Reporting of Interest in Joint Venture as per Accounting Standard (AS -27)

Not applicable as the Company does not have any Joint Venture

15. Impairment of Assets as per Accounting Standard (AS- 28):

Since carrying amount of assets does not exceeds recoverable amount, there is no need for provision of impairment of the assets as per Accounting Standard 28.

16. Provisions, Contingent Liabilities and Contingent Assets (AS- 29):

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Assets are neither recognized nor disclosed in the financial statements.Contingent Liabilities, if material, are disclosed by way of notes.

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Mar 31, 2010

1. Basis for Accounting:

Accounts are prepared under the historical cost convention. The Company has materially comply with accounting standards as recommended by the Institute of Chartered Accountants Of India.

2. Depreciation :

Depreciation is charged on all the assets on Straight Line basis (SLM) at the rates and manner prescribed in schedule XIV of the Companies Act, 1956 as amended upto date.

3. Investment :

There has been no Investment made during the Financial Year.

4. Inventories :

Inventories of shares and securities are carried at cost.

5. Revenue Recognition as per AS 9 :

(a) Revenue from Sale is recognized at the time when transaction is entered into.

(b) Revenue from Interest is recognized on time proportion basis except interest on certain loans amounting to Rs.33, 82,334/- on which the Company charges no Interest.

(c) Revenue from Dividend is recognized when declaring Company declares dividend.

(d) Revenue from Capital Market Transactions is recorded at the point of squaring up of transactions takes place.

6. Accounting for Fixed Assets as per AS 10 :

Fixed Assets are stated at cost less depreciation. Costs comprised of cost of acquisition and all attributable costs of bringing the assets to condition for their intended use. In case of Self-constructed Fixed Assets cost includes all costs, which are directly related to specific asset and all costs that are attributable to construction activity are allocated to specific assets.

7. Accounting for Retirement Benefits in Financial Statement Of Employers as per AS 15 :

Not applicable to the company since there are No Employees eligible for Retirement Benefits

8. Segment Reporting under Accounting Standard (AS) 17 :

Not applicable as the Company has one segment of business that i.e. Financial.

10. Lease Accounting as per Accounting Standard 19:

Not applicable to the Company since no lease transaction took place during the year.

12. Consolidated Financial Statement as per Accounting Standard (AS) 21:

Not applicable as the Company does not have any subsidiary.

13. Accounting for Taxes on Income as per Accounting Standard (AS) 22 :

Income Tax expenses is accrued in accordance with AS – 22 “ Accounting for taxes on Income” Which includes Deferred Taxes. Deferred Income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and timing differences of earlier years. Deferred tax assets are recognized only to the extent that there is reasonable virtual certainty that sufficient future taxable income will be available.

14. Accounting Of Intangible Assets as per Accounting Standard (AS) 26 :

The Company has amortized Goodwill of Rs.20,000/- as per Accounting Standard (AS) 26.

15. Deferred Revenue Expenditure :

Expenses for increase in Authorised Share Capital have been written off 1/10 of the aggregate during the year

16. Financial Reporting of Interest in Joint Venture as per Accounting Standard (AS –27)

Not applicable as the Company does not have any Joint Venture

17. Impairment of Assets as per Accounting Standard (AS- 28):

Since carrying amount of assets does not exceeds recoverable amount, there is no need for provision of impairment of loss of the assets as per Accounting Standard 28.

18. Provisions, Contingent Liabilities and Contingent Assets (AS- 29):

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Assets are neither recognized nor disclosed in the financial statements. Contingent Liabilities, if material, are disclosed by way of notes.