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Accounting Policies of Tree House Education & Accessories Ltd. Company
Mar 31, 2025
Note 1. Significant Accounting Policies
1.1 Corporate Information:
Tree House Education & Accessories Ltd is a public company domiciled in India and incorporated on July 10, 2006
under the provisions of the companies Act 1956. The company''s principal business is providing education and
related services including leasing of education infrastructure.
1.2 Basis of preparation and summary of significant Accounting policies
(a) Basis of Preparation
(i) Compliance with Ind AS
These financial statements have been prepared in accordance with the Indian Accounting Standards
(hereinafter referred to as the âInd AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of
the Companies Act, 2013 (âAct'') read with of the Companies (Indian Accounting Standards) Rules,2015 as
amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements,
including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2015 being the date of
transition to Ind AS.
(ii) Historical Cost Convention
The financial statements have been prepared on a historical cost basis, except for the following:
1) Certain financial assets and liabilities that are measured at fair value;
2) Assets held for sale - measured at lower of carrying amount or fair value less cost to sell;
3) Defined benefit plans - plan assets measured at fair value;
(iii) Current non-current classification
All assets and liabilities have been classified as current or non-current as per the Company''s normal
operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.
(iv) Rounding of Amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per
the requirement of Schedule III, unless otherwise stated.
(b) Use of Estimates and Judgments
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by
the Company and are based on historical experience and various other assumptions and factors (including
expectations of future events) that the Company believes to be reasonable under the existing circumstances.
Differences between actual results and estimates are recognized in the period in which the results are known/
materialized. The said estimates are based on the facts and events, that existed as at the reporting date, or that
occurred after that date but provide additional evidence about conditions existing as at the reporting date.
(c) Property, Furniture and Fixtures:
The Company has applied for one time transition exemption of considering the carrying cost on the transition date
i.e. April 1,2015 as the deemed cost under IND AS. Hence it was regarded thereafter as historical cost.
The company does not own any Freehold land. All other items of property, furniture and fixtures equipment are
stated at cost less depreciation and impairment, if any. 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 recognized as a separate asset, 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
asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit
and Loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value:
Depreciation on Buildings, Furniture & Fixture, is provided on a Straight Line Method.
Leasehold property is amortized over the period of lease. Leasehold improvements are amortized over the period
of lease or estimated useful life, whichever is lower.
The Company depreciates its property, furniture & fixture , equipment over the useful life in the manner prescribed
in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in
Schedule II to the Act,
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful
lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
In case of pre-owned assets, the useful life is estimated on a case to case basis.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included
in the Statement of Profit and Loss.
(d) Investment Properties
Property that is held for long-term rental yields or for capital appreciation or both and that is not occupied by the
Company, is classified as investment property. Investment property is measured at its cost, including related
transaction costs and where applicable borrowing costs less depreciation and impairment if any. Depreciation on
building is provided over its useful life using the written down value method. Useful life considered for calculation
of depreciation for assets class are as follows-
Non- Factory Building 60 years
(e) Intangible Assets
Goodwill
Goodwill is stated at cost, less impairments, if any.
Business Commercial Rights (BCR)
BCR is stated at cost, less accumulated amortization and impairments, if any.
Trademark
Goodwill is stated at cost, less accumulated amortization and impairments, if any.
Amortization method and useful life.
The Company amortizes BCR on the straight-line method over the period of 30 years, and trade mark is
amortized on the straight-line method over the period of 10 years.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included
in the Statement of Profit and Loss.
(f) Lease
Operating Lease
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 the 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 Company''s expected inflationary cost
increases.
As a Lessor
Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line
basis over the lease term unless the receipts are structured to increase in line with expected general inflation to
compensate for the excepted inflationary costincreases. The respective leased assets are included in the balance
sheet based on their nature.
(g) Cash and Cash Equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
bank overdraft, 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.
(h) Inventories
Inventories of books, school kits and, Stores are stated âat cost or net realizable value, whichever is lower''. Goods-
in-Transit are stated âat cost''. Cost comprises all cost of purchase, cost of conversion and other costs incurred in
bringing the inventories to their present location and condition. The excise duty in respect of closing inventory of
finished goods is included as part of finished goods. Cost formulae used are âFirst-in-First-out'', Due allowance is
estimated and made for defective and obsolete items, wherever necessary.
(i) Investments in subsidiaries, joint ventures and associates
Investments in subsidiaries, joint ventures and associates are recognized at cost as per Ind AS 27. Except where
investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held
or Sale and Discontinued Operations, when they are classified as held for sale.
Investments and other financial assets
(i) Classification
The Company classifies its financial assets in the following measurement categories:
(1) Those to be measured subsequently at fair value (either through other comprehensive income, or through
the Statement of Profit and Loss) and
(2) Those measured at amortized cost. The classification depends on the Company''s business model for
managing the financial assets and the contractual terms of the cash flows.
(ii) Measurement
At initial recognition, the Company measures a financial asset at its fair value.
Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the
Statement of Profit and Loss.
(iii) Debt Instruments:
Subsequent measurement of debt instruments depends on the Company''s business model for managing the
asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into
following categories:
(1) Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortized cost. Interest income from
these financial assets is included in other income using the effective interest rate method.
(2) Fair value through profit and loss: Assets that do not meet the criteria for amortized cost are measured
at fair value through Profit and Loss. Interest income from these financial assets is included in other income.
Impairment of Financial Assets
The Company measures the expected credit loss associated with its assets based on historical trend, industry practices
and the business environment in which the entity operates or any other appropriate basis. The impairment methodology
applied depends on whether there has been a significant increase in credit risk.
Income Recognition
Revenue is measured at the value of the consideration received or receivable. Amounts disclosed as revenue are net of
returns, trade allowances, rebates, discounts, loyalty discount.
Income from Services
Revenue is recognized on rendering of services and is recognized when there are no significant uncertainties as to its
measurability or collect ability.
In instances where fees are received during a term, revenue is recognized on a proportionate basis for the period which
falls under the current reporting period and the balance is shown as advance fees received.
Revenue from consultancy services is recognized on rendering of services, as evidenced from the customers''
acknowledgment of services received. In respect of non-refundable fees for consultancy services rendered to franchisee
for setting up of its operations, the rendering of service generally coincides with signing of the franchisee service
agreement.
Royalty Income
Royalty income is recognized as per the franchise agreement at specified percentage of gross revenue earned by the
franchisee or as per the agreement.
Interest
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate
applicable.
Sale of goods
The revenue from sale of education aids is recognized on transfer of property in goods which generally coincides with
dispatch /delivery to the customer.
Interest income
Interest income from debt instruments is recognized using the effective interest rate method.
Dividends
Dividends are recognized in the Statement of Profit and Loss only when the right to receive payment is established.
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for
impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets
are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized 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 purpose 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 group of assets (cash¬
generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
Non-current assets held for sale
Non-current assets 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, except for assets such as deferred tax assets, assets arising from
employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from
this requirement.
Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other
expenses attributable to the liabilities of a disposal Company classified as held for sale continue to be recognized.
Derivative Financial Instruments
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its
foreign currency risks are initially recognized at fair value on the date a derivative contract is entered into and are
subsequently re-measured at their fair value with changes in fair value recognized in the Statement of Profit and Loss in
the period when they arise.
Segment Reporting:
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker.
Borrowings:
Borrowings are initially recognized at net of transaction costs incurred and measured at amortized cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Profit and
Loss over the period of the borrowings using the effective interest method.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividend on
these preference shares is recognized in Statement of Profit and Loss as finance costs.
Borrowing Costs:
Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and borrowing costs are
charged to Statement of Profit and Loss.
Mar 31, 2024
Note 1. Significant Accounting Policies1.1 Corporate Information:
Tree House Education & Accessories Ltd is a public company domiciled in India and incorporated on July 10, 2006 under the provisions of the companies Act 1956. The company''s principal business is providing education and related services including leasing of education infrastructure.
1.2 Basis of preparation and summary of significant Accounting policies
(a) Basis of preparation
(i) Compliance with Ind AS
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the âInd AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (âAct'') read with of the Companies (Indian Accounting Standards) Rules,2015 as amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2015 being the date of transition to Ind AS.
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
1) Certain financial assets and liabilities that are measured at fair value;
2) Assets held for sale - measured at lower of carrying amount or fair value less cost to sell;
3) Defined benefit plans - plan assets measured at fair value;
(iii) Current non-current classification
All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.
(iv) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.
(b) Use of estimates and judgments
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognized in the period in which the results are known/ materialized. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
(c) Property, furniture and fixtures:
The Company has applied for one time transition exemption of considering the carrying cost on the transition date i.e. April 1,2015 as the deemed cost under IND AS. Hence it was regarded thereafter as historical cost.
Freehold land is carried at cost . All other items of property, furniture and fixtures equipment are stated at cost less depreciation and impairment, if any. 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 recognized as a separate asset, 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 asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value:
Depreciation on Buildings, Furniture & Fixture, is provided on a Straight Line Method.
Leasehold property is amortized over the period of lease. Leasehold improvements are amortized over the period of lease or estimated useful life, whichever is lower.
The Company depreciates its property, furniture & fixture , equipment over the useful life in the manner prescribed in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act,
|
Assets Head |
Years |
|
Assets Head |
|
|
Tangible Fixed Assets |
|
|
Building (Other than factory building) |
|60 |
|
Furniture and fittings |
1 |
|
Office Equipment |
|s |
|
Electrical equipment |
|io |
|
Teaching aid and equipment |
|s |
|
Computers/Laptops |
|3 |
|
Vehicles |
8 |
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
In case of pre-owned assets, the useful life is estimated on a case to case basis.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.
(d) Investment properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classifieds investment property. Investment property is measured at its cost, including related transaction costs and where applicable borrowing costs less depreciation and impairment if any. Depreciation on building is provided over its useful life using the written down value method. Useful life considered for calculation of depreciation for assets class are as follows-
Non- Factory Building 60 years
(e) Intangible assets Goodwill
Goodwill is stated at cost, less impairments, if any.
Business Commercial Rights (BCR)
BCR is stated at cost, less accumulated amortization and impairments, if any.
Goodwill is stated at cost, less accumulated amortization and impairments, if any.
Amortization method and useful life.
The Company amortizes BCR on the straight-line method over the period of 30 years, and trade mark is amortized on the straight-line method over the period of 10 years.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.
(f) Lease
Operating Lease
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Company, as lessee, are classifieds operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basisover the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for theCompany''s expected inflationary cost increases.
Company has not leased out any of its assets.
(g) Cash and Cash Equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank overdraft, 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.
(h) Inventories
Inventories of books, school kits and, Stores are stated âat cost or net realizable value, whichever is lower''. Goods-in-Transit are stated âat cost''. Cost comprises all cost of purchase, cost of conversion andother costs incurred in bringing the inventories to their present location and condition. The excise duty in respect of closing inventory of finished goods is included as part of finished goods. Cost formulae used are âFirst-in-First-out'', Due allowance is estimated and made for defective and obsolete items, wherever necessary.
(i) Investments in subsidiaries, joint ventures and associates
Investments in subsidiaries, joint ventures and associates are recognized at cost as per Ind AS 27. Except where investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations, when they are classified as held for sale.
Investments and other financial assets
(I) Classification
The Company classifies its financial assets in the following measurement categories:
(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and
(2) those measured at amortized cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows.
(ii) Measurement
At initial recognition, the Company measures a financial asset at its fair value.
Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.
(iii) Debt instruments:
Subsequent measurement of debt instruments depends on the Company''s business model for managing the asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into following categories:
(1) Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in other income using the effective interest rate method.
(2) Fair value through profit and loss: Assets that do not meet the criteria for amortized cost are measured at fair value through Profit and Loss. Interest income from these financial assets is included in other income.
The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Income recognition
Revenue is measured at the value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates, discounts, loyalty discount.
Revenue is recognized on rendering of services and is recognized when there are no significant uncertainties as to its measurability or collect ability.
In instances where fees are received during a term, revenue is recognized on a proportionate basis for the period which falls under the current reporting period and the balance is shown as advance fees received.
Revenue from consultancy services is recognized on rendering of services, as evidenced from the customers'' acknowledgment of services received. In respect of non-refundable fees for consultancy services rendered to franchisee for setting up of its operations, the rendering of service generally coincides with signing of the franchisee service agreement.
Royalty income
Royalty income is recognized as per the franchise agreement at specified percentage of gross revenue earned by the franchisee or as per the agreement.
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
Sale of goods
The revenue from sale of education aids is recognized on transfer of property in goods which generally coincides with dispatch /delivery to the customer.
Interest income from debt instruments is recognized using the effective interest rate method.
Dividends are recognized in the Statement of Profit and Loss only when the right to receive payment is established. Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 purpose 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 group of assets (cashgenerating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Non-current assets held for sale
Non-current assets 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, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from this requirement.
Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal Company classified as held for sale continue to be recognized.
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value with changes in fair value recognized in the Statement of Profit and Loss in the period when they arise.
Segment Reporting:
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
Borrowings:
Borrowings are initially recognized at net of transaction costs incurred and measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Profit and Loss over the period of the borrowings using the effective interest method.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividend on these preference shares is recognized in Statement of Profit and Loss as finance costs.
Borrowing costs:
Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and borrowing costs are charged to Statement of Profit and Loss.
Provisions and contingent liabilities:
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.
Employee benefits:
Company''s contributions paid / payable to provident fund authorities are recognized in the Statement of Profit and Loss of the year when the contribution to the fund is due.
Gratuity:
Gratuity is a post-employment benefit and is in the nature of defined benefit plan. The liability recognized in the Balance Sheet in respect of the gratuity is present value of the defined benefit obligation at the Balance Sheet date less the fair value of the plan assets, together with adjustments for unrecognized actuarial gains or losses and past service cost. The defined benefit obligation is calculated at the Balance Sheet date by an independent actuary using the projected unit credit method.
Actuarial gains and losses arising from past experience and changes in actuarial assumptions are credited or charged to the Statement of Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensate absences which are non-accumulating in nature. Expenses on non-accumulating compensated absences are recognized in the year in which the absence occurs.
(a) Initial recognition:
Transactions in foreign currencies entered into by the company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.
(b) Measurement of foreign currency items at the Balance Sheet date:
Foreign currency monetary items restated or retranslated at the closing exchange rates. Non-Monetary items are reported at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.
Borrowing Costs
Borrowing costs directly attributable to the acquisition and construction of qualifying asset are capitalized as part of the cost of such asset up to the date of such asset being ready for its intended use. Other borrowing costs are treated as revenue expenditure.
Tax expense comprises of both current and deferred taxes. The current charge for income taxes is calculated in accordance with the relevant tax regulations. Deferred taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date.
Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. Deferred tax assets are recognized on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty supported by convincing evidence that such deferred tax assets can be realized against future taxable profits.
Unrecognized deferred tax assets of earlier years are re-assessed and recognized to the extent that it has become reasonably certain/virtually certain that future taxable income will be available against which such deferred tax assets can be realized.
Share issue expenses
Share issue expenses are adjusted in the same year against the Securities Premium Account as permitted by section 52 of the Companies Act 2013. In case of insufficient balances in the Securities Premium Account, unadjusted share issue expenses are amortized over a period of 5 years. In case, there arising a securities premium balance subsequently, unadjusted share issue expenses would not be amortized but will be adjusted against the Securities Premium Account.
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effect of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities are segregated.
Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
Employee Stock Option Costs
Measurement and disclosure of the employee share based payment plans is done in accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Guidance Note on Accounting for Employee Share-based Payments, issued by ICAI. The Company measures compensation cost relating to employee stock options using the intrinsic value method. Compensation expense is amortized over the vesting period of the option on a straight line basis.
Trade receivables are stated after writing off debts considered as bad. Adequate provision is made for debts considered doubtful.
Cash and Cash Equivalents
Cash and Cash Equivalents for the purpose of Cash flow statements comprise Cash and Cheques in hand, bank balances, demand deposits with banks and other short term highly liquid investments where the original maturity is three months or less.
Recent accounting pronouncements
Appendix B to Ind AS21, Foreign currency transactions and advance consideration On March 28, 2018 Ministry of Corporate Affairs (ââMCAââ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency.
âThe amendment will come into force from 1 April 2018. The company is evaluating the requirement of the amendment and the impact on the financial statements. The effect on adoption of Ind AS 21 is expected to be insignificant.â
In March 2018, the Ministry of Corporate Affairs has notified the Companies (Indian Accounting Standards) Amendment rules, 2018 (amended rules). As per the amended rules, Ind AS 115 âRevenue from contracts with customersâ supersedes Ind AS 11, âConstruction contractsâ and Ind AS 18, âRevenueâ and is applicable for all accounting periods commencing on or after 1 April 2018.
Ind AS 115 introduces a new framework of five step model for the analysis of revenue transactions. The model specifies that revenue should be recognized when (or as) an entity transfer control of goods or services to a customer at the amount to which the entity expects to be entitled. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity''s contracts with the customers. The new revenue standard is applicable to the Company from 1 April 2018.
The standard permits two possible methods of transition:
Retrospective approach - Under this approach the standard will be applied retrospectively to each prior period presented in accordance with Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.
Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach)
âThe Company is evaluating the requirement of the amendment and the impact on the financial statements. The effect on adoption of Ind AS 115 is expected to be insignificant.â
Critical estimates and judgments
The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results.
Management also needs to exercise judgment in applying the Group''s accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
Additional Regulatory and other Information
a) The company is not holding any immovable property at the end of the financial year.
b) The company has not re-valued any of its Property, Plant & Equipment.
c) The does not have any Capital Work-in-Progress.
d) The Company does not have any Intangible assets under development.
e) There is no benami property held by the company.
f) The Company has not borrowed fund from bank or financial institution on the basis of security on current assets.
g) The Company has not been declared as a willful defaulter.
h) Company has not entered into the transaction with the company whose name has been struck off from under Section 248 of the Companies Act 2013 or Section 560 of the companies Act 1956.
i) Since the Company has no borrowings from banks or financial institution, there is no registration of charges or satisfaction of charges filed with the Registrar of Companies.
j) The clause regarding compliance with number of layers prescribed under section 2(87) of the Act, read with companies (restrictions on number of Layers) Rules 2017, is not applicable to the Company.
k) The Company has not advanced or loaned or invested fund (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entities including foreign entities with understanding that the intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the company or provide guarantee, security or the like to or on behalf of ultimate beneficiaries.
l) The company has no transaction recorded in the books of accounts that has been surrendered or disclosed as income during the year in tax assessment under the Income Tax Act 1961.
m) Company has not traded or invested in crypto currency or virtual currency during the financial year.
|
n) Financial Ratios: |
||||
|
Sl. No. |
Particulars |
2023-24 |
2022-23 |
|
|
i) |
Trade receivable Turnover ratio |
12.11 |
13.20 |
|
|
ii) |
Inventory Turnover |
NA |
NA |
|
|
iii) |
Debt Service Coverage Ratio |
NA |
(6.86) |
|
|
iv) |
Current Ratio |
4.79 |
2.92 |
|
|
v) |
Debt Equity Ratio |
0.02 |
0.04 |
|
|
vi) |
Operating Profit Margin % |
68.05 |
76.93 |
|
|
vii) |
Net Profit Margin % |
(45.78) |
(405.08) |
|
|
viii) |
Return on Equity % |
(2.08) |
(24.86) |
|
|
ix) |
Trade payable turnover ratio |
3.53 |
2.84 |
|
|
x) |
Net capital turnover ratio |
4.53 |
4.82 |
|
|
xi) |
Return on capital employed |
0.08 |
(20.98) |
|
o) To the Extent Company has received intimation from the "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act 2006, the Details are provided herein under:
|
Sl. No. |
Particulars |
31st March 2024 |
31st March 2023 |
|
1 |
Principal amount remaining unpaid as on 31st March. |
62,221 |
29,00,000 |
|
2 |
Interest Due thereon remaining unpaid as on 31st March. |
0 |
14,44,169 |
|
3 |
Interest paid in terms of Section 16 of MSME along with the amount of payment made to the supplier beyond the appointed day during the year. |
Nil |
Nil |
|
4 |
Interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified in MSME Act 2006. |
Nil |
Nil |
|
5 |
Interest accrued and remaining unpaid as on 31st March. |
Nil |
14,44,169 |
|
6 |
Interest due and remaining payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise. |
Nil |
Nil |
|
7 |
No charges or satisfaction of charges is outstanding for the current Financial Year 31st March 2024. |
0 |
1 |
The additional Information pursuant to provisions of Companies Act,2013 are either Nil or Not Applicable.
Mar 31, 2016
1.1 Corporate Information
Tree House Education & Accessories Ltd is a public company domiciled in India and incorporated on July 10, 2006 under the provisions of the companies Act 1956. The companyâs principal business is providing education and related services including leasing of education infrastructure.
1.2 Basis of preparation and summary of significant Accounting policies
The financial statements have been prepared and presented under historical cost convention on the accrual basis of accounting and, are in accordance with generally accepted accounting principles in India [ INDIAN GAAP], and comply with the Accounting Standards prescribed in the Companies (Accounting Standards) rules, 2006 which continue to apply under Section 133 of the Companies Act 2013, (âthe Actâ) read with Rule 7 of the Companies (Accounts) Rules, 2014 and other relevant provisions of the Companies Act 1956, the extent applicable and guidelines issued by the Securities and exchange Board of India (SEBI). The accounting policies have been consistently applied by the company.
All assets and liabilities have been classified as current and non-current as per normal operating cycle of the Company and other criteria set out in the Schedule III of the Companies Act, 2013. Based on the nature of the activity carried out by the company and period between the procurement and realization in cash and cash equivalents, the company has ascertained its operating cycle to be 12 months for the purpose of current-non-current classification of assets and liabilities.
1.3 Use of estimates:
The preparation of financial statements in conformity with India GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of income and expenses of the year, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include useful lives of fixed assets including intangibles, future obligations under employee retirement benefit plans, provision for doubtful debts and advances, etc. Actual results could differ from those estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.
1.4 Change in Accounting Estimates:
Accounting Estimates involve management''s judgment of expected future benefits and obligations relating to assets and liabilities (and associated expense and income) based on information that best reflects the conditions and circumstances that exist at the reporting date. Therefore, carrying amounts of assets and liabilities and any associated expense and gains are adjusted in the period of change in estimate. The policy for the writing off the Bad debts has been revised for the Pre School Debtors from 0% to 50% and accordingly an amount of INR 22.46 crs. has been charged to profit and loss account, thus current assets has been adjusted accordingly.
1.5 Provisions and contingencies:
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Provisions are reviewed at each Balance Sheet date and adjusted to reflect current best estimates. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
1.6 Tangible Fixed assets & Intangibles:
I) Tangible Assets
(a) Fixed assets are stated at cost of acquisition or construction, less accumulated depreciation, amortization and impairment losses, if any. Cost includes all expenses incurred to bring the assets to their present location and condition for their intended use.
(b) Capital Work-in Progress and Capital Advances : Cost of Assets not ready for intended use as on balance sheet date, is shown as Capital work in progress. Advances given towards acquisition of fixed assets outstanding at each balance sheet date are disclosed as Long term Loans and Advances.
II) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets arising on acquisition of business are measured at fair value as at date of acquisition. Following initial recognition. Intangible assets are carried at cost less accumulated amortization and accumulated impairment loss, if any. Profit or loss on disposal of intangible assets is recognized in the Statement of Profit and Loss.
- Cost incurred for acquiring brands are capitalized and amortized on a straight-line basis over a period of not more than ten years, being the estimated useful life.
- Goodwill arising from acquisition of business is amortized over the expected useful life, not exceeding ten years.
- Business Commercial Rights i.e. âSchool facilitation service rightsâ acquired from various Trusts/Societies are capitalized and amortized on a straight line basis over the agreement period.
1.7 Depreciation and Amortization : (a) Depreciation on tangible fixed assets is provided on pro-rata basis , using straight line method based on the useful life of the assets as estimated by the management and is charged to the Statement of Profit and Loss as per the requirement of Schedule II of the Companies Act 2013.
c) Leasehold improvements are amortized over the primary lease periods.
1.8 Impairment of Assets
The carrying amount of assets, other than inventories is reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the assets is estimated.
An impairment loss is recognized whenever the carrying amount of an asset or a cash generating unit exceeds its recoverable amount. The recoverable amount is the higher of the assetâs net selling price and value in use determined based on the present value of estimated future cash flows. All impairment losses are recognized in the Statement of Profit and Loss.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.
1.9 Revenue Recognition
1.9.1 income from Services
Revenue is recognized on rendering of services and is recognized when there are no significant uncertainties as to its measurability or collectability.
In instances where fees are received during a term, revenue is recognized on a proportionate basis for the period which falls under the current reporting period and the balance is shown as advance fees received.
Revenue from consultancy services is recognized on rendering of services, as evidenced from the customersâ acknowledgment of services received. In respect of non-refundable fees for consultancy services rendered to franchisee for setting up of its operations, the rendering of service generally coincides with signing of the franchisee service agreement.
1.9.2 Royalty income
Royalty income is recognized as per the franchise agreement at specified percentage of gross revenue earned by the franchisee or as per the agreement.
1.9.3 Interest
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
1.9.4 Sale of goods
The revenue from sale of education aids is recognized on transfer of property in goods which generally coincides with dispatch/delivery to the customer.
1.9.5 Dividend
Dividend income is recognized when the right to receive payment is established.
1.10 Inventories
Inventories consist of book kits and other student activity materials. Inventory is valued at lower of cost and net realizable value. Cost is determined on first in first out (FIFO) basis.
1.11 Investments
Investments that are readily realizable and intended to be held for not more than a year from the date on which such investments were made are classified as current investments. All other investments are classified as long term investments. Long-term investments are stated at cost. Provision for diminution in the value of long term investments is made when the decline is other than temporary in nature.
Current investments are stated at lower of cost and market value determined on an individual investment basis.
1.12 Expenditure during construction period
Expenditure directly relating to construction activity of a new center is capitalized. Indirect expenditure incurred during construction period is capitalized as part of indirect construction cost to the extent it directly relates to construction or is incidental thereto. Other indirect expenditure incurred during the construction activity is charged to Statement of Profit and Loss.
1.13 Foreign currency transactions
(a) initial recognition:
Transactions in foreign currencies entered into by the company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.
(b) Measurement of foreign currency items at the Balance Sheet date: Foreign currency monetary items restated or retranslated at the closing exchange rates. Non-Monetary items are reported at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.
1.14 Borrowing Costs
Borrowing costs directly attributable to the acquisition and construction of qualifying asset are capitalized as part of the cost of such asset up to the date of such asset being ready for its intended use. Other borrowing costs are treated as revenue expenditure.
1.15 Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks and rewards of ownership during the lease term, are classified as operating leases. Lease rentals in respect of assets taken under an operating lease are charged to the Statement of Profit and Loss on straight line basis over the initial period of the lease.
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease income is recognized in the Statement of Profit and Loss on a straight-line basis over the lease term. Expenses, including depreciation are recognized as an expense in the Statement of Profit and Loss. Initial direct costs such as legal costs, brokerage, etc. are recognized immediately in the Statement of Profit and Loss.
1.16 Taxes on income
Tax expense comprises of both current and deferred taxes. The current charge for income taxes is calculated in accordance with the relevant tax regulations. Deferred taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date.
Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. Deferred tax assets are recognized on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty supported by convincing evidence that such deferred tax assets can be realized against future taxable profits.
Unrecognized deferred tax assets of earlier years are re-assessed and recognized to the extent that it has become reasonably certain/virtually certain that future taxable income will be available against which such deferred tax assets can be realized.
1.17 Employee benefits Provident fund:
Companyâs contributions paid / payable to provident fund authorities are recognized in the Statement of Profit and Loss of the year when the contribution to the fund is due.
Gratuity:
Gratuity is a post-employment benefit and is in the nature of defined benefit plan. The liability recognized in the Balance Sheet in respect of the gratuity is present value of the defined benefit obligation at the Balance Sheet date less the fair value of the plan assets, together with adjustments for unrecognized actuarial gains or losses and past service cost. The defined benefit obligation is calculated at the Balance Sheet date by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience and changes in actuarial assumptions are credited or charged to the Statement of Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensate absences which are non-accumulating in nature. Expenses on non-accumulating compensated absences are recognized in the year in which the absence occurs.
1.18 Share issue expenses
Share issue expenses are adjusted in the same year against the Securities Premium Account as permitted by section 52 of the Companies Act 2013. In case of insufficient balances in the Securities Premium Account, unadjusted share issue expenses are amortized over a period of 5 years. In case there arises a securities premium balance subsequently, unadjusted share issue expenses would not be amortized but will be adjusted against the Securities Premium Account.
1.19 Cash flow statement
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effect of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities are segregated.
1.20 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
1.21 Employee Stock Option Costs
Measurement and disclosure of the employee share based payment plans is done in accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Guidance Note on Accounting for Employee Share-based Payments, issued by ICAI. The Company measures compensation cost relating to employee stock options using the intrinsic value method. Compensation expenses is amortized over the vesting period of the option on a straight line basis.
1.22 Trade Receivables
Trade receivables are stated after writing off debts considered as bad. Adequate provision is made for debts considered doubtful.
1.23 Cash and Cash Equivalents
Cash and Cash Equivalents for the purpose of Cash flow statements comprise Cash and Cheques in hand, bank balances, demand deposits with banks and other short term highly liquid investments where the original maturity is three months or less.
The Company has entered into an exclusive facilitation service agreement with various educational trusts in accordance with which the Company has exclusive rights for a period of 30 years to provide various facilitation services for schools/courses to be set up by these educational trusts. The Company has paid one time fixed fee to the educational trusts towards such exclusive rights. The fee paid is recognized as an intangible asset and accordingly capitalized as âBusiness Commercial Rights'' in the financial statements.
During financial year 2011-12 the terms of payment for these Business Commercial Rights has been modified with the âone time fixed feesâ being replaced with combination of ''one time fixed feeâ and ''interest free refundable deposits''. The said deposit has been given under the agreement with the trust for securing exclusivity in rendering services to all the schools operated by the trust. Pursuant to the aforesaid arrangement the company has given a refundable interest free deposit aggregating to Rs.187 crores to these educational trusts. The Company is rendering services to most of the schools run by such educational trust .The aforesaid deposits have been classified as '' Security Deposits under the head "Long term Loans and Advances" of Note 2.13. The aforesaid deposit are good and shall be refunded on the expiry of the tenure or termination of the agreement.
Mar 31, 2015
1.1 Basis of preparation:
The financial statements have been prepared and presented under the
historical cost convention, on the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
('Indian GAAP') and comply with the Accounting standards prescribed in
the Companies (Accounting Standards) Rules, 2006 which continue to
apply under Section 133 of the Companies Act, 2013, ('the Act') read
with Rule 7 of the Companies (Accounts) Rules, 2014 and other relevant
provisions of the Companies Act, 1956, to the extent applicable and
guidelines issued by the Securities and Exchange Board of India (SEBI).
The accounting policies have been consistently applied by the Company.
All assets and liabilities have been classified as current &
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III of the Companies Act, 2013. Based
on the nature of activity carried out by the company and the period
between the procurement and realisation in cash and cash equivalents,
the Company has ascertained its operating cycle to be 12 months for the
purpose of current - non current classification of assets and
liabilities.
1.2 Use of estimates:
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of income and expenses of the year, the reported
balances of assets and liabilities and the disclosures relating to
contingent liabilities as of the date of the financial statements.
Examples of such estimates include useful lives of fixed assets
including intangibles, future obligations under employee retirement
benefit plans, provision for doubtful debts and advances, etc. Actual
results could differ from those estimates. Any revisions to accounting
estimates are recognized prospectively in the current and future
periods.
1.3 Provisions and contingencies
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past event; it is probable that
an outflow of resources will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
Provisions are determined based on best estimate of the amount required
to settle the obligation at the Balance Sheet date. Provisions are
reviewed at each Balance Sheet date and adjusted to reflect current
best estimates. A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
1.4 Fixed assets, depreciation and amortization
Fixed assets are stated at cost of acquisition or construction, less
accumulated depreciation, amortisation and impairment losses, if any.
Cost includes all expenses incurred to bring the assets to their
present location and condition for their intended use.
1.4.1 Capital Work in Progress and Capital Advances
Cost of Assets not ready for intended use, as on the balance sheet
date, is shown as capital work in progress. Advances given towards
acquisition of fixed assets outstanding at each balance sheet date are
disclosed as Long Term Loans and Advances.
1.4.2 Depreciation and Amortization
(a) Depreciation on tangible fixed assets is provided on prorata basis,
using the straight line method based on the useful life of the assets
as estimated by the management and is charged to the Statement of
Profit and Loss as per the requirement of schedule II of the Companies
Act, 2013.
(b) The estimated useful life of tangible fixed assets is mentioned
below:
Assets Head Years
Tangible Fixed Assets
Building (other than factory building) 60
Furniture and fittings 8
Office equipment 5
Electrical Equipment 10
Teaching aid and equipment 5
Computers/ Laptops 3
Vehicles 8
(c) Leasehold improvements are amortized over the primary lease
periods.
1.5 Intangibles
Intangible assets acquired separately are measured on initial
recognition at cost. Intangible assets arising on acquisition of
business are measured at fair value as at date of acquisition.
Following initial recognition, intangible assets are carried at cost
less accumulated amortization and accumulated impairment loss, if any.
Profit or Loss on disposal of intangible assets is recognised in the
Statement of Profit and Loss.
a) Cost incurred for acquiring brands are capitalised and amortized on
a straight-line basis over a period of not more than ten years, being
the estimated useful life.
b) Goodwill arising from acquisition of business is amortized over the
expected useful life, not exceeding ten years.
c) Business Commercial Rights i.e. "School facilitation service rights"
acquired from various Trusts/ Societies are capitalized and amortized
on a straight line basis over the agreement period.
1.6 Impairment of Assets
The carrying amount of assets, other than inventories is reviewed at
each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount of
the assets is estimated.
An impairment loss is recognised whenever the carrying amount of an
asset or a cash generating unit exceeds its recoverable amount. The
recoverable amount is the higher of the asset's net selling price and
value in use determined based on the present value of estimated future
cash flows. All impairment losses are recognised in the Statement of
Profit and Loss.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed
depending on changes in circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation if there was no
impairment.
1.7 Revenue Recognition
1.7.1 Income from Services
(a) Revenue is recognized on rendering of services and is recognized
when there are no significant uncertainties as to its measurability or
collectability.
(b) In instances where fees are received during a term, revenue is
recognized on a proportionate basis for the period which falls under
the current reporting period and the balance is shown as advance fees
received.
(c) Revenue from consultancy services is recognized on rendering of
services, as evidenced from the customers' acknowledgment of services
received.
In respect of non-refundable fees for consultancy services rendered to
franchisee for setting up of its operations, the rendering of service
generally coincides with signing of the franchisee service agreement.
1.7.2 Royalty income
Royalty income is recognized as per the franchise agreement at
specified percentage of gross revenue earned by the franchisee.
1.7.3 Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
1.7.4 Sale of goods
The revenue from sale of education aids is recognized on transfer of
property in goods which generally coincides with despatch/delivery to
the customer.
1.7.5 Dividend
Dividend income is recognized when the right to receive payment is
established.
1.8 Inventories
Inventories consist of book kits and other student activity materials.
Inventory is valued at lower of cost and net realizable value. Cost is
determined on first in first out (FIFO) basis.
1.9 Investments
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in
the value of long term investments is made when the decline is other
than temporary in nature.
Current investments are stated at lower of cost and market value
determined on an individual investment basis.
1.10 Expenditure during construction period
Expenditure directly relating to construction activity of a new centre
is capitalized. Indirect expenditure incurred during construction
period is capitalized as part of indirect construction cost to the
extent it directly relates to construction or is incidental thereto.
Other indirect expenditure incurred during the construction activity is
charged to Statement of Profit and Loss.
1.11 Foreign currency transactions
(a) Initial recognition:
Transactions in foreign currencies entered into by the Company are
accounted at the exchange rates prevailing on the date of the
transaction. Exchange differences arising on foreign exchange
transactions settled during the year are recognized in the Statement of
Profit and Loss.
(b) Measurement of foreign currency items at the Balance Sheet date:
Foreign currency monetary items of the Company are restated at the
closing exchange rates. Non-monetary items are recorded at the exchange
rate prevailing on the date of the transaction. Exchange differences
arising out of these translations are recognized in the Statement of
Profit and Loss.
1.12 Borrowing Costs
Borrowing costs attributable to the acquisition and construction of an
asset are capitalized as part of the cost of such asset up to the date
of such asset being ready for its intended use. Other borrowing costs
are treated as revenue expenditure.
1.13 Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks
and rewards of ownership during the lease term, are classified as
operating leases. Lease rentals in respect of assets taken under an
operating lease are charged to the Statement of Profit and Loss on
straight line basis over the initial period of the lease.
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease
income is recognised in the Statement of Profit and Loss on a
straight-line basis over the lease term. Expenses, including
depreciation are recognised as an expense in the Statement of Profit
and Loss. Initial direct costs such as legal costs, brokerage, etc.
are recognised immediately in the Statement of Profit and Loss.
1.14 Taxes on income
Tax expense comprises both current and deferred taxes.
The current charge for income taxes is calculated in accordance with
the relevant tax regulations.
Deferred income taxes reflect the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the Balance Sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Deferred tax assets are recognised on carry forward of unabsorbed
depreciation and tax losses only if there is virtual certainty supported
by convincing evidence that such deferred tax assets can be realised
against future taxable profits. The carrying amount of deferred tax is
reviewed at each balance sheet date.
Unrecognised deferred tax assets of earlier years are re-assessed and
recognised to the extent that it has become reasonably
certain/virtually certain that future taxable income will be available
against which such deferred tax assets can be realised.
1.15 Employee benefits Provident fund:
Company's contributions paid / payable to provident fund authorities
are recognised in the Statement of Profit and Loss of the year when the
contribution to the fund is due.
Gratuity:
Gratuity is a post employment benefit and is in the nature of defined
benefit plan. The liability recogsined in the Balance Sheet in respect
of the gratuity is present value of the defined benefit/ obligation at
the Balance Sheet date less the fair value of the plan assets, together
with adjustments for unrecognized actuarial gains or losses and past
service cost. The defined benefit/ obligation is calculated at the
Balance Sheet date by an independent actuary using the projected unit
credit method.
Actuarial gains and losses arising from past experience and changes in
actuarial assumptions are charged or credited to the Statement of
Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensated absences which
are non-accumulating in nature. Expenses on non-accumulating
compensated absences are recognized in the year in which the absence
occurs.
1.16 Share issue expenses
Share issue expenses are adjusted in the same year against the
Securities Premium Account as permitted by section 52 of the Companies
Act, 2013. In case of insufficient balances in the Securities Premium
Account, unadjusted share issue expenses are amortized over a period of
5 years. In case there arises a securities premium balance subsequently,
unadjusted share issue expenses would not be amortized but will be
adjusted against the Securities Premium Account.
1.17 Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effect of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing
and financing activities are segregated.
1.18 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit
or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
1.19 Employee stock compensation costs
Measurement and disclosure of the employee share- based payment plans
is done in accordance with SEBI (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note
on Accounting for Employee Share-based Payments, issued by ICAI. The
company measures compensation cost relating to employee stock options
using the intrinsic value method. Compensation expense is amortized
over the vesting period of the option on a straight line basis.
1.20 Trade receivables
Trade receivables are stated after writing off debts considered as bad.
Adequate provision is made for debts considered doubtful.
1.21 Cash and Cash Equivalents
Cash and cash equivalents for the purpose of Cash Flow Statement
comprise cash and cheques in hand, bank balances, demand deposits with
banks and other short term highly liquid investments where the original
maturity is three months or less.
Mar 31, 2014
1.1 Basis of preparation:
The financial statements have been prepared under historical cost
convention on the accrual basis of accounting and, are in accordance
with generally accepted accounting principles [GAAP], the applicable
requirements of the Companies Act, 1956 (the ''Act'') and comply in all
material aspects with the Accounting Standards as notified by the
Companies (Accounting Standards) Rules, 2006, to the extent applicable.
The accounting policies have been consistently applied by the Company.
All assets and liabilities have been classified as current and
non-current as per normal operating cycle of the Company and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956.
Based on nature of products / services, the Company has ascertained its
operating cycle as 12 months for the purpose of current and non-current
classification of assets and liabilities.
1.2 Use of estimates:
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of income and expenses of the year, the reported
balances of assets and liabilities and the disclosures relating to
contingent liabilities as of the date of the financial statements.
Examples of such estimates include useful lives of fixed assets
including intangibles, future obligations under employee retirement
benefit plans, provision for doubtful debts and advances, etc. Actual
results could differ from those estimates. Any revisions to accounting
estimates are recognized prospectively in the current and future
periods.
1.3 Provisions and contingencies
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past event; it is probable that
an outflow of resources will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
Provisions are determined based on best estimate of the amount required
to settle the obligation at the Balance Sheet date. Provisions are
reviewed at each Balance Sheet date and adjusted to reflect current
best
estimates. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
1.4 Fixed assets, depreciation and amortization
Fixed assets are stated at cost, less accumulated depreciation,
amortisation and impairment losses, if any. Cost includes all expenses
incurred to bring the assets to their present location and condition
for their intended use.
Assets acquired but not ready for use are classified under Capital work
in progress.
Depreciation and amortization on fixed assets is provided under the
straight line method at the rates and in the manner prescribed in
Schedule XIV of the Companies Act, 1956 which, as per the management,
represents the estimated useful life of the assets. Leasehold
improvements are amortized on the basis of useful lives of assets or
balance lease period, whichever is lower. Individual assets costing Rs.
5,000 or less are depreciated at 100% on a prorata basis.
1.5 Intangibles
a) Cost incurred for acquiring brands are capitalised and amortized on
a straight-line basis over a period of not more than ten years, being
the estimated useful life.
b) Goodwill arising from acquisition of business is amortized over the
expected useful life, not exceeding ten years.
c) Business Commercial Rights i.e. "School facilitation service rights"
acquired from various Trusts/Societies are capitalized and amortized on
a straight line basis over the agreement period.
1.6 Impairment of Assets
The carrying amount of assets, other than inventories is reviewed at
each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount of
the assets is estimated.
An impairment loss is recognised whenever the carrying amount of an
asset or a cash generating unit exceeds its recoverable amount. The
recoverable amount is the higher of the asset''s net selling price and
value in use determined based on the present value of estimated future
cash flows. All impairment losses are recognised in the Statement of
Profit and Loss.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful Life.
A previously recognised impairment Loss is increased or reversed
depending on changes in circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation if there was no
impairment.
1.7 Revenue Recognition
Income from Services
Revenue is recognized on rendering of services and is recognized when
there are no significant uncertainties as to its measurability or
collectability.
In instances where fees are received during a term, revenue is
recognized on a proportionate basis for the period which falls under
the current reporting period and the balance is shown as advance fees
received.
Revenue from consultancy services is recognized on rendering of
services, as evidenced from the customers'' acknowledgment of services
received. In respect of non-refundable fees for consultancy services
rendered to franchisee for setting up of its operations, the rendering
of service generally coincides with signing of the franchisee service
agreement.
Royalty income
Royalty income is recognized as per the franchise agreement at
specified percentage of gross revenue earned by the franchisee.
Interest
nterest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Sale of goods
The revenue from sale of education aids is recognized on transfer of
property in goods which generally coincides with despatch/delivery to
the customer.
Dividend
Dividend income is recognized when the right to receive payment is
established.
1.8 Inventories
nventories consist of book kits and other student activity materials.
Inventory is valued at lower of cost and net realizable value. Cost is
determined on first in first out (FIFO) basis.
1.9 Investments
nvestments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in
the value of long term investments is made when the decline is other
than temporary in nature.
Current investments are stated at lower of cost and market value
determined on an individual investment basis.
1.10 Expenditure during construction period
Expenditure directly relating to construction activity of a new centre
is capitalized. Indirect expenditure incurred during construction
period is capitalized as part of indirect construction cost to the
extent it directly relates to construction or is incidental thereto.
Other indirect expenditure incurred during the construction activity is
charged to Statement of Profit and Loss.
1.11 Foreign currency transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. Monetary assets and
liabilities are translated at the year-end rate. The difference between
the rate prevailing on the date of the transaction and on the date of
settlement, as also on the translation of monetary assets and
liabilities at the end of the year is recognized as income or expense
as the case may be for the year.
1.12 Borrowing Costs
Borrowing costs attributable to the acquisition and construction of an
asset are capitalized as part of the cost of such asset up to the date
of such asset being ready for its intended use. Other borrowing costs
are treated as revenue expenditure.
1.13 Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks
and rewards of ownership during the lease term, are classified as
operating leases. Lease rentals in respect of assets taken under an
operating lease are charged to the Statement of Profit and Loss on
straight line basis over the initial period of the lease.
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease
income is recognised in the Statement of Profit and Loss on a
straight-line basis over the lease term. Expenses, including
depreciation are recognised as an expense in the
Statement of Profit and Loss. Initial direct costs such as Legal costs,
brokerage, etc. are recognised immediately in the Statement of Profit
and Loss.
1.14 Taxes on income
Tax expense comprises both current and deferred taxes. The current
charge for income taxes is calculated in accordance with the relevant
tax regulations. Deferred income taxes reflect the impact of current
year timing differences between taxable income and accounting income
for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Deferred tax assets are recognised on carry forward of unabsorbed
depreciation and tax losses only if there is virtual certainty
supported by convincing evidence that such deferred tax assets can be
realised against future taxable profits.
Unrecognised deferred tax assets of earlier years are re- assessed and
recognised to the extent that it has become reasonably
certain/virtually certain that future taxable income will be available
against which such deferred tax assets can be realised.
1.15 Employee benefits
Provident fund:
Company''s contributions paid / payable to provident fund authorities
are recognised in the Statement of Profit and Loss of the year when the
contribution to the fund is due.
Gratuity:
Gratuity is a post employment benefit and is in the nature of defined
benefit plan. The liability recognised in the Balance Sheet in respect
of the gratuity is present value of the defined benefit/ obligation at
the Balance Sheet date less the fair value of the plan assets, together
with adjustments for unrecognized actuarial gains or losses and past
service cost. The defined
benefit/ obligation is calculated at the Balance Sheet date by an
independent actuary using the projected unit credit method.
Actuarial gains and losses arising from past experience and changes in
actuarial assumptions are charged or credited to the Statement of
Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensated absences which
are non-accumulating in nature. Expenses on non-accumulating
compensated absences are recognized in the year in which the absence
occurs.
1.16 Share issue expenses
Share issue expenses are adjusted in the same year against the
Securities Premium Account as permitted by section 78(2) of the Act. In
case of insufficient balances in the Securities Premium Account,
unadjusted share issue expenses are amortized over a period of 5 years.
In case there arises a securities premium balance subsequently,
unadjusted share issue expenses would not be amortized but will be
adjusted against the Securities Premium Account.
1.17 Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effect of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities are segregated.
1.18 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit
or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
2. NOTES ON ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2014
The previous year''s figures have been regrouped / reclassified, where
ever necessary to conform to the current year''s presentation.
Amounts in the notes are presented in Indian Rupees (INR), except
otherwise stated.
Terms / rights attached to equity shares
a. The Company has only one class of shares referred to as equity
shares having par value of Rs. 10. Each holder of equity share is
entitled to one vote per share. In the event of liquidation of the
company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
b The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend.
2.3 MONEY RECEIVED AGAINST SHARE WARRANTS
The company had allotted 18,00,000 warrants on 28th December, 2012
carrying an entitlement to subscribe to one Equity Share of the
Company, in exchange of each such warrants at a future date within a
period not exceeding 18 months from the date of issue of such warrants
aggregating to Rs. 40,06,80,000 (assuming full conversion of warrants
into equity shares) to the promoters on a preferential basis, approved
by its shareholders in the extraordinary general meeting of the Members
of the Company on 27th December, 2012. In the current financial year
12,04,800 equity shares of Rs.10 each were issued against the conversion
of the aforesaid warrants. As at 31st March 2014, 5,95,200 warrants
were outstanding pending the conversion.
The following table sets out the status of the gratuity plan for the
year ended March 31, 2014 in accordance with Accounting Standard 15,
Employee Benefits (Revised), as notified under the Companies Act, 1956.
The company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed years of service.
The scheme is unfunded.
* Secured by mortgage of Land, building, hypothecation of movable
assets, book debts of the Company.Loan(s) aggregating to Rs. 6,48,17,757
are additionally secured by the personal guarantee of the Promoter-
Directors.
* The company has during the year, not received from any of its
suppliers any information regarding their status under the said Act.
In the light of the above facts, management has decided that none of
them are registered under the said Act and disclosure, if any relating
to amount unpaid as at the year end along with the interest payable /
paid has not been given.
The Company has entered into an exclusive facilitation service
agreement with various educational trusts in accordance with which the
Company has exclusive rights for a period of 30 years to provide
various facilitation services for schools/courses to be set up by these
educational trusts. The Company has paid one time fixed fee to the
educational trusts towards such exclusive rights. The fee paid is
recognized as an intangible asset and accordingly capitalized as
''Business Commercial Rights'' in the financial statements.
The Company has entered into a joint venture agreement with Jayshree
Builders (''JB'') to construct and rent a school building. As part of the
arrangement, the Company and JB have agreed to equally contribute to
share capital of JT Infrastructure Private Limited, a company in which
both Treehouse Education & Accessories Limited and JB have equal share
holding.
The Company has a 50% interest in the assets, liabilities, expenses and
income of JT Infrastructure Private Limited, a company incorporated in
India. The operations have not yet commenced and Company''s share of the
assets and liabilities of the jointly controlled entity as per the
information provided as of March 31, 2014 are:
Note:
A Fixed deposits of Rs. NiL (previous year Rs. 451,420,874) placed with a
bank against working capital Loan obtained from them. ''Fixed deposit
of Rs. 572,000 (previous year Rs. 572,000) placed with a bank against which
bank has given a guarantee.
Mar 31, 2013
1.1 Basis of preparation
The financial statements have been prepared under historical cost
convention on the accrual basis of accounting and, are in accordance
with generally accepted accounting principles [GAAP], the applicable
requirements of the Companies Act, 1956 (the ''Act'') and comply in all
material aspects with the Accounting Standards as notified by the
Companies (Accounting Standards) Rules, 2006, to the extent applicable.
The accounting policies have been consistently applied by the Company.
All assets and liabilities have been classified as current and
non-current as per normal operating cycle of the Company and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956.
Based on nature of products / services, the Company has ascertained its
operating cycle as 12 months for the purpose of current and non-current
classification of assets and liabilities.
1.2 Use of estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of income and expenses of the year, the reported
balances of assets and liabilities and the disclosures relating to
contingent liabilities as of the date of the financial statements.
Examples of such estimates include useful lives of fixed assets
including intangibles, future obligations under employee retirement
benefit plans, provision for doubtful debts and advances, etc. Actual
results could differ from those estimates. Any revisions to accounting
estimates are recognised prospectively in the current and future
periods.
1.3 Provisions and contingencies
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past event; it is probable that
an outflow of resources will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
Provisions are determined based on best estimate of the amount required
to settle the obligation at the Balance Sheet date. Provisions are
reviewed at each Balance Sheet date and adjusted to reflect current
best estimates. A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
1.4 Fixed assets, depreciation and amortisation
Fixed assets are stated at cost, less accumulated depreciation,
amortisation and impairment losses, if any. Cost includes all expenses
incurred to bring the assets to their present location and condition
for their intended use.
Assets acquired but not ready for use are classified under Capital work
in progress.
Depreciation and amortisation on fixed assets is provided under the
straight line method at the rates and in the manner prescribed in
Schedule XIV of the Companies Act, 1956 which, as per the management,
represents the estimated useful life of the assets. Leasehold
improvements are amortised on the basis of useful lives of assets or
balance lease period, whichever is lower. Individual assets costing Rs.
5,000 or less are depreciated at 100% on a prorata basis.
1.5 Intangibles
a) Cost incurred for acquiring brands are capitalised and amortised on
a straight- line basis over a period of not more than ten years, being
the estimated useful life.
b) Goodwill arising from acquisition of business is amortised over the
expected useful life, not exceeding ten years.
c) Business Commercial Rights i.e.
"School facilitation service rights" acquired from various
Trusts/Societies are capitalised and amortised on a straight line basis
over the agreement period.
1.6 Impairment of Assets
The carrying amount of assets, other than inventories is reviewed at
each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount of
the assets is estimated.
An impairment loss is recognised whenever the carrying amount of an
asset or a cash generating unit exceeds its recoverable amount. The
recoverable amount is the higher of the asset''s net selling price and
value in use determined based on the present value of estimated future
cash flows. All impairment losses are recognised in the Statement of
Profit and Loss.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed
depending on changes in circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation if there was no
impairment.
1.7 Revenue Recognition Income from Services
Revenue is recognised on rendering of services and is recognised when
there are no significant uncertainties as to its measurability or
collectability.
In instances where fees are received during a term, revenue is
recognised on a proportionate basis for the period which falls under
the current reporting period and the balance is shown as advance fees
received,
Revenue from consultancy services is recognised on rendering of
services, as evidenced from the customers'' acknowledgment of services
received. In respect of non-refundable fees for consultancy services
rendered to franchisee for setting up of its operations, the rendering
of service generally coincides with signing of the franchisee service
agreement.
Royalty income
Royalty income is recognised as per the franchise agreement at
specified percentage of gross revenue earned by the franchisee.
Interest
Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Sale of goods
The revenue from sale of education aids is recognised on transfer of
property in goods which generally coincides with despatch/delivery to
the customer.
Dividend
Dividend income is recognised when the right to receive payment is
established.
1.8 Inventories
Inventories consist of book kits and other student activity materials.
Inventory is valued at lower of cost and net realisable value. Cost is
determined on first in first out (FIFO) basis,
1.9 Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments,
Long-term investments are stated at cost. Provision for diminution in
the value of long term investments is made when the decline is other
than temporary in nature,
Current investments are stated at lower of cost and market value
determined on an individual investment basis,
1.10 Expenditure during construction period
Expenditure directly relating to construction activity of a new centre
is capitalised, Indirect expenditure incurred during construction
period is capitalised as part of indirect construction cost to the
extent it directly relates to construction or is incidental thereto.
Other indirect expenditure incurred during the construction activity is
charged to Statement of Profit and Loss,
1.11 Foreign currency transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. Monetary assets and
liabilities are translated at the year-end rate. The difference between
the rate prevailing on the date of the transaction and on the date of
settlement, as also on the translation of monetary assets and
liabilities at the end of the year is recognised as income or expense
as the case may be for the year.
1.12 Borrowing Costs
Borrowing costs attributable to the acquisition and construction of an
asset are capitalised as part of the cost of such asset up to the date
of such asset being ready for its intended use. Other borrowing costs
are treated as revenue expenditure,
1.13 Leases Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks
and rewards of ownership during the lease term, are classified as
operating leases. Lease rentals in respect of assets taken under an
operating lease are charged to the Statement of Profit and Loss on
straight line basis over the initial period of the lease,
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease
income is recognised in the Statement of Profit and Loss on a
straight-line basis over the lease term. Expenses, including
depreciation are recognised as an expense in the Statement of Profit
and Loss. Initial direct costs such as legal costs, brokerage, etc. are
recognised immediately in the Statement of Profit and Loss,
1.14 Taxes on income
Tax expense comprises both current and deferred taxes. The current
charge for income taxes is calculated in accordance with the relevant
tax regulations. Deferred income taxes reflect the impact of current
year timing differences between taxable income and accounting income
for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date,
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Deferred tax assets are recognised on carry forward of unabsorbed
depreciation and tax losses only if there is virtual certainty
supported by convincing evidence that such deferred tax assets can be
realised against future taxable profits.
Unrecognised deferred tax assets of earlier years are re-assessed and
recognised to the extent that it has become reasonably
certain/virtually certain that future taxable income will be available
against which such deferred tax assets can be realised.
1.15 Employee benefits Provident fund:
Company''s contributions paid / payable to provident fund authorities
are recognised in the Statement of Profit and Loss of the year when the
contribution to the fund is due.
Gratuity:
Gratuity is a post employment benefit and is in the nature of defined
benefit plan. The liability recognised in the Balance Sheet in respect
of the gratuity is present value of the defined benefit/ obligation at
the Balance Sheet date less the fair value of the plan assets, together
with adjustments for unrecognised actuarial gains or losses and past
service cost. The defined benefit/ obligation is calculate at the
Balance Sheet date by an independent actuary using the projected unit
credit method.
Actuarial gains and losses arising from past experience and changes in
actuarial assumptions are charged or credited to the Statement of
Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensated absences which
are non- accumulating in nature. Expenses on non-accumulating
compensated absences are recognised in the year in which the absence
occurs.
1.16 Share issue expenses
Share issue expenses are adjusted in the same year against the
Securities Premium Account as permitted by section 78(2) of the Act. In
case of insufficient balances in the Securities Premium Account,
unadjusted share issue expenses are amortised over a period of 5 years.
In case there arises a securities premium balance subsequently,
unadjusted share issue expenses would not be amortised but will be
adjusted against the Securities Premium Account.
1.17 Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effect of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities are segregated.
1.18 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit
or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2012
1.1 Basis of preparation:
The financial statements have been prepared under historical cost
convention on the accrual basis of accounting and, are in accordance
with generally accepted accounting principles [GAAP], the applicable
requirements of the Companies Act, 1956 (the 'Act') and comply in all
material aspects with the Accounting Standards as notified by the
Companies (Accounting Standards) Rules, 2006, to the extent applicable.
The accounting policies have been consistently applied by the Company.
All assets and liabilities have been classified as current and
non-current as per normal operating cycle of the Company and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956.
Based on nature of products / services, the Company has ascertained its
operating cycle as 12 months for the purpose of current and non-current
classification of assets and liabilities.
1.2 Use of estimates:
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of income and expenses of the year, the reported
balances of assets and liabilities and the disclosures relating to
contingent liabilities as of the date of the financial statements.
Examples of such estimates include useful lives of fixed assets
including intangibles, future obligations under employee retirement
benefit plans, provision for doubtful debts and advances, etc. Actual
results could differ from those estimates. Any revisions to accounting
estimates are recognised prospectively in the current and future
periods.
1.3 Provisions and contingencies
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past event; it is probable that
an outflow of resources will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
Provisions are determined based on best estimate of the amount required
to settle the obligation at the Balance Sheet date. Provisions are
reviewed at each Balance Sheet date and adjusted to reflect current
best estimates. A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
1.4 Fixed assets, depreciation and amortisation
Fixed assets are stated at cost, less accumulated depreciation,
amortisation and impairment losses, if any. Cost includes all expenses
incurred to bring the assets to their present location and condition
for their intended use.
Assets acquired but not ready for use are classified under Capital work
in progress.
Depreciation and amortisation on fixed assets is provided under the
straight line method at the rates and in the manner prescribed in
Schedule XIV of the Companies Act, 1956 which, as per the management,
represents the estimated useful life of the assets. Leasehold
improvements are amortised on the basis of useful lives of assets or
balance lease period, whichever is lower. Individual assets costing Rs.
5,000 or less are depreciated at 100% on a prorata basis.
1.5 Intangibles
a) Cost incurred for acquiring brands are capitalised and amortised on
a straight-line basis over a period of not more than ten years, being
the estimated useful life.
b) Goodwill arising from acquisition of business is amortised over the
expected useful life, not exceeding ten years.
c) Business Commercial Rights i.e. "School facilitation service rights"
acquired from various Trusts/Societies are capitalised and amortised on
a straight line basis over the agreement period.
1.6 Impairment of Assets
The carrying amount of assets, other than inventories is reviewed at
each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount of
the assets is estimated.
An impairment loss is recognised whenever the carrying amount of an
asset or a cash generating unit exceeds its recoverable amount. The
recoverable amount is the higher of the asset's net selling price and
value in use determined based on the present value of estimated future
cash flows. All impairment losses are recognised in the Statement of
Profit and Loss.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed
depending on changes in circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation if there was no
impairment.
1.7 Revenue Recognition
Income from Services
Revenue is recognised on rendering of services and is recognised when
there are no significant uncertainties as to its measurability or
collectability.
In instances where fees are received during a term, revenue is
recognised on a proportionate basis for the period which falls under
the current reporting period and the balance is shown as advance fees
received.
Revenue from consultancy services is recognised on rendering of
services, as evidenced from the customers' acknowledgment of services
received. In respect of non-refundable fees for consultancy services
rendered to franchisee for setting up of its operations, the rendering
of service generally coincides with signing of the franchisee service
agreement.
Royalty income
Royalty income is recognised as per the franchise agreement at
specified percentage of gross revenue earned by the franchisee.
Interest
Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Sale of goods
The revenue from sale of education aids is recognised on transfer of
property in goods which generally coincides with despatch/delivery to
the customer.
Dividend
Dividend income is recognised when the right to receive payment is
established.
1.8 Inventories
Inventories consist of book kits and other student activity materials.
Inventory is valued at lower of cost and net realisable value. Cost is
determined on first in first out (FIFO) basis.
1.9 Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in
the value of long term investments is made when the decline is other
than temporary in nature.
Current investments are stated at lower of cost and market value
determined on an individual investment basis.
1.10 Expenditure during construction period
Expenditure directly relating to construction activity of a new centre
is capitalised. Indirect expenditure incurred during construction
period is capitalised as part of indirect construction cost to the
extent it directly relates to construction or is incidental thereto.
Other indirect expenditure incurred during the construction activity is
charged to Statement of Profit and Loss.
1.11 Foreign currency transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. Monetary assets and
liabilities are translated at the year-end rate. The difference between
the rate prevailing on the date of the transaction and on the date of
settlement, as also on the translation of monetary assets and
liabilities at the end of the year is recognised as income or expense
as the case may be for the year.
1.12 Borrowing Costs
Borrowing costs attributable to the acquisition and construction of an
asset are capitalised as part of the cost of such asset up to the date
of such asset being ready for its intended use. Other borrowing costs
are treated as revenue expenditure.
1.13 Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks
and rewards of ownership during the lease term, are classified as
operating
leases. Lease rentals in respect of assets taken under an operating
lease are charged to the Statement of Profit and Loss on straight line
basis over the initial period of the lease.
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease
income is recognised in the Statement of Profit and Loss on a straight-
line basis over the lease term. Expenses, including depreciation are
recognised as an expense in the Statement of Profit and Loss. Initial
direct costs such as legal costs, brokerage, etc. are recognised
immediately in the Statement of Profit and Loss.
1.14 Taxes on income
Ta x expense comprises both current and deferred taxes. The current
charge for income taxes is calculated in accordance with the relevant
tax regulations. Deferred income taxes reflect the impact of current
year timing differences between taxable income and accounting income
for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Deferred tax assets are recognised on carry forward of unabsorbed
depreciation and tax losses only if there is virtual certainty
supported by convincing evidence that such deferred tax assets can be
realised against future taxable profits.
Unrecognised deferred tax assets of earlier years are re-assessed and
recognised to the extent that it has become reasonably
certain/virtually certain that future taxable income will be available
against which such deferred tax assets can be realised.
1.15 Employee benefits
Provident fund:
Company's contributions paid / payable to provident fund authorities
are recognised in the Statement of Profit and Loss of the year when the
contribution to the fund is due.
Gratuity:
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the Balance Sheet in respect
of gratuity is the present value of the defined benefit / obligation at
the Balance Sheet date less the fair value of plan assets, together
with adjustments for unrecognised actuarial gains or losses and past
service costs. The defined benefit / obligation is calculated at the
Balance Sheet date by an independent actuary using the projected unit
credit method.
Actuarial gains and losses arising from past experience and changes in
actuarial assumptions are charged or credited to the Statement of
Profit and Loss in the year in which such gains or losses arise.
Compensated absences
The employees of the Company are entitled to compensated absences which
are non-accumulating in nature. Expenses on non-accumulating
compensated absences are recognised in the year in which the absence
occurs.
1.16 Share issue expenses
Share issue expenses are adjusted in the same year against the
Securities Premium Account as permitted by section 78(2) of the Act. In
case of insufficient balances in the Securities Premium Account,
unadjusted share issue expenses are amortised over a period of 5 years.
In case there arises a securities premium balance subsequently,
unadjusted share issue expenses would not be amortised but will be
adjusted against the Securities Premium Account.
1.17 Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effect of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities are segregated.
1.18 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit
or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2011
A. Provisions and contingencies
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past event; it is probable that
an outflow of resources will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
Provisions are determined based on best estimate of the amount required
to settle the obligation at the Balance Sheet date. Provisions are
reviewed at each Balance Sheet date and adjusted to reflect current
best estimates. A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
b. Fixed assets and depreciation
Fixed assets are stated at cost, less accumulated depreciation,
amortisation and impairment losses, if any. Cost includes all expenses
incurred to bring the assets to their present location and condition
for their intended use.
Capital advances in respect of Capital work in progress or assets
acquired but not ready for use are classified under Capital work in
progress.
Depreciation on fixed assets is provided under the straight line method
at the rates and in the manner prescribed in Schedule XIV of the
Companies Act, 1956 which, as per the management represents the
estimated useful life of the assets. Lease hold improvements are
amortised on the basis of useful lives of assets or balance lease
period, whichever is lower. Individual assets costing Rs. 5,000 or less
are depreciated at 100% on a prorata basis.
c. intangibles
(i) Cost incurred for acquiring brands are capitalised and amortised on
a straight-line basis over a period of ten years, being the estimated
useful life.
(ii) Goodwill arising from acquisition of business is amortised over
the expected useful life, not exceeding ten years.
(iii) Business Commercial Rights i.e "School facilitation service
rights" acquired from various Trusts/Societies are capitalised and
amortised on a straight line basis over a period of thirty years, being
the estimated useful life.
d. impairment of Assets
In accordance with Accounting Standard 28 'Impairment of Assets' as
notified by the Companies (Accounting Standards) Rules, 2006, the
carrying amounts of the Company's assets are reviewed at each balance
sheet date to assess the indication of impairment of assets. On
existence of such an indication, the carrying amounts of the Company's
assets are reviewed to determine whether there is any impairment. The
recoverable amount of the assets is estimated as the higher of its net
selling price and its value in use. An impairment loss is recognised
whenever the carrying amount of an asset or a cash generating unit
exceeds its recoverable amount. Impairment loss is recognised in the
Profit and Loss Account.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed
depending on changes in circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation if there was no
impairment.
e. Revenue Recognition
Income from Services
Revenue is recognised on rendering of services and is recognised when
there are no significant uNCERTainties as to its measurability or
collectability.
In instances where fees are received during a term, revenue is
recognised on a proportionate basis for the period which falls under
the current reporting period and the balance is shown as advance fees
received.
Revenue from consultancy services is recognised on rendering of
services, as evidenced from the customers' acknowledgment of services
received. In respect of non refundable consultancy services to
franchisee for setting up of its operations, the receipt of service
generally coincides with signing of the franchisee service agreement.
Royalty income
Royalty income is recognised as per the franchise agreement at
specified percentage of gross revenue earned by the franchisee.
Interest
Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Sale of goods
The revenue from sale of education aids is recognised on transfer of
property in goods which generally coincides with dispatch/ delivery to
the customer.
f. inventories
Inventories consist of book kits and other student activity materials.
Inventory is valued at lower of cost and net realizable value. Cost is
determined on first in first out (FIFO) basis.
g. investments
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments.
Long-term investments are stated at cost. Provision for diminution in
the value of long term investments is made when the decline is other
than temporary in nature.
Current investments are stated at lower of cost and market value
determined on an individual investment basis.
h. Foreign currency transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. Monetary assets and
liabilities are translated at the year-end rate. The difference between
the rate prevailing on the date of the transaction and on the date of
settlement, as also on the translation of monetary assets and
liabilities at the end of the year is recognised as income or expense
as the case may be for the year.
i. Borrowing Costs
Borrowing costs attributable to the acquisition and construction of an
asset are capitalised as part of the cost of such asset up to the date
of such asset being ready for its intended use. Other borrowing costs
are treated as revenue expenditure.
j. Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks
and benefits of ownership during the lease term, are classified as
operating leases. Lease rentals in respect of assets taken under an
operating lease are charged to the Profit and Loss Account on straight
line basis over the initial period of the lease.
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease
income is recognised in the Profit and Loss Account on a straight-line
basis over the lease term. Costs, including depreciation are recognised
as an expense in the Profit and Loss Account. Initial direct costs
such as legal costs, brokerage costs, etc. are recognised immediately
in the Profit and Loss Account.
k. Taxes on income
Ta x expense comprises both current and deferred taxes. The current
charge for income taxes is calculated in accordance with the relevant
tax regulations. Deferred income taxes reflect the impact of current
year timing differences between taxable income and accounting income
for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Deferred tax assets are recognised on carry forward of unabsorbed
depreciation and tax losses only if there is virtual certainty
supported by convincing evidence that such deferred tax assets can be
realised against future taxable profits.
Unrecognised deferred tax assets of earlier years are re-assessed and
recognised to the extent that it has become reasonably
certain/virtually certain that future taxable income will be available
against which such deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified future period. In the year in which the Minimum
Alternative Ta x (MAT) credit becomes eligible to be recognised as an
asset in accordance with the recommendations contained in Guidance Note
on accounting for Credit Available in Respect of Minimum Alternative Ta
x under the Income à tax Act, 1961, issued by the Council of the
Institute of Chartered Accountants of India, the said asset is created
by way of a credit to the Profit and Loss Account and shown as M AT
Credit Entitlement. The Company reviews the same at each Balance Sheet
date and writes down the carrying amount of M AT Credit Entitlement to
the extent there is no lonGER convincing evidence to the effect that
Company will pay normal income tax during the specified period.
l. Employee benefits
Provident fund:
Company's contributions paid / payable to provident fund authorities
are recognised in the Profit and Loss Account of the year when the
contribution to the fund is due.
Gratuity:
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the Balance Sheet in respect
of gratuity is the present value of the defined benefit / obligation at
the Balance Sheet date less the fair value of plan assets, together
with adjustments for unrecognised actuarial gains or losses and past
service costs. The defined benefit / obligation is calculated at or
near the Balance Sheet date by an independent actuary using the
projected unit credit method.
Actuarial gains and losses arising from past experience and changes in
actuarial assumptions are charged or credited to the Profit and Loss
Account in the year in which such gains or losses arise.
m. share issue expenses
Share issue expenses are adjusted in the same year against the
securities premium account as permitted by section 78(2) of the
Companies Act, 1956. In case of insufficient balances in the securities
premium account, unadjusted share issue expenses are amortised over a
period of 5 years. In case subsequently there arises a securities
premium balance, unadjusted share issue expenses would not be amortised
but will be adjusted against the Securities Premium Account.
n. Earnings Per share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit
or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares
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