Accounting Policies of Trinity League India Ltd. Company

Mar 31, 2024

NOTE 1A: MATERIAL ACCOUNTING POLICIES

1. Basis of Preparation of Standalone Financial Statements

The Standalone Financial Statements are prepared in accordance with Indian Accounting
Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) read with
[Companies (Indian Accounting Standards) Rules,] and other relevant provisions of the Act, as
amended from time to time.

The Standalone Financial Statements have been prepared on a historical cost basis except for
certain assets which are valued at Fair Value.

The standalone financial statements are presented in Indian Rupees (''INR'') and all values are
rounded to the nearest Lacs rupees only, except otherwise indicated.

2. Revenue Recognition

a) Sales of Services

Revenue from sale of services is accounted on the basis of billing to customers and includes
unbilled revenue accrued up to the end of the accounting period.

b) Interest

Interest income is recognized on Effective Rate of Return (ERR) method taking into account the
amount outstanding and interest rate applicable.

3. Property, Plant & Equipment

Property, Plant & Equipment are carried at cost less depreciation / amortization and impairment
loss, if any. The cost of fixed assets includes cost of acquisition and directly attributable cost for
bringing the assets in an operational condition for their intended use.

4. Depreciation

(i) Depreciation on fixed assets has been charged on pro-rata basis using straight line method
based on useful life specified in Schedule II of the Companies Act 2013.

(ii) Fixed Assets individually costing up to Rs 5,000/- are being fully depreciated in the year of
acquisition.

5. Employee Benefits

Retirement benefit are accounted for as and when the liability becomes due for payment.

6. Taxation

a) Current Tax

Provision for taxation is ascertained on the basis of assessable profits computed in accordance
with the provisions of Income Tax Act, 1961. However, where the tax is computed in accordance
with the provisions of Section 115 JB of the Income Tax Act, 1961 as the Minimum Alternate
Tax (MAT), it is charged off to the statement of Profit and Loss of the relevant year. However,
credit of MAT would be taken within the permissible time period when the company’s profits
would be subject to normal income tax rates.

b) Deferred Tax

Deferred Income Tax (expense or credit) is recognized for the current year temporary
differences between carrying amount of an asset or liability in the balance sheet and its tax
base.

Deferred Tax Assets in respect of unabsorbed depreciation and tax losses are recognized to
the extent it is probable that future taxable profit will be available against which they can be
utilized. However, in case of other items, recognition is done on the basis of reasonable
certainty.

Deferred Tax assets and liabilities are measured using the tax rates and the tax laws that have
been enacted or substantially enacted at the balance sheet date.

7. Financial instruments

a) Financial assets: All financial assets are recognized initially at fair value and subsequently
measured at amortized cost except for Investment in equity shares are measured at fair value
through other comprehensive income. Classification is made as initial recognition/transition and
is irrecoverable.

b) Financial Liabilities: All financial liabilities are recognized initially at fair value and
subsequently measured at amortized cost.

c) De-recognition: Financial assets are derecognized when right to receive cash flow from the
assets expired or at transfer of the financial assets and transfer qualify for de-recognition.

Financial liability is derecognized when the obligation under the liability is discharged or expires.

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Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

a) Accounting Convention: The financial Statements are prepared under historical cost convention on accrual basis in accordance with generally accepted accounting principles and applicable accounting standards in India. The financial statements adhere to the presentational requirements of the Companies Act, 1956.

b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures thereof at the date of financial statements and the reported amounts if revenue and expense during the reporting period

II. REVENUE RECOGNITION:

The revenue has been recognized in conformity with the requirements of Accounting Standard - 9, issued by the Institute of Chartered Accountants of India.

III. VALUATION OF STOCKS:

As evident from the balance sheet and as per our scrutiny company has no closing stock at the year end.

IV. TANGIBLE FIXED ASSETS:

Fixed assets are shown at cost less accumulated depreciation. The cost includes all the cost that is incidental to bringing the assets to its current working position and any other subsequent capitalization.

V. DEPRECIATION:

Depreciation on assets has been provided on pro rata basis under straight line, method and as per the relevant rates mentioned in the Companies Act, 1956.

VI. IMPAIRMENT OF ASSETS:

The Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss. Recoverable amount is the higher of assets not selling prices and value in use.

VII. CASH FLOW STATEMENT:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and deferrals or accruals of past or future cash receipts or payments. The cash flows from regular operation, financing and investing activities of the company are segregated.

VIII. PROVISION FOR CURRENT TAX AND DEFERRED TAX:

The company is a loss making entity and therefore accounting for taxes on income as per AS – 22 has not been done.

IX. Treatment of Retirement Benefits

i) The contributions to Provident Fund are charged to profit & loss Account every year.

ii) The employees doesn''t fall under Gratuity Act, hence no provision required

X. Accounting policies not specifically referred to are consistent with generally accepted accounting principles.

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Mar 31, 2012

A) Accounting Convention:

The financial Statements are prepared under historical cost convention on accrual basis in accordance with generally accepted accounting principles and applicable accounting standards in India. The financial statements adhere to the presentational requirementsoftheCompaniesAct, 1956.

b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures thereof at the date of financial statements and the reported amounts if revenue and expense during the reporting period.

II. REVENUE RECOGNITION:

The revenue has been recognized in conformity with the requirements of Accounting Standard - 9, issued by the Institute of Chartered Accountants of India.

III. VALUATION OF STOCKS:

As evident from the balance sheet and as per our scrutiny company has no closing stock at the year end.

IV. TANGIBLE FIXED ASSETS:

Fixed assets are shown at cost less accumulated depreciation. The cost includes all the cost that is incidental to bringing the assets to its current working position and any other subsequent capitalization.

V. DEPRECIATION:

Depreciation on assets has been provided on pro rata basis under straight line, method and as per the relevant rates mentioned in the Companies Act, 1956. The arrears of depreciation amounting to Rs. 199,864/- pertaining to previous year has been charged during the current year. This ultimately led to the under reporting of profit by Rs. 199,864/-.

VI. IMPAIRMENT OF ASSETS:

The Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss. Recoverable amount is the higher of assets not selling prices and value in use.

VII. CASH FLOW STATEMENT:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and deferrals or accruals of past or future cash receipts or payments. The cash flows from regular operation, financing and investing activities of the company are segregated.

VIII. PROVISION FORCURRENTTAXAND DEFERRED TAX:

The company is a loss making entity and therefore accounting for taxes on income as per AS - 22 has not been done.

IX. Treatment of Retirement Benefits

i) The contributions to Provident Fund are charged to profit & loss Account every year.

ii) The employees doesn''t fall under Gratuity Act, hence no provision required

X. Accounting policies not specifically referred to are consistent with generally accepted accounting principles.

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Jun 30, 2010

A) Accounting Convention and Method of Accounting

The financial statement have been prepared under the historical cost convention and in accordance with generally accepted accounting practices, applicable accounting standards, relevant disclosure requirement of the Companies Act, 1956, and on the basis of going concern.

b) Method of Accounting

The financial accounts have been prepared under accrual method.

c) Fixed Assets

i) Fixed assets are stated at cost less depreciation.

ii) The cost of a fixed asset comprises its purchase price and rule prescribed under Schedule XIV to the Companies Act, 1956, under Straight Line methods.

d) Depreciation

Depreciation on fixed asset is provided in accordance with the rates and rules prescribed under Schedule XIV to the Companies Act, 1956, under straight Line Method.

e) Inventories

i) Finished goods have been valued at lower of cost or net realizable value.

ii) Raw materials have been valued at lower of cost or market value.

iii) Goods in process have been valued at raw material and cost incurred up to the stage of production plus direct expenses apportioned or net realization value which ever is lower.

f) Sales

Sales are recognized when goods are recorded net of trade discounts, rebates and sales tax.

g) Capital Work in Progress

All expenditure, including advances given during the project construction period are accumulated and shown as Capital Work in progress until the assets are ready use. Assets under construction are not depreciated.

Project remained suspended for a long period due to financial crisis because the Company could not make further payments to complete the projects . So Suppliers /Contractors could not finished the projects and forfeited the advance amount given by the Company. The Management did their best to complete the project unfortunately they couldnt complete the same .Now The Management decided to write off the amount because they thought the project was no longer be completed.

h) Investments

All investments (unquoted) are stated at cost. i) Treatment of Retirement Benefits

i) The contributions to Provident Fund & Family Pension Fund are charged to profit & loss Account every year.

ii) As regard liability towards leave encashment, the employees have the option of encashing or availing the non-availed leave at the time of retirement/leaving service. The liabilities on this account, therefore, cannot be estimated and accrued till the employees exercise their option.

iii) No Provision for gratuity has been made in the books of accounts.

j) Accounting policies not specifically referred to are consistent with generally accepted accounting principles.