1.11 Provision, Contingent Liabilities and Contingent Assets
a. Provision involving substantial degree of estimation in measurement are recognised when there is present
obligation as result of past event and it is probable that there will be an outflow of resources.
b. Contingent liabilities are not recognized but are disclosed in the notes to financial statements and notes thereto.
Contingent assets are neither recognised nor disclosed in the financial statement.
1.12 Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The weighted
average number of equity shares outstanding during the period and for all periods presented is adjusted for
events, such as bonus shares, other than the conversion of potential equity sharethat have changed the number
of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and weighted average number of equity shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.
Note 1- significant accounting policies and other explanatory information for the year ended March 31, 2024
1.13 Cash flow statement
Cash flow are reported using indirect method, whereby net profit/(loss) before tax is adjusted for the effects of
transactions of a non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flow from regular revenue generating, investing and financing activities of the company are segregated.
1.14 Employee benefits
Short-term employee benefits
All employee benefits payable/available within twelve months of rendering the service are classified as short¬
term employee benefits. Benefits such as salaries and wages etc., are recognized in the Statement of Profit and
Loss in the period in which the employee renders the related service. Since, number of employees doesn't exceed
the ceiling limit on any day during the accounting year hence, The Payment of Gratuity Act, 1972 and The Payment
of Bonus Act, 1965 are not applicable to the company.
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against theCompany for holding any Benami property.
(ii) The Company did not have any transactions with Companies struck off.
(HI) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
(iv) TheCompany has not traded or invested in Crypto currency or Virtual Currency during the respective financial years/ period.
(v) No funds h^e been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other
person(s)or entity(ies), including foreign entities ("intermediaries") with the understanding, whether recorded in writing orotherwise, that the intermediary shall lend or invest in
party identified by or on behalf of the company (ultimate beneficiaries).
(vi)
The company has not received any fund from any party(s) (funding party) with the understanding that the company shall whether, directly or indirectly lend or invest in other
persons or entities identified by or on behalf of the company ("ultimate beneficiaries") or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
(vii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(viii) The Company has not been declared wlful defaulter by any bank or financial Institution or other lender.
(ix) The Company does not have any Scheme of Arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Act.
M
The Company has complied with thethe number of layers prescribed under of Section 2(87) of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
(xi) Duringtheyear, theCompany has not revalued its property, plant and equipment.
22 The company has no foreign currency exposure for the year ended March 31,2024. (For the year ended March 31,2023: Nil)
23 Company had acquired FSI (Saleable Area) Rights under demerger from demerged entity Blueblood Ventures Limited during FY 2017-18. Blueblood
ventures Ltd had acquired from G. C. Construction and Development Industries Pvt Ltd which was assigned by Ekana Sportz City Pvt Ltd in their
favour, which they have acquired through "CONCESSION AGREEMENT" dated 8/07/2014 executed with Lucknow Development Authority ("LDA")
consisting of parcel of Land admeasuring a total of 137 acres owned by the LDA situated at 7, Gomti Nagar Extension Shaheed Path, Lucknow -
226010, Uttar Pradesh, consisting of FSI parcel "R-6” admeasuring 3,43,883.682 sqft earmarked for residential purpose and "HC" admeasuring
23,660.702 sqft earmarked for Healthcare and incidental Hospital purpose. The company has shown the same under the head Inventories amounting
to Rs. 1,47,46,80,973 (Previous year Rs. 1,47,46,80,973).
24 Contingent liabilities and Commitments (to the extent not provided for):
Income Tax department sent notice u/s 143(3)for the A.Y2018-19 and made certain disallowance.
The company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The company’s management does not
reasonably expect that these legal actions, when ultimately concluded and determined, will have a material and adverse effect on the company'sresults
of operations and financial condition.
25 a) Sundry Debtors, Sundry Creditors & advances against FSI are subjectto confirmation by the respective parties. Necessary Adjustments in account
will be made in the year in which discrepancy, if any, may be noticed.
b) Sundry Debtors, loans & advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of
business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.
26 Balance with Bank includes balance of Rs. 11,000/- (P.Y 11,000) one of the scheduled bank has been lien marked by the Income Tax authority under
garnishee demand which the company actually does not owe.
27 Previous year figures have been regrouped and/or rearranged wherever necessary to make them comparable with current year's figures. The
amended Division I to Schedule III requires the figures appearing in the Financial Statements to be rounded off to the nearest hundreds, thousands,
lakhs or millions or decimal thereof. Flence, figures in financial statements are rounded off to the nearest lakhs.
28 Note 1 to 28 form part of the Balance Sheet as on 31st March 2024, the Statement of Profit & Loss and Cash Flow Statement for the year ended on
that date.
KRA 8> Associates For on behalf of the Board of Directors
Chartered Accountants Devoted Construction Limited
FRN: 002352N
Raman Arora SureshBohra
Partner Managing Director
M.No: 531104 DIN: 00093343
Date: 27.05.2024
Place: New Delhi
Narsimha Kavadi
Director
DIN: 08145297
Priya Aggarwal
Company Secretary & Compliance Officer
| 