14. Contingent Liabilities and Contingent Assets:
Contingent Liabilities and Contingent Assets are neither recognized nor disclosed in the
financial statements.
15. In the opinion of the Board:
a) The Current Assets will realize at least the amount at which these are stated in the
Balance Sheet in the ordinary course of the business.
b) Adequate provisions have been made for all known liabilities.
c) All the expenses paid/payable are incurred for the purpose of the business of the
company.
16. The balances of Sundry Debtors, Loans & advances and Sundry Creditors are subject to
Confirmation.
17. No Provisions are made on Loans given, as the management is confirm of receiving the
same in future.
18. Segment Information
Segmental disclosure as per Accounting Standard, AS-17 of The Institute of Chartered.
ACETECH VENTURES LIMITED Summary of Significant accounting policies and other explanatory
information as at and for the year ended 31 March 2024 (All amounts in Rupees hundreds, unless
otherwise stated)
Accountants of India has not been applicable for this company. Hence no separate disclosure
as per AS-17 is required to be made in these financial statements.
19. Remuneration to Auditors:
The Auditor of the Company M/s PANKAJ K JAIN & ASSOCIATES, Chartered Accountants
have proposed the following fees, which have been provided for pursuant to the
requirements of Schedule VI, the breakup of Provision to Auditor’s as follows:
20. Managerial Remuneration to Chairman and Director & Whole Time Directors: No
remuneration was paid to directors, whole time director and managing director of the
Company.
21. Related Party Transactions
There are no related party transactions during the period under review. As all the
business transaction were carried in the name of Acetech Ventures LLP in the capacity of
LLP, the disclosures w.r.t related party transaction as per Companies Act, 2013 does not
apply to those business transactions.
The Company got converted from erstwhile LLP on 21st February, 2024. The sales done
after 21st Feb, 2024 were also accounted in the LLP only as the GST number was not
transferred into Company’s name till 31st March, 2024 due to various technical and
statutory requirement under LLP act, 2008 and Companies Act, 2013. All the sales till 31st
March, 2024 are recorded in the erstwhile LLP “Acetech Ventures LLP” before conversion
and the tax on the same been paid as per the LLP tax slabs.
Hence, the profit and loss account of the Company stands NIL and all the transactions are
recorded in the LLP.
Considering the above scenario, the transaction which were executed in the name of LLP
which can be treated a related party transaction, if they were executed in the name of
Acetech Ventures Limited are as below:
22. There are no small scale industrial undertakings to whom the company owes any sum
is together with interest outstanding for more than 30 days.
23. Previous year's figures have been regrouped / reclassified wherever necessary,
24. The Figures have been rounded off to nearest rupee.
For PANKAJ K JAIN &ASSOCIATES For and on behalf of Board of Directors
Chartered Accountants ACETECH ventures UMrrra
Firm Registration no.:0134186W
PANKAJKUMAR JAIN Sweta B Saraogi Madhavi G Sharma
Proprietor Director Director
Membership No. 126930 DIN :0705086 DIN : 0842521
Place: Mumbai
Date: 30/09/2024
UDIN: 24126930BKGYTY7086
| 