i. Corporate Information:
Radford Global Limited is public limited listed company. The Company
operates in the business of manpower recruitment services, real estate
development & Trading of textile products .
ii. Basis of Accounting & Preparation of Financial Statements:
These financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles in India (''Indian GAAP) to
comply with the Accounting Standards specified under Section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,
2014 and the relevant provisions of the Companies Act, 2013. The
financial statements have been prepared under the historical cost
convention on accrual basis. All Assets and Liabilities are classified
into Current and Non-current generally based on criteria of realization
/ settlement within twelve months period from the Balance Sheet date.
iii. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation.
iv. Depreciation :
During the year, the Company had determined the estimated useful life
of its Fixed Assets based on external technical evaluation as permitted
under the provisions of Part C of Schedule II of the Companies Act,
2013 and has provided depreciation accordingly. The Company follows
Written Down Value method for providing depreciation for its assets,
The useful life is as follows :
Investments are long term in the nature and stated at cost.
Securities are stated at cost and other inventories are stated at cost
or net realizable value whichever is lower.
vii. Employee Benefits:
Short Term Employee Benefits:
All employee benefits payable wholly within twelve months of rendering
the services are classified as short term employee benefits. Benefits
such as salaries, wages, performance incentives etc. are recognized at
actual amounts due in the period in which the employee renders the
viii. Provisions, Contingent Liabilities & Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
event and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements. There is no contingent liability in the opinion
of the Management.
ix. Revenue recognition:
All income and expenses accounted on accrual basis.
x. Taxes on income :
Provision for tax is made on the basis of the estimated taxable income
as per the provisions of the Income Tax Act, 1961 and the relevant
Finance Act, after taking into consideration judicial pronouncements
and opinions of the Company''s tax advisors.
Deferred tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
xi. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post-tax effect of extraordinary items, if
any] by the weighted average number of equity shares outstanding during
Diluted earnings per share is computed by dividing the profit/(loss]
after-tax (including the post- tax effect of extraordinary items, if
any] as adjusted for dividend, interest and other charges to expense or
income relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for deriving basic
earnings per share and the weighted average number of shares which
could have been issued on the conversion of all dilutive potential
Note 24: In the opinion of the Board, the Current Assets Loans and
Advances are not less than the stated if realized in the ordinary
course of business. The provision for depreciation and all known
liabilities are adequate and not in excess of the amount reasonably