Page 229 - Arvind 2024

Corporate Overview Statutory Reports Financial Statements
Notes to Consolidated Financial Statements for the year ended 31st March, 2024 (Amount in Rs. Lac, unless stated otherwise)
1. CORPORATE INFORMATION
The consolidated financial statements comprise financial statements of Arvind SmartSpaces Limited (“Holding Company” or “ASL”) (CIN: L45201GJ2008PLC055771) and its subsidiaries (the Holding Company and its Subsidiaries together referred to as “the Group”) and its Joint Ventures for the year ended March 31 2024. The Company is a public company domiciled in India and is incorporated on December 26, 2008 under the provisions of the Companies Act applicable in India. Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The registered office of the group is located at 24, Government Servant society, Nr Municipal Market, CG road, Navrangpura, Ahmedabad – 380009.
The Group is in the business of development of real estate comprising of residential, commercial and industrial projects.
The consolidated financial statements were authorized and approved for issue in accordance with a resolution of the directors on May 06, 2024.
2. MATERIAL ACCOUNTING POLICIES
2.1 Statement of compliance and basis of preparation
The consolidated financial statements of the Group and its joint ventures have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the Consolidated financial statements.
The accounting policies adopted and methods of computation followed are consistent with those of the previous financial year except for items disclosed below.
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial assets and liabilities measured at fair value at the end of each reporting period, as explained in the accounting policies below. The consolidated financial statements are presented in Rs. and all values are rounded to the nearest Lac (Rs. 00,000), except when otherwise indicated.
The Company has prepared the financial statements on the basis that it will continue to operate as a going concern.
The consolidated financial statements provide comparative information in respect of the previous year. In addition, the Group presents an additional balance sheet at the beginning of the preceding period when there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items in financial statements.
2.2 Summary of Material Accounting Policies
The consolidated financial statements comprise the financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its joint ventures as at 31 March 2024. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases.
Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies.
Consolidation procedure:
a. Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date.
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