Jason & Irha Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11738613 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

21 DECEMBER 2018 TO 31 DECEMBER 2019

FOR

JASON & IRHA VENTURES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Atherton

Mrs I S Atherton

REGISTERED OFFICE:

14 Hollen Street

London

United Kingdom

W1F 8AY

REGISTERED NUMBER:

11738613 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Intangible assets

4

900

Tangible assets

5

20,213

21,113

CURRENT ASSETS

Stocks

5,439

Debtors

6

1,150

Cash at bank and in hand

50,314

56,903

CREDITORS

Amounts falling due within one year

7

(75,104

)

NET CURRENT LIABILITIES

(18,201

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,912

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

2,812

2,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2021 and were signed on its behalf by:

J Atherton - Director

1.	STATUTORY INFORMATION

Jason & Irha Ventures Limited is a private company limited by share capital, incorporated in England and Wales, registration number 11738613. The address of the registered office is 14 Hollen Street, Soho, London, W1F 8AY.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in £ Sterling.

Going concern

At 31 December 2019 the company had net current liabilities of £18,201 but had net assets of £2,912 The director has considered this and prepared the financial statements on a going concern basis. The director is confident that the company will be able to meet its liabilities as they fall due for at least 12 months from the date of signing these accounts.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Computer equipment

25% reducing balance

Fixtures, fittings & equipment

15% reducing balance

The assets' residual values, useful lives and depreciation methods, are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

1,000

At 31 December 2019

1,000

AMORTISATION

Charge for period

100

At 31 December 2019

100

NET BOOK VALUE

At 31 December 2019

900

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

21,370

1,050

22,420

At 31 December 2019

21,370

1,050

22,420

DEPRECIATION

Charge for period

2,054

153

2,207

At 31 December 2019

2,054

153

2,207

NET BOOK VALUE

At 31 December 2019

19,316

897

20,213

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

1,150

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

21,576

Social security and other taxes

1,970

VAT

9,388

Other creditors

39,718

Accrued expenses

2,452

75,104

8.	RELATED PARTY DISCLOSURES

At the period end, a balance of £37,780 was owed to companies with common directorships.

9.	POST BALANCE SHEET EVENTS

Since the balance sheet date the world has suffered a COVID-19 outbreak, and volatility in the markets.

The directors have considered the effect this may have had on the Company, and although unclear what longer term impact this will have on the trade, they are informed by the Government's guidance that the issue will be time limited.

This will continue to be a developing situation and as such a reasonable estimate of the financial effect of this outbreak on the company cannot feasibly be made.

The directors have assessed the above and consider the company to be a going concern.