ACCOUNTS - Final Accounts preparation

JAGAT LIMITED - Company Information

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Registered number: 12930409

JAGAT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2021

JAGAT LIMITED

REGISTERED NUMBER: 12930409

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2021

		2021
Note		£


Current assets
Debtors: amounts falling due within one year	5	82,009
Cash at bank and in hand		5,032
		87,041
Creditors: amounts falling due within one year	6	(87,040)
Net current assets			1
Total assets less current liabilities			1

Net assets			1

Capital and reserves
Called up share capital			1
			1

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 March 2021.

C Corabi

Director

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JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

1.	General information

Jagat Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 7 Savoy Court, London, WC2R 0EX.
The company was Incorporated on 5 October 2020 and began trading on this date

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements through the utilisation of its own funds and a loan from a connected company.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing its financial statements.

2.3

Revenue

Revenue comprises film production income received. Film production income is recognised in the Statement of Income and Retained Earnings in the period it is contractually due and expended on production and other costs. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company is eligible to claim a tax credit on film production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

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JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

2.Accounting policies (continued)

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short term creditors are measured at the transaction price, less any impairment.

2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the period end based on invoices received after the period end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

Employees

The average monthly number of employees, including directors, during the period was 1.

Debtors

					2021
					£


	Trade debtors	42,149
	Other debtors	39,860
		82,009

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JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

6.	Creditors: Amounts falling due within one year
		2021
		£

	Trade creditors	7,098
	Other taxation and social security	15,696
	Other creditors	42,921
	Accruals and deferred income	21,325
		87,040

7.	Share capital
		2021
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1.00	1

On Incorporation the company issued one Ordinary share of £1 each, for cash at par.

8.	Related party transactions
	At the reporting date the company owed £42,921 to Annapurna Theatre Company UK Limited, a common directorship of C Corabi, the director. The balance was provided interest free and is repayable on demand. The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions.

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