ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-01-312022-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2021-02-01false21truetrue 12930409 2021-02-01 2022-01-31 12930409 2020-10-05 2021-01-31 12930409 2022-01-31 12930409 2021-01-31 12930409 c:Director2 2021-02-01 2022-01-31 12930409 d:CurrentFinancialInstruments 2022-01-31 12930409 d:CurrentFinancialInstruments 2021-01-31 12930409 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 12930409 d:CurrentFinancialInstruments d:WithinOneYear 2021-01-31 12930409 d:ShareCapital 2022-01-31 12930409 d:ShareCapital 2021-01-31 12930409 c:FRS102 2021-02-01 2022-01-31 12930409 c:AuditExempt-NoAccountantsReport 2021-02-01 2022-01-31 12930409 c:FullAccounts 2021-02-01 2022-01-31 12930409 c:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 12930409 7 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 12930409

JAGAT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2022

JAGAT LIMITED

REGISTERED NUMBER: 12930409

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	9,326		82,009
Cash at bank and in hand		3,215		5,032
		12,541		87,041
Creditors: amounts falling due within one year	6	(12,540)		(87,040)
Net current assets			1		1
Total assets less current liabilities			1		1

Net assets			1		1

Capital and reserves
Called up share capital	1	1
	1	1

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 17 October 2022.

B Lohrey

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

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.

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

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

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.

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JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

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.

2.10

Comparative information

The comparative information reflects a 4 month period ended 31 January 2021.

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 year was 2 (2021 - 1).

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JAGAT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Debtors

					2022	2021
					£	£


Trade debtors	-	42,149
Other debtors	9,326	39,860
	9,326	82,009

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	-	7,098
Other taxation and social security	-	15,696
Other creditors	7,540	42,921
Accruals and deferred income	5,000	21,325
	12,540	87,040

7.	Related party transactions
	At the reporting date the company owed £7,540 (2021: £42,921) to Annapurna Theatre Company UK Limited, a common directorship of both directors. 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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