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DJATA LTD.
REGISTERED NUMBER: 09412121
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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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 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 comprehensive income 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 31 October 2017.
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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DJATA LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
Djata Ltd. is a private company limited by shares and registered in England & Wales. The registered office address is Trafalgar House, Nelson Place, Lymington, Hampshire SO41 3RT.
2.Accounting policies
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Basis of preparation of financial statements
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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:
At the balance sheet date the company had net liabilities of £2,104,097 and is dependent on the support of its investors who have confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis.
Revenue comprises distribution revenue receivable and is recognised in the statement of comprehensive income in the period it is contractually due and expended on production and other costs. Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the balance sheet until further costs are incurred or profits anticipated. At this point the deferred income is released to the statement of comprehensive income.
Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the statement of comprehensive income over the period in which rights to the relevant film are being exploited by the company.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
Short term creditors are measured at the transaction price.
Page 2
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DJATA LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Tax is recognised in the Statement of Comprehensive Income. 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 enhanceable expenditure and carries losses arising from total net costs forward against future profits.
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Cash and cash equivalents
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Page 3
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DJATA LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
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Creditors: Amounts falling due within one year
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During the year, the company was under the control of the directors by virtue of their shareholding.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 4
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