Bhagat Jewels Limited 14386829 true 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Manufacture of jewellery and related articles and retail sale of watches and jewellery in specialised stores. Digita Accounts Production Advanced 6.30.9574.0 true false true 14386829 2023-04-01 2024-03-31 14386829 2024-03-31 14386829 bus:OrdinaryShareClass1 2024-03-31 14386829 core:CurrentFinancialInstruments 2024-03-31 14386829 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14386829 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 14386829 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 14386829 bus:SmallEntities 2023-04-01 2024-03-31 14386829 bus:Audited 2023-04-01 2024-03-31 14386829 bus:FilletedAccounts 2023-04-01 2024-03-31 14386829 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14386829 bus:RegisteredOffice 2023-04-01 2024-03-31 14386829 bus:Director1 2023-04-01 2024-03-31 14386829 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 14386829 bus:EntityHasNeverTraded 2023-04-01 2024-03-31 14386829 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14386829 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 14386829 1 2023-04-01 2024-03-31 14386829 countries:EnglandWales 2023-04-01 2024-03-31 14386829 2022-09-29 2023-03-31 14386829 2023-03-31 14386829 bus:OrdinaryShareClass1 2023-03-31 14386829 core:CurrentFinancialInstruments 2023-03-31 14386829 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 14386829 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-03-31 14386829 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 14386829 core:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14386829

Bhagat Jewels Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bhagat Jewels Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Bhagat Jewels Limited

Company Information

Director

Mr Jay Viren Bhagat

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Auditors

KNAV Limited
Statutory Auditors
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Bhagat Jewels Limited

(Registration number: 14386829)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

236,068

-

Current assets

 

Debtors

5

257,941

100

Cash at bank and in hand

 

220,935

-

 

478,876

100

Creditors: Amounts falling due within one year

6

(52,560)

-

Net current assets

 

426,316

100

Total assets less current liabilities

 

662,384

100

Creditors: Amounts falling due after more than one year

6

(800,000)

-

Net (liabilities)/assets

 

(137,616)

100

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(137,716)

-

Shareholders' (deficit)/funds

 

(137,616)

100

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 16 September 2024
 

.........................................
Mr Jay Viren Bhagat
Director

   
     
 

Bhagat Jewels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the director on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

The director has prepared the financial statements on a going concern basis as they have reasonable expectation that the company will continue in operational existence for the foreseeable future, being a period of not less than twelve months from the approval of these financial statements. This is considered appropriate as the ultimate parent company has confirmed that it will provide financial and operating support to enable the company to continue trading and meeting it's liabilities as they fall due.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 September 2024 was Amanjit Singh FCA, who signed for and on behalf of KNAV Limited.

UAC : 2024-76-UK

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Assets under construction are not depreciated.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bhagat Jewels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
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, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

 

Bhagat Jewels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Asset under construction
 £

Cost

Additions

236,068

At 31 March 2024

236,068

Carrying amount

At 31 March 2024

236,068

Capital commitments as at 31 March 2024 totalled £326,512 (2023: £Nil).

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

8

-

100

Prepayments

 

19,070

-

Other debtors

 

238,871

-

 

257,941

100

Included within other debtors are also amounts recoverable after more than one year, totalling £89,856.

 

Bhagat Jewels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,622

-

Accruals and deferred income

46,938

-

Other creditors

1,000

-

52,560

-

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed by/(from) parent undertakings (over 5yrs)

800,000

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

The Company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions and balances with other companies that are wholly owned within the Group.

9

Parent and ultimate parent undertaking

The company's immediate parent is Varun Exports Global Limited, incorporated in the United Kingdom.

 The ultimate parent is Varun Exports Global LLP, incorporated in India.

 The ultimate controlling party is Mr. Viren Vrajlal Bhagat.