Registration number:
Bhagat Jewels Limited
for the Year Ended 31 March 2024
Bhagat Jewels Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bhagat Jewels Limited
Company Information
Director |
Mr Jay Viren Bhagat |
Registered office |
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Auditors |
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Bhagat Jewels Limited
(Registration number: 14386829)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Debtors |
|
|
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Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
- |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net (liabilities)/assets |
( |
|
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(137,716) |
- |
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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
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Bhagat Jewels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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
Recognition and measurement
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
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.
Staff numbers |
The average monthly number of persons employed by the company (including the director) during the year, was
Bhagat Jewels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Asset under construction |
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Cost |
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Additions |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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Capital commitments as at 31 March 2024 totalled £326,512 (2023: £Nil).
Debtors |
Note |
2024 |
2023 |
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Amounts owed by group undertakings |
- |
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Prepayments |
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- |
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Other debtors |
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- |
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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)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
Accruals and deferred income |
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- |
Other creditors |
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- |
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- |
Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Owed by/(from) parent undertakings (over 5yrs) |
800,000 |
- |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
100 |
|
100 |
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.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is