2022-04-012023-03-312023-03-31false11298232VARSO PROPERTIES 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VARSO PROPERTIES LIMITED

Registered Number
11298232
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

VARSO PROPERTIES LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

PATEL, Bhavin Ramakant
PATEL, Noopur Dineshchandra

Registered Address

428 Mutton Lane
Potters Bar
EN6 3AT

Registered Number

11298232 (England and Wales)
VARSO PROPERTIES LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6200,943201,887
200,943201,887
Current assets
Debtors81,4593,827
Cash at bank and on hand1,7265,126
3,1858,953
Creditors amounts falling due within one year9(28,829)(37,665)
Net current assets (liabilities)(25,644)(28,712)
Total assets less current liabilities175,299173,175
Creditors amounts falling due after one year10(160,081)(159,728)
Provisions for liabilities11(5,743)(5,922)
Net assets9,4757,525
Capital and reserves
Called up share capital100100
Other reserves23,71823,718
Profit and loss account(14,343)(16,293)
Shareholders' funds9,4757,525
The financial statements were approved and authorised for issue by the Board of Directors on 14 September 2023, and are signed on its behalf by:
PATEL, Bhavin Ramakant
Director
Registered Company No. 11298232
VARSO PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment20
Revenue recognition policy
The revenue shown in the profit and loss account represents income receivable from the rental of property owned by the company.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company’s trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it, and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
5.Employee information

20232022
Average number of employees during the year22
6.Property, plant and equipment

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 April 22200,0004,719204,719
At 31 March 23200,0004,719204,719
Depreciation and impairment
At 01 April 22-2,8322,832
Charge for year-944944
At 31 March 23-3,7763,776
Net book value
At 31 March 23200,000943200,943
At 31 March 22200,0001,887201,887
7.Description of nature of transactions and balances with related parties
During the period the company was in receipt of loans from the directors. Interest is charged on the loan and the loan is repayable on demand. At the year end date, the balance owing to the directors totalled £28,229 (2022: £37,065)
8.Debtors

2023

2022

££
Trade debtors / trade receivables-1,752
Deferred tax asset, debtors1,4592,075
Total1,4593,827
9.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts28,22937,065
Accrued liabilities and deferred income600600
Total28,82937,665
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts160,081159,728
Total160,081159,728
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,7435,922
Total5,7435,922