2022-04-012023-03-312023-03-31false12429232VARSO COMMERCIAL PROPERTIES 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VARSO COMMERCIAL PROPERTIES LTD

Registered Number
12429232
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

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

Director

PATEL, Bhavin Ramakant

Registered Address

428 Mutton Lane
Potters Bar
EN6 3AT

Registered Number

12429232 (England and Wales)
VARSO COMMERCIAL PROPERTIES LTD
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets8364,084364,084
364,084364,084
Current assets
Cash at bank and on hand1831,458
1831,458
Creditors amounts falling due within one year11(18,685)(16,641)
Net current assets (liabilities)(18,502)(15,183)
Total assets less current liabilities345,582348,901
Creditors amounts falling due after one year12(337,307)(345,570)
Net assets8,2753,331
Capital and reserves
Called up share capital100100
Profit and loss account8,1753,231
Shareholders' funds8,2753,331
The financial statements were approved and authorised for issue by the Director on 14 September 2023, and are signed on its behalf by:
PATEL, Bhavin Ramakant
Director
Registered Company No. 12429232
VARSO COMMERCIAL PROPERTIES LTD
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.Change in reporting period and impact on comparability
The reporting period has been extended to 14 months. This is in comparison to the previous reporting period that was 12 months.
4.Principal activities
The principal activities of the company during the year was the rental and management of commercial property.
5.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).
6.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation.
Revenue recognition policy
The revenue shown in the profit and loss account represents income receivable form 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.
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.
Valuation of financial instruments policy
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
7.Employee information

20232022
Average number of employees during the year11
8.Property, plant and equipment

Land & buildings

Total

££
Cost or valuation
At 01 April 22364,084364,084
At 31 March 23364,084364,084
Net book value
At 31 March 23364,084364,084
At 31 March 22364,084364,084
9.Provisions for impairment of tangible assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
10.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 £16,925 (2022: £15,283).
11.Creditors within one year

2023

2022

££
Taxation and social security1,160758
Other creditors16,92515,283
Accrued liabilities and deferred income600600
Total18,68516,641
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts337,307345,570
Total337,307345,570