1 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 18,000 18,000 18,000 xbrli:pure xbrli:shares iso4217:GBP SC467093 2022-02-01 2023-01-31 SC467093 2023-01-31 SC467093 2022-01-31 SC467093 2021-02-01 2022-01-31 SC467093 2022-01-31 SC467093 core:PlantMachinery 2022-02-01 2023-01-31 SC467093 bus:Director1 2022-02-01 2023-01-31 SC467093 core:PlantMachinery 2022-01-31 SC467093 core:MotorVehicles 2022-01-31 SC467093 core:PlantMachinery 2023-01-31 SC467093 core:MotorVehicles 2023-01-31 SC467093 core:MotorVehicles 2022-02-01 2023-01-31 SC467093 core:WithinOneYear 2023-01-31 SC467093 core:WithinOneYear 2022-01-31 SC467093 core:ShareCapital 2023-01-31 SC467093 core:ShareCapital 2022-01-31 SC467093 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC467093 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC467093 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 SC467093 core:Non-currentFinancialInstruments 2023-01-31 SC467093 core:Non-currentFinancialInstruments 2022-01-31 SC467093 core:PlantMachinery 2022-01-31 SC467093 core:MotorVehicles 2022-01-31 SC467093 bus:Director1 2022-01-31 SC467093 bus:Director1 2023-01-31 SC467093 bus:Director1 2021-01-31 SC467093 bus:Director1 2022-01-31 SC467093 bus:Director1 2021-02-01 2022-01-31 SC467093 bus:SmallEntities 2022-02-01 2023-01-31 SC467093 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC467093 bus:FullAccounts 2022-02-01 2023-01-31 SC467093 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC467093 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC467093
Varrich Engineering Design Limited
Filleted Unaudited Financial Statements
31 January 2023
Varrich Engineering Design Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
24,867
28,404
Investments
6
18,000
18,000
--------
--------
42,867
46,404
Current assets
Debtors
7
14,324
27,248
Cash at bank and in hand
371,583
301,316
---------
---------
385,907
328,564
Creditors: amounts falling due within one year
8
20,476
15,153
---------
---------
Net current assets
365,431
313,411
---------
---------
Total assets less current liabilities
408,298
359,815
Provisions
4,594
5,397
---------
---------
Net assets
403,704
354,418
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
403,604
354,318
---------
---------
Shareholders funds
403,704
354,418
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Varrich Engineering Design Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mr T MacKay
Director
Company registration number: SC467093
Varrich Engineering Design Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 15 Westfield Avenue, Westhill, Inverness, IV2 5AR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements are prepared on a going concern basis as the directors view that the company will be able to continue to trade.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor vehicles
-
Straight line to residual value over 6 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
11,207
28,995
40,202
Additions
243
243
--------
--------
--------
At 31 January 2023
11,450
28,995
40,445
--------
--------
--------
Depreciation
At 1 February 2022
8,965
2,833
11,798
Charge for the year
948
2,832
3,780
--------
--------
--------
At 31 January 2023
9,913
5,665
15,578
--------
--------
--------
Carrying amount
At 31 January 2023
1,537
23,330
24,867
--------
--------
--------
At 31 January 2022
2,242
26,162
28,404
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2022 and 31 January 2023
18,000
--------
Impairment
At 1 February 2022 and 31 January 2023
--------
Carrying amount
At 31 January 2023
18,000
--------
At 31 January 2022
18,000
--------
7. Debtors
2023
2022
£
£
Trade debtors
12,844
Other debtors
1,480
27,248
--------
--------
14,324
27,248
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
110
Corporation tax
13,124
12,404
Social security and other taxes
5,203
111
Other creditors
2,149
2,528
--------
--------
20,476
15,153
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr T MacKay
( 504)
1,297
793
----
-------
----
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr T MacKay
( 113)
997
( 1,388)
( 504)
----
----
-------
----
This loan is interest free and has no definite terms of repayment.