Registered number
SC394370
Varma Retailers Ltd
Filleted Accounts
28 February 2023
Varma Retailers Ltd
Registered number: SC394370
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,600 4,200
Tangible assets 4 3,983 4,979
7,583 9,179
Current assets
Stocks 22,750 22,100
Debtors 5 57,928 88,370
Cash at bank and in hand 56,784 52,059
137,462 162,529
Creditors: amounts falling due within one year 6 (37,707) (61,121)
Net current assets 99,755 101,408
Total assets less current liabilities 107,338 110,587
Creditors: amounts falling due after more than one year 7 (35,423) (45,318)
Net assets 71,915 65,269
Capital and reserves
Called up share capital 100 100
Profit and loss account 71,815 65,169
Shareholders' funds 71,915 65,269
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Vijay Varma
Director
Approved by the board on 10 October 2023
Varma Retailers Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 6,000
At 28 February 2023 6,000
Amortisation
At 1 March 2022 1,800
Provided during the year 600
At 28 February 2023 2,400
Net book value
At 28 February 2023 3,600
At 28 February 2022 4,200
4 Tangible fixed assets
Furniture fixtures & equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2022 23,709 16,500 40,209
At 28 February 2023 23,709 16,500 40,209
Depreciation
At 1 March 2022 21,672 13,558 35,230
Charge for the year 408 588 996
At 28 February 2023 22,080 14,146 36,226
Net book value
At 28 February 2023 1,629 2,354 3,983
At 28 February 2022 2,037 2,942 4,979
5 Debtors 2023 2022
£ £
Other debtors 57,928 88,370
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accrued expenses 200 200
Other taxes and social security costs 13,805 32,321
Other creditors 23,702 28,600
37,707 61,121
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,423 45,318
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Vijay Varma
Director loan 88,370 (30,442) - 57,928
88,370 (30,442) - 57,928
9 Controlling party
The director, Vijay Varma held a 80% beneficial interest in the share capital of the company.
10 Other information
Varma Retailers Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
652 Old Edinburgh Road
Uddingston
Glasgow
G71 6HF
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