Company Registration No. 12903391 (England and Wales)
VARGA PROPERTIES LIMITED
Unaudited accounts
for the year ended 30 September 2023
VARGA PROPERTIES LIMITED
Unaudited accounts
Contents
VARGA PROPERTIES LIMITED
Company Information
for the year ended 30 September 2023
Directors
Naveen Arora
Marianna Varga
Company Number
12903391 (England and Wales)
Registered Office
UNION HOUSE
111 NEW UNION STREET
COVENTRY
CV1 2NT
UNITED KINGDOM
Accountants
Harris Singleton Accountants & Business Advisers
Union House, 111 New Union Street
Coventry
CV1 2NT
VARGA PROPERTIES LIMITED
Accountants' report
Accountants' report to the board of directors of VARGA PROPERTIES LIMITED (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 30 September 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 30 September 2023. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Harris Singleton Accountants & Business Advisers
Union House, 111 New Union Street
Coventry
CV1 2NT
10 November 2023
VARGA PROPERTIES LIMITED
Statement of financial position
as at 30 September 2023
Tangible assets
3,555
4,587
Investment property
558,585
558,585
Cash at bank and in hand
43,988
26,177
Creditors: amounts falling due within one year
(248,018)
(232,504)
Net current liabilities
(199,036)
(201,341)
Total assets less current liabilities
363,104
361,831
Creditors: amounts falling due after more than one year
(345,065)
(345,039)
Called up share capital
100
100
Profit and loss account
17,939
16,692
Shareholders' funds
18,039
16,792
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by
Naveen Arora
Director
Company Registration No. 12903391
VARGA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 September 2023
VARGA PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12903391. The registered office is UNION HOUSE, 111 NEW UNION STREET, COVENTRY, CV1 2NT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company's primary source of turnover is rental income from investment properties. This is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, on an accruals basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 Years Straight Line
Fixtures & fittings
5 Years Straight Line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost.
VARGA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 September 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 October 2022
267
7,287
7,554
At 30 September 2023
320
7,578
7,898
At 1 October 2022
53
2,914
2,967
Charge for the year
64
1,516
1,580
At 30 September 2023
117
4,226
4,343
At 30 September 2023
203
3,352
3,555
At 30 September 2022
214
4,373
4,587
Fair value at 1 October 2022
558,585
At 30 September 2023
558,585
The investment property was recorded initially at cost, including the costs necessary to bring the asset into use. Based upon their professional experience, the directors have determined that the fair value of the investment property does not materially differ from the cost.
Amounts falling due within one year
Accrued income and prepayments
1,094
1,186
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
3,900
3,800
Taxes and social security
4,418
3,896
Other creditors
220,048
220,048
Loans from directors
15,402
610
Deferred income
3,900
3,800
VARGA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 September 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
345,065
345,039
Aggregate of amounts that fall due for payment after five years
345,065
345,039
Within creditors due more than one year is a mortgage loan, secured on the investment property. The term of the loan is 25 years starting February 2021. The loan repayments are interest only. A capital repayment is due at the end of the term. The loan has been accounted for using an effective interest rate under the amortised cost model.
9
Transactions with related parties
Within creditors due not more than one year, there is an amount of £15,402 (2022: £610) owing to the director-participators who are also shareholders. This amount is interest free and repayable on demand.
Within creditors due not more than one year, there is an amount of £220,000 owed to Case Collections Ltd (Company No. 09240642) (2022: £220,000), a company under the control of one of the directors. This amount is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).