2022-04-012023-03-312023-03-31false11278146Varniraj 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Varniraj Limited

Registered Number
11278146
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Varniraj Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Rajeshree Nisarg Gosai

Registered Address

28 Ombersley Street West
Droitwich
WR9 8QZ

Registered Number

11278146 (England and Wales)
Varniraj Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets65,5247,027
5,5247,027
Current assets
Stocks732,06545,000
Debtors81,9825,804
Cash at bank and on hand2,7874,445
36,83455,249
Creditors amounts falling due within one year9(93,931)(63,412)
Net current assets (liabilities)(57,097)(8,163)
Total assets less current liabilities(51,573)(1,136)
Creditors amounts falling due after one year10(43,917)(74,512)
Provisions for liabilities11(1,049)(1,335)
Net assets(96,539)(76,983)
Capital and reserves
Called up share capital100100
Profit and loss account(96,639)(77,083)
Shareholders' funds(96,539)(76,983)
The financial statements were approved and authorised for issue by the Director on 29 November 2023, and are signed on its behalf by:
Rajeshree Nisarg Gosai
Director
Registered Company No. 11278146
Varniraj 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 is 11278146 and registered office address is 28 Ombersley Street West, Droitwich, Worcestershire, England, WR9 8QZ
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.Principal activities
The principal activity of the company for the period under review was that of running convenience store.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
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 (%)
Plant and machinery25
Vehicles25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
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.
Going concern
Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its creditors. Accordingly, the director considers that it is appropriate to prepare the accounts on a going concern basis.
5.Employee information

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

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 2212,7505,00017,750
At 31 March 2312,7505,00017,750
Depreciation and impairment
At 01 April 227,1293,59410,723
Charge for year1,1523511,503
At 31 March 238,2813,94512,226
Net book value
At 31 March 234,4691,0555,524
At 31 March 225,6211,4067,027
7.Stocks

2023

2022

££
Finished goods32,06545,000
Total32,06545,000
8.Debtors

2023

2022

££
Trade debtors / trade receivables-25
Other debtors1,4765,368
Prepayments and accrued income506411
Total1,9825,804
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.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,0596,425
Taxation and social security614414
Other creditors91,82656,573
Accrued liabilities and deferred income432-
Total93,93163,412
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.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts43,91774,512
Total43,91774,512
Bank loans and borrowings comprise of Bounce back loan of £40,654, a Natwest Loan of £3,263.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)1,0491,335
Total1,0491,335