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REGISTERED NUMBER: 10362215 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

VARSITY PROPERTIES LIMITED

VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30th September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VARSITY PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 30th September 2023







DIRECTORS: Ms M I Byrom Parker
Mr M J Byrom Parker





REGISTERED OFFICE: Broomfield House
Macclesfield Road
Alderley Edge
SK9 7BL





REGISTERED NUMBER: 10362215 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

BALANCE SHEET
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,575 2,252
Investment property 5 3,319,168 3,113,217
3,327,743 3,115,469

CURRENT ASSETS
Debtors 6 1,390 813
Cash at bank 30,701 17,033
32,091 17,846
CREDITORS
Amounts falling due within one year 7 (2,717,840 ) (1,610,803 )
NET CURRENT LIABILITIES (2,685,749 ) (1,592,957 )
TOTAL ASSETS LESS CURRENT LIABILITIES 641,994 1,522,512

CREDITORS
Amounts falling due after more than one
year

8

-

(890,000

)

PROVISIONS FOR LIABILITIES (130,100 ) (136,221 )
NET ASSETS 511,894 496,291

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 511,794 496,191
SHAREHOLDERS' FUNDS 511,894 496,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

BALANCE SHEET - continued
30th September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th February 2024 and were signed on its behalf by:





Mr M J Byrom Parker - Director


VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30th September 2023


1. STATUTORY INFORMATION

Varsity Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10362215. The address of the registered office and principal place of business is Broomfield House, Macclesfield Road, Alderly Edge, Cheshire, SK9 7BL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

Turnover principally consists of income from the rental of residential property.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on Tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and fittings-25% reducing balance
Computer Equipment-25% reducing balance
Motor Vehicles-25% reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its Tangible fixed assets to determine whether there is any indication that any items of Tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th September 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st October 2022 1,135 3,349 4,484
Additions 4,601 2,899 7,500
At 30th September 2023 5,736 6,248 11,984
DEPRECIATION
At 1st October 2022 933 1,299 2,232
Charge for year 242 935 1,177
At 30th September 2023 1,175 2,234 3,409
NET BOOK VALUE
At 30th September 2023 4,561 4,014 8,575
At 30th September 2022 202 2,050 2,252

VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th September 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 3,113,217
Additions 205,951
At 30th September 2023 3,319,168
NET BOOK VALUE
At 30th September 2023 3,319,168
At 30th September 2022 3,113,217

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2022 2,975,000
Cost 344,168
3,319,168

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,798,770 2,592,819

The investment property was valued on an open market basis on by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,390 813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 1
Taxation and social security 1,182 7,650
Other creditors 2,716,658 1,603,152
2,717,840 1,610,803

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 890,000

VARSITY PROPERTIES LIMITED (REGISTERED NUMBER: 10362215)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th September 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 890,000

Bank loans provided by Svenska Handelsbanken are secured by way of fixed and floating charges over the investment properties or undertaking of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100