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Registration number: 00663542

William Varah (Transport) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

William Varah (Transport) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

William Varah (Transport) Limited

Company Information

Directors

J V Varah

A M McMahon

P F Webb

Registered office

c/o Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
HU17 0RT

 

William Varah (Transport) Limited

(Registration number: 00663542)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,122

1,555

Investment property

5

1,750,000

1,750,000

 

1,752,122

1,751,555

Current assets

 

Debtors

6

10

-

Cash at bank and in hand

 

121,448

143,929

 

121,458

143,929

Creditors: Amounts falling due within one year

7

(39,338)

(36,596)

Net current assets

 

82,120

107,333

Total assets less current liabilities

 

1,834,242

1,858,888

Provisions for liabilities

(89,915)

(76,296)

Net assets

 

1,744,327

1,782,592

Capital and reserves

 

Called up share capital

39,032

39,032

Share premium reserve

2,812

2,812

Revaluation reserve

1,269,776

1,269,776

Retained earnings

432,707

470,972

Shareholders' funds

 

1,744,327

1,782,592

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
A M McMahon
Director

 

William Varah (Transport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 00663542.

The address of its registered office is:
c/o Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
HU17 0RT

The principal place of business is:
Rotherham Road
Maltby
South Yorkshire
S66 8NA

These financial statements were authorised for issue by the Board on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

William Varah (Transport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight Line

Investment property

The company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS 102 Section 1A, as follows:

investment properties are initially recognised at cost and subsequently carried at fair value determined annually. Changes in fair value are recognised through the profit and loss.

No depreciation is provided in respect of investment properties.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

William Varah (Transport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

7,446

7,446

Additions

1,603

1,603

Disposals

(3,137)

(3,137)

At 31 December 2023

5,912

5,912

Depreciation

At 1 January 2023

5,891

5,891

Charge for the year

1,036

1,036

Eliminated on disposal

(3,137)

(3,137)

At 31 December 2023

3,790

3,790

Carrying amount

At 31 December 2023

2,122

2,122

At 31 December 2022

1,555

1,555

5

Investment properties

2023
£

At 1 January

1,750,000

At 31 December

1,750,000


The fair value of investment property was determined by an independent valuer on 1 September 2017.

The name and qualification of the independent valuer was G.W. Thompson, FRICS of Fernie Greaves Chartered Surveyors.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £35,368 (2022 - £35,368).

The directors consider this to reflect the current fair value.

6

Debtors

Current

2023
£

2022
£

Other debtors

10

-

 

10

-

 

William Varah (Transport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10

-

Taxation and social security

 

13,403

10,931

Accruals and deferred income

 

25,925

25,665

 

39,338

36,596

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

10

-

Other borrowings include unsecured amounts due to the Directors.

9

Related party transactions

Other transactions with directors

At the year end, the amount due to the Directors was £10 (2022: £Nil). The amount is unsecured, interest-free and repayable on demand.