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Registered number: 03121510
Varilink Computing Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03121510
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 439 439
Tangible Assets 5 647 862
Investments 6 27,000 27,000
28,086 28,301
CURRENT ASSETS
Debtors 7 14 1,702
Cash at bank and in hand 145,793 163,618
145,807 165,320
Creditors: Amounts Falling Due Within One Year 8 (4,912 ) (10,983 )
NET CURRENT ASSETS (LIABILITIES) 140,895 154,337
TOTAL ASSETS LESS CURRENT LIABILITIES 168,981 182,638
NET ASSETS 168,981 182,638
CAPITAL AND RESERVES
Called up share capital 300 300
Profit and Loss Account 168,681 182,338
SHAREHOLDERS' FUNDS 168,981 182,638
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
D Williamson
Director
2nd August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Varilink Computing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03121510 . The registered office is 10 Hitchen Road, Long Eaton, Nottingham, NG10 3SB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Cryptocurrency is a digital form of money that is carried in the accounts at cost.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Intangible Assets
Cryptocurrency
£
Cost
As at 1 December 2022 439
As at 30 November 2023 439
Net Book Value
As at 30 November 2023 439
As at 1 December 2022 439
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 154 13,616 13,770
As at 30 November 2023 154 13,616 13,770
Depreciation
As at 1 December 2022 57 12,851 12,908
Provided during the period 24 191 215
As at 30 November 2023 81 13,042 13,123
Net Book Value
As at 30 November 2023 73 574 647
As at 1 December 2022 97 765 862
6. Investments
Unlisted
£
Cost
As at 1 December 2022 27,000
As at 30 November 2023 27,000
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 27,000
As at 1 December 2022 27,000
7. Debtors
2023 2022
£ £
Due within one year
Corporation tax recoverable assets 14 1,702
14 1,702
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 4,912 10,983
4,912 10,983
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors: D Williamson £3,488 (2022 £9,623).
The above loan is unsecured, interest free and repayable on demand.
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10. Ultimate Controlling Party
The company's ultimate controlling party is D Williamson.
Page 5