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Registered number: 12242771









VARIETY CAPITAL LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
VARIETY CAPITAL LIMITED
REGISTERED NUMBER: 12242771

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,552
1,546

  
6,552
1,546

Current assets
  

Debtors: amounts falling due within one year
 5 
87,889
37,052

Cash at bank and in hand
 6 
20,490
2,924

  
108,379
39,976

Creditors: amounts falling due within one year
 7 
(87,439)
(52,935)

Net current assets/(liabilities)
  
 
 
20,940
 
 
(12,959)

Total assets less current liabilities
  
27,492
(11,413)

Creditors: amounts falling due after more than one year
 8 
(36,327)
(42,189)

  

Net liabilities
  
(8,835)
(53,602)


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Share premium account
  
82,692
82,692

Profit and loss account
  
(111,527)
(156,294)

  
(8,835)
(53,602)


Page 1

 
VARIETY CAPITAL LIMITED
REGISTERED NUMBER: 12242771
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R G Loughridge
Director

Date: 14 August 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VARIETY CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Variety Capital Limited is a private company limited by shares. The Company is incorporated in England & Wales and its registered address is Aston House, Cornwall Avenue, London, N3 1LF. The registered company number is 12242771.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
VARIETY CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
VARIETY CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
211,646
137,845

Social security costs
20,414
4,912

Cost of defined contribution scheme
2,911
-

234,971
142,757


The average monthly number of employees, including directors, during the year was 4 (2022 - 1).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
2,741
-
2,741


Additions
6,188
1,002
7,190



At 31 October 2023

8,929
1,002
9,931



Depreciation


At 1 November 2022
1,195
-
1,195


Charge for the year on owned assets
1,933
251
2,184



At 31 October 2023

3,128
251
3,379



Net book value



At 31 October 2023
5,801
751
6,552



At 31 October 2022
1,545
-
1,545

Page 5

 
VARIETY CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
8,256
3,636

Prepayments and accrued income
79,633
33,416

87,889
37,052



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,490
2,924

20,490
2,924



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,338
-

Other taxation and social security
30,585
19,903

Other creditors
38,516
30,032

Accruals and deferred income
3,000
3,000

87,439
52,935



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,327
42,189

36,327
42,189


 
Page 6