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REGISTERED NUMBER: 13001879 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Variety Labs Ltd

Variety Labs Ltd (Registered number: 13001879)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Variety Labs Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: C Fulford





REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR





REGISTERED NUMBER: 13001879 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Variety Labs Ltd (Registered number: 13001879)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,526 2,667
Investments 5 327,768 1,132,199
332,294 1,134,866

CURRENT ASSETS
Debtors 6 63,679 7,017
Cash at bank 214,711 69,550
278,390 76,567
CREDITORS
Amounts falling due within one year 7 100,643 87,275
NET CURRENT ASSETS/(LIABILITIES) 177,747 (10,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES 510,041 1,124,158

PROVISIONS FOR LIABILITIES 8 62,673 202,785
NET ASSETS 447,368 921,373

CAPITAL AND RESERVES
Called up share capital 9 1 1
Fair value reserve 10 262,788 864,413
Retained earnings 184,579 56,959
SHAREHOLDERS' FUNDS 447,368 921,373

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

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

The director acknowledges his 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.

Variety Labs Ltd (Registered number: 13001879)

Balance Sheet - continued
30 November 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





C Fulford - Director


Variety Labs Ltd (Registered number: 13001879)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Variety Labs Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the company obtains the right to receive consideration for services provided by reference to the market value of the invoice at the transaction date. Services not invoiced at the balance sheet date are included in debtors as accrued income, with services invoiced in advance recognised as deferred income in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Variety Labs Ltd (Registered number: 13001879)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Variety Labs Ltd (Registered number: 13001879)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Impairment review
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Fixed asset investment
Investment fixed asset consists of crypto currency tokens which are held by the company. Crypto currency tokens are initially recognised at cost. At the balance sheet date, the assets are revalued to reflect their open market value.

As the intangible assets are revalued at the balance sheet date, no amoritsation has been applied against the assets.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 3,866
Additions 3,398
At 30 November 2023 7,264
DEPRECIATION
At 1 December 2022 1,199
Charge for year 1,539
At 30 November 2023 2,738
NET BOOK VALUE
At 30 November 2023 4,526
At 30 November 2022 2,667

Variety Labs Ltd (Registered number: 13001879)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. FIXED ASSET INVESTMENTS
Crypto
Assets
£   
COST OR VALUATION
At 1 December 2022 1,132,199
Additions 1,251,010
Disposals (1,314,041 )
Revaluations (741,400 )
At 30 November 2023 327,768
NET BOOK VALUE
At 30 November 2023 327,768
At 30 November 2022 1,132,199

Cost or valuation at 30 November 2023 is represented by:

Crypto
Assets
£   
Valuation in 2021 2,555
Valuation in 2022 1,062,067
Valuation in 2023 (741,400 )
Cost 4,546
327,768

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,546 67,557

Fixed asset investments were valued on an open market basis on 30 November 2023 by the Director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 63,678 7,017
Other debtors 1 -
63,679 7,017

Variety Labs Ltd (Registered number: 13001879)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 47,440 3,273
Other creditors 53,203 84,002
100,643 87,275

Within other creditors are amounts owed to the Director.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Revaluation of assets 61,641 202,278
Accelerated capital allowances 1,032 507
62,673 202,785

Deferred
tax
£   
Balance at 1 December 2022 202,785
Movement during the year (140,112 )
Balance at 30 November 2023 62,673

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

10. RESERVES
Fair
value
reserve
£   
At 1 December 2022 864,413
Non distributable transfer (601,625 )

At 30 November 2023 262,788