Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07599754 Mr Omamogho Binitie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07599754 2022-12-31 07599754 2023-12-31 07599754 2023-01-01 2023-12-31 07599754 frs-core:CurrentFinancialInstruments 2023-12-31 07599754 frs-core:Non-currentFinancialInstruments 2023-12-31 07599754 frs-core:ComputerEquipment 2023-12-31 07599754 frs-core:ComputerEquipment 2023-01-01 2023-12-31 07599754 frs-core:ComputerEquipment 2022-12-31 07599754 frs-core:PlantMachinery 2023-12-31 07599754 frs-core:PlantMachinery 2023-01-01 2023-12-31 07599754 frs-core:PlantMachinery 2022-12-31 07599754 frs-core:SharePremium 2023-12-31 07599754 frs-core:ShareCapital 2023-12-31 07599754 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07599754 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07599754 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07599754 frs-bus:SmallEntities 2023-01-01 2023-12-31 07599754 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07599754 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07599754 frs-core:UnlistedNon-exchangeTraded 2023-12-31 07599754 frs-core:UnlistedNon-exchangeTraded 2022-12-31 07599754 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 07599754 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 07599754 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 07599754 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 07599754 frs-bus:Director1 2023-01-01 2023-12-31 07599754 frs-countries:EnglandWales 2023-01-01 2023-12-31 07599754 2021-12-31 07599754 2022-12-31 07599754 2022-01-01 2022-12-31 07599754 frs-core:CurrentFinancialInstruments 2022-12-31 07599754 frs-core:Non-currentFinancialInstruments 2022-12-31 07599754 frs-core:SharePremium 2022-12-31 07599754 frs-core:ShareCapital 2022-12-31 07599754 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 07599754
Varo Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07599754
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 561 -
Investments 5 39,817 39,817
40,378 39,817
CURRENT ASSETS
Stocks 6 11,401 30,438
Debtors 7 44,601 28,351
Cash at bank and in hand 81 -
56,083 58,789
Creditors: Amounts Falling Due Within One Year 8 (238,613 ) (183,067 )
NET CURRENT ASSETS (LIABILITIES) (182,530 ) (124,278 )
TOTAL ASSETS LESS CURRENT LIABILITIES (142,152 ) (84,461 )
Creditors: Amounts Falling Due After More Than One Year 9 (39,817 ) (39,817 )
NET LIABILITIES (181,969 ) (124,278 )
CAPITAL AND RESERVES
Called up share capital 10 33,070 33,070
Share premium account 528,259 528,259
Profit and Loss Account (743,298 ) (685,607 )
SHAREHOLDERS' FUNDS (181,969) (124,278)
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For the 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.
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
Mr Omamogho Binitie
Director
1 July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Varo Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07599754 . The registered office is Damer House, Meadow Way, Wickford, Essex, SS12 9HA.
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, excluding discounts, rebates, value added taxes, and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and 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:
Plant & Machinery 33.33% Straight line
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 1 (2022: 1)
1 1
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 7,510 1,783 9,293
Additions - 749 749
As at 31 December 2023 7,510 2,532 10,042
Depreciation
As at 1 January 2023 7,510 1,783 9,293
Provided during the period - 188 188
As at 31 December 2023 7,510 1,971 9,481
Net Book Value
As at 31 December 2023 - 561 561
As at 1 January 2023 - - -
5. Investments
Unlisted
£
Cost
As at 1 January 2023 39,817
As at 31 December 2023 39,817
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 39,817
As at 1 January 2023 39,817
6. Stocks
2023 2022
£ £
Stock 11,401 30,438
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 36,960 21,795
Other debtors 7,641 6,556
44,601 28,351
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 52,473 38,534
Bank loans and overdrafts 9,791 8,639
Other creditors 176,349 135,894
238,613 183,067
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 39,817 39,817
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 33,070 33,070
11. Related Party Transactions
The company owns nearly 100% of the share capital of Varo Foods Ltd, a company registered in the Federal Republic of Nigeria.

Varo Foods Ltd is a dormant company.
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