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Company Registration No. 07318152 (England and Wales)
Varsity Independent Financial Planning Ltd Unaudited accounts for the year ended 30 December 2023
Varsity Independent Financial Planning Ltd Unaudited accounts Contents
Page
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Varsity Independent Financial Planning Ltd Company Information for the year ended 30 December 2023
Director
N Connolly
Company Number
07318152 (England and Wales)
Registered Office
Watergate House Watergate Street Chester CH1 2LF
Accountants
Townley & Co Limited Warrington Business Centre 67 Bewsey Street Warrington WA2 7JQ
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Varsity Independent Financial Planning Ltd Statement of financial position as at 30 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,036 
3,924 
Current assets
Debtors
100,931 
96,931 
Cash at bank and in hand
92,882 
83,918 
193,813 
180,849 
Creditors: amounts falling due within one year
(167,537)
(69,345)
Net current assets
26,276 
111,504 
Total assets less current liabilities
33,312 
115,428 
Creditors: amounts falling due after more than one year
(30,689)
(50,852)
Net assets
2,623 
64,576 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
2,523 
64,476 
Shareholders' funds
2,623 
64,576 
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 September 2024 and were signed on its behalf by
N Connolly Director Company Registration No. 07318152
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Varsity Independent Financial Planning Ltd Notes to the Accounts for the year ended 30 December 2023
1
Statutory information
Varsity Independent Financial Planning Ltd is a private company, limited by shares, registered in England and Wales, registration number 07318152. The registered office is Watergate House, Watergate Street, Chester, CH1 2LF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Varsity Independent Financial Planning Ltd Notes to the Accounts for the year ended 30 December 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 31 December 2022
30,000 
At 30 December 2023
30,000 
Amortisation
At 31 December 2022
30,000 
At 30 December 2023
30,000 
Net book value
At 30 December 2023
- 
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 31 December 2022
16,895 
3,135 
2,190 
22,220 
Additions
- 
4,756 
789 
5,545 
At 30 December 2023
16,895 
7,891 
2,979 
27,765 
Depreciation
At 31 December 2022
15,322 
784 
2,190 
18,296 
Charge for the year
393 
1,777 
263 
2,433 
At 30 December 2023
15,715 
2,561 
2,453 
20,729 
Net book value
At 30 December 2023
1,180 
5,330 
526 
7,036 
At 30 December 2022
1,573 
2,351 
- 
3,924 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
11,931 
11,931 
Other debtors
89,000 
85,000 
100,931 
96,931 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
6,340 
6,340 
Taxes and social security
86,118 
62,011 
Other creditors
75,000 
862 
Loans from directors
19 
72 
Accruals
60 
60 
167,537 
69,345 
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Varsity Independent Financial Planning Ltd Notes to the Accounts for the year ended 30 December 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
30,689 
50,852 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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