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REGISTERED NUMBER: 12523567 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

VARIS HOLDINGS LTD

VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VARIS HOLDINGS LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr V P D Mahan
Mrs R Mahan





REGISTERED OFFICE: 1st Floor
Spitalfields House
Stirlingb Way
Borehamwood
WD6 2FX





REGISTERED NUMBER: 12523567 (England and Wales)





ACCOUNTANTS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investments 4 6,745,166 6,717,396

CURRENT ASSETS
Debtors 5 11,166,967 6,855,222
Cash at bank and in hand 2,038 2,092
11,169,005 6,857,314
CREDITORS
Amounts falling due within one year 6 (18,335,112 ) (4,719,018 )
NET CURRENT (LIABILITIES)/ASSETS (7,166,107 ) 2,138,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

(420,941

)

8,855,692

CREDITORS
Amounts falling due after more than one
year

7

-

(9,009,154

)
NET LIABILITIES (420,941 ) (153,462 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (421,041 ) (153,562 )
SHAREHOLDERS' FUNDS (420,941 ) (153,462 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Balance Sheet - continued
31 December 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 Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





Mr V P D Mahan - Director


VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Varis Holdings 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.

The directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. This is dependent on the continuing support from the shareholders and directors. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Varis Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less any impairment.

VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.


VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 6,717,396
Additions 27,770
At 31 December 2023 6,745,166
NET BOOK VALUE
At 31 December 2023 6,745,166
At 31 December 2022 6,717,396

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 10,847,597 6,535,857
Amounts owed by participating interests 319,370 319,365
11,166,967 6,855,222

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 14,002,923 389,230
Trade creditors 2,400 -
Amounts owed to participating interests 599,748 599,747
Other creditors 3,730,041 3,730,041
18,335,112 4,719,018

VARIS HOLDINGS LTD (REGISTERED NUMBER: 12523567)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 7,294,247
Other creditors - 1,714,907
- 9,009,154

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 14,002,923 7,683,477

The bank has a fixed and floating charge over the assets and the undertakings of the company.

The director has provided a personal guarantee in respect of the amount of the loan outstanding.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary shares £1 100 100

10. RELATED PARTY DISCLOSURES

Included in debtors amounts falling due within one year is an amount of £11,166,967 (2022: £6,855,222) owed by related companies. The amount is interest free and repayable on demand.

Included in creditors amounts falling due within one year is an amount of £599,748 (2021: £599,747) owed to related companies. An amount of £3,730,041 (2022: £3,730,041) is due to the director as at year end. The amount is interest free and repayable on demand.