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Registration number: 03951087

Vardells Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Vardells Limited

(Registration number: 03951087)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

9,151

32,873

Current assets

 

Stocks

63,405

61,294

Debtors

4

494,594

496,236

Cash at bank and in hand

 

70,484

89,189

 

628,483

646,719

Creditors: Amounts falling due within one year

5

(231,398)

(234,707)

Net current assets

 

397,085

412,012

Total assets less current liabilities

 

406,236

444,885

Creditors: Amounts falling due after more than one year

5

(117,083)

(127,922)

Provisions for liabilities

(317)

(649)

Net assets

 

288,836

316,314

Capital and reserves

 

Called up share capital

7

225

225

Capital redemption reserve

15,075

15,075

Profit and loss account

273,536

301,014

Shareholders' funds

 

288,836

316,314

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and Profit and Loss Account has been taken.

 

Vardells Limited

(Registration number: 03951087)

Balance Sheet as at 31 December 2023 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mrs G Barlow
Director

 

Vardells Limited

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

1

Accounting policies

Statutory information

Vardells Limited is a private company, limited by shares, domiciled in England and Wales, company number 03951087. The registered office is at Alexander House, Staden Lane Business Park, Ashbourne Road, Buxton, SK17 9RZ.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover is recognised when goods and services are provided to clients.

Foreign currency transactions and balances

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 rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Vardells Limited

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

1

Accounting policies (continued)

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

25% straight line

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

 

Vardells Limited

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

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 20).

3

Tangible assets

Property improvements
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

85,716

49,857

24,899

15,910

176,382

Disposals

-

-

-

(15,910)

(15,910)

At 31 December 2023

85,716

49,857

24,899

-

160,472

Depreciation

At 1 January 2023

64,287

48,089

15,797

15,336

143,509

Charge for the year

21,429

354

1,365

96

23,244

Eliminated on disposal

-

-

-

(15,432)

(15,432)

At 31 December 2023

85,716

48,443

17,162

-

151,321

Carrying amount

At 31 December 2023

-

1,414

7,737

-

9,151

At 31 December 2022

21,429

1,768

9,102

574

32,873

4

Debtors

2023
£

2022
£

Trade debtors

51,630

37,631

Amounts owed by associate undertakings

388,605

398,551

Other debtors

51,739

60,054

Prepayments

2,620

-

 

494,594

496,236

Details of non-current trade and other debtors

£388,605 (2022 -£398,551) of amounts owed by associate undertakings is classified as non current.

 

Vardells Limited

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

5

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

22,463

29,368

Trade creditors

32,602

34,207

Taxation and social security

77,557

65,714

Accruals and deferred income

67,939

81,774

Other creditors

30,837

23,644

231,398

234,707

Due after one year

Bank borrowings

117,083

127,922

Bank borrowing are secured by a fixed and floating charge over the assets of the company.

6

Financial commitments, guarantees and contingencies

Operating leases
At the balance sheet date, the total amount of non-cancellable operating lease commitments not included in the balance sheet is £804,587 (2022 - £802,599).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B shares of £1 each

150

150

150

150

 

225

225

225

225

8

Related party transactions

Transactions with directors

During the year the directors had interest free loans with the company. At the balance sheet date the directors owed the company the following amounts, M Starzec £nil (2022: £1,675), G Barlow £125 (2022: £2,765) and A M Starzec £1,614 (2022: £3,180). At the balance sheet date the company owed M Starzec £191.