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REGISTERED NUMBER: 09722424















Unaudited Financial Statements for the Year Ended 31 December 2023

for

VARIS DEVELOPMENTS LIMITED

VARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VARIS DEVELOPMENTS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr V Mahan
Mrs R Mahan





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





REGISTERED NUMBER: 09722424





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

VARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 446,424 441,284
446,425 441,285

CURRENT ASSETS
Debtors 6 1,067,265 1,150,628
Cash at bank and in hand 7,338 2,622
1,074,603 1,153,250
CREDITORS
Amounts falling due within one year 7 (2,526,391 ) (2,619,789 )
NET CURRENT LIABILITIES (1,451,788 ) (1,466,539 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,005,363

)

(1,025,254

)

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings (1,006,363 ) (1,026,254 )
SHAREHOLDERS' FUNDS (1,005,363 ) (1,025,254 )

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.

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 26 September 2024 and were signed on its behalf by:



Mr V Mahan - Director


VARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)

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

1. STATUTORY INFORMATION

Varis Developments Limited is a private company, limited by shares , registered in Not specified/Other. 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 financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

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

Judgements in respect of fair value of the investment properties has had the most significant effects on amounts recognized in the financial statements.

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

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

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

VARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)

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 DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)

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
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Varis Management Ltd
Registered office: First Floor, Spitalfields House, Stirling Way, Borehamwood, WD6 2FX
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 2,504,935 2,607,815
(Loss)/profit for the year (102,880 ) 384,717

VARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09722424)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 441,284
Additions 5,140
At 31 December 2023 446,424
NET BOOK VALUE
At 31 December 2023 446,424
At 31 December 2022 441,284

The investment property was valued at an open market basis by the directors on 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 1,066,498 1,146,273
VAT 767 4,355
1,067,265 1,150,628

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 45,208 230,354
Other creditors 880,174 871,141
Directors' current accounts 1,469,003 1,340,351
Accrued expenses 132,006 177,943
2,526,391 2,619,789

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary share £1 1,000 1,000

9. RELATED PARTY DISCLOSURES

Included in creditors amounts falling due within one year is an amount of £880,174 (2022; £871,141) owed to a related company with a common director and shareholder. The loan is payable on demand.

Included in debtors amounts falling due within one year is an amount of £1,041,498 (2022: £1,146,273) owed by related companies with common director and shareholder. The loan is repayable on demand.

These balances arose as a result of financing transactions during the year.

The company has guaranteed a loan to its subsidiary company. The loan is secured by a fixed charge over the company's investment property.