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REGISTERED NUMBER: 09710745 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

VARIS MANAGEMENT LTD

VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)






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 MANAGEMENT LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr V P D Mahan
Mrs R Mahan





REGISTERED OFFICE: Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX





REGISTERED NUMBER: 09710745 (England and Wales)





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

VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 11,103,228 11,106,013

CURRENT ASSETS
Debtors 5 1,582,042 577,778
Cash at bank and in hand 55,972 14,850
1,638,014 592,628
CREDITORS
Amounts falling due within one year 6 (1,741,279 ) (1,149,845 )
NET CURRENT LIABILITIES (103,265 ) (557,217 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,999,963

10,548,796

CREDITORS
Amounts falling due after more than one
year

7

(7,729,047

)

(7,175,000

)

PROVISIONS FOR LIABILITIES (765,981 ) (765,981 )
NET ASSETS 2,504,935 2,607,815

CAPITAL AND RESERVES
Called up share capital 9 1 1
Fair value reserve 10 2,297,944 2,297,944
Retained earnings 206,990 309,870
SHAREHOLDERS' FUNDS 2,504,935 2,607,815

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 MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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 26 September 2024 and were signed on its behalf by:





Mr V P D Mahan - Director


VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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

1. STATUTORY INFORMATION

Varis Management 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 as modified by the revaluation of certain assets.

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.

Revenue
Revenue represents rent receivable in respect of the company's investment properties. Rental income is recognised over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 20% on reducing balance
Motor vehicle - 20% on reducing balance

VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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 MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasehold properties
Leasehold properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 11,075,000 478 51,000 11,126,478
Additions - 4,120 - 4,120
At 31 December 2023 11,075,000 4,598 51,000 11,130,598
DEPRECIATION
At 1 January 2023 - 8 20,457 20,465
Charge for year - 813 6,092 6,905
At 31 December 2023 - 821 26,549 27,370
NET BOOK VALUE
At 31 December 2023 11,075,000 3,777 24,451 11,103,228
At 31 December 2022 11,075,000 470 30,543 11,106,013

VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
Valuation in 2021 2,741,331 - - 2,741,331
Valuation in 2022 322,595 - - 322,595
Cost 8,011,074 4,598 51,000 8,066,672
11,075,000 4,598 51,000 11,130,598

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 67,463 -
Amounts owed by participating interests 1,487,316 577,778
Other debtors 27,263 -
1,582,042 577,778

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,134 1
Amounts owed to participating interests 703,343 1,069,550
Taxation and social security 391 6,133
Other creditors 1,035,411 74,161
1,741,279 1,149,845

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 7,719,390 7,175,000
Other creditors 9,657 -
7,729,047 7,175,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 7,719,390 -

VARIS MANAGEMENT LTD (REGISTERED NUMBER: 09710745)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 7,719,390 7,175,000

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. CALLED UP SHARE CAPITAL

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

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 2,297,944

11. RELATED PARTY DISCLOSURES

Included within debtors due within one year is an amount of £1,487,316 (2022: £577,778) due from related companies.

Included within creditors due within one year is an amount of £703,343 (2022: £1,069,550) due to related companies.

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

12. ULTIMATE CONTROLLING PARTY

The controlling party is Varis Developments Limited.

The ultimate controlling party is Mr V P D Mahan.