Varun Exports Global Limited 14383589 true 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false true true 14383589 2023-04-01 2024-03-31 14383589 2024-03-31 14383589 bus:OrdinaryShareClass1 2024-03-31 14383589 core:CurrentFinancialInstruments 2024-03-31 14383589 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14383589 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 14383589 bus:SmallEntities 2023-04-01 2024-03-31 14383589 bus:Audited 2023-04-01 2024-03-31 14383589 bus:FilletedAccounts 2023-04-01 2024-03-31 14383589 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14383589 bus:RegisteredOffice 2023-04-01 2024-03-31 14383589 bus:Director1 2023-04-01 2024-03-31 14383589 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 14383589 bus:EntityHasNeverTraded 2023-04-01 2024-03-31 14383589 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14383589 core:Subsidiary1 2023-04-01 2024-03-31 14383589 core:Subsidiary1 1 2023-04-01 2024-03-31 14383589 1 2023-04-01 2024-03-31 14383589 countries:EnglandWales 2023-04-01 2024-03-31 14383589 core:CostValuation 2023-03-31 14383589 2022-09-28 2023-03-31 14383589 2023-03-31 14383589 bus:OrdinaryShareClass1 2023-03-31 14383589 core:CurrentFinancialInstruments 2023-03-31 14383589 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 14383589 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 14383589 core:Subsidiary1 1 2022-09-28 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14383589

Varun Exports Global Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Varun Exports Global Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Varun Exports Global Limited

Company Information

Director

Mr Varun Viren Bhagat

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Auditors

KNAV Limited
Statutory Auditors
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Varun Exports Global Limited

(Registration number: 14383589)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

100

100

Current assets

 

Debtors

5

800,563

100

Cash at bank and in hand

 

8,539

-

 

809,102

100

Creditors: Amounts falling due within one year

6

(5,100)

(100)

Net current assets

 

804,002

-

Total assets less current liabilities

 

804,102

100

Creditors: Amounts falling due after more than one year

6

(810,000)

-

Net (liabilities)/assets

 

(5,898)

100

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(5,998)

-

Shareholders' (deficit)/funds

 

(5,898)

100

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 30 September 2024
 

.........................................
Mr Varun Viren Bhagat
Director

   
     
 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the director on 30 September 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

The director has prepared the financial statements on a going concern basis as they have reasonable expectation that the company will continue in operational existence for the foreseeable future, being a period of not less than twelve months from the approval of these financial statements. This is considered appropriate as the parent company has confirmed that it will provide financial and operating support to enable the company to continue trading and meeting it's liabilities as they fall due.

 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 September 2024 was Amanjit Singh FCA, who signed for and on behalf of KNAV Limited.

UAC: 2024-81-UK

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

4

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Bhagat Jewels Limited

Hygeia Building,
Rear Ground Floor,
66-68 College Road,
Harrow, HA1 1BE
United Kingdom

Ordinary shares

100%

100%

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertaking

8

800,000

100

Prepayments

 

563

-

 

800,563

100

The entirety of amounts owed by group undertakings are recoverable after more than one year.

 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to parent undertaking

8

-

100

Accruals and deferred income

 

5,100

-

 

5,100

100

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed by/(from) parent undertakings (over 5yrs)

810,000

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       
 

Varun Exports Global Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

8

Related party transactions

The Company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the Group.

9

Parent and ultimate controlling party

The company's immediate parent is Varun Exports Global LLP, incorporated in India.

 The ultimate controlling party is Mr Viren Vrajlal Bhagat.