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Company No: 11320318 (England and Wales)

VARGA CAPITAL (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

VARGA CAPITAL (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

VARGA CAPITAL (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
VARGA CAPITAL (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,938 379
1,938 379
Current assets
Debtors 4 157,139 20,986
Cash at bank and in hand 134,480 108,554
291,619 129,540
Creditors: amounts falling due within one year 5 ( 20,817) ( 17,423)
Net current assets 270,802 112,117
Total assets less current liabilities 272,740 112,496
Net assets 272,740 112,496
Capital and reserves
Called-up share capital 6 940,000 315,000
Profit and loss account ( 667,260 ) ( 202,504 )
Total shareholder's funds 272,740 112,496

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Varga Capital (UK) Limited (registered number: 11320318) were approved and authorised for issue by the Director. They were signed on its behalf by:

Z Varga
Director

03 October 2024

VARGA CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
VARGA CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Varga Capital (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First And Second Floor, 21, Bruton Street, London, W1J 6QD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 - 0 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors, trade and other creditors, and loans to related parties.

Financial assets
Basic financial assets like other debtors, and amounts due from related parties, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 2 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 May 2023 413 413
Additions 1,907 1,907
At 30 April 2024 2,320 2,320
Accumulated depreciation
At 01 May 2023 34 34
Charge for the financial year 348 348
At 30 April 2024 382 382
Net book value
At 30 April 2024 1,938 1,938
At 30 April 2023 379 379

4. Debtors

2024 2023
£ £
Amounts owed by director 2,159 0
Prepayments 27,276 586
Other debtors 127,704 20,400
157,139 20,986

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,621 6,985
Accruals 9,744 4,760
Other taxation and social security 5,498 5,091
Other creditors 954 587
20,817 17,423

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
940,000 Ordinary shares of £ 1.00 each (2023: 315,000 shares of £ 1.00 each) 940,000 315,000

On 13 July 2023, the Company issued 125,000 £1 Ordinary shares at par for a consideration of £125,000.

On 8 December 2023, the Company issued 250,000 £1 Ordinary shares at par for a consideration of £250,000.

On 11 March 2024, the Company issued 250,000 £1 Ordinary shares at par for a consideration of £250,000.

7. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 220 220

8. Related party transactions

Included within debtors due within one year are amounts owed by the director of £2,159 (2023: £Nil). This balance is unsecured, interest bearing and repayable on demand. The balance was repaid within nine months of the accounting period end.