Registered number
07907472
VARO PARTNERS LIMITED
Unaudited Filleted Accounts
31 March 2024
VARO PARTNERS LIMITED
Registered number: 07907472
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,845 49,633
Investments 4 12 -
31,857 49,633
Current assets
Debtors 5 918,826 584,332
Cash at bank and in hand 1,630,820 1,483,575
2,549,646 2,067,907
Creditors: amounts falling due within one year 6 (733,196) (481,711)
Net current assets 1,816,450 1,586,196
Total assets less current liabilities 1,848,307 1,635,829
Creditors: amounts falling due after more than one year 7 (27,960) (43,752)
Provisions for liabilities (5,315) (9,059)
Net assets 1,815,032 1,583,018
Capital and reserves
Called up share capital 400 400
Profit and loss account 1,814,632 1,582,618
Shareholders' funds 1,815,032 1,583,018
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A O Oyegbite
Director
Approved by the board on 15 October 2024
VARO PARTNERS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of recruitment consulting services. Turnover from the rendering of these services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at cost less any accumulated impairment losses as the fair value cannot be measured reliably.
Group accounts
The company and its subsidary Varo Partners USA Inc. form a small size group which does not require consolidation under Companies Act 2006.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Operating lease commitments
Operating lease commitments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 58,764 74,992 133,756
Additions 7,272 - 7,272
At 31 March 2024 66,036 74,992 141,028
Depreciation
At 1 April 2023 34,476 49,647 84,123
Charge for the year 6,312 18,748 25,060
At 31 March 2024 40,788 68,395 109,183
Net book value
At 31 March 2024 25,248 6,597 31,845
At 31 March 2023 24,288 25,345 49,633
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 12
At 31 March 2024 12
5 Debtors 2024 2023
£ £
Trade debtors 641,412 482,994
Amounts owed by group undertakings and undertakings in which the company has a participating interest 167,232 -
Other debtors 110,182 101,338
918,826 584,332
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 15,014 8,488
Trade creditors 26,953 27,800
Taxation and social security costs 630,871 330,436
Other creditors 60,358 114,987
733,196 481,711
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 27,960 43,752
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 171,040 30,030
9 Other information
VARO PARTNERS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
18th & 19th Floors 100 Bishopsgate
London
EC2N 4AG
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