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REGISTERED NUMBER: 11002161 (England and Wales)















VARNEY & VARNEY HOMES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






VARNEY & VARNEY HOMES LIMITED (REGISTERED NUMBER: 11002161)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 5


VARNEY & VARNEY HOMES LIMITED

Company Information
for the year ended 31 March 2024







Director: C D Varney





Registered office: C/O Cooper Parry
Sky View, Argosy Road
East Midlands Airport, Castle Donington
Derby
Derbyshire
DE74 2SA





Registered number: 11002161 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

VARNEY & VARNEY HOMES LIMITED (REGISTERED NUMBER: 11002161)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 29,074 37,999

Current assets
Stocks 393,840 -
Debtors 5 14,395 -
Cash at bank 444,974 1,054,918
853,209 1,054,918
Creditors
Amounts falling due within one year 6 18,563 146,694
Net current assets 834,646 908,224
Total assets less current liabilities 863,720 946,223

Creditors
Amounts falling due after more than one year 7 21,126 27,484
Net assets 842,594 918,739

Capital and reserves
Called up share capital 1 1
Retained earnings 842,593 918,738
842,594 918,739

VARNEY & VARNEY HOMES LIMITED (REGISTERED NUMBER: 11002161)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 7 October 2024 and were signed by:





C D Varney - Director


VARNEY & VARNEY HOMES LIMITED (REGISTERED NUMBER: 11002161)

Notes to the Financial Statements
for the year ended 31 March 2024

1. Statutory information

Varney & Varney Homes Limited 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

VARNEY & VARNEY HOMES LIMITED (REGISTERED NUMBER: 11002161)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 April 2023 42,536 25,500 2,359 70,395
Additions 689 - - 689
At 31 March 2024 43,225 25,500 2,359 71,084
Depreciation
At 1 April 2023 18,174 13,377 845 32,396
Charge for year 6,205 3,030 379 9,614
At 31 March 2024 24,379 16,407 1,224 42,010
Net book value
At 31 March 2024 18,846 9,093 1,135 29,074
At 31 March 2023 24,362 12,123 1,514 37,999

5. Debtors: amounts falling due within one year
2024 2023
£ £
Tax 14,395 -

6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,000 10,000
Hire purchase contracts 5,359 5,088
Trade creditors - 18
Corporation tax - 123,859
Social security and other taxes 691 730
VAT 1,513 469
Other creditors - 3,485
Directors' current accounts 5,000 -
Accruals and deferred income 2,000 3,045
18,563 146,694

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 4,000 10,000
Bank loans - 2-5 years 16,667 11,667
Hire purchase contracts 459 5,817
21,126 27,484

8. Related party disclosures

At the year end there was a balance owed to C D Varney of £ 5,000 (2023: £nil ).