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REGISTERED NUMBER: 13124291 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Varang Properties Limited

Varang Properties Limited (Registered number: 13124291)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Varang Properties Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: P R Neupane





REGISTERED OFFICE: Boundary House
Cricket Field Road
Uxbridge
UB8 1QG





REGISTERED NUMBER: 13124291 (England and Wales)





ACCOUNTANTS: ADHK ACCOUNTANTS
Chartered Certified Accountants
Boundary House
Cricket Field Road
Uxbridge
UB8 1QG

Varang Properties Limited (Registered number: 13124291)

Abridged Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 200
Investment property 5 290,000 273,970
290,000 274,170

CURRENT ASSETS
Cash at bank 4,539 8,331

CREDITORS
Amounts falling due within one year 273,221 285,039
NET CURRENT LIABILITIES (268,682 ) (276,708 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,318

(2,538

)

PROVISIONS FOR LIABILITIES 3,046 -
NET ASSETS/(LIABILITIES) 18,272 (2,538 )

CAPITAL AND RESERVES
Called up share capital 6 10 10
Fair value reserve 7 12,985 -
Retained earnings 5,277 (2,548 )
SHAREHOLDERS' FUNDS 18,272 (2,538 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Varang Properties Limited (Registered number: 13124291)

Abridged Statement of Financial Position - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 October 2024 and were signed by:





P R Neupane - Director


Varang Properties Limited (Registered number: 13124291)

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


1. STATUTORY INFORMATION

Varang Properties 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents gross rent receivable for the period.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixture & fittings - 50% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property
Investment properties are initially measured at cost on acquisition and subsequently at fair value as at each
accounts date. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold and charged to the profit and loss account.

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 statement of financial position date.


Varang Properties Limited (Registered number: 13124291)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalent
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial instruments
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, loans to related parties and investments in non-puttable ordinary shares.

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 is recognised in profit or loss.

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.

Going concern
The director has undertaken not to withdraw his loan to the company without alternative facilities being put in place. For this reason he believes that the going concern basis is appropriate.

3. EMPLOYEES AND DIRECTORS

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

Varang Properties Limited (Registered number: 13124291)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 400
DEPRECIATION
At 1 February 2023 200
Charge for year 200
At 31 January 2024 400
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 200

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 273,970
Revaluations 16,030
At 31 January 2024 290,000
NET BOOK VALUE
At 31 January 2024 290,000
At 31 January 2023 273,970

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 16,030
Cost 273,970
290,000

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary £1 10 10

Varang Properties Limited (Registered number: 13124291)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


7. RESERVES
Fair
value
reserve
£   
Transfer 12,985

At 31 January 2024 12,985

8. RELATED PARTY DISCLOSURES

Amount owed to group undertakings represent the amount due to Varang Healthcare Limited, where Mr P R Neupane, the director of the company, is also a director and 50% shareholder.

9. ULTIMATE CONTROLLING PARTY

The controlling party is P R Neupane.