Registered number
11804950
A.VARGHESE & SON LIMITED
Filleted Accounts
29 February 2024
A.VARGHESE & SON LIMITED
Registered number: 11804950
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 889,591 890,176
Work in progress 4 32,904 16,980
922,495 907,156
Current assets
Cash at bank and in hand 43,713 68,229
Creditors: amounts falling due within one year 5 - (1,365)
Net current assets 43,713 66,864
Total assets less current liabilities 966,208 974,020
Creditors: amounts falling due after more than one year 6 (971,163) (970,850)
Net (liabilities)/assets (4,955) 3,170
Capital and reserves
Called up share capital 1 1
Profit and loss account (4,956) 3,169
Shareholders' funds (4,955) 3,170
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.
J C Varghese
Director
Approved by the board on 14 October 2024
A.VARGHESE & SON LIMITED
Notes to the Accounts
for the year ended 29 February 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of 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
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss. No depreciation is provided in respect of investment properties.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 886,553 5,661 892,214
At 29 February 2024 886,553 5,661 892,214
Depreciation
At 1 March 2023 - 2,038 2,038
Charge for the year - 585 585
At 29 February 2024 - 2,623 2,623
Net book value
At 29 February 2024 886,553 3,038 889,591
At 28 February 2023 886,553 3,623 890,176
4 Work in progress
Other
investments
£
Cost
At 1 March 2023 16,980
Additions 15,924
At 29 February 2024 32,904
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs - 1,221
Other creditors - 144
- 1,365
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 906,608 906,609
Other creditors 64,555 64,241
971,163 970,850
7 Other information
A.VARGHESE & SON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
45 Homewood Road
St. Albans
United Kingdom
AL1 4BG
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