Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08344223 Mrs Kinjal Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08344223 2023-03-31 08344223 2024-03-31 08344223 2023-04-01 2024-03-31 08344223 frs-core:CurrentFinancialInstruments 2024-03-31 08344223 frs-core:Non-currentFinancialInstruments 2024-03-31 08344223 frs-core:ComputerEquipment 2024-03-31 08344223 frs-core:ComputerEquipment 2023-04-01 2024-03-31 08344223 frs-core:ComputerEquipment 2023-03-31 08344223 frs-core:FurnitureFittings 2024-03-31 08344223 frs-core:FurnitureFittings 2023-04-01 2024-03-31 08344223 frs-core:FurnitureFittings 2023-03-31 08344223 frs-core:MotorVehicles 2024-03-31 08344223 frs-core:MotorVehicles 2023-04-01 2024-03-31 08344223 frs-core:MotorVehicles 2023-03-31 08344223 frs-core:ShareCapital 2024-03-31 08344223 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08344223 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08344223 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08344223 frs-bus:SmallEntities 2023-04-01 2024-03-31 08344223 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08344223 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08344223 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 08344223 frs-bus:OrdinaryShareClass2 2024-03-31 08344223 frs-bus:OrdinaryShareClass3 2023-04-01 2024-03-31 08344223 frs-bus:OrdinaryShareClass3 2024-03-31 08344223 frs-bus:Director1 2023-04-01 2024-03-31 08344223 frs-countries:EnglandWales 2023-04-01 2024-03-31 08344223 2022-03-31 08344223 2023-03-31 08344223 2022-04-01 2023-03-31 08344223 frs-core:CurrentFinancialInstruments 2023-03-31 08344223 frs-core:Non-currentFinancialInstruments 2023-03-31 08344223 frs-core:ShareCapital 2023-03-31 08344223 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 08344223 frs-bus:OrdinaryShareClass2 2022-04-01 2023-03-31 08344223 frs-bus:OrdinaryShareClass3 2022-04-01 2023-03-31
Registered number: 08344223
Varp Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08344223
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 42,930 45,045
42,930 45,045
CURRENT ASSETS
Debtors 5 350,075 26,180
Cash at bank and in hand 159,035 472,470
509,110 498,650
Creditors: Amounts Falling Due Within One Year 6 (357,459 ) (316,421 )
NET CURRENT ASSETS (LIABILITIES) 151,651 182,229
TOTAL ASSETS LESS CURRENT LIABILITIES 194,581 227,274
Creditors: Amounts Falling Due After More Than One Year 7 (21,667 ) (31,666 )
NET ASSETS 172,914 195,608
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 172,814 195,508
SHAREHOLDERS' FUNDS 172,914 195,608
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 7 November 2024 and were signed on its behalf by:
Mrs Kinjal Patel
Director
7 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Varp Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08344223 . The registered office is 11-12 Hallmark Trading Estate, Fourth Way, Wembley, HA9 0LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 15% reducing balance
Fixtures & Fittings 10% Cost
Computer Equipment 33.33% Cost
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 3
Page 4
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. 
Financial assets and liabilities are offset, with 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.
Basic financial assets 
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
Basic financial liabilities 
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. 
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 4
Page 5
2.9. Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 65,416 3,164 21,302 89,882
Additions - 5,139 3,054 8,193
As at 31 March 2024 65,416 8,303 24,356 98,075
Depreciation
As at 1 April 2023 28,640 1,447 14,750 44,837
Provided during the period 5,516 787 4,005 10,308
As at 31 March 2024 34,156 2,234 18,755 55,145
Net Book Value
As at 31 March 2024 31,260 6,069 5,601 42,930
As at 1 April 2023 36,776 1,717 6,552 45,045
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 348,730 25,000
Other debtors 1,345 1,180
350,075 26,180
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 107,115 109,769
Bank loans and overdrafts 2,001 2,727
Other creditors 242,119 188,994
Taxation and social security 6,224 14,931
357,459 316,421
Page 5
Page 6
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,667 31,666
21,667 31,666
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
51 Ordinary A shares of £ 1.00 each 51 51
49 Ordinary B shares of £ 1.00 each 49 49
100 100
Page 6