Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30001415814083M C Brown J T Planttrue2022-12-01falseNo description of principal activity2323true 00813433 2022-12-01 2023-11-30 00813433 2021-12-01 2022-11-30 00813433 2023-11-30 00813433 2022-11-30 00813433 c:Director2 2022-12-01 2023-11-30 00813433 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 00813433 d:Buildings d:LongLeaseholdAssets 2023-11-30 00813433 d:Buildings d:LongLeaseholdAssets 2022-11-30 00813433 d:PlantMachinery 2022-12-01 2023-11-30 00813433 d:PlantMachinery 2023-11-30 00813433 d:PlantMachinery 2022-11-30 00813433 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00813433 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00813433 d:CurrentFinancialInstruments 2023-11-30 00813433 d:CurrentFinancialInstruments 2022-11-30 00813433 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 00813433 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 00813433 d:ShareCapital 2023-11-30 00813433 d:ShareCapital 2022-11-30 00813433 d:SharePremium 2022-12-01 2023-11-30 00813433 d:SharePremium 2023-11-30 00813433 d:SharePremium 2022-11-30 00813433 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 00813433 d:RetainedEarningsAccumulatedLosses 2023-11-30 00813433 d:RetainedEarningsAccumulatedLosses 2022-11-30 00813433 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 00813433 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 00813433 d:OtherDeferredTax 2023-11-30 00813433 d:OtherDeferredTax 2022-11-30 00813433 c:OrdinaryShareClass1 2022-12-01 2023-11-30 00813433 c:OrdinaryShareClass1 2023-11-30 00813433 c:OrdinaryShareClass1 2022-11-30 00813433 c:FRS102 2022-12-01 2023-11-30 00813433 c:Audited 2022-12-01 2023-11-30 00813433 c:FullAccounts 2022-12-01 2023-11-30 00813433 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00813433 d:WithinOneYear 2023-11-30 00813433 d:WithinOneYear 2022-11-30 00813433 d:BetweenOneFiveYears 2023-11-30 00813433 d:BetweenOneFiveYears 2022-11-30 00813433 c:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 00813433 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00813433
















VARIVANE INDUSTRIES LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023


































img3b51.png


VARIVANE INDUSTRIES LIMITED
REGISTERED NUMBER:00813433

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
285,727
229,103

  
285,727
229,103

Current assets
  

Stocks
 5 
640,241
577,468

Debtors: amounts falling due within one year
 6 
644,173
1,031,753

Cash at bank and in hand
  
651,638
290,733

  
1,936,052
1,899,954

Creditors: amounts falling due within one year
 7 
(1,311,057)
(1,295,531)

Net current assets
  
 
 
624,995
 
 
604,423

Total assets less current liabilities
  
910,722
833,526

Provisions for liabilities
  

Deferred tax
 8 
(63,701)
(48,398)

  
 
 
(63,701)
 
 
(48,398)

Net assets
  
847,021
785,128


Capital and reserves
  

Called up share capital 
 9 
50,000
50,000

Share premium account
 10 
2,500
2,500

Profit and loss account
 10 
794,521
732,628

  
847,021
785,128

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J T Plant
Director

Date: 27 November 2024
Page 1


VARIVANE INDUSTRIES LIMITED
REGISTERED NUMBER:00813433
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023


The notes on pages 3 to 12 form part of these financial statements.

Page 2


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Varivane Industries Limited is a private company limited by shares incorporated in England and Wales under the Companies Act. The address of the registered office is Unit 4, William Road, Nursteed Trading Estate, Devizes, Wiltshire, SN10 3EW and the nature of the company's operations and its principal activity was the manufacture of various types of specialist metal work.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model 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.

Page 5


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% straight line
Plant and machinery
-
20 - 25% 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.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 7


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.14
FINANCIAL INSTRUMENTS (CONTINUED)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 23 (2022:23).

Page 8


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


TANGIBLE FIXED ASSETS





Long-term leasehold property
Plant and machinery
Total

£
£
£



COST OR VALUATION


At 1 December 2022
97,129
882,753
979,882


Additions
1,231
140,665
141,896


Disposals
-
(1,083)
(1,083)



At 30 November 2023

98,360
1,022,335
1,120,695



DEPRECIATION


At 1 December 2022
49,892
700,887
750,779


Charge for the year on owned assets
15,091
68,913
84,004


Disposals
-
185
185



At 30 November 2023

64,983
769,985
834,968



NET BOOK VALUE



At 30 November 2023
33,377
252,350
285,727



At 30 November 2022
47,237
181,866
229,103

A security is in place over the leasehold property in favour of Lloyds Bank.


5.


STOCKS

2023
2022
£
£

Raw materials and consumables
540,241
426,462

Long-term contract balances
100,000
151,006

640,241
577,468


Page 9


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
546,714
949,770

Other debtors
23,503
18,958

Prepayments and accrued income
73,956
63,025

644,173
1,031,753



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
2,941
511

Bank loans
(149)
(17)

Trade creditors
552,835
544,143

Corporation tax
59,717
37,393

Other taxation and social security
143,336
285,554

Other creditors
106,474
2,603

Accruals and deferred income
445,903
425,344

1,311,057
1,295,531



8.


DEFERRED TAXATION




2023


£






At beginning of year
(48,398)


Charged to profit or loss
(15,303)



AT END OF YEAR
(63,701)

Page 10


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
8.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(48,398)
(48,398)

Short term timing differences
(15,303)
-

(63,701)
(48,398)


 


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



50,000 (2022:50,000) Ordinary shares of £1.00 each
50,000
50,000



10.


RESERVES

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,803 (2022: £73,143). There was NIL pension creditor at the year-end (2022: £NIL).

Page 11


VARIVANE INDUSTRIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
105,015
70,663

Later than 1 year and not later than 5 years
370,309
471,713

475,324
542,376


13.


RELATED PARTY TRANSACTIONS

At 30 November 2023, a balance of £6,578 (2022: £6,523) was due from M C Brown and is included in other debtors.
At 30 November 2023, a balance of £7,580 (2022: £7,560) was due from J T Plant and is included in other debtors.
 


14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 28 November 2024 by Ria Burridge FCCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 12