IRIS Accounts Production v24.3.0.553 NI024723 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0247232023-02-28NI0247232024-02-29NI0247232023-03-012024-02-29NI0247232022-02-28NI0247232022-03-012023-02-28NI0247232023-02-28NI024723ns15:NorthernIreland2023-03-012024-02-29NI024723ns14:PoundSterling2023-03-012024-02-29NI024723ns10:Director12023-03-012024-02-29NI024723ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29NI024723ns10:SmallEntities2023-03-012024-02-29NI024723ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29NI024723ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29NI024723ns10:FullAccounts2023-03-012024-02-29NI024723ns10:OrdinaryShareClass12023-03-012024-02-29NI024723ns10:Director22023-03-012024-02-29NI024723ns10:CompanySecretary12023-03-012024-02-29NI024723ns10:RegisteredOffice2023-03-012024-02-29NI024723ns5:CurrentFinancialInstruments2024-02-29NI024723ns5:CurrentFinancialInstruments2023-02-28NI024723ns5:ShareCapital2024-02-29NI024723ns5:ShareCapital2023-02-28NI024723ns5:RevaluationReserve2024-02-29NI024723ns5:RevaluationReserve2023-02-28NI024723ns5:RetainedEarningsAccumulatedLosses2024-02-29NI024723ns5:RetainedEarningsAccumulatedLosses2023-02-28NI024723ns5:FurnitureFittings2023-03-012024-02-29NI024723ns5:LandBuildings2023-02-28NI024723ns5:FurnitureFittings2023-02-28NI024723ns5:LandBuildings2023-03-012024-02-29NI024723ns5:LandBuildings2024-02-29NI024723ns5:FurnitureFittings2024-02-29NI024723ns5:LandBuildings2023-02-28NI024723ns5:FurnitureFittings2023-02-28NI024723ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-29NI024723ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28NI024723ns5:CurrentFinancialInstruments2023-03-012024-02-29NI024723ns10:OrdinaryShareClass12024-02-29NI024723ns5:RetainedEarningsAccumulatedLosses2023-02-28NI024723ns5:RevaluationReserve2023-02-28NI024723ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29
REGISTERED NUMBER: NI024723 (Northern Ireland)















Financial Statements for the Year Ended 29 February 2024

for

Varsity Estates Ltd.

Varsity Estates Ltd. (Registered number: NI024723)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Varsity Estates Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTORS: S Sharma
Mrs L McCarthy





SECRETARY: S Sharma





REGISTERED OFFICE: 19 Crescent Business Park
LISBURN
Co. Antrim
BT28 2GN





REGISTERED NUMBER: NI024723 (Northern Ireland)





ACCOUNTANTS: Minshull & Co
19 Crescent Business Park
LISBURN
Co. Antrim
BT28 2GN

Varsity Estates Ltd. (Registered number: NI024723)

Balance Sheet
29 February 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,450,980 2,462,032

CURRENT ASSETS
Debtors 6 339,188 347,646
Cash at bank 728,268 614,491
1,067,456 962,137
CREDITORS
Amounts falling due within one year 7 272,280 191,396
NET CURRENT ASSETS 795,176 770,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,246,156

3,232,773

CAPITAL AND RESERVES
Called up share capital 8 70,102 70,102
Revaluation reserve 9 1,736,112 1,736,112
Retained earnings 9 1,439,942 1,426,559
SHAREHOLDERS' FUNDS 3,246,156 3,232,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Varsity Estates Ltd. (Registered number: NI024723)

Balance Sheet - continued
29 February 2024


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 Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





S Sharma - Director


Varsity Estates Ltd. (Registered number: NI024723)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Varsity Estates Ltd. is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Varsity Estates Ltd. (Registered number: NI024723)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 March 2023
and 29 February 2024 2,450,000 66,471 2,516,471
DEPRECIATION
At 1 March 2023 - 54,439 54,439
Charge for year - 11,052 11,052
At 29 February 2024 - 65,491 65,491
NET BOOK VALUE
At 29 February 2024 2,450,000 980 2,450,980
At 28 February 2023 2,450,000 12,032 2,462,032

Cost or valuation at 29 February 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2010 (200,000 ) - (200,000 )
Valuation in 2009 1,936,112 - 1,936,112
Cost 713,888 66,471 780,359
2,450,000 66,471 2,516,471

Varsity Estates Ltd. (Registered number: NI024723)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

If the land and buildings had not been revalued they would have been included at the following historical cost:

29/2/24 28/2/23
£    £   
Cost 713,888 713,888

Land and buildings were valued on an open market value basis on 31 October 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Amounts owed by group undertakings 339,188 336,788
Other debtors - 10,858
339,188 347,646

Other debtors comprise amounts owed by connected companies.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Payments on account 35,208 35,208
Amounts owed to group undertakings 6,218 6,218
Tax 12,158 -
VAT 9,702 7,606
Other creditors 14,142 -
Directors' current accounts 188,027 136,644
Accruals and deferred income 6,825 5,720
272,280 191,396

Other creditors comprise amounts owing to connected companies.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
70,002 Ordinary £1 70,102 70,102

Varsity Estates Ltd. (Registered number: NI024723)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 1,426,559 1,736,112 3,162,671
Profit for the year 78,883 - 78,883
Dividends (65,500 ) - (65,500 )
At 29 February 2024 1,439,942 1,736,112 3,176,054

10. CAPITAL COMMITMENTS
29/2/24 28/2/23
£    £   
Contracted but not provided for in the
financial statements - -

11. ULTIMATE CONTROLLING PARTY

The controlling party is S Sharma.

12. INVESTMENT PROPERTY

The freehold property included in note 8, which is stated at fair value, refers to investment property at University Road, Belfast.