REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 February 2024 |
for |
Varsity Estates Ltd. |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Fixtures and fittings | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
Other debtors |
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 |
Amounts owed to group undertakings |
Tax |
VAT | 9,702 | 7,606 |
Other creditors |
Directors' current accounts | 188,027 | 136,644 |
Accruals and deferred income |
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: | £ | £ |
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 | 3,162,671 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 29 February 2024 | 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. |