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Registration number: 14009202

Varietea Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Varietea Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Varietea Limited

Company Information

Directors

Mr Song Wang

Ms Xiao Zhang

Registered office

Office 1, Fifth Floor
21 Knightsbridge
London
SW1X 7LY

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
WC2R 0LR

 

Varietea Limited

(Registration number: 14009202)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,349

-

Tangible assets

5

1,333

2,094

 

7,682

2,094

Current assets

 

Debtors

6

71,130

16,503

Cash at bank and in hand

 

26,641

191,551

 

97,771

208,054

Creditors: Amounts falling due within one year

7

(533,908)

(389,769)

Net current liabilities

 

(436,137)

(181,715)

Net liabilities

 

(428,455)

(179,621)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(428,555)

(179,721)

Shareholders' deficit

 

(428,455)

(179,621)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Varietea Limited

(Registration number: 14009202)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 


Ms Xiao Zhang
Director

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Office 1, Fifth Floor
21 Knightsbridge
London
SW1X 7LY
United Kingdom

These financial statements were authorised for issue by the Board on 23 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The shareholders have confirmed that they will support the company for the next twelve months from the date of signing and therefore the accounts have been prepared on a going concern basis. The shareholders confirm that they will not withdraw the shareholder loan until the company has sufficient funds.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

3 years, straight line

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life of 10 years from the date in use.

Asset class

Amortisation method and rate

Trademark

10 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are initially recorded at fair value, net of transaction costs. The shareholder loan is non interest bearing,

Borrowings are classified as current liabilities as the company does not have a right to defer settlement of the liability for at least twelve months after the reporting date. The shareholder loan is payable on demand.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions

6,349

6,349

At 31 March 2024

6,349

6,349

Amortisation

Carrying amount

At 31 March 2024

6,349

6,349

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,284

2,284

At 31 March 2024

2,284

2,284

Depreciation

At 1 April 2023

190

190

Charge for the year

761

761

At 31 March 2024

951

951

Carrying amount

At 31 March 2024

1,333

1,333

At 31 March 2023

2,094

2,094

6

Debtors

Current

2024
£

2023
£

Prepayments

43,024

2,518

Other debtors

28,106

13,985

 

71,130

16,503

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

(2,160)

-

Taxation and social security

3,401

5,293

Accruals

3,610

5,493

Other creditors

529,057

378,983

533,908

389,769

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £67,000 (2023 - £Nil). The company have agreed to further expenditure it relation to brand creation, packaging and brand world. This work will be conducted and paid post year end.

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Mr Song Wang

12,184

-

12,184

Ms Xiao Zhang

165,958

350,000

515,958

2023

At 29 March 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2023
£

Mr Song Wang

-

(49)

12,233

12,184

Ms Xiao Zhang

-

(51)

166,009

165,958

 

Varietea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Summary of transactions with other related parties

The company had bought forward loans payable to the directors of £178,142. During the period the company received additional loan advances of £350,000 resulting in a director's loan payable of £528,142 at the end of the period.

The loan is repayable on demand and no interest is charged on the loan. The directors agree they will not draw down the loan until the company has sufficient funds available.