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Registration number: 09489024

J G Varley Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

J G Varley Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

J G Varley Limited

Company Information

Director

Miss M E Varley

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

J G Varley Limited

(Registration number: 09489024)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,190

25,820

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

10,996

12,045

Cash at bank and in hand

 

17,954

4,951

 

33,950

21,996

Creditors: Amounts falling due within one year

7

(151,131)

(139,758)

Net current liabilities

 

(117,181)

(117,762)

Net liabilities

 

(93,991)

(91,942)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(93,992)

(91,943)

Shareholders' deficit

 

(93,991)

(91,942)

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.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

.........................................
Miss M E Varley
Director

 

J G Varley 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 England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

The principal place of business is:
69 Mare Street
Hackney
London
E8 4RD

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of food, drink and other goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

J G Varley Limited

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

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

Leasehold property

Straight line basis over 15 years

Fixtures, fittings and equipment

15% per annum reducing balance basis

Office equipment

25% per annum reducing balance basis

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

J G Varley Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

J G Varley Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

41,637

5,381

47,018

Additions

-

641

641

At 31 March 2024

41,637

6,022

47,659

Depreciation

At 1 April 2023

18,044

3,154

21,198

Charge for the year

2,776

495

3,271

At 31 March 2024

20,820

3,649

24,469

Carrying amount

At 31 March 2024

20,817

2,373

23,190

At 31 March 2023

23,593

2,227

25,820

Included within the net book value of land and buildings above is £20,817 (2023 - £23,593) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock of goods

5,000

5,000

6

Debtors

2024
£

2023
£

Trade debtors

-

760

Taxation and social security

33

320

Prepayments

3,463

3,465

Other debtors

7,500

7,500

10,996

12,045

 

J G Varley 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

13,132

6,325

Taxation and social security

2,342

1,861

Accruals and deferred income

2,700

2,400

Other creditors

1,909

82

Director's loan account

131,048

129,090

151,131

139,758

The company relies upon the continued support of its director.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

15,000

15,000

Later than one year and not later than five years

60,000

60,000

Later than five years

37,500

52,500

112,500

127,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,000 (2023 - £15,000).