2023-04-012024-03-312024-03-31false11298232VARSO PROPERTIES 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VARSO PROPERTIES LIMITED

Registered Number
11298232
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

VARSO PROPERTIES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

PATEL, Bhavin Ramakant
PATEL, Noopur Dineshchandra

Registered Address

428 Mutton Lane
Potters Bar
EN6 3AT

Registered Number

11298232 (England and Wales)
VARSO PROPERTIES LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4200,000200,943
200,000200,943
Current assets
Debtors5-1,459
Cash at bank and on hand5,0221,726
5,0223,185
Creditors amounts falling due within one year6(23,221)(28,829)
Net current assets (liabilities)(18,199)(25,644)
Total assets less current liabilities181,801175,299
Creditors amounts falling due after one year(159,767)(160,081)
Provisions for liabilities(7,320)(5,743)
Net assets14,7149,475
Capital and reserves
Called up share capital100100
Other reserves23,71823,718
Profit and loss account(9,104)(14,343)
Shareholders' funds14,7149,475
The financial statements were approved and authorised for issue by the Board of Directors on 4 January 2025, and are signed on its behalf by:
PATEL, Bhavin Ramakant
Director
Registered Company No. 11298232
VARSO PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
Revenue from sale of goods
The revenue shown in the profit and loss account represents income receivable from the rental of property owned by the company.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.Average number of employees

20242023
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23204,719
At 31 March 24204,719
Depreciation and impairment
At 01 April 233,776
Charge for year943
At 31 March 244,719
Net book value
At 31 March 24200,000
At 31 March 23200,943
5.Debtors: amounts due within one year

2024

2023

££
Deferred tax asset, debtors-1,459
Total-1,459
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts22,15728,229
Taxation and social security361-
Accrued liabilities and deferred income703600
Total23,22128,829
7.Related party transactions
During the period the company was in receipt of loans from the directors. Interest is charged on the loan and the loan is repayable on demand. At the year end date, the balance owing to the directors totalled £22,157 (2023: £28,229)