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Registered number: 09501062
Varana UK Limited
Unaudited Financial Statements
For the Period 1 April 2023 to 30 September 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09501062
30 September 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 209,336
- 209,336
CURRENT ASSETS
Stocks 5 8,558 209,169
Debtors 6 16,292 230,276
Cash at bank and in hand 22,059 24,377
46,909 463,822
Creditors: Amounts Falling Due Within One Year 7 (12,022 ) (11,651,101 )
NET CURRENT ASSETS (LIABILITIES) 34,887 (11,187,279 )
TOTAL ASSETS LESS CURRENT LIABILITIES 34,887 (10,977,943 )
NET ASSETS/(LIABILITIES) 34,887 (10,977,943 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 33,887 (10,978,943 )
SHAREHOLDERS' FUNDS 34,887 (10,977,943)
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For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ravi Prasad
Director
3 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Varana UK Limited is a private company,  limited by shares, incorporated in England & Wales, registered number 09501062 . The registered office is Pl501 Pall Mall Deposit, 124-128 Barlby Road, Ladbroke Grove, London, W10 6BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors believe that the going concern basis is not appropriate, as the company stopped trading on 28 October 2024 and the directors intend to close the company within the next 12 months.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the  significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the period of lease or 10 years straight line
Plant & Machinery 5 years straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.   Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.   Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable  in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 8 (2023: 8)
8 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 April 2023 1,172,251 64,276 1,236,527
Additions - 1,820 1,820
Disposals (1,172,251 ) (66,096 ) (1,238,347 )
As at 30 September 2024 - - -
Depreciation
As at 1 April 2023 963,842 63,349 1,027,191
Provided during the period 62,536 1,201 63,737
Disposals - (64,550 ) (64,550 )
On revaluations (1,026,378 ) - (1,026,378 )
As at 30 September 2024 - - -
Net Book Value
As at 30 September 2024 - - -
As at 1 April 2023 208,409 927 209,336
5. Stocks
30 September 2024 31 March 2023
£ £
Stock 8,558 209,169
During the period, the value of stock was impaired by £69,275 (2023: £Nil).
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6. Debtors
30 September 2024 31 March 2023
£ £
Due within one year
Trade debtors - 3,745
Amounts owed by group undertakings - 74,041
Other debtors 16,292 147,248
16,292 225,034
Due after more than one year
Other debtors - 5,242
16,292 230,276
7. Creditors: Amounts Falling Due Within One Year
30 September 2024 31 March 2023
£ £
Trade creditors 2,577 19,949
Amounts owed to group undertakings - 11,584,443
Other creditors 9,445 36,322
Taxation and social security - 10,387
12,022 11,651,101
8. Share Capital
30 September 2024 31 March 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £525 (2023: £3,526) were due to the fund.  They are included in Other Creditors.
10. Related Party Transactions
During the period, £12,584,140 (2023: £Nil) of a loan balance due to Varana Global Holdings Limited (VGHL) was written off. The balance due to VGHL as at 30 September 2024 was £Nil (2023: £11,584,443).
Also, £64,496 (2023: £Nil) of a loan balance due from Varana Middle East (VME) was written off during the period. The balance due from VME as at 30 September 2024 was £Nil (2023: £72,858).
11. Ultimate Controlling Party
The company's immediate and ultimate controlling party is Varana Global Holdings Limited by virtue of its ownership of 100% of the issued share capital in the company. Varana Global Holdings Limited was incorporated in the Isle of Man. No consolidated accounts have been prepared.
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