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Registered number: 13135041









Varite UK Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

 
Varite UK Limited
Registered number: 13135041

Statement of financial position
As at 31 December 2024

2024
2024
2023
2023
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
877
50,030

Cash at bank and in hand
 6 
74,835
43,084

  
75,712
93,114

Creditors: amounts falling due within one year
 7 
(99,677)
(103,667)

Net current liabilities
  
 
 
(23,965)
 
 
(10,553)

Total assets less current liabilities
  
(23,965)
(10,553)

  

Net liabilities
  
(23,965)
(10,553)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(24,965)
(11,553)

  
(23,965)
(10,553)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




Adarsh Katyal
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
Varite UK Limited
 

Statement of changes in equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,000
(11,441)
(10,441)


Comprehensive income for the year

Loss for the year

-
(112)
(112)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(112)
(112)


Total transactions with owners
-
-
-



At 1 January 2024
1,000
(11,553)
(10,553)


Comprehensive income for the year

Loss for the year

-
(13,412)
(13,412)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(13,412)
(13,412)


Total transactions with owners
-
-
-


At 31 December 2024
1,000
(24,965)
(23,965)


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

1.


General information

Varite UK Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
Principal activity of the company during the financial period was of Employment Agency Activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At balance sheet date the company had net current liabilities and net liabilities of £23,965 (2023: £10,553) which may cast significant doubt about the entity's ability to continue as going concern. However, the parent company have agreed to provide financial support to enable the company to continue its trade for the foreseeable future.
On the basis of the assessment of company's financial position and support available from the parent, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
 

Page 3

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. 

Page 5

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

4.


Employees

2024
2023
£
£

Wages and salaries
1,582
27,656

Cost of defined contribution scheme
-
215

1,582
27,871


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
-
1

Page 6

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

5.


Debtors

2024
2023
£
£


Trade debtors
388
50,030

Other debtors
489
-

877
50,030



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
74,835
43,084

74,835
43,084



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,185
10,615

Amounts owed to group undertakings
74,791
74,360

Other taxation and social security
-
9,586

Other creditors
1,041
2,535

Accruals and deferred income
8,660
6,571

99,677
103,667


The amount payable to group undertaking is a loan from parent company which is unsecured and carrys interest at the rate equal to Federal rate applicable for long-term obligation.


Other taxation and social security




8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2023: £215). Contributions totaling £930 (2023: £930) were payable to the fund at the reporting date and are included in creditors.

Page 7

 
Varite UK Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

9.


Related party transactions

During the year, the company had borrowed US$Nil (2023: US$Nil) from its parent company. Amount outstanding at year end was US$94,700 (2023: US$94,700). This is unsecured loan, repayable within 1 year and carry interest at the rate equal to Federal rate applicable for long-term obligations.


10.


Controlling party

The ultimate parent company is Varite Inc, a company registered in USA with its registered office address at 1871 The Alameda, Suite 120, San Jose, CA 95126, USA. Parent company prepares consolidated accounts a copy of group accounts can be obtained from its registered office.
The ultimate controlling parties are Adarsh Katyal and Archana Katyal.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements.At the balance sheet date, the company had net current liabilities and net liabilities of £23965. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

The audit report was signed on 9 April 2025 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 8