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Registered number: 00683558









VARNEY INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
VARNEY INVESTMENTS LIMITED
REGISTERED NUMBER: 00683558

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
542
602

Investment property
 5 
6,473,075
4,977,075

  
6,473,617
4,977,677

Current assets
  

Debtors
 6 
348,210
352,735

Cash at bank and in hand
 7 
723,823
744,456

  
1,072,033
1,097,191

Creditors: amounts falling due within one year
 8 
(16,871)
(34,539)

Net current assets
  
 
 
1,055,162
 
 
1,062,652

Total assets less current liabilities
  
7,528,779
6,040,329

Provisions for liabilities
  

Deferred tax
  
(1,108,481)
-

  
 
 
(1,108,481)
 
 
-

Net assets
  
6,420,298
6,040,329


Capital and reserves
  

Called up share capital 
  
8,600
8,600

Capital redemption reserve
 10 
9,291
9,291

Investment property reserve
 10 
3,325,443
2,937,924

Profit and loss account
 10 
3,076,964
3,084,514

  
6,420,298
6,040,329


Page 1

 
VARNEY INVESTMENTS LIMITED
REGISTERED NUMBER: 00683558
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 22 May 2025.




................................................
M C Varney
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Varney Investments Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Unit 3 Bradburys Court, Lyon Road, Harrow, England, HA1 2BY.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2023
5,764



At 31 August 2024

5,764



Depreciation


At 1 September 2023
5,162


Charge for the year on owned assets
60



At 31 August 2024

5,222



Net book value



At 31 August 2024
542



At 31 August 2023
602

Page 7

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
4,977,075


Surplus on revaluation
1,496,000



At 31 August 2024
6,473,075

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 September 2023
2,937,924
3,405,376

Net deficit in movement properties
1,496,000
(467,452)

At 31 August 2024
4,433,924
2,937,924



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,039,152
2,605,547

2,039,152
2,605,547

Page 8

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
31,602
31,602

31,602
31,602

Due within one year

Trade debtors
2
4,352

Other debtors
308,215
307,686

Prepayments and accrued income
8,391
9,095

348,210
352,735



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
723,823
744,456

723,823
744,456



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,333
13,783

Corporation tax
-
6,896

Other taxation and social security
2,705
2,956

Other creditors
2
73

Accruals and deferred income
10,831
10,831

16,871
34,539


Page 9

 
VARNEY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Deferred taxation




2024


£






Charged to other comprehensive income
(1,108,481)



At end of year
(1,108,481)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation of fixed assets investments
(1,108,481)
-

(1,108,481)
-


10.


Reserves

Capital redemption reserve

A statutory non-distributable reserve into which amounts are transferred following the redemption or purchase of its own shares in accordance with the provision of section 733 of the Companies Act 2006.

Investment property revaluation reserve

Investment property revaluation reserve represents unrealised surplus/defecit on valuation of investment properties net of attributable deferred tax charged to income statement and is not distributable.

Profit and loss account

Profit and loss reserves represents the company’s profits available for distribution in accordance with the Companies Act 2006 as its accumulated realised profits, so far as not previously utilised by distribution or capitalisation less its accumulated realised losses, so far as not previously written off in a reduction or capitalisation.


11.


Related party transactions

Included in other debotrs amounts falling due within one year is an amount of £226,982 (2023 - £226,982) owed by individuals holding participating interest in the company. The principal terms of the advances are that they are provided free of interst and repayable on demand. The company reserves the rights to apply any salaries, bonuses, dividends, expenses or any such amounts of whatever nature due to the participators by the company as repayment of the outstanding balances on their current account.

 
Page 10