2 6 Varjo Technologies UK Limited 14031952 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is to provide support to the group companies. Digita Accounts Production Advanced 6.30.9574.0 true true 14031952 2024-01-01 2024-12-31 14031952 2024-12-31 14031952 core:CurrentFinancialInstruments 2024-12-31 14031952 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 14031952 bus:SmallEntities 2024-01-01 2024-12-31 14031952 bus:Audited 2024-01-01 2024-12-31 14031952 bus:FilletedAccounts 2024-01-01 2024-12-31 14031952 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14031952 bus:RegisteredOffice 2024-01-01 2024-12-31 14031952 bus:Director5 2024-01-01 2024-12-31 14031952 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14031952 bus:Agent1 2024-01-01 2024-12-31 14031952 core:Share-basedArrangement1 2024-01-01 2024-12-31 14031952 countries:AllCountries 2024-01-01 2024-12-31 14031952 2023-01-01 2023-12-31 14031952 2023-12-31 14031952 core:CurrentFinancialInstruments 2023-12-31 14031952 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 14031952

Varjo Technologies UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Varjo Technologies UK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Varjo Technologies UK Limited

(Registration number: 14031952)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Debtors

6

76,111

18,952

Cash at bank and in hand

 

47,552

101,476

 

123,663

120,428

Creditors: Amounts falling due within one year

7

(38,180)

(59,373)

Net assets

 

85,483

61,055

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

610,956

351,955

Retained earnings

(525,573)

(291,000)

Shareholders' funds

 

85,483

61,055

These financial statements have been prepared and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
A Koponen
Director

 

Varjo Technologies UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Chapel Street
Warwick
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is to provide support to the group companies.

These financial statements were authorised for issue by the Board on 15 April 2025.

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 - '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.

Going concern

The company made a loss in the period and has net assets. The company is dependent on the support of its parent undertaking to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

 

Varjo Technologies UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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 in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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

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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Varjo Technologies UK Limited

Notes to the Financial Statements for the Year Ended 31 December 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.

Share based payments

The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company's parent undertaking. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

 

Varjo Technologies UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 15 April 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 2 (2023 - 6).

6

Debtors

2024
£

2023
£

Amounts owed by Group undertakings and undertakings in which the Company has a participating interest

75,824

18,364

Other debtors

287

588

76,111

18,952

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

416

1,295

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

2,736

-

Taxation and social security

8,002

12,810

Accruals and deferred income

27,026

45,268

38,180

59,373

 

Varjo Technologies UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

10

Share-based payments

Scheme details and movements

Varjo Technologies Oy (the parent company of Varjo Technologies UK Limited) operates an equity-settled option plan for employees of the group. The options issued under the plan have a four year vesting period with a one year cliff upon which 25% of the options will vest. The remainder will vest evenly every three months for the next 36 months. Options expire seven years after the vesting commencement date.

Fair value of the equity instruments at grant date is calculated using the Black-Scholes pricing model with an exercise price of €0.01. The total fair value is expensed on a straight line basis over the vesting period.