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Company No: 05116744 (England and Wales)

HARRISON VARMA (THE GARTH) LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

HARRISON VARMA (THE GARTH) LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

HARRISON VARMA (THE GARTH) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
HARRISON VARMA (THE GARTH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 28.02.2025 29.02.2024
£ £
Fixed assets
Investment property 3 0 19,000,000
0 19,000,000
Current assets
Debtors 4 11,550,591 4,289,923
Cash at bank and in hand 3,677 5,170
11,554,268 4,295,093
Creditors: amounts falling due within one year 5 ( 7,649) ( 11,438,998)
Net current assets/(liabilities) 11,546,619 (7,143,905)
Total assets less current liabilities 11,546,619 11,856,095
Creditors: amounts falling due after more than one year 0 ( 1,985,186)
Net assets 11,546,619 9,870,909
Capital and reserves
Called-up share capital 7 1 1
Revaluation reserve 0 5,955,559
Profit and loss account 11,546,618 3,915,349
Total shareholder's funds 11,546,619 9,870,909

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Harrison Varma (The Garth) Limited (registered number: 05116744) were approved and authorised for issue by the Director. They were signed on its behalf by:

A K Varma
Director

29 August 2025

HARRISON VARMA (THE GARTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
HARRISON VARMA (THE GARTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Harrison Varma (The Garth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Revenue comprises rental income, which is recognised in the period to which it relates.

Finance costs

Finance costs are charged to the 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

2. Employees

Year ended
28.02.2025
Period from
01.07.2023 to
29.02.2024
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 March 2024 19,000,000
Additions 704,333
Disposals (19,704,333)
As at 28 February 2025 0

Valuation

A full market valuation of investment property was completed by an external valuer at the statement of financial position date.

Historic cost

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

28.02.2025 29.02.2024
£ £
Historic cost 11,459,255 11,059,255

4. Debtors

28.02.2025 29.02.2024
£ £
Amounts owed by group undertakings 5,619,997 1,243,470
Other debtors 5,930,594 3,046,453
11,550,591 4,289,923

5. Creditors: amounts falling due within one year

28.02.2025 29.02.2024
£ £
Trade creditors 0 2,520
Amounts owed to group undertakings 0 811,593
Taxation and social security 3,000 3,000
Other creditors 4,649 10,621,885
7,649 11,438,998

6. Deferred tax

28.02.2025 29.02.2024
£ £
At the beginning of financial year/period ( 1,985,186) ( 2,563,085)
Credited to the Profit and Loss Account 1,985,186 577,898
At the end of financial year/period 0 ( 1,985,186)

7. Called-up share capital

28.02.2025 29.02.2024
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with owners holding a participating interest in the entity

28.02.2025 29.02.2024
£ £
Amounts owed from entities with control, joint control, or significant influence over the company 5,619,997 1,243,470
Amounts owed to entities with control, joint control, or significant influence over the company 0 (811,593)

Other related party transactions

28.02.2025 29.02.2024
£ £
Amounts owed from entities over which the director has control, joint control, or significant influence 5,930,474 3,046,453

9. Ultimate controlling party

Parent Company:

Harrison Varma Limited
35 Ballards Lane, London, United Kingdom, N3 1XW.