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Company No: 07298533 (England and Wales)

HARRISON VARMA PROJECTS LIMITED

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

HARRISON VARMA PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

HARRISON VARMA PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
HARRISON VARMA PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 28.02.2025 29.02.2024
£ £
Fixed assets
Tangible assets 3 13,228 24,903
Investments 4 100 100
13,328 25,003
Current assets
Stocks 5 94,928 2,000
Debtors 6 22,614,961 19,728,388
Cash at bank and in hand 138,218 35,910
22,848,107 19,766,298
Creditors: amounts falling due within one year 7 ( 12,660,327) ( 10,595,434)
Net current assets 10,187,780 9,170,864
Total assets less current liabilities 10,201,108 9,195,867
Net assets 10,201,108 9,195,867
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 10,201,107 9,195,866
Total shareholder's funds 10,201,108 9,195,867

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 Projects Limited (registered number: 07298533) 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 PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
HARRISON VARMA PROJECTS 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 Projects 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 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 from the development and selling of real estate is recognised upon satisfactory completion of contracts.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Amounts in stock represent accrued expenses in relation to ongoing projects which the Company expects to be fully recovered on completion of works.

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. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 March 2024 54,290 5,532 59,822
At 28 February 2025 54,290 5,532 59,822
Accumulated depreciation
At 01 March 2024 30,204 4,715 34,919
Charge for the financial year 10,858 817 11,675
At 28 February 2025 41,062 5,532 46,594
Net book value
At 28 February 2025 13,228 0 13,228
At 29 February 2024 24,086 817 24,903

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 March 2024 100 100
At 28 February 2025 100 100
Carrying value at 28 February 2025 100 100
Carrying value at 29 February 2024 100 100

5. Stocks

28.02.2025 29.02.2024
£ £
Work in progress 94,928 2,000

6. Debtors

28.02.2025 29.02.2024
£ £
Amounts owed by group undertakings 8,902,766 8,806,684
Other debtors 13,712,195 10,921,704
22,614,961 19,728,388

7. Creditors: amounts falling due within one year

28.02.2025 29.02.2024
£ £
Trade creditors 21,076 19,245
Amounts owed to group undertakings 12,125,165 9,318,900
Taxation and social security 347,052 1,084,724
Other creditors 167,034 172,565
12,660,327 10,595,434

8. Called-up share capital

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

9. Related party transactions

Transactions with owners holding a participating interest in the entity

28.02.2025 29.02.2024
£ £
Amounts owed from entities over which the director has control, joint control, or significant influence 13,506,516 10,462,090

Other related party transactions

28.02.2025 29.02.2024
£ £
Amounts owed from entities over which the entity has control, joint control, or significant influence 8,902,766 8,806,684
Amounts owed to entities over which the entity has control, joint control, or significant influence (12,125,165) (9,318,900)

10. Ultimate controlling party

Parent Company:

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