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Company No: 03544443 (England and Wales)

HARRISON VARMA LIMITED

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

HARRISON VARMA LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

HARRISON VARMA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
HARRISON VARMA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 28.02.2025 29.02.2024
£ £
Fixed assets
Tangible assets 3 14,123 56,491
Investments 4 2 2
14,125 56,493
Current assets
Debtors 5 8,533,126 9,761,901
Cash at bank and in hand 715,210 129,660
9,248,336 9,891,561
Creditors: amounts falling due within one year 6 ( 9,428,090) ( 9,148,923)
Net current (liabilities)/assets (179,754) 742,638
Total assets less current liabilities (165,629) 799,131
Net (liabilities)/assets ( 165,629) 799,131
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 165,631 ) 799,129
Total shareholders' (deficit)/funds ( 165,629) 799,131

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 Limited (registered number: 03544443) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
HARRISON VARMA 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 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

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

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.

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 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.

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 Total
£ £
Cost
At 01 March 2024 127,106 127,106
At 28 February 2025 127,106 127,106
Accumulated depreciation
At 01 March 2024 70,615 70,615
Charge for the financial year 42,368 42,368
At 28 February 2025 112,983 112,983
Net book value
At 28 February 2025 14,123 14,123
At 29 February 2024 56,491 56,491

4. Fixed asset investments

Investments in subsidiaries

28.02.2025
£
Cost
At 01 March 2024 2
At 28 February 2025 2
Carrying value at 28 February 2025 2
Carrying value at 29 February 2024 2

5. Debtors

28.02.2025 29.02.2024
£ £
Amounts owed by group undertakings 8,148,697 9,315,014
Other debtors 384,429 446,887
8,533,126 9,761,901

6. Creditors: amounts falling due within one year

28.02.2025 29.02.2024
£ £
Trade creditors 937 191
Amounts owed to group undertakings 2,943,470 2,568,470
Taxation and social security 4,000 4,000
Other creditors 6,479,683 6,576,262
9,428,090 9,148,923

7. Called-up share capital

28.02.2025 29.02.2024
£ £
Allotted, called-up and fully-paid
20 Ordinary shares shares of £ 0.10 each 2 2

8. Related party transactions

Transactions with owners holding a participating interest in the entity

28.02.2025 29.02.2024
£ £
Amounts owed to entities over which the director has control, joint control, or significant influence 6,475,404 6,203,662

Transactions with the entity's director

28.02.2025 29.02.2024
£ £
Amounts owed from/(to) the entity's director 376,292 (367,926)

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 8,148,697 9,315,014
Amounts owed to entities over which the entity has control, joint control, or significant influence (2,943,470) (2,568,470)