Variety Silk House Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01801332

Variety Silk House Limited

Filleted Unaudited Financial Statements

30 June 2025

Variety Silk House Limited

Statement of Financial Position

30 June 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		2,043,367	2,080,844

Current assets

Stocks		614,397	702,698
Debtors	6	28,555	21,583
Cash at bank and in hand		57,757	109,682
		---------	---------
		700,709	833,963

Creditors: amounts falling due within one year	7	2,387,283		2,518,972
		------------		------------
Net current liabilities			1,686,574	1,685,009
			------------	------------
Total assets less current liabilities			356,793	395,835
			---------	---------
Net assets			356,793	395,835
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	356,693	395,735
	---------	---------
Shareholders funds	356,793	395,835
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Variety Silk House Limited

Statement of Financial Position (continued)

30 June 2025

These financial statements were approved by the board of directors and authorised for issue on 12 November 2025 , and are signed on behalf of the board by:

Mr M C Shah
Director

Company registration number: 01801332

Variety Silk House Limited

Notes to the Financial Statements

Year ended 30 June 2025

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 152 Ealing Road, Wembley, Middlesex, HA0 4PY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% on cost
Leasehold improvements	-	Over the life of the lease
Furniture, fittings and equipment	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2024: 18 ).

5. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 July 2024 and 30 June 2025	2,183,239	626,027	2,809,266
	------------	---------	------------
Depreciation
At 1 July 2024	120,071	608,351	728,422
Charge for the year	33,942	3,535	37,477
	------------	---------	------------
At 30 June 2025	154,013	611,886	765,899
	------------	---------	------------
Carrying amount
At 30 June 2025	2,029,226	14,141	2,043,367
	------------	---------	------------
At 30 June 2024	2,063,168	17,676	2,080,844
	------------	---------	------------

6. Debtors

	2025	2024
	£	£
Trade debtors	–	19,400
Other debtors	28,555	2,183
	--------	--------
	28,555	21,583
	--------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,074	44,618
Trade creditors	28,461	108,695
Corporation tax	–	13,692
Social security and other taxes	34,703	41,921
Other creditors	2,314,045	2,310,046
	------------	------------
	2,387,283	2,518,972
	------------	------------

The bank overdraft and loan are secured by a fixed and floating charge over all the company's assets and a personal guarantee provided by Mr M C Shah . Included in the other creditors is a loan amount of £2,000,000 from the shareholders which is secured by way of a legal charge on the company's freehold property.

8. Related party transactions

The company was under the control of Mr M C Shah throughout the current year. Mr M C Shah has provided personal guarantees to the bank in respect of the loan facilities granted to the company.