Varsity Builders Limited Filleted accounts for Companies House (small and micro)

VARSITY BUILDERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5405118

Varsity Builders Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

Varsity Builders Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£	£

Current assets

Stocks		25,763	40,000
Debtors	5	390,000	–
Cash at bank and in hand		9,868	96
		----------	--------
		425,631	40,096

Creditors: amounts falling due within one year	6	113,933		40,000
		----------		--------
Net current assets			311,698		96
			----------		----
Total assets less current liabilities			311,698		96
			----------		----
Net assets			311,698		96
			----------		----

Capital and reserves

Called up share capital	100	100
Profit and loss account	311,598	( 4)
	----------	----
Shareholders funds	311,698	96
	----------	----

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 income statement has not been delivered.

For the year ending 31 March 2023 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Varsity Builders Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:

Miss S Cartwright
Director

Company registration number: 5405118

Varsity Builders Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36 Wellington Road, Lindholme, Doncaster, South Yorkshire, DN7 6DD.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year, including directors, amounted to 1 (2022:1).

5. Debtors

	2023	2022
	£	£
Trade debtors	220,000	–
Other debtors	170,000	–
	----------	----
	390,000	–
	----------	----

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Corporation tax	73,093	–
Other creditors	40,840	40,000
	----------	--------
	113,933	40,000
	----------	--------

7. Related party transactions

The company is wholly owned by Varsity Holdings Limited , who acquired 100% of the shares on 24 November 2022. During the year the director made available loans to Portward Limited , a company with the same director. The loans are interest free and repayable on demand. At the year end date the balance due from Portward Limited totalled £ 170,000 .