Varyspace Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07396162 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

VARYSPACE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr G Willey

REGISTERED OFFICE:

17 The Avenue

GAINSBOROUGH

Lincolnshire

DN21 1EP

REGISTERED NUMBER:

07396162 (England and Wales)

ACCOUNTANTS:

Rigel Wolf Ltd

Chartered Accountants

Orion House

28A Spital Terrace

GAINSBOROUGH

Lincolnshire

DN21 2HQ

FIXED ASSETS

Tangible assets

4

4,442

5,578

CURRENT ASSETS

Debtors

5

8,740

3,781

Cash at bank

610

333

9,350

4,114

CREDITORS

Amounts falling due within one year

6

14,240

16,451

NET CURRENT LIABILITIES

(4,890

)

(12,337

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(448

)

(6,759

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

(449

)

(6,760

)

SHAREHOLDERS' FUNDS

(448

)

(6,759

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 22 December 2017 and were signed by:

Mr G B Willey - Director

1.	STATUTORY INFORMATION

Varyspace Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the year end and that are expected

to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

Going concern

At 31 December 2016 the company had an excess of liabilities over assets of £448 and was technically

insolvent.

Included within creditors is an amount of £8,568 owed to the director, Mr G B Willey. The company is

dependent upon the continued financial support of its director, which has been confirmed as ongoing. The

financial statements have therefore been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

9,870

1,250

11,120

DEPRECIATION

At 1 January 2016

4,819

723

5,542

Charge for year

1,005

131

1,136

At 31 December 2016

5,824

854

6,678

NET BOOK VALUE

At 31 December 2016

4,046

396

4,442

At 31 December 2015

5,051

527

5,578

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

8,597

3,019

Other debtors

33

655

Prepayments and accrued income

110

107

8,740

3,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

687

-

Tax

414

-

Other creditors

3,391

3,396

Directors' current accounts

8,568

11,975

Accruals and deferred income

1,180

1,080

14,240

16,451

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Retained

earnings

£

At 1 January 2016

(6,760

)

Profit for the year

6,311

At 31 December 2016

(449

)

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Mr G B Willey - the sole director - charged the company £520 (2015 - £208) for use of

home as office.

10.	RELATED PARTY DISCLOSURES

At 31 December 2016 there was a balance owed by the company to Mr G B Willey - sole director - of

£8,568 (2015 - £11,975).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G Willey.