Caseware UK (AP4) 2022.0.179 2022.0.179 22022-01-013truefalseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10347597 2022-01-01 2022-12-31 10347597 1 2022-01-01 2022-12-31 10347597 2021-01-01 2021-12-31 10347597 2022-12-31 10347597 2021-12-31 10347597 d:Director2 2022-01-01 2022-12-31 10347597 c:CurrentFinancialInstruments 2022-12-31 10347597 c:CurrentFinancialInstruments 2021-12-31 10347597 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10347597 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 10347597 c:ShareCapital 2022-12-31 10347597 c:ShareCapital 2021-12-31 10347597 c:RetainedEarningsAccumulatedLosses 2022-12-31 10347597 c:RetainedEarningsAccumulatedLosses 2021-12-31 10347597 d:FRS102 2022-01-01 2022-12-31 10347597 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10347597 d:FullAccounts 2022-01-01 2022-12-31 10347597 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure


















Novica Ltd























Unaudited

Financial statements



For the year ended 31 December 2022



Registered number: 10347597

 
Novica Ltd - Registered number: 10347597

Statement of financial position
As at 31 December 2022

2022
2022
2021
2021
Notes
£
£
£
£

  

Current assets
  

Stocks
 4 
82,981
69,207

Debtors: amounts falling due within one year
 5 
26,420
35,344

Cash at bank
  
366,395
780,700

  
475,796
885,251

Creditors: amounts falling due within one year
 6 
(1,589,366)
(1,775,271)

Net current liabilities
  
 
 
(1,113,570)
 
 
(890,020)

Total assets less current liabilities
  
(1,113,570)
(890,020)

  

Net liabilities
  
(1,113,570)
(890,020)


Capital and reserves
  

Share capital
  
100
100

Profit and loss account
  
(1,113,670)
(890,120)

  
(1,113,570)
(890,020)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
Novica Ltd - Registered number: 10347597

Statement of financial position (continued)
As at 31 December 2022


The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Milk
Director

Date: 29 September 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
Novica Ltd

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office is 130 Wood Street, London, EC2V 6DL and the principal place of business is 3250 Ocean Park Blvd, Ste 300, Santa Monica, USA, CA 90405. Its company registration number is 10347597.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the immediate parent company, Novica United Inc., that it will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements and defer repayment of its loan in favour of other creditors.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which might be necessary should this basis not continue to be appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 3

 
Novica Ltd

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 2).

Page 4

 
Novica Ltd

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Stocks

2022
2021
£
£

Inventory
82,981
69,207

82,981
69,207



5.


Debtors

2022
2021
£
£


Trade debtors
26,420
35,344

26,420
35,344



6.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
48,074
99,925

Amounts owed to group undertakings
1,188,747
977,375

Other taxation and social security
15,270
53,545

Other creditors
306,180
620,976

Accruals and deferred income
31,095
23,450

1,589,366
1,775,271



7.


Related party transactions

During the year the company received goods and services from its parent company amounting to £352,366 (2021: £614,161 and made net advances to the parent company of £140,994 (2021: £559,313). The amount outstanding at 31 December 2022 was £1,188,747 (2021: £977,375). This amount is included in creditors as amounts owed to group undertakings.


8.


Controlling party

The ultimate parent undertaking is Novica United Inc., a company registered in USA. The registered office is at 2716 Ocean Park Blvd Ste, Suite 1030, Santa Monica, CA, 90405. Copies of group and consolidated financial statements of Novica United Inc. are available at the registered office. 


Page 5