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REGISTERED NUMBER: 11170776 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Novaworx Ltd

Novaworx Ltd (Registered number: 11170776)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Novaworx Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTOR: R D Kurton





REGISTERED OFFICE: Burton Manor
The Village
Burton
Neston
CH64 5SJ





REGISTERED NUMBER: 11170776 (England and Wales)





ACCOUNTANTS: The Hampden Partnership Limited
Suite 102
No.1 Old Hall Street
Liverpool
Merseyside
L3 9HF

Novaworx Ltd (Registered number: 11170776)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,812 7,875

CURRENT ASSETS
Debtors 5 429,361 323,966
Cash at bank 290 -
429,651 323,966
CREDITORS
Amounts falling due within one year 6 667,390 487,927
NET CURRENT LIABILITIES (237,739 ) (163,961 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(231,927

)

(156,086

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (232,927 ) (157,086 )
SHAREHOLDERS' FUNDS (231,927 ) (156,086 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Novaworx Ltd (Registered number: 11170776)

Balance Sheet - continued
31 December 2022


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

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 and authorised for issue on 28 September 2023 and were signed by:





R D Kurton - Director


Novaworx Ltd (Registered number: 11170776)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 4 ) .

Novaworx Ltd (Registered number: 11170776)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 11,250
AMORTISATION
At 1 January 2022 3,375
Charge for year 2,063
At 31 December 2022 5,438
NET BOOK VALUE
At 31 December 2022 5,812
At 31 December 2021 7,875

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 327,817 284,379
Amounts owed by group undertakings - 2,000
Amounts owed by associates 28,800 10,000
Other debtors 72,744 27,587
429,361 323,966

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 36,126 43,496
Trade creditors 71,318 381,048
Amounts owed to group undertakings 181,373 8,705
Amounts owed to associates 54,800 -
Taxation and social security 26,954 (155,330 )
Other creditors 296,819 210,008
667,390 487,927

Novaworx Ltd (Registered number: 11170776)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Invoice finance facility 295,237 210,008

Included in other creditors is an invoice finance facility which is secured by a fixed and floating charge over the assets of the company.

8. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and controlling party is Recruitment Investment Network Limited, and is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. The registered office of Recruitment Investment Network Limited is Burton Manor, The Village, Burton Cheshire CH64 5SJ.

Novaworx Ltd

Report of the Accountants to the Director of
Novaworx Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2022 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






The Hampden Partnership Limited
Suite 102
No.1 Old Hall Street
Liverpool
Merseyside
L3 9HF


28 September 2023