Registered number
07526752
Novi.digital Ltd
Unaudited Filleted Accounts
28 February 2023
Novi.digital Ltd
Registered number: 07526752
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 1,799
Tangible assets 4 3,639 5,134
3,639 6,933
Current assets
Debtors 5 168,196 168,769
Investments held as current assets 6 32,862 63,120
Cash at bank and in hand 328,833 512,036
529,891 743,925
Creditors: amounts falling due within one year 7 (138,422) (148,463)
Net current assets 391,469 595,462
Net assets 395,108 602,395
Capital and reserves
Called up share capital 1 1
Profit and loss account 395,107 602,394
Shareholder's funds 395,108 602,395
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Crewe
Director
Approved by the board on 30 October 2023
Novi.digital Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract with income being deferred or accrued as appropriate.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment, furniture and fixtures over 2-3 years straight line
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 12
3 Intangible fixed assets £
Intangible Assets
Cost
At 1 March 2022 10,175
At 28 February 2023 10,175
Amortisation
At 1 March 2022 8,376
Provided during the year 1,799
At 28 February 2023 10,175
Net book value
At 28 February 2023 -
At 28 February 2022 1,799
Intangible assets are being written off in equal annual instalments over their estimated economic life of 3-5 years. The assets are purchased websites.
4 Tangible fixed assets
Computer Equipment, furniture and fittings
£
Cost
At 1 March 2022 12,725
Additions 2,912
Disposals (612)
At 28 February 2023 15,025
Depreciation
At 1 March 2022 7,591
Charge for the year 3,795
At 28 February 2023 11,386
Net book value
At 28 February 2023 3,639
At 28 February 2022 5,134
5 Debtors 2023 2022
£ £
Trade debtors 129,883 84,694
Other debtors 38,313 84,075
168,196 168,769
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 32,862 63,120
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 13,225 11,095
Amounts owed to group undertakings and undertakings in which the company has a participating interest (120) -
Taxation and social security costs 91,987 69,923
Other creditors 33,330 67,445
138,422 148,463
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
12,335 8,877 (21,212) -
All loans were made on an interest free basis. The maximum amount outstanding during the year was £12,441 (2022: £68,180).
9 Related party transactions
During the year dividends of £390,000 (2021:£329,440) were paid to the parent company Novi Holdings Ltd.
10 Controlling party
The controlling party is Mr Aaron Crewe, sole shareholder and a director of the parent company Novi Holdings Ltd.
11 Other information
Novi.digital Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Low Mill
Caton
Lancaster
Lancashire
LA2 9HY
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