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REGISTERED NUMBER: 10639181 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Novus Homes Ltd

Novus Homes Ltd (Registered number: 10639181)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Novus Homes Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs S Ferguson
Mr G Ferguson





REGISTERED OFFICE: Suite 3
Falcon Court Business Centre
College Road
Maidstone
Kent
ME15 6TF





REGISTERED NUMBER: 10639181 (England and Wales)





ACCOUNTANTS: Skyfire Accountancy Ltd
The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN

Novus Homes Ltd (Registered number: 10639181)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 603 1,587

CURRENT ASSETS
Stocks 333,988 3,500
Debtors 539,781 545,955
Cash at bank 115,625 567,167
989,394 1,116,622
CREDITORS
Amounts falling due within one year 663,505 713,971
NET CURRENT ASSETS 325,889 402,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,492

404,238

PROVISIONS FOR LIABILITIES 115 302
NET ASSETS 326,377 403,936

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 326,375 403,934
SHAREHOLDERS' FUNDS 326,377 403,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Novus Homes Ltd (Registered number: 10639181)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by:




Mr G Ferguson - Director



Mrs S Ferguson - Director


Novus Homes Ltd (Registered number: 10639181)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Novus Homes 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Revenue from the sale of property that is fully built is recognised at the date of exchange of unconditional contracts. Revenue from the sale of property with construction still in progress is recognised at the date of sale completion.

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 - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - straight line over 3 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Novus Homes Ltd (Registered number: 10639181)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 5,621
Additions 75
At 31 March 2023 5,696
DEPRECIATION
At 1 April 2022 4,034
Charge for year 1,059
At 31 March 2023 5,093
NET BOOK VALUE
At 31 March 2023 603
At 31 March 2022 1,587

Novus Homes Ltd (Registered number: 10639181)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. RELATED PARTY DISCLOSURES

During the period the company repaid £20,587 of a loan from the directors. At the end of the period the amount outstanding to the directors was £72,461 (2022: £93,048). The balance is included within creditors due within one year, is free of interest and repayable on demand.

During the period the company repaid £44,734 of a loan from Huggins Bromage Ferguson Ltd. At the end of the period the company owed £145,886 (2022: £190,620) to Huggins Bromage Ferguson Ltd. Huggins Bromage Ferguson Ltd is under the control of the directors of the company. The balance is included within creditors due within one year, is free of interest and repayable on demand.

At the end of the period the company owed £169,380 (2022: £169,380) to SGJ Associates Ltd. SGJ Associates Ltd is under the control of the directors of the company. The balance is included within creditors due within one year, is free of interest and repayable on demand.

During the period the company loaned £394 to JLF Homes Ltd. At the end of the period the company was owed £531,779 (2022: £531,385). JLF Homes Ltd is under the control of the directors of the company. The balance is included within debtors due within one year, is free of interest and repayable on demand.

At the end of the period the company owed £250,000 (2022: £250,000) to a closely connected person to the directors. The balance is included within creditors due within one year, is free of interest and repayable on demand.