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REGISTERED NUMBER: 10242963 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

NOVUS MED LTD

NOVUS MED LTD (REGISTERED NUMBER: 10242963)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NOVUS MED LTD

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: R H Jaffry
Mrs J E Jaffry
T N Martin
Mrs G C Martin





REGISTERED OFFICE: 1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB





REGISTERED NUMBER: 10242963 (England and Wales)





ACCOUNTANTS: LDP Luckmans
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

NOVUS MED LTD (REGISTERED NUMBER: 10242963)

BALANCE SHEET
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,574 57,777

CURRENT ASSETS
Stocks 416,471 261,401
Debtors 5 327,382 177,435
Cash at bank and in hand 36,031 29,095
779,884 467,931
CREDITORS
Amounts falling due within one year 6 526,927 321,785
NET CURRENT ASSETS 252,957 146,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

294,531

203,923

CREDITORS
Amounts falling due after more than one
year

7

(104,316

)

(138,438

)

PROVISIONS FOR LIABILITIES (10,394 ) -
NET ASSETS 179,821 65,485

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 179,721 65,385
SHAREHOLDERS' FUNDS 179,821 65,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 MED LTD (REGISTERED NUMBER: 10242963)

BALANCE SHEET - continued
30 June 2023


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 Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





T N Martin - Director


NOVUS MED LTD (REGISTERED NUMBER: 10242963)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Novus Med 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Demo equipment - 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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

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.

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.

NOVUS MED LTD (REGISTERED NUMBER: 10242963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Demo and Computer
equipment fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 80,611 - 7,096 87,707
Additions 8,991 583 1,898 11,472
Disposals (19,340 ) - - (19,340 )
At 30 June 2023 70,262 583 8,994 79,839
DEPRECIATION
At 1 July 2022 25,529 - 4,401 29,930
Charge for year 11,517 19 2,239 13,775
Eliminated on disposal (5,440 ) - - (5,440 )
At 30 June 2023 31,606 19 6,640 38,265
NET BOOK VALUE
At 30 June 2023 38,656 564 2,354 41,574
At 30 June 2022 55,082 - 2,695 57,777

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 312,871 166,810
Directors' current accounts 50 21
Prepayments & accrued income 14,461 10,604
327,382 177,435

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 35,281 38,874
Trade creditors 199,329 105,331
Tax 66,913 22,105
Social security and other taxes 10,593 3,841
VAT 158,825 95,461
Other creditors 20,816 490
Directors' current accounts - 19,971
Accruals and deferred income 35,170 35,712
526,927 321,785

NOVUS MED LTD (REGISTERED NUMBER: 10242963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 44,719 44,719
Bank loans - 2-5 years 59,597 93,719
104,316 138,438

8. OTHER FINANCIAL COMMITMENTS

The company had commitments totalling £22,000 as at 30 June 2023 (2022: £44,000).