Company Registration No. 09183210 (England and Wales)
NOVAL PROPERTIES LIMITED
Unaudited accounts
for the year ended 28 February 2023
NOVAL PROPERTIES LIMITED
Unaudited accounts
Contents
NOVAL PROPERTIES LIMITED
Statement of financial position
as at 28 February 2023
Tangible assets
2,846
3,716
Investments
523,359
785,746
Cash at bank and in hand
726
70,019
Creditors: amounts falling due within one year
(500,005)
(199,767)
Net current liabilities
(309,272)
(112,437)
Total assets less current liabilities
216,933
677,025
Creditors: amounts falling due after more than one year
(917,426)
(1,264,377)
Net liabilities
(700,493)
(587,352)
Called up share capital
1
1
Profit and loss account
(700,494)
(587,353)
Shareholders' funds
(700,493)
(587,352)
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2023 and were signed on its behalf by
Kamran MAHMOOD
Director
Company Registration No. 09183210
NOVAL PROPERTIES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
NOVAL PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09183210. The registered office is 390-392 High Road, Balfour Business Centre, Ilford, Essex, IG1 1BF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
8,942
-
8,942
At 28 February 2023
8,942
951
9,893
At 1 March 2022
5,226
-
5,226
Charge for the year
1,789
32
1,821
At 28 February 2023
7,015
32
7,047
At 28 February 2023
1,927
919
2,846
At 28 February 2022
3,716
-
3,716
NOVAL PROPERTIES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
5
Investments
Other investments
Valuation at 1 March 2022
785,746
Valuation at 28 February 2023
523,359
Amounts falling due within one year
Accrued income and prepayments
12
12
Other debtors
189,595
16,899
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
30,567
6,115
Taxes and social security
772
508
Other creditors
469,205
171,003
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
299,720
573,513
Other creditors
278,517
352,619
Taxes and social security
283
283
Loans from directors
338,906
337,962
9
Transactions with related parties
At the period end, company owed £338,906 (FY 2022- £337,962) to its director ,Kamran Mahmood.
At the period end, company owed £136,036 (FY 2021- £177,366) to Geti Mahmood.
10
Average number of employees
During the year the average number of employees was 2 (2022: 3).