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Registered Number: 11591402
England and Wales

 

 

 

NOVA GROWTH CAPITAL LIMITED


UNAUDITED FINANCIAL STATEMENTS - PAGES FOR FILING WITH REGISTRAR
 


Period of accounts

Start date: 06 April 2022

End date: 05 April 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 421,282   
421,282   
Current assets      
Debtors 4 81,732    48,437 
Cash at bank and in hand 28,304    54,384 
110,036    102,821 
Creditors: amount falling due within one year 5 (939,227)   (389,480)
Net current assets (829,191)   (286,659)
 
Total assets less current liabilities (407,909)   (286,659)
Net assets (407,909)   (286,659)
 

Capital and reserves
     
Called up share capital 250,001    250,001 
Profit and loss reserves (657,910)   (536,660)
Shareholder's funds (407,909)   (286,659)
 


The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

For the year ended 05 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 April 2024 and were signed on its behalf by:


-------------------------------
Alistair Marsden
Director
1
Company Information
Nova Growth Capital Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 57 Jordan Street, Liverpool, Merseyside, L1 0BW.


1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible fixed assets other than goodwill
Internally generated Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Internally generated intangible assets are recognised when the entity can demonstrate all of the following:

(a) The technical feasibility of completing the intangible asset so that it will be available for use or sale.
(b) Its intention to complete the intangible asset and use or sell it.
(c) Its ability to use or sell the intangible asset.
(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset.
(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.
Computer software is currently being amortised as it was brought into use at the beginning of the accounting period.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.



Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


2.

Average number of employees



Average number of employees during the year was 0 (2022 : 0).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 06 April 2022  
Additions 421,282    421,282 
Disposals  
At 05 April 2023 421,282    421,282 
Amortisation
At 06 April 2022  
Charge for year  
On disposals  
At 05 April 2023  
Net book values
At 05 April 2023 421,282    421,282 
At 05 April 2022  


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 30,314    30,124 
Other Debtors 51,418    18,313 
81,732    48,437 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 37,194    36,547 
Amounts Owed to Group Undertakings 725,768    278,691 
Other Creditors 176,265    74,242 
939,227    389,480 

2