REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NOVUM PERSONNEL LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NOVUM PERSONNEL LIMITED |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
ABRIDGED BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his 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. |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
ABRIDGED BALANCE SHEET - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Novum Personnel Limited is a |
Registered number: |
Registered office: |
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" and the Companies Act 2006. The financial statements have been prepared on the going concern basis under the historical cost convention. |
In order to prepare the financial statements on the going concern basis, the directors need to assess the financial stability of the company and its ability to meet its obligations and continue in business for the foreseeable future. The director is mindful of the stage of development of the business and, whilst losses have been reported to date, this is only the company's fourth period of trading and it has generated a respectable turnover of over £2.53 million for the year. |
The majority of the funding required to establish the business has been provided by its former shareholder and family members in the form of interest-free, unsecured loans. Due to the nature of the business, a full team of personnel was required and this would bring with it a sizeable associated cost. In common with many new businesses in the industry, there is a relatively high proportion of costs involved in relation to turnover in the initial periods of trading whilst it builds up its client base. |
The director is satisfied that the business is where they would expect it to be given its relatively early stage of development and management figures after the reporting date indicate that the company is now operating profitably. They therefore consider that the going concern basis for preparing the financial statements is entirely appropriate. |
Length of accounting period |
These accounts cover a 12 month period from 1 August 2022 to 31 July 2023. The previous accounts cover a 6 month period from 1 February 2022 to 31 July 2022 and are therefore not entirely comparable. |
Turnover |
Turnover represents income from the provision of recruitment services for both permanent and temporary employment positions, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Government grants |
Government grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NOVUM PERSONNEL LIMITED (REGISTERED NUMBER: 12209824) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
6. | RELATED PARTY DISCLOSURES |
The Middlesbrough office was occupied by the company during the period on a rent-free basis. The office premises are owned by a relative of Mr. K. Malik, a director and sole shareholder of the company to 3 March 2023. |
In addition, other investors introduced funds into the business in the form of interest-free, unsecured loans. At the balance sheet date, the loan balances owing by the company totalled £149,980. |
During the year, costs were incurred totalling £36,500 from a company which is under the control of a relative of Mr. T. Simpson, a director and shareholder of this company. |