IRIS Accounts Production v24.1.4.33 07743164 director 1.4.22 31.3.23 31.3.23 1 3 false true false false true true true true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077431642022-03-31077431642023-03-31077431642022-04-012023-03-31077431642021-03-31077431642021-04-012022-03-31077431642022-03-3107743164ns15:EnglandWales2022-04-012023-03-3107743164ns14:PoundSterling2022-04-012023-03-3107743164ns10:Director12022-04-012023-03-3107743164ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3107743164ns10:SmallEntities2022-04-012023-03-3107743164ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3107743164ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3107743164ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107743164ns10:FullAccounts2022-04-012023-03-3107743164ns10:RegisteredOffice2022-04-012023-03-3107743164ns5:CurrentFinancialInstruments2023-03-3107743164ns5:CurrentFinancialInstruments2022-03-3107743164ns5:ShareCapital2023-03-3107743164ns5:ShareCapital2022-03-3107743164ns5:RetainedEarningsAccumulatedLosses2023-03-3107743164ns5:RetainedEarningsAccumulatedLosses2022-03-3107743164ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107743164ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3107743164ns5:CurrentFinancialInstruments2022-04-012023-03-31
REGISTERED NUMBER: 07743164 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

NOVUS FINITOR (UK) LIMITED

NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


NOVUS FINITOR (UK) LIMITED

Company Information
for the year ended 31 March 2023







DIRECTOR: J R Hall





REGISTERED OFFICE: 5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: 07743164 (England and Wales)

NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 31,413 5,501,255
Cash at bank 16,102 16,102
47,515 5,517,357
CREDITORS
Amounts falling due within one year 5 4,164,695 4,178,718
NET CURRENT (LIABILITIES)/ASSETS (4,117,180 ) 1,338,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,117,180

)

1,338,639

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (4,117,181 ) 1,338,638
SHAREHOLDERS' FUNDS (4,117,180 ) 1,338,639

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 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.

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 director and authorised for issue on 31 July 2024 and were signed by:





J R Hall - Director


NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Notes to the Financial Statements
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Novus Finitor (UK) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The Company has been indirectly affected by the UK sanctions imposed in relation to the war in Ukraine. This has resulted in a material uncertainty arising and has cast significant doubt over the Company's ability to continue as a going concern.

Revenue recognition
Revenue is recognised at the fair value of the consideration received or receivable for provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue represents the total amount receivable in the ordinary course of business for services supplied, and is shown net of value added tax.

Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses.


NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. 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. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The financial statements are presented in sterling which is also the the functional currency of the company.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial assets
Trade and other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities and equity
Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Equity instruments
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

NOVUS FINITOR (UK) LIMITED (REGISTERED NUMBER: 07743164)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,920,334
Amounts owed by group undertakings - 240,000
Amounts owed to related undertaking - 2,257,635
Other debtors 31,413 31,000
Tax - 32,161
Prepayments - 20,125
31,413 5,501,255

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,722,942 1,729,910
Amounts owed to related undertaking 2,375,000 2,375,000
Corporation tax 30,447 62,608
Other creditors 15,106 -
Accruals and deferred income 21,200 11,200
4,164,695 4,178,718

Amounts owed to group undertakings and related undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6. RELATED PARTY DISCLOSURES

Witanhurst Construction Management Limited.
A company under common control

At the balance sheet date, the company owed Witanhurst Construction Management Limited £2,375,000 (2022: £2,375,000). The loan is unsecured, interest free and there is no fixed date for repayment..

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J R Hall.