Novakem Limited 07817784 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is chemical distribution. Digita Accounts Production Advanced 6.30.9574.0 true 07817784 2023-04-01 2024-03-31 07817784 2024-03-31 07817784 core:CurrentFinancialInstruments 2024-03-31 07817784 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07817784 core:FurnitureFittingsToolsEquipment 2024-03-31 07817784 bus:SmallEntities 2023-04-01 2024-03-31 07817784 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07817784 bus:FilletedAccounts 2023-04-01 2024-03-31 07817784 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07817784 bus:RegisteredOffice 2023-04-01 2024-03-31 07817784 bus:Director1 2023-04-01 2024-03-31 07817784 bus:Director2 2023-04-01 2024-03-31 07817784 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07817784 bus:Agent1 2023-04-01 2024-03-31 07817784 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07817784 core:OfficeEquipment 2023-04-01 2024-03-31 07817784 countries:EnglandWales 2023-04-01 2024-03-31 07817784 2023-03-31 07817784 core:FurnitureFittingsToolsEquipment 2023-03-31 07817784 2022-04-01 2023-03-31 07817784 2023-03-31 07817784 core:CurrentFinancialInstruments 2023-03-31 07817784 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07817784 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 07817784

Novakem Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Novakem Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Novakem Limited

Company Information

Directors

Mrs S Hastings

Mr N Hastings

Registered office

10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

Accountants

Xeinadin Phillip Carroll
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Novakem Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Novakem Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Novakem Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Novakem Limited and state those matters that we have agreed to state to the Board of Directors of Novakem Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Novakem Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Novakem Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Novakem Limited. You consider that Novakem Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Novakem Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................


Xeinadin Phillip Carroll
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

7 August 2024

 

Novakem Limited

(Registration number: 07817784)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

457

921

Current assets

 

Stocks

5

12,528

38,493

Debtors

6

97,645

196,270

Cash at bank and in hand

 

272,442

178,488

 

382,615

413,251

Creditors: Amounts falling due within one year

7

(89,228)

(129,395)

Net current assets

 

293,387

283,856

Total assets less current liabilities

 

293,844

284,777

Provisions for liabilities

(116)

(230)

Net assets

 

293,728

284,547

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

292,728

283,547

Shareholders' funds

 

293,728

284,547

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Novakem Limited

(Registration number: 07817784)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mrs S Hastings
Director

 

Novakem Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions entered into in foreign currencies are translated into sterling at the spot rate at the date of the transaction. Monetary balances denominated in foreign currencies are translated into sterling at the spot rate at each balance sheet date. Differences on exchange are taken to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Novakem Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Novakem Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Novakem Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,437

4,437

Disposals

(2,062)

(2,062)

At 31 March 2024

2,375

2,375

Depreciation

At 1 April 2023

3,516

3,516

Charge for the year

465

465

Eliminated on disposal

(2,063)

(2,063)

At 31 March 2024

1,918

1,918

Carrying amount

At 31 March 2024

457

457

At 31 March 2023

921

921

5

Stocks

2024
£

2023
£

Other inventories

12,528

38,493

 

Novakem Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

74,479

174,091

Prepayments and accrued income

3,166

2,179

Other debtors

20,000

20,000

97,645

196,270

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

406

35,752

Taxation and social security

52,643

64,606

Accruals and deferred income

1,080

1,084

Other creditors

35,099

27,953

89,228

129,395