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REGISTERED NUMBER: 08418986 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

NOVOSCOPE IP LIMITED

NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NOVOSCOPE IP LIMITED

COMPANY INFORMATION
For The Year Ended 29 February 2024







DIRECTOR: J R Clube





REGISTERED OFFICE: 4 Office Village
Forder Way
Cygnet Park
Hampton
Peterborough
PE7 8GX





REGISTERED NUMBER: 08418986 (England and Wales)





ACCOUNTANTS: TC CH Limited
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,195 1,594
Tangible assets 5 - -
1,195 1,594

CURRENT ASSETS
Debtors 6 - 12,743
Cash at bank 19 19
19 12,762
CREDITORS
Amounts falling due within one year 7 77,905 65,329
NET CURRENT LIABILITIES (77,886 ) (52,567 )
TOTAL ASSETS LESS CURRENT LIABILITIES (76,691 ) (50,973 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (76,791 ) (51,073 )
SHAREHOLDERS' FUNDS (76,691 ) (50,973 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 13 August 2024 and were signed by:





J R Clube - Director


NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Novoscope IP 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 have also been consistently applied within the same accounts.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its owner.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.


NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


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.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 3,986
AMORTISATION
At 1 March 2023 2,392
Charge for year 399
At 29 February 2024 2,791
NET BOOK VALUE
At 29 February 2024 1,195
At 28 February 2023 1,594

NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2023
and 29 February 2024 856
DEPRECIATION
At 1 March 2023
and 29 February 2024 856
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Deferred tax asset - 12,743

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' loan accounts 77,035 64,908
Accruals and deferred income 870 421
77,905 65,329

8. DEFERRED TAX
£   
Balance at 1 March 2023 (12,743 )
Provided during year (2,482 )
Accelerated capital allowances
Balance at 29 February 2024 (15,225 )

** BALANCE ABOVE AT END OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF (15,225 )
DOES NOT AGREE TO CURRENT YEAR TOTAL OF ACCOUNTS PER TB -

PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - BALANCE SHEET ITEMS - PROVISIONS FOR LIABILITIES - MOVEMENT IN PROVISIONS ETC

Please note: a deferred tax asset should be entered as a negative balance (i.e. include a "-" sign)


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary £0.0001 100 100

NOVOSCOPE IP LIMITED (REGISTERED NUMBER: 08418986)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


10. RELATED PARTY DISCLOSURES

Included in creditors is an amount owed to the director, Mr J R Clube, of £77,035 (2023: £64,908). This loan is interest free and repayable on demand

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J R Clube.