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REGISTERED NUMBER: 04247657 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Novi UK Ltd

Novi UK Ltd (Registered number: 04247657)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Novi UK Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R Boppart





SECRETARY: M A Buller





REGISTERED OFFICE: The Barn
Narborough Wood Park
Desford Road
Enderby
Leicestershire
LE19 4XT





REGISTERED NUMBER: 04247657 (England and Wales)





AUDITORS: Harris & Co (Accountants) Ltd, Statutory Auditor
2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL

Novi UK Ltd (Registered number: 04247657)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,794 5,691

CURRENT ASSETS
Debtors 5 92,077 37,710
Cash at bank 282,831 360,115
374,908 397,825
CREDITORS
Amounts falling due within one year 6 (86,035 ) (129,771 )
NET CURRENT ASSETS 288,873 268,054
TOTAL ASSETS LESS CURRENT LIABILITIES 291,667 273,745

PROVISIONS FOR LIABILITIES 8 (568 ) (1,264 )
NET ASSETS 291,099 272,481

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 290,099 271,481
SHAREHOLDERS' FUNDS 291,099 272,481

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





R Boppart - Director


Novi UK Ltd (Registered number: 04247657)

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


1. STATUTORY INFORMATION

Novi UK Ltd is a private company, limited by shares, and is registered and incorporated in England and Wales. The registered office is The Barn, Narborough Wood Park, Desford Road, Enderby, Leicestershire, LE19 4XT.

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 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 £.

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

Turnover from the sale of services is recognised on provision of the service, which is deemed to be at the point of invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - Straight line over the life of the lease
Fixtures and fittings - 20% on cost
Computer equipment - 50% on cost

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

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

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.


Novi UK Ltd (Registered number: 04247657)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.

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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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. Difference between contribution payable in the year and contributions actually paid are shown as either accruals or prepayments.

Going concern
The financial statements have been prepared on a going concern basis. During the year all of the company's turnover is derived from recharges made to a group company and therefore, the company is reliant on its relationship with the group company and parent company to continue to trade. The parent company has indicated its willingness and ability to continue to support the company for a period of at least twelve months from the date of signing the financial statements. Management have contingency plans in place to mitigate the risks and uncertainties that the business faces due to the economic and health climate and in reviewing these plans and considering the support pledged by the parent company, the director considers that the company has adequate resources to continue in operation for the forseeable future and therefore that the going concern basis remains appropriate.

Novi UK Ltd (Registered number: 04247657)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Novi UK Ltd (Registered number: 04247657)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Basic financial assets
Basic financial assets, which include 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.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 and loss.

If there is a 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.

Classification of financial liabilities
Financial liabilities are 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 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 instrument 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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any usused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefit.

Novi UK Ltd (Registered number: 04247657)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 6,842 68,836 13,326 89,004
DEPRECIATION
At 1 April 2023 2,281 67,706 13,326 83,313
Charge for year 2,281 616 - 2,897
At 31 March 2024 4,562 68,322 13,326 86,210
NET BOOK VALUE
At 31 March 2024 2,280 514 - 2,794
At 31 March 2023 4,561 1,130 - 5,691

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 54,352 -
Other debtors 37,725 37,710
92,077 37,710

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17,553 18,438
Amounts owed to group undertakings - 69,690
Taxation and social security 20,050 21,103
Other creditors 48,432 20,540
86,035 129,771

Novi UK Ltd (Registered number: 04247657)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 31,652 31,652
Between one and five years 15,826 47,478
47,478 79,130

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 568 1,264

Deferred
tax
£   
Balance at 1 April 2023 1,264
Credit to Statement of Income and Retained Earnings during year (696 )
Balance at 31 March 2024 568

9. CALLED UP SHARE CAPITAL

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

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Buswell FCA (Senior Statutory Auditor)
for and on behalf of Harris & Co (Accountants) Ltd, Statutory Auditor

11. PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent company is Novi Footwear Holdings AG, a company incorporated in Switzerland.

The ultimate controlling party is Mr Wortmann by virtue of his majority shareholding in the ultimate parent company Wortmann Schuh-Holding AG, a company incorporated in Germany.