The Novelry Limited
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 11673447 (England and Wales)
The Novelry Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
The Novelry Limited
Balance Sheet
As at 31 December 2023
Page 1
31 December
30 November
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
82,998
-
Tangible assets
5
46,284
65,361
129,282
65,361
Current assets
Debtors
6
139,957
3,754
Cash at bank and in hand
170,720
140,908
310,677
144,662
Creditors: amounts falling due within one year
7
(215,275)
(54,520)
Net current assets
95,402
90,142
Total assets less current liabilities
224,684
155,503
Provisions for liabilities
(32,321)
(12,419)
Net assets
192,363
143,084
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
192,362
143,083
Total equity
192,363
143,084

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Novelry Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 3 September 2024
L D Dean
Director
Company Registration No. 11673447
The Novelry Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 3
1
Accounting policies
Company information

The Novelry Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Eccleston Place, London, England, SW1W 9NF.

1.1
Reporting period

These financial statements are presented for a period longer than one year, due to a change in accounting period from 30 November 2023 to 31 December 2023. The current financial statements are presented for an 13 month period and therefore the comparative information (including the related notes) is not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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 £.

The financial statements have been prepared under the historical cost convention.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

The Novelry Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33% on cost
1.6
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on reducing balance
IT equipment
3 years straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Novelry Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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 unused 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 benefits.

The Novelry Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was: 19 (2022: 14).

2023
2022
Number
Number
Total
19
14
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
23,274
14,524
Deferred tax
Origination and reversal of timing differences
19,902
3,592
Total tax charge
43,176
18,116
The Novelry Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 7
4
Intangible fixed assets
Other
£
Cost
At 1 December 2022
-
0
Additions
85,369
At 31 December 2023
85,369
Amortisation and impairment
At 1 December 2022
-
0
Amortisation charged for the period
2,371
At 31 December 2023
2,371
Carrying amount
At 31 December 2023
82,998
At 30 November 2022
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
87,831
Additions
8,955
At 31 December 2023
96,786
Depreciation and impairment
At 1 December 2022
22,470
Depreciation charged in the period
28,032
At 31 December 2023
50,502
Carrying amount
At 31 December 2023
46,284
At 30 November 2022
65,361
The Novelry Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 8
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
34,853
-
Prepayments and accrued income
105,104
3,754
139,957
3,754
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
792
-
0
Corporation tax
23,274
14,524
Other taxation and social security
37,019
35,296
Other creditors
2,288
1,700
Accruals and deferred income
151,902
3,000
215,275
54,520
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Related party transactions

During the year dividends of £76,400 (2022: £71,637) were paid to the director of the company.

 

Included in other debtors at the year end is an amount of £16,708 (2022: £Nil) due from The Novelry USA and £946 (2022: £Nil) due from The Novelry Group.

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