Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-04-01falseConsultancy56falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12763580 2023-04-01 2023-12-31 12763580 2023-12-31 12763580 2022-04-01 2023-03-31 12763580 2023-03-31 12763580 c:Director2 2023-04-01 2023-12-31 12763580 d:OfficeEquipment 2023-04-01 2023-12-31 12763580 d:OfficeEquipment 2023-12-31 12763580 d:OfficeEquipment 2023-03-31 12763580 d:CurrentFinancialInstruments 2023-12-31 12763580 d:CurrentFinancialInstruments 2023-03-31 12763580 d:Non-currentFinancialInstruments 2023-12-31 12763580 d:Non-currentFinancialInstruments 2023-03-31 12763580 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12763580 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12763580 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12763580 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12763580 d:ShareCapital 2023-12-31 12763580 d:ShareCapital 2023-03-31 12763580 d:SharePremium 2023-12-31 12763580 d:SharePremium 2023-03-31 12763580 d:RetainedEarningsAccumulatedLosses 2023-12-31 12763580 d:RetainedEarningsAccumulatedLosses 2023-03-31 12763580 c:OrdinaryShareClass1 2023-04-01 2023-12-31 12763580 c:OrdinaryShareClass1 2023-12-31 12763580 c:OrdinaryShareClass1 2023-03-31 12763580 c:OrdinaryShareClass2 2023-04-01 2023-12-31 12763580 c:OrdinaryShareClass2 2023-12-31 12763580 c:OrdinaryShareClass2 2023-03-31 12763580 c:OrdinaryShareClass3 2023-04-01 2023-12-31 12763580 c:OrdinaryShareClass3 2023-12-31 12763580 c:OrdinaryShareClass3 2023-03-31 12763580 c:OrdinaryShareClass4 2023-04-01 2023-12-31 12763580 c:OrdinaryShareClass4 2023-12-31 12763580 c:OrdinaryShareClass4 2023-03-31 12763580 c:FRS102 2023-04-01 2023-12-31 12763580 c:AuditExempt-NoAccountantsReport 2023-04-01 2023-12-31 12763580 c:FullAccounts 2023-04-01 2023-12-31 12763580 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 12763580 e:PoundSterling 2023-04-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 12763580























NOVO MUNDO LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 DECEMBER 2023























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NOVO MUNDO LIMITED
REGISTERED NUMBER: 12763580

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
55,327
128,821

Cash at bank and in hand
  
23,970
99,616

  
79,297
228,437

Creditors: amounts falling due within one year
 6 
(732,455)
(521,669)

Net current liabilities
  
 
 
(653,158)
 
 
(293,232)

Total assets less current liabilities
  
(653,158)
(293,232)

Creditors: amounts falling due after more than one year
 7 
(1,327,842)
(1,244,634)

  

Net liabilities
  
(1,981,000)
(1,537,866)

Page 1

 
NOVO MUNDO LIMITED
REGISTERED NUMBER: 12763580

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 8 
29,354
29,354

Share premium account
  
3,734,998
3,734,998

Profit and loss account
  
(5,745,352)
(5,302,218)

  
(1,981,000)
(1,537,866)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P Hanks
Director

Date: 6 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Novo Mundo Limited is a private company limited by shares and is registered in England and Wales. The registered office address can be found on the icompany information page of the accounts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023 the company's balance sheet showed that it had net liabilities of £1,981,000 (31 March 2023: £1,537,866). The directors of the company have reviewed its financial performance and position in light of future business prospects and plans and the general economic conditions. Whilst the directors are aware of the uncertainties inherent in business, they consider that the company has sufficient resources to enable it to continue operating effectively and settling its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. In arriving at this view, the directors have taken account of future business development plans, financial forecasts and the ongoing support provided by related entities, directors and shareholders. As a result of this review, the directors have concluded that it is appropriate for these financial statements to be prepared on the basis that the company is a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

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

 
2.9

Creditors

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


3.


Employees

2023
2023
£
£

Wages and salaries
400,663
525,930

Social security costs
33,692
55,776

Cost of defined contribution scheme
58,356
33,604

492,711
615,310


The average monthly number of employees, including directors, during the period was 5 (2023 - 6).

Page 5

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 April 2023
1,797



At 31 December 2023

1,797



Depreciation


At 1 April 2023
1,797



At 31 December 2023

1,797



Net book value



At 31 December 2023
-



At 31 March 2023
-

Page 6

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

31 December
31 March
2023
2023
£
£


Trade debtors
22,795
123,180

Other debtors
30,807
3,916

Prepayments and accrued income
1,725
1,725

55,327
128,821



6.


Creditors: Amounts falling due within one year

31 December
31 March
2023
2023
£
£

Trade creditors
220,673
256,935

Other taxation and social security
168,976
17,813

Other creditors
335,606
239,721

Accruals and deferred income
7,200
7,200

732,455
521,669



7.


Creditors: Amounts falling due after more than one year

31 December
31 March
2023
2023
£
£

Other loans
1,327,842
1,244,634

1,327,842
1,244,634


Other loans include:
i) a facility of £1,000,000 (31 March 2023: £1,000,000) repayable after more than one year. Interest accrues at 4% above base rate.
ii) a facility of £150,000 (31 March 2023: £150,000) repayable after more than one year. Interest is payable at £1,000 per month.

Page 7

 
NOVO MUNDO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



688,224 (2023 - 688,224) Ordinary shares shares of £0.01 each
6,882
6,882
1,874,702 (2023 - 1,874,702) 'A' shares shares of £0.01 each
18,747
18,747
353,476 (2023 - 288,476) 'B' shares shares of £0.01 each
3,535
3,535
18,976 (2023 - 18,976) 'B2' shares shares of £0.01 each
190
190

29,354

29,354



9.


Related party transactions

At the balance sheet date there is an amount of £294,228 (31 March 2023: £238,239) owed by the company to the directors. The loan is interest free and repayable on demand. The amount is included in other creditors.


Page 8