Company registration number 02190219 (England and Wales)
NOVA HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NOVA HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
NOVA HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,127
17,232
Investments
5
573,233
573,233
587,360
590,465
Current assets
Debtors
6
339,778
125,082
Cash at bank and in hand
12,358,622
11,158,977
12,698,400
11,284,059
Creditors: amounts falling due within one year
7
(11,618,805)
(10,071,370)
Net current assets
1,079,595
1,212,689
Net assets
1,666,955
1,803,154
Capital and reserves
Called up share capital
8
121,617
121,617
Share premium account
333,645
333,645
Capital redemption reserve
120,000
120,000
Profit and loss reserves
1,091,693
1,227,892
Total equity
1,666,955
1,803,154
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
E M Wilkins
Director
Company registration number 02190219 (England and Wales)
NOVA HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
121,617
333,645
120,000
932,648
1,507,910
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,258,277
1,258,277
Dividends
-
-
-
(963,033)
(963,033)
Balance at 31 December 2022
121,617
333,645
120,000
1,227,892
1,803,154
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
556,721
556,721
Dividends
-
-
-
(692,920)
(692,920)
Balance at 31 December 2023
121,617
333,645
120,000
1,091,693
1,666,955
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Nova Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 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 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 on the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 11 ‘Basic Financial Instruments’ – Carrying amounts; and
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Nova Marketing Limited, the ultimate parent company. These consolidated financial statements are available from its registered office, Tyne Bridge House, Bottle Bank, Gateshead, NE8 2AR.
1.2
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.true
1.3
Turnover
Revenue arises from management charges. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sale of services in the normal course of business, net of discounts and other sales-related taxes. Revenue is recognised on a straight line basis over the period to which the management charges relate.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
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 if the fair value can be measured reliably.
Trademarks
5 years straight line
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include trade and other debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and 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, and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
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.
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
18
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
85,492
Adjustments in respect of prior periods
5,210
Total current tax
90,702
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023
50,000
126,337
176,337
Additions
3,080
3,080
At 31 December 2023
50,000
129,417
179,417
Amortisation and impairment
At 1 January 2023
50,000
109,105
159,105
Amortisation charged for the year
6,185
6,185
At 31 December 2023
50,000
115,290
165,290
Carrying amount
At 31 December 2023
14,127
14,127
At 31 December 2022
17,232
17,232
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
573,233
573,233
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
339,778
125,082
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
163,183
61,730
Amounts owed to group undertakings
10,509,351
9,107,316
Corporation tax
237
62,778
Other taxation and social security
642,295
548,289
Other creditors
303,739
291,257
11,618,805
10,071,370
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,216,175
1,216,175
121,617
121,617
The company has one class of ordinary shares which carry no right to fixed income.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
42,860
42,860
Between two and five years
128,581
171,441
171,441
214,301
NOVA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Companies under common control
-
61,141
200,000
311,141
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Companies under common control
121,445
128,054
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Companies under common control
5,866
4,938
Other information
The company is a wholly owned subsidiary of Nova Marketing Limited and as such has taken advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide disclosures of transactions entered into with other wholly owned members of the group.
11
Parent company
The company's ultimate parent undertaking is Nova Marketing Limited, a company incorporated in England and Wales.
In the opinion of the directors, the overall controlling party is Sir B Foster, the Chairman, by virtue of his shareholding in the ultimate parent company Nova Marketing Limited.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Maxine Pott
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
18 September 2024
2023-12-312023-01-01false18 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedSir B FosterE M WilkinsJ CaineP FosterC S FosterN HomesG WrightP J MatherN J ReadF J BarnardJ D FroumanL Bakerfalsefalse2024-09-17021902192023-01-012023-12-31021902192023-12-31021902192022-12-3102190219core:NetGoodwill2023-12-3102190219core:IntangibleAssetsOtherThanGoodwill2023-12-3102190219core:NetGoodwill2022-12-3102190219core:IntangibleAssetsOtherThanGoodwill2022-12-3102190219core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102190219core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102190219core:CurrentFinancialInstruments2023-12-3102190219core:CurrentFinancialInstruments2022-12-3102190219core:ShareCapital2023-12-3102190219core:ShareCapital2022-12-3102190219core:SharePremium2023-12-3102190219core:SharePremium2022-12-3102190219core:CapitalRedemptionReserve2023-12-3102190219core:CapitalRedemptionReserve2022-12-3102190219core:RetainedEarningsAccumulatedLosses2023-12-3102190219core:RetainedEarningsAccumulatedLosses2022-12-3102190219core:ShareCapital2021-12-3102190219core:SharePremium2021-12-3102190219core:CapitalRedemptionReserve2021-12-3102190219core:RetainedEarningsAccumulatedLosses2021-12-3102190219bus:Director12023-01-012023-12-3102190219bus:Director72023-01-012023-12-3102190219core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31021902192022-01-012022-12-3102190219core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102190219core:Goodwill2023-01-012023-12-3102190219core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3102190219core:UKTax2023-01-012023-12-3102190219core:UKTax2022-01-012022-12-3102190219core:NetGoodwill2022-12-3102190219core:IntangibleAssetsOtherThanGoodwill2022-12-31021902192022-12-3102190219core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102190219core:NetGoodwill2023-01-012023-12-3102190219core:WithinOneYear2023-12-3102190219core:WithinOneYear2022-12-3102190219core:BetweenTwoFiveYears2023-12-3102190219core:BetweenTwoFiveYears2022-12-3102190219bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102190219bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102190219bus:FRS1022023-01-012023-12-3102190219bus:Audited2023-01-012023-12-3102190219bus:Director22023-01-012023-12-3102190219bus:Director32023-01-012023-12-3102190219bus:Director42023-01-012023-12-3102190219bus:Director52023-01-012023-12-3102190219bus:Director62023-01-012023-12-3102190219bus:Director82023-01-012023-12-3102190219bus:Director92023-01-012023-12-3102190219bus:Director102023-01-012023-12-3102190219bus:Director112023-01-012023-12-3102190219bus:CompanySecretary12023-01-012023-12-3102190219bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP