Company registration number 03300783 (England and Wales)
NOVA INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NOVA INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
NOVA INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,228
27,342
Tangible assets
5
220,579
253,454
238,807
280,796
Current assets
Debtors
6
11,816,415
10,829,666
Creditors: amounts falling due within one year
7
(6,632,030)
(5,845,340)
Net current assets
5,184,385
4,984,326
Total assets less current liabilities
5,423,192
5,265,122
Provisions for liabilities
8
(50,795)
(59,041)
Net assets
5,372,397
5,206,081
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
5,372,394
5,206,078
Total equity
5,372,397
5,206,081

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 03300783 (England and Wales)
NOVA INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
3
4,765,788
4,765,791
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,403,323
1,403,323
Dividends
-
(963,033)
(963,033)
Balance at 31 December 2022
3
5,206,078
5,206,081
Year ended 31 December 2023:
Profit and total comprehensive income
-
859,236
859,236
Dividends
-
(692,920)
(692,920)
Balance at 31 December 2023
3
5,372,394
5,372,397
NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Nova International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tyne Bridge House, Bottle Bank, Gateshead, Tyne And Wear, NE8 2AR.

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:

 

 

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, Tyne And Wear, NE8 2AR.

1.2
Turnover

Revenue arises from events organisation and events management. 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.

 

For events owned by the company, revenue is recognised in the month that the event is held. For events where the company is contracted, by a third party, to act in an event management or public relations capacity, revenue is released to the profit and loss account as activity progresses. Profit is only recognised when the event is completed.

1.3
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.

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 development
over 5 years straight line
NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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:

Plant and machinery
over 3 to 10 years straight line
Fixtures, fittings and equipment
over 3 to 20 years straight line

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.

1.5
Impairment of fixed assets

At each reporting 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).

1.6
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, loans to fellow group subsidiaries 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.

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.

NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, 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.

1.7
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.

1.8
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 INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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, 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.

1.10
Retirement benefits

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

1.11
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
11
10
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
237,737
289,553
Adjustments in respect of prior periods
-
0
2,679
Total current tax
237,737
292,232
Deferred tax
Origination and reversal of timing differences
(8,246)
35,832
Total tax charge
229,491
328,064
NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Website development
£
Cost
At 1 January 2023 and 31 December 2023
45,570
Amortisation and impairment
At 1 January 2023
18,228
Amortisation charged for the year
9,114
At 31 December 2023
27,342
Carrying amount
At 31 December 2023
18,228
At 31 December 2022
27,342
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2023
1,278,558
225,512
1,504,070
Additions
49,074
19,542
68,616
At 31 December 2023
1,327,632
245,054
1,572,686
Depreciation and impairment
At 1 January 2023
1,124,484
126,132
1,250,616
Depreciation charged in the year
73,230
28,261
101,491
At 31 December 2023
1,197,714
154,393
1,352,107
Carrying amount
At 31 December 2023
129,918
90,661
220,579
At 31 December 2022
154,074
99,380
253,454
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,356,834
2,085,375
Amounts owed by group undertakings
9,063,897
8,115,744
Other debtors
395,684
628,547
11,816,415
10,829,666
NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
77,691
264,115
Corporation tax
131,465
115,195
Other taxation and social security
20,599
15,888
Other creditors
6,402,275
5,450,142
6,632,030
5,845,340
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
50,795
59,041
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
141,309
115,731
Between two and five years
220,729
323,758
362,038
439,489
10
Related party transactions

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 immediate parent undertaking is Nova Holdings Limited, a company incorporated in England and Wales.

 

The company's ultimate parent undertaking is Nova Marketing Limited, a company incorporated in England and Wales.

 

NOVA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
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 unqualifiedP FosterSir B FosterE M WilkinsC S FosterN HomesG WrightP J MatherL Bakerfalsefalse2024-09-17033007832023-01-012023-12-31033007832023-12-31033007832022-12-3103300783core:ComputerSoftware2023-12-3103300783core:ComputerSoftware2022-12-3103300783core:PlantMachinery2023-12-3103300783core:FurnitureFittings2023-12-3103300783core:PlantMachinery2022-12-3103300783core:FurnitureFittings2022-12-3103300783core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103300783core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103300783core:CurrentFinancialInstruments2023-12-3103300783core:CurrentFinancialInstruments2022-12-3103300783core:ShareCapital2023-12-3103300783core:ShareCapital2022-12-3103300783core:RetainedEarningsAccumulatedLosses2023-12-3103300783core:RetainedEarningsAccumulatedLosses2022-12-3103300783core:ShareCapital2021-12-3103300783core:RetainedEarningsAccumulatedLosses2021-12-3103300783bus:Director22023-01-012023-12-3103300783bus:Director62023-01-012023-12-3103300783core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31033007832022-01-012022-12-3103300783core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103300783core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103300783core:ComputerSoftware2023-01-012023-12-3103300783core:PlantMachinery2023-01-012023-12-3103300783core:FurnitureFittings2023-01-012023-12-3103300783core:UKTax2023-01-012023-12-3103300783core:UKTax2022-01-012022-12-3103300783core:ComputerSoftware2022-12-3103300783core:PlantMachinery2022-12-3103300783core:FurnitureFittings2022-12-31033007832022-12-3103300783core:WithinOneYear2023-12-3103300783core:WithinOneYear2022-12-3103300783core:BetweenTwoFiveYears2023-12-3103300783core:BetweenTwoFiveYears2022-12-3103300783bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103300783bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103300783bus:FRS1022023-01-012023-12-3103300783bus:Audited2023-01-012023-12-3103300783bus:Director12023-01-012023-12-3103300783bus:Director32023-01-012023-12-3103300783bus:Director42023-01-012023-12-3103300783bus:Director52023-01-012023-12-3103300783bus:Director72023-01-012023-12-3103300783bus:CompanySecretary12023-01-012023-12-3103300783bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP