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Registration number: 08889940

Novo Property Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Novo Property Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Novo Property Investments Limited

Company Information

Directors

EC Nowosielski

Mrs JE Nowosielski

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Novo Property Investments Limited

(Registration number: 08889940)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,674

2,511

Investment property

5

412,248

412,248

 

413,922

414,759

Current assets

 

Cash at bank and in hand

 

470,364

347,604

Creditors: Amounts falling due within one year

6

(868,630)

(764,113)

Net current liabilities

 

(398,266)

(416,509)

Net assets/(liabilities)

 

15,656

(1,750)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

15,654

(1,752)

Shareholders' funds/(deficit)

 

15,656

(1,750)

 

Novo Property Investments Limited

(Registration number: 08889940)
Balance Sheet as at 31 December 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
EC Nowosielski
Director

 

Novo Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Novo Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furnishings

25% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Novo Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,348

3,348

At 31 December 2023

3,348

3,348

Depreciation

At 1 January 2023

837

837

Charge for the year

837

837

At 31 December 2023

1,674

1,674

Carrying amount

At 31 December 2023

1,674

1,674

At 31 December 2022

2,511

2,511

5

Investment properties

2023
£

At 1 January

412,248

At 31 December

412,248

There has been no valuation of investment property by an independent valuer.

 

Novo Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,053

-

Accruals and deferred income

1,440

1,440

Other creditors

864,137

762,673

868,630

764,113

7

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

EC Nowosielski

Directors' Loan account

(6,518)

342

(1,806)

(7,983)

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

EC Nowosielski

Directors' Loan account

(2,867)

(3,652)

(6,518)