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Registration number: 13278209

Novic Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Novic Property Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Novic Property Limited

(Registration number: 13278209)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

155,869

258,137

Investment property

5

12,461,789

12,316,063

 

12,617,658

12,574,200

Current assets

 

Debtors

7

35,304

50,244

Cash at bank and in hand

 

26,291

48,084

 

61,595

98,328

Creditors: Amounts falling due within one year

8

(184,135)

(189,389)

Net current liabilities

 

(122,540)

(91,061)

Total assets less current liabilities

 

12,495,118

12,483,139

Creditors: Amounts falling due after more than one year

8

(5,962,899)

(6,061,231)

Provisions for liabilities

(488,097)

(472,379)

Net assets

 

6,044,122

5,949,529

Capital and reserves

 

Called up share capital

9

102

102

Share premium reserve

4,684,349

4,684,349

Other reserves

1,347,389

1,264,390

Profit and loss account

12,282

688

Shareholders' funds

 

6,044,122

5,949,529

For the financial year ending 31 March 2024 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 17 September 2024 and signed on its behalf by:
 



 

Mr F S Ognjenovic
Director

 

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Scadbury Lodge,
Scadbury Park,
Chislehurst
Kent
BR7 6LW

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

 

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Vehicles, plant and equipment

20% reducing balance

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 5).

 

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

3,581

311,328

314,909

Additions

2,847

98,588

101,435

Disposals

-

(213,099)

(213,099)

At 31 March 2024

6,428

196,817

203,245

Depreciation

At 1 April 2023

550

56,222

56,772

Charge for the year

925

52,076

53,001

Eliminated on disposal

-

(62,397)

(62,397)

At 31 March 2024

1,475

45,901

47,376

Net book value

At 31 March 2024

4,953

150,916

155,869

At 31 March 2023

3,031

255,106

258,137

5

Investment property

2024
£

2023
£

At 1 April

12,316,063

12,250,500

Additions

605,062

43,674

Disposals

(563,220)

-

Fair value adjustments

103,884

21,889

At 31 March

12,461,789

12,316,063

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Investments

Subsidiaries

£

Cost

Additions

100

Disposals

(100)

At 31 March 2024

-

 

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

9,111

7,101

Prepayments

26,193

43,143

35,304

50,244

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank loans

48,122

67,354

Trade creditors

1,451

1,277

Taxation and social security

43,226

2,112

Other creditors

52,523

47,699

Other loans

30,337

64,965

Accruals

8,476

5,982

184,135

189,389

Creditors include bank and hire purchase loans which are secured against the assets they relate to in the sum of £48,122 (2023 - £67,354).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

5,962,899

6,061,231

5,962,899

6,061,231

Creditors include bank and hire purchase loans which are secured against the assets they relate to in the sum of £5,962,899 (2023 - £6,061,231). Of this amount £3,617,468 (2023 - £4,838,324) is repayable after more than five years of which £121,000 (2023 - £164,723) is repayable by instalments and £3,496,468 (2023 - £4,673,601) is repayable other than by instalments.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary shares class a of £0.01 each

10,000

100

10,000

100

 

10,002

102

10,002

102