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REGISTERED NUMBER: 02257018 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Nova Design And Management Limited

Nova Design And Management Limited (Registered number: 02257018)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Nova Design And Management Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: N J Parry
D J Parry
Mrs C Parry





SECRETARY: Mrs C Parry





REGISTERED OFFICE: Watt House Innovation Centre
Pensnett Trading Estate
Kingswinford
DY6 7YD





REGISTERED NUMBER: 02257018 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Nova Design And Management Limited (Registered number: 02257018)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 33,596 44,804
Investments 5 100 100
33,696 44,904

CURRENT ASSETS
Debtors 6 15,421 18,044
Cash at bank and in hand 1,573,443 1,599,398
1,588,864 1,617,442
CREDITORS
Amounts falling due within one year 7 (746,519 ) (361,951 )
NET CURRENT ASSETS 842,345 1,255,491
TOTAL ASSETS LESS CURRENT
LIABILITIES

876,041

1,300,395

PROVISIONS FOR LIABILITIES 8 (2,685 ) (4,788 )
NET ASSETS 873,356 1,295,607

CAPITAL AND RESERVES
Called up share capital 9 20,000 25,000
Capital redemption reserve 10 5,000 -
Retained earnings 10 848,356 1,270,607
SHAREHOLDERS' FUNDS 873,356 1,295,607

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nova Design And Management Limited (Registered number: 02257018)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





D J Parry - Director


Nova Design And Management Limited (Registered number: 02257018)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Nova Design And Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There are no material departures from the standard.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on cost
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Nova Design And Management Limited (Registered number: 02257018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 June 2023 138,223 15,475 153,698
Additions 4,563 - 4,563
At 31 May 2024 142,786 15,475 158,261
DEPRECIATION
At 1 June 2023 99,667 9,227 108,894
Charge for year 14,209 1,562 15,771
At 31 May 2024 113,876 10,789 124,665
NET BOOK VALUE
At 31 May 2024 28,910 4,686 33,596
At 31 May 2023 38,556 6,248 44,804

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Nova Design Limited
Registered office: Watt House Innovation Centre, Pensnett Trading Estate, Kingswinford DY6 7YD
Nature of business: Providing mechanical design services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,179,522 1,103,408
Profit for the year 76,014 195,023

Nova Design And Management Limited (Registered number: 02257018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 15,421 18,044

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,137 1,987
Amounts owed to group undertakings 717,713 315,003
Taxation and social security 22,319 29,461
Other creditors 3,350 15,500
746,519 361,951

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,685 4,788

Deferred
tax
£   
Balance at 1 June 2023 4,788
Credit to Profit and loss account during year (2,103 )
Balance at 31 May 2024 2,685

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
19,970 Ordinary A £1 19,970 24,960
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
NIL Ordinary E £1 - 10
20,000 25,000

The Ordinary A Shares have full voting and capital distribution rights. These shares have dividend rights, but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes, the Ordinary A Shares are not redeemable.

The Ordinary B, C, D and E Shares have full capital distribution rights. These shares have dividend rights subject to the approval of the holders of the Ordinary A Shares, but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes, the B,C,D and E Shares do not confer any voting rights and are not redeemable.

Nova Design And Management Limited (Registered number: 02257018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 1,270,607 - 1,270,607
Profit for the year 55,409 55,409
Dividends (137,660 ) (137,660 )
Purchase of own shares (340,000 ) 5,000 (335,000 )
At 31 May 2024 848,356 5,000 853,356

11. CONTINGENT LIABILITIES

This company has given a surety in respect of a twelve year property lease entered into by its wholly owned subsidiary company, Nova Design Limited on the 29th April 2017. The minimum annual rental is £29,380.

12. RELATED PARTY DISCLOSURES

Nova Design Limited

A wholly owned subsidiary


2024 2023
£ £
Management charges receivable 290,000 265,500

2024 2023
£ £
Amount due to the related party at the balance sheet date 717,713 315,003

The amount owed to Nova Design Limited is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors have given their assurance that the amount will not be demanded until such time as Nova Design & Management Limited can afford to do so without detriment to its operating and working capital requirements.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Nova Design And Management Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nova Design And Management Limited for the year ended 31 May 2024 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Nova Design And Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nova Design And Management Limited and state those matters that we have agreed to state to the Board of Directors of Nova Design And Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nova Design And Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nova Design And Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nova Design And Management Limited. You consider that Nova Design And Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nova Design And Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


25 September 2024